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Balance Sheet Details
3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Balance Sheet Account Details

4.  Balance Sheet Details

Restricted Cash

Restricted cash as of March 31, 2021 and December 31, 2020 consisted of a $40,000 security deposit for the Company’s corporate purchasing credit card.

Inventory, Net

Inventory, net consisted of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Raw materials

 

$

802

 

 

$

802

 

Work-in-process

 

 

3,235

 

 

 

3,213

 

Finished goods

 

 

1,337

 

 

 

1,998

 

Total inventory, net

 

$

5,374

 

 

$

6,013

 

 

As of March 31, 2021 and December 31, 2020, inventory, net included zero and $0.9 million, respectively, of the fair value step-up adjustment to Tetraphase’s inventory recorded in connection with the acquisition of Tetraphase (see Note 11). As of March 31, 2021 and December 31, 2020, total inventory is recorded net of inventory reserves of $1.1 million and $0.9 million, respectively.

Prepaid Expenses and Other Current Assets

 

Prepaid expenses and other current assets consisted of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Refundable withholding tax

 

$

3,375

 

 

$

-

 

Prepaid manufacturing costs

 

 

529

 

 

 

930

 

Prepaid clinical costs

 

 

294

 

 

 

820

 

Prepaid insurance

 

 

319

 

 

 

505

 

Other prepaid expenses and current assets

 

 

1,587

 

 

 

1,133

 

Total prepaid expenses and other current assets

 

$

6,104

 

 

$

3,388

 

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Computer hardware

 

$

310

 

 

$

310

 

Furniture and fixtures

 

 

309

 

 

 

309

 

Software

 

 

203

 

 

 

733

 

Total property and equipment, gross

 

 

822

 

 

 

1,352

 

Accumulated depreciation and amortization

 

 

(636

)

 

 

(1,137

)

Total property and equipment, net

 

$

186

 

 

$

215

 

 

Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):

 

 

 

Weighted-average

 

March 31,

 

 

December 31,

 

 

 

Years

 

2021

 

 

2020

 

Technology

 

10

 

$

14,000

 

 

$

14,000

 

Trade name

 

10

 

 

1,520

 

 

 

1,520

 

Total intangible assets, gross

 

 

 

 

15,520

 

 

 

15,520

 

Accumulated amortization

 

 

 

 

(1,035

)

 

 

(647

)

Total intangible assets, net

 

 

 

$

14,485

 

 

$

14,873

 

The intangible assets were recorded in connection with the acquisition of Tetraphase (see Note 11). The Company recorded amortization expense of $0.4 million and zero for the three months ended March 31, 2021 and 2020, respectively.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Accrued interest expense on deferred royalty obligation, current portion

 

$

3,514

 

 

$

3,567

 

Accrued royalties and in-license fees

 

 

2,445

 

 

 

685

 

Accrued manufacturing costs

 

 

1,306

 

 

 

627

 

Accrued professional fees

 

 

581

 

 

 

660

 

Accrued clinical costs

 

 

22

 

 

 

20

 

Accrued other

 

 

853

 

 

 

935

 

Total accrued expenses

 

$

8,721

 

 

$

6,494

 

 

Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Paycheck Protection Program loan

 

$

2,308

 

 

$

2,302

 

Fair value of contingent value rights (see Note 11)

 

 

2,260

 

 

 

1,810

 

Total other noncurrent liabilities

 

$

4,568

 

 

$

4,112

 

 

On April 22, 2020, Tetraphase entered into a promissory note for $2.3 million under the Paycheck Protection Program (the “PPP Loan”). The interest rate on the PPP Loan is 1.0% per annum. The PPP Loan is unsecured and guaranteed by the U.S. Small Business Administration (the “SBA”). The principal amount of the PPP Loan may be forgiven under the Paycheck Protection Program, subject to certain requirements and to the extent that the PPP Loan proceeds are used to pay permitted expenses, including certain payroll, rent and utility payments. The Company intends to apply for forgiveness of the PPP Loan. The Company will be obligated to make monthly payments of principal and interest with respect to any unforgiven portion of the PPP Loan. The obligation to repay the PPP Loan may be accelerated upon the occurrence of an event of default.