0001140361-20-005499 | 10-K | XBRL Viewer | Aquestive Therapeutics INC

Property and Equipment, Net

Note 8.

Property and Equipment, Net

		December 31,
	Useful Lives	2019			2018
Machinery	3-15 yrs	$	21,088		$	20,681
Furniture and fixtures	3-15 yrs		1,150			1,150
Leasehold improvements	(a)		21,333			21,333
Computer, network equipment and software	3-7 yrs		2,787			2,579
Construction in progress			1,412			1,655
			47,770			47,398
Less: accumulated depreciation and amortization			(38,044	)		(35,191	)
Total property and equipment, net		$	9,726		$	12,207

(a)

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

Total depreciation and amortization related to property and equipment were $2,854 and $3,186 for the years ended December 31, 2019 and 2018, respectively.

Intangible Assets, Net and Other Assets

12 Months Ended

Dec. 31, 2019

Intangible Assets, Net and Other Assets [Abstract]

Intangible Assets, Net and Other Assets

Note 9.

Intangible Assets, Net and Other Assets

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

	December 31,
	2019			2018
Purchase technology-based intangible	$	2,358		$	2,358
Purchased patent		509			509
		2,867			2,867
Less: accumulated amortization		(2,714	)		(2,663	)
Intangible assets, net	$	153		$	204
Other Assets, Primarily Security Deposits		286			239
Total Intangible Assets, Net and Other Assets	$	439		$	443

Amortization expense was $51 and $50 for each of the years ended December 31, 2019 and 2018, respectively. During the remaining life of the purchased patent, estimated annual amortization expense is $50 for each of the years from 2020 to 2022.

Accrued Expenses

12 Months Ended

Dec. 31, 2019

Accrued Expenses [Abstract]

Accrued Expenses

Note 10.

Accrued Expenses

Accrued expenses consisted of the following:

	December 31,
	2019		2018
Accrued compensation	$	3,758	$	3,604
Accrued employment tax expenses for share-based compensation		—		2,515
Real estate and personal property taxes		300		388
Accrued distribution expenses		1,174		481
Other		243		207
Total accrued expenses	$	5,475	$	7,195

12.5% Senior Secured Notes and Loans Payable

12 Months Ended

Dec. 31, 2019

12.5% Senior Secured Notes and Loans Payable [Abstract]

12.5% Senior Secured Notes and Loans Payable

Note 11.

12.5% Senior Secured Notes and Loans Payable

12.5% Senior Secured Notes

On July 15, 2019, the Company completed the private placement of up to $100 million aggregate principal of its 12.5% Senior Secured Notes due 2025 (the “Notes”) and issued warrants for two million shares of common stock (the “Warrants”), $.001 per value per share, through its structuring agent, Morgan Stanley & Co., LLC, and entered into a purchase agreement and related indenture (the “Purchase Agreement” or “Indenture”) governing these Notes. The Company simultaneously entered into related agreements including a Collateral Agreement with U.S. Bank National Association as trustee and collateral agent, and a Lien Subordination and Intercreditor Agreement for the benefit of Madryn Health Partners, other institutional noteholders and U.S. Bank National Association in dual roles providing terms governing an asset-based loan facility.

Upon closing, the Company issued $70,000 of the principal of the Notes (the “Initial Notes”) along with the Warrants and rights of first offer (the “First Offer Rights”) to the lenders participating in this transaction for Notes and Warrants (the “Lenders”). Issuance of the Initial Notes and Warrants provided net proceeds of $66,082. In addition to the Initial Notes, the Indenture may provide access to further loans of up to $30,000 that may become available in two tranches of Additional Notes tied to the NDA filing for and FDA approval of Libervant, an important part of our drug candidate pipeline. Provided that no events of default exist, the Company may elect, in its discretion and subject to approval of the holder of a majority of the outstanding principal amount of the Notes, to offer to the Lenders participation in a $10,000 additional offering of 12.5% senior secured notes (the “First Additional Offering”) under terms similar to the Initial Notes, on or before March 31, 2021, upon the filing of the Libervant NDA with the FDA. A second identical funding opportunity would allow the Company to obtain, on or before March 31, 2021, an additional $20,000 if the first option has been elected and funded, or, if not elected or funded, an additional $30,000 may be offered for issuance following FDA approval of Libervant for marketing in the U.S. There can be no assurance that any such additional financing will be consummated.

Proceeds from issuance of the Initial Notes and Warrants were used to fully repay the Company’s $56,340 outstanding indebtedness to Perceptive Credit Holdings, LP, related early repayment fees and legal and other fees incurred in obtaining this loan and executing this Indenture.

The Notes provide a stated fixed rate of 12.5%, payable quarterly in arrears, with the initial quarterly principal repayment of the Initial Notes due on September 30, 2021 and the final quarterly payment due at maturity on June 30, 2025. Principal payments are scheduled to increase annually from 10% of the face amount of the debt then outstanding during the first four quarters to 40% of the initial loan principal during the final four quarters.

A debt maturity table is presented below:

2020	$	-
2021		3,500
2022		10,500
2023		17,500
2024 and thereafter		38,500
Total	$	70,000

The Company may elect, at its option, to prepay the Notes at any time at premiums that range from 101.56% of outstanding principal if prepayment occurs on or after the 5^th anniversary of the issue date of the Notes to 112.5% if payment occurs during the third year after the issuance of the Notes. In the event that redemption occurs within the two years after the issuance of the Notes, a make-whole fee is required, based on the present value of remaining interest payments using an agreed-upon discount rate linked to the then-current U.S. Treasury rate. The Indenture also includes change of control provisions under which the Company may be required to repurchase the Notes at 101% of the remaining principal plus accrued interest at the election of the lenders.

Collateral for the loan 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 Lenders with perfected security interests in substantially all of the Company’s assets. In the event that asset-based loans of up to $10,000 (“ABL Facility”) may be obtained, subject receivables and inventory assets will provide a second priority lien to senior secured note holders. The Company’s license of its IP to a third-party drug development enterprise (specifically, Sunovion Pharmaceutical’s APL-130277 product) is one of the various assets serving as collateral for this loan. The loan indenture permits the Company to monetize this asset while specifying that a portion of the proceeds, up to $40,000 if the First Additional Offering has not been elected or funded, or, $50,000 if it has been elected and funded, must be applied to prepay the Initial Notes, at 112.5% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest, if any, thereon to the date of repurchase, to the extent elected by the Note holders, assuming that such monetization, up to such $40,000 or $50,000 level, as applicable, equals or exceeds those levels and if such monetization does not equal or exceed such level, such prepayment would be pro-rated among the Note holders. To the extent that Lenders do not elect repayment of the debt at the date of monetization, the amount not elected up to $40,000 (or $50,000 if an additional tranche is issued) will be held in a collateral account until approval of Libervant by the FDA, at which time this cash collateral is to be released to the Company. Proceeds in excess of $40,000 (or $50,000 if an additional tranche is issued) can be used immediately for general corporate purposes.

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 in accordance with ASU 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. 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 and the Perceptive loan for the years ended December 31, 2019 and 2018 were $1,929 and $1,696, respectively. Unamortized deferred debt issuance costs and deferred debt discounts totaled $9,662 and $2,797 as of December 31, 2019 and 2018, respectively.

Loans Payable - Perceptive

In August 2016, the Company entered into a Loan Agreement and Guaranty with Perceptive Credit Opportunities Fund, LP (“Perceptive”) under which the total available facility of $50,000 had been borrowed as of March 2017. At closing, Perceptive received a warrant to purchase senior common equity interests representing 4.5% of the fully diluted common units of the Company on an as converted basis, which was automatically exercised in full at the time of the IPO (see also Notes 3 and 12).In May 2018, the Company and Perceptive agreed to make certain amendments to the loan agreement then in effect that provided for:

the postponement of the initial loan principal payment to May 2019,

a delay of the loan maturity date to December 16, 2020, and

with Perceptive’s consent, an agreement to permit monetization of the royalties and fees that may be derived from sales of certain apomorphine products and a concurrent agreement for the release of the liens related to these royalties and fees.

As of December 31, 2018, the Company was in compliance with all financial covenants. In July 2019, this loan was paid in full in connection with the completion of the sale of the 12.5% Notes and Warrants described above. The early extinguishment of this debt resulted in a charge to 2019 earnings in the amount of $4,896, including an early retirement premium of $2,944 and the remaining balances of the unamortized loan discount and loan acquisition costs.

Warrants

12 Months Ended

Dec. 31, 2019

Warrants [Abstract]

Warrants

Note 12.

Warrants

Warrants Issued to 12.5% Senior Secured Noteholders

The Warrants that were issued in conjunction with the 12.5% Senior Secured Notes expire on June 30, 2025 and entitle the Lenders to purchase two million shares of the Company’s common stock at $4.25 per share and include specified registration rights. Management estimated the fair value of the Warrants to be $6,800, assisted by an independent third-party appraiser. The fair value of these Warrants is treated as a debt discount, amortizable over the term of the Warrants, with the unamortized loan portion applied to reduce the face amount of the loan in the Company’s balance sheet. Additionally, since the 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 accompanying Consolidated Balance Sheets.

Certain 12.5% Noteholders exercised warrants for the purchase of 428,571 shares of common stock, and proceeds totaling $1,821 were received on December 16, 2019.

Warrants Issued to Perceptive Credit Opportunities Fund, LP

A seven-year warrant issued to Perceptive in connection with the Company’s August 2016 debt refinancing included certain put rights that could have required a net-cash settlement and was therefore classified as a liability, rather than as equity. Accordingly, fair value of this warrant was re-valued at each succeeding balance sheet date through the date of its exercise in July 2018 at the time of the Company’s IPO. As a result, $5,278 was charged against 2018 earnings to reflect the increase in value of this warrant during that period in 2018. Also, as a result of the exercise of the warrant, Perceptive received 863,400 shares of common stock in exchange for proceeds from the July 2018 exercise of $116, concurrent with which the remaining warrant liability of $12,952 was reclassified to additional paid in capital during the third quarter of 2018. A Level 1 market price of $15.00, the initial price at which the Company’s common stock was publicly offered, was used in determining fair value as of the warrants’ conversion date.

Asset Retirement Obligation

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation [Abstract]

Asset Retirement Obligation

Note 13.

Asset Retirement Obligation

The Company’s asset retirement obligation, or ARO, consists of estimated future spending related to removing certain leasehold improvements at its Portage, Indiana, laboratory, the Ameriplex production facility and the Warren, New Jersey, laboratory and returning all facilities to their original condition. Below is a schedule of activity in the Company’s liability for AROs for the years ended December 31, 2019 and 2018:

Balance at December 31, 2017	$	1,081
Additions		5
Accretion		130
Balance at December 31, 2018		1,216
Additions		—
Accretion		144
Balance at December 31, 2019	$	1,360

Depreciation expense related to the ARO assets included in overall depreciation expense for the periods ended December 31, 2019 and 2018 were $24 and $27, respectively.

Net Loss Per Share

12 Months Ended

Dec. 31, 2019

Net Loss Per Share [Abstract]

Net Loss Per Share

Note 14.

Net Loss Per Share

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

As a result of the Company’s net loss incurred for the years ended December 31, 2019 and 2018, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations for this period. Therefore, basic and diluted net loss per share were the same for all periods presented as reflected below.

	Year Ended December 31, 2019			Year Ended December 31, 2018
Numerator:
Net loss	$	(66,246	)	$	(61,376	)
Denominator:
Weighted-average number of common shares – basic and diluted		25,356,098			20,725,526
Loss per common share – basic and diluted	$	(2.61	)	$	(2.96	)

As of December 31, 2019 and 2018, respectively, the Company’s potentially dilutive instruments included 2,231,092 and 1,033,492 options to purchase common shares and 73,839 and 205,175 unvested RSUs that were excluded from the computation of diluted weighted average shares outstanding because these securities had an antidilutive impact due to the losses reported. Similarly excluded as of December 31, 2019 were potentially dilutive warrants for the purchase of 1,571,429 common shares.

Share-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 15.

Share-Based Compensation

The Company’s share-based incentive plan costs reflected in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2019 included costs related to restricted stock unit awards (RSUs) and stock option grants and, for the year ended December 31, 2018, also included costs related to non-voting common shares as well. As further detailed below, non-voting common shares were issued in April 2018 to compensate participants in the Company’s previously maintained Performance Unit Plans at the time that those incentive plans were terminated. RSUs and options were granted pursuant to the Aquestive Therapeutics, Inc. 2018 Equity Incentive Plan, which was first adopted by the Board of Directors on June 15, 2018. The Company’s Board of Directors also adopted the Aquestive Therapeutics, Inc. Employee Stock Purchase Plan in June 2018 and the Company began rollout of the plan in late 2018. Initial employee purchases under terms of this plan were made in 2019.

The Company recognized share-based compensation in its Consolidated Statements of Operations during the two periods presented as follows:

Expense classification:	Year Ended December31, 2019		Year Ended December 31, 2018
Manufacturing and supply	$	231	$	414
Research and development		720		2,583
Selling, general and administrative		6,120		26,943
Total share-based compensation expenses	$	7,071	$	29,940

Share-based compensation from:
Non-voting common shares (A)	$	—	$	27,298
Restricted Stock Units (B)		1,863		1,085
Stock Options (B)		5,173		1,557
Employee Stock Purchase Plan (C)		35		—
Total share-based compensation expenses	$	7,071	$	29,940

(A) Non-Voting Common Share Issuance

The Company had two Performance Unit Plans, both of which fell within the scope of FASB ASC Subtopic 718-30, Compensation – Stock Compensation – Awards Classified as Liabilities. Pursuant to the Plans, vested grants were not exercisable prior to either a change in control of the Company or completion of an IPO. These performance conditions rendered the grants contingent and deferred expense recognition until either of the conditions were satisfied. Neither of these conditions were satisfied as of December 31, 2017, and accordingly, no compensation expense was recorded during that year.

On April 16, 2018, the Company terminated the Performance Unit Plans. The termination was executed in accordance with the provisions of the Plans’ termination, which required both Board of Directors and the certain plan participant approval. As a result, the Company accelerated the vesting of any unvested performance units and issued non-voting common shares to compensate the performance unit holders. Immediately prior to the consummation of the IPO, all of the Company’s outstanding shares of non-voting common stock were automatically converted to 4,922,353 shares of voting common stock.

In accordance with ASC 718, Compensation — Stock Compensation, the Company recorded a total charge to earnings of $27,298 comprised of $19,123 which relates to the fair market value of the non-voting shares at the date the shares were granted and $8,175 related to withholding taxes which the Company elected to pay on behalf of the performance unit holders to reflect the compensation cost associated with the issuance of to 4,922,353 non-voting common shares. The compensation expense was estimated using an independent third-party valuation prepared in accordance with the American Institute of Certified Public Accountants Practice Aide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

The assumptions for the determination of the fair value of these non-voting shares are provided in the following table:

Valuation assumptions:
Discount for lack of marketability	34	%
Volatility	90	%
Weighted average cost of capital	27.5	%

The discount for lack of marketability reflected the illiquid nature of the security as well as other qualitative characteristics that would make it less marketable than the more senior securities. Volatility was based on that of comparable public companies. The weighted average cost of capital was also based on that of comparable public companies as well as market interest rate data.

(B) Share-Based Compensation Equity Awards

The Company provides certain employees, non-employee directors and consultants with performance incentives under the Aquestive Therapeutics, Inc. 2018 Equity Incentive Plan (the Plan), adopted by the Board of Directors on June 15, 2018. Under this Plan, the Company may grant restricted stock units, stock options or other stock-based awards in order to align the long-term financial interests of selected participants with those of its stockholders, strengthen the commitment of such persons to the Company, and attract and retain competent and dedicated persons whose efforts will enhance long-term growth, profitability and share value.

Restricted stock units and options that have been awarded pursuant to terms of the Plan are subject to graded vesting over a service period, which is typically two or three years. Compensation cost is recognized for these awards on a pro-rata basis over the requisite service period for each award granted.

At December 31, 2019, there were approximately 1.6 million shares available for grant under the Plans.

Restricted stock unit awards (RSUs)

The following table summarizes the Company’s awards of restricted stock units for the years ended December 31, 2018 and 2019:

	Number of Units			Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested at Plan adoption		—		$	—
Granted		265			14.83
Vested		(60	)		15.03
Unvested, December 31, 2018		205		$	14.77
Granted		—			—
Forfeited		(6	)
Vested		(125	)		14.94
Unvested, December 31, 2019		74		$	14.64

The Company recognized charges to 2019 and 2018 earnings totaling $1,863 and $1,085 related to RSUs, respectively. The total grant date fair market value of shares vested in 2019 and 2018 was $1,869 and $896, respectively.

As of December 31, 2019, there was approximately $867 of unrecognized compensation costs related to restricted stock units awarded of which approximately $800 is expected to be recognized during 2020 and the balance to be recognized in 2021.The RSUs granted to senior management vest in equal quarterly installments over two years; the RSUs granted to key employees are subject to a three-year graduated vesting schedule. These RSUs are not subject to performance-based criteria other than continued employment. There were no RSU grants prior to the year ended December 31, 2018.

Stock option awards

The following table summarizes the Company’s stock option activity for the period from January 1, 2018 through December 31, 2019:

(in 000s, except share price data)	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Outstanding at January 1, 2018		—						$	—
Granted		1,033		$	14.72		9.55
Exercised, Forfeited, Expired		—
Outstanding at December 31, 2018		1,033		$	14.72		9.55	$	—
Granted		1,258			6.66		9.29
Forfeited		(60	)	$	5.78		9.40
Exercised, Expired		—						$	—
Outstanding at December 31, 2019		2,231		$	10.42		8.94	$	689
Vested or expected to vest at December 31, 2019		2,077		$	10.41		8.94	$	644
Exercisable at December 31, 2019		404		$	14.83		8.56	$	—

The weighted average grant date fair value of stock options granted during 2019 and 2018 was $4.95 and $10.83, respectively. The fair values of stock options granted were estimated using the Black-Scholes-Merton pricing model based on the following assumptions:

	Years Ended December 31,
	2019			2018
Expected dividend yield		0	%		0	%
Expected volatility		85% - 106	%		85% - 90	%
Expected term (years)		5.5 – 6.1			5.8 - 6.1
Risk-free interest rate		1.5% – 2.6	%		2.8 - 2.9	%
Forfeiture rate		5	%		5	%
Exercise prices	$	3.36 - $8.05		$	6.54 - $18.67

Aquestive anticipates reinvesting earnings for the foreseeable future in product development and other avenues of share-value growth and accordingly anticipates no dividend payouts. Volatility was determined based on that of comparable public companies, given the lack of any definitive history regarding its own publicly-traded common stock. The expected term of the award was calculated using the simplified method. A weighted average was utilized taking into account the two vesting periods to determine the expected term in years. The risk-free interest rates are derived from the U.S. Treasury yield curve in effect on the date of grant for instruments with a remaining term similar to the expected life of the options.

As of December 31, 2019, $9,361 of total unrecognized compensation expenses related to non-vested stock options is expected to be recognized over a weighted average period of 1.9 years from the date of grant. These option grants provided a maximum contract term of 10 years from grant date, with a weighted average remaining contract life of 9.0 years. Options granted to senior management and Board members vest in equal quarterly or monthly increments over three years; options granted to key employees are subject to a three-year graduated vesting schedule. These stock options are not subject to performance-based criteria other than continued employment.

The Company’s Board of Directors adopted the Aquestive Therapeutics, Inc. Employee Stock Purchase Plan (ESPP) in June 2018, plan rollout began in late 2018, and initial employee purchases were made in 2019.

The purpose of the ESPP is to help retain and motivate current employees, to attract new talent, and to provide eligible employees of the Company a convenient manner of purchasing shares of common stock at a discounted price at periodic intervals by means of accumulated payroll deductions. The Company may offer common stock purchase rights biannually under offerings that allow for the purchase of common stock at the lower of 85% of the fair value of shares on either the first or last day of the offering period. The offerings may, or may not, also provide tax advantages. Purchases made via a tax-advantaged offering are intended to qualify as purchases made within the meaning of Section 423 of the Internal Revenue Code. Offerings may run concurrently, or serially, and each offering will be treated as separate and distinct. Under the ESPP, a total of 250,000 shares of common stock were initially reserved for issuance. During 2019, employees purchased 56,378 shares through this plan.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 16.

Employee Benefit Plans

The Company sponsors a defined-contribution 401(k) plan covering all full-time employees and makes matching employer contributions as defined by the terms of that plan. The Company may also make discretionary contributions. Total contributions made to the plan by the Company for the years ended December 31, 2019 and 2018 were $819 and $837, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Income Taxes

Note 17.

Income Taxes

From the period January 1, 2017 through October 31, 2017, the Company was a limited liability company (“LLC”) that passed through income and losses to its members for U.S. federal and state income tax purposes. From November 1, 2017 through December 31, 2017, the LLC elected to be taxed as a C corporation. On January 1, 2018, the LLC was converted into a Delaware corporation and treated as a C corporation for tax purposes.

The tax effect of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 are as follows:

	December 31,
	2019			2018
Deferred tax assets:
Accounts receivable	$	126		$	16
Inventory		69			120
Accrued expenses		835			15
NOL carryforwards		23,687			10,899
Interest limitation imposed by the TJCA		5,748			2,124
Stock Compensation		2,505			1,224
Other		783			260
Property and equipment		1,741			1,380
Orphan Drug and R&D Tax Credits		4,621			3,917
		40,115			19,955
Deferred tax liabilities:
Intangible assets	(58		)		(39	)
Prepaid expenses		-			(407	)
		(58	)		(446	)
Valuation Allowance		(40,057	)		(19,509	)
Net deferred tax asset/(liability)	$	—		$	—

At December 31, 2019 and 2018, the Company had federal net operating loss carryforwards of $85,905 and $41,385, respectively, a significant portion of which carryforward for an indefinite period. At December 31, 2019 and 2018, the Company also had state net operating loss carryforwards of $80,266 and $39,217, respectively. These state net operating losses carry forwards begin expiring in 2039 and 2038, respectively. As a result of the December 2017 U.S. Tax Cuts and Jobs Act (“TCJA”), updated regulations under section 163j create new limitations on deductible interest expense. The Company’s interest expense deduction under 163j will be limited for tax purposes based on a calculation of 30% of its EBITDA on a tax basis. The Company has determined, based upon available evidence, that is more likely than not that the net deferred tax asset will not be realized and accordingly, has provided a full valuation allowance against its net deferred tax assets. Valuation allowances of $40,057, and $19,509 have been established at December 31, 2019 and 2018, respectively. The Company may also be subject to the net operating loss utilization provisions of Section 382 of the Internal Revenue Code due to ownership changes. As a result, the use of NOL carry forwards from the current and prior periods are subject to annual limitations.

Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that there were no uncertain positions as of December 31, 2019 and 2018. The Company did not have any unrecognized tax benefits and has not accrued any interest or penalties for the years ended December 31, 2019 and 2018. The Company’s U.S. federal and state net operating losses have occurred since its election to treat as a C Corporation in 2017 and as such, tax years subject to potential tax examination could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit by the IRS and/or state taxing authorities. In early 2020, the U.S. Internal Revenue Service began an examination of the Company’s federal income tax return for 2018. The Company does not expect to recognize a significant amount of additional tax expense as a result of concluding this examination.

A reconciliation of income tax benefit and the amount computed by applying the statutory federal income tax rates of 21% to loss before taxes for the years ended December 31, 2019 and 2018, respectively, as follows:

	Year Ended December 31,
	2019			2018
Income taxes at statutory rate		21.00	%		21.00	%
Increase (decrease) resulting from:
State income tax		6.76			7.04
Permanent differences		(0.04	)		(7.09	)
Research & development credit		2.32			4.40
Return to provision		0.98			1.48
Effect of state rate change		-			0.41
Valuation allowance		(31.02	)		(27.24	)
Effect of the deferred rate change		—			—
Effective tax rate		0.00	%		0.00	%

The TCJA was signed into law on December 22, 2017. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP to situations in which an entity does not have the necessary information available, prepared or analyzed in reasonable detail to complete the accounting for certain income tax effects of the TCJA. That guidance specifies that, for income tax effects of the TCJA that can be reasonably estimated but for which the accounting and measurement analysis is not yet complete, entities should report provisional amounts in the reporting period that includes the enactment date and those provisional amounts can be adjusted for a measurement period not to exceed one year from the enactment date.

We did not identify items for which the income tax effects of the 2017 TCJA have not been completed and could not be reasonably estimated as of December 31, 2017, and as such, our financial results reflect the income tax effects of the TCJA for which the accounting under ASC Topic 740 is complete.

On July 1, 2018, the New Jersey governor signed into law a bill which included significant changes to the New Jersey taxation of corporations. Chiefly, this legislation imposes a 2.5% surtax on taxpayers with allocated net income over $1 million for 2018 and 2019, and a 1.5% sur tax for taxpayers with allocated net income over $1 million for 2020 and 2021. In addition, the state is changing its filing requirements from separate entity reporting to combined reporting on a water’s edge basis. Further, there are changes to the state’s computation of its dividend received deduction and application of IRC section 163(j). The Company has considered these changes and does not believe this change in law will have a material impact due to availability of significant New Jersey NOL carryforwards to set off against future taxable income and a full valuation allowance against the net deferred tax assets.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 18.

Commitments and Contingencies

(A) Operating Leases

The Company has entered into various lease agreements for production and research facilities and offices. Most leases contain renewal options. Certain leases contain purchase options and require the Company to pay for taxes, maintenance and operating expenses. All of the Company’s leases are classified as operating leases.

Production and Research Facilities, Portage, Indiana

The Company leases a 73,000-square-foot facility (Ameriplex) in Portage, Indiana, to house additional packaging, R&D and other operations. As amended, this lease has a term that extends through September 30, 2022 and contains a renewal option that could extend the lease through September 30, 2026.

The Company also leases its current 8,400-square-foot production facility (Melton) in Portage, Indiana, which houses certain research and development offices and current good manufacturing practices, or cGMP, manufacturing operations. The lease contains an option to purchase the facility at any time during the lease term along with a right of first refusal to purchase the facility. In October 2012, the Company entered into an additional five-year extension of the lease of this facility, through March 31, 2018, under the same terms and conditions. In October 2017, the Company extended its lease located in Portage, Indiana, which will expire during March 2023 under the same terms and conditions as its former lease.

Office and Laboratory Facilities, Warren, New Jersey

The Company leases its headquarters and principal laboratory facility in Warren, New Jersey. Pursuant to various amendments in February 2011, June 2012 and May 2013, the Company has secured additional space to provide for the growth of its laboratory facilities and corporate and administrative requirements. The lease included five two-year renewal options, one of which was exercised in July 2016 to extend this lease through August 31, 2018. During September 2017, the Company entered into a lease for additional space through August 31, 2018. In 2018. The Company entered into an Amended and Restated Lease Agreement which added additional office space and extended the lease through February 29, 2020. In July 2019, the Company entered into the First Amendment to Lease which extended the term to August 31, 2023.

Rent expense for all leased manufacturing facilities and sales, laboratory and office space were $1,613 and $1,393 for the years ended December 31, 2019 and 2018, respectively.

The following schedule presents future minimum lease payments under operating leases as of December 31, 2019, including those derived from renewal options that are deemed noncancelable under FASB ASC Section 840-10-35, Leases - Subsequent Measurement:

	Amount
2020	$	1,274
2021		1,287
2022		1,153
2023		380
Thereafter		0
Total	$	4,094

(B) Litigation and Contingencies

From time to time, we have been and may again become involved in legal proceedings arising in the course of our business, including product liability, intellectual property, commercial litigation, or environmental or other regulatory matters.

Patent-Related Litigation

Beginning in August 2013, Aquestive was informed of ANDA filings in the United States by Watson Laboratories, Inc. (now Actavis Laboratories, Inc., or “Actavis”), Par Pharmaceutical, Inc.(“Par”), Alvogen Pine Brook, Inc. (“Alvogen”), Teva Pharmaceuticals USA, Inc. (“Teva”), Sandoz Inc. (“Sandoz”), and Mylan Technologies Inc. (“Mylan”), for the approval by the FDA of generic versions of Suboxone Sublingual Film in the United States. Patent infringement lawsuits were filed against all six generic companies in the U.S. District Court for the District of Delaware. After the commencement of the ANDA patent litigation against Teva, Dr. Reddy’s Laboratories (“DRL”) acquired the ANDA filings for Teva’s buprenorphine and naloxone sublingual film that are at issue in these trials.

Of these, cases against three of the six generic companies have been resolved.

•

Mylan and Sandoz settled without a trial. Sandoz withdrew all challenges and became the distributor of the authorized generic.

•

All cases against Par were resolved pursuant to a May 2018 settlement agreement between us, Indivior, and Par and certain of its affiliates.

•

Actavis was found to infringe the ‘514 patent and cannot enter the market until the expiration of the patent in 2024, and the Federal Circuit affirmed that ruling on July 12, 2019.

•

DRL and Alvogen were found not to infringe under a different claim construction analysis, and the Federal Circuit affirmed that ruling on July 12, 2019. Teva has agreed to be bound by all DRL adjudications.

Subsequent to the above, all potential generic competitors without a settlement agreement were also sued for infringement of two additional new patents that contain new claims not adjudicated in the original case against DRL and Alvogen. On July 12, 2019, the Federal Circuit affirmed the decisions from the previously decided cases. The remaining case against Actavis was dismissed in light of the infringement ruling above, which prevents Actavis from entering the market until 2024. The case(s) against the remaining defendants regarding the additional asserted patents have not been finally resolved. A Markman hearing in the cases against Dr. Reddy’s and Alvogen was held on October 17, 2019. On November 5, 2019, the Court issued its Markman opinion construing the disputed terms of the asserted patents. On January 9, 2020, the Court entered into a stipulated order of non-infringement of the ‘305 patent based on the Court’s claim construction ruling, and Aquestive and Indivior reserved our rights to appeal the claim construction ruling. On November 19, 2019, the magistrate judge issued an order granting DRL and Alvogen’s requests to file amended answers to add antitrust counterclaims. Aquestive and Indivior appealed the magistrate judge’s decision to the District Judge on December 4, 2019, DRL and Alvogen opposed the appeal. The parties are awaiting further action from the Court on the appeal. On January 17, 2020, a motion was filed to dismiss DRL’s and Alvogen’s antitrust counterclaims for failure to state a claim and briefing on that motion is ongoing. No trial date has been set in those cases, which are pending in the U.S. District Court for the District of New Jersey. We are not able to determine or predict the ultimate outcome of this proceeding.

On February 19, 2019, the Federal Circuit issued its mandate reversing the District of New Jersey’s preliminary injunction against Dr. Reddy’s. Following issuance of the mandate, the District of New Jersey vacated preliminary injunctions against both Dr. Reddy’s and Alvogen. Dr. Reddy’s, Alvogen, and Mylan all launched generic versions of Suboxone Sublingual Film, and the launches by Dr. Reddy’s and Alvogen are “at risk” because the products are the subject of the ongoing patent infringement litigations.

On March 22, 2019, the Company and Indivior brought suit against Aveva Drug Delivery Systems, Inc., Apotex Corp., and Apotex Inc. for infringement of the ’150, ’514, ’454, and ’305 patents, seeking an injunction and potential monetary damages. Following a negotiated settlement between all parties, on December 3, 2019, the parties submitted a Notice of Settlement and a Joint Motion to Approve Consent Judgment. The Court entered an Order dismissing the suit on December 8, 2019.

Aquestive is also seeking to enforce its patent rights in multiple cases against BioDelivery Sciences International, Inc. (“BDSI”). Two cases are currently pending but stayed in the U.S. District Court for the Eastern District of North Carolina:

•

The first, a declaratory judgment action brought by BDSI against Indivior and Aquestive, seeks declarations of invalidity and non-infringement of U.S. Patents Nos. 7,897,080, or the ’080 patent, 8,652,378, or the ’378 patent, and 8,475,832, or the ’832 patent. This case is stayed pending final resolution of the above-mentioned appeals on related patents.

•

The second was filed by the Company and Indivior alleges infringement of Aquestive’s U.S. Patent No. 8,765,167, or the ’167 patent, by BDSI’s Bunavail product and seeks an injunction and potential monetary damages. BDSI subsequently filed four (4) IPR’s challenging the asserted ’167 patent and on March 24, 2016, the Patent Trial and Appeal Board, or the PTAB, issued a final written decision finding that all claims of the ’167 patent were valid. The case was stayed in May 2016 pending the final determination of the appeals on those decisions. Following the PTAB’s February 7, 2019 decisions on remand denying institution, we and Indivior submitted a notice to the Court on February 15, 2019 notifying the Court that the stay should be lifted as result of the PTAB’s decisions. We are awaiting further action from the Court.

•

In January 2017, the Company initiated a suit against BDSI asserting infringement of the ’167 patent by BDSI’s Belbuca product and seeking an injunction and potential monetary damages. Subsequently, the Court granted BDSI’s motion to dismiss the Complaint without prejudice. In November 2019, a new Complaint was filed against BDSI in the Eastern District of North Carolina, and BDSI filed a motion to stay the case pending its appeal of the PTAB’s remand. The motion to stay remains pending. In March 2019, the Company moved to dismiss the appeal for lack of jurisdiction, and, in August, the Federal Circuit granted this motion to dismiss BDSI’s appeal. In September 2019, BDSI filed a petition for rehearing en banc, which was denied by the Federal Circuit on January 13, 2020. Subsequently, BDSI filed a motion to dismiss the complaint, which was opposed by the Company on February 2, 2020. The parties are awaiting further action from the Court.

Antitrust Litigation

On September 22, 2016, forty-one states and the District of Columbia, or the States, brought suit against Indivior and the Company in the U.S. District Court for the Eastern District of Pennsylvania, alleging violations of federal and state antitrust statutes and state unfair trade and consumer protection laws relating to Indivior’s launch of Suboxone Sublingual Film in 2010 and seeking an injunction, civil penalties, and disgorgement. The case was later consolidated with a multidistrict putative class action, the In re Suboxone (Buprenorphine Hydrochloride and Naloxone) Antitrust Litigation, MDL No. 2445, or the Suboxone MDL. The action brought by the States alleges that the Company participated in an antitrust conspiracy with Indivior and also engaged in related conduct in violation of federal and state antitrust law. The Company’s motion to dismiss was denied by the Court and in response we filed an answer denying the States’ claims in November 2017. The fact discovery period and the expert discovery phase closed on or before May 30, 2019, but additional reports and depositions were conducted through August 1, 2019. The remainder of the case schedule is stayed pending resolution of Indivior’s appeal of a certain District Court class certification ruling. We are 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.

California Complaint

On December 5, 2019, Neurelis Inc. filed a Complaint in the Superior Court of California, County of San Diego, alleging Unfair Competition, Defamation, and Malicious Prosecution in connection with the Company’s activities related to its pursuit of FDA approval for Libervant™. Neurelis also filed a First Amended Complaint on December 9, 2019, alleging the same three causes of action. Various answers and motions have been filed by the parties since that time, and a hearing is scheduled for April 24, 2020. We are not able to determine or predict the ultimate outcome of this proceeding or provide a reasonable estimate, or range of estimate, of the possible outcome or loss, if any, in this matter.

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data (unaudited) [Abstract]

Quarterly Financial Data (unaudited)

Note 19.

Quarterly Financial Data (unaudited)

The following tables contain selected quarterly financial information from 2019 and 2018 (in thousands, except per share amounts). The Company believes that this information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

	Three Months Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019

Revenues	$	12,643		$	11,129		$	12,418		$	16,419
Manufacture and supply		3,506			5,420			4,643			6,792
Total costs and expenses		25,717			29,817			23,420			26,323
Net (loss)		(14,726	)		(20,472	)		(18,412	)		(12,636	)
Basic and diluted net (loss) per common share	$	(0.59	)	$	(0.82	)	$	(0.74	)	$	(0.48	)

	Three Months Ended
	March 31, 2018		June 30, 2018			September 30, 2018			December 31, 2018

Revenues	$	23,411	$	13,928		$	13,267		$	16,824
Manufacture and supply		5,636		4,973			5,592			4,787
Total costs and expenses		18,106		46,614			22,471			29,173
Net income (loss)		4,099		(36,493	)		(15,038	)		(13,944	)
Basic and diluted net income (loss) per common share	$	0.27	$	(1.90	)	$	(0.64	)	$	(0.56	)

For periods in which the Company reported a net loss, potentially dilutive securities were excluded from the computation of per share amounts.

Basis of Presentation and Principles of Consolidation (Policies)	12 Months Ended
	Dec. 31, 2019
Basis of Presentation and Principles of Consolidation [Abstract]
Basis of Presentation and Principles of Consolidation	These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. The accounts of wholly owned subsidiaries are included in the consolidated financial statements. Other than corporate formation activities, no such subsidiaries have conducted any commercial, developmental or operational activities and none have customers or vendors. Certain reclassifications were made to conform to the current presentation. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Use of Estimates

(A) Use of Estimates

Cash and Cash Equivalents

(B) Cash and Cash Equivalents

Concentration of Credit Risk

Trade Accounts Receivable

(D) Trade Accounts Receivable

Inventories

(E) Inventories

Property and Equipment

(F) Property and Equipment

Intangible Assets

(G) Intangible Assets

Impairment of Long-Lived Assets

(H) Impairment of Long-Lived Assets

Revenue from Contracts with Customers

(I) Revenue from Contracts with Customers

Research and Development

(J) Research and Development

Income Taxes

(K) Income Taxes

Share-Based Compensation

(L) Share-Based Compensation

•

the stock price at the grant date,

•

exercise price,

•

both the contractual and estimated expected term of the option,

•

an estimate of stock price volatility based on that of an industry peer group,

•

expected dividends,

•

no dividends for the foreseeable future, and

•

risk-free interest rate.

Per Share Data

(M) Per Share Data

Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.

Comprehensive Loss

(N) Comprehensive Loss

Fair Value Measurements

(O) Fair Value Measurements

•

Segment Information

(P) Segment Information

Deferred Offering Costs

(R) Deferred Offering Costs

Recent Accounting Pronouncements

(S) Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements:

Recent Accounting Pronouncements Not Adopted as of December 31, 2019:

Revenues and Trade Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2019

Revenues and Trade Receivables, Net [Abstract]

Revenue

The Company’s revenue was comprised of the following:

	Year Ended December 31,
	2019		2018
Manufacture and supply revenue	$	38,739	$	37,319
License and royalty revenue		6,959		24,699
Co-development and research fees		4,042		5,184
Proprietary product sales, net		2,869		228
Revenues	$	52,609	$	67,430

Disaggregation of Revenue

The following table provides disaggregated net revenue by geographic area:

	Year Ended December 31,
	2019		2018
United States	$	48,293	$	64,565
Ex-United States		4,316		2,865
Revenues	$	52,609	$	67,430

Accounts Receivable, Net

Accounts receivable, net consist of the following:

	December 31,
	2019			2018
Accounts receivable	$	9,094		$	6,610
Contract and other receivables		4,363			33
Less: allowance for bad debt		(124	)		(58	)
Less: sales-related allowances		(203	)		(104	)
Trade and other receivables, net	$	13,130		$	6,481

Changes in Allowance for Bad Debts

The following table presents the changes in the allowance for bad debt:

	December 31,
	2019			2018
Allowance for doubtful accounts at beginning of year	$	58		$	55
Additions charged to bad debt expense		66			53
Write-downs charged against the allowance		(—	)		(50	)
Recoveries of amounts previously reserved		—			—
Allowance for doubtful accounts at end of year	$	124		$	58

Sales-related Allowances

The following table presents the changes in sales-related allowances:

	December 31,
	2019			2018
Balance at December 31, 2018	$	104		$	—
Provision related to sales in 2019		244			104
Credits and payments		(145	)		—
Balance at December 31, 2019	$	203		$	104

Inventory (Tables)

12 Months Ended

Dec. 31, 2019

Inventory [Abstract]

Inventory, net

Inventory consists of the following:

	December 31,
	2019		2018
Raw material	$	1,244	$	1,283
Packaging material		1,096		2,975
Finished goods		519		1,183
Total inventory	$	2,859	$	5,441

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property and Equipment, Net

		December 31,
	Useful Lives	2019			2018
Machinery	3-15 yrs	$	21,088		$	20,681
Furniture and fixtures	3-15 yrs		1,150			1,150
Leasehold improvements	(a)		21,333			21,333
Computer, network equipment and software	3-7 yrs		2,787			2,579
Construction in progress			1,412			1,655
			47,770			47,398
Less: accumulated depreciation and amortization			(38,044	)		(35,191	)
Total property and equipment, net		$	9,726		$	12,207

(a)

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

Intangible Assets, Net and Other Assets (Tables)

12 Months Ended

Dec. 31, 2019

Intangible Assets, Net and Other Assets [Abstract]

Components of Identifiable Intangible Assets

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

	December 31,
	2019			2018
Purchase technology-based intangible	$	2,358		$	2,358
Purchased patent		509			509
		2,867			2,867
Less: accumulated amortization		(2,714	)		(2,663	)
Intangible assets, net	$	153		$	204
Other Assets, Primarily Security Deposits		286			239
Total Intangible Assets, Net and Other Assets	$	439		$	443

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Accrued Expenses [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:

	December 31,
	2019		2018
Accrued compensation	$	3,758	$	3,604
Accrued employment tax expenses for share-based compensation		—		2,515
Real estate and personal property taxes		300		388
Accrued distribution expenses		1,174		481
Other		243		207
Total accrued expenses	$	5,475	$	7,195

12.5% Senior Secured Notes and Loans Payable (Tables)

12 Months Ended

Dec. 31, 2019

12.5% Senior Secured Notes and Loans Payable [Abstract]

Debt Maturity

A debt maturity table is presented below:

2020	$	-
2021		3,500
2022		10,500
2023		17,500
2024 and thereafter		38,500
Total	$	70,000

Asset Retirement Obligation (Tables)

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation [Abstract]

Liability for Asset Retirement Obligations

Below is a schedule of activity in the Company’s liability for AROs for the years ended December 31, 2019 and 2018:

Balance at December 31, 2017	$	1,081
Additions		5
Accretion		130
Balance at December 31, 2018		1,216
Additions		—
Accretion		144
Balance at December 31, 2019	$	1,360

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Net Loss Per Share [Abstract]

Basic and Diluted Net Loss Per Share

	Year Ended December 31, 2019			Year Ended December 31, 2018
Numerator:
Net loss	$	(66,246	)	$	(61,376	)
Denominator:
Weighted-average number of common shares – basic and diluted		25,356,098			20,725,526
Loss per common share – basic and diluted	$	(2.61	)	$	(2.96	)

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-Based Compensation [Abstract]

Share-based Compensation Expense

The Company recognized share-based compensation in its Consolidated Statements of Operations during the two periods presented as follows:

Expense classification:	Year Ended December31, 2019		Year Ended December 31, 2018
Manufacturing and supply	$	231	$	414
Research and development		720		2,583
Selling, general and administrative		6,120		26,943
Total share-based compensation expenses	$	7,071	$	29,940

Share-based compensation from:
Non-voting common shares (A)	$	—	$	27,298
Restricted Stock Units (B)		1,863		1,085
Stock Options (B)		5,173		1,557
Employee Stock Purchase Plan (C)		35		—
Total share-based compensation expenses	$	7,071	$	29,940

Valuation Assumptions for Determination of Fair Value of Non-voting Shares

The assumptions for the determination of the fair value of these non-voting shares are provided in the following table:

Valuation assumptions:
Discount for lack of marketability	34	%
Volatility	90	%
Weighted average cost of capital	27.5	%

Restricted Stock Unit Awards

The following table summarizes the Company’s awards of restricted stock units for the years ended December 31, 2018 and 2019:

	Number of Units			Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested at Plan adoption		—		$	—
Granted		265			14.83
Vested		(60	)		15.03
Unvested, December 31, 2018		205		$	14.77
Granted		—			—
Forfeited		(6	)
Vested		(125	)		14.94
Unvested, December 31, 2019		74		$	14.64

Stock Option Activity

The following table summarizes the Company’s stock option activity for the period from January 1, 2018 through December 31, 2019:

(in 000s, except share price data)	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Outstanding at January 1, 2018		—						$	—
Granted		1,033		$	14.72		9.55
Exercised, Forfeited, Expired		—
Outstanding at December 31, 2018		1,033		$	14.72		9.55	$	—
Granted		1,258			6.66		9.29
Forfeited		(60	)	$	5.78		9.40
Exercised, Expired		—						$	—
Outstanding at December 31, 2019		2,231		$	10.42		8.94	$	689
Vested or expected to vest at December 31, 2019		2,077		$	10.41		8.94	$	644
Exercisable at December 31, 2019		404		$	14.83		8.56	$	—

Valuation Assumptions for Determination of Fair Value of Options

	Years Ended December 31,
	2019			2018
Expected dividend yield		0	%		0	%
Expected volatility		85% - 106	%		85% - 90	%
Expected term (years)		5.5 – 6.1			5.8 - 6.1
Risk-free interest rate		1.5% – 2.6	%		2.8 - 2.9	%
Forfeiture rate		5	%		5	%
Exercise prices	$	3.36 - $8.05		$	6.54 - $18.67

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Deferred Tax Assets and Liabilities

	December 31,
	2019			2018
Deferred tax assets:
Accounts receivable	$	126		$	16
Inventory		69			120
Accrued expenses		835			15
NOL carryforwards		23,687			10,899
Interest limitation imposed by the TJCA		5,748			2,124
Stock Compensation		2,505			1,224
Other		783			260
Property and equipment		1,741			1,380
Orphan Drug and R&D Tax Credits		4,621			3,917
		40,115			19,955
Deferred tax liabilities:
Intangible assets	(58		)		(39	)
Prepaid expenses		-			(407	)
		(58	)		(446	)
Valuation Allowance		(40,057	)		(19,509	)
Net deferred tax asset/(liability)	$	—		$	—

Reconciliation of Income Tax Benefit

	Year Ended December 31,
	2019			2018
Income taxes at statutory rate		21.00	%		21.00	%
Increase (decrease) resulting from:
State income tax		6.76			7.04
Permanent differences		(0.04	)		(7.09	)
Research & development credit		2.32			4.40
Return to provision		0.98			1.48
Effect of state rate change		-			0.41
Valuation allowance		(31.02	)		(27.24	)
Effect of the deferred rate change		—			—
Effective tax rate		0.00	%		0.00	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies [Abstract]

Future Minimum Lease Payments Under Operating Leases

	Amount
2020	$	1,274
2021		1,287
2022		1,153
2023		380
Thereafter		0
Total	$	4,094

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data (unaudited) [Abstract]

Selected Quarterly Financial Information

	Three Months Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019

Revenues	$	12,643		$	11,129		$	12,418		$	16,419
Manufacture and supply		3,506			5,420			4,643			6,792
Total costs and expenses		25,717			29,817			23,420			26,323
Net (loss)		(14,726	)		(20,472	)		(18,412	)		(12,636	)
Basic and diluted net (loss) per common share	$	(0.59	)	$	(0.82	)	$	(0.74	)	$	(0.48	)

	Three Months Ended
	March 31, 2018		June 30, 2018			September 30, 2018			December 31, 2018

Revenues	$	23,411	$	13,928		$	13,267		$	16,824
Manufacture and supply		5,636		4,973			5,592			4,787
Total costs and expenses		18,106		46,614			22,471			29,173
Net income (loss)		4,099		(36,493	)		(15,038	)		(13,944	)
Basic and diluted net income (loss) per common share	$	0.27	$	(1.90	)	$	(0.64	)	$	(0.56	)

Corporate Organization and Company Overview (Details) $ / shares in Units, $ in Thousands				1 Months Ended				12 Months Ended
	Dec. 17, 2019 USD ($) shares	Aug. 15, 2018 USD ($) $ / shares shares	Jul. 27, 2018 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares shares	Aug. 15, 2018 USD ($) $ / shares	Jul. 31, 2018	Apr. 30, 2018 $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Jun. 30, 2018 shares	Mar. 31, 2018 shares
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, shares issued (in shares)				33,562,885				33,562,885	24,957,309
Conversion ratio, stock						12.34
Common stock, shares authorized (in shares)			250,000,000	250,000,000			350,000,000	250,000,000	250,000,000		25,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001				$ 0.001	$ 0.001
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)				8,050,000
Net proceeds from initial public offering \| $					$ 63,482			$ 39,317	$ 68,830
Common stock, shares outstanding (in shares)				33,562,885				33,562,885	24,957,309
Initial Public Offering [Member]
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)			4,500,000
Share price (in dollars per share) \| $ / shares			$ 15.00
Net proceeds from initial public offering \| $			$ 57,543
Payments for deferred offering costs \| $			$ 9,957
Over-Allotment Option [Member]
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)		425,727
Share price (in dollars per share) \| $ / shares		$ 15.00			$ 15.00
Net proceeds from initial public offering \| $		$ 5,939
Payments for deferred offering costs \| $		$ 447
Follow-On Public Offering of Common Stock [Member]
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)	8,050,000
Net proceeds from initial public offering \| $	$ 37,835
Payments for deferred offering costs \| $	2,415
Professional fees and other costs \| $	$ 540
Voting Common Stock [Member]
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, par value (in dollars per share) \| $ / shares							$ 0.001
Effect of stock split (in shares)							37,212
Nonvoting Common Stock [Member]
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)									4,922,353
Common stock, shares outstanding (in shares)									4,922,353	4,922,353
Aquestive Partners, LLC [Member] \| Voting Common Stock [Member]
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, shares issued (in shares)				5,000				5,000
Common Stock [Member]
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, par value (in dollars per share) \| $ / shares							$ 0.001
Effect of stock split (in shares)									15,072,647
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)								8,050,000	4,925,727

Summary of Significant Accounting Policies, Trade Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Trade Accounts Receivable [Abstract]
Allowance for doubtful accounts associated with accounts receivable	$ 124	$ 58	$ 55
Minimum [Member]
Trade Accounts Receivable [Abstract]
Trade receivables, period for credit term	30 days
Maximum [Member]
Trade Accounts Receivable [Abstract]
Trade receivables, period for credit term	90 days

Summary of Significant Accounting Policies, Revenue from Contracts with Customers (Details) $ in Thousands	Dec. 31, 2018 USD ($)
ASU 2014-09 and ASU 2018-07 [Member]
Revenue from Contract with Customer [Abstract]
Cumulative effect adjustment of accumulated deficit	$ (2,832)

Summary of Significant Accounting Policies, Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Level 2 [Member]
Fair Value of Financial Instruments [Abstract]
Assets, fair value	$ 0
Liabilities, fair value	0
Level 3 [Member]
Fair Value of Financial Instruments [Abstract]
Assets, fair value	0
Liabilities, fair value	$ 0

Summary of Significant Accounting Policies, Deferred Offering Costs and Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Offering Costs [Abstract]
Deferred offering costs	$ 149
ASU 2016-02 [Member]
Recent Accounting Pronouncements [Abstract]
Lease liabilities	4,000
ROU assets	$ 4,000
ASU 2014-09 and ASU 2018-07 [Member]
Recent Accounting Pronouncements [Abstract]
Cumulative effect adjustment of accumulated deficit		$ (2,832)
Adjustments Due to Adoption of ASU 2014-09 [Member] \| ASU 2014-09 [Member]
Recent Accounting Pronouncements [Abstract]
Deferred revenue		3,100
Adjustments Due to Adoption of ASU 2014-09 [Member] \| ASU 2014-09 [Member] \| Co-Development and Research Fees [Member]
Recent Accounting Pronouncements [Abstract]
Deferred revenue		(268)
Additional Paid-in Capital [Member] \| ASU 2014-09 and ASU 2018-07 [Member]
Recent Accounting Pronouncements [Abstract]
Cumulative effect adjustment of accumulated deficit		$ 20

Risks and Uncertainties (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Risks and Uncertainties (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Working capital	$ 49,759		$ 49,759
Retirement of debt		$ 50,000	50,000	$ 0
Face amount		70,000
Additional fund amount		$ 13,110
Common Stock issued upon warrant exercises	$ 1,821		$ 1,821
Number of common shares issued (in shares)	8,050,000
Net proceeds from initial public offering	$ 37,295

Revenues and Trade Receivables, Net, Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenue [Abstract]
Revenues	$ 16,419	$ 12,418	$ 11,129	$ 12,643	$ 16,824	$ 13,267	$ 13,928	$ 23,411	$ 52,609	$ 67,430
Manufacture and Supply Revenue [Member]
Revenue [Abstract]
Revenues									38,739	37,319
License and Royalty Revenue [Member]
Revenue [Abstract]
Revenues									6,959	24,699
Co-Development and Research Fees [Member]
Revenue [Abstract]
Revenues									4,042	5,184
Proprietary Product Sales, Net [Member]
Revenue [Abstract]
Revenues									$ 2,869	$ 228

Revenues and Trade Receivables, Net, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenues by Geographic Market [Abstract]
Revenues	$ 16,419	$ 12,418	$ 11,129	$ 12,643	$ 16,824	$ 13,267	$ 13,928	$ 23,411	$ 52,609	$ 67,430
United States [Member]
Revenues by Geographic Market [Abstract]
Revenues									48,293	64,565
Ex-United States [Member]
Revenues by Geographic Market [Abstract]
Revenues									$ 4,316	$ 2,865

Revenues and Trade Receivables, Net, Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable, Net [Abstract]
Accounts receivable	$ 9,094	$ 6,610
Contract and other receivables	4,363	33
Less: allowance for bad debt	(124)	(58)	$ (55)
Less: sales-related allowances	(203)	(104)
Trade and other receivables, net	$ 13,130	$ 6,481

Revenues and Trade Receivables, Net, Changes in Allowance for Bad Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance for doubtful accounts at beginning of year	$ 58	$ 55
Additions charged to bad debt expense	66	53
Write-downs charged against the allowance	0	(50)
Recoveries of amounts previously reserved	0	0
Allowance for doubtful accounts at end of year	$ 124	$ 58

Revenues and Trade Receivables, Net, Changes in Sales-Related Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues and Trade Receivables, Net [Abstract]
Beginning balance	$ 104	$ 0
Provision related to sales in 2019	244	104
Credits and payments	(145)	0
Ending balance	$ 203	$ 104

Revenues and Trade Receivables, Net, Concentration of Major Customers (Details) - Indivior [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue [Member]
Customer Concentration [Abstract]
Concentrations of risk	86.00%	89.00%
Receivables [Member]
Customer Concentration [Abstract]
Concentrations of risk	80.00%	78.00%

Material Agreements (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended	182 Months Ended	192 Months Ended
Material Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2019	Feb. 20, 2019	Dec. 31, 2019
Commercial Exploitation Agreement with Indivior [Member]
Agreements [Abstract]
License agreement term		7 years
Automatic renewal period of agreement		1 year
Commercial Exploitation Agreement with Indivior [Member] \| Minimum [Member]
Agreements [Abstract]
Notice period of intent not to renew agreement		1 year
Supplemental Agreement with Indivior [Member]
Agreements [Abstract]
Revenues			$ 40,750
Contingent payments receivable in the future		$ 34,250		$ 34,250
Supplemental Agreement with Indivior [Member] \| Maximum [Member]
Agreements [Abstract]
Contingent payments receivable in the future		75,000		75,000
Supplemental Agreement with Indivior Performance or Event-Based Milestones [Member]
Agreements [Abstract]
Contingent payments receivable in the future		33,000		33,000
Supplemental Agreement with Indivior Additional Process Patent Rights to the Company [Member]
Agreements [Abstract]
Contingent payments receivable in the future		1,250		1,250
License Agreement with Sunovion Pharmaceuticals, Inc. [Member]
Agreements [Abstract]
Revenues				18,000
License Agreement with Sunovion Pharmaceuticals, Inc Milestones [Member]
Agreements [Abstract]
Revenues				13,000
License Agreement with Sunovion Pharmaceuticals, Inc Milestones [Member] \| Maximum [Member]
Agreements [Abstract]
Contingent payments receivable in the future		$ 45,000		45,000
License Agreement with Sunovion Pharmaceuticals, Inc. Upfront [Member]
Agreements [Abstract]
Revenues				$ 5,000
Agreement to Terminate CLA with KemPharm [Member]
Agreements [Abstract]
Percentage share of milestone payments paid	10.00%
Agreement to Terminate CLA with KemPharm [Member] \| License and Royalty Revenue [Member]
Agreements [Abstract]
Revenues	$ 1,000

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Inventory [Abstract]
Raw material	$ 1,244	$ 1,283
Packaging material	1,096	2,975
Finished goods	519	1,183
Total inventory	$ 2,859	$ 5,441

Property and Equipment, Net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Less: accumulated depreciation and amortization

$ 47,770

$ 47,398

(38,044)

(35,191)

Total property and equipment, net

9,726

12,207

Property Plant and Equipment Income Statement Disclosures [Abstract]

Depreciation and amortization

2,854

3,186

Machinery [Member]

Machinery [Member] | Minimum [Member]

$ 21,088

20,681

Machinery [Member] | Maximum [Member]

3 years

Furniture and Fixtures [Member]

15 years

Furniture and Fixtures [Member] | Minimum [Member]

$ 1,150

1,150

Furniture and Fixtures [Member] | Maximum [Member]

3 years

Leasehold Improvements [Member]

15 years

Computer, Network Equipment and Software [Member]

^[1]

$ 21,333

21,333

Computer, Network Equipment and Software [Member] | Minimum [Member]

$ 2,787

2,579

Computer, Network Equipment and Software [Member] | Maximum [Member]

3 years

Construction in Progress [Member]

7 years

$ 1,412

$ 1,655

[1]	Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

Intangible Assets, Net and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Identifiable Intangible Assets [Abstract]
Intangible assets, gross	$ 2,867	$ 2,867
Less: accumulated amortization	(2,714)	(2,663)
Intangible assets, net	153	204
Other assets, primarily security deposits	286	239
Total Intangible Assets, Net and Other Assets	439	443
Amortization expense	51	50
Estimated Annual Amortization Expense [Abstract]
2020	50
2021	50
2022	50
Purchased Technology-based Intangible [Member]
Identifiable Intangible Assets [Abstract]
Intangible assets, gross	2,358	2,358
Purchased Patent [Member]
Identifiable Intangible Assets [Abstract]
Intangible assets, gross	$ 509	$ 509

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrued Expenses [Abstract]
Accrued compensation	$ 3,758	$ 3,604
Accrued employment tax expenses for share-based compensation	0	2,515
Real estate and personal property taxes	300	388
Accrued distribution expenses	1,174	481
Other	243	207
Total accrued expenses	$ 5,475	$ 7,195

12.5% Senior Secured Notes and Loans Payable (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 15, 2019 USD ($) Tranche	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2018 shares
12.5% Senior Secured Notes [Abstract]
Principal amount				$ 70,000
Warrants issued (in shares) \| shares		2,000,000
Warrant exercise price (in dollars per share) \| $ / shares		$ 0.001
Net proceeds from issuance of initial notes, warrants and first offer rights	$ 66,082
Debt Maturity [Abstract]
2020		$ 0
2021		3,500
2022		10,500
2023		17,500
2024 and thereafter		38,500
Total		70,000
Amortization expense, deferred debt issuance costs and debt discounts		$ 1,929	$ 1,696
Perceptive Credit Opportunities Fund, LP [Member]
12.5% Senior Secured Notes [Abstract]
Warrants issued (in shares) \| shares					863,400
Perceptive Credit Opportunities Fund, LP [Member] \| Line of Credit [Member]
12.5% Senior Secured Notes [Abstract]
Payment of existing debt obligation	$ (56,340)
Debt maturity date		Dec. 16, 2020
Senior Secured Notes Due 2025 [Member]
12.5% Senior Secured Notes [Abstract]
Principal amount		$ 70,000
Interest rate		12.50%
Warrants issued (in shares) \| shares		2,000,000
Warrant exercise price (in dollars per share) \| $ / shares		$ 4.25
Number of tranches \| Tranche	2
Frequency of periodic principal payment		quarterly
Debt maturity date		Jun. 30, 2025
Annual percentage increase in principal payments during first four quarters		10.00%
Annual percentage increase of initial loan principal payments during final four quarters		40.00%
Debt Maturity [Abstract]
Redemption percentage of debt under change of control provisions		101.00%
Amortization expense, deferred debt issuance costs and debt discounts		$ 1,929	1,696
Unamortized deferred debt issuance cost and deferred debt discounts		$ 9,662	$ 2,797
Senior Secured Notes Due 2025 [Member] \| Minimum [Member]
Debt Maturity [Abstract]
Elective redemption percentage of debt		101.56%
Senior Secured Notes Due 2025 [Member] \| Maximum [Member]
12.5% Senior Secured Notes [Abstract]
Principal amount		$ 100,000
Additional borrowing capacity		$ 30,000
Debt Maturity [Abstract]
Elective redemption percentage of debt		112.50%
Asset based loans secured on second priority lien by receivables and inventory assets		$ 10,000
Senior Secured Notes Due 2025 - First Additional Offering [Member]
12.5% Senior Secured Notes [Abstract]
Additional borrowing capacity		10,000
Senior Secured Notes Due 2025 - First Additional Offering [Member] \| Maximum [Member]
Debt Maturity [Abstract]
Portion of proceeds used to monetize assets, if First Additional Offering has not been elected or funded		40,000
Senior Secured Notes Due 2025 - Second Additional Offering [Member]
12.5% Senior Secured Notes [Abstract]
Additional borrowing capacity		20,000
Senior Secured Notes Due 2025 - Second Additional Offering [Member] \| Maximum [Member]
Debt Maturity [Abstract]
Portion of proceeds used to monetize assets, if First Additional Offering has been elected and funded		$ 50,000

12.5 % Senior Secured Notes and Loans Payable, Perceptive (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Abstract]
Loss on extinguishment of debt	$ (4,896)	$ 0
Prepayment premiums paid	2,944	$ 0
Perceptive Credit Opportunities Fund, LP [Member] \| Line of Credit [Member]
Line of Credit Facility [Abstract]
Credit facility, maximum borrowing capacity	$ 50,000
Warrant to purchase senior common equity interest ratio to fully diluted common units	4.50%
Debt maturity date	Dec. 16, 2020

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Warrants [Abstract]
Number of shares received upon automatic exercise of warrant (in shares)			2,000,000
Warrant exercise price (in dollars per share)			$ 0.001
Change in fair value of warrant			$ 6,800
Changes in fair value recognized			0	$ 5,278
Proceeds from warrant exercises			1,821
Common Stock [Member]
Warrants [Abstract]
Change in fair value of warrant			$ 0
Common Stock issued upon warrant exercises (in shares)			428,571
Senior Secured Notes Due 2025 [Member]
Warrants [Abstract]
Interest rate			12.50%
Debt maturity date			Jun. 30, 2025
Number of shares received upon automatic exercise of warrant (in shares)			2,000,000
Warrant exercise price (in dollars per share)			$ 4.25
Change in fair value of warrant			$ 6,800
Perceptive Credit Opportunities Fund, LP [Member]
Warrants [Abstract]
Number of shares received upon automatic exercise of warrant (in shares)	863,400
Warrant term			7 years
Changes in fair value recognized				$ 5,278
Exercise of warrants		$ 12,952
Initial price of common stock offered (in dollars per share)			$ 15.00
Proceeds from warrant exercises	$ 116

Asset Retirement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation [Abstract]
Depreciation expense related to ARO	$ 24	$ 27
Asset Retirement Obligation [Roll Forward]
Balance at beginning of period	1,216	1,081
Additions	0	5
Accretion	144	130
Balance at ending of period	$ 1,360	$ 1,216

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Numerator [Abstract]
Net loss	$ (12,636)	$ (18,412)	$ (20,472)	$ (14,726)	$ (13,944)	$ (15,038)	$ (36,493)	$ 4,099	$ (66,246)	$ (61,376)
Denominator [Abstract]
Weighted-average number of common shares - basic and diluted (in shares)									25,356,098	20,725,526
Loss per common share - basic and diluted (in dollars per share)	$ (0.48)	$ (0.74)	$ (0.82)	$ (0.59)	$ (0.56)	$ (0.64)	$ (1.90)	$ 0.27	$ (2.61)	$ (2.96)
Dilutive Instruments [Abstract]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)									1,571,429
Stock Options [Member]
Dilutive Instruments [Abstract]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)									2,231,092	1,033,492
Unvested Restricted Stock Units [Member]
Dilutive Instruments [Abstract]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)									73,839	205,175

- Definition

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

+ References + Details

Share-Based Compensation (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Dec. 31, 2019

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

Plan

Period

$ / shares

Dec. 31, 2018

USD ($)

$ / shares

Dec. 31, 2020

USD ($)

Jun. 30, 2018

Dec. 31, 2017

USD ($)

$ 7,071

$ 29,940

Common stock, shares outstanding (in shares)

33,562,885

24,957,309

Number of common shares issued (in shares)

8,050,000

Valuation Assumptions for Determination of Fair Value [Abstract]

Shares available for grant (in shares)

1,700,000

Manufacturing and Supply [Member]

Research and Development [Member]

$ 231

$ 414

Selling, General and Administrative [Member]

720

2,583

Discount for Lack of Marketability [Member]

$ 6,120

26,943

Valuation Assumptions for Determination of Fair Value [Abstract]

Valuation assumptions

0.34

Volatility [Member]

Valuation Assumptions for Determination of Fair Value [Abstract]

Valuation assumptions

0.9

Weighted Average Cost of Capital [Member]

Valuation Assumptions for Determination of Fair Value [Abstract]

Valuation assumptions

0.275

Non-voting Common Stock [Member]

^[1]

$ 0

$ 27,298

Common stock, shares outstanding (in shares)

4,922,353

Fair market value of non-voting shares at shares granted date | $

$ 19,123

Withholding taxes on share-based compensation | $

$ 8,175

Number of common shares issued (in shares)

4,922,353

Performance Units [Member]

Number of performance units plans | Plan

Restricted Stock Units [Member]

^[2]

$ 1,863

$ 1,085

Unvested, at beginning of period (in shares)

Service period

2 years

Number of Units [Roll Forward]

205,000

Granted (in shares)

265,000

Forfeited (in shares)

(6,000)

Vested (in shares)

(125,000)

(60,000)

Unvested, at end of period (in shares)

74,000

205,000

Weighted Average Grant Date Fair Value Per Share [Abstract]

Unvested, Balance at beginning of period (in dollars per share) | $ / shares

$ 14.77

$ 0

Forfeited (in dollars per share) | $ / shares

14.83

Vested (in dollars per share) | $ / shares

14.94

15.03

Unvested, Balance at end of period (in dollars per share) | $ / shares

$ 14.64

$ 14.77

Grant date fair value | $

$ 1,869

$ 896

Compensation Cost Not yet Recognized [Abstract]

Unrecognized stock-based compensation expense | $

$ 867

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 0

$ 14.83

Restricted Stock Units [Member] | Forecast [Member]

Compensation Cost Not yet Recognized [Abstract]

Unrecognized stock-based compensation expense expected to be recognized | $

$ 800

Restricted Stock Units [Member] | Senior Management and Board [Member]

Restricted Stock Units [Member] | Key Employees [Member]

2 years

3 years

Stock Options [Member]

^[2]

$ 5,173

$ 1,557

Weighted Average Grant Date Fair Value Per Share [Abstract]

Service period

3 years

Outstanding at beginning of period (in shares)

$ 4.95

$ 10.83

Number of Options [Roll Forward]

1,033,000

Granted (in shares)

1,258,000

1,033,000

Forfeited (in shares)

(60,000)

Exercised, Expired (in shares)

Exercised, Forfeited, Expired (in shares)

Outstanding at end of period (in shares)

2,231,000

1,033,000

Vested or expected to vest at end of period (in shares)

2,077,000

Exercisable at end of period (in shares)

404,000

Weighted Average Exercise Price [Abstract]

Outstanding at beginning of period (in dollars per share) | $ / shares

$ 14.72

Forfeited (in dollars per share) | $ / shares

6.66

$ 14.72

5.78

Outstanding at end of period (in dollars per share) | $ / shares

$ 10.42

10.42

$ 14.72

Vested or expected to vest at end of period (in dollars per share) | $ / shares

10.41

Exercisable at end of period (in dollars per share) | $ / shares

$ 14.83

Weighted Average Remaining Contractual Term in Years [Abstract]

Granted

9 years 3 months 14 days

9 years 6 months 18 days

Forfeited

9 years 4 months 24 days

Outstanding at end of period

8 years 11 months 8 days

9 years 6 months 18 days

Vested or expected to vest at end of period

8 years 11 months 8 days

Exercisable at end of period

8 years 6 months 22 days

Aggregate Intrinsic Value [Abstract]

Intrinsic value of options exercised, expired | $

$ 0

Outstanding at end of period | $

$ 689

689

$ 0

Vested or expected to vest at end of period | $

644

Exercisable at end of period | $

$ 0

Number of vesting periods | Period

Term of award

10 years

Fair Value Assumptions [Abstract]

Expected dividend yield

0.00%

Forfeiture rate

5.00%

Exercise prices (in dollars per share) | $ / shares

$ 6.66

$ 14.72

Compensation Cost Not yet Recognized [Abstract]

Unrecognized stock-based compensation expense | $

$ 9,361

Unrecognized compensation cost, recognition period

1 year 10 months 24 days

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 4.95

10.83

Stock Options [Member] | Minimum [Member]

Weighted Average Exercise Price [Abstract]

Exercise prices (in dollars per share) | $ / shares

$ 3.36

$ 6.54

Fair Value Assumptions [Abstract]

Expected volatility

85.00%

Expected term (in years)

5 years 6 months

5 years 9 months 18 days

Risk-free interest rate

1.50%

2.80%

$ 3.36

$ 6.54

Stock Options [Member] | Maximum [Member]

Weighted Average Exercise Price [Abstract]

Exercise prices (in dollars per share) | $ / shares

$ 8.05

$ 18.67

Fair Value Assumptions [Abstract]

Expected volatility

106.00%

90.00%

Expected term (in years)

6 years 1 month 6 days

Risk-free interest rate

2.60%

2.90%

$ 8.05

$ 18.67

Stock Options [Member] | Senior Management and Board [Member]

Stock Options [Member] | Key Employees [Member]

3 years

Employee Stock Purchase Plan [Member]

3 years