0001564590-22-009929 | 10-K | XBRL Viewer | Eyepoint Pharmaceuticals INC

Print Document View Excel Document

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 178,593,000	$ 44,909,000
Marketable securities	32,965,000	0
Accounts and other receivables, net (including due from a related party of $414 and $104 at December 31, 2021 and 2020, respectively)	18,354,000	9,453,000
Prepaid expenses and other current assets	4,217,000	3,419,000
Inventory	3,616,000	5,337,000
Total current assets	237,745,000	63,118,000
Property and equipment, net	476,000	630,000
Operating lease right-of-use assets	2,252,000	2,610,000
Intangible assets, net	22,749,000	25,209,000
Restricted cash	150,000	150,000
Total assets	263,372,000	91,717,000
Current liabilities:
Accounts payable	7,385,000	4,811,000
Accrued expenses	14,422,000	8,445,000
Deferred revenue	1,069,000	945,000
Other current liabilities	782,000	687,000
Total current liabilities	23,658,000	14,888,000
Long-term debt	36,562,000	37,977,000
Deferred revenue - noncurrent	14,560,000	15,616,000
Operating lease liabilities - noncurrent	1,860,000	2,330,000
Other long-term liabilities	2,352,000	2,365,000
Total liabilities	78,992,000	73,176,000
Contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding
Common stock, $.001 par value, 300,000,000 shares authorized at December 31, 2021 and 2020, respectively; 33,905,826 and 18,139,981 shares issued and outstanding at December 31, 2021 and 2020, respectively	34,000	18,000
Additional paid-in capital	752,602,000	528,362,000
Accumulated deficit	(569,097,000)	(510,680,000)
Accumulated other comprehensive income	841,000	841,000
Total stockholders’ equity	184,380,000	18,541,000
Total liabilities and stockholders’ equity	$ 263,372,000	$ 91,717,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Due from related party	$ 414,000	$ 104,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	33,905,826	18,139,981
Common stock, shares outstanding	33,905,826	18,139,981

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 36,939	$ 34,437
Operating expenses:
Cost of sales, excluding amortization of acquired intangible assets	8,177	5,824
Research and development	28,500	17,424
Sales and marketing	27,503	25,293
General and administrative	25,575	20,726
Amortization of acquired intangible assets	2,460	2,460
Total operating expenses	92,215	71,727
Loss from operations	(55,276)	(37,290)
Other income (expense):
Interest and other income, net	292	58
Interest expense	(5,498)	(7,257)
Gain (loss) on extinguishment of debt	2,065	(905)
Total other expense, net	(3,141)	(8,104)
Net loss	$ (58,417)	$ (45,394)
Net loss per share:
Basic and diluted	$ (2.03)	$ (3.54)
Weighted average common shares outstanding:
Basic and diluted	28,758	12,836
Net loss	$ (58,417)	$ (45,394)
Other comprehensive income (loss):
Foreign currency translation adjustments		1
Other comprehensive income (loss)		1
Comprehensive loss	(58,417)	(45,393)
Product [Member]
Revenues:
Total revenues	35,312	20,831
License and Collaboration Agreement [Member]
Revenues:
Total revenues	756	11,942
Royalty Income [Member]
Revenues:
Total revenues	$ 871	$ 1,664

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
License and Collaboration Agreement [Member]
Revenue from related parties	$ 543	$ 11,500

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2019	$ 8,330	$ 11	$ 472,765	$ (465,286)	$ 840
Balance, shares at Dec. 31, 2019		10,941,659
Net loss	(45,394)			(45,394)
Other comprehensive income	1				1
Issuance of stock, net of issue costs	49,853	$ 7	49,846
Issuance of stock, net of issue costs, shares		7,100,815
Employee stock purchase plan	294		294
Employee stock purchase plan, shares		33,697
Vesting of stock units	(90)		(90)
Vesting of stock units, shares		63,810
Stock-based compensation	5,547		5,547
Balance at Dec. 31, 2020	$ 18,541	$ 18	528,362	(510,680)	841
Balance, shares at Dec. 31, 2020	18,139,981	18,139,981
Net loss	$ (58,417)			(58,417)
Issuance of stock and pre-funded warrants, net of issue costs	216,586	$ 16	216,570
Issuance of stock and pre-funded warrants, net of issue costs, shares		15,635,811
Employee stock purchase plan	273		273
Employee stock purchase plan, shares		43,365
Exercise of stock options	100		100
Exercise of stock options, shares		8,112
Vesting of stock units	(150)		(150)
Vesting of stock units, shares		78,557
Stock-based compensation	7,447		7,447
Balance at Dec. 31, 2021	$ 184,380	$ 34	$ 752,602	$ (569,097)	$ 841
Balance, shares at Dec. 31, 2021	33,905,826	33,905,826

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (58,417)	$ (45,394)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization of intangible assets	2,460	2,460
Depreciation of property and equipment	311	189
Amortization of debt discount	628	745
Non-cash interest expense	0	977
(Gain) loss on extinguishment of debt	(2,065)	905
Provision for excess and obsolescence inventory	1,278	0
Stock-based compensation	7,447	5,547
Changes in operating assets and liabilities:
Accounts receivable and other current assets	(10,603)	4,846
Inventory	1,347	(3,200)
Accounts payable and accrued expenses	8,476	1,872
Right-of-use assets and operating lease liabilities	(28)	72
Deferred revenue	(931)	16,546
Net cash used in operating activities	(50,097)	(14,435)
Cash flows from investing activities:
Purchases of marketable securities	(32,965)	0
Purchases of property and equipment	(156)	(362)
Net cash used in investing activities	(33,121)	(362)
Cash flows from financing activities:
Proceeds from issuance of stock and pre-funded warrants, net of issuance costs	216,825	49,918
Proceeds under paycheck protection program loan	0	2,041
Payment of long-term debt principal	0	(13,794)
Payment of extinguishment of debt costs	0	(828)
Net settlement of stock units to satisfy statutory tax withholding	(150)	(90)
Proceeds from exercise of stock options	373	294
Principal payments on finance lease obligations	(146)	(49)
Net cash provided by financing activities	216,902	37,492
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	133,684	22,695
Cash, cash equivalents and restricted cash at beginning of year	45,059	22,364
Cash, cash equivalents and restricted cash at end of year	178,743	45,059
Supplemental cash flow information:
Cash interest paid	4,846	5,510
Supplemental disclosure of non-cash investing and financing activities:
Stock issuance costs	294	0
Accrued term loan exit fee	0	122
Payments forgiven under paycheck protection program loan	$ 2,041	$ 0

Operations

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Operations

1.	Operations

EyePoint Pharmaceuticals, Inc. (together with its subsidiaries, the “Company”), incorporated in Delaware, is a pharmaceutical company committed to developing and commercializing innovative therapeutics to help improve the lives of patients with serious eye disorders. The Company’s pipeline leverages its proprietary Durasert^®technology for sustained intraocular drug delivery including EYP-1901, a potential six-month anti-VEGF treatment initially targeting wet age-related macular degeneration (“wet AMD”), the leading cause of vision loss among people 50 years of age and older in the United States. The Company’s product candidate pipeline also includes YUTIQ 50, a potential six-month treatment for non-infectious uveitis affecting the posterior segment of the eye, one of the leading causes of blindness under a supplemental New Drug Application (“sNDA”) strategy. The Company also has two commercial products: YUTIQ^®, a once every three-year treatment for chronic non-infectious uveitis affecting the posterior segment of the eye, and DEXYCU^®, a single dose treatment for postoperative inflammation following ocular surgery.

Local drug delivery for treating ocular diseases is a significant challenge due to the effectiveness of the blood-eye barrier. This barrier makes it difficult for systemically-administered drugs to reach the eye in sufficient quantities to have a beneficial effect without causing unacceptable adverse side effects to other organs. The Company’s validated Durasert technology, which has already been included in four products approved for marketing by the U.S. Food and Drug Administration (“FDA”), is designed to provide consistent, sustained delivery of small molecule drugs over a period of months to years through a single intravitreal injection.

The Company’s lead product candidate, EYP-1901, combines a bioerodible formulation of its proprietary Durasert sustained-release technology with vorolanib, a tyrosine kinase inhibitor (“TKI”) that has demonstrated anti-VEGF activity. Current FDA approved anti-VEGF treatments for wet AMD require monthly or bi-monthly intravitreal injections in a physician’s office. The Company is currently evaluating EYP-1901 in a Phase 1 clinical trial as a potential six-month sustained delivery treatment for wet AMD and reported positive six-month interim safety and efficacy data in November 2021. In February 2022, the Company updated the results of the DAVIO clinical trial through 8-months reporting continued positive safety and efficacy results. The Company expects to initiate a Phase 2 clinical trial in wet AMD in the third quarter of 2022 and a Phase 2 clinical trial in diabetic retinopathy later in the second half of 2022.

YUTIQ^® (fluocinolone acetonide intravitreal implant) 0.18 mg for intravitreal injection, is a non-erodible intravitreal implant containing fluocinolone acetonide (“FA”) lasting for up to 36 months and is indicated for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. This disease affects between 60,000 to 100,000 people each year in the U.S. causes approximately 30,000 new cases of blindness every year and is the third leading cause of blindness. YUTIQ utilizes the Company’s proprietary Durasert^® sustained-release drug delivery technology platform.

DEXYCU^® (dexamethasone intraocular suspension) 9%, for intraocular administration, is indicated for the treatment of post-operative ocular inflammation, with the Company’s primary focus on its use immediately following cataract surgery as a single dose treatment. DEXYCU utilizes the Company’s proprietary Verisome^® drug-delivery technology. In December 2021, the Company announced that its commercial alliance partner, ImprimisRx, assumed responsibility for all sales and marketing activity for DEXYCU effective January 1, 2022.

The Company is also developing YUTIQ 50 as a potential six-month intravitreal treatment for chronic non-infectious uveitis affecting the posterior segment of the eye. The Company dosed the first patient in a Phase 3 clinical trial in November 2021.

The Company is also seeking to potentially identify and advance additional product candidates through clinical and regulatory development. This may be accomplished through internal discovery efforts, potential research collaborations and/or in-licensing arrangements with partner molecules and potential acquisition of additional ophthalmic products, product candidates or technologies that complement the Company’s current product portfolio.

Effects of the COVID-19 Coronavirus Pandemic

The ongoing COVID-19 coronavirus pandemic (the “Pandemic”) has had a material and adverse impact on the Company’s business, including as a result of measures that the Company, other businesses, and government have taken and will likely continue to take. This includes a significant impact on cash flows from expected revenues due to the closure of ambulatory surgery centers for DEXYCU and a significant reduction in physician office visits impacting YUTIQ in 2020. The ongoing Pandemic continued to have an adverse impact on the Company’s revenues, financial condition and cash flows through 2021. For the year ended December 31, 2021, the Company recorded impairment charges of $1.2 million to cost of sales, excluding amortization of acquired intangible assets and $0.1 million to sales and marketing expense, respectively, associated with the write-off of obsolete inventory of DEXYCU units and DEXYCU sample units, respectively, whose inventory levels were higher than the Company’s updated forecasts of future demand

for those units. Additionally, the emergence of the Omicron variant has continued to have an adverse impact on the Company’s revenues, financial condition and cash flows into the first quarter of 2022 and may continue to cause intermittent or prolonged periods of reduced patient services at the Company’s customers’ facilities, which may negatively affect customer demand. The progression of the Pandemic and its effects on the Company’s business and operations are uncertain at this time. Depending on the future developments that are uncertain and difficult to predict, including new information that may emerge concerning the Pandemic, the Company’s revenues, financial condition and cash flows may be adversely affected in the future as well. The Company is continuously monitoring the Pandemic and its potential effect on the Company’s financial position, results of operations and cash flows. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s periodic financial results, including reserves for variable consideration related to product sales, realizability of certain receivables, assessment for excess or obsolete inventory, and impairment of long-lived assets. Uncertainty around the extent and duration of the Pandemic, and any future related financial impact cannot be reasonably estimated at this time.

Liquidity

The Company had cash, cash equivalents, and investments in marketable securities of $211.6 million at December 31, 2021. The Company has a history of operating losses and has not had significant recurring cash inflows from revenue. The Company’s operations have been financed primarily from sales of its equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from its collaboration partners. The Company anticipates that it will continue to incur losses as it continues the research and development of its product candidates and the Company does not expect revenues from its product sales to generate sufficient funding to sustain its operations in the near-term. The Company expects to continue fulfilling its funding needs through cash inflows from revenues of its product sales, licensing and research collaboration transactions, additional equity capital raises and other arrangements. The Company believes that its cash, cash equivalents, and investments in marketable securities of $211.6 million at December 31, 2021, coupled with expected cash inflows from its product sales will enable the Company to fund its current and planned operations for at least the next twelve months from the date these consolidated financial statements were issued. Actual cash requirements could differ from management’s projections due to many factors, including the continued effect of the Pandemic on the Company’s business and the medical community, the timing and results of the Company’s clinical trials for EYP-1901, additional investments in research and development programs, the success of ongoing commercialization efforts for YUTIQ and DEXYCU, the actual costs of these ongoing commercialization efforts, competing technological and market developments and the costs of any strategic acquisitions and/or development of complementary business opportunities.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and include the accounts of EyePoint Pharmaceuticals, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to reserves for variable consideration related to product sales, revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, recording of excess or obsolete inventory write-offs and reserves, and realization of deferred tax assets. Actual results could differ from these and other estimates and there may be changes to the Company’s estimates in future periods.

Foreign Currency

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates—the U.S. dollar or the Pound Sterling.

Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the consolidated statements of comprehensive loss and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity in the consolidated balance sheets. The balance of accumulated other comprehensive income attributable to foreign currency translation was $841,000 and $841,000 at December 31, 2021 and 2020, respectively. Foreign currency gains or

losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in interest and other income, net in the consolidated statements of comprehensive loss and were not material for all periods presented.

Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds and investment-grade commercial paper.

Marketable Securities

Marketable securities consist of investments with an original or remaining maturity of greater than three months but less than six months at the date of purchase. The Company has historically classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. Marketable securities at December 31, 2021 consisted of investment-grade commercial paper. The Company had no marketable security investments at December 31, 2020. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. During fiscal 2021, $33.0 million of marketable securities were purchased and $0 matured.

The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive loss. The cost of marketable securities sold is determined by the specific identification method.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and investments in marketable securities. At December 31, 2021, a total of $155.6 million, or 90.4% of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. $16.5 million, or 9.6% of the Company’s interest-bearing cash equivalent balances consisted of investment-grade commercial paper. Generally, these investments may be sold upon demand and, therefore, the Company believes they have minimal risk. The Company had investments of $33.0 million and $0 in marketable securities at December 31, 2021 and 2020, respectively. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.

As of December 31, 2021, accounts receivable from McKesson Specialty Care Distribution LLC and ASD Specialty Healthcare LLC accounted for 54.7% and 38.3% of total accounts receivable, respectively. For the year ended December 31, 2021, revenues from McKesson Specialty Care Distribution LLC and ASD Specialty Healthcare LLC accounted for 46.6% and 43.1% of total revenues, respectively.

As of December 31, 2020, accounts receivable from ASD Specialty Healthcare LLC and McKesson Specialty Care Distribution LLC accounted for 56.0% and 37.0% of total accounts receivable, respectively. For the year ended December 31, 2020, revenues from ASD Specialty Healthcare LLC, Ocumension Therapeutics, and McKesson Specialty Care Distribution LLC accounted for 39.0%, 33.0%, and 18.0% of total revenues, respectively.

Fair Value Measurements

The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•

Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities.

•

Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets).

•

Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities.

The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. The marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2.

The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables, Net

Receivables arise primarily from the Company’s products sold in the U.S. The balance in accounts and other receivables, net consists primarily of amounts due from customers, net of applicable revenue reserves. The majority of the Company’s accounts receivable have standard payment terms that require payment within 120-127 days. The Company performs ongoing credit evaluations of its customers’ financial condition and continuously monitor collections and payments from its customers and analyzes accounts that are past due for collectability. The allowance for credit losses is estimated based on the Company’s analysis of trends in overall receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and current economic trends. Given the nature and limited history of collectability of the Company’s accounts receivable, the Company recorded no allowance for credit losses as of December 31, 2021 and 2020.

Inventory

Inventory is stated at the lower of cost or net realizable value, net on a first-in, first-out (“FIFO”) basis. The inventory costs for YUTIQ include purchases of various components and the active pharmaceutical ingredient (“API”) and internal labor and overhead for the product manufactured in the Company’s Watertown, MA facility. The inventory costs for DEXYCU include purchased components, the API and third-party manufacturing and assembly.

Capitalization of inventory costs begins after FDA approval of the product. Prior thereto, inventory costs of products and product candidates are recorded as research and development expense, even if this inventory may later be sold as commercial product.

The Company assesses the recoverability of inventory and writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Write-downs are based on the age of the inventory, lower of cost or market, along with significant management judgments concerning future demands for the inventory. Such impairment charges, should they occur, are recorded within cost of sales, excluding amortization of acquired intangible assets. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory might be recorded in future periods.

Cost of sales, excluding amortization of acquired intangible assets, consist of costs associated with the manufacture of YUTIQ and DEXYCU, certain period costs for DEXYCU product revenue, product shipping and, as applicable, royalty expense. The inventory costs for YUTIQ include purchases of various components, the active pharmaceutical ingredient (“API”) and direct labor and overhead for the product manufactured in the Company’s Watertown, MA facility. The inventory costs for DEXYCU include purchased components, the API and third-party manufacturing and assembly. Capitalization of inventory costs begins after FDA approval of a product. Prior thereto, inventory costs of products and product candidates are recorded as research and development expense, even if this inventory may later be sold as commercial product.

The Company accrued DEXYCU product revenue-based royalty expense of $2.5 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively, as a component of cost of sales, of which $0 and $1.3 million of accrued revenue-based royalty expense were related to the partnering income equal to 20% of DEXYCU share of the Accelerated Milestone Payment received in August 2020 and upfront payment received in February 2020 from Ocumension, in connection with the acquisition of Icon Bioscience, Inc. in March 2018 for the years ended December 31, 2021 and 2020, respectively.

Debt and Equity Instruments

Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement.

Derivative Instruments

Derivative financial liabilities are recorded at fair value, with gains and losses arising from changes in fair value recognized in change in fair value of derivative liability within the consolidated statements of comprehensive loss at each period end while such instruments are outstanding. The Company’s derivative liabilities from certain financing transactions were primarily valued using Monte Carlo simulation models.

Property and Equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or their estimated useful lives. Repair and maintenance costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are derecognized from the respective accounts and any gain or loss is recognized.

Capitalized Software Development Cost

The Company capitalizes certain implementation costs for internal-use software incurred in a cloud computing agreement that is a service contract. Eligible costs associated with cloud computing arrangements, such as software business applications used in the normal course of business, are capitalized in accordance with ASC 350 Intangibles – Goodwill and Other, and classified as a prepaid asset in the balance sheets. These costs are recognized on a straight-line basis in the same line item in the statement of operations and comprehensive loss as the expense for fees for the associated cloud completing arrangement, over the term of the arrangement, plus reasonably certain renewals.

Leases

The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses.

The Company determines whether the arrangement is or contains a lease at inception. Operating leases are recognized on the consolidated balance sheets as ROU assets, current portion of lease liabilities and long-term lease liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. The operating lease ROU assets also include any lease payments made and adjustments for prepayments and lease incentives. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilized its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Impairment of Intangible Assets

The Company’s finite life intangible assets include the DEXYCU product (utilizing the Verisome technology) following the March 2018 acquisition of Icon. The DEXYCU intangible asset is being amortized on a straight-line basis over its estimated useful life of thirteen years. The intangible asset lives were determined based upon the anticipated period that the Company would derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured as the amount by which the carrying value of the asset exceeds its estimated fair value.

Revenue Recognition

Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Product sales, net — The Company sells YUTIQ and DEXYCU to a limited number of specialty distributors and specialty pharmacies (collectively the “Distributors”) in the U.S., with whom the Company has entered into formal agreements, for delivery to physician practices for YUTIQ and to hospital outpatient departments and ambulatory surgical centers for DEXYCU. The Company recognizes revenue on sales of its products when Distributors obtain control of the products, which occurs at a point in time, typically upon delivery. In addition to agreements with Distributors, the Company also enters into arrangements with healthcare providers, ambulatory surgical centers, and payors that provide for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products from Distributors.

Reserves for variable consideration — Product sales are recorded at the wholesale acquisition costs, net of applicable reserves for variable consideration. Components of variable consideration include trade discounts and allowances, provider chargebacks and discounts, payor rebates, product returns, and other allowances that are offered within contracts between the Company and its Distributors, payors, and other contracted purchasers relating to the Company’s product sales. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified either as reductions of product revenue and accounts receivable or a current liability, depending on how the amount is to be settled. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the estimates, the Company adjusts these estimates, which would affect product revenue and earnings in the period such variances become known.

Distribution fees — The Company compensates its Distributors for services explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the related product sale is recognized.

Provider chargebacks and discounts — Chargebacks are discounts that represent the estimated obligations resulting from contractual commitments to sell products at prices lower than the list prices charged to the Company’s Distributors. These Distributors charge the Company for the difference between what they pay for the product and the Company’s contracted selling price. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Reserves for chargebacks consist of amounts that the Company expects to pay for units that remain in the distribution channel inventories at each reporting period-end that the Company expects will be sold under a contracted selling price, and chargebacks that Distributors have claimed, but for which the Company has not yet settled.

Government rebates — The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period.

Payor rebates — The Company contracts with certain private payor organizations, primarily insurance companies, for the payment of rebates with respect to utilization of its products. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability.

Co-Payment assistance — The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue.

Product returns — The Company generally offers a limited right of return based on its returned goods policy, which includes damaged product and remaining shelf life. The Company estimates the amount of its product sales that may be returned and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as reductions to trade receivables, net on the condensed consolidated balance sheets.

License and collaboration agreement revenue — The Company analyzes each element of its license and collaboration arrangements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to the Company of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer.

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determines that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty associated with these future events, the Company will not recognize revenue from such milestones until there is a high probability of occurrence, which typically occurs near or upon achievement of the event.

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2021.

Royalties — The Company recognizes revenue from license arrangements with its commercial partners’ net sales of products. Such revenues are included as royalty income. In accordance with ASC 606-10-55-65, royalties are recognized when the subsequent sale of the commercial partner’s products occurs. The Company’s commercial partners are obligated to report their net product sales and the resulting royalty due to the Company typically within 60 days from the end of each quarter. Based on historical product sales, royalty receipts and other relevant information, the Company recognizes royalty income each quarter and subsequently determines a true-up when it receives royalty reports and payment from its commercial partners. Historically, these true-up adjustments have been immaterial.

Sale of Future Royalties — The Company has sold its rights to receive certain royalties on product sales. In the circumstance where the Company has sold its rights to future royalties under a royalty purchase agreement and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of royalty streams and recognizes such unearned revenue as revenue under the units-of-revenue method over the life of the underlying license agreement. Under the units-of-revenue method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment.

Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period.

Research Collaborations — The Company recognizes revenue over the term of the statements of work under any funded research collaborations (including feasibility study agreements). Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the research collaborations (including feasibility study agreements).

Please refer to Note 3 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the current and prior year periods.

Deferred Revenue

Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue.

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash and stock-based compensation and benefits for research, clinical development, quality assurance, quality control, operations and medical affairs personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory and medical affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates.

Stock-Based Compensation

Compensation cost related to share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards.

The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied.

The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of performance stock units, restricted stock units and deferred stock units based on the observed grant date fair value of the underlying Common Stock.

Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the weighted-average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.

As of December 31, 2021, 3,272,727 shares of Pre-Funded Warrants to purchase common stock, issued in connection with the November 2021 underwritten public offering (see Note 10), were included in the basic and diluted net loss per share calculation.

Outstanding potential Common Stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Stock options		2,517,680		1,338,880
ESPP		23,965		27,713
Warrants		48,683		48,683
Restricted stock units		291,575		149,004
		2,881,903		1,564,280

Comprehensive Loss

Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax benefit.

Recently Adopted and Recently Issued Accounting Pronouncements

New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”): Simplifying the Accounting for Income Taxes. The amendments simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of this standard did not have a material impact on its consolidated financial statements.

In May 2021, the FASB issued ASU No. 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) (“ASU 2021-04”): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments are designed to clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange. The ASU provides guidance on how an issuer would measure and recognize the effects of these transactions. The standard provides a principles-based framework to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. ASU 2021-04 will be effective for the Company in the first quarter of its fiscal year ending December 31, 2022. The Company is currently evaluating the impact the adoption of this update will have on its consolidated financial statements.

Product Revenue Reserves and Allowances

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Product Revenue Reserves and Allowances

3.	Product Revenue Reserves and Allowances

The Company’s product revenues have been primarily from sales of YUTIQ and DEXYCU in the U.S.

Net product revenues by product for the years ended December 31, 2021 and 2020 were as follows (in thousands):

	Year Ended December 31,
	2021		2020
YUTIQ (A)	$	16,959	$	13,878
DEXYCU (B)		18,353		6,953
Total product sales, net	$	35,312	$	20,831

(A)

Included approximately $25 and $205 of revenue recognized from YUTIQ product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.

(B)

Included approximately $283 and $8 of revenue recognized from DEXYCU product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2021 and 2020 (in thousands):

	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2021	$	574		$	535		$	603		$	1,712
Provision related to sales in the current year		7,274			5,337			785			13,396
Adjustments related to prior period sales		(50	)		(22	)		(200	)		(272	)
Deductions applied and payments made		(6,645	)		(4,029	)		(809	)		(11,483	)
Ending balance at December 31, 2021	$	1,153		$	1,821		$	379		$	3,353

	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2020	$	1,618		$	271		$	352		$	2,241
Provision related to sales in the current year		2,141			1,056			978			4,175
Adjustments related to prior period sales		(387	)		—			50			(337	)
Deductions applied and payments made		(2,798	)		(792	)		(777	)		(4,367	)
Ending balance at December 31, 2020	$	574		$	535		$	603		$	1,712

Returns are recorded as a reduction of accounts receivable on the condensed consolidated balance sheets. Chargebacks, discounts and fees and rebates are recorded as a component of accrued expenses on the condensed consolidated balance sheets (see Note 7).

License and Collaboration Agreements and Royalty Income

Alimera

Pursuant to a licensing and development agreement, as amended, Alimera Sciences, Inc. has a worldwide exclusive license to develop, make, market and sell ILUVIEN in return for royalties based on sales and patent fee reimbursements. Total revenue was $54,000 and $1.7 million for the years ended December 31, 2021 and 2020, respectively. In addition to patent fee reimbursements in those periods, the Company recorded royalty income totaled $0 and $1.7 million for the years ended December 31, 2021 and 2020, respectively.

SWK Royalty Purchase Agreement

On December 17, 2020, the Company entered into a royalty purchase agreement (the “RPA”) with SWK Funding LLC (“SWK”). Under the RPA, the Company sold its right to receive royalty payments on future sales of products subject to the Amended Alimera Agreement for an upfront cash payment of $16.5 million. Except for the rights to the royalties, the Company retains all rights and obligations under the Amended Alimera Agreement, pursuant to which, Alimera owns worldwide rights to the Company’s Durasert technology in ILUVIEN for DME and rights for ILUVIEN (currently marketed by the Company as YUTIQ in the U.S.) for non-infectious posterior uveitis in the EMEA. Alimera has the sole rights to utilize the intellectual property developed under the Amended Alimera Agreement. There has been no intellectual property developed jointly by Alimera and the Company as part of the Amended Alimera Agreement. The Company cannot utilize the intellectual property for the indication licensed to Alimera in order to manufacture and sell ILUVIEN.

The Company’s ongoing efforts under the Amended Alimera Agreement will consist of continuing to maintain and enforce its patents as well as providing safety data and regulatory support as necessary. None of these obligations require significant efforts on the part of the Company with respect to the generation of sales in the market. The Company will only be required to expend more extensive efforts if litigation were to arise that requires the Company to protect its patents rights pursuant to the terms of the Amended Alimera Agreement. Historically, such a defense has not been required. Similarly, regulatory support and safety data is only provided

on an ad-hoc basis depending on the regulatory requests, which has been minimal historically. It remains Alimera’s sole responsibility to manufacture, actively market and promote the products under the Amended Alimera Agreement to generate the sales, which ultimately generate the royalties to be paid to SWK.

The Company classified the proceeds received from SWK as deferred revenue, to be recognized as revenue under the units-of-revenue method over the life of the RPA because of the Company’s limited continuing involvement in the Amended Alimera Agreement. SWK has no recourse and the Company assumes no credit risk in event that Alimera fails to make a royalty payment. The Company must only forward all material correspondence from Alimera to SWK, including royalty reports, notices and any other correspondence with respect to royalties to SWK. SWK has the right to audit and inspect the books and records pertaining to net sales and royalties under the Amended Alimera Agreement. Neither the Company nor SWK has the unilateral ability to cancel the transaction. There is no cap or limitation on the royalties to be received by SWK in the future and its return will reflect all royalties paid by Alimera. Because the transaction was structured as a non-cancellable sale, the Company does not have significant continuing involvement in the generation of the cash flows due to SWK and there is no limitation on the rates of return to SWK, the Company recorded the total proceeds of $16.5 million as deferred revenue under royalty sale agreement. The deferred revenue is being recognized as revenue over the life of the RPA under the “units-of-revenue” method. Under this method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from SWK to the payments expected to be made by Alimera to SWK over the term of the Amended Alimera Agreement, and then applying that ratio to the period’s cash payment.

The Company recognized $872,000 of royalty revenue related to the RPA for the year ended December 31, 2021, in connection with the royalty payment of $2.8 million for the year ended December 31, 2021, from Alimera to SWK, pursuant to the Amended Alimera Agreement. No revenue was recognized related to the RPA for the year ended December 31, 2020. As of December 31, 2021, the Company has $1.1 million and $14.6 million as current and non-current deferred revenue recognized under royalty sale agreement, respectively. As of December 31, 2020, the Company classified $885,000 and $15.6 million as current and non-current deferred revenue recognized under royalty sale agreement, respectively.

OncoSil Medical

The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with OncoSil Medical UK Limited (f/k/a Enigma Therapeutics Limited), a wholly-owned subsidiary of OncoSil Medical Ltd (“OncoSil”) for the development of BrachySil, the Company’s previous product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 2021. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee sales-based royalties earned, but only to the extent such amounts, in the aggregate, exceed the $100,000 annual license maintenance fee. In March 2020, the U.S. Food and Drug Administration granted Breakthrough Device Designation for the OncoSil™ device for treatment of unresectable locally advanced pancreatic cancer (LAPC) in combination with chemotherapy. In April 2020, the British Standards Institute (BSI) grants European CE marking for the OncoSil™ System and designates OncoSil™ a breakthrough device for the treatment of locally advanced pancreatic cancer (LAPC) in combination with chemotherapy. As of December 31, 2021, OncoSil has received regulatory approval in the EU, United Kingdom, Switzerland, Singapore, Malaysia, Hong Kong, New Zealand, Turkey, and Israel. The Company has no consequential performance obligations under the OncoSil license agreement. For the years ended December 31, 2021 and 2020, revenue of $100,000 and $100,000 was recorded for this agreement, respectively.

Ocumension Therapeutics

In November 2018, the Company entered into an exclusive license agreement with Ocumension Therapeutics (“Ocumension”) for the development and commercialization of its three-year micro insert using the Durasert technology for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye (YUTIQ in the U.S.) in Mainland China, Hong Kong, Macau and Taiwan. The Company received a one-time upfront payment of $1.75 million from Ocumension and is eligible to receive up to (i) $7.25 million upon the achievement by Ocumension of certain prescribed development and regulatory milestones, and (ii) $3.0 million commercial sales-based milestones. In addition, the Company is entitled to receive mid-single digit sales-based royalties. Ocumension has also received a special approval by the Hainan Province People’s Government to market this product for chronic, non-infectious posterior segment uveitis in the Hainan Bo Ao Lecheng International Medical Tourism Pilot Zone (“Hainan Pilot Zone”). In March 2019, the Company entered into a Memorandum of Understanding (“2019 MOU”), pursuant to which, the Company will supply product for the clinical trials and Hainan Pilot Zone use. Paralleling to Ocumension’s normal registration process of the product with the Chinese Regulatory Authorities, the 2019 MOU modified the Company’s entitlement to the development and regulatory milestones of up to $7.25 million under the license agreement to product supply milestones or development milestones, whichever comes first, totaling up to $7.25 million. In August 2019, the Company began shipping this product to Ocumension.

The Company was required to provide a fixed number of hours of technical assistance support to Ocumension at no cost, which support has been completed and no future performance obligation exists. Ocumension is responsible for all development, regulatory and commercial costs, including any additional technical assistance requested. Ocumension has a first right of negotiation for an additional exclusive license to the Company’s shorter-duration line extension candidate for this indication.

In August 2019, the Company received a $1.0 million development milestone payment from Ocumension triggered by the approval of its Investigational New Drug (“IND”) in China for this program. The IND allows the importation of finished product into China for use in a clinical trial to support regulatory filing.

In January 2020, the Company entered into an exclusive license agreement with Ocumension for the development and commercialization in Mainland China, Hong Kong, Macau and Taiwan of DEXYCU for the treatment of post-operative inflammation following ocular surgery. Pursuant to the terms of the license agreement, the Company received upfront payments of $2.0 million from Ocumension in February 2020 and will be eligible to receive up to (i) $6.0 million upon the achievement by Ocumension of certain prescribed development and regulatory milestones, and (ii) $6.0 million commercial sales-based milestones. In addition, the Company is entitled to receive mid-single digit sales-based royalties. In exchange, Ocumension will receive exclusive rights to develop and commercialize DEXYCU in Mainland China, Hong Kong, Macau and Taiwan, at its own cost and expense with the Company supplying product for clinical trials and commercial sale. In addition, Ocumension will receive a fixed number of hours of technical assistance support from the Company at no cost.

In August 2020, the Company entered into a Memorandum of Understanding (“2020 MOU”), pursuant to which, the Company received a one-time non-refundable payment of $9.5 million (the “Accelerated Milestone Payment”) from Ocumension as a full and final payment of the combined remaining development, regulatory and sales milestone payments under the Company’s license agreements with Ocumension for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye and for the treatment of post-operative inflammation following ocular surgery, respectively. Upon payment of the Accelerated Milestone Payment, the remaining $11.75 million in combined remaining development and sales milestone payments under the Company’s original license agreement with Ocumension upon the achievement by Ocumension of (i) remaining development and regulatory milestones of $6.25 million and commercial sales-based milestones of $3.0 million for the development and commercialization of its three-year micro insert using the Durasert technology for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye; and (ii) $6.0 million upon the achievement by Ocumension of certain prescribed development and regulatory milestones, and $6.0 million commercial sales-based milestones for the development and commercialization in Mainland China, Hong Kong, Macau and Taiwan of DEXYCU for the treatment of post-operative inflammation following ocular surgery, totaling up to $21.25 million, were permanently extinguished and will no longer be due and owed to the Company. In exchange, Ocumension also received exclusive rights to develop and commercialize YUTIQ and DEXYCU products under its own brand names in South Korea and other jurisdictions across Southeast Asia in Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam, at its own cost and expense with the Company supplying product for clinical trials and commercial sale. The Company continues to be entitled to royalties on future product sales by Ocumension. In April 2021, Ocumension announced its filing of a New Drug Application (“NDA”) for YUTIQ under Ocumension’s distinct name to Chinese regulatory authorities and it is under review. Ocumension has been granted approval to have its NDA submission reviewed based on the U.S. NDA data and the real world data Ocumension has collected from marketing the product in Hainan Pilot Zone. In September 2021, Ocumension announced its receipt of approval from Chinese regulatory authorities for DEXYCU under Ocumension’s distinct name to conduct a Phase 3 clinical trial in China.

Other than a fixed number of hours of technical assistance support to be provided at no cost by the Company, Ocumension is responsible for all development, regulatory and commercial costs, including any additional technical assistance requested. All technical assistance was provided during 2020. The Chief Executive Officer of Ocumension became a director of the Company starting December 31, 2020, pursuant to a Share Purchase Agreement pursuant to which the Company sold to Ocumension 3,010,722 shares of common stock, at which time, Ocumension became a related party of the Company.

During the years ended December 31, 2021 and 2020, in addition to $308,000 and $213,000 of revenue from product sales, respectively, the Company recognized approximately $543,000 and $11.5 million of license and collaboration revenue, respectively, including $499,000 and $0 of revenue related to additional technical assistance, respectively. As of December 31, 2021 and 2020, no deferred revenue was recorded for this agreement, respectively.

The Company recognized sales-based royalty expense of $0 and $1.3 million during the year ended December 31, 2021 and 2020, related to the earn-out payment equal to 20% of DEXYCU share of the Accelerated Milestone Payment received in August 2020 and upfront payment received in February 2020 from Ocumension, as the payment of the partnering income in connection with the Icon acquisition in March 2018.

Research Collaborations

The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third-party drug candidates. Consideration received is generally recognized as revenue over the term of the research collaborations. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the research collaborations. Revenues under research collaborations totaled $60,000 and $255,000 for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, $0 and $60,000 deferred revenue was recorded for the research collaborations, respectively.

Inventory

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):

	December 31, 2021		December 31, 2020
Raw materials	$	2,727	$	2,664
Work in process		405		747
Finished goods		484		1,926
Total inventory	$	3,616	$	5,337

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

5.	Intangible Assets

The reconciliation of intangible assets for the years ended December 31, 2021 and 2020 (in thousands):

	Year Ended			Year Ended
	December 31,			December 31,
	2021			2020
Patented technologies
Gross carrying amount at beginning of period	$	68,322		$	68,322
Gross carrying amount at end of period		68,322			68,322
Accumulated amortization at beginning of period		(43,113	)		(40,653	)
Amortization expense		(2,460	)		(2,460	)
Accumulated amortization at end of period		(45,573	)		(43,113	)
Net book value at end of period	$	22,749		$	25,209

The net book value of the Company’s intangible assets at December 31, 2021 and 2020 is summarized as follows (in thousands):

					Estimated
					Remaining
					Useful Life at
	December 31,		December 31,		December 31,
	2021		2020		2021
					(Years)
Patented technologies
DEXYCU / Verisome	$	22,749	$	25,209		9.25
	$	22,749	$	25,209

The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense totaled $2.5 million in each of the two years ended December 31, 2021 and 2020, respectively.

In connection with the Icon Acquisition, the initial purchase price of $32.0 million was attributed to the DEXYCU product intangible asset. This finite-lived intangible asset is being amortized on a straight-line basis over its expected remaining useful life of 9.25 years at the rate of approximately $2.5 million per year. Amortization expense was reported as a component of cost of sales for the years ended December 31, 2021 and 2020, respectively.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

6.	Property and Equipment, Net

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

	December 31,			December 31,
	2021			2020
Property and equipment	$	1,477		$	1,403
Leasehold improvements		255			255
Gross property and equipment		1,732			1,658
Accumulated depreciation and amortization		(1,256	)		(1,028	)
	$	476		$	630

Depreciation expense totaled $311,000 and $189,000 in the years ended December 31, 2021 and 2020, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

7.	Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,		December 31,
	2021		2020
Personnel costs	$	7,321	$	5,686
Clinical trial costs		753		—
Professional fees		712		647
Sales chargebacks, rebates and other revenue reserves		2,974		1,109
Commissions due to commercialization partner for DEXYCU		1,518		254
Other		1,144		749
	$	14,422	$	8,445

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

On May 17, 2018, the Company amended the lease for its headquarters in Watertown, Massachusetts. The original five-year lease for approximately 13,650 square feet of combined office and laboratory space was set to expire in April 2019. Under the amendment, the Company leased an additional 6,590 square feet of rentable area of the building, with a commencement date of September 10, 2018. The amendment extended the term of the lease for the combined space through May 31, 2025, and the landlord provided the Company a construction allowance of up to $670,750 to be applied toward renovations and improvements within the total space. On April 5, 2021, the Company further amended the lease to include an additional 1,409 square feet of rentable area of the building through May 31, 2025, with a commencement date of July 1, 2021. On March 8, 2022, the Company further amended the lease (i) to extend the term to May 31, 2028 for 13,650 square feet of laboratory and manufacturing operations space, with the landlord agreeing to provide the Company a construction allowance of up to $555,960 to be applied toward upgrades and improvements within the space; (ii) to rent an additional 11,999 square feet of office space within the building through May 31, 2028, with an anticipated commencement date in the third quarter of 2022; and (iii) to terminate a portion of the lease comprising 7,999 square feet of office space in the building on May 31, 2025. The Company previously provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease, which will remain in effect through the period that is four months beyond the expiration date of the amended lease. The Company will also be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises in excess of new base year amounts.

In July 2017, the Company leased approximately 3,000 square feet of office space in Basking Ridge, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In June 2018, the Company subleased an additional 1,381 square feet of adjoining space from Caladrius Biosciences, Inc. (“Caladrius”) through May 2022. The Chief Executive Officer of Caladrius was a director of the Company through June 2020. Per the terms of the lease and sublease agreements, the Company does not have any residual value guarantees. The Company has given notice that the Company will not be renewing this lease and the Company will vacate the facility upon expiration.

The Company identified and assessed the following significant assumptions in recognizing its right-of-use (“ROU”) assets and corresponding lease liabilities:

•

As the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company utilized the borrowing rate under its existing 5-year term loan facility (see Note 9) as the discount rate.

•

Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the combined lease component.

•

The expected lease terms include noncancelable lease periods. Renewal option periods have not been included in the determination of the lease terms as they are not deemed reasonably certain of exercise.

•

Variable lease payments, such as common area maintenance, real estate taxes and property insurance are not included in the determination of the lease’s ROU asset or lease liability.

As of December 31, 2021, the weighted average remaining term of the Company’s operating leases was 3.4 years and the lease liabilities arising from obtaining ROU assets reflect a weighted average discount rate of 12.5%.

Supplemental balance sheet information related to operating leases as of December 31, 2021 and 2020, respectively are as follows (in thousands):

	December 31,		December 31,
	2021		2020
Other current liabilities - operating lease current portion	$	645	$	568
Operating lease liabilities – noncurrent portion		1,860		2,330
Total operating lease liabilities	$	2,505	$	2,898

Operating lease expense recognized related to ROU assets was $885,000 and $852,000, excluding $30,000 and $36,000 of variable lease costs, during each of the years ended December 31, 2021 and 2020, respectively, and were included in general and administrative expense in the Company’s statement of comprehensive loss. Cash paid for amounts included in the measurement of operating lease liabilities was $920,000 and $867,000 for the years ended December 31, 2021 and 2020, respectively.

The Company is a party to three finance leases for laboratory equipment. The equipment leases expire in December 2021, December 2022 and June 2023, respectively.

Supplemental balance sheet information related to the finance lease as of December 31, 2021 and 2020, respectively are as follows (in thousands):

	December 31,			December 31,
	2021			2020
Property and equipment, at cost	$	371		$	239
Accumulated amortization		(205	)		(52	)
Property and equipment, net	$	166		$	187

Other current liabilities – finance lease current portion	$	137		$	119
Other long-term liabilities		36			71
Total finance lease liabilities	$	173		$	190

The components of finance lease expense recognized during the years ended December 31, 2021 and 2020 related to ROU assets were $151,000 and $52,000, respectively. Interest on lease liabilities were $23,000 and $9,000 during the years ended December 31, 2021 and 2020, respectively. Cash paid for amounts included in the measurement of finance lease liabilities was operating cash flows of $23,000 and financing cash flows of $146,000 during the year ended December 31, 2021, respectively. Cash paid for amounts included in the measurement of finance lease liabilities was operating cash flows of $9,000 and financing cash flows of $49,000 during the year ended December 31, 2020, respectively.

As of December 31, 2021, the weighted average remaining term of the Company’s finance lease was 1.3 years and the lease liabilities arising from obtaining ROU assets reflect a weighted average discount rate of 12.5%.

The Company’s total future minimum lease payments under non-cancellable leases at December 31, 2021 were as follows (in thousands):

	Operating Leases			Finance Leases
2022		911			149
2023		877			37
2024		894			—
2025		373			—
Total lease payments	$	3,055		$	186
Less imputed interest		(550	)		(13	)
Total	$	2,505		$	173

Loan Agreements

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Loan Agreements

9.	Loan Agreements

Paycheck Protection Program Loan

On April 8, 2020, the Company applied to Silicon Valley Bank (the “SVB”) for a Paycheck Protection Program Loan (the “PPP Loan”) of $2.0 million that is administered by the U.S. Small Business Administration (the “SBA”), under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). On April 22, 2020, the PPP Loan was approved and the Company received the PPP Loan proceeds.

The PPP Loan bears interest at a fixed rate of 1.0% per annum and has a two-year term that matures on April 21, 2022. Monthly principal and interest payments commenced on November 21, 2020, subject to possible partial or full forgiveness and principal and interest payments can be deferred as described below, if the PPP Loan proceeds are used for covered payroll costs, rent and utility costs and the maintenance of employee and compensation levels.

The Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), enacted on June 5, 2020, amended the Paycheck Protection Program, among others, as follows: (i) extended the covered period from 8 weeks to the earlier of 24 weeks from the date the PPP Loan is originated and December 31, 2020, during which PPP funds needed to be expended in order to be forgiven. A borrower may submit a loan forgiveness application any time on or before the maturity date of the loan – including before the end of the covered period – if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness; (ii) at least 60% of PPP funds must be spent on payroll costs, with the remaining 40% available to spend on other eligible expenses; (iii) payments are deferred until the date on which the amount of forgiveness determined is remitted to the lender. If a borrower fails to seek forgiveness within 10 months after the last day of its covered period, then payments will begin on the date that is 10 months after the last day of the covered period. In addition, the PPP Flexibility Act modified the CARES Act by increasing the maturity date for loans made after the effective date from two years to a minimum maturity of five years from the date on which the borrower applies for loan forgiveness. Existing PPP loans made before the new legislation retain their original two-year term, but may be renegotiated between a lender and a borrower to match the 5-year term permitted under the PPP Flexibility Act.

The Company used all of the loan proceeds from the PPP Loan to pay expenses during the covered period that the Company believes were for eligible purposes. On September 25, 2020, the Company submitted an application to SVB for full loan forgiveness. On June 19, 2021, the Company received notification from SVB that the PPP Loan of $2.0 million has been fully forgiven by the SBA, and that payment and all accrued interest of $24,000 thereon were remitted by the SBA to SVB on June 16, 2021. In connection with the full loan forgiveness, the Company recorded a gain on extinguishment of debt of approximately $2.1 million in the year ended December 30, 2021.

CRG Term Loan Agreement

On February 13, 2019 (the “CRG Closing Date”), the Company entered into the CRG Loan Agreement among the Company, as borrower, CRG Servicing LLC, as administrative agent and collateral agent (the “Agent”), and the lenders party thereto from time to time (the “Lenders”), providing for a senior secured term loan of up to $60 million (the “CRG Loan”). On the CRG Closing Date, $35 million of the CRG Loan was advanced (the “CRG Initial Advance”). The Company utilized the proceeds from the CRG Initial Advance for the repayment in full of all outstanding obligations under its prior credit agreement (the “SWK Credit Agreement”) with SWK. In April 2019, the Company exercised its option to borrow an additional $15 million of the CRG Loan (the “CRG Second Advance”). The Company did not draw any additional funds under the CRG Loan by the final draw deadline of March 31, 2020.

The CRG Loan is due and payable on December 31, 2023 (the “Maturity Date”). The CRG Loan bears interest at a fixed rate of 12.5% per annum payable in arrears on the last business day of each calendar quarter. The Company is required to make quarterly, interest only payments until the Maturity Date. So long as no default has occurred and is continuing, the Company may elect on each applicable interest payment date to pay 2.5% of the 12.5% per annum interest as Paid In-Kind (“PIK”), whereby such PIK amount would be added to the aggregate principal amount and accrue interest at 12.5% per annum. Through December 31, 2021, PIK amounts of $0 have been added to the principal balance of the CRG Loan. In addition, the Company is required to pay an upfront fee of 1.5% of amounts borrowed under the CRG Loan (excluding any paid-in-kind amounts), which is payable as amounts are advanced under the CRG Loan. The Company will also be required to pay an exit fee equal to 6% of (i) the aggregate principal amounts advanced and (ii) PIK amounts issued, under the CRG Loan Agreement. In connection with the CRG Initial Advance, a 1.5% financing fee of $525,000 and an expense reimbursement of $350,000 were deducted from the net borrowing proceeds. In connection with the CRG Second Advance, a 1.5% financing fee of $225,000 was deducted from the net borrowing proceeds.

Upon the occurrence of a bankruptcy-related event of default, all amounts outstanding with respect to the CRG Loan become due and payable immediately, and upon the occurrence of any other Event of Default (as defined in the CRG Loan Agreement), all or any amounts outstanding with respect to the CRG Loan may become due and payable upon request of the Agent or majority Lenders. Subject to certain exceptions, the Company is required to make mandatory prepayments of the CRG Loan with the proceeds of assets sales and in the event of a change of control of the Company. In addition, the Company may make a voluntary prepayment of the CRG Loan, in whole or in part, at any time. All mandatory and voluntary prepayments of the CRG Loan are subject to the payment of prepayment premiums as follows: (i) if prepayment occurs on or prior to December 31, 2019, an amount equal to 10% of the aggregate outstanding principal amount of the CRG Loan being prepaid, (ii) if prepayment occurs after December 31, 2019 and on or prior to December 31, 2020, 5% of the aggregate outstanding principal amount of the CRG Loan being prepaid, which was waived on December 17, 2020 when the Company paid $15.0 million against the CRG Loan obligations in connection with the consummation of the RPA agreement (see Note 3), and (iii) if prepayment occurs after December 31, 2020 and on or prior to December 31, 2021, an amount equal to 3% of the aggregate outstanding principal amount of the Loan being prepaid. No prepayment premium is due on any principal prepaid after December 31, 2021. Certain of the Company’s existing and future subsidiaries are guaranteeing the obligations of the Company under the CRG Loan Agreement. The obligations of the Company under the CRG Loan Agreement and the guarantee of such obligations are secured by a pledge of substantially all of the Company’s and the guarantors’ assets.

The CRG Loan Agreement contains affirmative and negative covenants customary for financings of this type, including limitations on our and our subsidiaries’ abilities, among other things, to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions and enter into affiliate transactions, in each case, subject to certain exceptions. In addition, the CRG Loan Agreement contains the following financial covenants requiring the Company and the Guarantors to maintain:

•

liquidity in an amount which shall exceed the greater of (i) $5 million and (ii) to the extent the Company has incurred certain permitted debt, the minimum cash balance, if any, required of the Company by the creditors of such permitted debt; and

•

annual minimum product revenue from YUTIQ and DEXYCU: (i) for the twelve-month period beginning on January 1, 2019 and ending on December 31, 2019, of at least $15 million, (ii) for the twelve-month period beginning on January 1, 2020 and ending on December 31, 2020, of at least $45 million, (iii) for the twelve-month period beginning on January 1, 2021 and ending on December 31, 2021, of at least $80 million and (iv) for the twelve-month period beginning on January 1, 2022 and ending on December 31, 2022, of at least $90 million.

In November 2019, CRG waived the financial covenant associated with the Company’s revenue derived from sales of its products, DEXYCU and YUTIQ, for the twelve-month period ending December 31, 2019. In October 2020, CRG (i) waived the financial covenant associated with the Company’s revenue derived from sales of its products, DEXYCU and YUTIQ, for the twelve-month period ending December 31, 2020 and (ii) amended the financial covenant associated with the Company’s minimum product revenue to $45 million from $80 million, for the twelve-month period ending December 31, 2021. In May 2021, CRG further amended the financial covenant associated with the Company’s minimum product revenue to $25 million from $45 million, for the

twelve-month period ending December 31, 2021. There were no other material changes to the Loan Agreement and the Company incurred no incremental charges for the issuance of the waivers.

The total debt discount related to the CRG Initial Advance was approximately $3.2 million and consisted of (i) the accrual of a $2.1 million exit fee; (ii) the $525,000 upfront fee; and (iii) $591,000 of legal and other transaction costs. This amount is being amortized as additional interest expense over the term of the Loan using the effective interest rate method.

The total debt discount related to the CRG Second Advance was approximately $1.1 million and consisted of (i) the accrual of a $900,000 exit fee; and (ii) the $225,000 upfront fee. This amount is being amortized as additional interest expense over the term of the Loan using the effective interest rate method.

On December 17, 2020, the Company paid $15.0 million against the CRG Loan obligations in connection with the consummation of the RPA agreement (see Note 3). This payment included (i) a $13.8 million principal portion of the CRG Loan (ii) the $828,000 Exit Fee, and (iii) accrued and unpaid interest of $378,000 through that date. In connection with the partial prepayment of the CRG Loan, the Company recorded a loss on partial extinguishment of debt of $905,000 in the year ended December 31, 2020, associated with the write-off of the remaining balance of unamortized debt discount related to the partial prepayment of the CRG Loan.

Amortization of debt discount under the CRG Loan totaled $628,000 and $745,000 for the years ended December 31, 2021 and 2020, respectively.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

10.Stockholders’ Equity

Equity Financings

Common Stock Offerings

In November 2021, the Company sold 5,122,273 shares of its common stock in an underwritten public offering at a price of $13.75 per share, including the exercise in full by the underwriters of their option to purchase an additional 1,095,000 shares of the Company’s common stock, and pre-funded warrants to purchase up to an aggregate of 3,272,727 shares of its common stock at a price of $13.74 per pre-funded warrant. The gross proceeds of the offering to the Company were approximately $115.4 million. Underwriter discounts and commissions and other share issue costs totaled approximately $7.2 million.

The pre-funded warrants were classified as a component of permanent equity because they met the permanent equity criteria classification. The pre-funded warrants are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable and permit the holders to receive a fixed number of shares of common stock upon exercise. The pre-funded warrants do not embody an obligation for the Company to repurchase its shares and do not provide any guarantee of value or return.

In February 2021, the Company sold 10,465,000 shares of its common stock in an underwritten public offering at a price of $11.00 per share, including the exercise in full by the underwriters of their option to purchase up to 1,365,000 additional shares of the Company’s common stock. The gross proceeds of the offering to the Company were approximately $115.1 million. Underwriter discounts and commissions and other share issue costs totaled approximately $7.2 million.

On December 31, 2020, the Company entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Ocumension, pursuant to which the Company sold to Ocumension 3,010,722 shares of Common Stock, at a purchase price of approximately $5.22 per share, which was the five-day volume weighted average price of the Common Stock as of the close of trading on December 29, 2020. The aggregate gross proceeds from the Transaction were approximately $15.7 million. Share issue costs totaled approximately $0.1 million.

In February 2020, the Company sold 1,500,000 shares of the Company’s common stock in an underwritten public offering at a price of $14.50 per share for gross proceeds of $21.75 million. Underwriter discounts and commissions and other share issue costs totaled approximately $1.8 million.

At the Annual Meeting of Stockholders held on June 23, 2020, the Company’s stockholders approved the adoption of an amendment to the Company’s Certificate of Incorporation, to increase the number of authorized shares of its common stock from 150,000,000 shares to 300,000,000 shares. The Company filed the Certificate of Amendment on June 23, 2020.

ATM Facility

In August 2020, the Company entered into an at-the-market facility (the “ATM Facility”) with Cantor Fitzgerald & Co (“Cantor”). Pursuant to the ATM Facility, the Company may, at its option, offer and sell shares of its Common Stock from time to time, through or to Cantor Fitzgerald, acting as sales agent. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any future sales of such shares.

During the year ended December 31, 2020, the Company sold 2,590,093 shares of its Common Stock at a weighted average price of $5.74 per share for gross proceeds of approximately $14.9 million. Share issue costs, including sales agent commissions, totaled $646,000 during the reporting period.

During the year ended December 31, 2021, the Company sold 48,538 shares of its Common Stock at a weighted average price of $11.37 per share for gross proceeds of approximately $552,000. Share issue costs, including sales agent commissions, totaled approximately $53,000 during the reporting period.

Warrants to Purchase Common Shares

The following table provides a reconciliation of fixed price warrants to purchase shares of the Company’s Common Stock for the years ended December 31, 2021 and 2020:

	Year Ended				Year Ended
	December 31,				December 31,
	2021				2020
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		48,683	$	12.33		48,683	$	12.33
Balance and exercisable at end of period		48,683	$	12.33		48,683	$	12.33

Pursuant to a credit agreement, the Company issued a warrant to SWK Funding LLC to purchase (i) 40,910 Initial Advance Warrant Shares on March 28, 2018 at an exercise price of $11.00 per share with a seven-year term and (ii) 7,773 Additional Advance Warrant Shares on June 26, 2018 at an exercise price of $19.30 per share with a seven-year term. At December 31, 2021, the weighted average remaining life of the warrants was approximately 3.3 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Share-Based Payment Awards

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Payment Awards

11.	Share-Based Payment Awards

Equity Incentive Plans

The 2016 Long-Term Incentive Plan (the “2016 Plan”), approved by the Company’s stockholders on December 12, 2016 (the “Adoption Date”), provides for the issuance of up to 300,000 shares of the Company’s Common Stock reserved for issuance under the 2016 Plan plus any additional shares of the Company’s Common Stock that were available for grant under the 2008 Incentive Plan (the “2008 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan. At the Company’s Annual Meeting of Stockholders held on June 25, 2019, the Company’s stockholders approved an amendment to the 2016 Plan to increase the number of shares authorized for issuance by 1,100,000 shares. At the Company’s Annual Meeting of Stockholders held on June 22, 2021, the Company’s stockholders approved an amendment to the 2016 Plan to increase the number of shares authorized for issuance by 2,500,000 shares. At December 31, 2021, a total of 1,683,368 shares were available for new awards.

Certain inducement awards, although not awarded under the 2016 Plan or the 2008 Plan, are subject to and governed by the terms and conditions of the 2016 Plan or 2008 Plan, as applicable.

Stock Options

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans and for inducement awards for the year ended December 31, 2021:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2021		1,338,880		$	20.86
Granted		1,313,727			12.59
Exercised		(8,112	)		12.26
Forfeited		(75,448	)		16.46
Expired		(51,367	)		31.04
Outstanding at December 31, 2021		2,517,680		$	16.49		8.06	$	775
Exercisable at December 31, 2021		916,461		$	22.41		6.25	$	103

In January 2019, the Company expanded the terms of its annual stock option grants to include vesting ratable monthly over four years, or with 25% vesting after one year followed by ratable monthly vesting over three years. Previously, the Company’s option grants generally had ratable annual vesting over three years, or 1-year cliff vesting. Nonemployee awards are granted similar to the Company’s employee awards. All option grants have a 10-year term. Options to purchase a total of 297,361 shares of the Company’s Common Stock vested during the year ended December 31, 2021.

In determining the grant date fair value of option awards during the years ended December 31, 2021 and 2020, the Company applied the Black-Scholes option pricing model based on the following key assumptions:

	Year Ended December 31,	Year Ended December 31,
	2021	2020
Option life (in years)	4.75 - 6.08	5.50 - 6.10
Stock volatility	72% - 83%	64% - 70%
Risk-free interest rate	0.42% - 1.44%	0.32% - 1.76%
Expected dividends	0.0%	0.0%

The following table summarizes information about employee, consultant and director stock options under the Company’s equity incentive plans for the years ended December 31, 2021 and 2020 (in thousands except per share amounts):

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Weighted-average grant date fair value per share	$	8.20	$	7.07
Total cash received from exercise of stock options		100		—
Total intrinsic value of stock options exercised		10		—

Time-Vested Restricted Stock Units

Time-vested restricted stock units (“RSUs”) issued to date under the 2016 Plan generally vest on a ratable annual basis over 3 years. The related stock-based compensation expense is recorded over the requisite service period, which is the vesting period. The fair value of all time-vested RSUs is based on the closing share price of the Common Stock on the date of grant.

The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended December 31, 2021:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021		149,004		$	13.85
Granted		242,399			12.96
Vested		(89,795	)		13.76
Forfeited		(10,033	)		12.15
Nonvested at December 31, 2021		291,575		$	13.19

The weighted-average remaining vesting term of the RSUs at December 31, 2021 was 1.37 years.

Deferred Stock Units

There were no non-vested deferred stock units (“DSUs”) issued and outstanding to the Company’s non-executive directors at each of December 31, 2021 and 2020, respectively. Each DSU vests one year from the date of grant. Subsequent to vesting, the DSUs will be settled in shares of the Company’s Common Stock upon the earliest to occur of (i) each director’s termination of service on the Company’s Board of Directors and (ii) the occurrence of a change of control as defined in the award agreement. At December 31, 2021, there was no vested DSUs that have not been settled in shares of the Company’s Common Stock.

Employee Stock Purchase Plan

On June 25, 2019, the Company’s stockholders approved the adoption of the EyePoint Pharmaceuticals, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) and authorized up to 110,000 shares of Common Stock reserved for issuance to participating employees. At the Company’s Annual Meeting of Stockholders held on June 22, 2021, the Company’s stockholders approved an amendment to the ESPP to increase the number of shares authorized for issuance by 250,000 shares. The ESPP allows qualified participants to purchase the Company’s Common Stock twice a year at 85% of the lesser of the average of the high and low sales price of the Company’s Common Stock on (i) the first trading day of the relevant offering period and (ii) the last trading day of the relevant offering period. The number of shares of the Company’s Common Stock each employee may purchase under this plan, when combined with all other employee stock purchase plans, is limited to the lower of an aggregate fair market value of $25,000 during each calendar year, or 5,000 shares of the Company’s Common Stock in any one offering period. The Company has maintained consecutive six-month offering periods since August 1, 2019. As of December 31, 2021, 43,365 shares of the Company’s Common Stock were issued pursuant to the ESPP.

The Company estimated the fair value of the option component of the ESPP shares at the date of grant using a Black-Scholes valuation model. During the year ended December 31, 2021, the compensation expense from ESPP shares was $113,000. During the year ended December 31, 2020, the compensation expense from ESPP shares was immaterial.

Stock-Based Compensation Expense

The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Compensation expense included in:
Research and development	$	2,294	$	1,411
Sales and marketing		1,187		907
General and administrative		3,966		3,229
	$	7,447	$	5,547

At December 31, 2021, there was approximately $9.3 million of unrecognized compensation expense related to outstanding equity awards under the 2016 Plan, the 2008 Plan, The inducement awards and the ESPP that is expected to be recognized as expense over a weighted-average period of approximately 1.7 years.

License and Asset Purchase Agreements

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

License and Asset Purchase Agreements

12.License and Asset Purchase Agreements

Aerpio Pharmaceuticals, Inc.

In August 2021, the Company entered into an Asset Purchase Agreement with Aerpio Pharmaceuticals, Inc. (“Aerpio”), pursuant to which Aerpio sold to the Company all of its right, title and interest in and to certain of its patents and patent applications and other intellectual property, including but not limited to patents covering certain human protein tyrosine phosphate inhibitors and methods of use.

In consideration for the rights purchased from Aerpio, the Company made a one time, non-refundable, non-creditable upfront cash payment of $450,000 to Aerpio in August 2021. The Company recorded $450,000 of R&D expense for the year ended December 31, 2021, due to the early stage of its preclinical drug development activities.

Equinox Science, LLC

In February 2020, the Company entered into an Exclusive License Agreement with Equinox Science, LLC (“Equinox”), pursuant to which Equinox granted us an exclusive, sublicensable, royalty-bearing right and license to certain patents and other Equinox intellectual property to research, develop, make, have made, use, sell, offer for sale and import the compound vorolanib and any pharmaceutical products comprising the compound for the prevention or treatment of age-related macular degeneration, diabetic retinopathy and retinal vein occlusion using our proprietary localized delivery technologies, in each case, throughout the world except China, Hong Kong, Taiwan and Macau (the “Territory”).

In consideration for the rights granted by Equinox, the Company (i) made a one time, non-refundable, non-creditable upfront cash payment of $1.0 million to Equinox in February 2020, and (ii) agreed to pay milestone payments totaling up to $50 million upon the achievement of certain development and regulatory milestones, consisting of (a) completion of a Phase II clinical trial for the compound or a licensed product, (b) the filing of a new drug application or foreign equivalent for the compound or a licensed product in the United States, European Union or United Kingdom and (c) regulatory approval of the compound or a licensed product in the United States, European Union or United Kingdom.

The Company also agreed to pay Equinox tiered royalties based upon annual net sales of licensed products in the Territory. The royalties are payable with respect to a licensed product in a particular country in the Territory on a country-by-country and licensed product-by-licensed product basis until the later of (i) twelve years after the first commercial sale of such licensed product in such country and (ii) the first day of the month following the month in which a generic product corresponding to such licensed product is launched in such country (collectively, the “Royalty Term”). The royalty rates range from the high-single digits to low-double digits depending on the level of annual net sales. The royalty rates are subject to reduction during certain periods when there is no valid patent claim that covers a licensed product in a particular country.

The Company recorded $0 and $1.0 million of R&D expense during the years ended December 31, 2021 and 2020 for this license.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

13.Fair Value Measurements

The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at December 31, 2021 and 2020, respectively, by valuation hierarchy (in thousands):

	December 31, 2021
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	155,551	$	—	$	—	$	155,551	$	155,551	$	—
Subtotal	$	155,551	$	—	$	—	$	155,551	$	155,551	$	—
Level 2:
Commercial paper	$	49,514	$	—	$	—	$	49,514	$	16,549	$	32,965
Subtotal	$	49,514	$	—	$	—	$	49,514	$	16,549	$	32,965
Total	$	205,065	$	—	$	—	$	205,065	$	172,100	$	32,965

	December 31, 2020
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	23,538	$	—	$	—	$	23,538	$	23,538	$	—
Total	$	23,538	$	—	$	—	$	23,538	$	23,538	$	—

At December 31, 2021, a total of $155.6 million, or 90.4% of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. $16.5 million, or 9.6% of the Company’s interest-bearing cash equivalent balances consisted of investment-grade commercial paper. Generally, these investments may be sold upon demand and, therefore, the Company believes they have minimal risk. The Company had investments of $33.0 million in marketable securities at December 31, 2021.

At December 31, 2020, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. The Company had no investments in marketable securities at December 31, 2020.

The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

The fair value of the Company’s CRG Loan is determined using a discounted cash flow analysis based on market rates for observable similar instruments as of the condensed consolidated balance sheet dates. Accordingly, the fair value of the CRG Loan is categorized as Level 2 within the fair value hierarchy. At December 31, 2021, the fair value of the CRG Loan was approximately $38.7 million, and the carrying value of the CRG Loan was approximately $38.9 million, and consisted of $36.6 million of its carrying amount as reported in long-term debt, and $2.3 million of debt exit fee as reported in other long-term liabilities of the consolidated balance sheet, respectively. At December 31, 2020, the fair value of the CRG Loan was approximately $38.0 million, and the carrying value of the CRG Loan was approximately $38.3 million, and consisted of $36.0 million of its carrying amount as reported in long-term debt, and $2.3 million of debt exit fee as reported in other long-term liabilities of the condensed consolidated balance sheet, respectively.

- 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

Retirement Plans

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

14.	Retirement Plans

The Company operates a defined contribution plan intended to qualify under Section 401(k) of the U.S. Internal Revenue Code. Participating U.S. employees may contribute a portion of their pre-tax compensation, as defined, subject to statutory maximums. The Company matches employee contributions up to 5% of eligible compensation, subject to a stated calendar year Internal Revenue Service maximum.

The Company operated a defined contribution pension plan for U.K. employees pursuant to which the Company made contributions on behalf of employees plus a matching percentage of elective employee contributions. This pension plan was terminated in the quarter ending September 30, 2016 following termination of employment of all U.K. employees.

The Company contributed a total of $1.0 million and $690,000 for the years ended December 31, 2021 and 2020, respectively, in connection with these retirement plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

15.	Income Taxes

The components of loss before income taxes are as follows (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2021			2020
U.S. operations	$	(58,517	)	$	(45,492	)
Non-U.S. operations		100			98
Loss before income taxes	$	(58,417	)	$	(45,394	)

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law, making significant changes to the federal tax law. Amongst other things, the Tax Act reduces the federal corporate tax rate from 34% to 21% effective for tax years beginning after December 31, 2017 and has resulted in a remeasurement of the Company’s deferred tax assets included in the Company’s fiscal 2018 rate reconciliation. The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 21% for the year ended December 31, 2021 and 21% for the year ended December 31, 2020, to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2021			2020
Income tax benefit at statutory rate	$	(12,268	)	$	(9,533	)
State income taxes, net of federal benefit		(2,890	)		(2,760	)
Non-U.S. income tax rate differential		—			(8	)
Change in fair value of derivative		—		—
Change in federal tax rate		—		—
Research and development tax credits		(693	)		(403	)
Permanent items		729			288
Changes in valuation allowance		15,748			13,068
Other, net		(626	)		(652	)
Income tax benefit	$	—		$	—

The significant components of deferred income taxes are as follows (in thousands):

	December 31,		December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	84,026	$	74,876
Deferred revenue		4,270		150
Lease liability		722		806
Stock-based compensation		7,822		6,847
Tax credits		5,446		4,503
Other		3,005		2,514
Total deferred tax assets		105,291		89,696
Deferred tax liabilities:
Intangible assets		5,963		6,087
Right-of-use assets		615		713
Total deferred tax liabilities		6,578		6,800
Deferred tax assets, net		98,713		82,896
Valuation allowance		98,713		82,896
Total deferred tax liability	$	—	$	—

The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduces the value of such attributes to the more-likely-than-not realizable amount. Management assessed the available positive and negative evidence to estimate if sufficient taxable income will be generated to use the existing net deferred tax assets. Based on a weighting of the objectively verifiable negative evidence in the form of cumulative operating losses over the three-year period ended June 30, 2018, management believes that it is not more likely than not that the deferred tax assets will be realized and, accordingly, a full valuation allowance has been established. The valuation allowance increased $15.7 million and $13.1 million for the years ended December 31, 2021 and 2020, respectively, with such increases attributed to the re-measurement of the net deferred tax assets at the year-end dates.

The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. Including approximately $49.3 million related to the Icon acquisition, at December 31, 2021, the Company had U.S. federal net operating loss carry forwards of approximately $301.2 million. The net operating losses consist of $151.8 million, which expire at various dates between calendar years 2023 and 2038. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At December 31, 2021, the Company had state net operating loss carry forwards of approximately $222.6 million, which expire between 2033 and 2038, as well as U.S. federal and state research and development tax credit carry forwards of approximately $5.7 million, which expire at various dates between calendar years 2021 and 2038. In addition, at December 31, 2021 the Company had net operating loss carry forwards in the U.K. of £20.9 million (approximately $27.6 million), which are not subject to any expiration dates.

The Company’s U.S. federal income tax returns for calendar years 2003 through 2020 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal years 2006 through 2020 remain subject to examination.

Through December 31, 2021, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive loss and no unrecognized tax benefits in its consolidated balance sheets as of December 31, 2021 and 2020, respectively.

As of December 31, 2021 and 2020, the Company had no accrued penalties or interest related to uncertain tax positions.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Contingencies

16.	Contingencies

Legal Proceedings

The Company is subject to various other routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows.

U.S. Securities and Exchange Commission Subpoena

The Company previously disclosed that on May 14, 2020 it had received a subpoena from the Division of Enforcement of the SEC seeking production of certain documents and information on topics including product sales and demand, revenue recognition and accounting in relation to product sales, product sales and cash projections, and related financial reporting, disclosure and compliance matters. On May 4, 2021, the Company was advised by the SEC Division of Enforcement that it has concluded its investigation of the Company and that, based on the information it has to date, the Enforcement Division does not intend to recommend an enforcement action against the Company.

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment and Geographic Area Information

17.	Segment and Geographic Area Information

Business Segment

The Company operates in one business segment, which is the business of developing and commercializing innovative ophthalmic products for the treatment of eye diseases. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment.

Geographic Area Information

The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands):

	Revenues				Long-lived assets, net
	Twelve Months Ended December 31,		Twelve Months Ended December 31,		At December 31,		At December 31,
	2021		2020		2021		2020
U.S.	$	35,988	$	22,624	$	476	$	630
China		851		11,713		—		—
U.K.		100		100		—		—
Consolidated	$	36,939	$	34,437	$	476	$	630

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

18.	Subsequent Events

On March 9, 2022, the Company entered into a Loan and Security Agreement with Silicon Valley Bank (the “SVB Loan Agreement”). The SVB Loan Agreement provides (i) a senior secured term loan facility of $30 million (the “Term Loan”) and (ii) a senior secured revolving credit facility of up to $15.0 million in available credit (the “Revolving Facility” and together with the Term Loan, “the SVB Loan”). The maximum amount available for borrowing at any time under the Revolving Facility is limited to a borrowing base valuation, or 80% of the Company’s eligible accounts receivable. An unused commitment fee of 0.25% per annum applies to unutilized borrowing capacity under the Revolving Facility. The SVB Loan Agreement replaced its existing CRG Loan (see Note 9). Pursuant to the SVB Loan Agreement, the Company (i) made an initial draw of $30 million with respect to the Term Loan and of approximately $11.5 million with respect to the Revolving Facility, to pay off the CRG Loan, including the accrued interests through this date. Certain prepayment premiums apply to any repayments made (i) with respect to the Term Loan prior to the maturity date on January 1, 2027, and (ii) with respect to the Revolving Facility prior to the maturity date on January 1, 2027.

The SVB Loan Agreement bears interest at (i) the greater of (x) Wall Street Journal Prime Rate plus 2.25% and (y) 5.50%, with respect to the Term Loan; (ii) the Wall Street Journal Prime Rate, with respect to the Revolving Facility; per annum payable in arrears on the last business day of each calendar month. Commencing on February 1, 2024, the Company is required to repay the principal amount of the Term Loan in 36 consecutive equal monthly installments plus monthly payments of accrued interest. Amounts borrowed under the Revolving Facility may be prepaid or repaid and, prior to the Revolving Facility Maturity Date, reborrowed, subject to the applicable terms and conditions set forth in the SVB Loan Agreement. The SVB Loan is due at maturity on January 1, 2027 (the “Maturity Date”).

On the same date, the Company paid $41.4 million. This payment included (i) a $38.2 million principal portion of the CRG Loan (ii) an $2.3 million exit fee of 6% of the aggregate principal amount advanced under the CRG Loan (iii) accrued and unpaid interest of $0.9 million through that date. As a result of the early repayment of the CRG Loan, the Company expects to record a loss on extinguishment of debt of approximately $1.5 million for the quarter ending March 31, 2022 in association with the write-off of the remaining balance of unamortized debt discount.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Foreign Currency

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates—the U.S. dollar or the Pound Sterling.

Cash Equivalents

Marketable Securities

Concentrations of Credit Risk

Fair Value Measurements

•

Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities.

•

The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables, Net

Inventory

Debt and Equity Instruments

Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement.

Derivative Instruments

Property and Equipment

Capitalized Software Development Cost

Leases

The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses.

Impairment of Intangible Assets

Revenue Recognition

Deferred Revenue

Research and Development

Stock-Based Compensation

Net Loss per Share

Outstanding potential Common Stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Stock options		2,517,680		1,338,880
ESPP		23,965		27,713
Warrants		48,683		48,683
Restricted stock units		291,575		149,004
		2,881,903		1,564,280

Comprehensive Loss

Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

Recently Adopted and Recently Issued Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares

Outstanding potential Common Stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Stock options		2,517,680		1,338,880
ESPP		23,965		27,713
Warrants		48,683		48,683
Restricted stock units		291,575		149,004
		2,881,903		1,564,280

Product Revenue Reserves and Allowances (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

Net product revenues by product for the years ended December 31, 2021 and 2020 were as follows (in thousands):

	Year Ended December 31,
	2021		2020
YUTIQ (A)	$	16,959	$	13,878
DEXYCU (B)		18,353		6,953
Total product sales, net	$	35,312	$	20,831

(A)

Included approximately $25 and $205 of revenue recognized from YUTIQ product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.

(B)

Included approximately $283 and $8 of revenue recognized from DEXYCU product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.

Product Revenue Allowance and Reserves

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2021 and 2020 (in thousands):

	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2021	$	574		$	535		$	603		$	1,712
Provision related to sales in the current year		7,274			5,337			785			13,396
Adjustments related to prior period sales		(50	)		(22	)		(200	)		(272	)
Deductions applied and payments made		(6,645	)		(4,029	)		(809	)		(11,483	)
Ending balance at December 31, 2021	$	1,153		$	1,821		$	379		$	3,353

	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2020	$	1,618		$	271		$	352		$	2,241
Provision related to sales in the current year		2,141			1,056			978			4,175
Adjustments related to prior period sales		(387	)		—			50			(337	)
Deductions applied and payments made		(2,798	)		(792	)		(777	)		(4,367	)
Ending balance at December 31, 2020	$	574		$	535		$	603		$	1,712

Inventory (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):

	December 31, 2021		December 31, 2020
Raw materials	$	2,727	$	2,664
Work in process		405		747
Finished goods		484		1,926
Total inventory	$	3,616	$	5,337

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

The reconciliation of intangible assets for the years ended December 31, 2021 and 2020 (in thousands):

	Year Ended			Year Ended
	December 31,			December 31,
	2021			2020
Patented technologies
Gross carrying amount at beginning of period	$	68,322		$	68,322
Gross carrying amount at end of period		68,322			68,322
Accumulated amortization at beginning of period		(43,113	)		(40,653	)
Amortization expense		(2,460	)		(2,460	)
Accumulated amortization at end of period		(45,573	)		(43,113	)
Net book value at end of period	$	22,749		$	25,209

Schedule of Net Book Value of Intangible Assets

The net book value of the Company’s intangible assets at December 31, 2021 and 2020 is summarized as follows (in thousands):

					Estimated
					Remaining
					Useful Life at
	December 31,		December 31,		December 31,
	2021		2020		2021
					(Years)
Patented technologies
DEXYCU / Verisome	$	22,749	$	25,209		9.25
	$	22,749	$	25,209

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

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

	December 31,			December 31,
	2021			2020
Property and equipment	$	1,477		$	1,403
Leasehold improvements		255			255
Gross property and equipment		1,732			1,658
Accumulated depreciation and amortization		(1,256	)		(1,028	)
	$	476		$	630

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,		December 31,
	2021		2020
Personnel costs	$	7,321	$	5,686
Clinical trial costs		753		—
Professional fees		712		647
Sales chargebacks, rebates and other revenue reserves		2,974		1,109
Commissions due to commercialization partner for DEXYCU		1,518		254
Other		1,144		749
	$	14,422	$	8,445

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases as of December 31, 2021 and 2020, respectively are as follows (in thousands):

	December 31,		December 31,
	2021		2020
Other current liabilities - operating lease current portion	$	645	$	568
Operating lease liabilities – noncurrent portion		1,860		2,330
Total operating lease liabilities	$	2,505	$	2,898

Schedule of Supplemental Balance Sheet Information Related to Finance Lease

Supplemental balance sheet information related to the finance lease as of December 31, 2021 and 2020, respectively are as follows (in thousands):

	December 31,			December 31,
	2021			2020
Property and equipment, at cost	$	371		$	239
Accumulated amortization		(205	)		(52	)
Property and equipment, net	$	166		$	187

Other current liabilities – finance lease current portion	$	137		$	119
Other long-term liabilities		36			71
Total finance lease liabilities	$	173		$	190

Future Minimum Lease Payments Under Non-Cancellable Leases

The Company’s total future minimum lease payments under non-cancellable leases at December 31, 2021 were as follows (in thousands):

	Operating Leases			Finance Leases
2022		911			149
2023		877			37
2024		894			—
2025		373			—
Total lease payments	$	3,055		$	186
Less imputed interest		(550	)		(13	)
Total	$	2,505		$	173

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Reconciliation of Warrants to Purchase Common Stock

The following table provides a reconciliation of fixed price warrants to purchase shares of the Company’s Common Stock for the years ended December 31, 2021 and 2020:

	Year Ended				Year Ended
	December 31,				December 31,
	2021				2020
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		48,683	$	12.33		48,683	$	12.33
Balance and exercisable at end of period		48,683	$	12.33		48,683	$	12.33

Share-Based Payment Awards (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans and for inducement awards for the year ended December 31, 2021:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2021		1,338,880		$	20.86
Granted		1,313,727			12.59
Exercised		(8,112	)		12.26
Forfeited		(75,448	)		16.46
Expired		(51,367	)		31.04
Outstanding at December 31, 2021		2,517,680		$	16.49		8.06	$	775
Exercisable at December 31, 2021		916,461		$	22.41		6.25	$	103

Schedule of Key Assumptions Used

	Year Ended December 31,	Year Ended December 31,
	2021	2020
Option life (in years)	4.75 - 6.08	5.50 - 6.10
Stock volatility	72% - 83%	64% - 70%
Risk-free interest rate	0.42% - 1.44%	0.32% - 1.76%
Expected dividends	0.0%	0.0%

Summary of Information about Stock Options

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Weighted-average grant date fair value per share	$	8.20	$	7.07
Total cash received from exercise of stock options		100		—
Total intrinsic value of stock options exercised		10		—

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended December 31, 2021:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021		149,004		$	13.85
Granted		242,399			12.96
Vested		(89,795	)		13.76
Forfeited		(10,033	)		12.15
Nonvested at December 31, 2021		291,575		$	13.19

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Compensation expense included in:
Research and development	$	2,294	$	1,411
Sales and marketing		1,187		907
General and administrative		3,966		3,229
	$	7,447	$	5,547

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at December 31, 2021 and 2020, respectively, by valuation hierarchy (in thousands):

	December 31, 2021
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	155,551	$	—	$	—	$	155,551	$	155,551	$	—
Subtotal	$	155,551	$	—	$	—	$	155,551	$	155,551	$	—
Level 2:
Commercial paper	$	49,514	$	—	$	—	$	49,514	$	16,549	$	32,965
Subtotal	$	49,514	$	—	$	—	$	49,514	$	16,549	$	32,965
Total	$	205,065	$	—	$	—	$	205,065	$	172,100	$	32,965

	December 31, 2020
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Level 1:
Money market funds	$	23,538	$	—	$	—	$	23,538	$	23,538	$	—
Total	$	23,538	$	—	$	—	$	23,538	$	23,538	$	—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

The components of loss before income taxes are as follows (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2021			2020
U.S. operations	$	(58,517	)	$	(45,492	)
Non-U.S. operations		100			98
Loss before income taxes	$	(58,417	)	$	(45,394	)

Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit

The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 21% for the year ended December 31, 2021 and 21% for the year ended December 31, 2020, to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):

	Year Ended December 31,			Year Ended December 31,
	2021			2020
Income tax benefit at statutory rate	$	(12,268	)	$	(9,533	)
State income taxes, net of federal benefit		(2,890	)		(2,760	)
Non-U.S. income tax rate differential		—			(8	)
Change in fair value of derivative		—		—
Change in federal tax rate		—		—
Research and development tax credits		(693	)		(403	)
Permanent items		729			288
Changes in valuation allowance		15,748			13,068
Other, net		(626	)		(652	)
Income tax benefit	$	—		$	—

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):

	December 31,		December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	84,026	$	74,876
Deferred revenue		4,270		150
Lease liability		722		806
Stock-based compensation		7,822		6,847
Tax credits		5,446		4,503
Other		3,005		2,514
Total deferred tax assets		105,291		89,696
Deferred tax liabilities:
Intangible assets		5,963		6,087
Right-of-use assets		615		713
Total deferred tax liabilities		6,578		6,800
Deferred tax assets, net		98,713		82,896
Valuation allowance		98,713		82,896
Total deferred tax liability	$	—	$	—

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area

The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands):

	Revenues				Long-lived assets, net
	Twelve Months Ended December 31,		Twelve Months Ended December 31,		At December 31,		At December 31,
	2021		2020		2021		2020
U.S.	$	35,988	$	22,624	$	476	$	630
China		851		11,713		—		—
U.K.		100		100		—		—
Consolidated	$	36,939	$	34,437	$	476	$	630

Operations - Additional Information (Detail) $ in Millions	12 Months Ended
Operations - Additional Information (Detail) $ in Millions	Dec. 31, 2021 USD ($) Product _People Case
Operations [Line Items]
Number of commercial products \| Product	2
Number of products approved \| Product	4
Cash, cash equivalents and investments in marketable securities	$ 211.6
Cost of Sales, Excluding Amortization of Acquired Intangible Assets [Member]
Operations [Line Items]
Impairment charges	1.2
Sales and Marketing Expense [Member]
Operations [Line Items]
Impairment charges	$ 0.1
YUTIQ [Member]
Operations [Line Items]
Number of new cases of blindness annually \| Case	30,000
YUTIQ [Member] \| Minimum [Member]
Operations [Line Items]
Number of people affected by posterior segment of eye in U.S. each year \| _People	60,000
YUTIQ [Member] \| Maximum [Member]
Operations [Line Items]
Number of people affected by posterior segment of eye in U.S. each year \| _People	100,000

Significant Accounting Policies - Additional Information (Detail) - USD ($)		1 Months Ended		12 Months Ended
	Mar. 28, 2018	Aug. 31, 2020	Feb. 29, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income to foreign currency translation				$ 841,000	$ 841,000
Marketable securities				33,000,000.0	0
Purchases of marketable securities				33,000,000.0
Marketable securities matured				0
Interest-bearing cash equivalent consisted of money market fund				155,600,000
Interest-bearing cash equivalent consisted of investment-grade commercial paper				16,500,000
Allowance for credit loss				$ 0	$ 0
Pre Funded Warrants to purchase common stock				3,272,727
Accounting Standards Update 2019-12 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]				true
Change in Accounting Principle, Accounting Standards Update, Adoption Date				Jan. 01, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]				true
Icon Bioscience Inc [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of accelerated milestone payment received					20.00%
DEXYCU [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accrued revenue-based royalty expense				$ 2,500,000	$ 2,300,000
DEXYCU [Member] \| Icon Bioscience Inc [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accrued revenue-based royalty expense				$ 0	$ 1,300,000
Percentage of accelerated milestone payment received		20.00%
Percentage of upfront payment received			20.00%
Finite-lived intangible asset, useful life	13 years			9 years 3 months
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable standard payment terms				120 days
Estimated useful lives of assets				3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable standard payment terms				127 days
Estimated useful lives of assets				5 years
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| Money Market Funds [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				90.40%
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| Commercial Paper [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				9.60%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| ASD Specialty Healthcare LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				38.30%	56.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| McKesson Specialty Care Distribution LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				54.70%	37.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| ASD Specialty Healthcare LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				43.10%	39.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| McKesson Specialty Care Distribution LLC [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				46.60%	18.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Ocumension Therapeutics [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk					33.00%

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	2,881,903	1,564,280
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	2,517,680	1,338,880
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	23,965	27,713
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	48,683	48,683
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	291,575	149,004

Product Revenue Reserves and Allowances - Disaggregation of Revenue (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Disclosure of Product Revenue Reserves and Allowances [Line Items]

Revenues

$ 36,939

$ 34,437

YUTIQ [Member]

Disclosure of Product Revenue Reserves and Allowances [Line Items]

Revenues

^[1]

16,959

13,878

DEXYCU [Member]

Disclosure of Product Revenue Reserves and Allowances [Line Items]

Revenues

^[2]

18,353

6,953

Product [Member]

Disclosure of Product Revenue Reserves and Allowances [Line Items]

Revenues

$ 35,312

$ 20,831

[1]	Included approximately $25 and $205 of revenue recognized from YUTIQ product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.
[2]	Included approximately $283 and $8 of revenue recognized from DEXYCU product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Product Revenue Reserves and Allowances - Disaggregation of Revenue (Parenthetical) (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Disaggregation Of Revenue [Line Items]

Total revenues

$ 36,939

$ 34,437

YUTIQ [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

^[1]

16,959

13,878

YUTIQ [Member] | Ocumension Therapeutics [Member] | Supply Agreement [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

205

DEXYCU [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

^[2]

18,353

6,953

DEXYCU [Member] | Ocumension Therapeutics [Member] | Supply Agreement [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

$ 283

$ 8

[1]	Included approximately $25 and $205 of revenue recognized from YUTIQ product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.
[2]	Included approximately $283 and $8 of revenue recognized from DEXYCU product sales to Ocumension under a supply agreement for the years ended December 31, 2021 and 2020, respectively.

- Definition

+ References

+ Details

Product Revenue Reserves and Allowances - Product Revenue Allowance and Reserves (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	$ 1,712	$ 2,241
Provision related to sales in the current year	13,396	4,175
Adjustments related to prior period sales	(272)	(337)
Deductions applied and payments made	(11,483)	(4,367)
Ending balance	3,353	1,712
Chargebacks, Discounts and Fees [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	574	1,618
Provision related to sales in the current year	7,274	2,141
Adjustments related to prior period sales	(50)	(387)
Deductions applied and payments made	(6,645)	(2,798)
Ending balance	1,153	574
Government and Other Rebates [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	535	271
Provision related to sales in the current year	5,337	1,056
Adjustments related to prior period sales	(22)
Deductions applied and payments made	(4,029)	(792)
Ending balance	1,821	535
Returns [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance	603	352
Provision related to sales in the current year	785	978
Adjustments related to prior period sales	(200)	50
Deductions applied and payments made	(809)	(777)
Ending balance	$ 379	$ 603

Product Revenue Reserves and Allowances - Additional Information (Detail) - USD ($)			1 Months Ended					12 Months Ended
	Dec. 17, 2020	Mar. 31, 2013	Aug. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Aug. 31, 2019	Nov. 30, 2018	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								$ 36,939,000	$ 34,437,000
Icon Bioscience Inc [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Sales-based royalty expense								0	$ 1,300,000
Percentage of accelerated milestone payment received									20.00%
Amended Alimera Science Inc Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								54,000	$ 1,700,000
OncoSil Medical UK Limited [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								0
Deferred revenue								$ 100,000	100,000
Receipt of upfront license fee		$ 100,000
Royalty percentage earned from sales of product								8.00%
Percentage of non-royalty consideration received from sublicense								20.00%
License agreement commencement date								2012-12
Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Deferred revenue								$ 0	$ 0
Receipt of upfront license fee			$ 9,500,000	$ 2,000,000.0			$ 1,750,000
Potential future payments based on achievement of development and regulatory milestones			6,000,000.0		$ 6,000,000.0			7,250,000
Potential future payments based on achievement of commercial-based milestones			6,000,000.0		$ 6,000,000.0			3,000,000.0
Development milestone payment received						$ 1,000,000.0
Potential future payments based on achievement of combined remaining development and sales milestone			11,750,000
Potential future payments based on achievement of remaining development and regulatory milestones			6,250,000
Potential future payments based on achievement of remaining commercial-based milestones			3,000,000.0
Ocumension Therapeutics [Member] \| Share Offering [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Issuance of stock, net of issue costs, shares									3,010,722
Ocumension Therapeutics [Member] \| Maximum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Product supply milestones and development milestones								7,250,000
Upon achievement of milestones			$ 21,250,000
Royalty Income [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								871,000	$ 1,664,000
Royalty Income [Member] \| Amended Alimera Science Inc Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								0	1,700,000
RPA [Member] \| SWK [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								872,000	0
Upfront cash payment	$ 16,500,000
Royalty payments								2,800,000
Royalty Sale Agreement [Member] \| SWK [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Deferred revenue	$ 16,500,000
Deferred revenue, current								1,100,000	885,000
Deferred revenue, non-current								14,600,000	15,600,000
Collaborative Research and Development [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								60,000	255,000
Deferred revenue								0	60,000
Collaborative Research and Development [Member] \| OncoSil Medical UK Limited [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								100,000
License and Collaboration Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								756,000	11,942,000
License and Collaboration Agreement [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								543,000	11,500,000
Product [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								35,312,000	20,831,000
Product [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								308,000	213,000
Technical Assistance [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue								$ 499,000	$ 0

Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 2,727	$ 2,664
Work in process	405	747
Finished goods	484	1,926
Total inventory	$ 3,616	$ 5,337

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period	$ 68,322	$ 68,322
Gross carrying amount at end of period	68,322	68,322
Accumulated amortization at beginning of period	(43,113)	(40,653)
Amortization expense	(2,460)	(2,460)
Accumulated amortization at end of period	(45,573)	(43,113)
Net book value at end of period	$ 22,749	$ 25,209

Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible assets, net	$ 22,749	$ 25,209
DEXYCU [Member]
Intangible assets, net	$ 22,749	$ 25,209
Finite lived intangible assets remaining amortization period	9 years 3 months

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Mar. 28, 2018	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Amortization expense		$ 2,460	$ 2,460
DEXYCU [Member] \| Icon Bioscience Inc [Member]
Finite Lived Intangible Assets [Line Items]
Purchase price of acquisition	$ 32,000
Annual amortization expense		$ 2,500
Finite-lived intangible asset, useful life	13 years	9 years 3 months

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 1,732	$ 1,658
Accumulated depreciation and amortization	(1,256)	(1,028)
Property and equipment, net	476	630
Property and Equipment [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	1,477	1,403
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 255	$ 255

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation	$ 311	$ 189

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Personnel costs	$ 7,321	$ 5,686
Clinical trial costs	753	0
Professional fees	712	647
Sales chargebacks, rebates and other revenue reserves	2,974	1,109
Commissions due to commercialization partner for DEXYCU	1,518	254
Other	1,144	749
Accrued expenses	$ 14,422	$ 8,445

Leases - Additional Information (Detail)		12 Months Ended
Leases - Additional Information (Detail)	Mar. 08, 2022 USD ($) ft²	Dec. 31, 2021 USD ($) ft² Tranche Lease	Dec. 31, 2020 USD ($)
Disclosure Of Leases [Line Items]
Loan facility term		5 years
Operating lease weighted average remaining lease term		3 years 4 months 24 days
Operating lease weighted average discount rate		12.50%
Operating lease expense		$ 885,000	$ 852,000
Variable lease cost		30,000	36,000
Operating lease payments		920,000	867,000
Finance lease, amortization expense of ROU asset		151,000	52,000
Interest expense on finance lease liability		23,000	9,000
Finance lease, operating cash flows		23,000	9,000
Finance lease, financing cash flows		$ 146,000	$ 49,000
Finance lease, weighted average Remaining term		1 year 3 months 18 days
Finance lease, weighted average discount rate, percent		12.50%
Caladrius [Member]
Disclosure Of Leases [Line Items]
Additional subleased property office area \| ft²		1,381
Basking Ridge Office Space [Member]
Disclosure Of Leases [Line Items]
Number of renewal options \| Tranche		2
Laboratory Equipment [Member]
Disclosure Of Leases [Line Items]
Number of finance leases \| Lease		3
First Lab Equipment [Member]
Disclosure Of Leases [Line Items]
Lease expiration month year		2021-12
Second Lab Equipment [Member]
Disclosure Of Leases [Line Items]
Lease expiration month year		2022-12
Third Lab Equipment [Member]
Disclosure Of Leases [Line Items]
Lease expiration month year		2023-06
Massachusetts [Member] \| Maximum [Member]
Disclosure Of Leases [Line Items]
Construction allowance		$ 670,750
Massachusetts [Member] \| Original Lease [Member]
Disclosure Of Leases [Line Items]
Area of leased office and laboratory space \| ft²		13,650
Original lease term		5 years
Lease expiration month year		2019-04
Massachusetts [Member] \| Second Amendment Lease [Member]
Disclosure Of Leases [Line Items]
Lease commencement date		Sep. 10, 2018
Lease term expiration date		May 31, 2025
Additional Space leased \| ft²		6,590
Irrevocable standby letter of credit		$ 150,000
Massachusetts [Member] \| Third Amendment Lease [Member]
Disclosure Of Leases [Line Items]
Area of leased office and laboratory space \| ft²		1,409
Lease commencement date		Jul. 01, 2021
Lease term expiration date		May 31, 2025
Massachusetts [Member] \| Fourth Amendment Lease [Member] \| Subsequent Event [Member]
Disclosure Of Leases [Line Items]
Area of leased office and laboratory space \| ft²	13,650
Lease term expiration date	May 31, 2028
Additional Space leased \| ft²	11,999
Termination portion of the lease \| ft²	7,999
Lease termination date	May 31, 2025
Massachusetts [Member] \| Fourth Amendment Lease [Member] \| Maximum [Member] \| Subsequent Event [Member]
Disclosure Of Leases [Line Items]
Construction allowance	$ 555,960
NEW JERSEY \| Basking Ridge Office Space [Member]
Disclosure Of Leases [Line Items]
Lease expiration month year		2022-06
Area of leased office space \| ft²		3,000
Lease inception month year		2017-07
Additional lease renewal option period		5 years
Lease renewal rate at 95% of market rent at time of renewal		95.00%

Leases - Supplemental Balance Sheet Related to Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Other current liabilities - operating lease current portion	$ 645	$ 568
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating lease liabilities - noncurrent	$ 1,860	$ 2,330
Total operating lease liabilities	$ 2,505	$ 2,898

Leases - Supplemental Balance Sheet Related to Finance Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Property and equipment, at cost	$ 371	$ 239
Accumulated amortization	(205)	(52)
Property and equipment, net	$ 166	$ 187
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Other current liabilities – finance lease current portion	$ 137	$ 119
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 36	$ 71
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 173	$ 190

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 911
2023	877
2024	894
2025	373
Total lease payments	3,055
Less imputed interest	(550)
Total	2,505	$ 2,898
Finance Leases
2022	149
2023	37
Total future minimum lease payments	186
Less imputed interest	(13)
Total	$ 173	$ 190

Loan Agreements - Additional Information (Detail) - USD ($)					1 Months Ended		3 Months Ended	12 Months Ended
	Jun. 16, 2021	Dec. 17, 2020	Apr. 22, 2020	Feb. 13, 2019	May 31, 2021	Oct. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Apr. 08, 2020	Apr. 30, 2019
Term Loan Agreement [Line Items]
Gain (loss) on extinguishment of debt								$ 2,065,000	$ (905,000)
RPA [Member] \| SWK Funding LLC [Member]
Term Loan Agreement [Line Items]
Upfront cash payment		$ 16,500,000
Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Amortization of debt discount (premium)								$ 628,000	745,000
CRG Servicing LLC [Member]
Term Loan Agreement [Line Items]
Restriction of the right to capitalize a portion of quarterly interest in the event of a loan default								So long as no default has occurred and is continuing, the Company may elect on each applicable interest payment date to pay 2.5% of the 12.5% per annum interest as Paid In-Kind (“PIK”), whereby such PIK amount would be added to the aggregate principal amount and accrue interest at 12.5% per annum.
Upfront loan origination fee percentage				1.50%
Minimum liquidity amount				$ 5,000,000
Total debt discount				3,200,000
CRG Servicing LLC [Member] \| Period One [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue				15,000,000
Annual minimum product revenue period								on January 1, 2019 and ending on December 31, 2019
CRG Servicing LLC [Member] \| Period Two [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue				45,000,000
Annual minimum product revenue period								January 1, 2020 and ending on December 31, 2020
CRG Servicing LLC [Member] \| Period Three [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue				80,000,000	$ 25,000,000	$ 45,000,000
Annual minimum product revenue period								January 1, 2021 and ending on December 31, 2021
Incremental charges for issuance of waivers						$ 0
CRG Servicing LLC [Member] \| Period Four [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue				$ 90,000,000
Annual minimum product revenue period								January 1, 2022 and ending on December 31, 2022
CRG Servicing LLC [Member] \| Loan Prepayment Prior to December 31, 2019 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage				10.00%
CRG Servicing LLC [Member] \| Loan Prepayment after December 31, 2019 and Prior to December 31, 2020 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage				5.00%
CRG Servicing LLC [Member] \| Loan prepayment after December 31, 2020 and prior to December 31, 2021 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage				3.00%
CRG Servicing LLC [Member] \| Loan prepayment after December 31 2021 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage				0.00%
CRG Servicing LLC [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Annual interest rate on term loan balance				12.50%
Gain (loss) on extinguishment of debt									$ (905,000)
Agreement date				Feb. 13, 2019
Senior secured term loan borrowing facility				$ 60,000,000
Term loan agreement, initial advance				$ 35,000,000
Proceeds from issuance of long-term debt							$ 0
Maturity date				Dec. 31, 2023
Paid in Kind Interest Added to Principal								$ 0
Exit fee percentage payable upon repayment of the total secured term loan				6.00%
Upfront loan original fee payment, initial advance				$ 525,000
Reimbursement of lender's legal fees and other transaction costs				350,000
Exit fee accrued				2,100,000
Line of credit facility, legal and other transaction costs				591,000
Repayment of senior secured term loan		13,800,000
Payment of exit fee upon repayment of secured term loan		828,000
Payment of accrued and unpaid interest through the date of the secured term loan refinancing		378,000
CRG Servicing LLC [Member] \| Senior Secured Term Loan [Member] \| RPA [Member] \| SWK Funding LLC [Member]
Term Loan Agreement [Line Items]
Upfront cash payment		$ 15,000,000.0
CRG Servicing LLC [Member] \| Second Advance [Member]
Term Loan Agreement [Line Items]
Term loan agreement, additional loan advance											$ 15,000,000
Total debt discount				$ 1,100,000
CRG Servicing LLC [Member] \| Second Advance [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
One-time upfront financing fee percentage applied to borrowing amounts under the line of credit facility				1.50%
Upfront loan original fee payment, initial advance				$ 225,000
Exit fee accrued				$ 900,000
CRG Servicing LLC [Member] \| Initial Advance [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
One-time upfront financing fee percentage applied to borrowing amounts under the line of credit facility				1.50%
Upfront loan original fee payment, initial advance				$ 525,000
Paycheck Protection Program Loan [Member] \| Silicon Valley Bank [Member] \| CARES Act [Member]
Term Loan Agreement [Line Items]
Loan amount										$ 2,000,000.0
Loan proceeds date			Apr. 22, 2020
Annual interest rate on term loan balance			1.00%
Debt instrument term			2 years
Debt instrument, maturity date			Apr. 21, 2022
Debt Instrument Description								The Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), enacted on June 5, 2020, amended the Paycheck Protection Program, among others, as follows: (i) extended the covered period from 8 weeks to the earlier of 24 weeks from the date the PPP Loan is originated and December 31, 2020, during which PPP funds needed to be expended in order to be forgiven. A borrower may submit a loan forgiveness application any time on or before the maturity date of the loan – including before the end of the covered period – if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness; (ii) at least 60% of PPP funds must be spent on payroll costs, with the remaining 40% available to spend on other eligible expenses; (iii) payments are deferred until the date on which the amount of forgiveness determined is remitted to the lender. If a borrower fails to seek forgiveness within 10 months after the last day of its covered period, then payments will begin on the date that is 10 months after the last day of the covered period. In addition, the PPP Flexibility Act modified the CARES Act by increasing the maturity date for loans made after the effective date from two years to a minimum maturity of five years from the date on which the borrower applies for loan forgiveness. Existing PPP loans made before the new legislation retain their original two-year term, but may be renegotiated between a lender and a borrower to match the 5-year term permitted under the PPP Flexibility Act
Debt instrument, loan forgiveness amount	$ 2,000,000.0
Debt instrument, accrued interest forgiveness amount	$ 24,000
Gain (loss) on extinguishment of debt								$ 2,100,000

Stockholders' Equity - Equity Financings - Additional Information (Detail) - USD ($)		1 Months Ended				12 Months Ended
	Dec. 31, 2020	Nov. 30, 2021	Feb. 28, 2021	Aug. 31, 2020	Feb. 29, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 23, 2020	Jun. 22, 2020
Class Of Stock [Line Items]
Common stock, shares authorized	300,000,000					300,000,000	300,000,000	300,000,000
Equity Financings [Member]
Class Of Stock [Line Items]
Common stock, shares authorized									150,000,000
Equity Financings [Member] \| Share Offering [Member]
Class Of Stock [Line Items]
Common stock issued		5,122,273	10,465,000		1,500,000
Common stock, additional shares issued		1,095,000	1,365,000
Pre-funded warrants issued to purchase common stock shares		3,272,727
Price per share		$ 13.75	$ 11.00		$ 14.50
Pre-funded warrants issued, price per share		$ 13.74
Gross proceeds from issuance of common stock		$ 115,400,000	$ 115,100,000		$ 21,750,000
Share issuance costs		$ 7,200,000	$ 7,200,000		$ 1,800,000
Share Purchase Agreement [Member]
Class Of Stock [Line Items]
Common stock issued	3,010,722
Price per share	$ 5.22						$ 5.22
Gross proceeds from issuance of common stock	$ 15,700,000
Share issuance costs	$ 100,000
At-the-Market Offering [Member]
Class Of Stock [Line Items]
Common stock issued						48,538	2,590,093
Price per share	$ 5.74					$ 11.37	$ 5.74
Gross proceeds from issuance of common stock						$ 552,000	$ 14,900,000
Share issuance costs						$ 53,000	$ 646,000
Stock issuances, sales agent commission maximum percentage				3.00%

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Share of the Company's Common Stock (Detail) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Stockholders Equity Note [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	48,683	48,683
Number of Warrants, Outstanding and exercisable, Ending balance	48,683	48,683
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 12.33	$ 12.33
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 12.33	$ 12.33

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - SWK [Member] - Warrants [Member] - $ / shares			12 Months Ended
	Jun. 26, 2018	Mar. 28, 2018	Dec. 31, 2021
Senior Secured Term Loan [Member]
Class Of Stock [Line Items]
Warrants issued in connection with term loan facility	7,773	40,910
Exercise price of issued warrants	$ 19.30	$ 11.00
Warrants exercise period	7 years	7 years
Investor [Member]
Class Of Stock [Line Items]
Weighted average remaining life of lender warrants			3 years 3 months 18 days

Share-Based Payment Awards - Equity Incentive Plans - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares	Dec. 31, 2021	Jun. 22, 2021	Jun. 25, 2019	Dec. 12, 2016
Class Of Stock [Line Items]
Number of common stock, authorized for issuance		2,500,000	1,100,000	300,000
Shares available for grant under the Long Term Incentive Plan, including forfeited and terminated awards transferred from the 2008 Incentive Plan	1,683,368

Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plans and Inducement Awards [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares	1,338,880
Number of Options, Granted \| shares	1,313,727
Number of Options, Exercised \| shares	(8,112)
Number of Options, Forefeited \| shares	(75,448)
Number of Options, Expired \| shares	(51,367)
Number of Options Outstanding, Ending balance \| shares	2,517,680
Number of Options, Exercisable at December 31, 2021 \| shares	916,461
Weighted Average Exercise Price Outstanding, Beginning balance \| $ / shares	$ 20.86
Weighted Average Exercise Price, Granted \| $ / shares	12.59
Weighted Average Exercise Price, Exercised \| $ / shares	12.26
Weighted Average Exercise Price, Forefeited \| $ / shares	16.46
Weighted Average Exercise Price, Expired \| $ / shares	31.04
Weighted Average Exercise Price Outstanding, Ending balance \| $ / shares	16.49
Weighted Average Exercise Price, Exercisable at December 31, 2021 \| $ / shares	$ 22.41
Weighted Average Remaining Contractual Life, Outstanding at January 1, 2021	8 years 21 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2021	6 years 3 months
Aggregate Intrinsic Value, Outstanding at January 1, 2021 \| $	$ 775
Aggregate Intrinsic Value, Exercisable at December 31, 2021 \| $	$ 103

Share-Based Payment Awards - Stock Options - Additional Information (Detail) - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2021
2016 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Ratable monthly vesting period	4 years
Contractual life of option grants	10 years
Stock Compensation Plan [Member]
Class Of Stock [Line Items]
Ratable monthly vesting period	1 year
Cliff vesting period	3 years
Common stock vested during the period		297,361
Newly Appointed Non Executive Director [Member]
Class Of Stock [Line Items]
Ratable annual vesting period	3 years
External consultant [Member]
Class Of Stock [Line Items]
Cliff vesting period	1 year

Share-Based Payment Awards - Summary of Company Applied the Black-Scholes Option Pricing (Detail) - 2016 Long Term Incentive Plan [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	72.00%	64.00%
Stock volatility, maximum	83.00%	70.00%
Risk-free interest rate, minimum	0.42%	0.32%
Risk-free interest rate, maximum	1.44%	1.76%
Expected dividends	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	4 years 9 months	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 29 days	6 years 1 month 6 days

Share-Based Payment Awards - Summary of Information about Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total cash received from exercise of stock options	$ 373	$ 294
Equity Incentive Plans [Member]
Weighted-average grant date fair value per share	$ 8.20	$ 7.07
Total cash received from exercise of stock options	$ 100
Total intrinsic value of stock options exercised	$ 10

Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member]	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2021
Class Of Stock [Line Items]
Ratable annual vesting period of equity awards	4 years
RSU [Member]
Class Of Stock [Line Items]
Ratable annual vesting period of equity awards		3 years
Weighted average remaining vesting term		1 year 4 months 13 days

Share-Based Payment Awards - Summary of Restricted Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - RSU [Member]	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	149,004
Number of stock units, granted \| shares	242,399
Number of Stock Units, Vested \| shares	(89,795)
Number of Stock Units, Forfeited \| shares	(10,033)
Number of Stock Units Outstanding, Ending Balance \| shares	291,575
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 13.85
Weighted average grant date fair value, granted \| $ / shares	12.96
Weighted Average Grant Date Fair value, Vested \| $ / shares	13.76
Weighted Average Grant Date Fair value, Forfeited \| $ / shares	12.15
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 13.19

Share-Based Payment Awards - Deferred Stock Units - Additional Information (Detail) - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
2016 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Ratable annual vesting period of equity awards	4 years
Non Executive Directors [Member]
Class Of Stock [Line Items]
Non-vested deferred stock units outstanding		0	0
Deferred Stock Units [Member]
Class Of Stock [Line Items]
Ratable annual vesting period of equity awards		1 year
Deferred Stock Units [Member] \| 2016 Long Term Incentive Plan [Member]
Class Of Stock [Line Items]
Vested deferred stock units vested		0

Share-Based Payment Awards - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 25, 2019	Dec. 31, 2021	Dec. 31, 2020	Jun. 22, 2021
Class Of Stock [Line Items]
Employee stock purchase plan		$ 273,000	$ 294,000
Common stock, shares issued		33,905,826	18,139,981
Stock-based compensation expense		$ 7,447,000	$ 5,547,000
ESPP [Member]
Class Of Stock [Line Items]
Number of common stock, authorized for issuance	110,000			250,000
Price of common stock purchased twice a year under ESPP, percent	85.00%
Employee stock purchase plan	$ 25,000
Employee stock purchase plan, shares	5,000
Consecutive six month offering period	Aug. 01, 2019
Common stock, shares issued		43,365
Stock-based compensation expense		$ 113,000

Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 7,447	$ 5,547
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,294	1,411
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,187	907
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,966	$ 3,229

Share-Based Payment Awards - Stock-Based Compensation Expense - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unrecognized compensation expense	$ 9.3
Unrecognized compensation expense weighted average period	1 year 8 months 12 days

License and Asset Purchase Agreements - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
	Aug. 31, 2021	Feb. 29, 2020	Dec. 31, 2021	Dec. 31, 2020
Collaborative Agreements And Contracts [Line Items]
R&D expense			$ 28,500,000	$ 17,424,000
Aerpio Pharmaceuticals, Inc [Member]
Collaborative Agreements And Contracts [Line Items]
Non-refundable and non-creditable upfront cash payment	$ 450,000
R&D expense			450,000
Equinox Science, LLC [Member]
Collaborative Agreements And Contracts [Line Items]
Non-refundable and non-creditable upfront cash payment		$ 1,000,000.0
R&D expense			$ 0	$ 1,000,000.0
Equinox Science, LLC [Member] \| Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Payment upon achievement of development and regulatory milestones		$ 50,000,000

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 32,965,000	$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	205,065,000	23,538,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	205,065,000	23,538,000
Cash Equivalents	172,100,000	23,538,000
Marketable Securities	32,965,000	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	155,551,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	155,551,000
Cash Equivalents	155,551,000
Marketable Securities	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	155,551,000	23,538,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	155,551,000	23,538,000
Cash Equivalents	155,551,000	23,538,000
Marketable Securities	0	$ 0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	49,514,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	49,514,000
Cash Equivalents	16,549,000
Marketable Securities	32,965,000
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	49,514,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	49,514,000
Cash Equivalents	16,549,000
Marketable Securities	$ 32,965,000

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Feb. 13, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest-bearing cash equivalent consisted of money market fund	$ 155,600,000
Interest-bearing cash equivalent consisted of investment-grade commercial paper	16,500,000
Marketable securities	32,965,000	$ 0
CRG Servicing LLC [Member] \| Senior Secured Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of loan	38,900,000	38,300,000
long-term debt	36,600,000	36,000,000.0
Exit fee accrued			$ 2,100,000
Fair value of loan	38,700,000	38,000,000.0
CRG Servicing LLC [Member] \| Other Long-term Liabilities [Member] \| Senior Secured Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exit fee accrued	$ 2,300,000	$ 2,300,000
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of concentration risk	90.40%
Investment Instruments [Member] \| Credit Concentration Risk [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of concentration risk	9.60%

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Maximum percentage of eligible compensation matched by employer	5.00%
Employer contributions to retirement plans	$ 1.0	$ 690,000

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. operations	$ (58,517)	$ (45,492)
Non-U.S. operations	100	98
Loss before income taxes	$ (58,417)	$ (45,394)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Additional Information (Detail) £ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2021 GBP (£)
Statutory federal corporate income tax rate	21.00%	21.00%	21.00%	34.00%
Changes in valuation allowance	$ 15,748,000	$ 13,068,000
Unrecognized tax benefits	0	0
Accrued penalties or interest related to uncertain tax positions	0	$ 0
U.S. Federal [Member]
Operating loss carry forwards	301,200,000
Net operating loss carry forwards	$ 151,800,000
Operating loss carry forwards, expiration range start dates	2023
Operating loss carry forwards, expiration range end dates	2038
Tax years that remain subject to examination	2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
State [Member]
Operating loss carry forwards	$ 222,600,000
Operating loss carry forwards, expiration range start dates	2033
Operating loss carry forwards, expiration range end dates	2038
United Kingdom Tax Authority [Member]
Operating loss carry forwards	$ 27,600,000				£ 20.9
Tax years that remain subject to examination	2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Federal and State Research and Development Tax Credit Carryforward [Member]
Research and development tax credit carry forwards	$ 5,700,000
Federal And State Tax [Member]
Research and development tax credit carry forwards expiration begin date	2021
Research and development tax credit carry forwards expiration end date	2038
Icon Bioscience Inc [Member] \| U.S. Federal [Member]
Operating loss carry forwards	$ 49,300,000

Income Taxes - Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	$ (12,268)	$ (9,533)
State income taxes, net of federal benefit	(2,890)	(2,760)
Non-U.S. income tax rate differential	0	(8)
Change in fair value of derivative	0	0
Change in federal tax rate	0	0
Research and development tax credits	(693)	(403)
Permanent items	729	288
Changes in valuation allowance	15,748	13,068
Other, net	(626)	(652)
Income tax expense (benefit)	$ 0	$ 0

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 84,026	$ 74,876
Deferred revenue	4,270	150
Lease liability	722	806
Stock-based compensation	7,822	6,847
Tax credits	5,446	4,503
Other	3,005	2,514
Total deferred tax assets	105,291	89,696
Deferred tax liabilities:
Intangible assets	5,963	6,087
Right-of-use assets	615	713
Total deferred tax liabilities	6,578	6,800
Deferred tax assets, net	98,713	82,896
Valuation allowance	98,713	82,896
Total deferred tax liability	$ 0	$ 0

Segment and Geographic Area Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Number of business segments	1

Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 36,939	$ 34,437
Long-lived assets, net	476	630
Country US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	35,988	22,624
Long-lived assets, net	476	630
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	851	11,713
UNITED KINGDOM [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 100	$ 100

- Definition

+ References

+ Details

Subsequent Events - Additional Information (Detail) - USD ($)				3 Months Ended		12 Months Ended
	Mar. 09, 2022	Dec. 17, 2020	Feb. 13, 2019	Mar. 31, 2022	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Gain (loss) on extinguishment of debt						$ 2,065,000	$ (905,000)
Senior Secured Term Loan [Member] \| CRG Servicing LLC [Member]
Subsequent Event [Line Items]
Senior secured facility			$ 60,000,000
Proceed from senior secured facility					$ 0
Maturity date			Dec. 31, 2023
Repayment of senior secured term loan		$ 13,800,000
Payment of exit fee upon repayment of secured term loan		828,000
Exit fee percentage payable upon repayment of the total secured term loan			6.00%
Payment of accrued and unpaid interest through the date of the secured term loan refinancing		$ 378,000
Gain (loss) on extinguishment of debt							$ (905,000)
Senior Secured Term Loan [Member] \| CRG Servicing LLC [Member] \| Forecast
Subsequent Event [Line Items]
Gain (loss) on extinguishment of debt				$ (1,500,000)
Senior Secured Term Loan [Member] \| Subsequent Event [Member] \| Silicon Valley Bank [Member]
Subsequent Event [Line Items]
Senior secured facility	$ 30,000,000
Proceed from senior secured facility	$ 30,000,000
Maturity date	Jan. 01, 2027
Debt instrument effective rate	5.50%
Senior Secured Term Loan [Member] \| Subsequent Event [Member] \| Silicon Valley Bank [Member] \| Prime Rate Plus [Member]
Subsequent Event [Line Items]
Revolving line bears interest rate	2.25%
Senior Secured Term Loan [Member] \| Subsequent Event [Member] \| CRG Servicing LLC [Member]
Subsequent Event [Line Items]
Upfront cash payment	$ 41,400,000
Repayment of senior secured term loan	38,200,000
Payment of exit fee upon repayment of secured term loan	$ 2,300,000
Exit fee percentage payable upon repayment of the total secured term loan	6.00%
Payment of accrued and unpaid interest through the date of the secured term loan refinancing	$ 900,000
Senior Secured Revolving Credit Facility [Member] \| Subsequent Event [Member] \| Silicon Valley Bank [Member]
Subsequent Event [Line Items]
Senior secured facility	$ 15,000,000.0
Percentage of accounts receivable eligible for maximum amount borrowing	80.00%
Unused commitment fee	0.25%
Proceed from senior secured facility	$ 11,500,000