(Mark One) | ||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities Registered Pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | Emerging growth company | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
Page | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2024 | December 31, | ||||||||||
2024 | 2023 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash, current | |||||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Current assets of discontinued operations | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Finance lease right-of-use asset | |||||||||||
Restricted cash, non-current | |||||||||||
Finance lease prepaid expense | |||||||||||
Other non-current assets | |||||||||||
Non-current assets of discontinued operations | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accruals and other current liabilities | |||||||||||
Deferred revenue, current | |||||||||||
Operating lease liabilities, current | |||||||||||
Finance lease liability, current | |||||||||||
Debt, current | |||||||||||
Current liabilities of discontinued operations | |||||||||||
Total current liabilities | |||||||||||
Debt, non-current | |||||||||||
Deferred revenue, non-current | |||||||||||
Operating lease liabilities, non-current | |||||||||||
Other non-current liabilities | |||||||||||
TOTAL LIABILITIES | |||||||||||
STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive gain (loss) | ( | ||||||||||
Accumulated deficit | ( | ( | |||||||||
TOTAL STOCKHOLDERS’ DEFICIT | ( | ( | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Product revenue, net | $ | $ | |||||||||
Collaboration revenue | |||||||||||
Total revenue, net | |||||||||||
Operating expenses: | |||||||||||
Cost of product revenue (exclusive of amortization) | |||||||||||
Selling, general and administrative | |||||||||||
Research and development | |||||||||||
Amortization | |||||||||||
Total operating expenses | |||||||||||
Loss from continuing operations | ( | ( | |||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Other expense, net | ( | ( | |||||||||
Net loss from continuing operations | ( | ( | |||||||||
Net loss from discontinued operations | ( | ( | |||||||||
Total net loss | ( | ( | |||||||||
Unrealized gain (loss) | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( | |||||||
Basic and diluted net loss per share: | |||||||||||
Continuing operations | $ | ( | $ | ( | |||||||
Discontinued operations | ( | ( | |||||||||
Total net loss per basic and diluted share | $ | ( | $ | ( | |||||||
Basic and diluted weighted-average number of shares used in computing net loss per share |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||
Preferred Stock | $ | $ | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance — Beginning of period | |||||||||||||||||||||||
Issuance of common stock in connection with follow-on offering | |||||||||||||||||||||||
Issuance of common stock related to stock awards, net of cancellation | — | ||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | |||||||||||||||||||||||
Shares withheld related to net settlement of stock awards | ( | ( | — | ||||||||||||||||||||
Balance — End of period | |||||||||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||||
Balance — Beginning of period | — | — | |||||||||||||||||||||
Issuance of common stock in connection with follow-on offering, net of underwriting discounts and offering costs | — | — | |||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | |||||||||||||||||||||
Shares withheld related to net settlement of stock awards | — | ( | — | ( | |||||||||||||||||||
Issuance of common stock related to stock awards, net of cancellation | — | — | ( | ||||||||||||||||||||
Stock-based compensation | — | — | |||||||||||||||||||||
Other | — | — | |||||||||||||||||||||
Balance — End of period | — | — | |||||||||||||||||||||
Other Accumulated Comprehensive Gain (loss) | |||||||||||||||||||||||
Balance — Beginning of period | — | — | ( | ||||||||||||||||||||
Unrealized gain (loss) | — | ( | — | ||||||||||||||||||||
Balance — End of period | — | ( | — | ( | |||||||||||||||||||
Accumulated Deficit | |||||||||||||||||||||||
Balance — Beginning of period | — | ( | — | ( | |||||||||||||||||||
Net loss | — | ( | — | ( | |||||||||||||||||||
Balance — End of period | — | ( | — | ( | |||||||||||||||||||
Total Stockholders’ Deficit | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Total net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile total net loss to net cash used in operating activities: | |||||||||||
Stock-based compensation | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of debt discount and debt issuance costs | |||||||||||
Amortization of discount on investments | ( | ( | |||||||||
Amortization of finance lease right-of-use asset | |||||||||||
Other non-cash operating activities | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Lease right-of-use assets | ( | ||||||||||
Other non-current assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accruals and other liabilities | ( | ( | |||||||||
Deferred revenue | |||||||||||
Lease liabilities | ( | ||||||||||
Other non-current liabilities | |||||||||||
Net cash used in operating activities | ( | ( | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Purchases of investments | ( | ( | |||||||||
Finance lease prepayments | ( | ||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Proceeds from maturities of investments | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of common stock in connection with follow-on offering, net of underwriting discounts | |||||||||||
Proceeds from the exercise of stock options | |||||||||||
Principal payments on finance lease obligations | ( | ( | |||||||||
Taxes paid related to net settlement of stock awards | ( | ( | |||||||||
Payment of offering costs | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period(1) | |||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period(1) | $ | $ |
March 31, | December 31, | ||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Restricted cash, current | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets of discontinued operations | $ | $ | |||||||||
Intangible assets, net | $ | $ | |||||||||
Restricted cash, non-current | |||||||||||
Total non-currents assets of discontinued operations | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
Accruals and other current liabilities | |||||||||||
Total current liabilities of discontinued operations (1) | $ | $ |
(in thousands) | |||||
Balance on December 31, 2023 | $ | ||||
Severance and other personnel costs | |||||
Cash payments during the period | ( | ||||
Balance on March 31, 2024 | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Service revenue | $ | $ | |||||||||
Operating expenses: | |||||||||||
Cost of service revenue (exclusive of amortization) | |||||||||||
Selling, general and administrative (1) | |||||||||||
Research and development (1) | |||||||||||
Amortization | |||||||||||
Net loss from discontinued operations | $ | ( | $ | ( |
(in thousands) | |||||
Research and development | $ | ||||
Selling, general and administrative | |||||
Total restructuring charges | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating activities: | |||||||||||
Stock-based compensation | $ | $ | |||||||||
Depreciation and amortization | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Product: | |||||||||||
RHA® Collection of dermal fillers | $ | $ | |||||||||
DAXXIFY® | |||||||||||
Total product revenue, net | $ | $ |
March 31, | December 31, | ||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Accounts receivable: | |||||||||||
Accounts receivable, gross | $ | $ | |||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
Total accounts receivable, net | $ | $ | |||||||||
Contract liabilities: | |||||||||||
Deferred revenue, current | $ | $ | |||||||||
Total contract liabilities | $ | $ |
March 31, | December 31, | ||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Accounts receivable: | |||||||||||
Accounts receivable — Viatris | $ | $ | |||||||||
Accounts receivable — Fosun | |||||||||||
Total accounts receivable | $ | $ | |||||||||
Contract liabilities: | |||||||||||
Deferred revenue, current — Viatris | $ | $ | |||||||||
Total contract liabilities, current | $ | $ | |||||||||
Deferred revenue, non-current — Viatris | $ | $ | |||||||||
Deferred revenue, non-current — Fosun | |||||||||||
Total contract liabilities, non-current | $ | $ |
(in thousands) | |||||
Balance on December 31, 2023 | $ | ||||
Revenue recognized | ( | ||||
Billings and adjustments, net | |||||
Balance on March 31, 2024 | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
in thousands | Adjusted Cost | Unrealized Gain | Unrealized Loss | Fair Value | Adjusted Cost | Unrealized Gain | Unrealized Loss | Fair Value | |||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Commercial paper | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total cash equivalents and available-for-sale securities | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Classified as: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash equivalents and available-for-sale securities | $ | $ |
March 31, 2024 | ||||||||||||||||||||||||||
(in thousands, except for in years) | Remaining Useful Lives (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Distribution rights | $ | $ | ( | $ | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
(in thousands, except for in years) | Weighted-average Remaining Useful Lives (in years) | Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment | Net Carrying Amount | ||||||||||||||||||||||||||||||
Distribution rights | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
Internally developed technology(1) | ( | ( | (1) | ||||||||||||||||||||||||||||||||
Acquired developed technology | ( | ( | |||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||
(in thousands) | Amortization of Intangible Assets (1) | Classified as Discontinued Operations (2) | Classified as Continuing Operations | ||||||||||||||
Amortization | $ | $ | $ | ||||||||||||||
Selling, general and administrative | ( | ||||||||||||||||
Research and development | ( | ||||||||||||||||
Total amortization expense | $ | $ | ( | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(in thousands) | Amortization of Intangible Assets (1) | Classified as Discontinued Operations (2) | Classified as Continuing Operations | ||||||||||||||
Amortization | $ | $ | ( | $ | |||||||||||||
Selling, general and administrative | ( | ||||||||||||||||
Research and development | |||||||||||||||||
Total amortization expense | $ | $ | ( | $ |
Year Ending December 31, | (in thousands) | ||||
2024 remaining nine months | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and thereafter | |||||
Total | $ |
March 31, | December 31, | ||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Total inventories | $ | $ |
March 31, | December 31, | ||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Accruals related to: | |||||||||||
Compensation(1) | $ | $ | |||||||||
Inventories | |||||||||||
Research and development | |||||||||||
Selling, general and administrative | |||||||||||
Royalty | |||||||||||
Interest expense | |||||||||||
Other current liabilities(1) | |||||||||||
Total accruals and other current liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Finance lease: | |||||||||||
Amortization of finance lease right-of-use asset (1) | $ | $ | |||||||||
Interest on finance lease liability | |||||||||||
Variable lease cost (2) | |||||||||||
Total finance lease costs | |||||||||||
Operating leases: | |||||||||||
Operating lease cost | |||||||||||
Variable lease cost (3) | |||||||||||
Total operating lease costs | |||||||||||
Total lease cost | $ | $ |
(in thousands) | ABPS Fill-and-Finish Line Lease | Other Operating Leases | All Operating Leases | ||||||||||||||
Year Ending December 31, | |||||||||||||||||
2024 remaining nine months | $ | $ | $ | ||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 | |||||||||||||||||
2029 and thereafter | |||||||||||||||||
Total lease payments | |||||||||||||||||
Less imputed interest | ( | ( | ( | ||||||||||||||
Present value of lease payments | $ | $ | $ |
ABPS Fill-and-Finish Line Lease | Other Operating Leases | All Operating Leases | |||||||||||||||
Weighted-average remaining lease term (years) | |||||||||||||||||
Weighted-average discount rate | % | % | % |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Operating cash flows from finance lease | $ | $ | |||||||||
Financing cash flows from finance lease | $ | $ | |||||||||
Right-of-use assets obtained in exchange for lease liabilities | |||||||||||
Finance lease | $ | $ |
March 31, | December 31, | ||||||||||
(in thousands) | 2024 | 2023 | |||||||||
2027 Notes, non-current | $ | $ | |||||||||
Less: Unamortized debt issuance costs | ( | ( | |||||||||
Carrying amount of the 2027 Notes | |||||||||||
Notes Payable, current | |||||||||||
Notes Payable, non-current | |||||||||||
Less: Unamortized debt discount | ( | ( | |||||||||
Less: Unamortized debt issuance costs | ( | ( | |||||||||
Carrying amount of Notes Payable | |||||||||||
Total debt | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Contractual interest expense | $ | $ | |||||||||
Amortization of debt issuance costs | |||||||||||
Amortization of debt discount | |||||||||||
Total interest expense | $ | $ |
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Convertible senior notes | |||||||||||
Unvested RSUs and PSUs | |||||||||||
Outstanding stock options | |||||||||||
Unvested RSAs and PSAs | |||||||||||
Shares of common stock expected to be purchased on June 30 under the 2014 ESPP |
(in thousands) | Three Months Ended March 31, 2024 | ||||||||||||||||
Stock-based Compensation before Discontinued Operation Adjustments(1) | Classified as Discontinued Operations (2) | Classified as Continuing Operations | |||||||||||||||
Selling, general and administrative | $ | $ | ( | $ | |||||||||||||
Research and development | |||||||||||||||||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | ( | ||||||||||||||||
Capitalized stock-based compensation expense | |||||||||||||||||
Total stock-based compensation expense | $ | $ | ( | $ |
(in thousands) | Three Months Ended March 31, 2023 | ||||||||||||||||
Stock-based Compensation before Discontinued Operation Adjustments(1) | Classified as Discontinued Operations (2) | Classified as Continuing Operations | |||||||||||||||
Selling, general and administrative | $ | $ | ( | $ | |||||||||||||
Research and development | ( | ||||||||||||||||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | ( | ||||||||||||||||
Capitalized stock-based compensation expense | |||||||||||||||||
Total stock-based compensation expense | $ | $ | ( | $ |
March 31, 2024 | |||||||||||||||||||||||
(in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Money market funds | |||||||||||||||||||||||
U.S. government agency obligations | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||
(in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Money market funds | |||||||||||||||||||||||
U.S. government agency obligations | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2024 | 2023 | Change | % Change | |||||||||||||||||||
Product: | |||||||||||||||||||||||
RHA® Collection of dermal fillers | $ | 29,570 | $ | 30,280 | $ | (710) | (2) | % | |||||||||||||||
DAXXIFY® | 22,149 | 15,378 | $ | 6,771 | 44 | % | |||||||||||||||||
Total product revenue, net | $ | 51,719 | $ | 45,658 | $ | 6,061 | 13 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except percentages) | 2024 | 2023 | Change | % Change | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of product revenue (exclusive of amortization) | $ | 14,911 | $ | 12,487 | $ | 2,424 | 19 | % | |||||||||||||||
Selling, general and administrative | 68,914 | 61,920 | $ | 6,994 | 11 | % | |||||||||||||||||
Research and development | 14,393 | 17,532 | $ | (3,139) | (18) | % | |||||||||||||||||
Amortization | 545 | 545 | $ | — | — | % | |||||||||||||||||
Total operating expenses | $ | 98,763 | $ | 92,484 | $ | 6,279 | 7 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except percentages) | 2024 | 2023 | Change | % Change | |||||||||||||||||||
Cost of product revenue (exclusive of amortization) | |||||||||||||||||||||||
Purchasing and manufacturing costs | $ | 13,461 | $ | 10,697 | $ | 2,764 | 26 | % | |||||||||||||||
Distribution, royalty and other fulfillment charges | 1,450 | 1,790 | $ | (340) | (19) | % | |||||||||||||||||
Total cost of product revenue (exclusive of amortization) | $ | 14,911 | $ | 12,487 | $ | 2,424 | 19 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except percentages) | 2024 | 2023 | Change | % Change | |||||||||||||||||||
Selling, general and administrative | $ | 62,281 | $ | 53,604 | $ | 8,677 | 16 | % | |||||||||||||||
Stock-based compensation | 7,624 | 10,265 | $ | (2,641) | (26) | % | |||||||||||||||||
Depreciation and amortization | 1,082 | 2,142 | $ | (1,060) | (49) | % | |||||||||||||||||
Less: selling, general, and administrative expenses classified as discontinued operations | (2,073) | (4,091) | $ | 2,018 | (49) | % | |||||||||||||||||
Total selling, general and administrative expenses | $ | 68,914 | $ | 61,920 | $ | 6,994 | 11 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except percentages) | 2024 | 2023 | Change | % Change | |||||||||||||||||||
Research and development | $ | 14,337 | $ | 17,887 | $ | (3,550) | (20) | % | |||||||||||||||
Stock-based compensation | 1,366 | 2,817 | $ | (1,451) | (52) | % | |||||||||||||||||
Depreciation and amortization | 354 | 2,473 | $ | (2,119) | (86) | % | |||||||||||||||||
Less: research and development expenses classified as discontinued operations | (1,664) | (5,645) | $ | 3,981 | (71) | % | |||||||||||||||||
Total research and development expenses | $ | 14,393 | $ | 17,532 | $ | (3,139) | (18) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except percentages) | 2024 | 2023 | Change | % Change | |||||||||||||||||||
Interest income | $ | 2,996 | $ | 2,970 | $ | 26 | 1 | % | |||||||||||||||
Interest expense | (5,256) | (4,497) | $ | (759) | 17 | % | |||||||||||||||||
Other expense, net | (438) | (234) | $ | (204) | 87 | % | |||||||||||||||||
Total net non-operating expense | $ | (2,698) | $ | (1,761) | $ | (937) | 53 | % |
(in thousands) | March 31, 2024 | December 31, 2023 | Increase/(Decrease) | ||||||||||||||
Cash, cash equivalents, and short-term investments | $ | 277,072 | $ | 253,915 | $ | 23,157 | |||||||||||
Working capital | $ | 300,783 | $ | 249,641 | $ | 51,142 | |||||||||||
Stockholders’ deficit | $ | (98,673) | $ | (151,604) | $ | (52,931) |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | (65,939) | $ | (69,500) | |||||||
Investing activities | $ | (31,709) | $ | 95,316 | |||||||
Financing activities | $ | 92,828 | $ | 3,265 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filling Date | Filed Herewith | ||||||||||||||||||||||||||||||||
3.1 | 8-K | 001-36297 | 3.1 | February 11, 2014 | — | |||||||||||||||||||||||||||||||||
3.2 | 8-K | 001-36297 | 3.1 | May 7, 2021 | — | |||||||||||||||||||||||||||||||||
3.3 | 8-K | 001-36297 | 3.1 | December 15, 2023 | — | |||||||||||||||||||||||||||||||||
4.1 | S-1/A | 333-193154 | 4.4 | February 3, 2014 | — | |||||||||||||||||||||||||||||||||
4.2 | 8-K | 001-36297 | 4.1 | February 14, 2020 | — | |||||||||||||||||||||||||||||||||
4.3 | 8-K | 001-36297 | 4.2 | February 14, 2020 | — | |||||||||||||||||||||||||||||||||
10.1+ | 8-K | 001-36297 | 10.1 | February 28, 2024 | — | |||||||||||||||||||||||||||||||||
10.2* | 8-K | 001-36297 | 10.2 | February 28, 2024 | — | |||||||||||||||||||||||||||||||||
10.3* | — | — | — | — | X | |||||||||||||||||||||||||||||||||
10.4* | — | — | — | — | X | |||||||||||||||||||||||||||||||||
10.5* | 8-K | 001-36297 | 10.1 | February 13, 2024 | — | |||||||||||||||||||||||||||||||||
10.6* | — | — | — | — | X | |||||||||||||||||||||||||||||||||
31.1 | — | — | — | — | X | |||||||||||||||||||||||||||||||||
31.2 | — | — | — | — | X | |||||||||||||||||||||||||||||||||
32.1† | — | — | — | — | X | |||||||||||||||||||||||||||||||||
32.2† | — | — | — | — | X | |||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | — | — | — | — | X | ||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | — | — | — | — | X | ||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | — | — | — | — | X | ||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | — | — | — | — | X | ||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | — | — | — | — | X |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filling Date | Filed Herewith | ||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | — | — | — | — | X | ||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101) | — | — | — | — | X |
REVANCE THERAPEUTICS, INC. | |||||||||||
Date: May 9, 2024 | By: | /s/ Mark J. Foley | |||||||||
Mark J. Foley | |||||||||||
President and Chief Executive Officer | |||||||||||
(Duly Authorized Principal Executive Officer) | |||||||||||
By: | /s/ Tobin C. Schilke | ||||||||||
Tobin C. Schilke | |||||||||||
Chief Financial Officer | |||||||||||
(Duly Authorized Principal Financial Officer and Principal Accounting Officer) |
/s/ David Hollander | |||||
David A Hollander, MD | |||||
Date: | 9/30/2022 |
2/21/2023 | /s/ Erica Jordan | |||||||
Date | Erica Jordan |
/s/ Mark J. Foley | |||||
Mark J. Foley | |||||
President and Chief Executive Officer | |||||
(Duly Authorized Principal Executive Officer) |
/s/ Tobin C. Schilke | |||||
Tobin C. Schilke | |||||
Chief Financial Officer | |||||
(Duly Authorized Principal Financial Officer and Principal Accounting Officer) |
/s/ Mark J. Foley | |||||
Mark J. Foley | |||||
President and Chief Executive Officer | |||||
(Duly Authorized Principal Executive Officer) |
/s/ Tobin C. Schilke | |||||
Tobin C. Schilke | |||||
Chief Financial Officer | |||||
(Duly Authorized Principal Financial Officer and Principal Accounting Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock authorized (in shares) | 190,000,000 | 190,000,000 |
Common stock, shares issued (in shares) | 104,409,798 | 87,962,765 |
Common stock, shares outstanding (in shares) | 104,409,798 | 87,962,765 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) - Fintech Platform - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Restricted cash, current | $ 875 | $ 0 |
Restricted cash, non-current | $ 0 | $ 875 |
The Company and Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Summary of Significant Accounting Policies | The Company and Summary of Significant Accounting Policies Overview Revance is a biotechnology company focused on developing and commercializing innovative aesthetic and therapeutic offerings. Revance’s portfolio includes DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection and the RHA® Collection of dermal fillers in the U.S. Revance has also partnered with Viatris to develop a biosimilar to onabotulinumtoxinA for injection and Fosun to commercialize DAXXIFY® in China. Liquidity and Financial Condition We are not profitable and have incurred losses in each year since our inception. For the three months ended March 31, 2024, we had a total net loss of $53.2 million and an accumulated deficit of $2.1 billion. Although we generate revenue from the sale of our Products, we expect to continue to incur GAAP operating losses for the foreseeable future. As of March 31, 2024, we had a working capital surplus of $300.8 million and capital resources of $277.1 million consisting of cash, cash equivalents, and short-term investments. To date, we have funded our operations primarily through the sale of common stock, convertible senior notes, sales of Products, proceeds from notes issued pursuant to the Note Purchase Agreement, and payments received from collaboration arrangements. We also have a remaining capacity to sell up to $47.2 million of our common stock under the 2022 ATM Agreement as of March 31, 2024. We believe that our existing capital resources will be sufficient to fund the operating plan through at least the next 12 months following the issuance of the condensed consolidated financial statements in this Report. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented. Our condensed consolidated balance sheet for the year ended December 31, 2023 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2024, or any other future period. Our condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements contained in our FY2023 Form 10-K. Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions have been eliminated. The requirements for reporting the exit of the Fintech Platform business (Note 2) as a discontinued operation were met in the first quarter of 2024. As a result, the Fintech Platform business is presented in the condensed consolidated statement of operations and condensed consolidated balance sheet as discontinued operations for all periods presented. Unless indicated otherwise, the information in the notes to the condensed consolidated financial statements relates to continuing operations. The Company operates under one reportable segment as a result of discontinuing the Service Segment. Use of Estimates & Risks and Uncertainties The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, the incremental borrowing rate used to measure lease liabilities, the recoverability of long-lived assets, useful lives associated with property and equipment and intangible assets, the period of benefit associated with deferred costs, revenue recognition (including the timing of satisfaction of performance obligations, estimating variable consideration, estimating stand-alone selling prices of promised goods and services, and allocation of transaction price to performance obligations), deferred revenue classification, valuation and assumptions underlying stock-based compensation and other equity instruments, and income taxes. As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements. Significant Accounting Policies There have been no material changes to our significant accounting policies from our FY2023 Form 10-K. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280, on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024, with early adoptions permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). ASU 2023-09 improves reporting for income taxes, primarily by requiring disclosure of specific categories in the tax rate reconciliation and providing additional annual information for reconciling items that meet a quantitative threshold. The amendments in ASU 2023-09 also require additional annual information regarding income taxes paid, as well as other additional disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, early adoption is permitted. We are currently evaluating the effect the amendments in ASU 2023-09 will have on our tax disclosures. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. In addition, the rules will require registrants to present certain climate-related financial metrics in the audited financial statements. These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning January 1, 2025. Disclosures will be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. In April 2024, the SEC determined to voluntarily stay the final rules pending the outcome of certain legal challenges. We are currently evaluating the impact of these final rules on future financial reporting requirements and related disclosures.
|
Exit of the Fintech Platform Business |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit of the Fintech Platform Business | Exit of the Fintech Platform Business In September 2023, we commenced a plan to exit the Fintech Platform business as the costs and resources required to support the Fintech Platform no longer aligned with the Company’s capital allocation priorities. The exit and restructuring activities included elimination of Fintech Platform personnel, the termination of Fintech Platform research and development activities and an elimination of outside services expenses related to the Fintech Platform. Based on such plan, substantially all payment processing activities for Fintech Platform customers ended on January 31, 2024 and we substantially completed the remaining activities to wind-down the Fintech Platform operations as of March 31, 2024. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the substantial completion of exit of the Fintech Platform business represents a strategic shift that has a major effect on the Company’s operations and financial results. The Fintech Platform business was historically reported as the Service Segment. As a result, the results of our Fintech Platform business have been reflected as discontinued operations in our condensed consolidated financial statements. Our condensed consolidated balance sheet and condensed consolidated statement of operations and comprehensive loss includes reclassification of certain prior year figures to conform to the current period presentation. Details of assets and liabilities from discontinued operations are as follows:
(1)Amount represents severance and personnel liabilities related to the exit of the Fintech Platform business. We substantially completed the restructuring activities as of March 31, 2024. Prior to the issuance of the condensed consolidated financial statements in this Report, $0.9 million was paid and the remaining $0.5 million will be paid over time through the third quarter of 2024. A summary of severance and personnel liabilities related to the exit of the Fintech Platform business, included within current liabilities of discontinued operations on the consolidated balance sheet, is as follows:
Details of loss from discontinued operations are as follows:
(1)The restructuring charges are included in the results of discontinued operations for the periods of our condensed consolidated financial statements presented in this Report. A summary of our restructuring charges included within our consolidated statement of operations for the three months ended March 31, 2024 were as follows:
As of March 31, 2024, we have recorded total restructuring charges of $3.6 million and impairment charges of $93.2 million in connection with the exit of the Fintech Platform business. The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. Significant non-cash activities related to discontinued operations are as follows:
|
Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Our revenue is primarily generated from U.S. customers. Our product revenue is generated by transferring goods at a point in time and our collaboration revenue is generated over time. Product Revenue, net Our product revenue, net breakdown is summarized below:
Accounts receivable and contract liabilities from contracts with our product customers are as follows:
Collaboration Revenue Viatris Agreement Agreement Terms We entered into the Viatris Agreement in February 2018, pursuant to which we are collaborating with Viatris exclusively, in the Viatris Territory, to develop, manufacture, and commercialize an onabotulinumtoxinA biosimilar. Viatris has paid us an aggregate of $60 million in non-refundable upfront and milestone fees as of March 31, 2024, and the agreement provides for additional remaining contingent payments of up to $70 million in the aggregate, upon the achievement of certain clinical and regulatory milestones and of specified, tiered sales milestones of up to $225 million. The payments do not represent a financing component for the transfer of goods or services. In addition, Viatris is required to pay us low to mid-double digit royalties on any sales of the biosimilar in the U.S., mid-double digit royalties on any sales in Europe, and high single digit royalties on any sales in other ex-U.S. Viatris territories. However, we have agreed to waive royalties for U.S. sales, up to a maximum of $50 million in annual sales, during the first approximately four years after commercialization to defray launch costs. Revenue Recognition We estimated the transaction price for the Viatris Agreement using the most likely amount method within the scope of ASC 606. In order to determine the transaction price, we evaluated all of the payments to be received during the duration of the contract, which included milestones and consideration payable by Viatris. Other than the upfront payment, all other milestones and consideration we may earn under the Viatris Agreement are subject to uncertainties related to development achievements, Viatris’ rights to terminate the agreement, and estimated effort for cost-sharing payments. Components of such estimated effort for cost-sharing payments include both internal and external costs. Consequently, the transaction price does not include any milestones and considerations that, if included, could result in a probable significant reversal of revenue when related uncertainties become resolved. At the end of each reporting period, we re-evaluate the probability of achievement of each such milestone and any related constraint, and if necessary, adjust our estimates of the overall transaction price. Sales-based milestones and royalties are not included in the transaction price until the sales occur because the underlying value relates to the license and the license is the predominant feature in the Viatris Agreement. As of March 31, 2024, the transaction price allocated to the unfulfilled performance obligations was $31.0 million. We recognize revenue and estimate deferred revenue based on the cost of development service incurred over the total estimated cost of development services to be provided for the development period. For revenue recognition purposes, the development period has an estimated accounting program end date of 2027. It is possible that this period will change and is assessed at each reporting date. ASC Topic 606, Revenue from Contracts with Customers (ASC 606) requires that an entity include a constraint on the amount of variable consideration included in the transaction price. Variable consideration is considered “constrained” if there is a potential for significant reversal of cumulative revenue recognized. As part of the constraint evaluation, we considered numerous factors, including a shift in certain responsibilities between the two parties which would result in changes to the net cost sharing payments and the total project budget, for which outcomes are difficult to predict as of the date of this Report. We will continue to evaluate the variable transaction price and related revenue recognition in each reporting period and as the above uncertainties are resolved or other changes in circumstances occur. For the three months ended March 31, 2024, we recognized revenue related to development services under the Viatris Agreement of $0.2 million. For the three months ended March 31, 2023, no collaboration revenue is recognized from the biosimilar program. Fosun License Agreement Agreement Terms In December 2018, we entered into the Fosun License Agreement with Fosun, whereby we granted Fosun the exclusive rights to develop and commercialize DaxibotulinumtoxinA for Injection in the Fosun Territory and certain sublicense rights. As of March 31, 2024, Fosun has paid us non-refundable upfront and other payments totaling $41.0 million before foreign withholding taxes. We are also eligible to receive (i) additional remaining contingent payments of up to $219.5 million upon the achievement of certain milestones, and (ii) tiered royalty payments in low double digits to high teen percentages on annual net sales. The royalty percentages are subject to reduction in the event that (i) we do not have any valid and unexpired patent claims that cover the product in the Fosun Territory, (ii) biosimilars of the product are sold in the Fosun Territory or (iii) Fosun needs to pay compensation to third parties to either avoid patent infringement or market the product in the Fosun Territory. Revenue Recognition We estimated the transaction price for the Fosun License Agreement using the most likely amount method. We evaluated all of the variable payments to be received during the duration of the contract, which included payments from specified milestones, royalties, and estimated supplies to be delivered. We will re-evaluate the transaction price at each reporting period and upon a change in circumstances. As of March 31, 2024, the transaction price allocated to unfulfilled performance obligation is $41.0 million. For the three months ended March 31, 2024, no revenue was recognized from the Fosun License Agreement. For the three months ended March 31, 2023, we recognized revenue of $0.1 million related to the Fosun License Agreement. Accounts receivable and contract liabilities from contracts with our collaboration customers are as follows:
Changes in our contract liabilities from contracts with our collaboration revenue customers for the three months ended March 31, 2024 are as follows:
|
Cash Equivalents and Short-Term Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents and Short-Term Investments | Cash Equivalents and Short-Term Investments The following table is a summary of our cash equivalents and short-term investments:
As of March 31, 2024 and December 31, 2023, all of our cash equivalents and short-term investments were available-for-sale and had contractual maturities of less than one-year. There were no other-than-temporary impairments on such securities.
|
Intangible Assets, net |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, net | Intangible Assets, net The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized or impaired:
(1)During the three months ended March 31, 2024, we reclassified the $0.5 million net carrying amount of internally developed technology to “Non-current assets of discontinued operations” in connection with the discontinued operations presentation. Amortization expense of the intangible assets in the table above were recorded on the condensed consolidated statements of operations and comprehensive loss based on the function of the associated asset. The detail breakdown of the amortization expenses on the condensed consolidated statements of operations and comprehensive loss were summarized as below:
(1)Amount represents the amortization expense before the impact of reclassification for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss. (2)Amount represents the reclassification for the current and prior periods for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss. Based on the amount of intangible assets as of March 31, 2024, the expected amortization expense for each of the next five fiscal years was as follows:
|
Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of the following:
|
Accruals and other current liabilities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruals and other current liabilities | Accruals and other current liabilities Accruals and other current liabilities consists of the following:
|
Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Operating Leases Our operating leases primarily consist of non-cancellable facilities leases for research, manufacturing, and administrative functions. Our non-cancellable facilities operating leases have original lease periods expiring between 2027 and 2034, and include one or more options to renew for seven years to fourteen years. The monthly payments for our operating leases escalate over the remaining lease term. Our lease contracts do not contain termination options, residual value guarantees or restrictive covenants. ABPS Fill-And-Finish Line Lease The ABPS Services Agreement contains a lease, which commenced in January 2022, related to a dedicated fill-and-finish line for the manufacturing of DAXXIFY® because it has an identified asset that is physically distinct for which we have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease provides us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity of the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line through our purchase orders to ABPS. Each party has the right to terminate the ABPS Services Agreement without cause, with an 18 month written notice to the other party. The lease is classified as a finance lease in the condensed consolidated balance sheets as of December 31, 2023 before the impact of a statement of work entered into in April 2024 as described below. In February 2024, we entered into the second amendment to the ABPS Services Agreement, which extended the term of the ABPS Service Agreement through December 31, 2027, and modified our remedies with respect to conforming products and delays. In April 2024, we entered into a statement of work under the ABPS Service Agreement, and our minimum purchase obligation was established to be $25.1 million for the year ending December 31, 2024 pursuant to this statement of work. The minimum purchase obligation is subject to reduction based on ABPS’ actual manufacturing output. Due to the timing of the statement of work entered in April 2024, this lease was temporarily classified as an operating lease on March 31, 2024. On March 31, 2024, the ABPS fill-and-finish line lease was reclassified from a finance lease to an operating lease on our condensed consolidated balance sheets. However, the lease activities during the three months ended March 31, 2024 were recorded based on finance lease accounting. Our operating and finance lease costs are summarized as follows:
(1)Amortization of the finance lease right-of-use asset started to be capitalized into inventories on the condensed consolidated balance sheets in the second quarter of 2023, as a result of the FDA approval of the PAS of the ABPS manufacturing facility. (2)Variable finance lease cost includes validation, qualification, materials, and other related services which are not included in the lease liabilities and are expensed as incurred. (3)Variable operating lease cost includes management fees, common area maintenance, property taxes, insurance and parking fees, which are not included in the lease liabilities and are expensed as incurred. As of March 31, 2024, we have $0.4 million of accounts payable related to the fill-and-finish line lease under the ABPS Service Agreement. Additionally, we have maturities of our lease liabilities as follows:
Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of March 31, 2024, weighted-average remaining lease terms and discount rates are as follows:
On March 31, 2024, the ABPS fill-and-finish line lease was reclassified from a finance lease to an operating lease on our condensed consolidated balance sheets. However, the lease activities during the three months ended March 31, 2024 were recorded based on finance lease accounting. Supplemental cash flow information related to the leases was as follows:
Lease Not Yet Commenced PCI Supply Agreement In April 2021, we entered into the PCI Supply Agreement pursuant to which PCI would serve as a non-exclusive manufacturer and supplier of DAXXIFY®. The initial term of the PCI Supply Agreement is dependent upon the date of regulatory submission for the manufacturing of DAXXIFY® and may be terminated by either party in accordance with the terms of the PCI Supply Agreement. The term of the PCI Supply Agreement may also be extended for one additional three-year term upon mutual agreement of the parties. The PCI Supply Agreement contains a lease related to a dedicated fill-and-finish line and closely related assets for the manufacturing of DAXXIFY® because it has identified assets that are physically distinct for which we will have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease will provide us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity implied from the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line. The embedded lease had not yet commenced as of March 31, 2024. The accounting commencement and recognition of the right-of-use lease assets and lease liabilities related to the embedded lease will take place when we have substantively obtained the right of control. The embedded lease is preliminarily classified as a finance lease. Pursuant to the PCI Supply Agreement, we are responsible for certain costs associated with the design, equipment procurement and validation, and facilities-related costs, monthly payments and minimum purchase obligations throughout the initial term of the PCI Supply Agreement. As of March 31, 2024, we have made prepayments of $35.8 million to PCI which is recorded within “Finance lease prepaid expense” in the condensed consolidated balance sheets. Based on our best estimate as of March 31, 2024, our remaining minimum commitment under the PCI Supply Agreement is $13.8 million for 2024, $14.4 million for 2025, $18.8 million for 2026, $25.2 million for 2027, $29.1 million for 2028, and $134.5 million for 2029 and thereafter in aggregate.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Operating Leases Our operating leases primarily consist of non-cancellable facilities leases for research, manufacturing, and administrative functions. Our non-cancellable facilities operating leases have original lease periods expiring between 2027 and 2034, and include one or more options to renew for seven years to fourteen years. The monthly payments for our operating leases escalate over the remaining lease term. Our lease contracts do not contain termination options, residual value guarantees or restrictive covenants. ABPS Fill-And-Finish Line Lease The ABPS Services Agreement contains a lease, which commenced in January 2022, related to a dedicated fill-and-finish line for the manufacturing of DAXXIFY® because it has an identified asset that is physically distinct for which we have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease provides us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity of the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line through our purchase orders to ABPS. Each party has the right to terminate the ABPS Services Agreement without cause, with an 18 month written notice to the other party. The lease is classified as a finance lease in the condensed consolidated balance sheets as of December 31, 2023 before the impact of a statement of work entered into in April 2024 as described below. In February 2024, we entered into the second amendment to the ABPS Services Agreement, which extended the term of the ABPS Service Agreement through December 31, 2027, and modified our remedies with respect to conforming products and delays. In April 2024, we entered into a statement of work under the ABPS Service Agreement, and our minimum purchase obligation was established to be $25.1 million for the year ending December 31, 2024 pursuant to this statement of work. The minimum purchase obligation is subject to reduction based on ABPS’ actual manufacturing output. Due to the timing of the statement of work entered in April 2024, this lease was temporarily classified as an operating lease on March 31, 2024. On March 31, 2024, the ABPS fill-and-finish line lease was reclassified from a finance lease to an operating lease on our condensed consolidated balance sheets. However, the lease activities during the three months ended March 31, 2024 were recorded based on finance lease accounting. Our operating and finance lease costs are summarized as follows:
(1)Amortization of the finance lease right-of-use asset started to be capitalized into inventories on the condensed consolidated balance sheets in the second quarter of 2023, as a result of the FDA approval of the PAS of the ABPS manufacturing facility. (2)Variable finance lease cost includes validation, qualification, materials, and other related services which are not included in the lease liabilities and are expensed as incurred. (3)Variable operating lease cost includes management fees, common area maintenance, property taxes, insurance and parking fees, which are not included in the lease liabilities and are expensed as incurred. As of March 31, 2024, we have $0.4 million of accounts payable related to the fill-and-finish line lease under the ABPS Service Agreement. Additionally, we have maturities of our lease liabilities as follows:
Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of March 31, 2024, weighted-average remaining lease terms and discount rates are as follows:
On March 31, 2024, the ABPS fill-and-finish line lease was reclassified from a finance lease to an operating lease on our condensed consolidated balance sheets. However, the lease activities during the three months ended March 31, 2024 were recorded based on finance lease accounting. Supplemental cash flow information related to the leases was as follows:
Lease Not Yet Commenced PCI Supply Agreement In April 2021, we entered into the PCI Supply Agreement pursuant to which PCI would serve as a non-exclusive manufacturer and supplier of DAXXIFY®. The initial term of the PCI Supply Agreement is dependent upon the date of regulatory submission for the manufacturing of DAXXIFY® and may be terminated by either party in accordance with the terms of the PCI Supply Agreement. The term of the PCI Supply Agreement may also be extended for one additional three-year term upon mutual agreement of the parties. The PCI Supply Agreement contains a lease related to a dedicated fill-and-finish line and closely related assets for the manufacturing of DAXXIFY® because it has identified assets that are physically distinct for which we will have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease will provide us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity implied from the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line. The embedded lease had not yet commenced as of March 31, 2024. The accounting commencement and recognition of the right-of-use lease assets and lease liabilities related to the embedded lease will take place when we have substantively obtained the right of control. The embedded lease is preliminarily classified as a finance lease. Pursuant to the PCI Supply Agreement, we are responsible for certain costs associated with the design, equipment procurement and validation, and facilities-related costs, monthly payments and minimum purchase obligations throughout the initial term of the PCI Supply Agreement. As of March 31, 2024, we have made prepayments of $35.8 million to PCI which is recorded within “Finance lease prepaid expense” in the condensed consolidated balance sheets. Based on our best estimate as of March 31, 2024, our remaining minimum commitment under the PCI Supply Agreement is $13.8 million for 2024, $14.4 million for 2025, $18.8 million for 2026, $25.2 million for 2027, $29.1 million for 2028, and $134.5 million for 2029 and thereafter in aggregate.
|
Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table provides information regarding our debt:
Interest expense relating to our debt in the condensed consolidated statements of operations and comprehensive loss are summarized as follows:
Convertible Senior Notes In February 2020, we issued the 2027 Notes, in the aggregate principal amount of $287.5 million, pursuant to the Indenture. The 2027 Notes are senior unsecured obligations and bear interest at a rate of 1.75% per year, payable semiannually in arrears on February 15 and August 15 of each year, began on August 15, 2020. The 2027 Notes will mature on February 15, 2027, unless earlier converted, redeemed or repurchased. In connection with issuing the 2027 Notes, we received $278.3 million in net proceeds, after deducting the initial purchasers’ discount, commissions, and other issuance costs. The 2027 Notes may be converted at any time by the holders prior to the close of business on the business day immediately preceding November 15, 2026 only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on June 30, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call any or all of the 2027 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. On or after November 15, 2026 until the close of business on the second scheduled trading day immediately preceding the Maturity Date, holders may convert all or any portion of their 2027 Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The conversion rate will initially be 30.8804 shares of our common stock per $1,000 principal amount of the 2027 Notes (equivalent to an initial conversion price of approximately $32.38 per share of our common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the Maturity Date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event or notice of redemption, as the case may be. Contractually, we could not redeem the 2027 Notes prior to February 20, 2024. We may redeem for cash all or any portion of the 2027 Notes, at our option, on or after February 20, 2024 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. The threshold to redeem has not been met as of March 31, 2024. No sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Capped Call Transactions Concurrently with the 2027 Notes, we entered into capped call transactions with the option counterparties and used $28.9 million of the net proceeds from the 2027 Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce the potential dilutive effect upon conversion of the 2027 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a price cap of $48.88 of our common stock per share, which represents a premium of 100% over the last reported sale price of our common stock on February 10, 2020. The capped calls have an initial strike price of $32.38 per share, subject to certain adjustments, which corresponds to the conversion option strike price in the 2027 Notes. The capped call transactions cover, subject to anti-dilution adjustments, approximately 8.9 million shares of our common stock. The capped call transactions are separate transactions that we entered into with the option counterparties and are not part of the terms of the 2027 Notes. As the capped call transactions meet certain accounting criteria, the premium paid of $28.9 million was recorded as a reduction in additional paid-in capital in the condensed consolidated balance sheets, and will not be remeasured to fair value as long as the accounting criteria continue to be met. As of March 31, 2024 and December 31, 2023, we had not purchased any shares under the capped call transactions. Note Purchase Agreement In March 2022, we entered into the Note Purchase Agreement and issued the First Tranche in an aggregate principal amount for all such Notes of $100 million. In August 2023, we entered into the First Amendment to reduce the Second Tranche from $100 million to $50 million, and we subsequently issued $50 million to the Purchasers. Additionally, the First Amendment increased the uncommitted Third Tranche from $100 million to $150 million. The uncommitted Third Tranche was available until March 31, 2024, subject to the satisfaction of certain conditions set forth in the Note Purchase Agreement, including the achievement of greater than or equal to $50 million in trailing twelve months revenue for DAXXIFY® preceding the date of the draw request for the Third Tranche, and approval by Athyrium. Our obligations under the Note Purchase Agreement are secured by substantially all of our assets and the assets of our wholly owned domestic subsidiaries, including their respective intellectual property. The notes issued pursuant to the First Tranche and Second Tranche bear interest at an annual fixed interest rate equal to 8.50%. The First Amendment modified the variable interest rate adjustment for the Third Tranche from Adjusted Three-Month LIBOR to Adjusted Three-Month Term SOFR. If the Third Tranche of Notes Payable became committed, the Notes Payable would have born interest at an annual rate equal to the sum of (a) 7.0% and (b) Adjusted Three-Month Term SOFR for such interest period (subject to a floor of 1.50% and a cap of 2.50%). We are required to make quarterly interest payments on each Notes Payable commencing on the last business day of the calendar month following the funding date thereof, and continuing until the Maturity Date. Pursuant to the First Amendment, the Company is required to repay Athyrium the outstanding principal amount of the Second Tranche notes in installments on the last business day of each March, June, September and December (commencing in September 2024), in each case, based on the following principal amortization payment schedule: 2.5% in September and December 2024; 5.0% in March and June 2025; 7.5% in September and December 2025; and 10.0% in March and June 2026; followed by repayment of the Second Tranche in full on September 18, 2026. The Maturity Date may be extended to March 18, 2028 if, as of September 18, 2026, less than $90 million principal amount of our existing 2027 Notes remain outstanding and with the consent of the Purchasers. Initially, all principal for each tranche is due and payable on the Maturity Date. If any Third Tranche notes were issued, upon the occurrence of an Amortization Trigger (as defined in the Note Purchase Agreement), we would have been required to repay the principal of the Third Tranche in equal monthly installments beginning on the last day of the month in which the Amortization Trigger occurred and continuing through the Maturity Date. At our option, we may prepay the outstanding principal balance of all or any portion of the principal amount of the Notes Payable, subject to a prepayment fee equal to (i) a make-whole amount if the prepayment occurs on or prior to the first anniversary of the NPA Effective Date and (ii) 2.0% of the amount prepaid if the prepayment occurs after the first anniversary of the NPA Effective Date but on or prior to the second anniversary of the NPA Effective Date. Upon prepayment or repayment of all or any portion of the principal amount of the Notes Payable (whether on the Maturity Date or otherwise), we are also required to pay an exit fee to the Purchasers. The Note Purchase Agreement includes affirmative and negative covenants applicable to us, our current subsidiaries and any subsidiaries we create in the future. The affirmative covenants include, among others, covenants requiring us to maintain our legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage and satisfy certain requirements regarding deposit accounts. We must also (i) maintain at least $30.0 million of unrestricted cash and cash equivalents in accounts subject to a control agreement in favor of Athyrium at all times (the Minimum Cash Covenant) and (ii) upon the occurrence of certain specified events set forth in the Note Purchase Agreement, achieve at least $70.0 million of Consolidated Teoxane Distribution Net Product Sales on a trailing twelve-months basis. The negative covenants include, among others, restrictions on our transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets and undergoing a change in control, in each case subject to certain exceptions. If we do not comply with the affirmative and negative covenants, such non-compliance may be an event of default under the Note Purchase Agreement. The Note Purchase Agreement also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 2.0% and would provide Athyrium, as administrative agent, with the right to exercise remedies against us and the collateral, including foreclosure against our property securing the obligations under the Note Purchase Agreement, including our cash. These events of default include, among other things, our failure to pay principal or interest due under the Note Purchase Agreement, a breach of certain covenants under the Note Purchase Agreement, our insolvency, the occurrence of a circumstance which could have a material adverse effect and the occurrence of any default under certain other indebtedness.
|
Stockholders’ Deficit and Stock-Based Compensation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Deficit and Stock-Based Compensation | Stockholders’ Deficit and Stock-Based Compensation 2014 EIP On January 1, 2024, the number of shares of common stock reserved for issuance under the 2014 EIP increased by 3.5 million shares. For the three months ended March 31, 2024, 3.0 million shares of stock awards were granted under the 2014 EIP. As of March 31, 2024, 5.6 million shares were available for issuance under the 2014 EIP. 2014 IN For the three months ended March 31, 2024, 0.2 million shares of stock awards were granted under the 2014 IN. As of March 31, 2024, 0.9 million shares were available for issuance under the 2014 IN. HintMD Plan For the three months ended March 31, 2024, no stock options or awards were granted under the HintMD Plan. As of March 31, 2024, 0.1 million shares were available for issuance under the HintMD Plan. 2014 ESPP On January 1, 2024, the number of shares of common stock reserved for issuance under the 2014 ESPP increased by 0.3 million shares. As of March 31, 2024, 2.0 million shares were available for issuance under the 2014 ESPP. Net Loss per Share Our basic net loss per share from continuing operations is calculated by dividing the net loss from continuing operations by the weighted average number of shares of common stock outstanding for the period. Our basic net loss per share from discontinued operations is calculated by dividing the net loss from discontinued operations by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share from both continuing and discontinued operations are calculated by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, shares of common stock underlying the 2027 Notes at the initial conversion price, outstanding stock options, unvested stock awards, and shares of common stock expected to be purchased under the 2014 ESPP, are considered common stock equivalents, which were excluded from the computation of diluted net loss per share because including them would have been antidilutive. Common stock equivalents that were excluded from the computation of diluted net loss per share for both continuing and discontinued operations are presented below:
Follow-On Offering In March 2024, we completed a follow-on offering, pursuant to which we issued 16.0 million shares of common stock at a price to the public of $6.25 per share (except with respect to 30,000 shares sold and issued to Mark Foley, our president, chief executive officer, and director, at $6.98 per share), for net proceeds of $97.1 million, after underwriting discounts and estimated offering costs. ATM Offering Programs On May 10, 2022, we entered into the 2022 ATM Agreement with Cowen. Under the 2022 ATM Agreement, we may sell up to $150.0 million of our common stock. We are not obligated to sell any shares under the 2022 ATM Agreement. Subject to the terms and conditions of the 2022 ATM Agreement, Cowen will use commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Global Market, to sell shares from time to time based upon our instructions, including any price, time or size limits specified by us. We pay Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Cowen with customary indemnification and contribution rights. In 2023, we sold 3.2 million shares of common stock under the 2022 ATM Agreement at a weighted average price of $31.90 per share, resulting in net proceeds of $100.0 million after sales agent commissions and offering costs. No shares of common stock were sold during the three months ended March 31, 2024 from the 2022 ATM Agreement. Stock-based Compensation Expense The following table summarizes our stock-based compensation expense by line item in our condensed consolidated statements of operations and comprehensive loss:
(1)Amount represents the stock-based compensation expense before the impact of reclassification for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss. (2)Amount represents the reclassification for the current and prior periods for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss.
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy:
For Level 1 investments, we use quoted prices in active markets for identical assets to determine the fair value. For Level 2 investments, we use quoted prices for similar assets sourced from certain third-party pricing services. The third-party pricing services generally utilize industry standard valuation models for which all significant inputs are observable, either directly or indirectly, to estimate the price or fair value of the securities. The primary input generally includes reported trades of or quotes on the same or similar securities. We do not make additional judgments or assumptions made to the pricing data sourced from the third-party pricing services. The fair value of the 2027 Notes and the Notes Payable (Note 9) was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. We present the fair value of the 2027 Notes and the Notes payable for disclosure purposes only. As of March 31, 2024, and December 31, 2023, the fair value of the 2027 Notes was $211.5 million and $219.2 million, respectively. As of March 31, 2024 the fair value of the Notes Payable was approximately the same as its unamortized carrying value.
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Teoxane Agreement In January 2020, we entered into the Teoxane Agreement, as amended, pursuant to which Teoxane granted us the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid® dermal fillers, which include: (i) RHA® Collection of dermal fillers, and (ii) the RHA® Pipeline Products in the U.S. and U.S. territories and possessions, in exchange for 2,500,000 shares of our common stock and certain other commitments by us. The Teoxane Agreement is effective for a term of ten years from product launch in September 2020 and may be extended for a two-year period upon the mutual agreement of the parties. We are required to meet certain minimum purchase obligations during each year of the term. Our minimum purchase obligation for the year ending December 31, 2024 is $52 million. Our minimum purchase obligations after December 31, 2024 will be determined based on projected market growth rate. We are also required to meet certain minimum expenditure requirements in connection with commercialization and promotion of RHA® Collection of dermal fillers and RHA® Pipeline Products, which is $36 million for the year ending December 31, 2024. Minimum expenditures related to the commercialization and promotion of the RHA® Collection of dermal fillers and RHA® Pipeline Products after December 31, 2024 will be determined at a later date. Either party may terminate the Teoxane Agreement in the event of the insolvency of, or a material breach by, the other party, including certain specified breaches that include the right for Teoxane to terminate the Teoxane Agreement for our failure to meet the minimum purchase requirements or commercialization expenditure during specified periods, or for our breach of the exclusivity obligations under the Teoxane Agreement. Other Contingencies As of March 31, 2024, we are obligated to pay BTRX up to a remaining $15.5 million upon the satisfaction of certain milestones relating to our product revenue, intellectual property, and clinical and regulatory events. Indemnification We have standard indemnification agreements in the ordinary course of business. Under these indemnification agreements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to our technology. The term of these indemnification agreements is generally perpetual after the execution of the agreements. The maximum potential amount of future payments we are obligated to pay under other indemnification agreements is not determinable because it involves claims for indemnification that may be made against us in the future but have not been made. We have not yet incurred material costs to defend lawsuits or settle claims related to indemnification agreements. We have indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. For the three months ended March 31, 2024 and 2023, no material amounts associated with the indemnification agreements have been recorded. Litigation In October 2021, Allergan filed a complaint against us and ABPS, one of our manufacturing sources of DAXXIFY®, in the U.S. District Court for the District of Delaware, alleging infringement of the following patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,033,625; 7,354,740; 8,409,828; 11,124,786; and 7,332,567. Allergan claims that our formulation for DAXXIFY® and ABPS’s manufacturing process used to produce DAXXIFY® infringes its patents. Allergan also asserted a patent with claims related to a substrate for use in a botulinum toxin detection assay. On November 3, 2021, we filed a motion to dismiss. On November 24, 2021, Allergan filed an amended complaint against us and ABPS, alleging infringement of an additional patent assigned and/or licensed to Allergan: U.S. Patent No. 11,147,878. On December 17, 2021, we filed a second motion to dismiss, and on January 14, 2022, Allergan filed an opposition to that motion. We filed a reply to Allergan’s opposition on January 21, 2022, and on August 19, 2022, the court denied our second motion to dismiss. On September 2, 2022, we filed an answer and counterclaims to Allergan's amended complaint. On December 30, 2022, Allergan filed a second amended complaint against us and ABPS, alleging infringement of three additional patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,203,748; 11,326,155; and 11,285,216. On January 20, 2023, we filed an answer and counterclaims to Allergan's second amended complaint. On March 3, 2023, we filed invalidity contentions, which challenge Allergan’s asserted patents. A Markman hearing was held on June 28, 2023, and a decision was issued on August 29, 2023. On September 15, 2023, U.S. Patent No. 7,332,567 was dismissed from the case with prejudice. On December 10, 2021, a putative securities class action complaint was filed against the Company and certain of its officers on behalf of a class of stockholders who acquired the Company’s securities from November 25, 2019 to October 11, 2021, in the U.S. District Court for the Northern District of California. The complaint alleges that the Company and certain of its officers violated Sections 10(b) and 20(a) of Exchange Act by making false and misleading statements regarding the manufacturing of DAXXIFY® and the timing and likelihood of regulatory approval and seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. The court appointed the lead plaintiff and lead counsel on September 7, 2022. The lead plaintiff filed an amended complaint on November 7, 2022. On January 23, 2023, we filed a motion to dismiss, and on March 30, 2024, the Court granted the motion with leave for the plaintiff to amend the complaint. On May 1, 2024, the plaintiff filed an amended complaint, which asserted similar claims to those in the prior complaint. We dispute the claims in these lawsuits and intend to defend these matters vigorously. These lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcomes of the lawsuits are necessarily uncertain. We could be forced to expend significant resources in the defense of either lawsuit, and we may not prevail. In addition, we may incur substantial legal fees and costs in connection with each lawsuit. We record a provision for a liability when we believe that it is both probable that a liability has incurred, and the amount can be reasonably estimated. As of both March 31, 2024 and December 31, 2023, no such provision for liabilities related to the above litigation matters were recorded on the condensed consolidated balance sheets.
|
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pay vs Performance Disclosure | ||
Net loss | $ (53,152) | $ (59,793) |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
The Company and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented. Our condensed consolidated balance sheet for the year ended December 31, 2023 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2024, or any other future period. Our condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements contained in our FY2023 Form 10-K. Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions have been eliminated. The requirements for reporting the exit of the Fintech Platform business (Note 2) as a discontinued operation were met in the first quarter of 2024. As a result, the Fintech Platform business is presented in the condensed consolidated statement of operations and condensed consolidated balance sheet as discontinued operations for all periods presented. Unless indicated otherwise, the information in the notes to the condensed consolidated financial statements relates to continuing operations. The Company operates under one reportable segment as a result of discontinuing the Service Segment.
|
Use of Estimates & Risks and Uncertainties | Use of Estimates & Risks and Uncertainties The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, the incremental borrowing rate used to measure lease liabilities, the recoverability of long-lived assets, useful lives associated with property and equipment and intangible assets, the period of benefit associated with deferred costs, revenue recognition (including the timing of satisfaction of performance obligations, estimating variable consideration, estimating stand-alone selling prices of promised goods and services, and allocation of transaction price to performance obligations), deferred revenue classification, valuation and assumptions underlying stock-based compensation and other equity instruments, and income taxes. As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements.
|
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280, on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024, with early adoptions permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). ASU 2023-09 improves reporting for income taxes, primarily by requiring disclosure of specific categories in the tax rate reconciliation and providing additional annual information for reconciling items that meet a quantitative threshold. The amendments in ASU 2023-09 also require additional annual information regarding income taxes paid, as well as other additional disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, early adoption is permitted. We are currently evaluating the effect the amendments in ASU 2023-09 will have on our tax disclosures. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. In addition, the rules will require registrants to present certain climate-related financial metrics in the audited financial statements. These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning January 1, 2025. Disclosures will be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. In April 2024, the SEC determined to voluntarily stay the final rules pending the outcome of certain legal challenges. We are currently evaluating the impact of these final rules on future financial reporting requirements and related disclosures.
|
Exit of the Fintech Platform Business (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information Activities Related to Discontinued Operations | Details of assets and liabilities from discontinued operations are as follows:
(1)Amount represents severance and personnel liabilities related to the exit of the Fintech Platform business. We substantially completed the restructuring activities as of March 31, 2024. Prior to the issuance of the condensed consolidated financial statements in this Report, $0.9 million was paid and the remaining $0.5 million will be paid over time through the third quarter of 2024. A summary of severance and personnel liabilities related to the exit of the Fintech Platform business, included within current liabilities of discontinued operations on the consolidated balance sheet, is as follows:
Details of loss from discontinued operations are as follows:
(1)The restructuring charges are included in the results of discontinued operations for the periods of our condensed consolidated financial statements presented in this Report. A summary of our restructuring charges included within our consolidated statement of operations for the three months ended March 31, 2024 were as follows:
As of March 31, 2024, we have recorded total restructuring charges of $3.6 million and impairment charges of $93.2 million in connection with the exit of the Fintech Platform business. Significant non-cash activities related to discontinued operations are as follows:
|
Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | Our product revenue, net breakdown is summarized below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable | Accounts receivable and contract liabilities from contracts with our product customers are as follows:
Accounts receivable and contract liabilities from contracts with our collaboration customers are as follows:
Changes in our contract liabilities from contracts with our collaboration revenue customers for the three months ended March 31, 2024 are as follows:
|
Cash Equivalents and Short-Term Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities | The following table is a summary of our cash equivalents and short-term investments:
|
Intangible Assets, net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Finite-lived Intangible Assets by Major Class | The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized or impaired:
(1)During the three months ended March 31, 2024, we reclassified the $0.5 million net carrying amount of internally developed technology to “Non-current assets of discontinued operations” in connection with the discontinued operations presentation.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-lived Intangible Assets Amortization Expense | The detail breakdown of the amortization expenses on the condensed consolidated statements of operations and comprehensive loss were summarized as below:
(1)Amount represents the amortization expense before the impact of reclassification for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss. (2)Amount represents the reclassification for the current and prior periods for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | Based on the amount of intangible assets as of March 31, 2024, the expected amortization expense for each of the next five fiscal years was as follows:
|
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories consist of the following:
|
Accruals and other current liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accruals and other current liabilities consists of the following:
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Costs | Our operating and finance lease costs are summarized as follows:
(1)Amortization of the finance lease right-of-use asset started to be capitalized into inventories on the condensed consolidated balance sheets in the second quarter of 2023, as a result of the FDA approval of the PAS of the ABPS manufacturing facility. (2)Variable finance lease cost includes validation, qualification, materials, and other related services which are not included in the lease liabilities and are expensed as incurred. (3)Variable operating lease cost includes management fees, common area maintenance, property taxes, insurance and parking fees, which are not included in the lease liabilities and are expensed as incurred. As of March 31, 2024, weighted-average remaining lease terms and discount rates are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Lease, Liability Maturities | As of March 31, 2024, we have $0.4 million of accounts payable related to the fill-and-finish line lease under the ABPS Service Agreement. Additionally, we have maturities of our lease liabilities as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease, Liability Maturities | As of March 31, 2024, we have $0.4 million of accounts payable related to the fill-and-finish line lease under the ABPS Service Agreement. Additionally, we have maturities of our lease liabilities as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information related to the leases was as follows:
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Convertible Debt | The following table provides information regarding our debt:
Interest expense relating to our debt in the condensed consolidated statements of operations and comprehensive loss are summarized as follows:
|
Stockholders’ Deficit and Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Equivalents Excluded From Computation of Diluted Net Income (Loss) Per Share | Common stock equivalents that were excluded from the computation of diluted net loss per share for both continuing and discontinued operations are presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-based Compensation Expense | The following table summarizes our stock-based compensation expense by line item in our condensed consolidated statements of operations and comprehensive loss:
(1)Amount represents the stock-based compensation expense before the impact of reclassification for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss. (2)Amount represents the reclassification for the current and prior periods for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss.
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Financial Instruments | The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy:
|
The Company and Summary of Significant Accounting Policies (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
May 10, 2022
USD ($)
|
Mar. 31, 2024
USD ($)
segment
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Net loss | $ 53,152 | $ 59,793 | ||
Accumulated deficit | 2,131,512 | $ 2,078,360 | ||
Working capital surplus | 300,800 | |||
Cash, cash equivalents and investments | $ 277,100 | |||
Number of reportable segment | segment | 1 | |||
ATM Offering, 2022 Plan | ||||
Debt Instrument [Line Items] | ||||
Stock issuance sales agreement, authorized offering price, maximum | $ 150,000 | $ 47,200 |
Exit of the Fintech Platform Business - Schedule of Assets and Liabilities from Discontinued Operations (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Restructuring Cost and Reserve [Line Items] | ||
Total current assets of discontinued operations | $ 2,610 | $ 1,853 |
Total non-currents assets of discontinued operations | 0 | 1,413 |
Total current liabilities of discontinued operations | 1,406 | 1,216 |
Fintech Platform | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | ||
Restructuring Cost and Reserve [Line Items] | ||
Restricted cash, current | 875 | 0 |
Accounts receivable, net | 0 | 16 |
Prepaid expenses and other current assets | 1,735 | 1,837 |
Total current assets of discontinued operations | 2,610 | 1,853 |
Intangible assets, net | 0 | 538 |
Restricted cash, non-current | 0 | 875 |
Total non-currents assets of discontinued operations | 0 | 1,413 |
Accounts payable | 0 | 255 |
Accruals and other current liabilities | 1,406 | 961 |
Total current liabilities of discontinued operations | $ 1,406 | $ 1,216 |
Exit of the Fintech Platform Business - Schedule of Severance and Personnel Liabilities (Details) - Fintech Platform $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Cash payments during the period | $ (900) |
Balance on March 31, 2024 | 500 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | |
Restructuring Reserve [Roll Forward] | |
Balance on December 31, 2023 | 917 |
Severance and other personnel costs | 3,600 |
Cash payments during the period | (277) |
Balance on March 31, 2024 | 1,406 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Severance and other personnel costs | |
Restructuring Reserve [Roll Forward] | |
Severance and other personnel costs | $ 766 |
Exit of the Fintech Platform Business - Loss from Discontinued Operations (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff - Fintech Platform - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Operating expenses: | ||
Cost of service revenue (exclusive of amortization) | $ 316 | $ 3,684 |
Selling, general and administrative | 2,073 | 4,091 |
Research and development | 1,664 | 5,645 |
Amortization | 0 | 1,459 |
Net loss from discontinued operations | (3,627) | (11,322) |
Service revenue | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Service revenue | $ 426 | $ 3,557 |
Exit of the Fintech Platform Business - Schedule of Restructuring Charges (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Fintech Platform | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring charges | $ 3,600 |
Impairment charges | 93,200 |
Service Segment | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring charges | 766 |
Research and development | Service Segment | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring charges | 412 |
Selling, general and administrative | Service Segment | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring charges | $ 354 |
Exit of the Fintech Platform Business - Non Cash, Cash Activities Related to Discontinued Operations (Details) - Fintech Platform - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Discontinued Operations, Held-for-Sale | ||
Operating activities: | ||
Stock-based compensation | $ 2,130 | |
Depreciation and amortization | $ 2,104 | |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | ||
Operating activities: | ||
Stock-based compensation | $ 227 | |
Depreciation and amortization | $ 538 |
Revenue - Revenues Disaggregated by Timing of Transfer of Goods or Services (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Total revenue, net | $ 51,936 | $ 45,774 |
Product revenue, net | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Total revenue, net | 51,719 | 45,658 |
RHA® Collection of dermal fillers | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Total revenue, net | 29,570 | 30,280 |
DAXXIFY® | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Total revenue, net | $ 22,149 | $ 15,378 |
Revenue - Receivables and Contract Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Contract liabilities: | ||
Deferred revenue, current | $ 9,784 | $ 10,737 |
Product revenue, net | ||
Accounts receivable: | ||
Accounts receivable, gross | 30,968 | 27,975 |
Allowance for doubtful accounts | (1,081) | (950) |
Total accounts receivable, net | 29,887 | 27,025 |
Contract liabilities: | ||
Deferred revenue, current | $ 455 | $ 884 |
Revenue - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Non-refundable upfront payment | $ 80,732 | $ 80,272 | |
Remaining performance obligation | 41,000 | ||
Contract with customer, liability, revenue recognized | 217 | ||
Collaboration revenue | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Revenues | 200 | $ 0 | |
Viatris | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Revenue recognition annual sales | $ 50,000 | ||
Revenue recognition annual sales of maturity period | 4 years | ||
Fosun | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Contingent payments | $ 219,500 | ||
Remaining performance obligation | 41,000 | ||
Contract with customer, liability, revenue recognized | $ 100 | ||
Viatris | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Non-refundable upfront payment | 60,000 | ||
Contingent payments | 70,000 | ||
Revenue maximum for receipt of tiered milestone payments | 225,000 | ||
Remaining performance obligation | 31,000 | ||
Fosun | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Contract with customer, liability, revenue recognized | $ 0 |
Revenue - Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Contract liabilities: | ||
Total contract liabilities, current | $ 9,784 | $ 10,737 |
Total contract liabilities, non-current | 71,403 | 70,419 |
Viatris | ||
Accounts receivable: | ||
Total accounts receivable | 0 | 631 |
Contract liabilities: | ||
Total contract liabilities, current | 9,329 | 9,853 |
Total contract liabilities, non-current | 30,428 | 29,444 |
Fosun | ||
Accounts receivable: | ||
Total accounts receivable | 0 | 4 |
Contract liabilities: | ||
Total contract liabilities, non-current | 40,975 | 40,975 |
Collaboration Customers | ||
Accounts receivable: | ||
Total accounts receivable | 0 | 635 |
Contract liabilities: | ||
Total contract liabilities, current | 9,329 | 9,853 |
Total contract liabilities, non-current | $ 71,403 | $ 70,419 |
Revenue - Changes in Our Contract Liabilities from Contracts (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Contract With Customer Asset and Liability Roll Forward [Abstract] | |
Beginning balance | $ 80,272 |
Revenue recognized | (217) |
Billings and adjustments, net | 677 |
Ending balance | $ 80,732 |
Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Adjusted Cost | $ 254,565 | $ 225,842 |
Unrealized Gain | 1 | 30 |
Unrealized Loss | (26) | (16) |
Fair Value | 254,540 | 225,856 |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 110,077 | 109,270 |
Short-term investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 144,463 | 116,586 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Adjusted Cost | 147,818 | 133,168 |
Unrealized Gain | 0 | 30 |
Unrealized Loss | (4) | 0 |
Fair Value | 147,814 | 133,198 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Adjusted Cost | 56,508 | 49,433 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (22) | (15) |
Fair Value | 56,486 | 49,418 |
Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Adjusted Cost | 41,809 | 39,280 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 41,809 | 39,280 |
U.S. government agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Adjusted Cost | 8,430 | 3,961 |
Unrealized Gain | 1 | 0 |
Unrealized Loss | 0 | (1) |
Fair Value | $ 8,431 | $ 3,960 |
Intangible Assets, net - Intangible Assets and the Remaining Useful Lives (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 32,334 | $ 67,752 |
Accumulated Amortization | (23,609) | (41,937) |
Accumulated Impairment | (16,007) | |
Total | 8,725 | |
Net Carrying Amount | $ 8,725 | $ 9,808 |
Distribution rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Lives (in years) | 4 years | 4 years 3 months 18 days |
Gross Carrying Amount | $ 32,334 | $ 32,334 |
Accumulated Amortization | (23,609) | (23,064) |
Accumulated Impairment | 0 | |
Total | 8,725 | $ 9,270 |
Internally developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Lives (in years) | 1 year 6 months | |
Gross Carrying Amount | $ 8,918 | |
Accumulated Amortization | (4,408) | |
Accumulated Impairment | (3,972) | |
Total | $ 538 | |
Intangible assets reclassified | $ 500 | |
Acquired developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Lives (in years) | 0 years | |
Gross Carrying Amount | $ 16,200 | |
Accumulated Amortization | (6,525) | |
Accumulated Impairment | (9,675) | |
Total | $ 0 | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Lives (in years) | 0 years | |
Gross Carrying Amount | $ 10,300 | |
Accumulated Amortization | (7,940) | |
Accumulated Impairment | (2,360) | |
Total | $ 0 |
Intangible Assets, net - Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization | $ 545 | $ 545 |
Selling, general and administrative | 0 | 1,093 |
Research and development | 0 | 261 |
Total amortization expense | 545 | 1,899 |
Amortization of Intangible Assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization | 545 | 2,004 |
Selling, general and administrative | 528 | 1,737 |
Research and development | 10 | 261 |
Total amortization expense | 1,083 | 4,002 |
Classified as Discontinued Operations | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization | 0 | (1,459) |
Selling, general and administrative | (528) | (644) |
Research and development | (10) | 0 |
Total amortization expense | $ (538) | $ (2,103) |
Intangible Assets, net- Expected Amortization Expense for the Unamortized Acquired Intangible Assets (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 remaining nine months | $ 1,637 |
2025 | 2,181 |
2026 | 2,181 |
2027 | 2,181 |
2028 | 545 |
2029 and thereafter | 0 |
Total | $ 8,725 |
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,049 | $ 3,938 |
Work in process | 21,109 | 17,418 |
Finished goods | 25,122 | 24,223 |
Total inventories | $ 50,280 | $ 45,579 |
Accruals and other current liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Payables and Accruals [Abstract] | ||
Compensation | $ 16,889 | $ 30,267 |
Inventories | 6,643 | 1,478 |
Research and development | 6,544 | 5,173 |
Selling, general and administrative | 6,276 | 9,019 |
Royalty | 2,075 | 1,919 |
Interest expense | 649 | 1,919 |
Other current liabilities | 1,235 | 3,088 |
Total accruals and other current liabilities | $ 40,311 | $ 52,863 |
Leases - Additional Information (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2021
option_to_extend_lease_term
|
Mar. 31, 2024
USD ($)
option_to_extend_lease_term
|
Apr. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||||
Number of options to renew (or more) | option_to_extend_lease_term | 1 | |||
ABPS Fill-And-Finish Line Lease, term required for termination notice | 18 months | |||
Collaborative agreement, number of extension periods | option_to_extend_lease_term | 1 | |||
Accounts payable, finance leases | $ 400 | |||
Finance lease prepaid expense | 35,846 | $ 32,383 | ||
Other commitment, to be paid, year one | 13,800 | |||
Other commitment, to be paid, year two | 14,400 | |||
Other commitment, to be paid, year three | 18,800 | |||
Other commitment, to be paid, year four | 25,200 | |||
Other commitment, to be paid, year five | 29,100 | |||
Other commitment, to be paid, after year five | 134,500 | |||
Subsequent Event | ||||
Lessee, Lease, Description [Line Items] | ||||
Purchase obligation, to be paid, remainder of the fiscal year | $ 25,100 | |||
PCI Supply Agreement | ||||
Lessee, Lease, Description [Line Items] | ||||
Collaborative agreement, contractual period | 3 years | |||
Finance lease prepaid expense | $ 35,800 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Extended term of lease | 7 years | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Extended term of lease | 14 years |
Leases - Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Finance lease: | ||
Amortization of finance lease right-of-use asset | $ 2,116 | $ 2,318 |
Interest on finance lease liability | 30 | 566 |
Variable lease cost | 19 | 374 |
Total finance lease costs | 2,165 | 3,258 |
Operating leases: | ||
Operating lease cost | 2,773 | 2,207 |
Variable lease cost | 646 | 507 |
Total operating lease costs | 3,419 | 2,714 |
Total lease cost | $ 5,584 | $ 5,972 |
Leases - Maturities of Lease Liabilities (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
2024 remaining nine months | $ 8,363 |
2025 | 10,854 |
2026 | 11,185 |
2027 | 4,536 |
2028 | 4,021 |
2029 and thereafter | 24,565 |
Total lease payments | 63,524 |
Less imputed interest | (17,585) |
Present value of lease payments | 45,939 |
ABPS Fill-and-Finish Line Lease | |
Lessee, Lease, Description [Line Items] | |
2024 remaining nine months | 1,300 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 and thereafter | 0 |
Total lease payments | 1,300 |
Less imputed interest | (21) |
Present value of lease payments | 1,279 |
Other Operating Leases | |
Lessee, Lease, Description [Line Items] | |
2024 remaining nine months | 7,063 |
2025 | 10,854 |
2026 | 11,185 |
2027 | 4,536 |
2028 | 4,021 |
2029 and thereafter | 24,565 |
Total lease payments | 62,224 |
Less imputed interest | (17,564) |
Present value of lease payments | $ 44,660 |
Leases - Remaining Lease terms and Discount Rates (Details) |
Mar. 31, 2024 |
---|---|
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term (year) | 7 years 10 months 24 days |
Weighted average discount rate (percent) | 10.00% |
ABPS Fill-and-Finish Line Lease | |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term (year) | 3 years 9 months 18 days |
Weighted average discount rate (percent) | 10.00% |
Other Operating Leases | |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term (year) | 8 years |
Weighted average discount rate (percent) | 10.00% |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 2,555 | $ 2,084 |
Operating cash flows from finance lease | 30 | 566 |
Financing cash flows from finance lease | 4,227 | 2,486 |
Right-of-use assets obtained in exchange for lease liabilities | ||
Finance lease | $ 1,071 | $ 23,735 |
Debt - Carrying Amount of Liability Component (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 429,838 | $ 429,095 |
Convertible Debt | ||
Debt Instrument [Line Items] | ||
Less: Unamortized debt issuance costs | (1,289) | (1,426) |
Notes Payable, current | 5,000 | 2,500 |
Notes Payable, non-current | 145,000 | 147,500 |
Less: Unamortized debt discount | (2,425) | (2,700) |
Total debt | 146,286 | 145,874 |
2027 Notes | Convertible Debt | ||
Debt Instrument [Line Items] | ||
2027 Notes, non-current | 287,500 | 287,500 |
Less: Unamortized debt issuance costs | (3,948) | (4,279) |
Total debt | $ 283,552 | $ 283,221 |
Debt - Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Disclosure [Abstract] | ||
Contractual interest expense | $ 4,469 | $ 3,383 |
Amortization of debt issuance costs | 483 | 432 |
Amortization of debt discount | 274 | 85 |
Total interest expense | $ 5,226 | $ 3,900 |
Debt - Convertible Senior Notes (Details) - 2027 Notes - Convertible Debt $ / shares in Units, $ in Millions |
1 Months Ended |
---|---|
Feb. 29, 2020
USD ($)
trading_day
$ / shares
| |
Debt Instrument [Line Items] | |
Principal amount | $ | $ 287.5 |
Stated percentage | 1.75% |
Net proceeds | $ | $ 278.3 |
Threshold trading days | 20 |
Threshold consecutive trading days | 30 |
Threshold percentage of stock price trigger | 130.00% |
Conversion ratio | 0.0308804 |
Conversion price (in dollars per share) | $ / shares | $ 32.38 |
Redemption price, percentage | 100.00% |
Debt Conversion Terms One | |
Debt Instrument [Line Items] | |
Threshold trading days | 20 |
Threshold consecutive trading days | 30 |
Threshold percentage of stock price trigger | 130.00% |
Debt Conversion Terms Two | |
Debt Instrument [Line Items] | |
Threshold trading days | 5 |
Threshold consecutive trading days | 10 |
Threshold percentage of stock trading price | 98.00% |
Debt - Capped Call Transactions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | |
---|---|---|
Feb. 10, 2020 |
Feb. 29, 2020 |
|
Debt Instrument [Line Items] | ||
Payment of capped call transactions | $ 28.9 | |
Price cap (in dollars per share) | $ 48.88 | |
Premium percentage over sale price | 100.00% | |
Number of shares subject to anti-dilution adjustments (in shares) | 8.9 | |
2027 Notes | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Conversion price (in dollars per share) | $ 32.38 |
Debt - Note Purchase Agreement (Details) $ in Thousands |
1 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 18, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Aug. 31, 2023
USD ($)
|
Aug. 30, 2023
USD ($)
|
Jun. 30, 2022 |
|
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 429,838 | $ 429,095 | |||||
Note Purchase Agreement | Minimum | Secured Overnight Finance Rate (SOFR) | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate | 1.50% | ||||||
Note Purchase Agreement | Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 50,000 | ||||||
Stated percentage | 7.00% | ||||||
Prepaid fee, percentage | 2.00% | ||||||
Minimum cash balance maintained | $ 30,000 | ||||||
Minimum net sales requirement | $ 70,000 | ||||||
Debt instrument, debt default, additional interest rate to fixed | 2.00% | ||||||
Note Purchase Agreement | Notes Payable | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, trailing twelve months revenue | 50,000 | ||||||
Note Purchase Agreement | Notes Payable | Maximum | Secured Overnight Finance Rate (SOFR) | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate | 2.50% | ||||||
Note Purchase Agreement | Notes Payable | First Tranche | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 100,000 | $ 100,000 | |||||
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period One | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amortization, payment percentage | 0.025 | ||||||
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period Two | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amortization, payment percentage | 0.050 | ||||||
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period Three | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amortization, payment percentage | 0.075 | ||||||
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period Four | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amortization, payment percentage | 0.100 | ||||||
Note Purchase Agreement | Notes Payable | Second Tranche | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 50,000 | ||||||
Note Purchase Agreement | Notes Payable | Third Tranche | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 150,000 | ||||||
Stated percentage | 8.50% | ||||||
2027 Notes | Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 90,000 |
Stockholders’ Deficit and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
May 10, 2022 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jan. 01, 2024 |
|
ATM Offering, 2022 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued during period, shares, new issues (in shares) | 0 | 3,200,000 | |||
Proceeds from issuance of common stock | $ 100.0 | ||||
Stock issuance sales agreement, authorized offering price, maximum | $ 150.0 | $ 47.2 | |||
Sale of stock, issuance costs, commission, percentage, maximum | 3.00% | ||||
ATM Offering, 2022 Plan | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Sale of stock price (in dollars per share) | $ 31.90 | ||||
Follow on Offering | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued during period, shares, new issues (in shares) | 16,000,000 | ||||
Share price (in dollars per share) | $ 6.25 | ||||
Proceeds from issuance of common stock | $ 97.1 | ||||
Follow on Offering | Chief Executive Officer And Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued during period, shares, new issues (in shares) | 30,000 | ||||
Share price (in dollars per share) | $ 6.98 | ||||
2014 EIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance (in shares) | 5,600,000 | 3,500,000 | |||
2014 IN | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance (in shares) | 900,000 | ||||
Shares underlying stock options granted (in shares) | 200,000 | ||||
HintMD Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance (in shares) | 100,000 | ||||
Shares underlying stock options granted (in shares) | 0 | ||||
2014 ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance (in shares) | 300,000 | ||||
Stock Award | 2014 EIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares underlying stock options granted (in shares) | 3,000,000 | ||||
Employee Stock | 2014 ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance (in shares) | 2,000,000 |
Stockholders’ Deficit and Stock-Based Compensation - Common Stock Equivalents Excluded from the Calculation of Earnings per Share (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Convertible senior notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares) | 8,878,938 | 8,878,938 |
Unvested RSUs and PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares) | 5,496,036 | 3,598,879 |
Outstanding stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares) | 3,669,894 | 4,541,131 |
Outstanding stock options | 2014 ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares) | 220,451 | 165,079 |
Unvested RSAs and PSAs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares) | 642,419 | 1,728,551 |
Stockholders’ Deficit and Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | $ 8,763 | $ 10,952 |
Capitalized stock-based compensation expense | 388 | 1,407 |
Total stock-based compensation expense | 9,151 | 12,359 |
Stock-based Compensation before Discontinued Operation Adjustments | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | 8,990 | 13,082 |
Capitalized stock-based compensation expense | 388 | 1,407 |
Total stock-based compensation expense | 9,378 | 14,489 |
Classified as Discontinued Operations | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | (227) | (2,130) |
Capitalized stock-based compensation expense | 0 | 0 |
Total stock-based compensation expense | (227) | (2,130) |
Selling, general and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | 7,384 | 9,555 |
Selling, general and administrative | Stock-based Compensation before Discontinued Operation Adjustments | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | 7,624 | 10,265 |
Selling, general and administrative | Classified as Discontinued Operations | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | (240) | (710) |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | 1,379 | 1,397 |
Research and development | Stock-based Compensation before Discontinued Operation Adjustments | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | 1,366 | 2,817 |
Research and development | Classified as Discontinued Operations | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) | $ 13 | $ (1,420) |
Stockholders’ Deficit and Stock-Based Compensation - Convertible Preferred Stock (Details) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | $ 254,540 | $ 225,856 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 147,814 | 133,198 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 41,809 | 39,280 |
U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 8,431 | 3,960 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 56,486 | 49,418 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 198,054 | 176,438 |
Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 147,814 | 133,198 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 41,809 | 39,280 |
Level 1 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 8,431 | 3,960 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 56,486 | 49,418 |
Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 2 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 56,486 | 49,418 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 3 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Convertible debt, fair value disclosures | $ 211.5 | $ 219.2 |
Commitments and Contingencies (Details) |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jan. 31, 2020
shares
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 30, 2022
patent
|
|
Loss Contingencies [Line Items] | ||||||
Indemnification liability recorded during the period | $ 0 | $ 0 | ||||
Number of additional patents added to the infringement claims | patent | 3 | |||||
Estimated litigation liability | 0 | $ 0 | ||||
Teoxane Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Issuance of common stock in connection with the teoxane agreement (in shares) | shares | 2,500,000 | |||||
Collaborative agreement, contractual period | 10 years | |||||
Collaborative agreement, extended contractual period | 2 years | |||||
Purchase obligation, to be paid, year one | 52,000,000 | |||||
Minimum expenditures related to commercialization 2024 | 36,000,000 | |||||
Botulinum Toxin Research Associates, Inc. | ||||||
Loss Contingencies [Line Items] | ||||||
Accrued milestone obligations | $ 15,500,000 |