Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BDSI | |
Entity Registrant Name | BIODELIVERY SCIENCES INTERNATIONAL INC | |
Entity Central Index Key | 1,103,021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 59,273,313 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash | $ 12,090 | $ 21,195 |
Accounts receivable, net | 8,123 | 8,852 |
Inventory, net | 5,441 | 6,091 |
Prepaid expenses and other current assets | 2,828 | 3,610 |
Total current assets | 28,482 | 39,748 |
Property and equipment, net | 3,621 | 3,778 |
Goodwill | 2,715 | 2,715 |
BELBUCA®license and distribution rights intangible asset, net | 39,375 | 40,500 |
Other intangible assets, net | 1,196 | 1,360 |
Total assets | 75,389 | 88,101 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 20,335 | 26,149 |
Total current liabilities | 20,335 | 26,149 |
Notes payable, net | 48,285 | 47,660 |
Other long-term liabilities | 5,415 | 5,415 |
Total liabilities | 74,035 | 79,224 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Preferred Stock, $.001 par value; 5,000,000 shares authorized; 2,093,155 shares of Series A Non-Voting Convertible Preferred Stock outstanding at both March 31, 2018 and December 31, 2017, respectively | 2 | 2 |
Common Stock, $.001 par value; 75,000,000 shares authorized; 58,646,522 and 55,904,072 shares issued; 58,631,031 and 55,888,581 shares outstanding at March 31, 2018 and December 31, 2017, respectively | 59 | 56 |
Additional paid-in capital | 316,970 | 313,922 |
Treasury stock, at cost, 15,491 shares | (47) | (47) |
Accumulated deficit | (315,630) | (305,056) |
Total stockholders' equity | 1,354 | 8,877 |
Total liabilities and stockholders' equity | $ 75,389 | $ 88,101 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 58,646,522 | 55,904,072 |
Common Stock, shares outstanding | 58,631,031 | 55,888,581 |
Treasury stock, shares | 15,491 | 15,491 |
Series A Non-Voting Convertible Preferred Stock [Member] | ||
Preferred Stock, shares outstanding | 2,093,155 | 2,093,155 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Product sales | $ 9,838 | $ 7,795 |
Product royalty revenues | 440 | 1,661 |
Research and development reimbursements | 22 | |
Contract revenue | 1,003 | 20,000 |
Total revenues | 11,281 | 29,478 |
Cost of sales | 3,415 | 5,645 |
Expenses: | ||
Research and development | 2,484 | 2,671 |
Selling, general and administrative | 13,505 | 13,259 |
Total expenses | 15,989 | 15,930 |
(Loss) income from operations | (8,123) | 7,903 |
Interest expense, net | (2,505) | (2,886) |
Bargain purchase gain | 27,336 | |
Other expense, net | (7) | |
(Loss) income before income taxes | (10,635) | 32,353 |
Income tax (expense) benefit | (74) | 15,972 |
Net (loss) income attributable to common stockholders | $ (10,709) | $ 48,325 |
Basic: | ||
Weighted average common stock shares outstanding | 58,062,997 | 54,519,574 |
Basic (loss) earnings per share | $ (0.18) | $ 0.89 |
Diluted: | ||
Diluted weighted average common stock shares outstanding | 58,062,997 | 55,431,628 |
Diluted (loss) earnings per share | $ (0.18) | $ 0.87 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Series A Preferred Stock [Member] |
Beginning Balance at Dec. 31, 2017 | $ 8,877 | $ 56 | $ 313,922 | $ (47) | $ (305,056) | $ 2 |
Beginning Balance, shares at Dec. 31, 2017 | 55,904,072 | 2,093,155 | ||||
Stock-based compensation | 2,921 | 2,921 | ||||
Stock option exercise | $ 130 | 130 | ||||
Stock option exercise, shares | 63,295 | 63,295 | ||||
Restricted stock awards | $ 1 | (1) | ||||
Restricted stock awards, shares | 1,038,957 | |||||
Common stock issuance upon retirement | $ 2 | (2) | ||||
Common stock issuance upon retirement, shares | 1,640,198 | |||||
Cumulative effect of accounting change | $ 135 | 135 | ||||
Net loss | (10,709) | (10,709) | ||||
Ending Balance at Mar. 31, 2018 | $ 1,354 | $ 59 | $ 316,970 | $ (47) | $ (315,630) | $ 2 |
Ending Balance, shares at Mar. 31, 2018 | 58,646,522 | 2,093,155 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net (loss) income | $ (10,709) | $ 48,325 |
Adjustments to reconcile net (loss) income to net cash flows from operating activities | ||
Depreciation | 230 | 111 |
Accretion of debt discount and loan costs | 625 | 1,040 |
Amortization of intangible assets | 1,289 | 1,369 |
(Benefit) provision for inventory obsolescence | (66) | 153 |
Stock-based compensation expense | 2,921 | 3,070 |
Deferred income taxes | (15,972) | |
Bargain purchase gain | (27,336) | |
Changes in assets and liabilities, net of effect of acquisition: | ||
Accounts receivable | 864 | (2,662) |
Inventories | 716 | 480 |
Prepaid expenses and other assets | 782 | 194 |
Accounts payable and accrued expenses | (3,413) | 3,942 |
Deferred revenue | (21,716) | |
Net cash flows used in operating activities | (6,761) | (9,002) |
Investing activities: | ||
BELBUCA® acquisition | (1,951) | |
Purchase of equipment | (73) | |
Net cash flows used in investing activities | (2,024) | |
Financing activities: | ||
Proceeds from notes payable | 45,000 | |
Proceeds from exercise of stock options | 130 | |
Payment on note payable | (30,000) | |
Payment of deferred financing fees | (450) | (2,798) |
Net cash flows (used in) provided by financing activities | (320) | 12,202 |
Net change in cash and cash equivalents | (9,105) | 3,200 |
Cash and cash equivalents at beginning of period | 21,195 | 32,019 |
Cash and cash equivalents at end of period | 12,090 | 35,219 |
Cash paid for interest | 1,880 | 946 |
Non-cash Operating, Financing and Investing Activities: | ||
Common stock issuance upon retirement | $ 4,300 | |
Fair value of bargain purchase price of BELBUCA acquisition | $ 27,300 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Summary of Significant Policies | 1. Organization, basis of presentation and summary of significant policies: Overview BioDelivery Sciences International, Inc., together with its subsidiaries (collectively, the “Company”) is a specialty pharmaceutical company that is developing and commercializing, either on its own or in partnerships with third parties, new applications of approved therapeutics to address important unmet medical needs using both proven and new drug delivery technologies. The Company is focusing on developing products to meet unmet patient needs in the areas of pain management and addiction. The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation of these financial statements. The condensed consolidated balance sheet at December 31, 2017 has been derived from the Company’s audited consolidated financial statements included in its annual report on Form 10-K Form 10-K Operating results for the three month period ended March 31, 2018 are not necessarily indicative of results for the full year or any other future periods. As used herein, the Company’s common stock, par value $.001 per share, is referred to as the “Common Stock.” Principles of consolidation The condensed consolidated financial statements include the accounts of the Company, Arius Pharmaceuticals, Inc. (“Arius”), Arius Two, Inc. (“Arius Two”) and Bioral Nutrient Delivery, LLC (“BND”). For each period presented BND has been an inactive subsidiary. All significant inter-company balances and transactions have been eliminated. Use of estimates in financial statements The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Company reviews all significant estimates affecting the consolidated financial statements on a recurring basis and records the effect of any necessary adjustments prior to their issuance. Significant estimates of the Company include: revenue recognition, sales allowances such as returns of product sold, government program rebates, customer coupon redemptions, wholesaler/pharmacy discounts, product service fees, rebates and chargebacks, sales bonuses, stock-based compensation, determination of fair values of assets and liabilities in connection with business combinations, and deferred income taxes. Inventory Inventories are stated at the lower of cost or net realizable value with costs determined for each batch under the first-in, first-out On a quarterly basis, the Company analyzes its inventory levels and records allowances for inventory that has become obsolete, inventory that has a cost basis in excess of the expected net realizable value and inventory that is in excess of expected demand based upon projected product sales. The Company reserved $0.2 million for inventory obsolescence as of both March 31, 2018 and December 31, 2017. Revenue recognition Product sales As discussed further below in Recent accounting pronouncements-adopted, effective January 1, 2018 the Company adopted Accounting Standards Update (“ASU”) 2014-09, Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s product sales contracts have a single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s performance obligations are satisfied at a point in time. Adjustments to product sales The Company recognizes product sales net of estimated allowances for rebates, price adjustments, returns, chargebacks and prompt payment discounts. A significant majority of the Company’s adjustments to gross product revenues are the result of accruals for its commercial contracts, retail consumer subsidy programs, and Medicaid rebates. The Company establishes allowances for estimated rebates, chargebacks and product returns based on numerous qualitative and quantitative factors, including: • the number of and specific contractual terms of agreements with customers; • estimated levels of inventory in the distribution channel; • historical rebates, chargebacks and returns of products; • direct communication with customers; • anticipated introduction of competitive products or generics; • anticipated pricing strategy changes by the Company and/or its competitors; • analysis of prescription data gathered by a third-party prescription data provider; • the impact of changes in state and federal regulations; and • the estimated remaining shelf life of products. In its analyses, the Company uses prescription data purchased from a third-party data provider to develop estimates of historical inventory channel sell-through. The Company utilizes an internal analysis to compare historical net product shipments (shipments less returns) to estimated historical prescriptions written. Based on that analysis, management develops an estimate of the quantity of product in the channel which may be subject to various rebate, chargeback and product return exposures. To estimate months of ending inventory in the Company’s distribution channel, the Company divides estimated ending inventory in the distribution channel by the Company’s recent prescription data, not considering any future anticipated demand growth. Monthly, for each product line, the Company prepares an internal estimate of ending inventory units in the distribution channel by adding estimated inventory in the channel at the beginning of the period, plus net product shipments for the period, less estimated prescriptions written for the period. This is done for each product line by applying a rate of historical activity for rebates, chargebacks and product returns, adjusted for relevant quantitative and qualitative factors discussed above, to the potential exposed product estimated to be in the distribution channel. In addition, the Company receives daily information from the wholesalers regarding their sales and actual on hand inventory levels of the Company’s products. This enables the Company to execute accurate provisioning procedures. Product returns 18-month Rebates Price adjustments and chargebacks The Company, from time to time, offers certain promotional product-related incentives to its customers. These programs include certain product incentives to pharmacy customers whereby the Company offers a point-of-sale Prompt payment discounts Cost of sales Cost of sales includes the direct costs attributable to the production of BELBUCA ® ® ® ® Reclassification Certain amounts were reclassified between Provision for inventory obsolescence, Accounts receivable, Inventories and Accounts payable and accrued expenses in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2017 to conform to current year presentation. These reclassifications had no effect on the previously reported net cash flows from operations, activities or net losses. Recent accounting pronouncements-adopted In the first quarter of 2018, the Company adopted Topic 606. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applied the five-step method outlined in the ASU to all revenue streams and elected the modified retrospective implementation method. The additional disclosures required by Topic 606 have been included in Note 2. Recent accounting pronouncements-issued, not yet adopted The FASB’s new leases standard, ASU 2016-02 2016-02 expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet, the new ASU will require both types of leases (i.e. operating and capital leases) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The new standard requires a modified-retrospective approach to adoption and is effective for interim and annual periods beginning on January 1, 2019 but may be adopted earlier. The Company expects to adopt this standard beginning in 2019. The Company does not expect that this standard will have a material impact on its condensed consolidated statements of operations, but the Company does expect that upon adoption, this standard will impact the carrying value of its assets and liabilities on its condensed consolidated balance sheets as a result of the requirement to record right-of-use |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. Revenue from contracts with customers: Effective January 1, 2018, the Company adopted Topic 606. The Company elected to apply the standard and all related ASUs using the modified retrospective method beginning January 1, 2018. The Company applied this guidance only to those contracts that were not completed at the date of adoption. As a result of adoption, the cumulative impact to the Company’s retained earnings at January 1, 2018 was $0.1 million. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company expects the impact of the adoption of the new standard on its existing contracts to be immaterial to the Company’s net income on an ongoing basis, however additional disclosures have been added in accordance with the ASU. The Company does not anticipate any significant changes in the timing or amount of revenue recognized for the Company’s product sales and related gross-to-net gross-to-net Under the new standard, timing for recognition of certain contract revenue may be accelerated such that a portion of revenue will be estimated and recognized in revenue earlier than the previous accounting standards. During the three months ended March 31, 2018, the Company recorded milestone revenue for contracts that are not due until between years 2020-2023. This financing component is recorded as a cumulative effect adjustment and the receivables were discounted for time value of money. The main types of revenue contracts are: • Product sales - ® ® • Product royalty revenues- ® ™ ™ • Contract revenue - The impact of adoption of ASC 606 on the Company’s condensed consolidated balance sheet and condensed consolidated statement of operations as of and for the three months ended March 31, 2018 follows (in thousands): Condensed Consolidated Balance Sheet March 31, 2018 As reported Balances Effect of Accounts receivable, net $ 8,123 $ 7,798 $ 325 Accumulated deficit $ (315,630 ) $ (315,955 ) $ 325 Condensed Consolidated Statement of Operations Three months ended March 31, 2018 As reported Balances Effect of Total revenues $ 11,281 $ 11,091 $ 190 Net loss attributable to common stockholders $ (10,709 ) $ (10,899 ) $ 190 The cumulative effect of the changes made to the Company’s condensed consolidated balance sheet from the modified retrospective adoption of ASC 606 was as follows (in thousands): Balance at Adjustment due Balance at Accounts receivable, net $ 8,852 $ 135 $ 8,987 Accumulated deficit $ (305,056 ) $ 135 $ (304,921 ) The beginning and ending balances of the Company’s accounts receivables with customers from contracts during the periods presented is as follows (in thousands): Balance at Three months 2018 Balance at Accounts receivable with customers $ 8,987 $ (864 ) $ 8,123 |
Liquidity and Management's Plan
Liquidity and Management's Plans | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Liquidity and Management's Plans | 3. Liquidity and management’s plans: At March 31, 2018, the Company had cash of approximately $12.1 million. The Company used $6.8 million of cash in operations during the three months ended March 31, 2018 and had stockholders’ equity of $1.4 million, versus stockholders’ equity of $8.9 million at December 31, 2017. The Company expects that it has sufficient cash to manage the business as currently planned into the second quarter of 2019, which assumes either access to an additional $15 million of loan proceeds through the Company’s term loan with CRG Servicing LLC (“CRG”) if the Company satisfies the third draw requirements (see note 10), and/or further assumes the Company’s ability to access to the equity markets if the Company chooses (or a combination of both debt and equity, if available) that would provide sufficient capital necessary to support the continued commercialization of BELBUCA ® ® Additionally, beginning April 2018, the Company has the ability to access to its previously established “at-the-market” Additional capital will be required to support the continued commercialization of the Company’s BELBUCA ® ® ® |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. Inventory: The following table represents the components of inventory as of: March 31, December 31, 2018 2017 Raw materials & supplies $ 1,100 $ 1,338 Work-in-process 3,663 3,135 Finished goods 855 1,861 Obsolescence reserve (177 ) (243 ) Total inventories $ 5,441 $ 6,091 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 5. Accounts payable and accrued liabilities: The following table represents the components of accounts payable and accrued liabilities as of: March 31, December 31, 2018 2017 Accounts payable $ 9,712 $ 12,236 Accrued rebates 6,133 5,648 Accrued compensation and benefits 1,768 3,472 Accrued acquisition costs 583 2,311 Accrued returns 622 915 Accrued royalties 526 488 Accrued clinical trial costs 274 234 Accrued legal 164 216 Accrued other 553 629 Total accounts payable and accrued liabilities $ 20,335 $ 26,149 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and equipment: Property and equipment, summarized by major category, consist of the following as of: March 31, December 31, 2018 2017 Machinery & equipment $ 5,495 $ 5,428 Computer equipment & software 405 399 Office furniture & equipment 169 169 Leasehold improvements 44 44 Idle equipment 766 766 Total 6,879 6,806 Less accumulated depreciation and amortization (3,258 ) (3,028 ) Total property and equipment, net $ 3,621 $ 3,778 Depreciation and amortization expense was approximately $0.2 million and $0.1 million for the three month periods ended March 31, 2018 and 2017, respectively. |
License and Development Agreeme
License and Development Agreements | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
License and Development Agreements | 7. License and development agreements: The Company has periodically entered into license and development agreements to develop and commercialize certain of its products. The arrangements typically are multi-deliverable arrangements that are funded through upfront payments, milestone payments, royalties and other forms of payment to the Company. The Company’s significant license and development agreements are as follows: Meda license, development and supply agreements In August 2006 and September 2007, the Company entered into certain agreements with Meda AB (“Meda”) a subsidiary of Mylan N.V., a Swedish company to develop and commercialize the Company’s ONSOLIS ® ® On March 12, 2012, the Company announced the postponement of the U.S. relaunch of ONSOLIS ® ® On January 27, 2015, the Company announced that it had entered into an assignment and revenue sharing agreement with Meda to return to the Company the marketing authorization for ONSOLIS ® ® Simultaneously on May 11, 2016, the Company and Collegium Pharmaceutical Inc. (“Collegium”) executed a definitive License and Development Agreement (the “License Agreement”) under which the Company had granted to Collegium the exclusive rights to develop and commercialize ONSOLIS ® ® required 90-day notice ® Endo license and development agreement In January 2012, the Company entered into a License and Development Agreement with Endo Pharmaceuticals, Inc. (“Endo”) pursuant to which the Company granted Endo an exclusive commercial world-wide license to develop, manufacture, market and sell the Company’s BELBUCA ® ® around-the-clock, ® However, due to the Company and Endo entering into a termination agreement effective January 6, 2017 (the “Termination Agreement”) which terminated the BELBUCA ® ® |
Business Combination and BELBUC
Business Combination and BELBUCA Acquisition | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination and BELBUCA Acquisition | 8. Business combination and BELBUCA ® On December 7, 2016, the Company and Endo entered into the Termination Agreement to terminate Endo’s licensing rights for BELBUCA ® ® work-in-progress, ® , ® ® ® (v) all pre-approval regulatory ® of work-in-progress inventory, The BELBUCA ® ® The following table summarizes the consideration paid to acquire BELBUCA ® Asset purchase price: Deferred cash consideration to Endo $ 7,536 Total asset purchase price $ 7,536 Estimated fair value of assets acquired: Current BELBUCA ® work-in $ 5,412 BELBUCA ® 432 License and distribution rights intangible assets 45,000 Deferred tax liability (15,972 ) Amount attributable to assets acquired $ 34,872 Bargain purchase gain $ (27,336 ) As a result of the business combination, the Company recognized a deferred tax liability of $16.0 million. This deferred tax liability was netted against its deferred tax assets as of March 31, 2017. Because a full valuation allowance has been provided against the Company’s deferred tax assets as it is considered more likely than not that they will not be utilized, the Company released a corresponding amount of its valuation allowance during the three months ended March 31, 2017 and recognized a $16.0 million tax benefit in the accompanying condensed consolidated statement of operations. During the three months ended March 31, 2017, the Company recorded the asset acquisition as a bargain purchase gain of $27.3 million in the accompanying condensed consolidated statement of operations. |
License Agreements and Acquired
License Agreements and Acquired Product Rights | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
License Agreements and Acquired Product Rights | 9. License agreements and acquired product rights: Purdue license and supply agreement: On July 12, 2017, the Company, along with Purdue Pharma, an Ontario limited partnership (“Purdue”), announced that they had executed an exclusive agreement granting to Purdue the licensing, distribution, marketing and sale rights related to BELBUCA ® ® royalty rate is subject to adjustment in certain circumstances; (iii) an annual royalty fee commencing a period of time after the commercial launch of BELBUCA ® ® On January 30, 2018, the Company and Purdue announced that BELBUCA ® ® TTY license and supply agreement On October 7, 2010, the Company announced a license and supply agreement with TTY Biopharm Co., Ltd. (“TTY”) for the exclusive rights to develop and commercialize BEMA ® ® During the three months ended March 31, 2018, the Company received cumulative payments of $0.4 million from TTY, which related to royalties based on product purchased in Taiwan by TTY of PAINKYL ™ |
Notes payable
Notes payable | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes payable | 10. Notes payable: On February 21, 2017, the Company entered into a term loan agreement (the “Term Loan Agreement”) with CRG, as administrative agent and collateral agent, and the lenders named in the Term Loan Agreement (the “Lenders”). The Company utilized approximately $29.4 million of the initial loan proceeds under the Term Loan Agreement to repay all the amounts owed by the Company under the MidCap Credit Agreement (“Midcap”). During the three months ended March 31, 2017, $0.7 million of deferred loan costs arising out of the MidCap Credit Agreement were expensed and recorded as interest expense in the accompanying consolidated statement of operations. Pursuant to the Term Loan Agreement, the Company borrowed $45.0 million from the Lenders as of the Closing Date, and may be eligible to borrow up to an additional $30.0 million in two tranches of $15.0 million each contingent upon achievement of certain conditions, including: (i) in the case of the first tranche, representing the second potential draw under the Loan Agreement (the “Second Draw”), satisfying both (a) certain minimum net revenue thresholds on or before September 30, 2017 or December 31, 2017 and (b) a certain minimum market capitalization threshold for a period of time prior to the funding of the Second Draw (provided, that if the Company does not achieve the minimum net revenue thresholds necessary for the Second Draw but does achieve a certain minimum market capitalization threshold for a period of time prior to December 31, 2017, the Company would be eligible for a Second Draw funding in the amount of $5.0 million); and (ii) in the case of the second tranche, representing the third potential draw under the Loan Agreement (the “Third Draw”), satisfying both (a) certain minimum net revenue thresholds on or before June 30, 2018 or September 30, 2018 and (b) a certain minimum market capitalization threshold for a period of time prior to the funding of the Third Draw. On December 26, 2017, the Company was eligible and elected to receive the Second Draw for gross proceeds of $15.0 million. The Term Loan Agreement has a six-year term We may prepay all or a portion of the outstanding principal and accrued unpaid interest under the Loan Agreement at any time upon prior notice to the Lenders subject to a certain prepayment fees during the first five years of the term (which fees are lowered over time) and no prepayment fee thereafter. In certain circumstances, including a change of control and certain asset sales or licensing transactions, we are required to prepay all or a portion of the loan, including the applicable prepayment premium of on the amount of the outstanding principal to be prepaid. The following table represents future maturities of the CRG obligation as of March 31, 2018: 2018 $ — 2019 — 2020 20,054 2021 20,054 2022 20,054 Total maturities $ 60,162 Unamortized discount and loan costs (11,877 ) Total CRG obligation $ 48,285 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 11. Segment reporting: The Company’s business is classified as a single reportable segment. However, the following table presents net sales by product: Three months 2018 2017 BELBUCA ® $ 8,024 $ 4,555 BUNAVAIL ® 1,814 3,240 Net product sales $ 9,838 $ 7,795 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 12. Stockholders’ equity: Stock-based compensation During the three months ended March 31, 2018, a total of 618,174 options to purchase Common Stock, with an aggregate fair market value of approximately $1.5 million, were granted to Company employees. Options granted to employees have a term of 10 years from the grant date and vest ratably over a three year period. The fair value of each option is amortized as compensation expense evenly through the vesting period. The Company’s stock-based compensation expense is allocated between research and development and selling, general and administrative as follows: Stock-based compensation expense 2018 2017 Research and development $ 1,052 $ 401 Selling, general and administrative $ 1,869 $ 2,669 The fair value of each option award is estimated on the grant date using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatilities are based on implied volatilities from historical volatility of the Common Stock, and other factors estimated over the expected term of the options. Expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term. The key assumptions used in determining the fair value of options granted during the three months ended March 31, 2018 follows: Expected price volatility 60.41%-68.77% Risk-free interest rate 2.05%-2.60% Weighted average expected life in years 6 years Dividend yield — Option activity during the three months ended March 31, 2018 was as follows: Number of Weighted average Aggregate Outstanding at January 1, 2018 2,712,954 $ 2.98 $ 1,190 Granted in 2018: Employees 618,174 2.50 Exercised (63,295 ) 2.05 Forfeitures (201,989 ) 4.64 Outstanding at March 31, 2018 3,065,844 $ 2.80 $ 292 As of March 31, 2018, options exercisable totaled 1,769,300. There was approximately $4.9 million of unrecognized compensation cost related to non-vested Restricted stock units During the three months ended March 31, 2018, 1,155,611 RSUs were granted to the Company’s executive officers and employees, with a fair market value of approximately $2.5 million. The fair value of restricted units is determined using quoted market prices of the Common Stock and the number of shares expected to vest. These RSUs were issued under the Company’s 2011 Equity Incentive Plan, as amended (the “EIP”). Of the aforementioned 2018 RSU grants, 292,500 are time-based and 292,500 are performance based, all of which vest over a three-year period. Performance-based RSUs vest if specified predetermined net revenue and operating income goals are achieved with respect to the annual fiscal years 2018 through 2020. Actual performance relative to the predetermined performance measures are evaluated independently at the end of each fiscal year and the number of awards that will vest will be based upon the percentage of the individual performance measure achieved relative to the predetermined target. This allows for partial vesting relative to separate performance measures. Pursuant to retirement agreements of certain Company senior staff, the remaining 570,611 RSUs terminated and immediately were issued into shares of Common Stock. Restricted stock activity during the three months ended March 31, 2018 was as follows: Number of Weighted Outstanding at January 1, 2018 4,706,895 $ 5.20 Granted: Executive officers 463,129 2.10 Directors 375,305 2.18 Employees 317,177 2.10 Vested (1,038,957 ) 2.35 Forfeitures (235,110 ) 2.52 Conversions (1,640,198 ) 2.68 Outstanding at March 31, 2018 2,948,241 $ 3.02 Warrants The Company has granted warrants to purchase shares of Common Stock. The fair value of each warrant grant is estimated on the grant date using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatilities are based on implied volatilities from historical volatility of the Common Stock, and other factors estimated over the expected term of the warrants. Expected term of warrants granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term. A cumulative total of 2,136,020 shares underlying warrants to purchase Common Stock are outstanding as of March 31, 2018 with a weighted average exercise price of $2.60 per share. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | 13. Earnings per common share: The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computations (in thousands, except share and per share data). March 31, March 31, 2018 2017 Basic: Net (loss) income attributable to common stockholders $ (10,709 ) $ 48,325 Weighted average common shares outstanding 58,062,997 54,519,574 Basic (loss) earnings per common share $ (0.18 ) $ 0.89 Diluted: Effect of dilutive securities: Net (loss) income attributable to common stockholders (10,709 ) 48,325 Adjustment to income for dilutive options and warrants — — (10,709 ) 48,325 Weighted average common shares outstanding 58,062,997 54,519,574 Effect of dilutive options and warrants — 912,054 Diluted weighted average common shares outstanding 58,062,997 55,431,628 Diluted (loss) earnings per common share $ (0.18 ) $ 0.87 Basic earnings per common share is calculated using the weighted average shares of Common Stock outstanding during the period. Common equivalent shares from stock options, RSUs, warrants and convertible preferred stock using the treasury stock method, are also included in the diluted per share calculations unless the effect of inclusion would be antidilutive. During the three months ended March 31, 2018 and 2017, outstanding stock options, RSUs, warrants and convertible preferred stock of 10,243,260 and 10,124,619, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect because the outstanding exercise prices were greater than the average market price of the common shares during the relevant periods. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and contingencies: The Company is involved from time to time in routine legal matters incidental to our business. Based upon available information, the Company believes that the resolution of such matters will not have a material adverse effect on its condensed consolidated financial position or results of operations. Except as discussed below, the Company is not the subject of any pending legal proceedings and, to the knowledge of management, no proceedings are presently contemplated against the Company by any federal, state or local governmental agency. Litigation related to BUNAVAIL ® RB and Aquestive Therapeutics (formerly MonoSol Rx) On September 22, 2014, Reckitt Benckiser, Inc., RB Pharmaceuticals Limited, and Aquestive Therapeutics, Inc. (“Aquestive”) (collectively, the “RB Plaintiffs”) the RB Plaintiffs filed an action against the Company (and the Company’s commercial partner) relating to the Company’s BUNAVAIL ® ® No. 8,765,167 (the “‘167 Patent”). The Company believes this is an anticompetitive attempt by the RB Plaintiffs to distract the Company’s efforts from commercializing BUNAVAIL ® In a related matter, on October 28, 2014, the Company filed multiple IPR requests on the ’167 Patent demonstrating that certain claims of such patent were anticipated by or obvious in light of prior art references, including prior art references not previously considered by the USPTO, and thus, invalid. The USPTO instituted three of the four IPR requests and the Company filed a request for rehearing for the non-instituted On January 13, 2017, Aquestive filed a complaint in the United States District Court for the District of New Jersey alleging BELBUCA ® Litigation related to BELBUCA ® Teva Pharmaceuticals USA (formerly Actavis) We received notices regarding Paragraph IV certifications from Teva on November 8, 2016, November 10, 2016, and December 22, 2016, seeking to find invalid two Orange Book listed patents (the “Patents”) relating specifically to BELBUCA ® ® ® . 30-month In February 2018, we announced that we had entered into a settlement agreement with Teva that resolved our BELBUCA ® non-exclusive ® patents-in-suit ® ® 2018 Arkansas Opioid Litigation On March 15, 2018, the State of Arkansas, and certain counties and cities in that State, filed an action in the Circuit Court of Arkansas, Crittenden County against multiple manufacturers, distributors, retailers, and prescribers of opioid analgesics, including the Company. The Company was served with the complaint on April 27, 2018. The complaint specifically alleges that the Company licensed its branded fentanyl buccal soluble film ONSOLIS ® ® ® pre-and |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent events: On May 8, 2018, Herm Cukier was appointed Chief Executive Officer and a member of the Board of Directors of the Company. In connection with his appointment, the Company and Mr. Cukier entered into an employment agreement, dated May 2, 2018, for an initial two-year one-year non-extension |
Organization, Basis of Presen22
Organization, Basis of Presentation and Summary of Significant Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Overview | Overview BioDelivery Sciences International, Inc., together with its subsidiaries (collectively, the “Company”) is a specialty pharmaceutical company that is developing and commercializing, either on its own or in partnerships with third parties, new applications of approved therapeutics to address important unmet medical needs using both proven and new drug delivery technologies. The Company is focusing on developing products to meet unmet patient needs in the areas of pain management and addiction. The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation of these financial statements. The condensed consolidated balance sheet at December 31, 2017 has been derived from the Company’s audited consolidated financial statements included in its annual report on Form 10-K Form 10-K Operating results for the three month period ended March 31, 2018 are not necessarily indicative of results for the full year or any other future periods. As used herein, the Company’s common stock, par value $.001 per share, is referred to as the “Common Stock.” |
Principles of consolidation | Principles of consolidation The condensed consolidated financial statements include the accounts of the Company, Arius Pharmaceuticals, Inc. (“Arius”), Arius Two, Inc. (“Arius Two”) and Bioral Nutrient Delivery, LLC (“BND”). For each period presented BND has been an inactive subsidiary. All significant inter-company balances and transactions have been eliminated. |
Use of estimates in financial statements | Use of estimates in financial statements The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Company reviews all significant estimates affecting the consolidated financial statements on a recurring basis and records the effect of any necessary adjustments prior to their issuance. Significant estimates of the Company include: revenue recognition, sales allowances such as returns of product sold, government program rebates, customer coupon redemptions, wholesaler/pharmacy discounts, product service fees, rebates and chargebacks, sales bonuses, stock-based compensation, determination of fair values of assets and liabilities in connection with business combinations, and deferred income taxes. |
Inventory | Inventory Inventories are stated at the lower of cost or net realizable value with costs determined for each batch under the first-in, first-out On a quarterly basis, the Company analyzes its inventory levels and records allowances for inventory that has become obsolete, inventory that has a cost basis in excess of the expected net realizable value and inventory that is in excess of expected demand based upon projected product sales. The Company reserved $0.2 million for inventory obsolescence as of both March 31, 2018 and December 31, 2017. |
Revenue recognition | Revenue recognition Product sales As discussed further below in Recent accounting pronouncements-adopted, effective January 1, 2018 the Company adopted Accounting Standards Update (“ASU”) 2014-09, Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s product sales contracts have a single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and, therefore, not distinct. The Company’s performance obligations are satisfied at a point in time. Adjustments to product sales The Company recognizes product sales net of estimated allowances for rebates, price adjustments, returns, chargebacks and prompt payment discounts. A significant majority of the Company’s adjustments to gross product revenues are the result of accruals for its commercial contracts, retail consumer subsidy programs, and Medicaid rebates. The Company establishes allowances for estimated rebates, chargebacks and product returns based on numerous qualitative and quantitative factors, including: • the number of and specific contractual terms of agreements with customers; • estimated levels of inventory in the distribution channel; • historical rebates, chargebacks and returns of products; • direct communication with customers; • anticipated introduction of competitive products or generics; • anticipated pricing strategy changes by the Company and/or its competitors; • analysis of prescription data gathered by a third-party prescription data provider; • the impact of changes in state and federal regulations; and • the estimated remaining shelf life of products. In its analyses, the Company uses prescription data purchased from a third-party data provider to develop estimates of historical inventory channel sell-through. The Company utilizes an internal analysis to compare historical net product shipments (shipments less returns) to estimated historical prescriptions written. Based on that analysis, management develops an estimate of the quantity of product in the channel which may be subject to various rebate, chargeback and product return exposures. To estimate months of ending inventory in the Company’s distribution channel, the Company divides estimated ending inventory in the distribution channel by the Company’s recent prescription data, not considering any future anticipated demand growth. Monthly, for each product line, the Company prepares an internal estimate of ending inventory units in the distribution channel by adding estimated inventory in the channel at the beginning of the period, plus net product shipments for the period, less estimated prescriptions written for the period. This is done for each product line by applying a rate of historical activity for rebates, chargebacks and product returns, adjusted for relevant quantitative and qualitative factors discussed above, to the potential exposed product estimated to be in the distribution channel. In addition, the Company receives daily information from the wholesalers regarding their sales and actual on hand inventory levels of the Company’s products. This enables the Company to execute accurate provisioning procedures. Product returns 18-month Rebates Price adjustments and chargebacks The Company, from time to time, offers certain promotional product-related incentives to its customers. These programs include certain product incentives to pharmacy customers whereby the Company offers a point-of-sale Prompt payment discounts |
Cost of sales | Cost of sales Cost of sales includes the direct costs attributable to the production of BELBUCA ® ® ® ® |
Reclassification | Reclassification Certain amounts were reclassified between Provision for inventory obsolescence, Accounts receivable, Inventories and Accounts payable and accrued expenses in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2017 to conform to current year presentation. These reclassifications had no effect on the previously reported net cash flows from operations, activities or net losses. |
Recent accounting pronouncements-adopted | Recent accounting pronouncements-adopted In the first quarter of 2018, the Company adopted Topic 606. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applied the five-step method outlined in the ASU to all revenue streams and elected the modified retrospective implementation method. The additional disclosures required by Topic 606 have been included in Note 2. |
Recent accounting pronouncements-issued, not yet adopted | Recent accounting pronouncements-issued, not yet adopted The FASB’s new leases standard, ASU 2016-02 2016-02 expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet, the new ASU will require both types of leases (i.e. operating and capital leases) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The new standard requires a modified-retrospective approach to adoption and is effective for interim and annual periods beginning on January 1, 2019 but may be adopted earlier. The Company expects to adopt this standard beginning in 2019. The Company does not expect that this standard will have a material impact on its condensed consolidated statements of operations, but the Company does expect that upon adoption, this standard will impact the carrying value of its assets and liabilities on its condensed consolidated balance sheets as a result of the requirement to record right-of-use |
Revenue from Contracts with C23
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Impact and cumilative effect of adoption of ASC 606 on condensed consolidated balance sheet, statement of operations and accounts receivables | The impact of adoption of ASC 606 on the Company’s condensed consolidated balance sheet and condensed consolidated statement of operations as of and for the three months ended March 31, 2018 follows (in thousands): Condensed Consolidated Balance Sheet March 31, 2018 As reported Balances Effect of Accounts receivable, net $ 8,123 $ 7,798 $ 325 Accumulated deficit $ (315,630 ) $ (315,955 ) $ 325 Condensed Consolidated Statement of Operations Three months ended March 31, 2018 As reported Balances Effect of Total revenues $ 11,281 $ 11,091 $ 190 Net loss attributable to common stockholders $ (10,709 ) $ (10,899 ) $ 190 The cumulative effect of the changes made to the Company’s condensed consolidated balance sheet from the modified retrospective adoption of ASC 606 was as follows (in thousands): Balance at Adjustment due Balance at Accounts receivable, net $ 8,852 $ 135 $ 8,987 Accumulated deficit $ (305,056 ) $ 135 $ (304,921 ) The beginning and ending balances of the Company’s accounts receivables with customers from contracts during the periods presented is as follows (in thousands): Balance at Three months 2018 Balance at Accounts receivable with customers $ 8,987 $ (864 ) $ 8,123 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table represents the components of inventory as of: March 31, December 31, 2018 2017 Raw materials & supplies $ 1,100 $ 1,338 Work-in-process 3,663 3,135 Finished goods 855 1,861 Obsolescence reserve (177 ) (243 ) Total inventories $ 5,441 $ 6,091 |
Accounts Payable and Accrued 25
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Summary of Components of Accounts Payable and Accrued Liabilities | The following table represents the components of accounts payable and accrued liabilities as of: March 31, December 31, 2018 2017 Accounts payable $ 9,712 $ 12,236 Accrued rebates 6,133 5,648 Accrued compensation and benefits 1,768 3,472 Accrued acquisition costs 583 2,311 Accrued returns 622 915 Accrued royalties 526 488 Accrued clinical trial costs 274 234 Accrued legal 164 216 Accrued other 553 629 Total accounts payable and accrued liabilities $ 20,335 $ 26,149 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summarized Category of Fixed Assets | Property and equipment, summarized by major category, consist of the following as of: March 31, December 31, 2018 2017 Machinery & equipment $ 5,495 $ 5,428 Computer equipment & software 405 399 Office furniture & equipment 169 169 Leasehold improvements 44 44 Idle equipment 766 766 Total 6,879 6,806 Less accumulated depreciation and amortization (3,258 ) (3,028 ) Total property and equipment, net $ 3,621 $ 3,778 |
Business Combination and BELB27
Business Combination and BELBUCA Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
BELBUCA [Member] | |
Summary of Asset Purchase Price and Estimated Values of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid to acquire BELBUCA ® Asset purchase price: Deferred cash consideration to Endo $ 7,536 Total asset purchase price $ 7,536 Estimated fair value of assets acquired: Current BELBUCA ® work-in $ 5,412 BELBUCA ® 432 License and distribution rights intangible assets 45,000 Deferred tax liability (15,972 ) Amount attributable to assets acquired $ 34,872 Bargain purchase gain $ (27,336 ) |
Notes payable (Tables)
Notes payable (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Future Maturities of CRG Obligation | The following table represents future maturities of the CRG obligation as of March 31, 2018: 2018 $ — 2019 — 2020 20,054 2021 20,054 2022 20,054 Total maturities $ 60,162 Unamortized discount and loan costs (11,877 ) Total CRG obligation $ 48,285 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of Net Sales by Product | However, the following table presents net sales by product: Three months 2018 2017 BELBUCA ® $ 8,024 $ 4,555 BUNAVAIL ® 1,814 3,240 Net product sales $ 9,838 $ 7,795 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Summary of Allocated Stock-based Compensation Expense | The Company’s stock-based compensation expense is allocated between research and development and selling, general and administrative as follows: Stock-based compensation expense 2018 2017 Research and development $ 1,052 $ 401 Selling, general and administrative $ 1,869 $ 2,669 |
Key Assumptions Used in Determining Fair Value of Options Granted | The key assumptions used in determining the fair value of options granted during the three months ended March 31, 2018 follows: Expected price volatility 60.41%-68.77% Risk-free interest rate 2.05%-2.60% Weighted average expected life in years 6 years Dividend yield — |
Summary of Stock Option Activity | Option activity during the three months ended March 31, 2018 was as follows: Number of Weighted average Aggregate Outstanding at January 1, 2018 2,712,954 $ 2.98 $ 1,190 Granted in 2018: Employees 618,174 2.50 Exercised (63,295 ) 2.05 Forfeitures (201,989 ) 4.64 Outstanding at March 31, 2018 3,065,844 $ 2.80 $ 292 |
Summary of Restricted Stock Activity | Restricted stock activity during the three months ended March 31, 2018 was as follows: Number of Weighted Outstanding at January 1, 2018 4,706,895 $ 5.20 Granted: Executive officers 463,129 2.10 Directors 375,305 2.18 Employees 317,177 2.10 Vested (1,038,957 ) 2.35 Forfeitures (235,110 ) 2.52 Conversions (1,640,198 ) 2.68 Outstanding at March 31, 2018 2,948,241 $ 3.02 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Common Share Computations | The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computations (in thousands, except share and per share data). March 31, March 31, 2018 2017 Basic: Net (loss) income attributable to common stockholders $ (10,709 ) $ 48,325 Weighted average common shares outstanding 58,062,997 54,519,574 Basic (loss) earnings per common share $ (0.18 ) $ 0.89 Diluted: Effect of dilutive securities: Net (loss) income attributable to common stockholders (10,709 ) 48,325 Adjustment to income for dilutive options and warrants — — (10,709 ) 48,325 Weighted average common shares outstanding 58,062,997 54,519,574 Effect of dilutive options and warrants — 912,054 Diluted weighted average common shares outstanding 58,062,997 55,431,628 Diluted (loss) earnings per common share $ (0.18 ) $ 0.87 |
Organization, basis of presen32
Organization, basis of presentation and summary of significant policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Inventory obsolescence reserved | $ 177 | $ 243 |
Sales return maximum duration | 18 months | |
Offered period for sales return prior to expiration | 6 months | |
Offered period for sales return subsequent to expiration | 12 months | |
Discount for prompt payment | 2.00% |
Revenue from Contracts with C33
Revenue from Contracts with Customers - Additional Information (Detail) $ in Millions | Jan. 01, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Cumulative impact to retained earnings of accounting change | $ 0.1 |
Revenue from Contracts with C34
Revenue from Contracts with Customers - Impact of Adoption of Asc 606 on Company's Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable, net | $ 8,123 | $ 8,852 | ||
Accumulated deficit | (315,630) | $ (305,056) | ||
Total revenues | 11,281 | $ 29,478 | ||
Net loss attributable to common stockholders | (10,709) | $ 48,325 | ||
Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable, net | $ 8,987 | |||
Accumulated deficit | (304,921) | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable, net | 7,798 | |||
Accumulated deficit | (315,955) | |||
Total revenues | 11,091 | |||
Net loss attributable to common stockholders | (10,899) | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable, net | 325 | 135 | ||
Accumulated deficit | 325 | $ 135 | ||
Total revenues | 190 | |||
Net loss attributable to common stockholders | $ 190 |
Revenue from Contracts with C35
Revenue from Contracts with Customers - Cumulative Effect of Changes to Company's Condensed Consolidated Balance Sheet from Modified Retrospective Adoption of Asc 606 (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | $ 8,123 | $ 8,852 | |
Accumulated deficit | (315,630) | $ (305,056) | |
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | $ 8,987 | ||
Accumulated deficit | (304,921) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | 325 | 135 | |
Accumulated deficit | $ 325 | $ 135 |
Revenue from Contracts with C36
Revenue from Contracts with Customers - Summary of Accounts Receivables with Customers from Contracts (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable with customers | $ 8,123 | $ 8,852 | ||
Changes in accounts receivable with customers | $ (864) | $ 2,662 | ||
Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable with customers | $ 8,987 |
Liquidity and Management's Pl37
Liquidity and Management's Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Apr. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Liquidity And Managements Plans [Line Items] | |||||
Cash | $ 12,090,000 | $ 35,219,000 | $ 21,195,000 | $ 32,019,000 | |
Net cash flows from operating activities | (6,761,000) | $ (9,002,000) | |||
Stockholders' equity | 1,354,000 | $ 8,877,000 | |||
Subsequent Event [Member] | At The Market Facility [Member] | |||||
Liquidity And Managements Plans [Line Items] | |||||
Shelf registration authorize amount | $ 40,000,000 | ||||
CRG [Member] | Line of Credit [Member] | |||||
Liquidity And Managements Plans [Line Items] | |||||
Additional borrowing capacity | $ 15,000,000 |
Inventory - Summary of Inventor
Inventory - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials & supplies | $ 1,100 | $ 1,338 |
Work-in-process | 3,663 | 3,135 |
Finished goods | 855 | 1,861 |
Obsolescence reserve | (177) | (243) |
Total inventories | $ 5,441 | $ 6,091 |
Accounts Payable and Accrued 39
Accounts Payable and Accrued Liabilities - Summary of Components of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 9,712 | $ 12,236 |
Accrued rebates | 6,133 | 5,648 |
Accrued compensation and benefits | 1,768 | 3,472 |
Accrued acquisition costs | 583 | 2,311 |
Accrued returns | 622 | 915 |
Accrued royalties | 526 | 488 |
Accrued clinical trial costs | 274 | 234 |
Accrued legal | 164 | 216 |
Accrued other | 553 | 629 |
Total accounts payable and accrued liabilities | $ 20,335 | $ 26,149 |
Property and Equipment - Summar
Property and Equipment - Summarized Category of Fixed Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | $ 6,879 | $ 6,806 |
Less accumulated depreciation and amortization | (3,258) | (3,028) |
Total property and equipment, net | 3,621 | 3,778 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 5,495 | 5,428 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 405 | 399 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 169 | 169 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 44 | 44 |
Idle Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | $ 766 | $ 766 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 230 | $ 111 |
License and Development Agree42
License and Development Agreements - Endo License and Development Agreement - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jan. 31, 2017USD ($) | |
Endo Agreement [Member] | BELBUCA [Member] | |
Revenue Recognition, Milestone Method [Line Items] | |
Milestone payment, deferred revenue recognized | $ 20 |
Business Combination and BELB43
Business Combination and BELBUCA Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 06, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Business Acquisition [Line Items] | |||
Income tax benefit | $ (74) | $ 15,972 | |
Bargain purchase gain | 27,336 | ||
Endo Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Termination agreement date | Dec. 7, 2016 | ||
License termination effective date | Jan. 6, 2017 | ||
Potential milestone payments on intellectual property rights | $ 5,000 | ||
Term of Endo Agreement | 2 years | ||
Contract termination claims, description | Together with the Asset Purchase Price, pursuant to the terms of the Termination Agreement, the Company paid to Endo a fee in the amount of $5 million in consideration for (i) Endo's agreement not to compete for a period of two years from the closing date of the termination agreement and (ii) Endo's waiver of its right to sell product for twelve months following the closing of the termination agreement. | ||
BELBUCA [Member] | |||
Business Acquisition [Line Items] | |||
Deferred tax liability | $ (15,972) | ||
Income tax benefit | 16,000 | ||
Bargain purchase gain | $ 27,336 | $ 27,300 |
Business Combination and BELB44
Business Combination and BELBUCA Acquisition - Summary of Asset Purchase Price and Estimated Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jan. 06, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Asset purchase price: | |||
Deferred cash consideration to Endo | $ 1,951 | ||
Estimated fair value of assets acquired: | |||
Bargain purchase gain | $ (27,336) | ||
BELBUCA [Member] | |||
Asset purchase price: | |||
Deferred cash consideration to Endo | $ 7,536 | ||
Total asset purchase price | 7,536 | ||
Estimated fair value of assets acquired: | |||
Current BELBUCA® product inventory and work-in process | 5,412 | ||
BELBUCA®-related manufacturing equipment | 432 | ||
License and distribution rights intangible assets | 45,000 | ||
Deferred tax liability | (15,972) | ||
Amount attributable to assets acquired | 34,872 | ||
Bargain purchase gain | $ (27,336) | $ (27,300) |
License Agreements and Acquir45
License Agreements and Acquired Product Rights - Additional Information (Detail) $ in Millions | Oct. 07, 2010USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | Aug. 31, 2017CAD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Jul. 12, 2017CAD ($) |
TTY License and Supply Agreement [Member] | ||||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||||
Upfront payment | $ 0.3 | |||||||
Term of the agreement | 15 years | |||||||
Milestone payment received | $ 0.4 | $ 0 | ||||||
TTY License and Supply Agreement [Member] | Maximum [Member] | ||||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||||
Milestone payments | $ 1.3 | |||||||
Collaborative Arrangement, Product [Member] | Purdue Pharma [Member] | BELBUCA [Member] | ||||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||||
Upfront and potential milestones payable | $ 1,500,000 | |||||||
Milestone based payments received | $ 0.8 | $ 1,000,000 | $ 1,000,000 | $ 500,000 | ||||
Collaborative Arrangement, Product [Member] | Purdue Pharma [Member] | BELBUCA [Member] | Maximum [Member] | ||||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||||
Upfront and potential milestones payable | $ 4,500,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | Dec. 26, 2017 | Feb. 21, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
CRG [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
License termination effective date | Feb. 21, 2017 | |||
Borrowings outstanding | $ 45,000,000 | |||
Additional borrowing capacity upon milestone achievement | 30,000,000 | |||
Second draw borrowing capacity upon milestone achievement | $ 5,000,000 | |||
Loan agreement term | 6 years | |||
Loan agreement interest only term | 3 years | |||
Loan agreement interest only term threshold | 4 years | |||
Agreement maturity date | Dec. 31, 2022 | |||
Interest on borrowings | 12.50% | |||
Interest on borrowings, interest only period percentage | 3.50% | |||
Effective interest on borrowings | 9.00% | |||
Final payment fee rate | 9.00% | |||
Prepayment period of outstanding principal and accrued unpaid interest | 5 years | |||
Prepayment fee after | $ 0 | |||
CRG [Member] | Tranche One [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Additional borrowing capacity upon milestone achievement | 15,000,000 | |||
CRG [Member] | Tranche Two [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Second draw gross proceeds | $ 15,000,000 | |||
Additional borrowing capacity upon milestone achievement | 15,000,000 | |||
MidCap Financial Trust [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Second draw gross proceeds | $ 29,400,000 | |||
MidCap Financial Trust [Member] | Secured Debt [Member] | Interest Expense [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred loan costs expensed | $ 700,000 |
Notes Payable - Future Maturiti
Notes Payable - Future Maturities of CRG Obligation (Detail) - CRG [Member] - Line of Credit [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 0 |
2,019 | 0 |
2,020 | 20,054 |
2,021 | 20,054 |
2,022 | 20,054 |
Total maturities | 60,162 |
Unamortized discount and loan costs | (11,877) |
Total CRG obligation | $ 48,285 |
Segment Reporting - Summary of
Segment Reporting - Summary of Net Sales by Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sales Information [Line Items] | ||
Net product sales | $ 9,838 | $ 7,795 |
BELBUCA [Member] | ||
Sales Information [Line Items] | ||
Net product sales | 8,024 | 4,555 |
BUNAVAIL [Member] | ||
Sales Information [Line Items] | ||
Net product sales | $ 1,814 | $ 3,240 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested share-based compensation awards granted | $ | $ 4.9 |
Unrecognized compensation cost related to non-vested share-based compensation awards granted year | 2,021 |
Stock option exercisable | 1,769,300 |
Warrant outstanding | 2,136,020 |
Warrant exercise price per share | $ / shares | $ 2.60 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments awarded in period | 1,155,611 |
Vesting period of shares | 3 years |
Fair market value of RSUs granted | $ | $ 2.5 |
Number of restricted shares, Conversions | 1,640,198 |
Restricted Stock Units (RSUs) [Member] | Time-Based [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments awarded in period | 292,500 |
Restricted Stock Units (RSUs) [Member] | Performance-Based [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments awarded in period | 292,500 |
Restricted Stock Units (RSUs) [Member] | Retirement Agreement [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares, Conversions | 570,611 |
Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments awarded in period | 618,174 |
Fair market value of shares granted | $ | $ 1.5 |
Term of options granted period | 10 years |
Vesting period of shares | 3 years |
Employees [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments awarded in period | 317,177 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Allocated Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 1,052 | $ 401 |
Selling, General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 1,869 | $ 2,669 |
Stockholders' Equity - Key Assu
Stockholders' Equity - Key Assumptions Used in Determining Fair Value of Options Granted (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average expected life in years | 6 years |
Dividend yield | 0.00% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected price volatility | 60.41% |
Risk-free interest rate | 2.05% |
Dividend yield | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected price volatility | 68.77% |
Risk-free interest rate | 2.60% |
Dividend yield | 0.00% |
Stockholders' Equity - Summar52
Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of shares, Outstanding at beginning of period | 2,712,954 | |
Number of shares, Granted | 618,174 | |
Number of shares, Exercised | (63,295) | |
Number of shares, Forfeitures | (201,989) | |
Number of shares, Outstanding at end of period | 3,065,844 | |
Weighted average exercise price per share, Outstanding at beginning of period | $ 2.98 | |
Weighted average exercise price per share, Granted | 2.50 | |
Weighted average exercise price per share, Exercised | 2.05 | |
Weighted average exercise price per share, Forfeitures | 4.64 | |
Weighted average exercise price per share, Outstanding at end of period | $ 2.80 | |
Aggregate intrinsic value, Outstanding, balance | $ 292 | $ 1,190 |
Stockholders' Equity - Summar53
Stockholders' Equity - Summary of Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Granted | 618,174 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares, Outstanding at beginning of period | 4,706,895 |
Number of Shares, Granted | 1,155,611 |
Number of restricted shares, Vested | (1,038,957) |
Number of restricted shares, Forfeitures | (235,110) |
Number of restricted shares, Conversions | (1,640,198) |
Number of restricted shares, Outstanding at end of period | 2,948,241 |
Weighted average fair market value per RSU, Outstanding at beginning of period | $ / shares | $ 5.20 |
Weighted average fair market value per RSU, Vested | $ / shares | 2.35 |
Weighted average fair market value per RSU, Forfeitures | $ / shares | 2.52 |
Weighted average fair market value per RSU, Conversions | $ / shares | 2.68 |
Weighted average fair market value per RSU, Outstanding at end of period | $ / shares | $ 3.02 |
Restricted Stock Units (RSUs) [Member] | Executive Officers [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Granted | 463,129 |
Weighted average fair market value per RSU, Granted | $ / shares | $ 2.10 |
Restricted Stock Units (RSUs) [Member] | Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Granted | 375,305 |
Weighted average fair market value per RSU, Granted | $ / shares | $ 2.18 |
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Granted | 317,177 |
Weighted average fair market value per RSU, Granted | $ / shares | $ 2.10 |
Earnings per Common Share - Rec
Earnings per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Common Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic: | ||
Net (loss) income attributable to common stockholders | $ (10,709) | $ 48,325 |
Weighted average common shares outstanding | 58,062,997 | 54,519,574 |
Basic (loss) earnings per common share | $ (0.18) | $ 0.89 |
Effect of dilutive securities: | ||
Net (loss) income attributable to common stockholders | $ (10,709) | $ 48,325 |
Adjustment to income for dilutive options and warrants | 0 | 0 |
Net income (loss), diluted, Total | $ (10,709) | $ 48,325 |
Weighted average common shares outstanding | 58,062,997 | 54,519,574 |
Effect of dilutive options and warrants | 912,054 | |
Diluted weighted average common shares outstanding | 58,062,997 | 55,431,628 |
Diluted (loss) earnings per common share | $ (0.18) | $ 0.87 |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Securities excluded from computation of diluted earnings per share | 10,243,260 | 10,124,619 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | May 08, 2018 | Mar. 31, 2018 |
Subsequent Event [Line Items] | ||
Initial incentive stock option to purchase | 618,174 | |
Restricted Stock Units (RSUs) [Member] | ||
Subsequent Event [Line Items] | ||
RSU granted | 1,155,611 | |
Subsequent Event [Member] | Chief Executive Officer [Member] | ||
Subsequent Event [Line Items] | ||
Employment starting date | May 8, 2018 | |
Initial term of employment agreement | 2 years | |
Renewable term of employment agreement | 1 year | |
Notice period for employment agreement termination | 60 days | |
Base salary | $ 570 | |
Annual cash bonus | 55.00% | |
Signing bonus | $ 50 | |
Initial incentive stock option to purchase | 800,000 | |
Subsequent Event [Member] | Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||
Subsequent Event [Line Items] | ||
RSU granted | 200,000 |