Fresh Tracks Therapeutics (FRTX) 10-Q 12 Nov 20 2020 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-21088
Entity Registrant Name	BRICKELL BIOTECH, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-0948554
Entity Address, Address Line One	5777 Central Avenue,
Entity Address, City or Town	Boulder,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80301
City Area Code	720
Local Phone Number	505-4755
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	BBI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,515,476
Entity Central Index Key	0000819050
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 20,174	$ 7,232
Marketable securities, available-for-sale	0	4,497
Prepaid expenses and other current assets	6,129	6,240
Total current assets	26,303	17,969
Property and equipment, net	7	16
Operating lease right-of-use asset	94	159
Total assets	26,404	18,144
Current liabilities:
Accounts payable	1,126	2,245
Accrued liabilities	6,042	6,379
Lease liability, current portion	80	78
Deferred revenue	0	1,795
Note payable, current portion	267	0
Total current liabilities	7,515	10,497
Lease liability, net of current portion	7	73
Note payable, net of current portion	170	0
Total liabilities	7,692	10,570
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, $0.01 par value, 100,000,000 and 50,000,000 shares authorized at September 30, 2020 and December 31, 2019, respectively; 31,241,636 and 8,480,968 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	312	85
Additional paid-in capital	116,928	92,497
Accumulated other comprehensive loss	0	(28)
Accumulated deficit	(98,528)	(84,980)
Total stockholders’ equity	18,712	7,574
Total liabilities and stockholders’ equity	$ 26,404	$ 18,144

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	50,000,000
Common stock, shares issued (in shares)	31,241,636	8,480,968
Common stock, shares outstanding (in shares)	31,241,636	8,480,968

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Collaboration revenue	$ 142	$ 1,183	$ 1,795	$ 7,248
Operating expenses:
Research and development	1,281	3,337	6,657	13,585
General and administrative	3,211	3,901	8,713	7,290
Total operating expenses	4,492	7,238	15,370	20,875
Loss from operations	(4,350)	(6,055)	(13,575)	(13,627)
Investment and other income, net	24	54	27	64
Gain on extinguishment	0	2,318	0	2,318
Interest expense	0	(1,098)	0	(1,982)
Change in fair value of warrant and derivative liability	0	0	0	212
Net loss	(4,326)	(4,781)	(13,548)	(13,015)
Reduction (accretion) of redeemable convertible preferred stock to redemption value	0	(82)	0	10,274
Net loss attributable to common stockholders	$ (4,326)	$ (4,863)	$ (13,548)	$ (2,741)
Net loss per common share attributable to common stockholders, basic and diluted (in usd per share)	$ (0.15)	$ (1.65)	$ (0.82)	$ (1.98)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted (in shares)	28,107,785	2,943,896	16,475,843	1,382,592
Revenue, Product and Service [Extensible List]			us-gaap:ProductAndServiceOtherMember

CONDENSED CONSOLIDATED STATMENT

CONDENSED CONSOLIDATED STATMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,326)	$ (4,781)	$ (13,548)	$ (13,015)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale marketable securities arising during holding period, net of tax benefit of $0	0	(11)	28	(11)
Total comprehensive loss	$ (4,326)	$ (4,792)	$ (13,520)	$ (13,026)

CONDENSED CONSOLIDATED STATME_2

CONDENSED CONSOLIDATED STATMENTS OF COMPREHENSIVE LOSS (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Unrealized loss arising during holding period, tax benefit (expense)	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock And Preferred Stock Dividends To Common Stock	Convertible Notes Payable And Accrued Interest To Common Stock	Series A, B, C & C-1 Redeemable Convertible Preferred Stock	Series A, B, C & C-1 Redeemable Convertible Preferred StockRedeemable Convertible Preferred Stock And Preferred Stock Dividends To Common Stock	Common Stock	Common StockRedeemable Convertible Preferred Stock And Preferred Stock Dividends To Common Stock	Common StockConvertible Notes Payable And Accrued Interest To Common Stock	Additional Paid-In Capital	Additional Paid-In CapitalRedeemable Convertible Preferred Stock And Preferred Stock Dividends To Common Stock	Additional Paid-In CapitalConvertible Notes Payable And Accrued Interest To Common Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2018				1,256,466
Beginning Balance at Dec. 31, 2018				$ 58,290
Increase (Decrease) in Temporary Equity [Roll Forward]
Reduction of redeemable convertible preferred stock to redemption value				$ (10,519)
Ending Balance (in shares) at Mar. 31, 2019				1,256,466
Ending Balance at Mar. 31, 2019				$ 47,771
Beginning Balance (in shares) at Dec. 31, 2018						589,001
Beginning Balance at Dec. 31, 2018	$ (71,618)					$ 6			$ 0			$ 0	$ (71,624)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reduction of redeemable convertible preferred stock to redemption value	10,519												10,519
Stock based compensation	384								384
Net income (loss)	(4,580)												(4,580)
Ending Balance (in shares) at Mar. 31, 2019						589,001
Ending Balance at Mar. 31, 2019	(65,295)					$ 6			384			0	(65,685)
Beginning Balance (in shares) at Dec. 31, 2018				1,256,466
Beginning Balance at Dec. 31, 2018				$ 58,290
Ending Balance (in shares) at Sep. 30, 2019				0
Ending Balance at Sep. 30, 2019				$ 0
Beginning Balance (in shares) at Dec. 31, 2018						589,001
Beginning Balance at Dec. 31, 2018	(71,618)					$ 6			0			0	(71,624)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on available-for-sale marketable securities	(11)
Net income (loss)	(13,015)
Ending Balance (in shares) at Sep. 30, 2019						7,810,680
Ending Balance at Sep. 30, 2019	18,225					$ 78			92,278			(11)	(74,120)
Beginning Balance (in shares) at Mar. 31, 2019				1,256,466
Beginning Balance at Mar. 31, 2019				$ 47,771
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value				$ 163
Ending Balance (in shares) at Jun. 30, 2019				1,256,466
Ending Balance at Jun. 30, 2019				$ 47,934
Beginning Balance (in shares) at Mar. 31, 2019						589,001
Beginning Balance at Mar. 31, 2019	(65,295)					$ 6			384			0	(65,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value	(163)								(163)
Stock based compensation	299								299
Net income (loss)	(3,654)												(3,654)
Ending Balance (in shares) at Jun. 30, 2019						589,001
Ending Balance at Jun. 30, 2019	(68,813)					$ 6			520			0	(69,339)
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value				$ 82
Conversion of redeemable convertible preferred stock and preferred stock dividends to common stock (in shares)					(1,256,466)
Conversion of redeemable convertible preferred stock and preferred stock dividends to common stock					$ (48,016)
Ending Balance (in shares) at Sep. 30, 2019				0
Ending Balance at Sep. 30, 2019				$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of issuance costs (in shares)							2,783,951	1,069,740
Common stock issued, net of issuance costs		$ 48,016	$ 5,092				$ 28	$ 10		$ 47,988	$ 5,082
Accretion of redeemable convertible preferred stock to redemption value	(82)								(82)
Common stock issued in recapitalization (in shares)						3,367,988
Common stock issued in recapitalization	36,093					$ 34			36,059
Reclassification of warrant liability to equity	1,511								1,511
Common stock warrants issued in connection with the research and development funding liability	876								876
Stock based compensation	324								324
Unrealized loss on available-for-sale marketable securities	(11)											(11)
Net income (loss)	(4,781)												(4,781)
Ending Balance (in shares) at Sep. 30, 2019						7,810,680
Ending Balance at Sep. 30, 2019	$ 18,225					$ 78			92,278			(11)	(74,120)
Beginning Balance (in shares) at Dec. 31, 2019				0
Beginning Balance at Dec. 31, 2019				$ 0
Ending Balance (in shares) at Mar. 31, 2020				0
Ending Balance at Mar. 31, 2020				$ 0
Beginning Balance (in shares) at Dec. 31, 2019	8,480,968					8,480,968
Beginning Balance at Dec. 31, 2019	$ 7,574					$ 85			92,497			(28)	(84,980)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of issuance costs (in shares)						950,000
Common stock issued, net of issuance costs	1,990					$ 10			1,980
Issuance of common stock upon exercise of warrants (in shares)						221,293
Issuance of common stock upon exercise of warrants	15					$ 2			13
Issuance of common stock upon restricted stock unit settlement, net of shares withheld for taxes (in shares)						19,643
Issuance of common stock upon restricted stock unit settlement, net of shares withheld for taxes	(13)								(13)
Stock based compensation	403								403
Unrealized loss on available-for-sale marketable securities	28											28
Net income (loss)	(4,103)												(4,103)
Ending Balance (in shares) at Mar. 31, 2020						9,671,904
Ending Balance at Mar. 31, 2020	$ 5,894					$ 97			94,880			0	(89,083)
Beginning Balance (in shares) at Dec. 31, 2019				0
Beginning Balance at Dec. 31, 2019				$ 0
Ending Balance (in shares) at Sep. 30, 2020				0
Ending Balance at Sep. 30, 2020				$ 0
Beginning Balance (in shares) at Dec. 31, 2019	8,480,968					8,480,968
Beginning Balance at Dec. 31, 2019	$ 7,574					$ 85			92,497			(28)	(84,980)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on available-for-sale marketable securities	28
Net income (loss)	$ (13,548)
Ending Balance (in shares) at Sep. 30, 2020	31,241,636					31,241,636
Ending Balance at Sep. 30, 2020	$ 18,712					$ 312			116,928			0	(98,528)
Beginning Balance (in shares) at Mar. 31, 2020				0
Beginning Balance at Mar. 31, 2020				$ 0
Ending Balance (in shares) at Jun. 30, 2020				0
Ending Balance at Jun. 30, 2020				$ 0
Beginning Balance (in shares) at Mar. 31, 2020						9,671,904
Beginning Balance at Mar. 31, 2020	5,894					$ 97			94,880			0	(89,083)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of issuance costs (in shares)						14,790,133
Common stock issued, net of issuance costs	18,679					$ 148			18,531
Issuance of common stock upon exercise of warrants (in shares)						2,202,863
Issuance of common stock upon exercise of warrants	7					$ 22			(15)
Issuance of common stock upon restricted stock unit settlement, net of shares withheld for taxes (in shares)						6,673
Issuance of common stock upon restricted stock unit settlement, net of shares withheld for taxes	(4)								(4)
Stock based compensation	453								453
Net income (loss)	(5,119)												(5,119)
Ending Balance (in shares) at Jun. 30, 2020						26,671,573
Ending Balance at Jun. 30, 2020	19,910					$ 267			113,845			0	(94,202)
Ending Balance (in shares) at Sep. 30, 2020				0
Ending Balance at Sep. 30, 2020				$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of issuance costs (in shares)						3,400,418
Common stock issued, net of issuance costs	2,596					$ 34			2,562
Issuance of common stock upon exercise of warrants (in shares)						1,113,424
Issuance of common stock upon exercise of warrants	1					$ 11			(10)
Issuance of common stock upon restricted stock unit settlement, net of shares withheld for taxes (in shares)						56,221
Issuance of common stock upon restricted stock unit settlement, net of shares withheld for taxes	(22)								(22)
Stock based compensation	553								553
Unrealized loss on available-for-sale marketable securities	0
Net income (loss)	$ (4,326)												(4,326)
Ending Balance (in shares) at Sep. 30, 2020	31,241,636					31,241,636
Ending Balance at Sep. 30, 2020	$ 18,712					$ 312			$ 116,928			$ 0	$ (98,528)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - Parenthetical - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Issuance of common stock and common stock purchase warrants, issuance costs	$ 261	$ 1,443	$ 10

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (13,548)	$ (13,015)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9	25
Reduction (accretion) of discount on marketable securities	25	(25)
Non-cash interest expense	0	666
Change in fair value of warrant and derivative liability	0	(212)
Gain on extinguishment	0	(2,318)
Amortization of discounts and financing costs	0	1,043
Stock-based compensation	1,409	1,007
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	112	(2,480)
Accounts payable	(1,119)	(2,776)
Accrued liabilities	(376)	(2,207)
Promissory note	0	5,600
Deferred revenue	(1,795)	(7,248)
Net cash used in operating activities	(15,283)	(21,940)
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturities of marketable securities	4,500	5,500
Cash and cash equivalents acquired in recapitalization	0	13,017
Capital expenditures	0	(8)
Net cash provided by investing activities	4,500	18,509
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock and warrants	23,265	0
Proceeds from the issuance of note payable	437	0
Proceeds from the exercise of warrants	23	0
Proceeds from issuance of convertible promissory notes	0	7,397
Payments of principal of note payable	0	(4,808)
Net cash provided by financing activities	23,725	2,589
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	12,942	(842)
CASH AND CASH EQUIVALENTS—BEGINNING	7,232	8,067
CASH AND CASH EQUIVALENTS—ENDING	20,174	7,225
Supplement Disclosure of Cash Flow Information:
Interest paid	0	319
Supplement Disclosure of Non-Cash Investing and Financing Activities:
Conversion of redeemable convertible preferred stock and preferred stock dividends to common stock	0	48,016
Shares issued in recapitalization	0	23,076
Reduction of redeemable convertible preferred stock to redemption value	0	(10,376)
Warrants to purchase common stock issued with convertible promissory notes	0	1,492
Derivative liability issued with convertible promissory notes	0	1,442
Warrants to purchase common stock issued with funding agreement	0	876
Accretion of redeemable convertible preferred stock issuance costs	$ 0	$ 103

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF OPERATIONS	ORGANIZATION AND NATURE OF OPERATIONS Brickell Biotech, Inc. (the “Company” or “Brickell”) is a clinical-stage pharmaceutical company focused on the development of innovative and differentiated prescription therapeutics for the treatment of debilitating skin diseases. The Company’s pipeline consists of potential novel therapeutics for hyperhidrosis and other prevalent dermatological conditions. The Company’s pivotal Phase 3 clinical-stage product candidate, sofpironium bromide, is a proprietary new chemical entity that belongs to a class of medications called anticholinergics. The Company intends to develop sofpironium bromide as a potential best-in-class, self-administered, once daily, topical therapy for the treatment of primary axillary hyperhidrosis. The Company’s operations to date have been limited to business planning, raising capital, developing its pipeline assets (in particular sofpironium bromide), identifying product candidates, and other research and development. On August 31, 2019, the Company, then known as Vical Incorporated (“Vical”), and Brickell Biotech, Inc., a then privately-held Delaware corporation that began activities in September 2009 (“Private Brickell”), completed a recapitalization in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated June 2, 2019, as further amended on August 20, 2019 and on August 30, 2019 (the “Merger Agreement”), by and among Vical, Victory Subsidiary, Inc., a wholly-owned subsidiary of Vical (“Merger Sub”), and Private Brickell. Pursuant to the Merger Agreement, Merger Sub merged with and into Private Brickell, with Private Brickell surviving as a wholly-owned subsidiary of Vical (the “Merger”). Additionally, on August 31, 2019, immediately after the completion of the Merger, the Company changed its name from “Vical Incorporated” to “Brickell Biotech, Inc.” and Private Brickell changed its name from “Brickell Biotech, Inc.” to “Brickell Subsidiary, Inc.” The accompanying condensed consolidated financial statements and related notes reflect the historical results of Private Brickell prior to the Merger and of the combined company following the Merger, and do not include the historical results of Vical prior to the completion of the Merger. These financial statements and related notes should be read in conjunction with the audited financial statements for the year ended December 31, 2019, included in the Company’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2020. Liquidity and Capital Resources The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has incurred significant operating losses and has an accumulated deficit as a result of ongoing efforts to develop product candidates, including conducting preclinical and clinical trials and providing general and administrative support for these operations. For the nine months ended September 30, 2020, the Company had a net loss of $13.5 million and net cash used in operating activities of $15.3 million. As of September 30, 2020, the Company had cash and cash equivalents of $20.2 million and an accumulated deficit of $98.5 million. The Company believes that its cash and cash equivalents as of September 30, 2020, combined with the proceeds received from the subsequent sales of the Company’s common stock and warrants (see Note 9. “Subsequent Events”), are sufficient to fund its operations for at least the next 12 months from the issuance of these condensed consolidated financial statements. The Company expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. Additional funding will be required in the future to continue with the Company’s planned development and commercial related activities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Brickell Subsidiary, Inc., and are presented in United States (“U.S.”) dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020, for any other interim period, or for any other future period. The condensed consolidated balance sheet as of December 31, 2019 has been derived from audited financial statements at that date but does not include all of the information required by US GAAP for complete financial statements. All intercompany balances and transactions have been eliminated in consolidation. The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. The Company’s management performed an evaluation of its activities through the date of filing of these financial statements and concluded that there are no subsequent events requiring disclosure, other than as disclosed. Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with US GAAP, which requires it to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions. Risks and Uncertainties The Company’s business is subject to significant risks common to early-stage companies in the pharmaceutical industry including, but not limited to, the ability to develop appropriate formulations, scale up and produce the compounds; dependence on collaborative parties; uncertainties associated with obtaining and enforcing patents and other intellectual property rights; clinical implementation and success; the lengthy and expensive regulatory approval process; compliance with regulatory and other legal requirements; competition from other products; uncertainty of broad adoption of its approved products, if any, by physicians and patients; significant competition; ability to manage third-party manufacturers, suppliers, contract research organizations, business partners and other alliance management; and obtaining additional financing to fund the Company’s efforts. The product candidates developed by the Company require approvals from the U.S. Food and Drug Administration (“FDA”) and foreign regulatory agencies prior to commercial sales in the U.S. or foreign jurisdictions, respectively. There can be no assurance that the Company’s current and future product candidates will receive the necessary approvals. If the Company is denied approval or approval is delayed, it may have a material adverse impact on the Company’s business and its financial condition. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to develop and, if successful, commercialize our product candidates. There can be no assurance that such financing will be available or will be at terms acceptable to the Company. Fair Value Measurements Fair value is the price that the Company would receive to sell an asset or pay to transfer a liability in a timely transaction with an independent counterparty in the principal market or in the absence of a principal market, the most advantageous market for the asset or liability. A three-tier hierarchy is established to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs), and establishes a classification of fair value measurements for disclosure purposes. The hierarchy is summarized in the three broad levels listed below: Level 1 —quoted prices in active markets for identical assets and liabilities Level 2 —other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, etc.) Level 3 —significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities) The following table sets forth the fair value of the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): Level 1 (1) September 30, December 31, 2019 Assets: Money market funds $ 19,519 $ 7,232 U.S. treasuries — 4,497 Total $ 19,519 $ 11,729 ____________ (1) No assets as of each respective date were identified as Level 2 or 3 based on the three-tier fair value hierarchy. The Company had no financial liabilities measured at fair value on a recurring basis as of each respective date. Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating the fair values of each class of financial instrument disclosed herein: Money Market Funds— The carrying amounts reported as cash and cash equivalents in the condensed consolidated balance sheets approximate their fair values due to their short-term nature and/or market rates of interest (Level 1 of the fair value hierarchy). U.S. Treasuries— The Company designated its investments in U.S. treasury securities as available-for-sale securities and accounted for them at their respective fair values. The securities were classified as short-term or long-term based on the nature of the securities and their availability to meet current operating requirements. Securities that were readily available for use in current operations are classified as short-term available-for-sale marketable securities and are reported as a component of current assets in the condensed consolidated balance sheets (Level 1 of the fair value hierarchy). Securities classified as available-for-sale are measured at fair value, including accrued interest, with temporary unrealized gains and losses reported as a component of stockholders’ equity until their disposition. The Company reviews available-for-sale securities at the end of each period to determine whether they remain available-for-sale based on its then current intent. The cost of securities sold is based on the specific identification method. The securities are subject to a periodic impairment review. An impairment charge would occur when a decline in the fair value of the investments below the cost basis is judged to be other-than-temporary. Leases The Company accounts for leases under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”). Under ASC 842, the Company determines if an arrangement is a lease at inception. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected the practical expedient not to recognize on the balance sheet leases with terms of one year or less and not to separate lease components and non-lease components for long-term real estate leases. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company estimates the incremental borrowing rate based on industry peers in determining the present value of lease payments. The Company’s facility operating lease has one single component. The lease component results in a right-of-use asset being recorded on the balance sheet, which is amortized as lease expense on a straight-line basis in the Company’s condensed consolidated statements of operations. Revenue Recognition The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations. At contract inception, the Company assesses the goods or services promised within each contract and assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. To date, the Company has not received approval for any drug candidates from the FDA, and the Company has not generated or recognized any revenue from the sale of products. As described further below, in September 2020, the Company’s Japanese development partner received regulatory approval in Japan to manufacture and market sofpironium bromide gel, 5% for the treatment of primary axillary (underarm) hyperhidrosis, and under the agreement with its development partner, the Company is entitled to receive commercial milestone payments, as well as tiered royalties based on a percentage of net sales of sofpironium bromide in Japan. In March 2015, the Company entered into a license, development, and commercialization agreement (as amended, the “Kaken Agreement”) with Kaken Pharmaceutical Co., Ltd. (“Kaken”). Under the Kaken Agreement, the Company granted to Kaken an exclusive right to develop, manufacture, and commercialize the Company’s sofpironium bromide compound, a topical anticholinergic, in Japan and certain other Asian countries (the “Territory”). In exchange, Kaken paid the Company an upfront, non-refundable payment of $11.0 million (the “upfront fee”). In addition, the Company was entitled to receive aggregate payments of up to $10.0 million upon the achievement of specified development milestones, and $30.0 million upon the achievement of commercial milestones, as well as tiered royalties based on a percentage of net sales of licensed products in the Territory. The Kaken Agreement further provides that Kaken will be responsible for funding all development and commercial costs for the program in the Territory. Kaken was also required to enter into negotiations with the Company, to supply the Company, at cost, with clinical supplies to perform Phase 3 clinical trials in the U.S. The Company evaluates collaboration arrangements to determine whether units of account within the collaboration arrangement exhibit the characteristics of a vendor and customer relationship. The Company determined that the licenses transferred to Kaken in exchange for the upfront fee were representative of this type of a relationship. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other performance obligations, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition on a prospective basis. Under Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“Topic 606”), the Company evaluated the terms of the Kaken Agreement, and the transfer of intellectual property and manufacturing rights (the “license”) was identified as the only performance obligation as of the inception of the agreement. The Company concluded that the license for the intellectual property was distinct from its ongoing supply obligations. The Company further determined that the transaction price under the arrangement was comprised of the $11.0 million upfront payment, which was allocated to the license performance obligation. The future potential milestone amounts were not included in the transaction price, as they were all determined to be fully constrained. As part of its evaluation of the development and regulatory milestones constraint, the Company determined that the achievement of such milestones was contingent upon success in future clinical trials and regulatory approvals, each of which was uncertain at that time. The Company will re-evaluate the transaction price each quarter and as uncertain events are resolved or other changes in circumstances occur. Future potential milestone amounts would be recognized as revenue from collaboration arrangements, if unconstrained. The remainder of the arrangement, which largely consisted of both parties incurring costs in their respective territories, provides for the reimbursement of the ongoing supply costs. These costs were representative of a collaboration arrangement outside of the scope of Topic 606 as they do not have the characteristics of a vendor and customer relationship. Reimbursable program costs are recognized proportionately with the delivery of drug substance and are accounted for as reductions to research and development expense and are excluded from the transaction price. In May 2018, the Company entered into an amendment to the Kaken Agreement, pursuant to which the Company received an upfront non-refundable fee of $15.6 million (the “Kaken R&D Payment”), which was initially recorded as deferred revenue, to provide the Company with research and development funds for the sole purpose of conducting certain clinical trials and other such research and development activities required to support the submission of a new drug application for sofpironium bromide. These clinical trials have a benefit to Kaken and have the characteristics of a vendor and customer relationship. The Company has accounted for the Kaken R&D Payment under the provisions of Topic 606. This Kaken R&D Payment is recognized using an input method in proportion to the cost incurred. Upon receipt of the Kaken R&D Payment, on May 31, 2018, a milestone payment originally due upon the first commercial sale in Japan was removed from the Kaken Agreement and all future royalties to the Company under the Kaken Agreement were reduced 150 basis points. Consequently, during the three months ended September 30, 2020 and 2019, the Company recognized revenue of $0.1 million and $1.2 million, respectively, related to the Kaken R&D Payment. During the nine months ended September 30, 2020 and 2019, the Company recognized revenue of $1.8 million and $7.2 million, respectively, related to the Kaken R&D Payment. As of December 31, 2019, the Company had a deferred revenue balance related to the Kaken R&D Payment of $1.8 million, which is recorded as deferred revenue on the accompanying condensed consolidated balance sheets. As of September 30, 2020, there was no remaining deferred revenue balance related to the Kaken R&D Payment. Milestones At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company or the Company’s collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts the Company’s estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration or other revenues and earnings in the period of adjustment. To date, Kaken has paid the Company $10.0 million in milestone payments under the Kaken Agreement. Royalties For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue from any collaborative arrangement. Net Income (Loss) per Common Share Basic and diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding. When the effects are not anti-dilutive, diluted earnings per share is computed by dividing the Company’s net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding and the impact of all dilutive potential common shares. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the period, including stock options, restricted stock units, and warrants, using the treasury stock method, and redeemable convertible preferred stock and convertible promissory notes, using the if-converted method. In computing diluted earnings per share, the average stock price for the period is used in determining the number of shares assumed to be issued from the exercise of stock options, the vesting of restricted stock units, or the exercise of warrants. Potentially dilutive common share equivalents are excluded from the diluted earnings per share computation in net loss periods because their effect would be anti-dilutive. The following table sets forth the potential common shares excluded from the calculation of net loss per common share, because their inclusion would be anti-dilutive: Three and Nine Months Ended 2020 2019 Outstanding warrants 19,556,108 1,632,495 Outstanding options 4,743,537 1,802,895 Unvested restricted stock units 204,233 — Total 24,503,878 3,435,390

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES Accrued liabilities consisted of the following (in thousands): September 30, December 31, Accrued contracted research and development services $ 3,436 $ 4,532 Accrued compensation 1,128 59 Accrued license fee 1,000 — Accrued professional fees 478 1,788 Total $ 6,042 $ 6,379

CONVERTIBLE PROMISSORY NOTES

CONVERTIBLE PROMISSORY NOTES	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
CONVERTIBLE PROMISSORY NOTES	CONVERTIBLE PROMISSORY NOTES In March 2019, the Company initiated a convertible promissory notes offering pursuant to which the Company issued unsecured convertible promissory notes (the “Prom Notes”), bearing interest at 12.0% with a maturity of one year. Through August 31, 2019, the Company had raised an aggregate principal amount of $7.4 million in Prom Notes, including $1.7 million from certain of the Company’s management and board of directors. On August 31, 2019, immediately prior to the Merger, the Prom Notes and related accrued interest converted into 1,069,740 shares of Private Brickell common stock at a conversion price of $7.54 per share. The Prom Notes also provided for the issuance of warrants at 50% coverage, to acquire 490,683 shares of common stock. The warrants are exercisable for a term of five years at an exercise price of $10.36. The Company evaluated the various financial instruments under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815, “Derivatives and Hedging” (“ASC 815”), and determined the warrants required fair value accounting. The fair value of the warrants was recorded as a warrant liability upon issuance. The fair value of the warrants on the dates of issuance of $1.5 million was determined with the assistance of a third-party valuation firm. The fair value of the warrants was recorded as a debt discount upon issuance and was amortized to interest expense over the term of the Prom Notes based on the effective interest method. At inception of the Prom Notes offering, the Company analyzed the conversion feature of the agreement for derivative accounting consideration under ASC 815 and determined that the embedded conversion features should be classified as a derivative, which was required to be bifurcated and recorded as a derivative liability. The embedded derivative for the Prom Notes was carried on the Company’s condensed consolidated balance sheets at fair value. The derivative liability was marked-to-market each measurement period and any change in fair value was recorded as a component of the statements of operations. The fair value of the derivative liabilities on the date of issuance of $1.4 million was determined with the assistance of a third-party valuation firm. The fair value of the conversion feature was recorded as a debt discount upon issuance and was amortized to interest expense over the term of the Prom Notes based on the effective interest method. During the three months ended September 30, 2019, the Company recognized $1.1 million of interest expense, including $0.4 million of accretion of discounts using an effective interest rate of 12.0%. During the nine months ended September 30, 2019, the Company recognized $2.0 million of interest expense, including $0.8 million of accretion of discounts using an

NOTE PAYABLE

NOTE PAYABLE	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTE PAYABLE Loan Agreement with Hercules Capital, Inc. On February 18, 2016, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc. (the “Lender”) under which the Company borrowed $7.5 million upon the execution of the Loan Agreement on February 18, 2016. The interest rate applicable to each tranche was variable based upon the greater of either (i) 9.2% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal minus 3.5%, plus (b) 9.2%. Payments under the Loan Agreement were interest only until June 1, 2017, followed by equal monthly payments of principal and interest through the maturity date of September 1, 2019. The Company paid the Lender aggregate facility fees of $0.2 million in connection with the Loan Agreement. In connection with the Loan Agreement, the Company issued warrants to the Lender, which are exercisable for 9,005 shares of common stock at a per share exercise price of $33.31 (the “Hercules Capital Warrants”). The Hercules Capital Warrants will terminate, if not earlier exercised, on February 18, 2026. The fair value of the Hercules Capital Warrants was recorded at inception as a redeemable convertible preferred stock warrant liability upon issuance. On September 3, 2019, the Company repaid the remaining outstanding loan balance of $2.6 million and an associated accrued interest and aggregate end-of-term payment of $0.6 million, and the Loan Agreement was terminated. At the effective time of the Merger, the warrant liability was reclassified to equity in the condensed consolidated balance sheets. As of September 30, 2020, there were no remaining unaccreted debt discounts and issuance costs. Paycheck Protection Program On April 15, 2020, the Company executed an unsecured promissory note to IberiaBank (the “PPP Loan”) pursuant to the U.S. Small Business Administration’s Paycheck Protection Program (the “PPP”) under Division A, Title I of the federal Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which is reported in the condensed consolidated balance sheet as of September 30, 2020 within the current and long-term note payable line items. A PPP loan is for the purpose of helping businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The Company used the PPP Loan proceeds to cover payroll costs and certain other permitted costs in accordance with the relevant terms and conditions of the CARES Act. The PPP Loan is in the principal amount of $0.4 million, bears interest at a fixed rate of 1.00% per annum and matures on April 15, 2022. The PPP Loan requires equal monthly payments of principal and interest commencing on November 15, 2020. The PPP Loan may be prepaid by the Company at any time prior to maturity without penalty. As of September 30, 2020, the Company has evaluated the uses of proceeds under the PPP Loan with respect to the relevant terms and conditions of the CARES Act and believes that the full amount of the loan is subject to forgiveness. The Company intends to apply for full forgiveness of the PPP Loan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating Leases In August 2016, the Company entered into a five-year lease for office space in Boulder, Colorado that expires on October 31, 2021 (the “Boulder Lease”) subject to the Company’s option to renew the Boulder Lease for two additional terms of three years each. Pursuant to the Boulder Lease, the Company leased 3,038 square feet of space in a multi-suite building. Rent payments under the Boulder Lease included base rent of $4,430 per month during the first year of the Boulder Lease with an annual increase of 3.5%, and additional monthly fees to cover the Company’s share of certain facility expenses, including utilities, property taxes, insurance, and maintenance, which were $2,160 per month during the first year of the Boulder Lease. The Company recognized a right-of-use asset and corresponding lease liability on January 1, 2019, by calculating the present value of lease payments, discounted at 12.0%, the Company’s estimated incremental borrowing rate, over the 2.8 years expected remaining term. As the Company’s lease does not provide an implicit rate, the Company estimated the incremental borrowing rate based on industry peers. Industry peers consist of several public companies in the biotechnology industry with comparable characteristics, including clinical trials progress and therapeutic indications. Amortization of the operating lease right-of-use asset for the Boulder Lease amounted to $19 thousand and $0.1 million for the three and nine months ended September 30, 2020, respectively, which was included in operating expense. As of September 30, 2020, the remaining lease term was 1.1 years. The terms of the Boulder Lease provide for rental payments on a monthly basis on a graduated scale. Lease expense for the three months ended September 30, 2020 and 2019 was $23 thousand and $22 thousand, respectively. Lease expense for each of the nine months ended September 30, 2020 and 2019 was $0.1 million. The following is a summary of the contractual obligations related to operating lease commitments as of September 30, 2020 and the effect such obligations are expected to have on the Company’s liquidity and cash flows in future periods (in thousands): Less than 1 year $ 85 1-3 years 8 3-5 years — More than 5 years — Imputed interest (6) Total $ 87 Amended and Restated License Agreement with Bodor In February 2020, the Company, together with Brickell Subsidiary and Bodor Laboratories, Inc. and Dr. Nicholas S. Bodor (collectively, “Bodor”) entered into an amended and restated license agreement (the “Amended and Restated License Agreement”). The Amended and Restated License Agreement supersedes the License Agreement, dated December 15, 2012, entered into between Brickell Subsidiary and Bodor, as amended by Amendment No. 1 to License Agreement, effective as of October 21, 2013, and Amendment No. 2 to License Agreement, effective as of March 31, 2015. The Amended and Restated License Agreement retains with the Company a worldwide, exclusive license to develop, manufacture, market, sell and sublicense products containing the proprietary compound sofpironium bromide based upon the patents referenced in the Amended and Restated License Agreement for a defined field of use. In exchange for entering into the Amended and Restated License Agreement, settling the previously disclosed dispute, and resolving the associated litigation between the Company and Bodor, the Company made an upfront payment of $1.0 million in cash to Bodor following the execution of the Amended and Restated License Agreement and the settlement agreement by and among the Company, Brickell Subsidiary, Inc., and Bodor, dated February 17, 2020. Additionally, under the original License Agreement and the Amended and Restated License Agreement, the Company is required to pay Bodor (i) a royalty on sales of product outside Kaken’s territory, including a low single-digit royalty on sales of certain product not covered by the patent estate licensed from Bodor; (ii) a specified percentage of all royalties the Company receives from Kaken for sales of product within its territory; (iii) a percentage of non-royalty sublicensing income the Company receives from Kaken or other sublicensees; and (iv) up to an aggregate of $1.8 million (plus an additional $0.1 million for approvals of additional products) in cash payments and $1.5 million of shares of the Company’s common stock upon the achievement of certain development, regulatory and other milestones, including the enrollment of the first patient in the U.S. Phase 3 trials. Based on the foregoing, the Company made a $0.5 million milestone payment to Bodor in June 2020 following the closing of the June 2020 Offering (see Note 7. “Capital Stock”). Additionally, in October 2020, in association with the enrollment of the first patient in its U.S. Phase 3 pivotal program, the Company made a cash payment of $0.5 million and issued $0.5 million, or 480,769 shares, of the Company’s common stock to Bodor. As a result, during the nine months ended September 30, 2020, the Company recorded an aggregate of $1.5 million as research and development expense in the condensed consolidated statements of operations.

CAPITAL STOCK

CAPITAL STOCK	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK Common Stock Under the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.01 per share. Each share of the Company’s common stock is entitled to one vote, and the holders of the Company’s common stock are entitled to receive dividends when and as declared or paid by its board of directors. The Company has reserved authorized shares of common stock for future issuance at September 30, 2020 as follows: September 30, 2020 (1) Common stock warrants 19,556,109 Common stock options outstanding 4,743,537 Shares available for grant under the Omnibus Plan 1,997,623 Unvested restricted stock units 204,233 Total 26,501,502 ____________ (1) In connection with the October 2020 Offering, the Company removed the reservation of the 1,997,623 shares available for grant under the Omnibus Plan. Public Offering of Common Stock and Warrants In June 2020, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc. (“Oppenheimer”), as representative of several underwriters, relating to the public offering, issuance and sale of 14,790,133 shares of its common stock, and, to certain investors, pre-funded warrants to purchase 2,709,867 shares of its common stock, and accompanying common stock warrants to purchase up to an aggregate of 17,500,000 shares of its common stock (the “June 2020 Offering”). Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock. The public offering price of each share of common stock and accompanying common warrant was $1.15 and $1.149 for each pre-funded warrant and accompanying common warrant, respectively. The pre-funded warrants were immediately exercisable at a price of $0.001 per share of common stock. The common warrants were immediately exercisable at a price of $1.25 per share of common stock and will expire five years from the date of issuance. The shares of common stock and pre-funded warrants, and the accompanying common warrants, were issued separately and were immediately separable upon issuance. The June 2020 Offering resulted in approximately $18.7 million of net proceeds to the Company after deducting underwriting commissions and discounts and other offering expenses of $1.4 million and excluding the proceeds, if any, from the exercise of the warrants. The Company anticipates using the net proceeds from the June 2020 Offering for research and development, including clinical trials, working capital, and general corporate purposes. Certain officers of the Company participated in the June 2020 Offering by purchasing an aggregate purchase price of $0.2 million of the Company's common stock and warrants. At Market Issuance Sales Agreement On April 14, 2020, the Company entered into an At Market Issuance Sales Agreement (the “ATM Agreement”) with Oppenheimer as the Company’s sales agent (the “Agent”). Pursuant to the terms of the ATM Agreement, the Company may sell from time to time through the Agent shares of the Company’s common stock having an aggregate offering price of up to $8.0 million (the “Shares”). The Shares are issued pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-236353). Sales of the Shares are made by means of ordinary brokers’ transactions on the Nasdaq Capital Market at market prices or as otherwise agreed by the Company and the Agent. Under the terms of the ATM Agreement, the Company may also sell the Shares from time to time to the Agent as principal for its own account at a price to be agreed upon at the time of sale. Any sale of the Shares to the Agent as principal would be pursuant to the terms of a separate placement notice between the Company and the Agent. The Company will be significantly limited in its ability to sell shares of its common stock under the ATM Agreement unless and until the number of authorized shares of common stock of the Company is increased, which would require stockholder approval. During the three and nine months ended September 30, 2020, the Company sold 3,400,418 Shares under the ATM Agreement at a weighted-average price of $0.84 per share, for aggregate net proceeds of $2.6 million, after giving effect to a 3% commission to Oppenheimer as Agent plus initial expenses for executing the ATM Agreement. Private Placement Offerings On February 17, 2020, the Company and Lincoln Park entered into (i) a securities purchase agreement (the “Securities Purchase Agreement”); (ii) a purchase agreement (the “Purchase Agreement”); and (iii) a registration rights agreement (the “Registration Rights Agreement”). Pursuant to the Securities Purchase Agreement, Lincoln Park purchased, and the Company sold, (i) an aggregate of 950,000 shares of common stock (the “Common Shares”); (ii) a warrant to initially purchase an aggregate of up to 606,420 shares of common stock at an exercise price of $0.01 per share (the “Series A Warrant”); and (iii) a warrant to initially purchase an aggregate of up to 1,556,420 shares of common stock at an exercise price of $1.16 per share (the “Series B Warrant” and together with the Series A Warrant, the “Warrants”). The aggregate gross purchase price for the Common Shares and the Warrants was $2.0 million. Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase, up to $28.0 million in the aggregate of shares of common stock. Sales of common stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company’s sole discretion, over the 36-month period commencing on August 14, 2020 (the “Commencement Date”). Further, the Company will be significantly limited in its ability to sell shares of its common stock under the Purchase Agreement unless and until the number of authorized shares of common stock of the Company is increased, which would require stockholder approval. Following the Commencement Date, under the Purchase Agreement, on any business day selected by the Company, the Company may direct Lincoln Park to purchase up to 100,000 shares of common stock on such business day (each, a “Regular Purchase”), provided, however, that (i) the Regular Purchase may be increased to up to 125,000 shares, provided that the closing sale price of the common stock is not below $3.00 on the purchase date; and (ii) the Regular Purchase may be increased to up to 150,000 shares, provided that the closing sale price of the common stock is not below $5.00 on the purchase date. In each case, Lincoln Park’s maximum commitment in any single Regular Purchase may not exceed $1,000,000. The purchase price per share for each such Regular Purchase will be based off of prevailing market prices of common stock immediately preceding the time of sale. In addition to Regular Purchases, the Company may direct Lincoln Park to purchase other amounts as accelerated purchases or as additional accelerated purchases if the closing sale price of the common stock exceeds certain threshold prices as set forth in the Purchase Agreement. In all instances, the Company may not sell shares of its common stock to Lincoln Park under the Purchase Agreement if it would result in Lincoln Park beneficially owning more than 9.99% of the outstanding shares of common stock. As of September 30, 2020, the Company has not made any sales of its common stock under the Purchase Agreement. The Company agreed with Lincoln Park that it will not enter into any “variable rate” transactions with any third party, subject to certain exceptions, for a period defined in the Purchase Agreement. The Company has the right to terminate the Purchase Agreement at any time, at no cost or penalty. The Securities Purchase Agreement, the Purchase Agreement, and the Registration Rights Agreement contain customary representations, warranties, agreements, and conditions to completing future sale transactions, indemnification rights and obligations of the parties. Preferred Stock

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Equity Incentive Plans 2020 Omnibus Plan On April 20, 2020, the Company’s stockholders approved the Omnibus Plan, which replaced, with respect to new award grants, the Company’s 2009 Equity Incentive Plan, as amended and restated (the “2009 Plan”), and the Vical Equity Incentive Plan (the “Vical Plan”) (collectively, the “Prior Plans”) that were previously in effect. Following the approval of the Omnibus Plan on April 20, 2020, no additional grants will be made pursuant to the Prior Plans, but awards outstanding under those plans as of that date remain outstanding in accordance with their terms. On August 31, 2020, the Company’s stockholders approved an increase in the number of shares of common stock authorized for issuance under the Omnibus Plan by 4,500,000. At September 30, 2020, 3,347,065 shares were subject to outstanding awards under the Omnibus Plan, and 1,997,623 shares remained available for grant under the Omnibus Plan. 2009 Equity Incentive Plan The 2009 Plan was replaced by the Omnibus Plan on April 20, 2020 and, as a result, at September 30, 2020, there were no remaining shares available for new grants under the 2009 Plan. However, as of September 30, 2020, 1,319,452 shares were subject to outstanding awards under the 2009 Plan, which awards remain outstanding in accordance with their terms. Vical Equity Incentive Plan In connection with the Merger, the Company adopted the Vical Plan, which was replaced by the Omnibus Plan on April 20, 2020. As a result, at September 30, 2020, there were no remaining shares available for new grants under the Vical Plan. However, as of September 30, 2020, 281,253 shares were subject to outstanding awards under the Vical Plan, which awards remain outstanding in accordance with their terms. Stock-based Compensation Expense Total stock-based compensation expense reported in the condensed consolidated statements of operations was allocated as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development $ 98 $ 81 $ 270 $ 237 General and administrative 455 243 1,139 770 Total stock-based compensation expense $ 553 $ 324 $ 1,409 $ 1,007

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Public Offering of Common Stock and Warrants In October 2020, the Company entered into an underwriting agreement with Oppenheimer, as representative of several underwriters, relating to the public offering, issuance and sale of 19,003,510 shares of its common stock, and, to certain investors, pre-funded warrants to purchase 1,829,812 shares of its common stock, and accompanying common stock warrants to purchase up to an aggregate of 20,833,322 shares of its common stock (the “October 2020 Offering”). Each share of common stock and pre-funded warrant to purchase one share of our common stock was sold together with a common warrant to purchase one share of our common stock. The public offering price of each share of the Company’s common stock and accompanying common warrant was $0.72 and $0.719 for each pre-funded warrant and accompanying common warrant, respectively. The pre-funded warrants were immediately exercisable at a price of $0.001 per share of the Company’s common stock. The common warrants were immediately exercisable at a price of $0.72 per share of the Company’s common stock and will expire five years from the date of issuance. The shares of common stock and pre-funded warrants, and the accompanying common warrants, were issued separately and were immediately separable upon issuance. The October 2020 Offering resulted in net proceeds of approximately $13.7 million to the Company after deducting underwriting commissions and discounts and other offering expenses of $1.3 million and excluding the proceeds, if any, from the exercise of the warrants. The Company anticipates using the net proceeds from the October 2020 Offering for research and development, including clinical trials, working capital, and general corporate purposes. Sales of Shares under the ATM Agreement Subsequent to September 30, 2020 and through November 12, 2020, the Company sold 959,749 Shares under the ATM Agreement at a weighted-average price of $0.88 per share, resulting in aggregate net proceeds to the Company of $0.8 million, after giving effect to a 3% commission to Oppenheimer as Agent.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Brickell Subsidiary, Inc., and are presented in United States (“U.S.”) dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with US GAAP have been
Use of Estimates	Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with US GAAP, which requires it to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions.
Fair Value Measurements	Fair Value Measurements Fair value is the price that the Company would receive to sell an asset or pay to transfer a liability in a timely transaction with an independent counterparty in the principal market or in the absence of a principal market, the most advantageous market for the asset or liability. A three-tier hierarchy is established to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs), and establishes a classification of fair value measurements for disclosure purposes.
Leases	Leases The Company accounts for leases under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”). Under ASC 842, the Company determines if an arrangement is a lease at inception. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected the practical expedient not to recognize on the balance sheet leases with terms of one year or less and not to separate lease components and non-lease components for long-term real estate leases. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company estimates the incremental borrowing rate based on industry peers in determining the present value of lease payments. The Company’s facility operating lease has one single component. The lease component results in a right-of-use asset being recorded on the balance sheet, which is amortized as lease expense on a straight-line basis in the Company’s condensed consolidated statements of operations.
Revenue Recognition	Revenue Recognition The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations. At contract inception, the Company assesses the goods or services promised within each contract and assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. To date, the Company has not received approval for any drug candidates from the FDA, and the Company has not generated or recognized any revenue from the sale of products. As described further below, in September 2020, the Company’s Japanese development partner received regulatory approval in Japan to manufacture and market sofpironium bromide gel, 5% for the treatment of primary axillary (underarm) hyperhidrosis, and under the agreement with its development partner, the Company is entitled to receive commercial milestone payments, as well as tiered royalties based on a percentage of net sales of sofpironium bromide in Japan. In March 2015, the Company entered into a license, development, and commercialization agreement (as amended, the “Kaken Agreement”) with Kaken Pharmaceutical Co., Ltd. (“Kaken”). Under the Kaken Agreement, the Company granted to Kaken an exclusive right to develop, manufacture, and commercialize the Company’s sofpironium bromide compound, a topical anticholinergic, in Japan and certain other Asian countries (the “Territory”). In exchange, Kaken paid the Company an upfront, non-refundable payment of $11.0 million (the “upfront fee”). In addition, the Company was entitled to receive aggregate payments of up to $10.0 million upon the achievement of specified development milestones, and $30.0 million upon the achievement of commercial milestones, as well as tiered royalties based on a percentage of net sales of licensed products in the Territory. The Kaken Agreement further provides that Kaken will be responsible for funding all development and commercial costs for the program in the Territory. Kaken was also required to enter into negotiations with the Company, to supply the Company, at cost, with clinical supplies to perform Phase 3 clinical trials in the U.S. The Company evaluates collaboration arrangements to determine whether units of account within the collaboration arrangement exhibit the characteristics of a vendor and customer relationship. The Company determined that the licenses transferred to Kaken in exchange for the upfront fee were representative of this type of a relationship. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other performance obligations, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition on a prospective basis. Under Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“Topic 606”), the Company evaluated the terms of the Kaken Agreement, and the transfer of intellectual property and manufacturing rights (the “license”) was identified as the only performance obligation as of the inception of the agreement. The Company concluded that the license for the intellectual property was distinct from its ongoing supply obligations. The Company further determined that the transaction price under the arrangement was comprised of the $11.0 million upfront payment, which was allocated to the license performance obligation. The future potential milestone amounts were not included in the transaction price, as they were all determined to be fully constrained. As part of its evaluation of the development and regulatory milestones constraint, the Company determined that the achievement of such milestones was contingent upon success in future clinical trials and regulatory approvals, each of which was uncertain at that time. The Company will re-evaluate the transaction price each quarter and as uncertain events are resolved or other changes in circumstances occur. Future potential milestone amounts would be recognized as revenue from collaboration arrangements, if unconstrained. The remainder of the arrangement, which largely consisted of both parties incurring costs in their respective territories, provides for the reimbursement of the ongoing supply costs. These costs were representative of a collaboration arrangement outside of the scope of Topic 606 as they do not have the characteristics of a vendor and customer relationship. Reimbursable program costs are recognized proportionately with the delivery of drug substance and are accounted for as reductions to research and development expense and are excluded from the transaction price. In May 2018, the Company entered into an amendment to the Kaken Agreement, pursuant to which the Company received an upfront non-refundable fee of $15.6 million (the “Kaken R&D Payment”), which was initially recorded as deferred revenue, to provide the Company with research and development funds for the sole purpose of conducting certain clinical trials and other such research and development activities required to support the submission of a new drug application for sofpironium bromide. These clinical trials have a benefit to Kaken and have the characteristics of a vendor and customer relationship. The Company has accounted for the Kaken R&D Payment under the provisions of Topic 606. This Kaken R&D Payment is recognized using an input method in proportion to the cost incurred. Upon receipt of the Kaken R&D Payment, on May 31, 2018, a milestone payment originally due upon the first commercial sale in Japan was removed from the Kaken Agreement and all future royalties to the Company under the Kaken Agreement were reduced 150 basis points. Consequently, during the three months ended September 30, 2020 and 2019, the Company recognized revenue of $0.1 million and $1.2 million, respectively, related to the Kaken R&D Payment. During the nine months ended September 30, 2020 and 2019, the Company recognized revenue of $1.8 million and $7.2 million, respectively, related to the Kaken R&D Payment. As of December 31, 2019, the Company had a deferred revenue balance related to the Kaken R&D Payment of $1.8 million, which is recorded as deferred revenue on the accompanying condensed consolidated balance sheets. As of September 30, 2020, there was no remaining deferred revenue balance related to the Kaken R&D Payment. Milestones At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company or the Company’s collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts the Company’s estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration or other revenues and earnings in the period of adjustment. To date, Kaken has paid the Company $10.0 million in milestone payments under the Kaken Agreement. Royalties For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue from any collaborative arrangement.
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Basic and diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding. When the effects are not anti-dilutive, diluted earnings per share is computed by dividing the Company’s net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding and the impact of all dilutive potential common shares.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table sets forth the fair value of the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): Level 1 (1) September 30, December 31, 2019 Assets: Money market funds $ 19,519 $ 7,232 U.S. treasuries — 4,497 Total $ 19,519 $ 11,729 ____________ (1) No assets as of each respective date were identified as Level 2 or 3 based on the three-tier fair value hierarchy. The Company had no financial liabilities measured at fair value on a recurring basis as of each respective date.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the potential common shares excluded from the calculation of net loss per common share, because their inclusion would be anti-dilutive: Three and Nine Months Ended 2020 2019 Outstanding warrants 19,556,108 1,632,495 Outstanding options 4,743,537 1,802,895 Unvested restricted stock units 204,233 — Total 24,503,878 3,435,390

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, December 31, Accrued contracted research and development services $ 3,436 $ 4,532 Accrued compensation 1,128 59 Accrued license fee 1,000 — Accrued professional fees 478 1,788 Total $ 6,042 $ 6,379

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Obligations	The following is a summary of the contractual obligations related to operating lease commitments as of September 30, 2020 and the effect such obligations are expected to have on the Company’s liquidity and cash flows in future periods (in thousands): Less than 1 year $ 85 1-3 years 8 3-5 years — More than 5 years — Imputed interest (6) Total $ 87

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Reserved Authorized Shares of Common Stock	The Company has reserved authorized shares of common stock for future issuance at September 30, 2020 as follows: September 30, 2020 (1) Common stock warrants 19,556,109 Common stock options outstanding 4,743,537 Shares available for grant under the Omnibus Plan 1,997,623 Unvested restricted stock units 204,233 Total 26,501,502 ____________ (1) In connection with the October 2020 Offering, the Company removed the reservation of the 1,997,623 shares available for grant under the Omnibus Plan.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Total stock-based compensation expense reported in the condensed consolidated statements of operations was allocated as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development $ 98 $ 81 $ 270 $ 237 General and administrative 455 243 1,139 770 Total stock-based compensation expense $ 553 $ 324 $ 1,409 $ 1,007

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (4,326)	$ (5,119)	$ (4,103)	$ (4,781)	$ (3,654)	$ (4,580)	$ (13,548)	$ (13,015)
Net cash used in operating activities							(15,283)	$ (21,940)
Cash and cash equivalents	20,174						20,174		$ 7,232
Accumulated Deficit	$ 98,528						$ 98,528		$ 84,980

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	9 Months Ended
	Sep. 30, 2020segment
Accounting Policies [Abstract]
Number of operating segments	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - Fair Value, Inputs, Level 1 - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Money market funds	$ 19,519	$ 7,232
U.S. treasuries	0	4,497
Total	$ 19,519	$ 11,729

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2018	Mar. 31, 2015	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized			$ 142,000	$ 1,183,000	$ 1,795,000	$ 7,248,000
Deferred revenue			0		$ 0		$ 1,795,000
Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-refundable upfront fees	$ 15,600,000	$ 11,000,000
Development milestone payments		10,000,000
Commercialization milestone payments		$ 30,000,000
Basis point reduction					1.50%
Revenue recognized			100,000	$ 1,200,000	$ 1,800,000	$ 7,200,000
Deferred revenue			$ 0		0		$ 1,800,000
Milestone payment received					$ 10,000,000

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Common Shares Excluded from EPS Calculations (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	24,503,878	3,435,390	24,503,878	3,435,390
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	19,556,108	1,632,495	19,556,108	1,632,495
Outstanding options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	4,743,537	1,802,895	4,743,537	1,802,895
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	204,233	0	204,233	0

ACCRUED LIABILITIES - Summary o

ACCRUED LIABILITIES - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued contracted research and development services	$ 3,436	$ 4,532
Accrued compensation	1,128	59
Accrued license fee	1,000	0
Accrued professional fees	478	1,788
Total	$ 6,042	$ 6,379

CONVERTIBLE PROMISSORY NOTES -

CONVERTIBLE PROMISSORY NOTES - Narrative (Details) - USD ($)	Aug. 31, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Short-term Debt [Line Items]
Proceeds from issuance of convertible promissory notes						$ 0	$ 7,397,000
Warrant liability		$ 1,500,000
Derivative liability, fair value		$ 1,400,000
Convertible Promissory Notes
Short-term Debt [Line Items]
Stated rate		12.00%
Debt term		1 year
Proceeds from issuance of convertible promissory notes					$ 7,400,000
Conversion price (in usd per share)	$ 7.54				$ 7.54
Coverage percent		50.00%
Stock issuable upon warrants (in shares)		490,683
Warrants term						5 years
Exercise price (in usd per share)		$ 10.36
Interest expense			$ 0	$ 1,100,000		$ 0	2,000,000
Accretion of discounts				$ 400,000			$ 800,000
Effective rate								12.00%
Convertible Promissory Notes | Common Stock
Short-term Debt [Line Items]
Shares issued in conversion (in shares)	1,069,740
Officers and Directors | Convertible Promissory Notes
Short-term Debt [Line Items]
Proceeds from issuance of convertible promissory notes					$ 1,700,000

NOTE PAYABLE - Narrative (Detai

NOTE PAYABLE - Narrative (Details) - USD ($)	Sep. 03, 2019	Feb. 18, 2016	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Apr. 15, 2020
Debt Instrument [Line Items]
Payments of principal of note payable	$ (2,600,000)		$ 0	$ (4,808,000)
Payment of associated accrued interest and aggregate end-of-term payment	$ 600,000
Paycheck Protection Program
Debt Instrument [Line Items]
Face amount						$ 400,000
Stated rate						1.00%
Note Payable
Debt Instrument [Line Items]
Face amount		$ 7,500,000
Facility fees					$ 200,000
Interest Rate Option 1 | Note Payable
Debt Instrument [Line Items]
Stated rate		9.20%
Interest Rate Option 2 | Note Payable
Debt Instrument [Line Items]
Stated rate		9.20%
Interest Rate Option 2 | Note Payable | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Hercules Capital Warrants
Debt Instrument [Line Items]
Warrants converted (in shares)					9,005
Exercise price (in usd per share)		$ 33.31

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Feb. 17, 2020USD ($)	Oct. 31, 2020USD ($)shares	Sep. 30, 2020USD ($)ft²renewal_term	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)ft²renewal_term	Sep. 30, 2019USD ($)	Aug. 31, 2020
Loss Contingencies [Line Items]
Lease term								5 years
Number of additional terms | renewal_term			2			2
Renewal term			3 years			3 years
Area of leased property | ft²			3,038			3,038
Monthly payment, initial year			$ 4,430			$ 4,430
Annual payment percentage increase			3.50%			3.50%
Monthly fees			$ 2,160			$ 2,160
Discount rate			12.00%			12.00%
Expected remaining term			2 years 9 months 18 days			2 years 9 months 18 days
Amortization of operating lease right-of-use assets			$ 19,000			$ 100,000
Remaining lease term						1 year 1 month 6 days
Lease expense			23,000		$ 22,000	$ 100,000	$ 100,000
Research and development			$ 1,281,000		$ 3,337,000	6,657,000	$ 13,585,000
Bodor Laboratories, Inc.
Loss Contingencies [Line Items]
Non-refundable upfront fees	$ 1,000,000
Cash payment	1,800,000
Payments for additional product approval	100,000
Value of shares issued in agreement	$ 1,500,000
Milestone payment				$ 500,000
Research and development						$ 1,500,000
Bodor Laboratories, Inc. | Subsequent Event
Loss Contingencies [Line Items]
Cash payment		$ 500,000
Value of shares issued in agreement		$ 500,000
Shares issued in agreement (in shares) | shares		480,769

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Contractual Obligations (Details) $ in Thousands	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Less than 1 year	$ 85
1-3 years	8
3-5 years	0
More than 5 years	0
Imputed interest	(6)
Total	$ 87

CAPITAL STOCK - Reserved Author

CAPITAL STOCK - Reserved Authorized Shares of Common Stock (Details)	Sep. 30, 2020shares
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	26,501,502
Outstanding warrants
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	19,556,109
Common stock options outstanding
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	4,743,537
Unvested restricted stock units
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	204,233
2020 Omnibus Plan | Outstanding options
Class of Stock [Line Items]
Shares available for grant (in shares)	1,997,623

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - USD ($)	Feb. 17, 2020	Nov. 12, 2020	Oct. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Apr. 14, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					100,000,000		50,000,000
Common stock, par value (in usd per share)					$ 0.01		$ 0.01
Common stock, shares issued (in shares)					31,241,636		8,480,968
Aggregate purchase price for stock and warrants				$ 200,000
Preferred shares authorized (in shares)					5,000,000
Par value (in dollars per share)					$ 0.01
Preferred stock shares outstanding (in shares)					0
Subsequent Event
Class of Stock [Line Items]
Sale of stock, expiration term			5 years
Pre-Funded Warrant | Subsequent Event
Class of Stock [Line Items]
Exercise price (in usd per share)			$ 0.001
Common Stock Public Offering
Class of Stock [Line Items]
Common stock, shares issued (in shares)				14,790,133
Exercise price (in usd per share)				$ 1.25
Sale of stock, expiration term				5 years
Net proceeds from common stock public offering				$ 18,700,000
Underwriting commissions, discounts, and other offering expenses				$ 1,400,000
Common Stock Public Offering | Pre-Funded Warrant
Class of Stock [Line Items]
Stock issuable upon warrants (in shares)				2,709,867
Public offering price (in usd per share)				$ 1.15
Common Stock Public Offering | Accompanying Common Warrant
Class of Stock [Line Items]
Stock issuable upon warrants (in shares)				17,500,000
Public offering price (in usd per share)				$ 1.149
At Market Issuance Sales Agreement
Class of Stock [Line Items]
Aggregate offering price						$ 8,000,000
Closing sale price (in dollars per share)					$ 0.84
Number of shares issued in transaction (in shares)					3,400,418
Consideration received on transaction					$ 2,600,000
At Market Issuance Sales Agreement | Subsequent Event
Class of Stock [Line Items]
Closing sale price (in dollars per share)		$ 0.88
Number of shares issued in transaction (in shares)		959,749
Consideration received on transaction		$ 800,000
Private Placement Offerings
Class of Stock [Line Items]
Common stock, shares issued (in shares)	950,000
Aggregate gross purchase price	$ 2,000,000
Private Placement Offerings | Series A
Class of Stock [Line Items]
Stock issuable upon warrants (in shares)	606,420
Exercise price (in usd per share)	$ 0.01
Private Placement Offerings | Series B
Class of Stock [Line Items]
Stock issuable upon warrants (in shares)	1,556,420
Exercise price (in usd per share)	$ 1.16
Lincoln Park
Class of Stock [Line Items]
Purchase obligation	$ 28,000,000
Purchase obligation, term	36 months
Maximum commitment purchase amount	$ 1,000,000
Percentage of ownership after transaction	9.99%
Lincoln Park | Purchase Agreement
Class of Stock [Line Items]
Closing sale price (in dollars per share)	$ 3
Maximum shares allowed to be purchased	100,000
Maximum share increase amount	125,000
Lincoln Park | Regular Purchase
Class of Stock [Line Items]
Closing sale price (in dollars per share)	$ 5
Maximum share increase amount	150,000

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - Options - shares	1 Months Ended
	Aug. 31, 2020	Sep. 30, 2020
2020 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)	4,500,000
Options outstanding (in shares)		3,347,065
Shares available for grant (in shares)		1,997,623
2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		1,319,452
Shares available for grant (in shares)		0
Vical Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		281,253
Shares available for grant (in shares)		0

STOCK-BASED COMPENSATION - Shar

STOCK-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 553	$ 324	$ 1,409	$ 1,007
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	98	81	270	237
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 455	$ 243	$ 1,139	$ 770

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Nov. 12, 2020USD ($)$ / sharesshares	Oct. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares
At Market Issuance Sales Agreement
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares			3,400,418
Closing sale price (in dollars per share) | $ / shares			$ 0.84
Consideration received on transaction | $			$ 2.6
Subsequent Event
Subsequent Event [Line Items]
Sale of stock, expiration term		5 years
Subsequent Event | October 2020 Offering
Subsequent Event [Line Items]
Number of shares authorized to be repurchased (in shares) | shares		20,833,322
Consideration received on transaction | $		$ 13.7
Commissions discounts and other offering expenses | $		$ 1.3
Subsequent Event | At Market Issuance Sales Agreement
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares	959,749
Closing sale price (in dollars per share) | $ / shares	$ 0.88
Consideration received on transaction | $	$ 0.8
Sale of stock, Percentage Of Commission	0.03
Subsequent Event | Pre-Funded Warrant
Subsequent Event [Line Items]
Exercise price (in usd per share) | $ / shares		$ 0.001
Subsequent Event | Pre-Funded Warrant | October 2020 Offering
Subsequent Event [Line Items]
Closing sale price (in dollars per share) | $ / shares		$ 0.719
Subsequent Event | Common stock warrants | October 2020 Offering
Subsequent Event [Line Items]
Number of shares authorized to be repurchased (in shares) | shares		1,829,812
Closing sale price (in dollars per share) | $ / shares		$ 0.72
Subsequent Event | Common Stock | October 2020 Offering
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares		19,003,510