0001628280-23-027818 | 10-Q | XBRL Viewer | Aquestive Therapeutics INC

Right-of-Use Assets and Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2023

Maturities of the Company’s operating lease liabilities are as follows:


Remainder of 2023	$	603
2024	1,230
2025	1,266
2026	1,300
2027 and thereafter	6,318
Total future lease payments	10,717
Less: imputed interest	(4,760)
Total operating lease liabilities	$	5,957

Property and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net


	Useful Lives	June 30, 2023		December 31, 2022
Machinery	3-15 years	$	20,105	$	19,810
Furniture and fixtures	3-15 years	769		769
Leasehold improvements	(a)	21,386		21,375
Computer, network equipment and software	3-7 years	2,627		2,627
Construction in progress		2,214		1,467
		47,101		46,048
Less: accumulated depreciation and amortization		(42,499)		(41,963)
Total property and equipment, net		$	4,602	$	4,085

(a)Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

Total depreciation, amortization, and impairment related to property and equipment was $250 and $655 for the three months ended June 30, 2023 and 2022, respectively. For the respective six month periods, these expenses totaled $536 and $1,369

Income Taxes (Details) - USD ($)	3 Months Ended				6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(5.20%)				11.10%
Income taxes	$ 284,000		$ 0		$ 284,000	$ 0
Net loss	5,792,000	$ (8,068,000)	16,302,000	$ 13,220,000	(2,276,000)	29,522,000
Net (loss)/income before income taxes	(5,508,000)		(16,302,000)		2,560,000	(29,522,000)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (5,792,000)		$ (16,302,000)		$ 2,276,000	$ (29,522,000)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Share-Based Compensation - Performance Based (Details) - Performance Shares - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Units
Unvested (in shares)	666	0
Granted (in shares)	666
Vested (in shares)	0
Forfeited (in shares)	0
Vested and expected to vest at end of period (in shares)	583
Weighted Average Grant Date Fair Value
Unvested (in dollars per share)	$ 2.04	$ 0
Granted (in dollars per share)	2.04
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Vested and expected to vest at end of period (in dollars per share)	$ 2.04

Company Overview and Basis of Presentation	6 Months Ended
Company Overview and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Overview and Basis of Presentation	Company Overview and Basis of Presentation (A) Company Overview Aquestive Therapeutics, Inc. (together with its subsidiary, “we”, “Aquestive” or the “Company”) is a pharmaceutical company advancing medicines to solve patients' problems with current standards of care and provide transformative products to improve their lives. The Company is developing pharmaceutical products that deliver complex molecules through alternative administrations to invasive and inconvenient standard of care therapies. The Company has five licensed commercialized products which are marketed by its licensees in the U.S. and around the world. The Company is the exclusive manufacturer of these licensed products. The Company also collaborates with pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm®, and has proven drug development and commercialization capabilities. The Company is advancing a product pipeline for the treatment of severe allergic reactions, including anaphylaxis. The Company has also developed a product pipeline focused on treating diseases of the central nervous system, or CNS. The Company's production facilities are located in Portage, Indiana, and its corporate headquarters and primary research laboratory facilities are based in Warren, New Jersey. (B) Equity Transactions Equity Offering of Common Stock On September 11, 2019, the Company established an “At-The-Market” ("ATM") facility pursuant to which the Company may offer up to $25,000 worth of shares of common stock, par value $0.001 per share, of the Company (the "Common Stock"). On November 20, 2020, the Company began utilizing the ATM facility. On March 26, 2021, the Company filed a prospectus supplement to offer up to an additional $50,000 worth of shares of Common Stock under the ATM (the "2021 Prospectus"). The 2019 registration statement covering the shares under the ATM expired under its terms on September 17, 2022. On September 7, 2022, the Company filed a prospectus supplement to register the offer and sale of up to $35,000 worth of shares of Common Stock pursuant to the Amended Equity Distribution Agreement with Piper Sandler Companies (successor to Piper Jaffray & Co.) under a shelf registration statement on Form S-3 (Registration Statement No. 333-254775), or the 2021 Registration Statement, that was declared effective by the Securities and Exchange Commission ("SEC") on April 5, 2021. The Company discontinued using the 2021 Prospectus upon the filing of the prospectus supplement on September 7, 2022. For the six months ended June 30, 2023, the Company sold 3,060,559 shares of Common Stock under the ATM which provided net proceeds of approximately $5,090 after deducting commissions and other transaction costs of $312. This ATM facility has approximately $28,014 worth of shares of Common Stock available at June 30, 2023. For the six months ended June 30, 2022, the Company sold 1,404,878 shares which provided net proceeds of approximately $2,473 after deducting commissions and other transaction costs of $139. On April 12, 2022, the Company entered into a purchase agreement (the "Lincoln Park Purchase Agreement") with Lincoln Park Capital Fund, LLC ("Lincoln Park"), which provides that, upon the terms and subject to the conditions and limitations set forth in the Lincoln Park Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park up to $40,000 worth of shares of Common Stock from time to time over the 36-month term of the Lincoln Park Purchase Agreement. The Lincoln Park Purchase Agreement contains an ownership limitation such that the Company will not issue, and Lincoln Park will not purchase, shares of Common Stock if it would result in Lincoln Park's beneficial ownership exceeding 9.99% of the Company's then outstanding Common Stock. Lincoln Park has covenanted under the Lincoln Park Purchase Agreement not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company's Common Stock. In 2022, the Company sold 1,600,000 shares, in addition to 236,491 commitment shares, which provided proceeds of approximately $1,987 in connection with the Lincoln Park Purchase Agreement. The Company did not sell shares in connection with the Lincoln Park Purchase Agreement in the six months ended June 30, 2023. On June 6, 2022, the Company entered into securities purchase agreements ("Securities Purchase Agreements") with certain purchasers named therein. The Securities Purchase Agreements provided for the sale and issuance by the Company of an aggregate of: (i) 4,850,000 shares of Common Stock, (ii) pre-funded warrants to purchase up to 4,000,000 shares of Common Stock and (iii) Common Stock warrants to purchase up to 8,850,000 shares of Common Stock. The Company received net proceeds of approximately $7,796, after deducting placement agent fees and expenses and estimated offering expenses payable by the Company. The Company used the net proceeds from the offering for general corporate purposes. The pre-funded warrants were fully exercised in 2022 and 3,689,452 Common Stock warrants issued pursuant to the Securities Purchase Agreements with proceeds of approximately $3,542 were exercised during the six months ended June 30, 2023. (C) Nasdaq Stock Market Notifications On December 30, 2022, the Company received a notice from the Nasdaq Stock Market (“Nasdaq”) that the Company was not in compliance with Nasdaq’s Listing Rule 5450(a)(1), as the minimum bid price of the Company’s Common Stock had been below $1.00 per share for 30 consecutive business days (the “Minimum Bid Price Requirement”). The notification of noncompliance had no immediate effect on the listing or trading of the Company’s Common Stock on The Nasdaq Global Market. The Company had 180 calendar days, or until June 28, 2023, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the minimum bid price of the Company’s Common Stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this 180-calendar day grace period. On April 13, 2023, the Company received a notice from Nasdaq informing the Company that it had regained compliance with Nasdaq's Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market, as the minimum bid price of the Company’s Common Stock had met or exceeded $1.00 per share for a minimum of ten consecutive business days during this 180-day calendar period. (D) Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X for interim financial reporting. In compliance with those rules, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2023 (the “2022 Annual Report on Form 10-K”). As included herein, the Condensed Consolidated Balance Sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results of interim periods have been included. The accompanying financial statements reflect certain reclassifications from previously issued financial statements to conform to the current presentation. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited condensed consolidated financial statements. Any reference in these notes to applicable guidance refers to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 39	$ 13	$ 78	$ 25
Expected amortization	78		78
Expected amortization in 2024	$ 156		$ 156

Revenues and Trade Receivables, Net - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 13,241	$ 13,265	$ 24,375	$ 25,535
Manufacture and supply revenue
Disaggregation of Revenue [Line Items]
Revenues	11,636	9,874	21,398	19,045
License and royalty revenue
Disaggregation of Revenue [Line Items]
Revenues	1,481	552	2,400	1,058
Co-development and research fees
Disaggregation of Revenue [Line Items]
Revenues	124	241	577	644
Proprietary product sales, net
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 2,598	$ 0	$ 4,788

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Share-Based Compensation - Restricted Stock Unit Awards (Details) - Restricted stock units shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Units
Unvested, at beginning of period (in shares) \| shares	162
Granted (in shares) \| shares	1,724
Vested (in shares) \| shares	(31)
Forfeited (in shares) \| shares	(43)
Unvested, at end of period (in shares) \| shares	1,812
Vested and expected to vest at end of period (in shares) \| shares	1,644
Weighted Average Grant Date Fair Value
Unvested, at beginning of period (in dollars per share) \| $ / shares	$ 2.38
Granted (in dollars per share) \| $ / shares	0.81
Vested (in dollars per share) \| $ / shares	2.33
Forfeited (in dollars per share) \| $ / shares	2.35
Unvested, at end of period (in dollars per share) \| $ / shares	0.89
Vested and expected to vest at end of period (in dollars per share) \| $ / shares	$ 0.89

12.5% Senior Secured Notes and Loans Payable - 12.5% Senior Secured Notes (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended			6 Months Ended
	Oct. 07, 2021	Nov. 03, 2020	Jul. 15, 2019	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2020
12.5% Senior Secured Notes [Abstract]
Warrants issued (in shares)			2,000,000
Warrant exercise price (in dollars per share)			$ 0.001
Net proceeds from issuance of initial notes, warrants and first offer rights			$ 66,082
Long-term debt				$ 38,975			$ 38,975
Premium on early retirement of debt							2,250
Loss on extinguishment of debt				0		$ 0	(353)	$ 0
Premium paid to retire debt							1,027	675
Amortization expense, deferred debt issuance costs and debt discounts							$ 115	109
Senior notes
12.5% Senior Secured Notes [Abstract]
Proceeds from refinancing of debt		$ 4,000
Premium on early retirement of debt		2,250
Payments for loan acquisition costs		$ 220
Maximum \| MAM Pangolin Royalty , LLC
12.5% Senior Secured Notes [Abstract]
Percentage of cash proceeds							30.00%
Senior secured notes due 2025
12.5% Senior Secured Notes [Abstract]
Interest rate			12.50%
Principal amount			$ 70,000
Warrants issued (in shares)		714,000
Warrants issued to purchase common stock (in shares)		143,000
Additional borrowing capacity				30,000			$ 30,000
Redemption percentage of debt under change of control provisions							101.00%
Amortization expense, deferred debt issuance costs and debt discounts				4		$ 4	$ 8	$ 8
Unamortized deferred debt issuance cost and deferred debt discounts				19			19		$ 27
Senior secured notes due 2025 \| Put option
12.5% Senior Secured Notes [Abstract]
Fair value of put option				0			0
Senior secured notes due 2025 \| Senior notes
12.5% Senior Secured Notes [Abstract]
Interest rate			12.50%
Repayment of debt		$ 22,500					$ 5,647
Long-term debt		$ 70,000								$ 51,500
Repurchase price percentage							112.50%
Loss on extinguishment of debt	$ 13,822
Premium paid to retire debt					$ 353		$ 2,700
Senior secured notes due 2025 \| Minimum
12.5% Senior Secured Notes [Abstract]
Elective redemption percentage of debt							101.56%
Senior secured notes due 2025 \| Maximum
12.5% Senior Secured Notes [Abstract]
Principal amount			$ 100,000
Elective redemption percentage of debt							112.50%
Senior secured notes due 2025 - first additional offering
12.5% Senior Secured Notes [Abstract]
Additional borrowing capacity				$ 10,000			$ 10,000
Senior secured notes due 2025 - first additional offering \| Maximum
12.5% Senior Secured Notes [Abstract]
Warrants issued (in shares)				2,143,000			2,143,000
Senior secured notes due 2025 - second additional offering
12.5% Senior Secured Notes [Abstract]
Additional borrowing capacity				$ 20,000			$ 20,000

Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Identifiable Intangible Assets

The following table provides the components of identifiable intangible assets, all of which are finite lived:


	June 30, 2023		December 31, 2022
Purchased intangible	$	3,858	$	3,858
Purchased patent	509		509
	4,367		4,367
Less: accumulated amortization	(3,010)		(2,932)
Intangible assets, net	1,357		1,435

Share-Based Compensation - Valuation Assumptions for Determination of Fair Value of Options (Details) - Stock options	6 Months Ended
	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected volatility	100.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years 6 months
Risk-free interest rate	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(iii)(02)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(iii)(03)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Net Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

The following table reconciles the basic to diluted weighted average shares outstanding for the six months ended June 30, 2023. Diluted EPS is adjusted by the effect of dilutive securities, including options and awards under the Company's equity compensation plans, warrants and the Employee Stock Purchase Plan ("ESPP"). The treasury method was used to calculate the dilutive shares. The anti-dilutive options, awards and warrants for the six months ended June 30, 2023 are included in the footnotes below. As a result of the Company’s net loss incurred for the three months ended June 30, 2023 and the three and six months ended June 30, 2022, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-

share calculations. Therefore, basic and diluted net loss per share were the same for the three months ended June 30, 2023 and the three and six months ended June 30, 2022 as reflected below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	(5,792)	$	(16,302)	$	2,276	$	(29,522)
Denominator:
Weighted-average number of common shares – basic	57,350,902		45,462,516		56,494,805		43,475,198
Effect of dilutive stock options (a)	—		—		46,043		—
Effect of restricted stock units (b)	—		—		468,036		—
Effect of warrants (c)	—		—		1,910,742		—
Effect of Employee Stock Purchase Plan	—		—		18,596		—
Weighted-average number of common shares – diluted	57,350,902		45,462,516		58,938,222		43,475,198
Earnings per share attributable to common stockholders:
Earnings (Loss) per common share – basic	$	(0.10)	$	(0.36)	$	0.04	$	(0.68)
Earnings (Loss) per common share – diluted	$	(0.10)	$	(0.36)	$	0.04	$	(0.68)

(a)For the three months ended June 30, 2023 and 2022 and the six months ended June 30, 2023 and 2022, outstanding stock options of 5,919,522, 5,284,447, 5,794,522 and 5,284,447 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

(b)For the three months ended June 30, 2023 and 2022 and the six months ended June 30, 2023 and 2022, outstanding restricted stock units of 2,477,738, 169,950, 743,438 and 169,950 shares of Common Stock, respectively were anti-dilutive and excluded from the computation of diluted EPS.

(c)For the three months ended June 30, 2023 and 2022 and the six months ended June 30, 2023 and 2022, outstanding warrants of 6,874,977, 10,564,429, 1,714,429 and 10,564,429 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)		$ 1.65
Inducement equity, common stock options outstanding (in shares)	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs of RSU awards	$ 1,185
Unrecognized compensation cost, recognition period	2 years 7 months 20 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs of RSU awards	$ 1,225
Unrecognized compensation cost, recognition period	2 years 10 months 6 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period	1 year 7 months 6 days
Weighted average grant date fair value (in dollars per share)	$ 798.1000
Granted (in dollars per share)	$ 2.02
Unrecognized compensation expense related to non-vested stock options	$ 2,350

Intangible Assets, Net

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

The following table provides the components of identifiable intangible assets, all of which are finite lived:


	June 30, 2023		December 31, 2022
Purchased intangible	$	3,858	$	3,858
Purchased patent	509		509
	4,367		4,367
Less: accumulated amortization	(3,010)		(2,932)
Intangible assets, net	1,357		1,435

Amortization expense was $39 and $13 for each of the three-month periods ended June 30, 2023 and 2022. For the corresponding six-month periods, these expenses totaled $78 and $25, respectively. During the remaining life of the purchased intangible assets, estimated amortization expense is $78 for the remainder of 2023 and $156 in 2024, respectively.

Other Non-current Assets - Narrative (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023 USD ($) royalty_payment payment	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Revenues	$ 13,241	$ 13,265			$ 24,375	$ 25,535
Number of guaranteed royalty payments \| royalty_payment	8
License agreement with Sunovion Pharmaceuticals, Inc.
Acquired Finite-Lived Intangible Assets [Line Items]
Minimum annual royalty receivable	$ 1,000		$ 1,000		1,000
Number of annual royalty payments receivable \| payment	5
Royalty
Acquired Finite-Lived Intangible Assets [Line Items]
Revenues					$ (911)
Royalty \| License agreement with Sunovion Pharmaceuticals, Inc.
Acquired Finite-Lived Intangible Assets [Line Items]
Revenues			$ 8,000	$ 8,000

- Definition

+ References

+ Details

Net Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share

Basic net earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares.

share calculations. Therefore, basic and diluted net loss per share were the same for the three months ended June 30, 2023 and the three and six months ended June 30, 2022 as reflected below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	(5,792)	$	(16,302)	$	2,276	$	(29,522)
Denominator:
Weighted-average number of common shares – basic	57,350,902		45,462,516		56,494,805		43,475,198
Effect of dilutive stock options (a)	—		—		46,043		—
Effect of restricted stock units (b)	—		—		468,036		—
Effect of warrants (c)	—		—		1,910,742		—
Effect of Employee Stock Purchase Plan	—		—		18,596		—
Weighted-average number of common shares – diluted	57,350,902		45,462,516		58,938,222		43,475,198
Earnings per share attributable to common stockholders:
Earnings (Loss) per common share – basic	$	(0.10)	$	(0.36)	$	0.04	$	(0.68)
Earnings (Loss) per common share – diluted	$	(0.10)	$	(0.36)	$	0.04	$	(0.68)

Material Agreements	6 Months Ended
Material Agreements	Jun. 30, 2023
Material Agreements [Abstract]
Material Agreements	Material Agreements Commercial Exploitation Agreement with Indivior In August 2008, the Company entered into a Commercial Exploitation Agreement with Reckitt Benckiser Pharmaceuticals, Inc. (with subsequent amendments collectively, the “Indivior License Agreement”). Reckitt Benckiser Pharmaceuticals, Inc. was later succeeded to in interest by Indivior Inc. Pursuant to the Indivior License Agreement, the Company agreed to manufacture and supply Indivior’s requirements for Suboxone®, a sublingual film formulation, both inside and outside the United States on an exclusive basis. Under the terms of the Indivior License Agreement, the Company is required to manufacture Suboxone in accordance with current Good Manufacturing Practice standards and according to the specifications and processes set forth in the related quality agreements the Company entered into with Indivior. Additionally, the Company is required to obtain Active Pharmaceutical Ingredients ("API") for the manufacture of Suboxone directly from Indivior. The Indivior License Agreement specifies a minimum annual threshold quantity of Suboxone that the Company is obligated to fill and requires Indivior to provide the Company with a forecast of its requirements at various specified times throughout the year. The Indivior License Agreement provides for payment by Indivior of an agreed upon purchase price per unit until January 1, 2025 and, thereafter, that is subject to annual adjustment based on changes in an agreed upon price index. In addition to the purchase price for the Suboxone supplied, Indivior is required to make certain single digit percentage royalty payments tied to net sales value (as provided for in the Indivior License Agreement) outside of the U.S., subject to annual maximum amounts and limited to the life of the related patents. The Indivior License Agreement contains customary contractual termination provisions, including with respect to a filing for bankruptcy or corporate dissolution, an invalidation of the intellectual property surrounding Suboxone, and commission of a material breach of the Indivior License Agreement by either party. Additionally, Indivior may terminate the Indivior License Agreement if the FDA or other applicable regulatory authority declares the Company’s manufacturing site to no longer be suitable for the manufacture of Suboxone or Suboxone is no longer suitable to be manufactured due to health or safety reasons. The initial term of the Indivior License Agreement was seven years from the commencement date. Thereafter, the Indivior License Agreement automatically renewed for successive one year periods. Effective as of March 2, 2023, the Company and Indivior entered into Amendment No. 11 to the Indivior License Agreement (the “Indivior Amendment”). The Indivior Amendment was entered into for the primary purpose of amending the Agreement as follows: (i) extending the term of the Agreement until August 16, 2026 and thereafter providing for automatic renewal terms of successive one year periods unless Indivior delivers notice to the Company, at least twelve months prior to the expiration of the then current term, of Indivior’s intent not to renew, subject to the earlier termination rights of the parties under the Agreement, and providing that the Agreement will not automatically renew for any renewal term beginning after the expiration of the last to expire of the product patents; and (ii) agreeing to transfer pricing and payment terms for supplied product. Supplemental Agreement with Indivior On September 24, 2017, the Company entered into an agreement with Indivior, or the Indivior Supplemental Agreement. Pursuant to the Indivior Supplemental Agreement, the Company conveyed to Indivior all existing and future rights in the settlement of various ongoing patent enforcement legal actions and disputes related to the Suboxone product. The Company also conveyed to Indivior the right to sublicense manufacturing and marketing capabilities to enable an Indivior licensed generic buprenorphine product to be produced and sold by parties unrelated to Indivior or Aquestive. Under the Indivior Supplemental Agreement, the Company was entitled to receive certain payments from Indivior commencing on the date of the Indivior Supplemental Agreement through January 1, 2023. Once paid, all payments made under the Indivior Supplemental Agreement are non-refundable. Through February 20, 2019, the at-risk launch date of the competing generic products of Dr. Reddy’s Labs and Alvogen, the Company received an aggregate of $40,750 from Indivior under the Indivior Supplemental Agreement. Further payments under the Indivior Supplemental Agreement were suspended until adjudication of related patent infringement litigation is finalized. No further payments are due to the Company under the Indivior Supplemental Agreement. See Note 19, Contingencies for details. All payments made by Indivior to the Company pursuant to the Indivior Supplemental Agreement were in addition to, and not in place of, any amounts owed by Indivior to the Company pursuant to the Indivior License Agreement. License Agreement with Sunovion Pharmaceuticals, Inc. On April 1, 2016, the Company entered into a license agreement with Cynapsus Therapeutics Inc. (which was later succeeded to in interest by Sunovion Pharmaceuticals, Inc.), referred to as the Sunovion License Agreement, pursuant to which Sunovion obtained an exclusive, worldwide license (with the right to sub-license) to certain intellectual property, including existing and future patents and patent applications, covering all oral films containing apomorphine for the treatment of off episodes in Parkinson’s disease patients. Sunovion used this intellectual property to develop its apomorphine product KYNMOBI®, which was approved by the FDA on May 21, 2020. This approval triggered Sunovion's obligation to remit a payment of $4,000 due on the earlier of: (a) the first day of product availability at a pharmacy in the United States; or (b) within six months of FDA approval of the product. This amount was received as of September 30, 2020 and was included in License and royalty revenues for the twelve months ended December 31, 2020. Effective March 16, 2020, the Company entered into a first amendment (the "First Amendment") to the Sunovion License Agreement. The Amendment was entered into for the primary purpose of amending the Sunovion License Agreement as follows: (i) including the United Kingdom and any other country currently in the European Union (EU) which later withdraws as a member country in the EU for purpose of determining the satisfaction of the condition triggering the obligation to pay the third milestone due under the Sunovion License Agreement, (ii) extending the date after which Sunovion has the right to terminate the Sunovion License Agreement for convenience from December 31, 2024 to March 31, 2028, (iii) modifying the effective inception date of the first minimum annual royalty due from Sunovion to the Company form January 1, 2020 to April 1, 2020, and (iv) modifying the termination provision to reflect the Company's waiver of the right to terminate the Sunovion License Agreement in the event that KYNMOBI was not commercialized by January 1, 2020. This Sunovion License Agreement will continue until terminated by Sunovion in accordance with the termination provisions of the Amendment to the Sunovion License Agreement. The Sunovion License Agreement continues (on a country-by-country basis) until the expiration of all applicable licensed patents unless earlier terminated under the termination provisions contained therein. Upon termination of the Sunovion License Agreement, all rights to intellectual property granted to Sunovion to develop and commercialize apomorphine-based products will revert to the Company. On October 23, 2020, the Company amended the Sunovion License Agreement to clarify the parties' agreement with respect to certain provisions in the Sunovion License Agreement, specifically the date after which Sunovion has the right to terminate the Sunovion License Agreement and the rights and obligations of the parties regarding the prosecution and maintenance of the Company's patents covered under the Sunovion License Agreement. In consideration of the rights granted to Sunovion under the Sunovion License Agreement, the Company received aggregate payments totaling $22,000 to date. In addition to the upfront payment of $5,000, the Company has also earned an aggregate of $17,000 in connection with specified regulatory and development milestones in the United States and Europe (the “Initial Milestone Payments”), all of which have been received to date. With the Monetization Agreement (defined below) entered into on November 3, 2020 relating to KYNMOBI as described in the paragraph below, the Company is no longer entitled to receive any payments under the Sunovion License Agreement. Purchase and Sale Agreement with an affiliate of Marathon Asset Management On November 3, 2020, the Company entered into a Purchase and Sale Agreement (the “Monetization Agreement”) with MAM Pangolin Royalty, LLC, an affiliate of Marathon Asset Management (“Marathon”). Under the terms of the Monetization Agreement, we sold to Marathon all of our contractual rights to receive royalties and milestone payments due under the Sunovion License Agreement related to Sunovion's apomorphine product, KYNMOBI. In exchange for the sale of these rights, we received an upfront payment from Marathon of $40,000 and an additional payment of $10,000 through the achievement of the first milestone. We have received an aggregate amount of $50,000 through June 30, 2023 under the Monetization Agreement. Under the Monetization Agreement, additional contingent payments of up to $75,000 may be due to us upon the achievement of worldwide royalty and other commercial targets within a specified timeframe, which could result in total potential proceeds of $125,000. Based on the current public forecast by Sunovion of estimated KYNMOBI sales as of June 30, 2023, the Company likely will not receive any of the additional contingent payments under the Monetization Agreement. See Note 15, Sale of Future Revenue for further details on the accounting for the Monetization Agreement. Agreement to Terminate CLA with Zevra Therapeutics, Inc. (formerly KemPharm, Inc.) In March 2012, the Company entered into an agreement with Zevra Therapeutics Inc. (formerly KemPharm, Inc.) (“Zevra”) to terminate a Collaboration and License Agreement entered into by the Company and Zevra in April 2011. Under this termination arrangement, the Company has the right to participate in any and all value that Zevra may derive from the commercialization or any other monetization of Zevra's KP-415 and KP-484 compounds or their derivatives. Among these monetization transactions are those related to any business combinations involving Zevra and collaborations, royalty arrangements, or other transactions from which Zevra may realize value from these compounds or their derivatives. Licensing and Supply Agreement with Haisco for Exservan™ (Riluzole Oral Film) for ALS Treatment in China The Company entered into a License, Development and Supply Agreement with Haisco, a Chinese limited company listed on the Shenzhen Stock Exchange, effective as of March 3, 2022 (the “Haisco Agreement”), pursuant to which Aquestive granted Haisco an exclusive license to develop and commercialize Exservan™ (riluzole oral film) for the treatment of amyotrophic lateral sclerosis, or ALS (“Exservan"), in China. Under the terms of the Haisco Agreement, Aquestive will serve as the exclusive sole manufacturer and supplier for Exservan in China. Under the Haisco Agreement, as amended, the Company received a $7,000 upfront cash payment in September 2022, and will receive regulatory milestone payments and double-digit royalties on net sales of Exservan in China, and earn manufacturing revenue upon the sale of Exservan in China. Compensatory Arrangements of Certain Officers On May 17, 2022, the Company announced that Keith J. Kendall, former President and Chief Executive Officer of the Company, was leaving the Company and the Company's Board of Directors, effective May 17, 2022. In connection with his departure, Mr. Kendall and the Company entered into a Separation Agreement, including a Consulting Agreement (collectively, the “Separation Agreement”), dated as of May 17, 2022. Pursuant to the Separation Agreement, Mr. Kendall’s employment with the Company ceased effective as of May 17, 2022 (the “Termination Date”). Under the Separation Agreement, Mr. Kendall received the following principal severance benefits, contingent upon Mr. Kendall's compliance with a customary release of claims entered into at the time: (i) a cash payment consisting of the sum of any previously unpaid base salary through the Termination Date and any accrued and unused vacation time for the 2022 calendar year; (ii) a cash payment consisting of his pro-rata portion of his target bonus in the amount of $280; (iii) a cash payment in the amount of $150, representing 90 days of his base pay in lieu of the required notice period under Mr. Kendall’s employment agreement; (iv) severance payments consisting of (a) a cash payment of $263, which represents an acceleration of the first three installments of Mr. Kendall’s 18 months severance which he is entitled to under his employment agreement; (b) monthly severance payments of $53 per month for the first through the seventh months following the Termination Date; (c) $70 paid for the eighth month after the Termination Date; and (d) monthly severance payments of $88 for the ninth through eighteenth months following the Termination Date; (v) accelerated vesting of unvested outstanding equity awards, with options remaining exercisable for the duration of the stated term of each award; and (vi) continuing coverage under the Company’s group health and life insurance plans at the same levels and on the same terms and conditions as are provided to similarly-situated executives, for a period of 18 months. Under the terms of the Separation Agreement, Mr. Kendall served as a consultant to the Company, on an as-needed basis, providing transition services, strategic planning, financial planning, merger and acquisition advice and consultation, for a period of time from the Separation Date to December 31, 2022. For these services, Mr. Kendall received a consulting fee of $10 per month. Licensing and Supply Agreement with Atnahs Pharma UK Limited The Company entered into a License and Supply Agreement with Atnahs Pharma UK Limited, a company registered in England and Wales (“Pharmanovia”), effective as of September 26, 2022 (the “Pharmanovia Agreement”), pursuant to which the Company granted Pharmanovia an exclusive license to certain of the Company's intellectual property to develop and commercialize Libervant™ (diazepam) Buccal Film for the treatment of prolonged or acute, convulsive seizures in all ages in certain countries of the European Union, the United Kingdom, Switzerland, Norway and the Middle East and North Africa (the "Territory") during the term of the Pharmanovia Agreement. Under the Pharmanovia Agreement, Pharmanovia will lead the regulatory and commercialization activities for Libervant in the Territory and the Company will serve as the exclusive sole manufacturer and supplier of Libervant in the Territory. Pursuant to the Pharmanovia Agreement, the Company received $3,500 upon agreement execution and, upon the occurrence of certain conditions set forth in the Pharmanovia Agreement, will receive additional milestone payments and profit shares, as well as manufacturing fees and royalty fees through the expiration of the Pharmanovia Agreement. Effective March 27, 2023, the Company amended the Pharmanovia Agreement (the “Pharmanovia Amendment”) to expand the scope of territory for the license of Libervant to cover the rest of the world, excluding the U.S., Canada and China. Under the Pharmanovia Amendment, Pharmanovia will be responsible for seeking appropriate regulatory approval in the expanded territories, which includes Latin America, Africa and Asia Pacific. Pursuant to the terms of the Pharmanovia Amendment, the Company received a non-refundable payment of $2,000 from Pharmanovia in connection with the execution of the Pharmanovia Amendment. Licensing Agreement with Assertio Holdings, Inc. Effective as of October 26, 2022, the Company entered into a License Agreement with Otter Pharmaceuticals, LLC, a subsidiary of Assertio Holdings, Inc. ("Assertio"), to license Sympazan® (clobazam) oral film for the adjunctive treatment of seizures associated with Lennox‐Gastaut syndrome in patients aged two years of age and older (the “Assertio Agreement”). Under the terms of the Assertio Agreement, the Company granted to Assertio an exclusive, worldwide license of its intellectual property for Sympazan during the term of the Assertio License Agreement for an upfront payment of $9,000. In addition, Aquestive received a $6,000 milestone payment subsequent to Aquestive's receipt of a notice of allowance from the United States Patent and Trademark Office (PTO) of the Company's patent application U.S. Serial No. 16/561,573, and payment by the Company of the related allowance fee. The Company received the notice of allowance from the PTO and paid the related allowance fee on October 27, 2022. Further, under the Assertio Agreement, the Company will receive royalties from Assertio for the sale of the product through the expiration of the Assertio Agreement. The Company also entered into a long-term supply agreement with Assertio for Sympazan pursuant to which the Company is the exclusive sole worldwide manufacturer and supplier of the product and will receive manufacturing fees from Assertio for the product through the expiration of such supply agreement.

Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw material	$ 1,504	$ 1,899
Packaging material	3,321	2,914
Finished goods	1,125	967
Total inventory, net	$ 5,950	$ 5,780

Sale of Future Revenue - Royalty Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Sale of Future Revenue [Roll Forward]
Liability related to the sale of future revenue, net at December 31, 2022			$ 65,259
Revenues	$ 13,241	$ 13,265	24,375	$ 25,535
Amortization of issuance costs			107
Interest expense related to the sale of future revenue			0	$ 3,722
Liability related to the sale of future revenue, net (includes current portion of $1,000)	64,455		64,455
Current portion	$ 1,000		1,000
Royalty
Sale of Future Revenue [Roll Forward]
Revenues			$ (911)

- Definition

+ References

+ Details

Revenues and Trade Receivables, Net - Summary of Activity with Sales Related Allowances and Accruals (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Accounts Receivable Allowances and Accruals [Roll Forward]
Balance at December 31. 2022	$ 669
Provision	0
Payments / credits	(87)
Reclassifications	(582)
Balance at March 31, 2023	$ 0

Revenues and Trade Receivables, Net

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue and Trade Receivables, Net

Revenues and Trade Receivables, NetThe Company’s revenues include (i) sales of manufactured products pursuant to contracts with commercialization licensees, (ii) license and royalty revenues, and (iii) co-development and research fees generally in the form of milestone payments. The Company recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, a five-step model is applied that includes (1) identifying the contract with a customer, (2) identifying the

performance obligation in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing when, or as, an entity satisfies a performance obligation.

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the current revenue recognition standard. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a distinct good. When identifying performance obligations, the Company considers all goods or services promised in a contract regardless of whether explicitly stated in the contract or implied by customary business practice. The Company's performance obligations consist mainly of transferring goods and services identified in the contracts, purchase orders or invoices.

Manufacture and supply revenue – this revenue is derived from products manufactured exclusively for specific customers according to their strictly-defined specifications, subject only to specified quality control inspections. Accordingly, at the point in time when quality control requirements are satisfied, revenue net of related discounts is recorded.

Proprietary product sales, net - this net revenue is recognized when product is shipped and title passes to the customer, typically at time of delivery. At the time of sale, estimates for various revenue allowances are recorded based on historical trends and judgmental estimates. For sales of Sympazan (prior to its outlicensing by the Company to Otter Pharmaceuticals, LLC in October 2022), returns allowances and prompt pay discounts are estimated based on contract terms and historical return rates, if available, and these estimates are recorded as a reduction of receivables. Similarly determined estimates are recorded relating to wholesaler service fees, co-pay support redemptions, Medicare, Medicaid and other rebates, and these estimates are reflected as a component of accrued liabilities. Once all related variable considerations are resolved and uncertainties as to collectable amounts are eliminated, estimates are adjusted to actual allowance amounts. Provisions for these estimated amounts are reviewed and adjusted on no less than a quarterly basis.

License and Royalty Revenue – license revenues are determined based on an assessment of whether the license is distinct from any other performance obligations that may be included in the underlying licensing arrangement. If the customer is able to benefit from the license without provision of any other performance obligations by the Company and the license is thereby viewed as a distinct or functional license, the Company then determines whether the customer has acquired a right to use the license or a right to access the license. For functional licenses that do not require further development or other ongoing activities by the Company, the customer is viewed as acquiring the right to use the license as, and when, transferred and revenues are generally recorded at a point in time, subject to contingencies or constraints. For symbolic licenses providing substantial value only in conjunction with other performance obligations to be provided by the Company, revenues are generally recorded over the term of the license agreement. Such other obligations provided by the Company generally include manufactured products, additional development services or other deliverables that are contracted to be provided during the license term. Payments received in excess of amounts ratably or otherwise earned are deferred and recognized over the term of the license or as contingencies or other performance obligations are met.

Royalty revenue is estimated and recognized when sales under supply agreements with commercial licensees are recorded, absent any contractual constraints or collectability uncertainties.

Co-development and Research Fees – co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development defined within a contractual development or feasibility study agreement with a customer. The nature of these performance obligations, broadly referred to as milestones or deliverables, are usually dependent on the scope and structure of the project as contracted, as well as the complexity of the product and the specific regulatory approval path necessary for that product. Accordingly, the duration of the Company’s research and development projects may range from several months to approximately three years. Although each contractual arrangement is unique, common milestones included in these arrangements include those for the performance of efficacy and other tests, reports of findings, formulation of initial prototypes, production of stability clinical and/or scale-up batches, and stability testing of those batches. Additional milestones may be established and linked to clinical results of the product submission and/or approval of the product by the FDA and the commercial launch of the product.

Revenue recognition arising from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Milestone payments based on a non-sales metric such as a development-based milestone (e.g., an NDA filing or obtaining regulatory approval) represent variable consideration and are included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience and the significance a third party has on the outcome. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales are incurred or the performance obligation to which the sales relate to has been satisfied.

Contract Assets - in certain situations, customer contractual payment terms provide for invoicing in arrears. Accordingly, some, or all performance obligations may be completely satisfied before the customer may be invoiced under such agreements. In these situations, billing occurs after revenue recognition, which results in a contract asset supported by the estimated value of the completed portion of the performance obligation. These contract assets are reflected as a component of other receivables within Trade and other receivables within the Condensed Consolidated Balance Sheet. As of June 30, 2023, and December 31, 2022, such contract assets were $2,172 and $2,139, respectively, consisting primarily of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with 3rd parties.

Contract Liabilities - in certain situations, customer contractual payment terms are structured to permit invoicing in advance of delivery of a good or service. In such instances, the customer’s cash payment may be received before satisfaction of some, or any, performance obligations that are specified. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. These contract liabilities are reflected as deferred revenue within the Condensed Consolidated Balance Sheet. As remaining performance obligations are satisfied, an appropriate portion of the deferred revenue balance is credited to earnings. As of June 30, 2023 and December 31, 2022, such contract liabilities were $37,112 and $32,930, respectively.

The Company’s revenues were comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Manufacture and supply revenue	$	11,636	$	9,874	$	21,398	$	19,045
License and royalty revenue	1,481		552		2,400		1,058
Co-development and research fees	124		241		577		644
Proprietary product sales, net	—		2,598		—		4,788
Total revenues	$	13,241	$	13,265	$	24,375	$	25,535

Disaggregation of Revenue

The following table provides disaggregated net revenue by geographic area:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	7,313	$	11,257	$	15,478	$	22,338
Ex-United States	5,928		2,008		8,897		3,197
Total revenues	$	13,241	$	13,265	$	24,375	$	25,535

Ex-United States revenues are derived primarily from Hypera Pharma ("Hypera") and Indivior Inc. ("Indivior") for product manufactured for markets outside of the United States.

Trade and other receivables, net consist of the following:


	June 30, 2023		December 31, 2022
Trade receivables	$	7,969	$	3,274
Contract and other receivables	2,172		2,139
Less: allowance for doubtful accounts	(40)		(40)
Less: sales-related allowances	—		(669)
Trade and other receivables, net	$	10,101	$	4,704

The following table presents the changes in the allowance for doubtful accounts:


	June 30, 2023		December 31, 2022
Allowance for doubtful accounts at beginning of the period	$	40	$	40
Additions charged to expense	—		—
Write-downs charged against the allowance	—		—
Allowance for doubtful accounts at end of the period	$	40	$	40

Sales-Related Allowances and Accruals

Revenues from sales of products are recorded net of prompt payment discounts, wholesaler service fees, returns allowances, rebates and co-pay support redemptions. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The calculation of some of these items requires management to make estimates based on sales data, historical return data, contracts and other related information that may become known in the future. The adequacy of these provisions is reviewed on a quarterly basis.

The following table provides a summary of activity with respect to sales-related allowances and accruals for the six months ended June 30, 2023:


	Total Sales-Related Allowances

Balance at December 31, 2022	$	669
Provision	—
Payments / credits	(87)
Reclassifications	$	(582)
Balance at June 30, 2023	$	—

Total reductions of gross product sales from sales-related allowances and accruals were $0 for the six months ended June 30, 2023 due to the outlicensing of Sympazan. Accruals for returns allowances and prompt pay discounts are reflected as a direct reduction of trade receivables and accruals for wholesaler service fees, co-pay support redemptions and rebates as current liabilities. The accrued balances relative to these provisions included in Trade and other receivables, net and Accounts payable and accrued expenses were $0 and $636, respectively, as of June 30, 2023, and $669 and $1,012, respectively, as of December 31, 2022.

Concentration of Major Customers

Customers are considered major customers when net revenue exceeds 10% of total revenue for the period or outstanding receivable balances exceed 10% of total receivables. For the six months ended June 30, 2023, Indivior and Hypera exceeded the 10% threshold for revenue and represented approximately 74% and 14% of total revenue, respectively. As of June 30, 2023, Indivior exceeded the 10% threshold for outstanding receivables and represented 75% respectively, of outstanding receivables. For the six months ended June 30, 2022, Indivior exceeded the 10% threshold for revenue and represented approximately 77% of total revenue. As of December 31, 2022, Indivior exceeded the 10% threshold for outstanding receivables and represented 80% of total trade and other receivables.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Right-of-Use Assets and Lease Obligations - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) lease	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) lease	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of leases \| lease	3		3
Operating lease expense	$ 452	$ 424	$ 870	$ 843
Variable lease expense	$ 121	$ 127	$ 229	$ 223
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	4 years 9 months 18 days		4 years 9 months 18 days
Estimated discount rate	14.80%		14.80%
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years 3 months 18 days		10 years 3 months 18 days
Estimated discount rate	15.60%		15.60%

Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory, Net

The components of Inventory, net are as follows:


	June 30, 2023		December 31, 2022
Raw material	$	1,504	$	1,899
Packaging material	3,321		2,914
Finished goods	1,125		967
Total inventory, net	$	5,950	$	5,780

12.5% Senior Secured Notes and Loans Payable - Debt Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 9,171
2024	19,487
2025	10,317
Total	$ 38,975

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (A) Recent Accounting Pronouncements As an emerging growth company, the Company has elected to take advantage of the extended transition period afforded by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards and, as a result, the Company will comply with new or revised accounting standards no later than the relevant dates on which adoption of such standards is required for emerging growth companies. The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recent Accounting Pronouncements Adopted as of June 30, 2023: In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), amending existing guidance on the accounting for credit losses on financial instruments within its scope. The guidance provides for use of a forward-looking expected loss model for estimating credit losses, replacing the incurred loss model that is based on past events and current conditions. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses (and subsequent recoveries). The Company adopted the new guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The accounting standard update was issued to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The Company adopted the new guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) Disclosure of Supplier Finance Program Obligations,” to increase the transparency of supplier finance programs regarding the use of such programs by the buyer party (that is, the disclosing entity) and the programs’ effects on an entity’s working capital, liquidity, and cash flows. ASU 2022-04 is effective for all entities for fiscal years beginning after Dec. 15, 2022, and interim periods within those fiscal years. The requirement on rollforward information is effective for fiscal years beginning after Dec. 15, 2023. Early adoption is permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. Recent Accounting Pronouncements Not Adopted as of June 30, 2023: In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This Accounting Standards Update was issued to address the complexity in accounting for certain financial instruments with characteristics of liabilities and equity. Among other provisions, the amendments in this ASU significantly change the guidance on the issuer’s accounting for convertible instruments and the guidance on the derivative scope exception for contracts in an entity’s own equity such that fewer conversion features will require separate recognition, and fewer freestanding instruments, like warrants, will require liability treatment. More specifically, the ASU reduces the number of models that may be used to account for convertible instruments from five to three, amends diluted EPS calculations for convertible instruments, modifies the requirements for a contract that may be settled in an entity’s own shares to be classified in equity and requires expanded disclosures intended to increase transparency. These amendments will be effective for the Company beginning January 1, 2024, with early adoption of the amendments permitted. The Company is currently evaluating the impact from the adoption of ASU 2020-06 on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This Accounting Standards Update was issued to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, and to introduce new disclosure requirements for such equity securities. These amendments will be effective for the Company beginning January 1, 2024, with early adoption of the amendments permitted. The Company is currently evaluating the impact from the adoption of ASU 2020-06 on its consolidated financial statements.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income (loss)	$ 2,276	$ (29,522)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation, amortization, and impairment	614	1,394
Share-based compensation	975	3,132
Amortization of debt issuance costs and discounts	115	109
Interest expense related to the sale of future revenue, net	0	3,722
Other, net	(267)	(161)
Changes in operating assets and liabilities:
Trade and other receivables, net	(4,728)	(6,949)
Inventories, net	(170)	(970)
Prepaid expenses and other assets	1,812	2,446
Accounts payable	743	574
Accrued expenses and other liabilities	(4,643)	(2,021)
Deferred revenue	4,182	7,202
Net cash provided by (used for) operating activities	909	(21,044)
Investing activities:
Capital expenditures	(828)	(781)
Net cash used for investing activities	(828)	(781)
Financing activities:
Proceeds from common stock issued under public equity offering, net	5,090	2,473
Proceeds from common stock issued under private equity offering, net	0	3,805
Proceeds from issuance and exercise of warrants	3,542	5,878
Proceeds from shares issued under employee stock purchase plan	31	15
Repayment of debt principal including lease liabilities	(12,543)	0
Premium paid to retire debt	(1,027)	(675)
Payments for taxes on share-based compensation	(11)	0
Net cash (used for) provided by financing activities	(4,918)	11,496
Net (decrease) increase in cash and cash equivalents	(4,837)	(10,329)
Cash and cash equivalents:
Cash and cash equivalents at beginning of period	27,273	28,024
Cash and cash equivalents at end of period	22,436	17,695
Supplemental disclosures of cash flow information:
Cash payments for interest	$ 2,820	$ 3,219

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 250	$ 655	$ 536	$ 1,369

Accrued Expenses

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	June 30, 2023		December 31, 2022
Accrued compensation	$	2,800	$	6,389
Real estate and personal property taxes	299		322
Accrued distribution expenses and sales returns provision	636		1,012
Other	528		244
Total accrued expenses	$	4,263	$	7,967

Intangible Assets, Net - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 4,367	$ 4,367
Less: accumulated amortization	(3,010)	(2,932)
Intangible assets, net	1,357	1,435
Purchased intangible
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	3,858	3,858
Purchased patent
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 509	$ 509

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended		31 Months Ended
	Aug. 02, 2023	Aug. 08, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Aug. 01, 2023	Jul. 15, 2019
Subsequent Event [Line Items]
Warrants issued (in shares)							2,000,000
Warrant exercise price (in dollars per share)							$ 0.001
Proceeds from warrant exercises			$ 3,542
At-the-market offering
Subsequent Event [Line Items]
Payments for stock issuance costs			$ 312	$ 139	$ 2,395
Subsequent event
Subsequent Event [Line Items]
Proceeds from warrant exercises	$ 4,800
Net proceeds from initial public offering		$ 233
Payments for stock issuance costs		$ 7
Subsequent event \| Existing Warrants
Subsequent Event [Line Items]
Warrants issued (in shares)						5,000,000
Warrant exercise price (in dollars per share)						$ 0.96
Stock issued during period, conversion of convertible securities (in shares)	5,000,000
Subsequent event \| New Warrants
Subsequent Event [Line Items]
Warrants issued (in shares)						2,750,000
Warrant exercise price (in dollars per share)	$ 2.60
Subsequent event \| At-the-market offering
Subsequent Event [Line Items]
Common Stock issued upon public equity offering (in shares)		110,709,000
Sale of stock, remaining value authorized for issuance		$ 27,773

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 2,800	$ 6,389
Real estate and personal property taxes	299	322
Accrued balances - accounts payable and accrued expense	636	1,012
Other	528	244
Total accrued expenses	$ 4,263	$ 7,967

Risks and Uncertainties (Details) - USD ($) $ in Thousands	6 Months Ended		31 Months Ended
Risks and Uncertainties (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jul. 15, 2019
Concentration Risk [Line Items]
Cash and cash equivalents	$ 22,436		$ 22,436	$ 27,273
Accumulated deficit	(308,931)		$ (308,931)	$ (311,207)
At-the-market offering
Concentration Risk [Line Items]
Number of shares issued in transaction (in shares)			13,402,516
Consideration received on sale of stock			$ 44,796
Payments for stock issuance costs	312	$ 139	2,395
Remaining amount available for offering	$ 28,014		$ 28,014
Equity distribution agreement
Concentration Risk [Line Items]
Number of shares issued in transaction (in shares)	3,060,559	1,404,878
Consideration received on sale of stock	$ 5,090	$ 2,473
Senior secured notes due 2025
Concentration Risk [Line Items]
Interest rate					12.50%

Share-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company recognized share-based compensation in its unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) during 2023 and 2022 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Manufacture and supply	$	55	$	45	$	96	$	93
Research and development	100		162		172		331
Selling, general and administrative	493		2,014		724		2,710
Total share-based compensation expenses	$	648	$	2,221	$	992	$	3,134

Share-based compensation from:
Restricted stock units	$	195	$	39	$	220	$	39
Stock options	436		2,180		755		3,093
Employee stock purchase plan (ESPP)	17		2		17		2
Total share-based compensation expenses	$	648	$	2,221	$	992	$	3,134

Share-Based Compensation Equity Awards

The following tables provide information about the Company’s restricted stock unit and stock option activity during the six month period ended June 30, 2023:



Restricted Stock Unit Awards (RSUs) - Time based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2022	162	$	2.38
Granted	1,724	$	0.81
Vested	(31)	$	2.33
Forfeited	(43)	$	2.35
Unvested as of June 30, 2023	1,812	$	0.89
Vested and expected to vest as of June 30, 2023	1,644	$	0.89



Restricted Stock Unit Awards (RSUs) - Performance based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2022	—	$	—
Granted	666	2.04
Vested	—	—
Forfeited	—	—
Unvested as of June 30, 2023	666	$	2.04
Vested and expected to vest as of June 30, 2023	583	$	2.04

As of June 30, 2023, $1,185 and $1,225 of unrecognized compensation expense related to unvested time-based restricted stock units and performance based unvested restricted stock units, respectively, are expected to be recognized over a weighted average period of 2.64 years and 2.85 years, respectively, from the date of grant.


Stock Option Awards:	Number of Options	Weighted Average Exercise Price
	(in thousands)
Outstanding as of December 31, 2022	6,028	$	5.48
Granted	150	2.02
Exercised, Forfeited, Expired	(258)	2.30
Outstanding as of June 30, 2023	5,920	5.54
Vested and expected to vest as of June 30, 2023	5,824	$	5.59
Exercisable as of June 30, 2023	4,322	$	6.69

The fair values of stock options granted during the six months ended June 30, 2023 were estimated using the Black-Scholes pricing model based on the following assumptions:



Expected dividend yield			—%
Expected volatility			100%
Expected term (years)			5.5
Risk-free interest rate			4.0%

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2023 was $0.7981. During the six months ended June 30, 2023, stock options were granted with an exercise price of $2.02 and

accordingly, given the Company’s share price of $1.65 at June 30, 2023, the intrinsic value provided by certain shares granted during this period was de minimus.

As of June 30, 2023, $2,350 of unrecognized compensation expense related to non-vested stock options is expected to be recognized over a weighted average period of 1.60 years from the date of grant.

2022 Inducement Equity Incentive Plan

In accordance with Nasdaq Listing Rule 5635(c)(4), the Company adopted the 2022 Equity Inducement Plan approved by the Compensation Committee of the Board of Directors of the Company effective as of July 29, 2022. There were no awards outstanding under this Plan as of June 30, 2023.

Financial Instruments – Fair Value Measurements	6 Months Ended
Financial Instruments – Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments – Fair Value Measurements	Financial Instruments – Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1 — Observable quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable prices that are based on inputs not quoted on active markets but corroborated by market data. •Level 3 — Unobservable inputs that are supported by little or no market activity, such as pricing models, discounted cash flow methodologies and similar techniques. The carrying amounts reported in the balance sheets for trade and other receivables, prepaid and other current assets, accounts payable and accrued expenses, and deferred revenue approximate their fair values based on the short-term maturity of these assets and liabilities. The Company granted warrants to certain noteholders in connection with its debt repayment and debt refinancing during 2020 and 2019, respectively. Those warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation. See Note 14, Warrants for further information on these warrants. The Company's 12.5% Senior Secured Notes contain a repurchase offer or put option which gives holders of the option the right, but not the obligation, to require the Company to redeem the 12.5% Notes up to a capped portion of milestone payments resulting from the Monetization Agreement. This put option was valued based on Level 3 inputs and its fair value was based primarily on an independent third-party appraisal consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants Accounting and Valuation Guide. See Note 13, 12.5% Senior Secured Notes and Loans Payable for further discussion. In June 2022, the Company issued pre-funded warrants to purchase up to 4,000,000 shares of Common Stock and Common Stock warrants to purchase up to 8,850,000 shares of Common Stock in connection with its Securities Purchase Agreements with certain purchasers. Those warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide. See Note 14, Warrants for further information on these warrants.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 13,241,000	$ 13,265,000	$ 24,375,000	$ 25,535,000
Costs and expenses:
Manufacture and supply	6,617,000	5,242,000	11,354,000	9,456,000
Research and development	3,473,000	5,198,000	7,020,000	9,971,000
Selling, general and administrative	7,360,000	15,587,000	14,815,000	28,608,000
Total costs and expenses	17,450,000	26,027,000	33,189,000	48,035,000
Loss from operations	(4,209,000)	(12,762,000)	(8,814,000)	(22,500,000)
Other income/ (expenses):
Interest expense	(1,373,000)	(1,635,000)	(2,808,000)	(3,253,000)
Interest expense related to the sale of future revenue, net	(55,000)	(1,937,000)	(107,000)	(3,798,000)
Interest and other income (expense), net	129,000	32,000	14,642,000	29,000
Loss on extinguishment of debt	0	0	(353,000)	0
Net income (loss) before income taxes	(5,508,000)	(16,302,000)	2,560,000	(29,522,000)
Income taxes	284,000	0	284,000	0
Net income (loss)	(5,792,000)	(16,302,000)	2,276,000	(29,522,000)
Comprehensive income (loss)	$ (5,792,000)	$ (16,302,000)	$ 2,276,000	$ (29,522,000)
Earnings (loss) per share attributable to common stockholders - basic (in dollars per share)	$ (0.10)	$ (0.36)	$ 0.04	$ (0.68)
Earnings (loss) per share attributable to common stockholders - diluted (in dollars per share)	$ (0.10)	$ (0.36)	$ 0.04	$ (0.68)
Weighted average common shares outstanding - basic (in shares)	57,350,902	45,462,516	56,494,805	43,475,198
Weighted average common shares outstanding - diluted (in shares)	57,350,902	45,462,516	58,938,222	43,475,198

Revenues and Trade Receivables, Net - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Contract and other receivables	$ 2,172		$ 2,139
Contract liabilities	37,112		32,930
Accrued balances - trade and other receivables, net	0		669
Accrued balances - accounts payable and accrued expense	$ 636		$ 1,012
Maximum
Concentration Risk [Line Items]
Research and development, project duration	3 years
Revenue from Contract with Customer Benchmark \| Indivior \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk	74.00%	77.00%
Revenue from Contract with Customer Benchmark \| Hypera \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk	14.00%
Receivables \| Indivior \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk	75.00%		80.00%

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	The Company has accounted for income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts and respective tax bases of existing assets and liabilities, as well as net operating loss carryforwards and research and development credits. Valuation allowances are provided if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. For the three and six months ended June 30, 2023, the effective income tax rate was (5.2)% and 11.1%, respectively, and the Company recorded $284 and $284 from its pretax (loss) income of $(5,508) and $2,560, respectively. For the three and six months ended June 30, 2022, the Company recorded no income tax benefit from its pretax (loss) income of $(16,302) and $(29,522), respectively. The primary factors impacting the effective tax rate for six months ended June 30, 2023 is the anticipated full year pre-tax book loss, the expected utilization of net operating losses and research and development credits to offset current year tax liabilities, and a full valuation allowance against any associated net deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Material Agreements (Details)								1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		17 Months Ended	32 Months Ended
Material Agreements (Details)	Mar. 27, 2023 USD ($)	Mar. 02, 2023	Oct. 26, 2022 USD ($)	Sep. 26, 2022 USD ($)	May 17, 2022 USD ($) d installment	Nov. 03, 2020 USD ($)	Apr. 01, 2016 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Feb. 20, 2019 USD ($)	Jun. 30, 2023 USD ($)	Mar. 03, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Pro rata portion of target bonus					$ 280,000
Cash payment representing 90 days of base pay					$ 150,000
Days of base pay \| d					90
Severance costs					$ 263,000
Number of installments \| installment					3
Severance period					18 months
Coverage duration					18 months
Consulting fee (in dollars per month)					$ 10,000
Royalties related to the sale of future revenue										$ 13,241,000	$ 13,265,000	$ 24,375,000	$ 25,535,000
Assertio Holdings, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from collaborators			$ 9,000,000
Royalties related to the sale of future revenue			$ 6,000,000
First 7 Months
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Severance costs					53,000
Eighth Month
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Severance costs					70,000
Ninth through Eighteenth Month
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Severance costs					$ 88,000
License and royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalties related to the sale of future revenue										$ 1,481,000	$ 552,000	$ 2,400,000	$ 1,058,000
Commercial exploitation agreement with Indivior
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement term												7 years
Automatic renewal period of agreement		1 year										1 year
Supplemental agreement with Indivior
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment														$ 40,750,000
License agreement with Sunovion Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment							$ 22,000,000
License agreement with Sunovion Pharmaceuticals, Inc. upfront
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment							5,000,000
License agreement with Sunovion Pharmaceuticals, Inc milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment							17,000,000
License agreement with Sunovion Pharmaceuticals, Inc milestones \| License and royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalties related to the sale of future revenue							$ 4,000,000
MAM Pangolin Royalty , LLC \| Monetization Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue						$ 40,000,000		$ 10,000,000	$ 10,000,000						$ 50,000,000
Proceeds from debt, contingent on additional milestones						75,000,000
MAM Pangolin Royalty , LLC \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue						$ 125,000,000
Haisco Pharmaceutical Group Co., Ltd, upfront payment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Receivable																$ 7,000,000
Atnahs Pharma UK Limited, Amended Agreement \| License & Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue	$ 2,000,000
License & Supply Agreement \| Atnahs Pharma UK Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue				$ 3,500,000

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Expense

The Company recognized share-based compensation in its unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) during 2023 and 2022 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Manufacture and supply	$	55	$	45	$	96	$	93
Research and development	100		162		172		331
Selling, general and administrative	493		2,014		724		2,710
Total share-based compensation expenses	$	648	$	2,221	$	992	$	3,134

Share-based compensation from:
Restricted stock units	$	195	$	39	$	220	$	39
Stock options	436		2,180		755		3,093
Employee stock purchase plan (ESPP)	17		2		17		2
Total share-based compensation expenses	$	648	$	2,221	$	992	$	3,134

Restricted Stock Units Awards

The following tables provide information about the Company’s restricted stock unit and stock option activity during the six month period ended June 30, 2023:



Restricted Stock Unit Awards (RSUs) - Time based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2022	162	$	2.38
Granted	1,724	$	0.81
Vested	(31)	$	2.33
Forfeited	(43)	$	2.35
Unvested as of June 30, 2023	1,812	$	0.89
Vested and expected to vest as of June 30, 2023	1,644	$	0.89

Performance Share Activity



Restricted Stock Unit Awards (RSUs) - Performance based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2022	—	$	—
Granted	666	2.04
Vested	—	—
Forfeited	—	—
Unvested as of June 30, 2023	666	$	2.04
Vested and expected to vest as of June 30, 2023	583	$	2.04

Stock Option Activity


Stock Option Awards:	Number of Options	Weighted Average Exercise Price
	(in thousands)
Outstanding as of December 31, 2022	6,028	$	5.48
Granted	150	2.02
Exercised, Forfeited, Expired	(258)	2.30
Outstanding as of June 30, 2023	5,920	5.54
Vested and expected to vest as of June 30, 2023	5,824	$	5.59
Exercisable as of June 30, 2023	4,322	$	6.69

The fair values of stock options granted during the six months ended June 30, 2023 were estimated using the Black-Scholes pricing model based on the following assumptions:



Expected dividend yield			—%
Expected volatility			100%
Expected term (years)			5.5
Risk-free interest rate			4.0%

Company Overview and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	6 Months Ended		12 Months Ended	31 Months Ended
	Sep. 07, 2022	Jun. 06, 2022	Apr. 12, 2022	Mar. 26, 2021	Sep. 11, 2019	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)							$ 0.001		$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)							61,615,959		54,827,734	61,615,959
Proceeds from warrant exercises							$ 3,542
Common Stock Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants issued to purchase common stock (in shares)							3,689,452
Equity distribution agreement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, aggregate offering price					$ 25,000
Common stock, par value (in dollars per share)					$ 0.001
Number of shares issued in transaction (in shares)							3,060,559	1,404,878
Consideration received on sale of stock							$ 5,090	$ 2,473
Equity distribution agreement \| Maximum
Subsidiary, Sale of Stock [Line Items]
Sale of stock, aggregate offering price	$ 35,000
At-the-market offering, amendment no. 1 \| Maximum
Subsidiary, Sale of Stock [Line Items]
Sale of stock, aggregate offering price				$ 50,000
At-the-market offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)										13,402,516
Consideration received on sale of stock										$ 44,796
Payments for stock issuance costs							312	$ 139		2,395
Remaining amount available for offering							$ 28,014			$ 28,014
Lincoln Park agreement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)			1,600,000				0
Consideration received on sale of stock			$ 1,987
Right to sell common stock, value			$ 40
Agreement term			36 months
Lincoln Park agreement \| Maximum
Subsidiary, Sale of Stock [Line Items]
Subsidiary or equity method investee, cumulative percentage ownership limitation after all transactions			9.99%
Securities purchase agreement
Subsidiary, Sale of Stock [Line Items]
Common stock, shares outstanding (in shares)		4,850,000
Shares of common stock		4,000,000				4,000,000
Shares of common stock in connection with securities purchase agreements		8,850,000				8,850,000
Net proceeds		$ 7,796
Lincoln Park Agreement, Commitment Share
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)									236,491

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net


	Useful Lives	June 30, 2023		December 31, 2022
Machinery	3-15 years	$	20,105	$	19,810
Furniture and fixtures	3-15 years	769		769
Leasehold improvements	(a)	21,386		21,375
Computer, network equipment and software	3-7 years	2,627		2,627
Construction in progress		2,214		1,467
		47,101		46,048
Less: accumulated depreciation and amortization		(42,499)		(41,963)
Total property and equipment, net		$	4,602	$	4,085

(a)Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

Sale of Future Revenue - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended				6 Months Ended		32 Months Ended
	Nov. 03, 2020	Dec. 31, 2020	Dec. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Payments for loan acquisition costs								$ 12,543	$ 0
Revenues				$ 13,241	$ 13,265			24,375	$ 25,535
Royalty
Disaggregation of Revenue [Line Items]
Revenues								(911)
MAM Pangolin Royalty , LLC \| Maximum
Disaggregation of Revenue [Line Items]
Proceeds from sale of future revenue	$ 125,000
License agreement with Sunovion Pharmaceuticals, Inc.
Disaggregation of Revenue [Line Items]
Minimum annual royalty receivable				$ 1,000		$ 1,000		1,000		$ 1,000
License agreement with Sunovion Pharmaceuticals, Inc. \| Royalty
Disaggregation of Revenue [Line Items]
Revenues						$ 8,000	$ 8,000
Monetization Agreement
Disaggregation of Revenue [Line Items]
Payments for loan acquisition costs								$ 2,909
Effective annual interest rate	24.90%
Monetization Agreement \| MAM Pangolin Royalty , LLC
Disaggregation of Revenue [Line Items]
Proceeds from sale of future revenue	$ 40,000	$ 10,000	$ 10,000							$ 50,000
Proceeds from debt, contingent on additional milestones	$ 75,000

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X for interim financial reporting. In compliance with those rules, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2023 (the “2022 Annual Report on Form 10-K”). As included herein, the Condensed Consolidated Balance Sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results of interim periods have been included. The accompanying financial statements reflect certain reclassifications from previously issued financial statements to conform to the current presentation. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited condensed consolidated financial statements. Any reference in these notes to applicable guidance refers to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements As an emerging growth company, the Company has elected to take advantage of the extended transition period afforded by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards and, as a result, the Company will comply with new or revised accounting standards no later than the relevant dates on which adoption of such standards is required for emerging growth companies. The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recent Accounting Pronouncements Adopted as of June 30, 2023: In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), amending existing guidance on the accounting for credit losses on financial instruments within its scope. The guidance provides for use of a forward-looking expected loss model for estimating credit losses, replacing the incurred loss model that is based on past events and current conditions. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses (and subsequent recoveries). The Company adopted the new guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The accounting standard update was issued to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The Company adopted the new guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) Disclosure of Supplier Finance Program Obligations,” to increase the transparency of supplier finance programs regarding the use of such programs by the buyer party (that is, the disclosing entity) and the programs’ effects on an entity’s working capital, liquidity, and cash flows. ASU 2022-04 is effective for all entities for fiscal years beginning after Dec. 15, 2022, and interim periods within those fiscal years. The requirement on rollforward information is effective for fiscal years beginning after Dec. 15, 2023. Early adoption is permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. Recent Accounting Pronouncements Not Adopted as of June 30, 2023: In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This Accounting Standards Update was issued to address the complexity in accounting for certain financial instruments with characteristics of liabilities and equity. Among other provisions, the amendments in this ASU significantly change the guidance on the issuer’s accounting for convertible instruments and the guidance on the derivative scope exception for contracts in an entity’s own equity such that fewer conversion features will require separate recognition, and fewer freestanding instruments, like warrants, will require liability treatment. More specifically, the ASU reduces the number of models that may be used to account for convertible instruments from five to three, amends diluted EPS calculations for convertible instruments, modifies the requirements for a contract that may be settled in an entity’s own shares to be classified in equity and requires expanded disclosures intended to increase transparency. These amendments will be effective for the Company beginning January 1, 2024, with early adoption of the amendments permitted. The Company is currently evaluating the impact from the adoption of ASU 2020-06 on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This Accounting Standards Update was issued to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, and to introduce new disclosure requirements for such equity securities. These amendments will be effective for the Company beginning January 1, 2024, with early adoption of the amendments permitted. The Company is currently evaluating the impact from the adoption of ASU 2020-06 on its consolidated financial statements.
Revenue Recognition and Performance Obligations	The Company’s revenues include (i) sales of manufactured products pursuant to contracts with commercialization licensees, (ii) license and royalty revenues, and (iii) co-development and research fees generally in the form of milestone payments. The Company recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, a five-step model is applied that includes (1) identifying the contract with a customer, (2) identifying the performance obligation in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing when, or as, an entity satisfies a performance obligation. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the current revenue recognition standard. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a distinct good. When identifying performance obligations, the Company considers all goods or services promised in a contract regardless of whether explicitly stated in the contract or implied by customary business practice. The Company's performance obligations consist mainly of transferring goods and services identified in the contracts, purchase orders or invoices. Manufacture and supply revenue – this revenue is derived from products manufactured exclusively for specific customers according to their strictly-defined specifications, subject only to specified quality control inspections. Accordingly, at the point in time when quality control requirements are satisfied, revenue net of related discounts is recorded. Proprietary product sales, net - this net revenue is recognized when product is shipped and title passes to the customer, typically at time of delivery. At the time of sale, estimates for various revenue allowances are recorded based on historical trends and judgmental estimates. For sales of Sympazan (prior to its outlicensing by the Company to Otter Pharmaceuticals, LLC in October 2022), returns allowances and prompt pay discounts are estimated based on contract terms and historical return rates, if available, and these estimates are recorded as a reduction of receivables. Similarly determined estimates are recorded relating to wholesaler service fees, co-pay support redemptions, Medicare, Medicaid and other rebates, and these estimates are reflected as a component of accrued liabilities. Once all related variable considerations are resolved and uncertainties as to collectable amounts are eliminated, estimates are adjusted to actual allowance amounts. Provisions for these estimated amounts are reviewed and adjusted on no less than a quarterly basis. License and Royalty Revenue – license revenues are determined based on an assessment of whether the license is distinct from any other performance obligations that may be included in the underlying licensing arrangement. If the customer is able to benefit from the license without provision of any other performance obligations by the Company and the license is thereby viewed as a distinct or functional license, the Company then determines whether the customer has acquired a right to use the license or a right to access the license. For functional licenses that do not require further development or other ongoing activities by the Company, the customer is viewed as acquiring the right to use the license as, and when, transferred and revenues are generally recorded at a point in time, subject to contingencies or constraints. For symbolic licenses providing substantial value only in conjunction with other performance obligations to be provided by the Company, revenues are generally recorded over the term of the license agreement. Such other obligations provided by the Company generally include manufactured products, additional development services or other deliverables that are contracted to be provided during the license term. Payments received in excess of amounts ratably or otherwise earned are deferred and recognized over the term of the license or as contingencies or other performance obligations are met. Royalty revenue is estimated and recognized when sales under supply agreements with commercial licensees are recorded, absent any contractual constraints or collectability uncertainties. Co-development and Research Fees – co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development defined within a contractual development or feasibility study agreement with a customer. The nature of these performance obligations, broadly referred to as milestones or deliverables, are usually dependent on the scope and structure of the project as contracted, as well as the complexity of the product and the specific regulatory approval path necessary for that product. Accordingly, the duration of the Company’s research and development projects may range from several months to approximately three years. Although each contractual arrangement is unique, common milestones included in these arrangements include those for the performance of efficacy and other tests, reports of findings, formulation of initial prototypes, production of stability clinical and/or scale-up batches, and stability testing of those batches. Additional milestones may be established and linked to clinical results of the product submission and/or approval of the product by the FDA and the commercial launch of the product. Revenue recognition arising from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Milestone payments based on a non-sales metric such as a development-based milestone (e.g., an NDA filing or obtaining regulatory approval) represent variable consideration and are included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience and the significance a third party has on the outcome. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales are incurred or the performance obligation to which the sales relate to has been satisfied. Contract Assets - in certain situations, customer contractual payment terms provide for invoicing in arrears. Accordingly, some, or all performance obligations may be completely satisfied before the customer may be invoiced under such agreements. In these situations, billing occurs after revenue recognition, which results in a contract asset supported by the estimated value of the completed portion of the performance obligation. These contract assets are reflected as a component of other receivables within Trade and other receivables within the Condensed Consolidated Balance Sheet. As of June 30, 2023, and December 31, 2022, such contract assets were $2,172 and $2,139, respectively, consisting primarily of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with 3rd parties. Contract Liabilities - in certain situations, customer contractual payment terms are structured to permit invoicing in advance of delivery of a good or service. In such instances, the customer’s cash payment may be received before satisfaction of some, or any, performance obligations that are specified. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. These contract liabilities are reflected as deferred revenue within the Condensed Consolidated Balance Sheet. As remaining performance obligations are satisfied, an appropriate portion of the deferred revenue balance is credited to earnings. As of June 30, 2023 and December 31, 2022, such contract liabilities were $37,112 and $32,930, respectively.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	June 30, 2023		December 31, 2022
Accrued compensation	$	2,800	$	6,389
Real estate and personal property taxes	299		322
Accrued distribution expenses and sales returns provision	636		1,012
Other	528		244
Total accrued expenses	$	4,263	$	7,967

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 22,436	$ 27,273
Trade and other receivables, net	10,101	4,704
Inventories, net	5,950	5,780
Prepaid expenses and other current assets	1,301	2,131
Total current assets	39,788	39,888
Property and equipment, net	4,602	4,085
Right-of-use assets, net	5,778	5,211
Intangible assets, net	1,357	1,435
Other non-current assets	5,469	6,451
Total assets	56,994	57,070
Current liabilities:
Accounts payable	10,689	9,946
Accrued expenses	4,263	7,967
Lease liabilities, current	347	255
Deferred revenue, current	3,992	1,513
Liability related to the sale of future revenue, current	1,000	1,147
Loans payable, current	18,362	18,700
Total current liabilities	38,653	39,528
Loans payable, net	20,801	33,448
Liability related to the sale of future revenue, net	63,455	64,112
Lease liabilities	5,610	5,085
Deferred revenue	33,120	31,417
Other non-current liabilities	2,006	2,034
Total liabilities	163,645	175,624
Contingencies (Note 19)
Stockholders’ deficit:
Common stock ,$0.001 par value. Authorized 250,000,000 shares; 61,615,959 and 54,827,734 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	62	55
Additional paid-in capital	202,218	192,598
Accumulated deficit	(308,931)	(311,207)
Total stockholders’ deficit	(106,651)	(118,554)
Total liabilities and stockholders’ deficit	$ 56,994	$ 57,070
Common stock, shares outstanding (in shares)	61,615,959	54,827,734
Common stock, shares issued (in shares)	61,615,959	54,827,734

Inventories, Net

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories, Net

The components of Inventory, net are as follows:


	June 30, 2023		December 31, 2022
Raw material	$	1,504	$	1,899
Packaging material	3,321		2,914
Finished goods	1,125		967
Total inventory, net	$	5,950	$	5,780

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 47,101	$ 46,048
Less: accumulated depreciation and amortization	(42,499)	(41,963)
Total property and equipment, net	4,602	4,085
Machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,105	19,810
Machinery \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Machinery \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives	15 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 769	769
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives	15 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 21,386	21,375
Computer, network equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,627	2,627
Computer, network equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Computer, network equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives	7 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,214	$ 1,467

Other Non-current Assets - Summary of Other Non-current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Royalty receivable	$ 4,000	$ 5,000
Other	1,469	1,451
Total other non-current assets	$ 5,469	$ 6,451

Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	$ 648	$ 2,221	$ 992	$ 3,134
Restricted stock units
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	195	39	220	39
Stock options
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	436	2,180	755	3,093
Employee stock purchase plan (ESPP)
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	17	2	17	2
Manufacture and supply
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	55	45	96	93
Research and development
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	100	162	172	331
Selling, general and administrative
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	$ 493	$ 2,014	$ 724	$ 2,710

Warrants	6 Months Ended
Warrants	Jun. 30, 2023
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants Warrants Issued to 12.5% Senior Secured Noteholders Warrants that were issued in conjunction with the Initial Notes (the “Initial Warrants”) and Additional Notes (the “Additional Warrants”) expire on June 30, 2025 and entitle the noteholders to purchase up to 2,143,000 shares of Common Stock and included specified registration rights. Management estimated the fair value of the Initial Warrants to be $6,800 and the Additional Warrants to be $735, each based on an assessment by an independent third-party appraiser. The fair value of the respective warrants was treated as a debt discount, amortizable over the term of the respective warrants, with the unamortized 12.5% Notes portion applied to reduce the aggregate principal amount of the 12.5% Notes in the Company’s unaudited Condensed Consolidated Balance Sheet. Additionally, since the Initial Warrants and Additional Warrants issued do not provide warrant redemption or put rights within the control of the holders that could require the Company to make a payment of cash or other assets to satisfy the obligations under the warrants, except in the case of a “cash change in control”, the fair value attributed to the warrants is presented in Additional Paid-in Capital in the Company’s unaudited Condensed Consolidated Balance Sheet. There were no warrants exercised as it relates to the Initial Warrants and the Additional Warrants during the six months ended June 30, 2023 or 2022, respectively. Warrants Issued Under Securities Purchase Agreements In June 2022, the Company issued pre-funded warrants and Common Stock warrants to certain purchasers in connection with the Securities Purchase Agreements. The pre-funded warrants entitled purchasers to purchase up to 4,000,000 shares of Common Stock and were exercised in full during the year ended December 31, 2022. The Common Stock warrants expire on June 8, 2027 and entitle the purchasers to purchase up to 8,850,000 shares of Common Stock at a price ranging from $0.96 to $1.09 per share. Management estimated the fair value of the pre-funded warrants and Common Stock warrants to be $5,874 based on an assessment by an independent third-party appraiser. The fair value of the pre-funded and Common Stock warrants is treated as equity and presented in Additional Paid-in Capital in the Company’s unaudited Condensed Consolidated Balance Sheet. During the six months ended June 30, 2023, 3,689,452 Common Stock warrants issued pursuant to the Securities Purchase Agreements with proceeds of approximately $3,542 were exercised.

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Nov. 03, 2020	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jul. 15, 2019
Class of Warrant or Right [Line Items]
Warrants issued (in shares)					2,000,000
Exercise of warrants (in shares)			0	0
Warrant exercise price (in dollars per share)					$ 0.001
Public equity
Class of Warrant or Right [Line Items]
Fair value of warrants issued		$ 5,874
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)		4,000,000		4,000,000
Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)		8,850,000		8,850,000
Warrants issued to purchase common stock (in shares)			3,689,452
Minimum \| Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)		$ 0.96		$ 0.96
Maximum \| Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)		$ 1.09		$ 1.09
Senior secured notes due 2025 - first additional offering
Class of Warrant or Right [Line Items]
Fair value of warrants			$ 6,800
Fair value of warrants issued			$ 735
Senior secured notes due 2025 - first additional offering \| Maximum
Class of Warrant or Right [Line Items]
Warrants issued (in shares)			2,143,000
Senior secured notes due 2025
Class of Warrant or Right [Line Items]
Interest rate					12.50%
Warrants issued (in shares)	714,000
Warrants issued to purchase common stock (in shares)	143,000

Revenues and Trade Receivables, Net - Changes in Allowance for Bad Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts at beginning of the period	$ 40	$ 40
Additions charged to expense	0	0
Write-downs charged against the allowance	0	0
Allowance for doubtful accounts at end of the period	$ 40	$ 40

Revenues and Trade Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s revenues were comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Manufacture and supply revenue	$	11,636	$	9,874	$	21,398	$	19,045
License and royalty revenue	1,481		552		2,400		1,058
Co-development and research fees	124		241		577		644
Proprietary product sales, net	—		2,598		—		4,788
Total revenues	$	13,241	$	13,265	$	24,375	$	25,535

Disaggregation of Revenue

The following table provides disaggregated net revenue by geographic area:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	7,313	$	11,257	$	15,478	$	22,338
Ex-United States	5,928		2,008		8,897		3,197
Total revenues	$	13,241	$	13,265	$	24,375	$	25,535

Trade and Other Receivables, Net

Trade and other receivables, net consist of the following:


	June 30, 2023		December 31, 2022
Trade receivables	$	7,969	$	3,274
Contract and other receivables	2,172		2,139
Less: allowance for doubtful accounts	(40)		(40)
Less: sales-related allowances	—		(669)
Trade and other receivables, net	$	10,101	$	4,704

Changes in Allowance for Bad Debt

The following table presents the changes in the allowance for doubtful accounts:


	June 30, 2023		December 31, 2022
Allowance for doubtful accounts at beginning of the period	$	40	$	40
Additions charged to expense	—		—
Write-downs charged against the allowance	—		—
Allowance for doubtful accounts at end of the period	$	40	$	40

Sales Related Allowances and Accruals

The following table provides a summary of activity with respect to sales-related allowances and accruals for the six months ended June 30, 2023:


	Total Sales-Related Allowances

Balance at December 31, 2022	$	669
Provision	—
Payments / credits	(87)
Reclassifications	$	(582)
Balance at June 30, 2023	$	—

Revenues and Trade Receivables, Net - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Geographic Areas, Revenues from External Customers [Abstract]
Revenues	$ 13,241	$ 13,265	$ 24,375	$ 25,535
United States
Geographic Areas, Revenues from External Customers [Abstract]
Revenues	7,313	11,257	15,478	22,338
Ex-United States
Geographic Areas, Revenues from External Customers [Abstract]
Revenues	$ 5,928	$ 2,008	$ 8,897	$ 3,197

- Definition

+ References

+ Details

Right-of-Use Assets and Lease Obligations

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

The Company leases all realty used at its production and warehouse facilities, corporate headquarters, commercialization operations center and research and laboratory facilities. None of these three leases include the characteristics specified in ASC 842, Leases, which require classification as financing leases and, accordingly, these leases are accounted for as operating leases. These leases, as amended, provide remaining terms between 4.8 and 10.3 years, including renewal options expected to be exercised to extend the lease periods.

During the six months ended June 30, 2023, the Company recognized a lease supporting its manufacturing facilities as a finance lease. Commitments under finance leases are not significant, and are included in Property and equipment, net, Loans payable, current and Loans payable, net on the consolidated balance sheet.

The Company does not recognize a right-to use asset and lease liability for short-term leases, which have terms of 12 months or less on its consolidated balance sheet. For longer-term lease arrangements that are recognized on the Company's consolidated balance sheet, the right-of-use asset and lease liability is initially measured at the commencement date based upon the present value of the lease payments due under the lease. These payments represent the combination of the fixed lease and fixed non-lease components that are due under the arrangement. The costs associated with the Company's short-term leases, as well as variable costs relating to the Company's lease arrangements, are not material to the Company's financial results.

The implicit interest rates of the Company's lease arrangements are generally not readily determinable and as such, the Company applies an incremental borrowing rate, which is established based upon the information available at the lease commencement date, to determine the present value of lease payments due under an arrangement. Measurement of the operating lease liability reflects a range of an estimated discount rate of 14.8% to 15.6% applied to minimum lease payments, including expected renewals, based on the incremental borrowing rate experienced in the Company’s collateralized debt refinancing.

The Company's lease costs are recorded in manufacture and supply, research and development and selling, general and administrative expenses in its Consolidated Statements of Operations and Comprehensive Income (Loss). For the three and six months ended June 30, 2023, total operating lease expenses totaled $452 and $870, respectively, including variable lease expenses such as common area maintenance and operating costs of $121 and $229, respectively. For the three and six months ended June 30, 2022, total operating lease expenses totaled $424 and $843, respectively, including variable lease expenses such as common area maintenance and operating costs of $127 and $223, respectively.

Maturities of the Company’s operating lease liabilities are as follows:


Remainder of 2023	$	603
2024	1,230
2025	1,266
2026	1,300
2027 and thereafter	6,318
Total future lease payments	10,717
Less: imputed interest	(4,760)
Total operating lease liabilities	$	5,957

Revenues and Trade Receivables, Net - Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 7,969	$ 3,274
Contract and other receivables	2,172	2,139
Less: allowance for doubtful accounts	(40)	(40)	$ (40)
Less: sales-related allowances	0	(669)
Trade and other receivables, net	$ 10,101	$ 4,704

Sale of Future Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Royalty Obligation Activity

The following table shows the activity of the liability related to the sale of future revenue for the six months ended June 30, 2023:



Liability related to the sale of future revenue, net at December 31, 2022	$	65,259
Royalties related to the sale of future revenue	(911)
Amortization of issuance costs	107
Interest expense related to the sale of future revenue	—
Liability related to the sale of future revenue, net (includes current portion of $1,000)	$	64,455

Risks and Uncertainties	6 Months Ended
Risks and Uncertainties	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Risks and Uncertainties	Risks and Uncertainties The Company assesses liquidity in terms of its ability to generate cash to fund its operating, investing and financing activities. The Company’s cash requirements for 2023 and beyond include expenses related to continuing development and clinical evaluation of its products, manufacture and supply costs, costs of regulatory filings, patent prosecution expenses and litigation expenses, expenses related to commercialization of its products, as well as costs to comply with the requirements of being a public company operating in a highly regulated industry. As of June 30, 2023, the Company had $22,436 of cash and cash equivalents. The Company has experienced a history of net losses in prior periods. The Company's accumulated deficits totaled $(308,931) as of June 30, 2023. The net losses and accumulated deficits were partially offset by gross margins from license fees, milestone and royalty payments from commercial licensees and co-development parties. The Company's funding requirements have been met by its cash and cash equivalents, as well as its existing equity and debt offerings, including the 12.5% Senior Secured Notes (as hereinafter defined). The Company began utilizing its ATM facility in November 2020. Since inception to June 30, 2023, the Company sold 13,402,516 shares of Common Stock which generated net cash proceeds of approximately $44,796, net of commissions and other transaction costs of $2,395. For the six months ended June 30, 2023, the Company sold 3,060,559 shares of Common Stock which provided net proceeds of approximately $5,090, net of commissions and other transaction costs of $312. This ATM facility has approximately $28,014 worth of shares of Common Stock available at June 30, 2023. While the Company’s ability to execute its business objectives and achieve profitability over the longer term cannot be assured, the Company's on-going business, existing cash, expense management activities, including, but not limited to potentially ceasing nearly all R&D activities, as well as access to the equity capital markets, including through its ATM facility and under the Lincoln Park Purchase Agreement, provide near term liquidity for the Company to fund its operating needs, including making the principal and interest payments on the 12.5% Senior Secured Notes, for at least the next twelve months as it continues to execute its business strategy. See Note 13, 12.5% Senior Secured Notes and Loans Payable for details.

Sale of Future Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Sale of Future Revenue

On November 3, 2020, the Company entered into the Monetization Agreement with Marathon. Under the terms of the Monetization Agreement, the Company sold all of its contractual rights to receive royalties and milestone payments due under the Sunovion License Agreement related to Sunovion's apomorphine product, KYNMOBI, an apomorphine film therapy for the treatment of off episodes in Parkinson’s disease patients, which received approval from the FDA on May 21, 2020. In exchange for the sale of these rights, the Company received an upfront payment of $40,000 and an additional payment of $10,000 through the achievement of the first milestone. The Company has received an aggregate amount of $50,000 through June 30, 2023 under the Monetization Agreement.

Under the Monetization Agreement, additional contingent payments of up to $75,000 may be due to the Company upon the achievement of worldwide royalty and other commercial targets within a specified timeframe, which could result in total potential proceeds of $125,000.

The Company recorded the upfront proceeds of $40,000 and subsequent first milestone of $10,000, reduced by $2,909 of transaction costs, as a liability related to the sale of future revenue that will be amortized using the effective interest method over the life of the Monetization Agreement. As future contingent payments are received, they will increase the balance of the liability related to the sale of future revenue. Although the Company sold all of its rights to receive royalties and milestones, as a result of ongoing obligations related to the generation of these royalties, the Company will account for these royalties as revenue. Its ongoing obligations include the maintenance and defense of the intellectual property and to provide assistance to Marathon in executing a new license agreement for KYNMOBI in the event Sunovion terminates the Sunovion License Agreement in one or more jurisdictions of the licensed territory under the Sunovion License Agreement. The accounting liabilities, as adjusted over time, resulting from this transaction and any non-cash interest expenses associated with those liabilities do not and will not represent any obligation to pay or any potential future use of cash.

As royalties are remitted to Marathon from Sunovion, the collection of the royalty receivable and balance of the liability related to the sale of future revenue will be effectively repaid over the life of the agreement. In order to determine the amortization of the liability related to the sale of future revenue, the Company is required to estimate the total amount of future royalty and milestone payments to Marathon over the life of the Monetization Agreement and contingent milestone payments from Marathon to the Company. The sum of future royalty payments less the $50,000 in proceeds received and future contingent payments has been recorded as interest expense over the life of the Monetization Agreement. At execution, the estimate of this total interest expense resulted in an effective annual interest rate of approximately 24.9%. This estimate contains significant assumptions that impact both the amount recorded at execution and the interest expense that will be recognized over the life of the Monetization Agreement. The Company will periodically assess the estimated royalty and milestone payments to Marathon from Sunovion and contingent milestone payments from Marathon to the Company. To the extent the amount or timing of such payments is materially different from the original estimates, an adjustment will be recorded prospectively to increase or decrease interest expense. There are a number of factors that could materially affect the amount and timing of royalty and milestone payments to Marathon from Sunovion and, correspondingly, the amount of interest expense recorded by the Company, most of which are not under the Company's control. Such factors include, but are not limited to, changing standards of care, the initiation of competing products, manufacturing or other delays, generic competition, intellectual property matters, adverse events that result in government health authority imposed restrictions on the use of products, significant changes in foreign exchange rates as the royalties remitted to Marathon are made in U.S. dollars (USD) while a portion of the underlying sales of KYNMOBI will be made in currencies other than USD, and other events or circumstances that are not currently foreseen. Changes to any of these factors could result in increases or decreases in both royalty revenue and interest expense related to the sale of future revenue. Based on the current public forecast by Sunovion of estimated KYNMOBI sales as of June 30, 2023, the Company likely will not receive any of the additional contingent payments under the Monetization Agreement. As a result, the Company discontinued recording interest expense related to the sale of future revenue.

The following table shows the activity of the liability related to the sale of future revenue for the six months ended June 30, 2023:



Liability related to the sale of future revenue, net at December 31, 2022	$	65,259
Royalties related to the sale of future revenue	(911)
Amortization of issuance costs	107
Interest expense related to the sale of future revenue	—
Liability related to the sale of future revenue, net (includes current portion of $1,000)	$	64,455

12.5% Senior Secured Notes and Loans Payable (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt Maturity

A debt maturity table is presented below:


Remainder of 2023	$	9,171
2024	19,487
2025	10,317
Total	$	38,975

Net Earnings (Loss) Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ (5,792)	$ 8,068	$ (16,302)	$ (13,220)	$ 2,276	$ (29,522)
Weighted-average number of common shares – basic (in shares)	57,350,902		45,462,516		56,494,805	43,475,198
Weighted-average number of common shares - diluted (in shares)	57,350,902		45,462,516		58,938,222	43,475,198
Earnings (loss) per share attributable to common stockholders - basic (in dollars per share)	$ (0.10)		$ (0.36)		$ 0.04	$ (0.68)
Earnings (loss) per share attributable to common stockholders - diluted (in dollars per share)	$ (0.10)		$ (0.36)		$ 0.04	$ (0.68)
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive stock options and warrants (in shares)	0		0		46,043	0
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	5,919,522		5,284,447		5,794,522	5,284,447
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive stock options and warrants (in shares)	0		0		468,036	0
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,477,738		169,950		743,438	169,950
Warrants on common shares outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive stock options and warrants (in shares)	0		0		1,910,742	0
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,874,977		10,564,429		1,714,429	10,564,429
Equity Unit Purchase Agreements
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive stock options and warrants (in shares)	0		0		18,596	0

12.5% Senior Secured Notes and Loans Payable

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

12.5% Senior Secured Notes and Loans Payable

On July 15, 2019, the Company completed a private placement of up to $100,000 aggregate principal of its 12.5% Senior Secured Notes due 2025 (the “12.5% Notes” or “12.5% Senior Secured Notes”) and issued warrants for 2,000,000 shares of Common Stock (the “Warrants”), at $0.001 par value per share.

Upon closing of the indenture for the 12.5% Notes (the “Base Indenture”), the Company issued $70,000 of the 12.5% Notes (the “Initial Notes”) along with the Warrants and rights of first offer (the “First Offer Rights”) to the noteholders participating in this transaction. Issuance of the Initial Notes and Warrants provided net proceeds of $66,082.

On November 3, 2020, the Company entered into the First Supplemental Indenture (the “First Supplemental Indenture” and, together with all other subsequent supplemental indentures and the Base Indenture, collectively, the “Indenture”) by and among the Company and U.S. Bank National Association, as Trustee (the “Trustee”) and Collateral Agent thereunder to the Base Indenture, by and between the Company and the Trustee. Under the Second Supplemental Indenture, the Company repaid $22,500 of its $70,000 outstanding 12.5% Notes from the upfront proceeds received under the Monetization Agreement. Further, the Company entered into an additional Purchase Agreement with its lenders whereby the Company issued in aggregate $4,000 of additional 12.5% Notes (the “Additional Notes”) in lieu of paying a prepayment premium to two lenders on the early repayment of the 12.5% Notes discussed above. The result of these two transactions reduced the net balance of the Company's 12.5% Notes outstanding in the aggregate to $51,500 at December 31, 2020. The $4,000 principal issuance would be repaid proportionally over the same maturities as the other 12.5% Notes. The Company also paid one of its lenders a $2,250 premium as result of the early retirement of debt.

The Company accounted for the $22,500 debt repayment as a debt modification of the 12.5% Notes. The fees paid to lenders inclusive of (i) a $2,250 early premium prepayment and (ii) $4,000 issuance of Additional Notes in lieu of paying a prepayment penalty were recorded as additional debt discount, amortized over the remaining life of the 12.5% Notes using the effective interest method. Loan origination costs of $220 associated with the Additional Notes were expensed as incurred. Existing deferred discounts and loan origination fees on the 12.5% Notes are amortized as an adjustment of interest expense over the remaining term of modified debt using the effective interest method.

The First Supplemental Indenture contains a provision whereby, as the Company receives any cash proceeds from the Monetization Agreement, each noteholder has the right to require the Company to redeem all or any part of such noteholder's outstanding 12.5% Notes at a repurchase price in cash equal to 112.5% of the principal amount, plus accrued and unpaid

interest. This repurchase offer is capped at 30% of the cash proceeds received by the Company as the contingent milestones are attained, if any, up through June 30, 2025. A valuation study was performed by an independent third party appraiser and updated as of June 30, 2023. Based on the valuation study, the put option was valued at $0.00 and has been recorded in Other non-current liabilities. The embedded put option is deemed to be a derivative under ASC 815, Derivatives and Hedging, which requires the recording of the embedded put option at fair value and subject to remeasurement at each reporting period. In addition, as of the closing of this transaction, the Company issued to the holders of the 12.5% Notes warrants to purchase 143,000 shares of its Common Stock.

On August 6, 2021, pursuant to the Third Supplemental Indenture, the holders of the 12.5% Notes extended to June 30, 2022 from December 31, 2021, the Company's ability to access, at the Company's option, $30,000 of the 12.5% Notes re-openers under the Indenture. Under the Third Supplemental Indenture, the first $10,000 of 12.5% Notes re-openers represented a commitment of such amount by current holders of the 12.5% Notes, at the option of the Company, contingent upon FDA approval of the Company's product candidate Libervant (the "First Additional Securities"). In addition, under the Third Supplemental Indenture, a second $20,000 12.5% Notes re-opener represented a right, at the Company's option, to market to current holders of the Company's 12.5% Notes, and or other noteholders, additional 12.5% Notes up to such amount, contingent upon FDA approval of Libervant for U.S. market access (the "Second Additional Securities"). Under the Third Supplemental Indenture, the Company agreed that, if and to the extent that the Company accessed these re-openers, it would grant to the noteholders warrants to purchase up to 714,000 shares of Common Stock, with the strike price calculated based on the 30-day volume weighted average closing price of the Common Stock at the warrant grant date.

On October 7, 2021, the Company entered into the Fourth Supplemental Indenture, pursuant to which the amortization schedule for the 12.5% Notes was amended to provide for the date of the first amortization payment to be extended from September 30, 2021 to March 30, 2023. The Fourth Supplemental Indenture did not change the maturity date of the 12.5% Notes or the interest payment obligation due under the 12.5% Notes. In connection with the Fourth Supplemental Indenture, the Company entered into a Consent Fee Letter with the holders of the 12.5% Notes (the “Consent Fee Letter”), pursuant to which the Company agreed to pay the holders of the 12.5% Notes an additional cash payment ("Consent Fee") of $2,700 in the aggregate, payable in four quarterly payments beginning May 15, 2022. Additionally, the Company recognized a loss on the extinguishment of debt of $13,822 for fees and expenses related to the Fourth Supplemental Indenture during the fourth quarter of 2021. As of June 30, 2023, the Company completed its $2,700 Consent Fee payment to the holders of the 12.5% Notes.

On May 13, 2022, pursuant to the Fifth Supplemental Indenture, the holders of the 12.5% Notes further extended to March 31, 2023 from June 30, 2022, the Company's ability to access, at the Company's option, $30,000 of 12.5% Notes re-openers under the Indenture, subject to the full approval of Libervant by the FDA for sale in the United States, which full approval including U.S. market access for Libervant. Because FDA approval for U.S. market access was not obtained by March 31, 2023, the Company's option to access the re-openers expired on such date.

A debt maturity table is presented below:


Remainder of 2023	$	9,171
2024	19,487
2025	10,317
Total	$	38,975

The 12.5% Notes provide a stated fixed interest rate of 12.5%, payable quarterly in arrears, with the final quarterly principal repayment of the 12.5% Notes due at maturity on June 30, 2025. As of June 30, 2023, the Company recorded its principal payments as Loans payable, current and Loans payable, net on its Condensed Consolidated Balance Sheet.

The Company may elect, at its option, to redeem the 12.5% Notes at any time at premiums that range from 101.56% of outstanding principal if prepayment occurs on or after the fifth anniversary of the issue date of the Initial Notes to 112.50% if payment occurs during the third year after the issuance of the Notes. The Indenture also includes change of control provisions under which the Company may be required to redeem the 12.5% Notes at 101% of the remaining principal plus accrued interest at the election of the noteholders.

During the first quarter of 2023, the Company redeemed $5,647 of its outstanding 12.5% Notes. The Company also paid $353 in prepayment premium as result of the early retirement of debt which was reflected as a loss on extinguishment of debt. The prepayments along with the scheduled principal repayment in the first half of 2023 reduced the net balance of the 12.5% Notes outstanding in the aggregate to $38,975 as of June 30, 2023.

The Company capitalizes legal and other third-party costs incurred in connection with obtaining debt as deferred debt issuance costs and applies the unamortized portion as a reduction of the outstanding face amount of the related loan. Similarly, the Company amortizes debt discounts, such as those represented by warrants issued to its lenders, and offsets those as a direct reduction of its outstanding debt. Amortization expense arising from deferred debt issuance costs and debt discounts related to

the 12.5% Notes for the three and six months ended June 30, 2023 were $4 and $8, respectively, while comparative amortization expense for the three and six months ended June 30, 2022 were $4 and $8, respectively. Unamortized deferred debt issuance costs and deferred debt discounts totaled $19 and $27 as of June 30, 2023 and December 31, 2022, respectively. Collateral for the loan under the 12.5% Notes consists of a first priority lien on substantially all property and assets, including intellectual property of the Company. This secured obligation provides payment rights that are senior to all existing and future subordinated indebtedness of the Company and provides the holders of the 12.5% Notes with perfected security interests in substantially all of the Company’s assets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Anaphylm topline data On July 27, 2023 the Company released topline data from its latest clinical crossover pilot trial, Study AQ109103 (the “103 study”), for Anaphylm™ (epinephrine) Sublingual Film. This crossover clinical trial in healthy human subjects was designed with the finalized dosing instructions expected for use in the Company’s upcoming pivotal clinical trial. The 103 study demonstrated that Anaphylm, using the finalized dosing administration instructions, delivers epinephrine systemically as effectively as either commercially available autoinjectors or the manual intramuscular (IM) injection. Administration of Anaphylm 12mg resulted in a geometric mean maximum epinephrine concentration (Cmax) of 457 pg/mL and a median time to maximum concentration (Tmax) of 15 minutes after administration. The partial Area Under the Curve measurement, or pAUC, was bracketed between previously generated manual 0.3mg IM injection and epinephrine 0.3mg autoinjector data at all timepoints between 10 and 60 minutes, post-dosing. Importantly, Anaphylm 12mg met the standards of bracketing in the 103 study for all the critical parameters that the Company anticipates measuring in the pivotal PK study including Cmax and pAUC during the critical early time periods, while remaining similar to autoinjectors for Tmax. The product was safe and well-tolerated with no serious adverse events. Chart 1 below highlights Anaphylm 12mg pAUC from the103 study when compared to autoinjector and manual IM injection pAUC from a previous study conducted by the Company. The 103 study also included crossover arms of Anaphylm 12mg with alternate dosing instructions as well as Anaphylm 14mg with the finalized dosing instructions. In both cases, the product was considered safe and well-tolerated. Table 1 below provides a comparison of the two arms that utilized final dosing instructions from the 103 study to autoinjector and manual IM injection data from a previous study conducted by the Company. Equity Transactions On August 1, 2023, the Company entered into an Inducement Offer to Exercise Common Stock Purchase Warrants letter agreement (the “Letter Agreement”) with the holder (the “Exercising Holder”) of 5,000,000 of the remaining Common Stock Warrants (the "Existing Warrants"). Pursuant to the Letter Agreement, the Exercising Holder and the Company agreed that the Exercising Holder would exercise all of its Existing Warrants for shares of Common Stock underlying the Existing Warrants at $0.96 per share of Common Stock, the current exercise price of the Existing Warrants. Under the Letter Agreement, in consideration of the Exercising Holder exercising the Existing Warrants, the Company issued to the Exercising Holder new warrants to purchase up to an aggregate of 2,750,000 shares of Common Stock (the “New Warrants”). The New Warrants are exercisable after February 2, 2024, expire on February 2, 2029 and are issuance only for cash, subject to exception if the shares of Common Stock underlying the New Warrants are not registered in accordance with the terms of the Letter Agreement, in which case the New Warrants may be may also be exercised, in whole or in part, at such time by means of a "cashless exercise". The New Warrants have an exercise price of $2.60 per share. On August 2, 2023, 5,000,000 of the Existing Warrants were exercised pursuant to the Securities Purchase Agreement with the Exercising Holder, with the Company receiving gross proceeds therefrom of $4,800. Through August 8, 2023, the Company sold 110,709 shares of Common Stock under the ATM which provided net proceeds of approximately $233 after deducting commissions and other transaction costs of $7. This ATM facility has approximately $27,773 worth of shares of Common Stock available at August 8, 2023.

Condensed Consolidated Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands	Total	Public equity	Private equity	Warrant exercises	Common Stock	Common Stock Public equity	Common Stock Private equity	Common Stock Warrant exercises	Additional Paid-in Capital	Additional Paid-in Capital Public equity	Additional Paid-in Capital Private equity	Additional Paid-in Capital Warrant exercises	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021					41,228,736
Beginning balance at Dec. 31, 2021	$ (82,134)				$ 41				$ 174,621				$ (256,796)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (in shares)						391,652
Common stock issued, value		$ 1,360								$ 1,360
Costs of common stock issued under public equity offering		(62)								(62)
Share-based compensation expense	913								913
Other	0								1				(1)
Net income (loss)	(13,220)												(13,220)
Ending balance (in shares) at Mar. 31, 2022					41,620,388
Ending balance at Mar. 31, 2022	(93,143)				$ 41				176,833				(270,017)
Beginning balance (in shares) at Dec. 31, 2021					41,228,736
Beginning balance at Dec. 31, 2021	(82,134)				$ 41				174,621				(256,796)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(29,522)
Ending balance (in shares) at Jun. 30, 2022					53,343,989
Ending balance at Jun. 30, 2022	(96,357)				$ 53				189,908				(286,318)
Beginning balance (in shares) at Mar. 31, 2022					41,620,388
Beginning balance at Mar. 31, 2022	(93,143)				$ 41				176,833				(270,017)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Fair value of warrants issued		5,874							5,874
Common stock issued (in shares)						1,013,226	6,686,491	4,000,000
Common stock issued, value		1,252	$ 4,629	$ 0		$ 1	$ 7	$ 4		1,251	$ 4,622	$ (4)
Costs of common stock issued under public equity offering		(77)	$ (824)							(77)	$ (824)
Shares issued under employee stock purchase plan (in shares)					23,884
Shares issued under employee stock purchase plan	15								15
Share-based compensation expense	2,219								2,219
Other	0								(1)				1
Net income (loss)	(16,302)												(16,302)
Ending balance (in shares) at Jun. 30, 2022					53,343,989
Ending balance at Jun. 30, 2022	(96,357)				$ 53				189,908				(286,318)
Beginning balance (in shares) at Dec. 31, 2022					54,827,734
Beginning balance at Dec. 31, 2022	(118,554)				$ 55				192,598				(311,207)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (in shares)						1,078,622
Common stock issued, value		993				$ 1				992
Costs of common stock issued under public equity offering		(77)								(77)
Share-based compensation expense	344								344
Vested restricted stock units (in shares)					16,005
Vested restricted stock units	(8)								(8)
Other	(1)								(1)
Net income (loss)	8,068												8,068
Ending balance (in shares) at Mar. 31, 2023					55,922,361
Ending balance at Mar. 31, 2023	(109,235)				$ 56				193,848				(303,139)
Beginning balance (in shares) at Dec. 31, 2022					54,827,734
Beginning balance at Dec. 31, 2022	(118,554)				$ 55				192,598				(311,207)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,276
Ending balance (in shares) at Jun. 30, 2023					61,615,959
Ending balance at Jun. 30, 2023	(106,651)				$ 62				202,218				(308,931)
Beginning balance (in shares) at Mar. 31, 2023					55,922,361
Beginning balance at Mar. 31, 2023	(109,235)				$ 56				193,848				(303,139)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (in shares)						1,981,937		3,689,452
Common stock issued, value		4,409		$ 3,542		$ 2		$ 4		4,407		$ 3,538
Costs of common stock issued under public equity offering		$ (235)								$ (235)
Shares issued under employee stock purchase plan (in shares)					18,699
Shares issued under employee stock purchase plan	31								31
Share-based compensation expense	631								631
Vested restricted stock units (in shares)					3,510
Vested restricted stock units	(3)								(3)
Other	1								1
Net income (loss)	(5,792)												(5,792)
Ending balance (in shares) at Jun. 30, 2023					61,615,959
Ending balance at Jun. 30, 2023	$ (106,651)				$ 62				$ 202,218				$ (308,931)

Share-Based Compensation - Stock Option Activity (Details) - Stock options - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Options
Outstanding (in shares)	5,920	6,028
Granted (in shares)	150
Exercised, forfeited, expired (in shares)	(258)
Vested or expected to vest at end of period (in shares)	5,824
Exercisable at end of period (in shares)	4,322
Weighted Average Exercise Price
Outstanding (in dollars per share)	$ 5.54	$ 5.48
Granted (in dollars per share)	2.02
Exercised, forfeited, expired (in dollars per share)	2.30
Vested or expected to vest at end of period (in dollars per share)	5.59
Exercisable at end of period (in dollars per share)	$ 6.69

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company has been and may again become involved in legal proceedings arising in the course of its business, including product liability, intellectual property, securities, civil tort, and commercial litigation, and environmental or other regulatory matters. Patent-Related Litigation Indivior Inc., Indivior UK Ltd., and Aquestive Therapeutics, Inc. v. Alvogen Pine Brook LLC On September 14, 2017, Indivior initiated a lawsuit against Alvogen Pine Brook LLC (“Alvogen”) asserting infringement of the ’454 patent. On February 7, 2018, the Company and Indivior filed an Amended Complaint, adding the Company as a plaintiff and asserting infringement of the’221 patent. On April 3, 2018, the Company and Indivior initiated a separate lawsuit against Alvogen asserting infringement of the ’305 patent. On May 29, 2018, the cases were consolidated. On February 26, 2019, the court granted the parties’ agreed stipulation to drop the ’221 patent from the case. On January 9, 2020, the court entered a stipulated order of non-infringement of the ’305 patent based on the court’s claim construction ruling, and the Company and Indivior preserved the right to appeal the claim construction ruling. On November 21, 2019, Alvogen filed an amended answer and counterclaims asserting monopolization, attempted monopolization, and conspiracy to monopolize against the Company and Indivior under federal and New Jersey antitrust laws. The court denied the Company’s motion to dismiss Alvogen’s counterclaims on August 24, 2020. On November 2, 2020, Alvogen filed a second amended answer and counterclaims, removing its allegations of monopolization and attempted monopolization against the Company and asserting only conspiracy to monopolize against the Company. Fact discovery on Alvogen’s antitrust counterclaims concluded on January 29, 2021. Expert discovery concluded on October 8, 2021, and dispositive motions were filed by the parties on October 26, 2021. On June 26 2023, the court granted in part and denied in part plaintiff's' joint motion and denied all other parties' motions. There is no trial date set. The Company is not able to determine or predict the ultimate outcome of this proceeding or provide a reasonable estimate or range of estimates of the possible outcome or losses, if any, in this matter. California Litigation Neurelis, Inc. v. Aquestive Therapeutics, Inc. On December 5, 2019, Neurelis Inc. filed a lawsuit against us in the Superior Court of California, County of San Diego alleging the following three causes of action: (1) Unfair Competition under California Business and Professional Code § 17200 (“UCL”); (2) Defamation; and (3) Malicious Prosecution. Neurelis filed a First Amended Complaint on December 9, 2019, alleging the same three causes of action. The Company filed a Motion to Strike Neurelis’s Complaint under California’s anti- SLAPP (“strategic lawsuit against public participation”) statute on January 31, 2020, which Neurelis opposed. On August 6, 2020, the Court issued an order granting in part and denying in part the Company’s anti-SLAPP motion. The parties cross-appealed the ruling to the California Court of Appeal. The appeals court held oral argument on the appeal on October 14, 2021, and issued its ruling on November 17, 2021. Under the ruling, the court struck the entirety of the malicious prosecution claim and struck portions of the UCL and defamation claims. On April 12, 2022, Neurelis filed a Second Amended Complaint in response to the Court of Appeal's decision. The Second Amended Complaint also added a cause of action for Trade Libel. On May 3, 2022, the Company filed a "demurrer" challenge to the sufficiency of the allegations of the Second Amended Complaint. Oral argument on the Company’s motion for attorney fees related to the anti-SLAPP motion and on the Second Amended Complaint and demurer challenge was held on June 17, 2022. The Court entered an order granting the Company’s motion for attorney fees, awarding $156 and ordering Neurelis to pay the fees within 60 days of June 17, 2022. The Court denied the Company’s demurrer and the parties are proceeding with discovery on the claims in the Second Amended Complaint. The plaintiff filed a motion to file a third amended complaint. The hearing on this motion is currently scheduled for November 14, 2023. No trial date has been set. The Company is not able to determine or predict the ultimate outcome of this proceeding or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter. Federal Securities Class Action Deanna Lewakowski v. Aquestive Therapeutics, Inc., et al. On March 1, 2021, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey alleging that the Company and certain of its officers engaged in violations of the federal securities laws relating to public statements made by the Company regarding the FDA approval of Libervant. Following the court’s appointment of a lead plaintiff, an amended complaint was filed by the plaintiffs on June 25, 2021. Defendants filed a motion to dismiss on August 16, 2021, which became fully briefed as of November 1, 2021. On March 14, 2023, the Court entered an order granting Defendants’ motion to dismiss without prejudice and permitting plaintiffs leave to file a final, Second Amended Complaint by April 14, 2023. On April 7, 2023, the parties filed a Stipulation of Voluntary Dismissal stating that plaintiffs determined not to file an amended complaint and agreed to dismiss the action as to them with prejudice. On April 10, 2023, the Court so-ordered the stipulation and terminated the lawsuit. Shareholder Derivative Litigation Loreen Niewenhuis v. Keith Kendall, et al. On December 15, 2021, a purported Aquestive shareholder instituted a derivative action captioned Loreen Niewenhuis v. Keith Kendall, et al. in the United States District Court for the District of New Jersey, purportedly on behalf of the Company, against certain current and former officers and directors of the Company. The case was designated as related to the pending federal securities class action Deanna Lewakowski v. Aquestive Therapeutics, Inc., referenced above, and accepted by the same judge presiding over the securities class action. The complaint in this matter alleges claims for breach of fiduciary duty and contribution. The factual allegations that form the basis of these claims are similar to the disclosure-related allegations asserted in the class action. On April 4, 2022, the plaintiff filed an amended complaint asserting the same claims against the same defendants. The Company filed a motion to dismiss the amended complaint on April 25, 2022, which became fully briefed as of June 27, 2022. On April 20, 2023, the parties filed a Stipulation of Voluntary Dismissal stating that plaintiff agreed to dismiss the action as to her with prejudice. On April 21, 2023, the Court so-ordered the stipulation and terminated the lawsuit.

Contingencies (Details) - Neurelis, Inc. v. Aquestive Therapeutics, Inc. $ in Thousands	May 03, 2022 USD ($)	Dec. 05, 2019 cause
Loss Contingencies [Line Items]
Number of cases pending \| cause		3
Litigation settlement, amount awarded from other party \| $	$ 156

Cover - shares shares in Thousands	6 Months Ended
Cover - shares shares in Thousands	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38599
Entity Registrant Name	Aquestive Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	30 Technology Drive
Entity Address, City or Town	Warren
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07059
Entity Tax Identification Number	82-3827296
City Area Code	908
Local Phone Number	941-1900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,726,668
Entity Central Index Key	0001398733
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Stockholders’ deficit:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	61,615,959	54,827,734
Common stock, shares outstanding (in shares)	61,615,959	54,827,734

Other Non-current Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Other Non-current Assets

The following table provides the components of other non-current assets:


	June 30, 2023		December 31, 2022
Royalty receivable	4,000		5,000
Other	1,469		1,451
Total other non-current assets	$	5,469	$	6,451

Financial Instruments – Fair Value Measurements (Details) - shares		1 Months Ended
	Jun. 06, 2022	Jun. 30, 2022	Jul. 15, 2019
Securities purchase agreement
Warrants [Abstract]
Shares of common stock	4,000,000	4,000,000
Shares of common stock in connection with securities purchase agreements	8,850,000	8,850,000
Senior secured notes due 2025
Warrants [Abstract]
Interest rate			12.50%

Right-of-Use Assets and Lease Obligations - Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
Remainder 2023	$ 603
2024	1,230
2025	1,266
2026	1,300
2027 and thereafter	6,318
Total future lease payments	10,717
Less: imputed interest	(4,760)
Total operating lease liabilities	$ 5,957

Other Non-current Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Other Non-current Assets

The following table provides the components of other non-current assets:


	June 30, 2023		December 31, 2022
Royalty receivable	4,000		5,000
Other	1,469		1,451
Total other non-current assets	$	5,469	$	6,451

During the second quarter of 2020, under the Sunovion License Agreement, the Company recognized $8,000 of royalty revenue and corresponding royalty receivable, related to the eight $1,000 annual minimum guaranteed royalty payment that is due to the Company. In connection with the Monetization Agreement, the Company performed an assessment under ASC 860, Transfer and Servicing to determine whether the existing receivable was transferred to Marathon and concluded it was not transferred. Royalty receivable consists of five annual minimum payments due from Sunovion, the last of which is due in March 2028. The current portion of the royalty receivable is included in Trade and other receivables, net. See Note 15, Sale of Future Revenue for further details on how this receivable relates to the Monetization Agreement transaction.