Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Karyopharm Therapeutics Inc. | |
Trading Symbol | KPTI | |
Entity Central Index Key | 0001503802 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 114,354,540 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36167 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-3931704 | |
Entity Address, Address Line One | 85 Wells Avenue, 2nd Floor | |
Entity Address, City or Town | Newton | |
Entity Address, Postal Zip Code | 02459 | |
City Area Code | 617 | |
Local Phone Number | 658-0600 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Address, State or Province | MA | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 80,894 | $ 135,188 |
Investments | 155,871 | 142,779 |
Accounts receivable, net | 32,280 | 47,086 |
Inventory | 3,672 | 4,224 |
Prepaid expenses and other current assets | 18,097 | 19,821 |
Restricted cash | 567 | 1,064 |
Total current assets | 291,381 | 350,162 |
Property and equipment, net | 766 | 1,139 |
Operating lease right-of-use assets | 5,296 | 6,238 |
Restricted cash | 387 | 633 |
Total assets | 297,830 | 358,172 |
Current liabilities: | ||
Accounts payable | 2,287 | 2,773 |
Accrued expenses | 51,808 | 58,415 |
Operating lease liabilities | 3,084 | 2,872 |
Other current liabilities | 1,749 | 1,848 |
Total current liabilities | 58,928 | 65,908 |
Convertible senior notes | 170,497 | 170,105 |
Deferred royalty obligation | 132,718 | 132,718 |
Operating lease liabilities, net of current portion | 4,500 | 6,097 |
Other liabilities | 2,435 | 0 |
Total liabilities | 369,078 | 374,828 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value; 5,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 400,000 shares authorized, 114,340 shares issued and outstanding at June 30 2023; 200,000 shares authorized; 113,213 shares issued and outstanding at December 31,2022 | 12 | 12 |
Additional paid-in capital | 1,340,218 | 1,327,909 |
Accumulated other comprehensive loss | (783) | (638) |
Accumulated deficit | (1,410,695) | (1,343,939) |
Total stockholders' deficit | (71,248) | (16,656) |
Total liabilities and stockholders' deficit | $ 297,830 | $ 358,172 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 200,000,000 |
Common stock, shares issued | 114,340,000 | 113,213,000 |
Common stock, shares outstanding | 114,340,000 | 113,213,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Revenue from contract with customer, license and other revenue | $ 37,579 | $ 39,679 | $ 76,277 | $ 87,349 |
Operating expenses: | ||||
Research and development | 31,477 | 44,309 | 63,816 | 86,371 |
Selling, general and administrative | 34,481 | 37,339 | 70,388 | 76,107 |
Total operating expenses | 67,152 | 82,587 | 136,749 | 164,843 |
Loss from operations | (29,573) | (42,908) | (60,472) | (77,494) |
Other income (expense): | ||||
Interest income | 2,824 | 293 | 5,673 | 367 |
Interest expense | (5,784) | (6,313) | (11,542) | (12,997) |
Other income (expense), net | 30 | (13) | (234) | (86) |
Total other expense, net | (2,930) | (6,033) | (6,103) | (12,716) |
Loss before income taxes | (32,503) | (48,941) | (66,575) | (90,210) |
Income tax provision | (127) | (121) | (181) | (251) |
Net loss | $ (32,630) | $ (49,062) | $ (66,756) | $ (90,461) |
Net loss per share-basic | $ (0.29) | $ (0.62) | $ (0.59) | $ (1.15) |
Net loss per share-diluted | $ (0.29) | $ (0.62) | $ (0.59) | $ (1.15) |
Weighted-average number of common shares outstanding used to compute net loss per share-basic | 114,207,000 | 79,651,000 | 113,846,000 | 78,616,000 |
Weighted-average number of common shares outstanding used to compute net loss per share-diluted | 114,207,000 | 79,651,000 | 113,846,000 | 78,616,000 |
Product [Member] | ||||
Revenues: | ||||
Revenue from contract with customer, license and other revenue | $ 28,460 | $ 29,010 | $ 56,748 | $ 57,310 |
Operating expenses: | ||||
Cost of sales | 1,194 | 939 | 2,545 | 2,365 |
License and Other [Member] | ||||
Revenues: | ||||
Revenue from contract with customer, license and other revenue | $ 9,119 | $ 10,669 | $ 19,529 | $ 30,039 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (32,630) | $ (49,062) | $ (66,756) | $ (90,461) |
Other comprehensive loss | ||||
Unrealized loss on investments | (297) | (170) | (264) | (184) |
Foreign currency translation adjustment | (67) | (455) | 119 | (545) |
Comprehensive loss | $ (32,994) | $ (49,687) | $ (66,901) | $ (91,190) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net loss | $ (66,756) | $ (90,461) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 11,449 | 22,429 |
Depreciation and amortization | 373 | 326 |
Amortization of debt issuance costs | 392 | 400 |
Net amortization of premiums and discounts on investments | (2,141) | (71) |
Other | 3 | (4) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 14,806 | (982) |
Inventory | 552 | 636 |
Prepaid expenses and other assets | 1,724 | (14,860) |
Operating lease right-of-use assets | 942 | 808 |
Accounts payable | (486) | 91 |
Accrued expenses and other liabilities | (4,081) | (11,567) |
Operating lease liabilities | (1,385) | (1,086) |
Net cash used in operating activities | (44,608) | (94,341) |
Investing activities | ||
Purchases of property and equipment | 0 | (79) |
Proceeds from sales and maturities of investments | 85,308 | 48,468 |
Purchases of investments | (96,526) | (99,020) |
Net cash used in investing activities | (11,218) | (50,631) |
Financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | 0 | 29,294 |
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan | 860 | 2,802 |
Net cash provided by financing activities | 860 | 32,096 |
Effect of exchange rate on cash, cash equivalents and restricted cash | (71) | (544) |
Net decrease in cash, cash equivalents and restricted cash | (55,037) | (113,420) |
Cash, cash equivalents and restricted cash at beginning of period | 136,885 | 197,445 |
Cash, cash equivalents and restricted cash at end of period | 81,848 | 84,025 |
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets | ||
Cash and cash equivalents | 80,894 | 82,248 |
Short-term restricted cash | 567 | 1,146 |
Long-term restricted cash | 387 | 631 |
Total cash, cash equivalents and restricted cash | 81,848 | 84,025 |
Supplemental disclosures: | ||
Cash paid for interest on convertible debt | 2,588 | 2,588 |
Cash paid for amounts included in the measurement of operating lease liabilities | 1,847 | 1,682 |
Cash paid for interest on deferred royalty obligation | $ 8,192 | $ 20,746 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Deficit (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive (loss) Income [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2021 | $ (79,673) | $ 8 | $ 1,098,776 | $ 191 | $ (1,178,648) |
Beginning balance,Shares at Dec. 31, 2021 | 75,746,000 | ||||
Vesting of restricted stock (in shares) | 673,000 | ||||
Exercise of stock options and shares issued under the employee stock purchase plan | 2,802 | 2,802 | |||
Exercise of stock options and shares issued under the employee stock purchase plan, (shares) | 438,000 | ||||
Stock-based compensation expense | 22,429 | 22,429 | |||
Issuance of common stock, net of issuance costs | 29,294 | 29,294 | |||
Issuance of common stock, net of issuance costs (in Shares) | 2,941,000 | ||||
Unrealized loss on investments | (184) | (184) | |||
Foreign currency translation adjustment | (545) | (545) | |||
Net Income (Loss) | (90,461) | (90,461) | |||
Ending balance at Jun. 30, 2022 | (116,338) | $ 8 | 1,153,301 | (538) | (1,269,109) |
Ending balance,Shares at Jun. 30, 2022 | 79,798,000 | ||||
Beginning balance at Mar. 31, 2022 | (83,079) | $ 8 | 1,136,873 | 87 | (1,220,047) |
Beginning balance,Shares at Mar. 31, 2022 | 79,419,000 | ||||
Vesting of restricted stock (in shares) | 108,000 | ||||
Exercise of stock options and shares issued under the employee stock purchase plan | 1,335 | 1,335 | |||
Exercise of stock options and shares issued under the employee stock purchase plan, (shares) | 271,000 | ||||
Stock-based compensation expense | 15,093 | 15,093 | |||
Unrealized loss on investments | (170) | (170) | |||
Foreign currency translation adjustment | (455) | (455) | |||
Net Income (Loss) | (49,062) | (49,062) | |||
Ending balance at Jun. 30, 2022 | (116,338) | $ 8 | 1,153,301 | (538) | (1,269,109) |
Ending balance,Shares at Jun. 30, 2022 | 79,798,000 | ||||
Beginning balance at Dec. 31, 2022 | (16,656) | $ 12 | 1,327,909 | 638 | (1,343,939) |
Beginning balance,Shares at Dec. 31, 2022 | 113,213,000 | ||||
Vesting of restricted stock (in shares) | 836,000 | ||||
Exercise of stock options and shares issued under the employee stock purchase plan | 860 | 860 | |||
Exercise of stock options and shares issued under the employee stock purchase plan, (shares) | 291,000 | ||||
Stock-based compensation expense | 11,449 | 11,449 | |||
Unrealized loss on investments | (264) | (264) | |||
Foreign currency translation adjustment | 119 | 119 | |||
Net Income (Loss) | (66,756) | (66,756) | |||
Ending balance at Jun. 30, 2023 | (71,248) | $ 12 | 1,340,218 | (783) | (1,410,695) |
Ending balance,Shares at Jun. 30, 2023 | 114,340,000 | ||||
Beginning balance at Mar. 31, 2023 | (45,174) | $ 12 | 1,333,298 | (419) | (1,378,065) |
Beginning balance,Shares at Mar. 31, 2023 | 113,971,000 | ||||
Vesting of restricted stock (in shares) | 78,000 | ||||
Exercise of stock options and shares issued under the employee stock purchase plan | 860 | 860 | |||
Exercise of stock options and shares issued under the employee stock purchase plan, (shares) | 291,000 | ||||
Stock-based compensation expense | 6,060 | 6,060 | |||
Unrealized loss on investments | (297) | (297) | |||
Foreign currency translation adjustment | (67) | (67) | |||
Net Income (Loss) | (32,630) | (32,630) | |||
Ending balance at Jun. 30, 2023 | $ (71,248) | $ 12 | $ 1,340,218 | $ (783) | $ (1,410,695) |
Ending balance,Shares at Jun. 30, 2023 | 114,340,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (32,630) | $ (49,062) | $ (66,756) | $ (90,461) |
Insider Trading Arrangements
Insider Trading Arrangements shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 12, 2023, Barry Greene , our lead independent director , entered into a 10b5-1 trading arrangement which provides for the exercise and associated sale of up to 3,030 shares of our common stock underlying a vested stock option award which will expire on September 30, 2023 . This trading arrangement will be in effect until September 29, 2023 or such earlier date upon which all transactions are completed or expire without execution. During the second quarter of 2023, none of our other directors or officers adopted a Rule 10b5-1 trading arrangement and none of our directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K). | |
Name | Barry Greene | |
Title | lead independent director | |
Rule 10b5-1 Arrangement Adopted | false | true |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Adoption Date | September 30, 2023 | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Aggregate Available | 3,030 | 3,030 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nature of Business Karyopharm Therapeutics Inc., a Delaware corporation (collectively with its subsidiaries, the “Company,” “we,” “us,” or “our”), is a commercial-stage pharmaceutical company pioneering novel cancer therapies and dedicated to the discovery, development and commercialization of first-in-class drugs directed against nuclear export for the treatment of cancer and other diseases. We were incorporated in Delaware on December 22, 2008 and have a principal place of business in Newton, Massachusetts. Our scientific expertise is based upon an understanding of the regulation of intracellular communication between the nucleus and the cytoplasm. We have discovered and are developing and commercializing novel, small molecule Selective Inhibitor of Nuclear Export compounds that inhibit the nuclear export protein exportin 1. Our primary focus is on marketing XPOVIO ® (selinexor) in its currently approved indications, as well as developing and seeking regulatory approval of our product candidates as oral agents targeting multiple high unmet need cancer indications, including our core programs in endometrial cancer, multiple myeloma, myelodysplastic neoplasms and myelofibrosis. Our lead asset, XPOVIO, received its initial U.S. approval from the U.S. Food and Drug Administration (the “FDA”) in July 2019 and is currently approved and marketed for the following indications: (i) in combination with bortezomib and dexamethasone for the treatment of adult patients with multiple myeloma who have received at least one prior therapy; (ii) in combination with dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least four prior therapies and whose disease is refractory to at least two proteasome inhibitors, at least two immunomodulatory agents, and an anti-CD38 monoclonal antibody; and (iii) for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (“DLBCL”), not otherwise specified, including DLBCL arising from follicular lymphoma, after at least two lines of systemic therapy. The commercialization of XPOVIO and NEXPOVIO (the brand name for selinexor in Europe and the United Kingdom) outside of the U.S. is managed by our partners in their respective territories. XPOVIO/NEXPOVIO has received regulatory approval in various indications in approximately 40 countries outside the U.S., including the European Union, United Kingdom, Singapore, Hong Kong, Mainland China, South Korea, Australia, Canada, Taiwan and Israel, and is commercially available in a growing number of countries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on February 17, 2023 (“Annual Report”). Basis of Consolidation The condensed consolidated financial statements at June 30, 2023 include the accounts of Karyopharm Therapeutics Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Q are consistent with those discussed in Note 2, “ Summary of Significant Accounting Policies ,” in our Annual Report. |
Product Revenue
Product Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Product Revenue [Member] | |
Product Revenue | 2. Product Revenue To date, our only source of product revenue has been from the U.S. sales of XPOVIO. Net product revenue, including provisions primarily consisting of distribution fees and cash discounts, as well as reserves for chargebacks, rebates and returns, were as follows (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Gross product revenue $ 36,341 $ 34,859 $ 73,406 $ 69,769 Provisions for product revenue ( 7,881 ) ( 5,849 ) ( 16,658 ) ( 12,459 ) Total product revenue, net $ 28,460 $ 29,010 $ 56,748 $ 57,310 As of June 30, 2023 and December 31, 2022, net product revenue of $ 23.2 million and $ 23.6 million, respectively, were included in accounts receivable. To date, we have had no bad debt write-offs and we do not currently have credit issues with any customers. There were no credit losses associated with accounts receivable as of June 30, 2023 and December 31, 2022. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 3. Inventory The following table presents our inventory (in thousands), all of which was related to XPOVIO: As of June 30, 2023 As of December 31, 2022 Raw materials $ 1,124 $ 1,370 Work in process 1,700 1,878 Finished goods 848 976 Total inventory $ 3,672 $ 4,224 XPOVIO was initially approved by the FDA in July 2019 at which time we began to capitalize costs to manufacture XPOVIO. Prior to FDA approval of XPOVIO, all costs related to the manufacturing of XPOVIO and related material were charged to research and development expenses in the period incurred. |
License and Asset Purchase Agre
License and Asset Purchase Agreements | 6 Months Ended |
Jun. 30, 2023 | |
License and Asset Purchase Agreements [Member] | |
License and Asset Purchase Agreements | 4. License and Asset Purchase Agreements In prior periods, we entered into out-licensing and asset purchase agreements with Berlin-Chemie AG, an affiliate of the Menarini Group (“Menarini”) and Antengene Therapeutics Limited (“Antengene”), both of which are accounted for within the scope of Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”). For further details on the terms and accounting treatment considerations for these contracts, please refer to Note 5, “ License and Asset Purchase Agreements ,” to our consolidated financial statements contained in Item 8 of our Annual Report. The following table presents information about our license and other revenue (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Menarini $ 5,611 $ 6,531 $ 14,348 $ 13,617 Antengene 760 987 1,872 10,001 Other 2,748 3,151 3,309 6,421 Total license and other revenue $ 9,119 $ 10,669 $ 19,529 $ 30,039 During the three months ended June 30, 2023 , we recognized $ 4.9 million of revenue for the reimbursement of development-related expenses, $ 0.4 million of royalty revenue, and $ 0.3 million of other revenue from Menarini. We also recognized $ 0.7 million of royalty revenue from Antengene and $ 2.5 million of other milestone-related revenue. During the three months ended June 30, 2022, we recognized $ 6.5 million of revenue related to the reimbursement of development related expenses from Menarini, $ 1.0 million of royalty revenue from Antengene, $ 1.6 million of other royalty revenue, and $ 1.5 million of other milestone-related revenue. During the six months ended June 30, 2023 , we recognized $ 9.6 million of revenue for the reimbursement of development-related expenses, $ 3.5 million of license-related revenue, $ 0.7 million of royalty revenue, and $ 0.5 million of other revenue from Menarini. We also recognized $ 1.4 million of royalty revenue and $ 0.5 million of other revenue from Antengene, $ 2.5 million of other milestone-related revenue and $ 0.4 million of other royalty revenue. During the six months ended June 30, 2022, we recognized $ 13.6 million of revenue related to the reimbursement of development related expenses from Menarini. We also recognized $ 7.8 million of milestone-related revenue, $ 1.3 million of royalty revenue, and $ 0.9 million of other revenue from Antengene, $ 4.1 million of other royalty revenue and $ 2.3 million of other milestone-related revenue. At June 30, 2023, license and other revenue of $ 9.1 million and $ 6.0 million were included in accounts receivable and other current assets, respectively. At December 31, 2022, license and other revenue of $ 22.5 million and $ 7.8 million were included in accounts receivable and other current assets, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Financial instruments, including cash, cash equivalents, accounts receivable, net, other current assets, restricted cash, accounts payable, and accrued expenses, are presented at amounts that approximate fair value at June 30, 2023 and December 31, 2022. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value and is not a measure of credit quality. The hierarchy defines three levels of valuation inputs: Level 1 inputs - Quoted prices in active markets for identical assets or liabilities Level 2 inputs - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 inputs - Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability Items classified as Level 2 consist of corporate debt securities, commercial paper and U.S. government and agency securities. We estimate the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. In certain cases where there is limited activity or less transparency around inputs to valuation, the related assets or liabilities are classified as Level 3. The embedded derivative liability associated with a Revenue Interest Financing Agreement (the “Revenue Interest Agreement”) we entered into with HealthCare Royalty Partners III, L.P. and HealthCare Royalty Partners IV, L.P. (“HCR”) in September 2019 and amended in June 2021 (as amended, the “Amended Revenue Interest Agreement”), as discussed further in Note 10, “ Long-Term Obligations ”, is measured at fair value and is included as a component of the deferred royalty obligation on our condensed consolidated balance sheet. The embedded derivative liability is subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of other income (expense), net on the condensed consolidated statements of operations. The valuation method incorporates certain unobservable Level 3 key inputs including: (i) the probability-weighted net sales of XPOVIO and any of our other future products, including worldwide net product sales, upfront payments, milestones and royalties; (ii) our risk-adjusted discount rate; and (iii) the probability of a change in control occurring during the term of the instrument. The following tables present information about our financial assets and liability that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description As of June 30, 2023 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 58,856 $ 58,856 $ — $ — Commercial paper 1,740 — 1,740 — U.S. government and agency securities 10,951 — 10,951 — Investments: Corporate debt securities 84,365 — 84,365 — Commercial paper 26,232 — 26,232 — U.S. government and agency securities 45,274 — 45,274 — $ 227,418 $ 58,856 $ 168,562 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 Description As of December 31, 2022 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 115,498 $ 115,498 $ — $ — Commercial paper 7,629 — 7,629 — Investments: Corporate debt securities 78,143 — 78,143 — Commercial paper 43,914 — 43,914 — U.S. government and agency securities 20,722 — 20,722 — $ 265,906 $ 115,498 $ 150,408 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 6. Investments The following tables summarize our investments, which are classified as available-for-sale and recorded at fair value (in thousands): As of June 30, 2023 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 84,741 $ — $ ( 376 ) $ 84,365 Commercial paper 26,275 — ( 43 ) 26,232 U.S. government and agency securities 45,465 1 ( 192 ) 45,274 Total $ 156,481 $ 1 $ ( 611 ) $ 155,871 As of December 31, 2022 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 78,411 $ 3 $ ( 271 ) $ 78,143 Commercial paper 43,944 1 ( 31 ) 43,914 U.S. government and agency securities 20,768 — ( 46 ) 20,722 Total $ 143,123 $ 4 $ ( 348 ) $ 142,779 We determine the appropriate classification of our investments at the time of purchase. All of our investments are reported as short-term as they are available for use during the normal cycle of business. We review any investment when its fair value is less than its amortized cost and when evidence indicates that the investment’s carrying amount is not recoverable within a reasonable period. We evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment is compared to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on our condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is no t related to a credit loss is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectability of an investment is confirmed or when either of the criteria regarding intent or requirement to sell is met. We held 69 and 60 investments at June 30, 2023 and December 31, 2022, respectively, that were in an unrealized loss position. The unrealized losses at June 30, 2023 and December 31, 2022 were attributable to changes in interest rates, and we do not believe any unrealized losses represent credit losses. We do not intend to sell the investments before recovery of their amortized cost bases, which may be at maturity. All of our investments mature within two years from June 30, 2023 . The following tables summarize our investments in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time in a continuous unrealized loss position (in thousands): As of June 30, 2023 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 77,264 $ ( 345 ) $ 3,361 $ ( 31 ) $ 80,625 $ ( 376 ) Commercial paper 26,232 ( 43 ) — — 26,232 ( 43 ) U.S. government and agency securities 43,318 ( 192 ) — — 43,318 ( 192 ) Total $ 146,814 $ ( 580 ) $ 3,361 $ ( 31 ) $ 150,175 $ ( 611 ) As of December 31, 2022 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 72,820 $ ( 271 ) $ — $ — $ 72,820 $ ( 271 ) Commercial paper 35,589 ( 31 ) — — 35,589 ( 31 ) U.S. government and agency securities 20,722 ( 46 ) — — 20,722 ( 46 ) Total $ 129,131 $ ( 348 ) $ — $ — $ 129,131 $ ( 348 ) |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 7. Net Loss Per Share Basic net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per common share is calculated by dividing the diluted net loss by the weighted average number of common shares outstanding, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which we have reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not included if their effect is anti-dilutive. The following potentially dilutive securities were excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect (in thousands): As of June 30, 2023 2022 Outstanding stock options 11,204 13,581 Unvested restricted stock units 7,950 3,752 As discussed further in Note 10, “ Long-Term Obligations ”, we have the option to settle the conversion obligation for our 3.00 % convertible senior notes due 2025 (the “Notes”) in cash, shares or any combination of the two. Based on our net loss position, there was no impact on the calculation of dilutive loss per common share during the three and six months ended June 30, 2023 and 2022. As discussed further in Note 9, “ Stockholders’ Equity ”, on December 5, 2022, we issued warrants to purchase up to 9,537,563 shares of common stock to certain institutional investors. The warrants were excluded from the calculation of basic and diluted net loss per common share during the three and six months ended June 30, 2023 as the warrant holders do not have an obligation to share in our losses. |
Stock-based Compensation Expens
Stock-based Compensation Expense | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation Expense | 8. Stock-based Compensation Expense The following table summarizes stock-based compensation expense included in operating expenses (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Cost of sales $ 104 $ 55 $ 185 $ 110 Research and development 1,902 6,953 3,840 9,921 Selling, general and administrative 4,054 8,085 7,424 12,398 Total $ 6,060 $ 15,093 $ 11,449 $ 22,429 In 2023, we began granting performance-based restricted stock units (“PSUs”) to certain employees, which will vest only if challenging performance goals relating to revenue and relative total stockholder return are achieved over a three-year performance period and challenging performance goals relating to clinical milestones are achieved over a four year performance period. Stock-based compensation expense for all PSUs is determined using the grant date fair value, which is the quoted closing market price per share of our common stock on the Nasdaq Global Select Market on the grant date, except that the grant date fair value of PSUs related to relative total stockholder return includes a discount which was calculated using a Monte Carlo simulation and represents the likelihood that the related performance goals will not be achieved. Stock-based compensation expense for PSUs related to relative total stockholder return is recognized on a straight-line basis over the service period. Stock-based compensation expense for all other PSUs is not recognized until the achievement of the performance goal is deemed probable (the “Probable Date”), a determination that requires significant judgment by management, as the achievement of these goals have inherent risk and uncertainties. At the Probable Date, we record a cumulative catch-up expense for the portion of the grant date fair value attributable to the period from the grant date to the Probable Date. The remaining expense is recognized over the remaining service period on a straight-line basis. On May 19, 2022, our stockholders approved the 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock-based awards. On May 24, 2023, our stockholders approved an amendment to the 2022 Plan to increase the number of shares of our common stock available for issuance under the 2022 Plan by 5,000,000 shares. On May 24, 2023, our stockholders approved an amendment and restatement (the “Amended and Restated ESPP”) of our 2013 Employee Stock Purchase Plan (the “ESPP”). The Amended and Restated ESPP (1) eliminated the evergreen provision in the ESPP, which historically provided for an automatic annual increase in the ESPP’s share reserve and (2) increased the number of shares of common stock authorized for issuance under the ESPP from 2,508,923 shares to 4,008,923 shares. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Authorized Common Shares On May 24, 2023, our stockholders approved an amendment to our Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of our common stock from 200,000,000 shares to 400,000,000 shares. Private Placement Offering On December 5, 2022, we entered into a securities purchase agreement with certain institutional investors pursuant to which we issued and sold, in a private placement offering of securities, an aggregate of (i) 31,791,908 shares of common stock and (ii) accompanying warrants to purchase up to 9,537,563 shares of common stock at an exercise price of $ 6.36 per share. We received aggregate net proceeds of approximately $ 154.7 million. The warrants are exercisable through December 7, 2027. As of June 30, 2023 , none of the warrants have been exercised. Open Market Sale Agreement On August 17, 2018, we entered into an Open Market Sale Agreement (the “2018 Open Market Sale Agreement”) with Jefferies LLC, as agent (“Jefferies”), pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $ 75.0 million from time to time through Jefferies (the “Open Market Offering”). On May 5, 2020, we entered into Amendment No. 1 to the 2018 Open Market Sale Agreement, pursuant to which we increased the maximum aggregate offering price of shares of our common stock that we may issue and sell from time to time through Jefferies, by $ 100.0 million, from $ 75.0 million to up to $ 175.0 million (the “Open Market Shares”). On February 17, 2023, we entered into an Open Market Sale Agreement (the “2023 Open Market Sale Agreement”) with Jefferies, as agent. Under the 2023 Open Market Sale Agreement, we may issue and sell shares of our common stock having an aggregate offering price of up to $ 100.0 million (the “Shares”) from time to time through Jefferies (the “2023 Open Market Offering”). Upon entry into the 2023 Open Market Sale Agreement, the 2018 Open Market Sale Agreement was terminated. Under the 2023 Open Market Sale Agreement, Jefferies may sell the Shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). We may sell the Shares in amounts and at times to be determined by us from time to time subject to the terms and conditions of the 2023 Open Market Sale Agreement, but we have no obligation to sell any of the Shares in the 2023 Open Market Offering. We or Jefferies may suspend or terminate the offering of Shares upon notice to the other party and subject to other conditions. We have agreed to pay Jefferies commissions for its services in acting as agent in the sale of the Shares in the amount of up to 3.0 % of gross proceeds from the sale of the Shares pursuant to the 2023 Open Market Sale Agreement. We have also agreed to provide Jefferies with customary indemnification and contribution rights. We did not sell any Open Market Shares under the 2018 Open Market Sale Agreement during the three months ended June 30, 2022. We sold an aggregate of 2,941,517 Open Market Shares under the 2018 Open Market Sale Agreement, for net proceeds of approximately $ 30.0 million, during the six months ended June 30, 2022. We did not sell any Open Market Shares under the 2018 Open Market Sale Agreement during the three months ended March 31, 2023 nor any Shares under the 2023 Open Market Sale Agreement during the three and six months ended June 30, 2023. As of June 30, 2023, $ 100.0 million of Shares was available for issuance and sale under the 2023 Open Market Sale Agreement. |
Long-Term Obligations
Long-Term Obligations | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Obligations | 10. Long-Term Obligation s 3.00% Convertible Senior Notes due 2025 On October 16, 2018, we completed an offering of $ 150.0 million aggregate principal amount of the Notes. In addition, on October 26, 2018, we issued an additional $ 22.5 million aggregate principal amount of the Notes pursuant to the full exercise of the option to purchase additional Notes granted to the initial purchasers in the offering. The Notes were sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act. In connection with the issuance of the Notes, we incurred approximately $ 5.6 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees. Debt issuance costs are being amortized to interest expense using the effective interest method over seven years . The Notes are senior unsecured obligations and bear interest at a rate of 3.00 % per year payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2019. Upon conversion, the Notes will be converted into cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. The Notes will be subject to redemption at our option, on or after October 15, 2022, in whole or in part, if the conditions described below are satisfied. The Notes will mature on October 15, 2025 , unless earlier converted, redeemed or repurchased in accordance with their terms. Subject to satisfaction of certain conditions and during the periods described below, the Notes may be converted at an initial conversion rate of 63.0731 shares of common stock per $ 1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $ 15.85 per share of common stock). Holders of the Notes may convert all or any portion of their Notes, in multiples of $ 1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding June 15, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2018 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price for the Notes on each applicable trading day; (2) during the five-business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price p er $ 1,000 principal amount o f Notes for each trading day of the Measurement Period was less than 98 % of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call the Notes for redemption, until the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events as described within the indenture governing the Notes. As of June 30, 2023, none of the above circumstances had occurred and as such, the Notes could not have been converted. As of October 15, 2022, we may redeem for cash all or part of the Notes at our option if the last reported sale price of our common stock equals or exceeds 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending within five trading days prior to the date on which we send any notice of redemption. The redemption price will be 100 % of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any. In addition, calling any convertible note for redemption will constitute a make-whole fundamental change with respect to that convertible note, in which case the conversion rate applicable to the conversion of that convertible note, if it is converted in connection with the redemption, will be increased in certain circumstances. We did not redeem any of the Notes as of June 30, 2023. The outstanding balances of the Notes consisted of the following (in thousands): As of June 30, 2023 As of December 31, 2022 Principal $ 172,500 $ 172,500 Less: debt issuance costs ( 2,003 ) ( 2,395 ) Net carrying amount $ 170,497 $ 170,105 We determined the expected life of the Notes was equal to its seven-year term and the effective interest rate was 3.53 % . As of June 30, 2023, the “if-converted value” did not exceed the remaining principal amount of the Notes. The fair value of the Notes was determined based on data points other than quoted prices that are observable, either directly or indirectly, and has been classified as Level 2 within the fair value hierarchy. The fair value of the Notes, which differs from their carrying value, is influenced by market interest rates, our stock price and stock price volatility. The estimated fair value of the Notes as of June 30, 2023 and December 31, 2022 was approximately $ 115.4 million and $ 133.1 million, respectively. The following table sets forth total interest expense recognized related to the Notes (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Contractual interest expense $ 1,294 $ 1,294 $ 2,588 $ 2,588 Amortization of debt issuance costs 191 202 392 400 Total $ 1,485 $ 1,496 $ 2,980 $ 2,988 Future minimum payments on the Notes as of June 30, 2023 were as follows (in thousands): Years ended December 31, Future Minimum 2023 $ 2,588 2024 5,175 2025 177,675 Total minimum payments $ 185,438 Less: interest expense and issuance costs ( 14,941 ) Convertible senior notes $ 170,497 Deferred Royalty Obligation In September 2019, we entered into the Revenue Interest Agreement with HCR. In June 2021, we entered into the Amended Revenue Interest Agreement with, among others, HCR. We received $ 75.0 million, less certain transaction expenses, upon closing of the Revenue Interest Agreement (the “First Investment Amount”) and $ 60.0 million upon closing of the Amended Revenue Interest Agreement (the “Second Investment Amount” and together with the First Investment Amount, the “Investment Amount”). In exchange for the above payments, HCR receives payments from us at a tiered percentage (the “Applicable Tiered Percentage”) of net revenues of selinexor and any of our other future products, including worldwide net product sales and upfront payments, milestones, and royalties. The Applicable Tiered Percentage is subject to reduction in the future if a target based on cumulative U.S. net sales of selinexor is met. Total payments to HCR are capped at 185 % of the Investment Amount (the “Payment Cap”). If HCR has not received 100 % of the First Investment Amount and 65 % of the Second Investment amount by December 31, 2024 (the “First Minimum Aggregate Payment”), or 100 % of both the First Investment Amount and the Second Investment Amount by September 30, 2026, we must make a cash payment sufficient to gross up the payments to such minimum amounts. As the repayment of the funded amount is contingent upon worldwide net product sales and upfront payments, milestones, and royalties, the repayment term may be shortened or extended depending on actual worldwide net product sales and upfront payments, milestones, and royalties. The repayment period commenced on October 1, 2019 for the First Investment Amount and on July 1, 2021 for the Second Investment Amount, and expires on the earlier of (i) the date in which HCR has received cash payments totaling an aggregate of 185 % of the Investment Amount or (ii) the legal maturity date of October 1, 2031. If HCR has not received payments equal to 185 % of the Investment Amount by the twelve-year anniversary of the initial closing date, we will be required to pay an amount equal to the Investment Amount plus a specific annual rate of return less payments previously paid to HCR. In the event of a change of control, we are obligated to pay HCR an amount equal to 185 % of the Investment Amount less payments previously paid to HCR. In addition, upon the occurrence of an event of default, including, among others, our failure to pay any amounts due to HCR, insolvency, our failure to pay indebtedness when due, the revocation of regulatory approval of XPOVIO in the U.S. or our breach of any covenant contained in the Amended Revenue Interest Agreement and our failure to cure the breach within the prescribed time frame, we are obligated to pay HCR an amount equal to 185 % of the Investment Amount less payments previously paid to HCR. In addition, upon an event of default, HCR may exercise all other rights and remedies available under the Amended Revenue Interest Agreement, including foreclosing on the collateral that was pledged to HCR, which consists of all of our present and future assets. As of June 30, 2023, we have made $ 53.8 million in payments to HCR. We have evaluated the terms of the Amended Revenue Interest Agreement and concluded that the features of both the First Investment Amount and Second Investment Amount are similar to those of a debt instrument. Accordingly, we have accounted for the transaction as long-term debt and presented it as a deferred royalty obligation on our condensed consolidated balance sheets. We have also determined that the repayment of 185 % of the Investment Amount, less any payments made to date, upon a change of control is an embedded derivative that requires bifurcation from the debt instrument and fair value recognition as further described in Note 5, “ Fair Value Measurements” to our condensed consolidated financial statements. The effective interest rate as of June 30, 2023 was approximately 14 % . In connection with the First Investment Amount, we incurred debt issuance costs totaling $ 1.4 million. Debt issuance costs have been netted against the debt and are being amortized over the estimated term of the debt using the effective interest method, adjusted on a prospective basis for changes in the underlying assumptions and inputs. The carrying value of the deferred royalty obligation at both June 30, 2023 and December 31, 2022 was $ 129.9 million based on $ 135.0 million of proceeds, net of the fair value of the bifurcated embedded derivative liability upon execution of the Revenue Interest Agreement and the Amended Revenue Interest Agreement, and debt issuance costs incurred. The carrying value of the deferred royalty obligation approximated fair value at June 30, 2023 and December 31, 2022 and is based on our current estimates of future payments to HCR over the life of the arrangement, which are considered Level 3 inputs. On August 1, 2023, we entered into a Second Amendment to Revenue Interest Financing Agreement (the “Second Amendment”) with HCR. The Second Amendment (i) increases the Payment Cap from 185% to 195% of the Investment Amount; (ii) extends by six months the payment date of the First Minimum Aggregate Payment from December 31, 2024 to June 30, 2025; and (iii) issues warrants to HCR for the purchase of up to 250,000 shares of our common stock with a termination date of August 1, 2030 and an exercise price of $2.25 per share. Except as set forth in the Second Amendment, all other terms and conditions of the Amended Revenue Interest Agreement remain in full force and effect. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on February 17, 2023 (“Annual Report”). |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements at June 30, 2023 include the accounts of Karyopharm Therapeutics Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Q are consistent with those discussed in Note 2, “ Summary of Significant Accounting Policies ,” in our Annual Report. |
Product Revenue (Tables)
Product Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
XPOVIO [Member] | |
Summary of Product Revenue | To date, our only source of product revenue has been from the U.S. sales of XPOVIO. Net product revenue, including provisions primarily consisting of distribution fees and cash discounts, as well as reserves for chargebacks, rebates and returns, were as follows (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Gross product revenue $ 36,341 $ 34,859 $ 73,406 $ 69,769 Provisions for product revenue ( 7,881 ) ( 5,849 ) ( 16,658 ) ( 12,459 ) Total product revenue, net $ 28,460 $ 29,010 $ 56,748 $ 57,310 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The following table presents our inventory (in thousands), all of which was related to XPOVIO: As of June 30, 2023 As of December 31, 2022 Raw materials $ 1,124 $ 1,370 Work in process 1,700 1,878 Finished goods 848 976 Total inventory $ 3,672 $ 4,224 |
License and Assets Purchase Agr
License and Assets Purchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
License and other revenue [Member] | |
Schedule of License and Other Revenue | The following table presents information about our license and other revenue (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Menarini $ 5,611 $ 6,531 $ 14,348 $ 13,617 Antengene 760 987 1,872 10,001 Other 2,748 3,151 3,309 6,421 Total license and other revenue $ 9,119 $ 10,669 $ 19,529 $ 30,039 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets That Have Been Measured at Fair Value | The following tables present information about our financial assets and liability that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description As of June 30, 2023 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 58,856 $ 58,856 $ — $ — Commercial paper 1,740 — 1,740 — U.S. government and agency securities 10,951 — 10,951 — Investments: Corporate debt securities 84,365 — 84,365 — Commercial paper 26,232 — 26,232 — U.S. government and agency securities 45,274 — 45,274 — $ 227,418 $ 58,856 $ 168,562 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 Description As of December 31, 2022 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 115,498 $ 115,498 $ — $ — Commercial paper 7,629 — 7,629 — Investments: Corporate debt securities 78,143 — 78,143 — Commercial paper 43,914 — 43,914 — U.S. government and agency securities 20,722 — 20,722 — $ 265,906 $ 115,498 $ 150,408 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments, Classified as Available-for-Sale | The following tables summarize our investments, which are classified as available-for-sale and recorded at fair value (in thousands): As of June 30, 2023 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 84,741 $ — $ ( 376 ) $ 84,365 Commercial paper 26,275 — ( 43 ) 26,232 U.S. government and agency securities 45,465 1 ( 192 ) 45,274 Total $ 156,481 $ 1 $ ( 611 ) $ 155,871 As of December 31, 2022 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 78,411 $ 3 $ ( 271 ) $ 78,143 Commercial paper 43,944 1 ( 31 ) 43,914 U.S. government and agency securities 20,768 — ( 46 ) 20,722 Total $ 143,123 $ 4 $ ( 348 ) $ 142,779 |
Debt Securities Available-For-Sale | The following tables summarize our investments in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time in a continuous unrealized loss position (in thousands): As of June 30, 2023 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 77,264 $ ( 345 ) $ 3,361 $ ( 31 ) $ 80,625 $ ( 376 ) Commercial paper 26,232 ( 43 ) — — 26,232 ( 43 ) U.S. government and agency securities 43,318 ( 192 ) — — 43,318 ( 192 ) Total $ 146,814 $ ( 580 ) $ 3,361 $ ( 31 ) $ 150,175 $ ( 611 ) As of December 31, 2022 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 72,820 $ ( 271 ) $ — $ — $ 72,820 $ ( 271 ) Commercial paper 35,589 ( 31 ) — — 35,589 ( 31 ) U.S. government and agency securities 20,722 ( 46 ) — — 20,722 ( 46 ) Total $ 129,131 $ ( 348 ) $ — $ — $ 129,131 $ ( 348 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Securities were Excluded from the Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect (in thousands): As of June 30, 2023 2022 Outstanding stock options 11,204 13,581 Unvested restricted stock units 7,950 3,752 |
Stock-based Compensation Expe_2
Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards | The following table summarizes stock-based compensation expense included in operating expenses (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Cost of sales $ 104 $ 55 $ 185 $ 110 Research and development 1,902 6,953 3,840 9,921 Selling, general and administrative 4,054 8,085 7,424 12,398 Total $ 6,060 $ 15,093 $ 11,449 $ 22,429 |
Long-Term Obligations (Tables)
Long-Term Obligations (Tables) - 3% Convertible Senior Notes Due 2025 [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Outstanding Balances of Convertible Notes | The outstanding balances of the Notes consisted of the following (in thousands): As of June 30, 2023 As of December 31, 2022 Principal $ 172,500 $ 172,500 Less: debt issuance costs ( 2,003 ) ( 2,395 ) Net carrying amount $ 170,497 $ 170,105 |
Schedule of Interest Expense Recognized Related to Convertible Notes | The following table sets forth total interest expense recognized related to the Notes (in thousands): For the Three Months For the Six Months 2023 2022 2023 2022 Contractual interest expense $ 1,294 $ 1,294 $ 2,588 $ 2,588 Amortization of debt issuance costs 191 202 392 400 Total $ 1,485 $ 1,496 $ 2,980 $ 2,988 |
Summary of Future Minimum Payments on Convertible Notes | Future minimum payments on the Notes as of June 30, 2023 were as follows (in thousands): Years ended December 31, Future Minimum 2023 $ 2,588 2024 5,175 2025 177,675 Total minimum payments $ 185,438 Less: interest expense and issuance costs ( 14,941 ) Convertible senior notes $ 170,497 |
Product Revenue - Summary of Pr
Product Revenue - Summary of Product Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total product revenue, net | $ 37,579 | $ 39,679 | $ 76,277 | $ 87,349 |
Product [Member] | ||||
Gross product revenue | 36,341 | 34,859 | 73,406 | 69,769 |
Provisions for product revenue | (7,881) | (5,849) | (16,658) | (12,459) |
Total product revenue, net | $ 28,460 | $ 29,010 | $ 56,748 | $ 57,310 |
Product Revenue - Additional In
Product Revenue - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ 32,280,000 | $ 47,086,000 |
Bad debt write-offs | 0 | |
Credit losses | 0 | 0 |
Product Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ 23,200,000 | $ 23,600,000 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory Current (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,124 | $ 1,370 |
Work in process | 1,700 | 1,878 |
Finished goods | 848 | 976 |
Total inventory | $ 3,672 | $ 4,224 |
License and Asset Purchase Ag_2
License and Asset Purchase Agreements - Schedule of License and Other Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Total license and other revenue | $ 9,119 | $ 10,669 | $ 19,529 | $ 30,039 |
License and other revenue [Member] | Menarini [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Total license and other revenue | 5,611 | 6,531 | 14,348 | 13,617 |
License and other revenue [Member] | Antengene [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Total license and other revenue | 760 | 987 | 1,872 | 10,001 |
Other [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Total license and other revenue | $ 2,748 | $ 3,151 | $ 3,309 | $ 6,421 |
License and Asset Purchase Ag_3
License and Asset Purchase Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Royalty revenue recognized | $ 37,579 | $ 39,679 | $ 76,277 | $ 87,349 | |
Revenue from contract with customer, license and other revenue | 37,579 | 39,679 | 76,277 | 87,349 | |
Antengene [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
License-related revenue | 2,500 | 7,800 | |||
Other milestone method revenue recognized | 1,500 | 2,500 | 2,300 | ||
Other revenue | 500 | 900 | |||
Menarini [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Reimbursement of development related expenses | 4,900 | 6,500 | 9,600 | 13,600 | |
License-related revenue | 3,500 | ||||
Other revenue | 300 | 500 | |||
License and other revenue [Member] | Other Current Assets [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Royalty revenue recognized | 6,000 | $ 7,800 | |||
Revenue from contract with customer, license and other revenue | 6,000 | 7,800 | |||
License and other revenue [Member] | Accounts Receivable 1 [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Royalty revenue recognized | 9,100 | 22,500 | |||
Revenue from contract with customer, license and other revenue | 9,100 | $ 22,500 | |||
Royalty [Member] | Antengene [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Royalty revenue recognized | 700 | 1,000 | 1,400 | 1,300 | |
Revenue from contract with customer, license and other revenue | 700 | 1,000 | 1,400 | 1,300 | |
Royalty [Member] | Menarini [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Royalty revenue recognized | 400 | 700 | |||
Revenue from contract with customer, license and other revenue | $ 400 | 700 | |||
Other Royalty [Member] | Antengene [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Royalty revenue recognized | 1,600 | 400 | 4,100 | ||
Revenue from contract with customer, license and other revenue | $ 1,600 | $ 400 | $ 4,100 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets That Have Been Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 155,871 | $ 142,779 |
Total | 227,418 | 265,906 |
Financial liability | ||
Embedded derivative liability | 2,800 | 2,800 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 58,856 | 115,498 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 168,562 | 150,408 |
Level 3 [Member] | ||
Financial liability | ||
Embedded derivative liability | 2,800 | 2,800 |
Short-Term Investments, Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 84,365 | 78,143 |
Short-Term Investments, Corporate debt securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 84,365 | 78,143 |
Short-Term Investments, Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 26,232 | |
Short-Term Investments, Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 26,232 | |
Short-Term Investments, US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 45,274 | 20,722 |
Short-Term Investments, US Government Agencies Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 45,274 | 20,722 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,740 | 7,629 |
Investments | 43,914 | |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,740 | 7,629 |
Investments | 43,914 | |
U.S. government and agency securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,951 | |
Investments | 45,274 | 20,722 |
U.S. government and agency securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,951 | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 58,856 | 115,498 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 58,856 | $ 115,498 |
Investments - Summary of Invest
Investments - Summary of Investments, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 156,481 | $ 143,123 |
Gross Unrealized Gains | 1 | 4 |
Total Unrealized Loss | (611) | (348) |
Aggregate Fair Value | 155,871 | 142,779 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 84,741 | 78,411 |
Gross Unrealized Gains | 0 | 3 |
Total Unrealized Loss | (376) | (271) |
Aggregate Fair Value | 84,365 | 78,143 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 26,275 | 43,944 |
Gross Unrealized Gains | 0 | 1 |
Total Unrealized Loss | (43) | (31) |
Aggregate Fair Value | 26,232 | 43,914 |
U.S. government and agency securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 45,465 | 20,768 |
Gross Unrealized Gains | 1 | 0 |
Total Unrealized Loss | (192) | (46) |
Aggregate Fair Value | $ 45,274 | $ 20,722 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Jun. 30, 2023 USD ($) Security | Dec. 31, 2022 Security |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | Security | 69 | 60 |
Unrealized losses, other-than-temporary impairments | $ | $ 0 |
Investments - Debt Securities A
Investments - Debt Securities Available-For-Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Unrealized Losses, Less than 12 Months | $ (580) | $ (348) |
Unrealized Losses,12 Months or Longer | (31) | |
Fair Value, Less than 12 Months | 146,814 | 129,131 |
Fair Value, 12 Months or Longer | 3,361 | |
Unrealized Losses | (611) | (348) |
Fair Value | 150,175 | 129,131 |
Corporate Debt Securities [Member] | ||
Unrealized Losses, Less than 12 Months | (345) | (271) |
Unrealized Losses,12 Months or Longer | (31) | |
Fair Value, Less than 12 Months | 77,264 | 72,820 |
Fair Value, 12 Months or Longer | 3,361 | |
Unrealized Losses | (376) | (271) |
Fair Value | 80,625 | 72,820 |
Commercial Paper [Member] | ||
Unrealized Losses, Less than 12 Months | (43) | (31) |
Fair Value, Less than 12 Months | 26,232 | 35,589 |
Unrealized Losses | (43) | (31) |
Fair Value | 26,232 | 35,589 |
U.S. government and agency securities [Member] | ||
Unrealized Losses, Less than 12 Months | (192) | (46) |
Fair Value, Less than 12 Months | 43,318 | 20,722 |
Unrealized Losses | (192) | (46) |
Fair Value | $ 43,318 | $ 20,722 |
Net Loss Per Share (Additional
Net Loss Per Share (Additional Information) (Details) - shares | 6 Months Ended | |
Dec. 05, 2022 | Jun. 30, 2023 | |
Warrant [Member] | Private Placement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares of common stock issued | 9,537,563 | |
Warrant [Member] | Maximum [Member] | Private Placement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares of common stock issued | 9,537,563 | |
3% Convertible Senior Notes Due 2025 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Notes, interest rate | 3% |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities were Excluded from the Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Outstanding Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 11,204 | 13,581 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 7,950 | 3,752 |
Stock-based Compensation Expe_3
Stock-based Compensation Expense - Additional Information (Detail) - shares | May 19, 2022 | May 24, 2023 |
ESPP [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares of common stock authorized | 4,008,923 | |
ESPP [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares of common stock authorized | 2,508,923 | |
2022 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of additional shares available under the 2022 plan | 5,000,000 |
Stock-based Compensation Expe_4
Stock-based Compensation Expense - Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 6,060 | $ 15,093 | $ 11,449 | $ 22,429 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 104 | 55 | 185 | 110 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1,902 | 6,953 | 3,840 | 9,921 |
Selling,General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 4,054 | $ 8,085 | $ 7,424 | $ 12,398 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 6 Months Ended | ||||||||
Dec. 05, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 24, 2023 | Feb. 17, 2023 | Dec. 31, 2022 | May 05, 2020 | May 04, 2020 | Aug. 17, 2018 | |
Equity Offering [Line Items] | |||||||||
Common Stock, Shares Authorized | 400,000,000 | 200,000,000 | |||||||
Private Placement [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Net proceeds | $ 154,700,000 | ||||||||
Common Stock [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Number of shares of common stock issued | 2,941,000 | ||||||||
Common Stock [Member] | Private Placement [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Number of shares of common stock issued and sold in Private Placement Offering | 31,791,908 | ||||||||
Warrant [Member] | Private Placement [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Number of shares of common stock issued | 9,537,563 | ||||||||
Sale of stock price per share | $ 6.36 | ||||||||
Warrant Exercised | $ 0 | ||||||||
Open Market Sale Agreement [Member] | Common Stock [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Net proceeds from sale of common stock | $ 100,000,000 | ||||||||
Jefferies LLC [Member] | Open Market Sale Agreement [Member] | Common Stock [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Number of shares of common stock issued | 2,941,517,000 | ||||||||
Maximum [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Common Stock, Shares Authorized | 400,000,000 | ||||||||
Maximum [Member] | Warrant [Member] | Private Placement [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Number of shares of common stock issued | 9,537,563 | ||||||||
Maximum [Member] | Jefferies LLC [Member] | Open Market Sale Agreement [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Aggregate offering price | $ 100,000,000 | $ 175,000,000 | $ 75,000,000 | $ 75,000,000 | |||||
Percentage of commission of gross proceeds from the sale of Shares | 3% | ||||||||
Net proceeds from sale of common stock | $ 30,000,000 | ||||||||
Additional aggregate offering price | $ 100,000,000 | ||||||||
Minimum [Member] | |||||||||
Equity Offering [Line Items] | |||||||||
Common Stock, Shares Authorized | 200,000,000 |
Long-Term Obligations - Additio
Long-Term Obligations - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||
Oct. 15, 2022 Days | Jun. 30, 2023 USD ($) Days $ / shares shares | Dec. 31, 2022 USD ($) | Oct. 26, 2018 USD ($) | Oct. 16, 2018 USD ($) | |
Subsequent Event [Line Items] | |||||
Debt instrument convertible threshold consecutive trading days | Days | 5 | ||||
Description of debt instrument convertible period | during the five-business day period immediately after any five consecutive trading day period | ||||
Principal amount of notes used in conversion rate | $ 1,000 | ||||
Debt instrument convertible threshold maximum percentage of product of last reported sale price of common stock | 98% | ||||
Fair Value of embeded derivative liability | $ 2,800,000 | $ 2,800,000 | |||
Level 3 [Member] | |||||
Subsequent Event [Line Items] | |||||
Fair Value of embeded derivative liability | 2,800,000 | 2,800,000 | |||
Deferred Royalty Obligation [Member] | Level 3 [Member] | |||||
Subsequent Event [Line Items] | |||||
Deferred royalty obligation at fair value | 129,900,000 | 129,900,000 | |||
Revenue Interest Financing Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt issuance costs | 1,400,000 | ||||
First investment amount | $ 75,000,000 | ||||
Revenue Interest Financing Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On December 31, 2024 [Member] | |||||
Subsequent Event [Line Items] | |||||
Royalty Payable Percentage on First Investment Amount | 100% | ||||
Revenue Interest Financing Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On September 30, 2026 [Member] | |||||
Subsequent Event [Line Items] | |||||
Royalty Payable Percentage on First Investment Amount | 100% | ||||
Royalty Payable Percentage on Second Investment Amount | 100% | ||||
Amended Revenue Interest Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Second investment amount | $ 60,000,000 | ||||
Amended Revenue Interest Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On December 31, 2024 [Member] | |||||
Subsequent Event [Line Items] | |||||
Royalty Payable Percentage on Second Investment Amount | 65% | ||||
Revenue Interest Agreement And Amended Revenue Interest Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
First investment amount | $ 135,000,000 | 135,000,000 | |||
Debt Instrument Interest Rate | 14% | ||||
Revenue Interest Agreement And Amended Revenue Interest Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate Royalties Percentage | 185% | ||||
Cumulative payments | $ 53,800,000 | ||||
Convertible Note Offering [Member] | |||||
Subsequent Event [Line Items] | |||||
Notes converted in to common stock, amount | shares | 63.0731 | ||||
Notes converted in to common stock, shares | $ 1,000 | ||||
Notes, conversion price per share | $ / shares | $ 15.85 | ||||
3% Convertible Senior Notes Due 2025 [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate principal amount | $ 172,500,000 | 172,500,000 | $ 22,500,000 | $ 150,000,000 | |
Debt issuance costs | $ 5,600,000 | ||||
Debt discount and issuance costs amortized to interest expense, amortization period | 7 years | ||||
Notes, interest rate | 3% | ||||
Notes, maturity date | Oct. 15, 2025 | ||||
Principal amount of notes used in conversion rate | $ 1,000 | ||||
Debt instrument, convertible latest date | Jun. 15, 2025 | ||||
Notes conversion price, percentage | 130% | 130% | |||
Notes instrument, trading days | Days | 20 | 20 | |||
Debt instrument convertible threshold consecutive trading days | Days | 30 | 30 | |||
Notes, repurchase price | 100% | ||||
Estimated fair value of convertible notes | $ 115,400,000 | $ 133,100,000 | |||
Expected life of convertible notes | 7 years | ||||
Debt Instrument Interest Rate | 3.53% |
Long-Term Obligations - Summary
Long-Term Obligations - Summary of Outstanding Balances of Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 26, 2018 | Oct. 16, 2018 |
Liability component: | ||||
Principal | $ 172,500 | $ 172,500 | $ 22,500 | $ 150,000 |
Less: debt discount costs | (2,003) | (2,395) | ||
Net carrying amount | $ 170,497 | $ 170,105 |
Long-Term Obligations - Schedul
Long-Term Obligations - Schedule of Interest Expense Recognized Related to Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 1,294 | $ 1,294 | $ 2,588 | $ 2,588 |
Amortization of debt issuance cost | 191 | 202 | 392 | 400 |
Total | $ 1,485 | $ 1,496 | $ 2,980 | $ 2,988 |
Long-Term Obligations - Summa_2
Long-Term Obligations - Summary of Future Minimum Payments on Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 2,588 |
2024 | 5,175 |
2025 | 177,675 |
Total minimum payments | 185,438 |
Less: interest and issuance costs | (14,941) |
Convertible senior notes | $ 170,497 |