Balance Sheet Details

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Account Details

4.  Balance Sheet Details

Restricted Cash

Restricted cash as of December 31, 2021 and 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):

	December 31,		December 31,
	2021		2020
Raw materials	$	802	$	802
Work-in-process		4,501		3,213
Finished goods		978		1,998
Total inventory, net	$	6,281	$	6,013

As of December 31, 2021 and 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 December 31, 2021 and 2020, total inventory is recorded net of inventory reserves of $0.8 million and $0.9 million, respectively.    

Prepaid Expenses and Other Current Assets

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

	December 31,		December 31,
	2021		2020
Refundable withholding tax	$	3,375	$	-
Prepaid insurance		473		505
Prepaid clinical costs		188		820
Prepaid manufacturing costs		113		930
Other prepaid expenses and current assets		1,607		1,133
Total prepaid expenses and other current assets	$	5,756	$	3,388

Property and Equipment, Net

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

	December 31,			December 31,
	2021			2020
Computer hardware	$	319		$	310
Furniture and fixtures		309			309
Software		203			733
Total property and equipment, gross		831			1,352
Accumulated depreciation and amortization		(718	)		(1,137	)
Total property and equipment, net	$	113		$	215

Intangible Assets, Net

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

	Useful Life	December 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			(2,199	)		(647	)
Total intangible assets, net		$	13,321		$	14,873

The intangible assets were recorded in connection with the acquisition of Tetraphase (see Note 11). The Company recorded amortization expense of $1.6 million and $0.6 million for the years ended December 31, 2021 and 2020, respectively. The estimated aggregate amortization expense for each of the 5 succeeding years is $1.6 million.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,		December 31,
	2021		2020
Accrued payroll and related expenses	$	1,991	$	2,878
Accrued royalties and in-license fees		1,299		685
Accrued professional fees		410		660
Accrued manufacturing costs		232		627
Accrued other		934		767
Total accrued expenses	$	4,866	$	5,617

Other Noncurrent Liabilities

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

	December 31,		December 31,
	2021		2020
Fair value of contingent value rights (see Note 11)	$	1,076	$	1,810
Paycheck Protection Program loan, less current portion		-		2,302
Total other noncurrent liabilities	$	1,076	$	4,112

On April 22, 2020, the Company 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 applied for 100% forgiveness of the PPP Loan with the SBA on October 5, 2021. The Company will be obligated to make payment of principal and interest with respect to any unforgiven portion of the PPP Loan by April 22, 2022. The obligation to repay the PPP Loan may be accelerated upon the occurrence of an event of default.