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BXRX Baudax Bio

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 03, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Entity Registrant NameBaudax Bio, Inc.
Entity Central Index Key0001780097
Current Fiscal Year End Date--12-31
Entity Current Reporting StatusYes
Entity Filer CategoryNon-accelerated Filer
Entity Common Stock, Shares Outstanding70,152,898
Entity Shell Companyfalse
Entity Small Businesstrue
Entity Emerging Growth Companytrue
Entity Ex Transition Periodtrue
Trading SymbolBXRX
Entity File Number001-39101
Entity Tax Identification Number47-4639500
Entity Address, Address Line One490 Lapp Road
Entity Address, City or TownMalvern
City Area Code484
Local Phone Number395-2440
Entity Address, Postal Zip Code19355
Entity Address, State or ProvincePA
Entity Incorporation, State or Country CodePA
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Interactive Data CurrentYes
Security Exchange NameNASDAQ
Title of 12(b) SecurityCommon Stock, par value $0.01

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 30,690 $ 30,342
Short-term investments7,495
Accounts receivable, net163 51
Inventory, net2,773 2,978
Prepaid expenses and other current assets2,569 3,346
Total current assets43,690 36,717
Property, plant and equipment, net5,039 5,052
Intangible assets, net23,610 24,254
Goodwill2,127 2,127
Other long-term assets520 583
Total assets74,986 68,733
Current liabilities:
Accounts payable1,140 3,653
Accrued expenses and other current liabilities4,680 5,326
Current portion of long-term debt, net1,196 683
Current portion of contingent consideration7,107 8,467
Total current liabilities14,123 18,129
Long-term debt, net8,185 8,469
Warrant liability83 65
Long-term portion of contingent consideration53,348 56,576
Other long-term liabilities241 293
Total liabilities75,980 83,532
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock, $0.01 par value. Authorized, 10,000,000 shares; none issued and outstanding
Common stock, $0.01 par value. Authorized, 100,000,000 shares; issued and outstanding, 70,142,608 shares at March 31, 2021 and 48,688,480 shares at December 31, 2020701 487
Additional paid-in capital127,537 97,034
Accumulated deficit(129,232)(112,320)
Total shareholders’ equity (deficit)(994)(14,799)
Total liabilities and shareholders’ equity $ 74,986 $ 68,733

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized10,000,000 10,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized100,000,000 100,000,000
Common stock, shares issued70,142,608 48,688,480
Common stock, shares outstanding70,142,608 48,688,480

Combined Statements of Operatio

Combined Statements of Operations (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Revenue, net $ 198
Operating expenses:
Cost of sales821
Research and development1,108 $ 3,070
Selling, general and administrative12,088 8,046
Amortization of intangible assets644 215
Change in warrant valuation18 1,378
Change in contingent consideration valuation1,841 27,626
Total operating expenses16,520 40,335
Operating loss(16,322)(40,335)
Other expense:
Interest and other expense(590)37
Net loss $ (16,912) $ (40,298)
Per share information:
Net loss per share of common stock, basic and diluted $ (0.27) $ (4.03)
Weighted average common shares outstanding, basic and diluted62,584,129 10,001,228

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in ThousandsTotalRegistered Direct OfferingsPublic OfferingsEquity FacilitySeparationRecroCommon StockCommon StockRegistered Direct OfferingsCommon StockPublic OfferingsCommon StockEquity FacilityCommon StockSeparationAdditional Paid in CapitalAdditional Paid in CapitalRegistered Direct OfferingsAdditional Paid in CapitalPublic OfferingsAdditional Paid in CapitalEquity FacilityAdditional Paid in CapitalRecroAccumulated Deficit
Balance at Dec. 31, 2019 $ (16,721) $ 94 $ 19,405 $ (36,220)
Balance, Shares at Dec. 31, 20199,350,709
Stock-based compensation expense2,177 $ 456 2,177 $ 456
Issuance of common stock $ 14,976 $ 3,612 $ 1 $ 77 $ 4 $ 1 $ 14,899 $ 3,608
Issuance of common stock, Shares7,692,308 441,967 45,874
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes(95)(95)
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes, Shares39,130
Net loss(40,298)(40,298)
Balance at Mar. 31, 2020(35,892) $ 176 40,450 (76,518)
Balance, Shares at Mar. 31, 202017,569,988
Balance at Dec. 31, 2020(14,799) $ 487 97,034 (112,320)
Balance, Shares at Dec. 31, 202048,688,480
Stock-based compensation expense975 $ 1,201 975 $ 1,201
Issuance of common stock $ 16,427 $ 110 $ 16,317
Issuance of common stock, Shares11,000,000
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes(41)(41)
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes, Shares42,159
Exercise of warrants12,155 $ 104 12,051
Exercise of warrants, Shares10,411,969
Net loss(16,912)(16,912)
Balance at Mar. 31, 2021 $ (994) $ 701 $ 127,537 $ (129,232)
Balance, Shares at Mar. 31, 202170,142,608

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net loss $ (16,912) $ (40,298)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation2,304 2,633
Non-cash interest expense229
Depreciation expense86 105
Amortization644 215
Change in warrant valuation18 1,378
Change in contingent consideration valuation1,841 27,626
Changes in operating assets and liabilities:
Inventory205
Prepaid expenses and other current assets777 184
Right-of-use asset63 99
Accounts receivable(112)
Accounts payable, accrued expenses and other liabilities(3,081)1,848
Operating lease liability(67)(104)
Net cash used in operating activities(14,005)(6,314)
Cash flows from investing activities:
Purchase of property and equipment(73)
Purchase of short-term investments(7,495)
Net cash used in investing activities(7,568)
Cash flows from financing activities:
Proceeds from equity facility, net of transaction costs3,612
Proceeds from public offering, net of transaction costs23,341
Proceeds from registered direct offerings, net of transaction costs16,236
Proceeds from warrant exercises12,155
Payment of contingent consideration(6,429)
Payments of withholdings on shares withheld for income taxes(41)(95)
Net cash provided by financing activities21,921 26,858
Net increase in cash and cash equivalents348 20,544
Cash and cash equivalents, beginning of period30,342 17,740
Cash and cash equivalents, end of period30,690 38,284
Supplemental disclosure of cash flow information:
Fair value of warrants issued in connection with public offering8,111
Offering costs included in accounts payable and accrued expenses $ 38 $ 254

Background

Background3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
BackgroundNote 1 :
Background Business Baudax Bio, Inc. (“Baudax Bio” or the “Company”) is a pharmaceutical company primarily focused on developing and commercializing innovative products for acute care settings. Baudax Bio believes it can bring valuable therapeutic options to patients, prescribers and payers, such as its lead product, ANJESO ® In June 2020, Baudax Bio announced the commercial launch of ANJESO, which is indicated for the management of moderate to severe pain, alone or in combination with other non-NSAID analgesics and that the Centers for Medicare and Medicaid Services (“CMS”) approved transitional pass-through status and established a new reimbursement C-code for ANJESO. In October 2020, the J-code for ANJESO facilitating reimbursement in the hospital outpatient, ambulatory surgery center and physician office settings of care took effect and replaced the previously issued C-code. The Company has determined that it operates in a single The Separation Pursuant to the Separation Agreement between Recro Pharma, Inc. (“Recro”) and Baudax Bio, Recro transferred the assets, liabilities, and operations of its Acute Care business to the Company (the “Separation”) and, on November 21, 2019, the distribution date, each Recro shareholder received one share of the Company’s common stock for every two and one-half

Development-Stage Risks and Liq

Development-Stage Risks and Liquidity3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Development-Stage Risks and LiquidityNote 2 :
Development-Stage Risks, Liquidity and Going Concern The Company has incurred operating losses and negative cash flows since inception and has an accumulated deficit of $129,232 as of March 31, 2021. The Company has raised funds from debt and equity transactions and will be required to raise additional funds to continue to operate as a standalone entity. The Company’s ability to generate cash inflows is highly dependent on the commercialization of ANJESO, which is in its early launch stage. In addition, development activities, clinical and pre-clinical testing and, if approved, commercialization of the Company’s other product candidates, will require significant additional funding. The Company could delay clinical trial activity or reduce funding of specific programs in order to reduce cash needs. Insufficient funds may cause the Company to delay, reduce the scope of or eliminate one or more of its development, commercialization, or expansion activities. The Company may raise such funds, if available, through debt financings, bank or other loans, through strategic research and development, licensing (including out-licensing) and/or marketing arrangements or through public or private sales of equity or debt securities from time to time. Financing may not be available on acceptable terms, or at all, and failure to raise capital when needed could materially adversely impact the Company’s growth plans and its financial condition or results of operations. Additional debt or equity financing, if available, may be dilutive to holders of the Company’s common stock and may involve significant cash payment obligations and covenants that restrict the Company’s ability to operate its business. The Company follows the provisions of Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”), Topic 205-40, “Presentation of Financial Statements — Going Concern”

Summary of Significant Accounti

Summary of Significant Accounting Principles3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PrinciplesNote 3 :
Summary of Significant Accounting Principles
(a)
Basis of Presentation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and notes required by U.S. GAAP for complete annual financial statements. In the opinion of management, the accompanying consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s results for the interim periods. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. The accompanying unaudited interim
(b)
Use of Estimates The preparation of financial statements and the notes to the financial statements in conformity with U.S. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates.
(c)
Cash and Cash Equivalents Cash and cash equivalents represents cash in banks and highly liquid short-term investments that have maturities of three months or less when acquired. These highly liquid short-term investments are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value because of the changes in interest rates.
(d)
Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows: three to seven years for furniture and office equipment; six to ten years for manufacturing equipment; and the shorter of the remaining lease term or useful life for leasehold improvements. Repairs and maintenance costs are expensed as incurred.
( e )
Goodwill and Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a one-step method for determining impairment. The one-step quantitative test calculates the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company has one reporting unit. As of March 31, 2021, the Company’s intangible asset is classified as an asset resulting from R&D activities. The Company determined the useful life of its asset resulting from R&D activities to be approximately 10 years, which is based on the remaining patent life and is being amortized on a straight-line basis. The Company is required to review the carrying value of assets resulting from R&D activities for recoverability whenever events occur or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The Company performs its annual goodwill impairment test as of November 30 th
( f )
Revenue Recognition Subsequent to regulatory approval for ANJESO from the FDA, the Company began selling ANJESO in the U.S. through a single third-party logistics provider (“3PL”), which takes title to and control of the goods. The Company recognizes revenue from ANJESO product sales at the point the title to the product is transferred to the customer and the customer obtains control of the product. The transaction price that is recognized as revenue for products includes an estimate of variable consideration for reserves, which result from discounts, returns, chargebacks, rebates, and other allowances that are offered within contracts between the Company and end-customers, wholesalers, group purchasing organizations and other indirect customers. The Company’s payment terms are generally between thirty to ninety days. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available. These reserves reflect the Company’s best estimate of the amount of consideration to which the Company is entitled based on the terms of the contracts. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that is considered probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known.
( g )
Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. The Company manages its cash, cash equivalents and short-term investments based on established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company’s accounts receivable balance is compromised solely from transactions with the Company’s 3PL.
( h )
Research and Development Research and development costs for the Company’s proprietary products/product candidates are charged to expense as incurred. Research and development expenses consist primarily of funds paid to third parties for the provision of services for pre-commercialization and manufacturing scale-up activities, drug development, pre-clinical activities, clinical trials, statistical analysis, and report writing and regulatory filing fees and compliance costs. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expenses relating to these costs. Upfront and milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Costs incurred in obtaining product technology licenses are charged to research and development expense as acquired in-process research and development (“IPR&D”) if the technology licensed has not reached technological feasibility and has no alternative future use.
( i )
Stock-Based Awards Baudax Awards Share-based compensation included in the consolidated financial statements following the Separation is based upon the Baudax Bio, Inc. 2019 Equity Incentive Plan (the “2019 Plan”). The plan includes grants of stock options, time-based vesting restricted stock units (“RSUs”) and performance-based RSUs. The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. The Company accounts for forfeitures as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and/or management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses an average of its peer group’s volatility in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Recro Awards The Recro Pharma, Inc. 2018 Amended and Restated Equity Incentive Plan (the “Recro Equity Plan”) includes grants of stock options, time-based vesting RSUs and performance-based vesting RSUs granted to the Company’s employees prior to the Separation. The consolidated Recro measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. Forfeitures are accounted for as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. Recro uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The expected life of stock options was estimated using the “simplified method,” as Recro has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, Recro uses the historical volatility of its publicly traded stock in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option.
( j )
Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is recorded to the extent it is more likely than not that some portion or all of the deferred tax assets will not be realized. Because of the Company’s history of losses as a standalone entity, a full valuation allowance is recorded against deferred tax assets in all periods presented. Unrecognized income tax benefits represent income tax positions taken on income tax returns that have not been recognized in the consolidated financial statements. The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit is recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company does not anticipate significant changes in the amount of unrecognized income tax benefits over the next year.
( k )
Net Loss Per Common Share Basic net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted average common shares outstanding during the period. Outstanding warrants, common stock options and unvested restricted stock units have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. For purposes of calculating basic and diluted loss per common share, the denominator includes the weighted average common shares outstanding, the weighted average common stock equivalents for warrants priced at par value, or $0.01, as the underlying common shares will be issued for little cash consideration and the conditions for the issuance of the underlying common shares are met when such warrants are issued, and, with regard to diluted loss per common share, the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. The following table sets forth the computation of basic and diluted loss per share:
Three Months Ended March 31,
2021
2020
Basic and Diluted Loss Per Share
Net loss
$
(16,912
)
$
(40,298
)
Weighted average common shares outstanding, basic and diluted
62,584,129
10,001,228
Net loss per share of common stock, basic and diluted
$
(0.27
)
$
(4.03
) The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive:
Three Months Ended March 31,
2021
2020
Options and restricted stock units outstanding
4,314,310
2,320,480
Warrants
22,862,636
15,384,616
Amounts in the table above reflect the common stock equivalents of the noted instruments.
( l )
Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” or ASU 2020-06. ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for such exception. ASU 2020-06 also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and early adoption is permitted in annual reporting periods ending after December 15, 2020. The Company is currently assessing the impact of adopting this standard.

Fair Value of Financial Instrum

Fair Value of Financial Instruments3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial InstrumentsNote 4 :
Fair Value of Financial Instruments The Company follows the provisions of FASB ASC Topic 820, “ Fair Value Measurements and Disclosures

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs that are other than quoted prices in active markets for identical assets and liabilities, inputs that are quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are either directly or indirectly observable; and

Level 3: Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company has classified assets and liabilities measured at fair value on a recurring basis as follows:
Fair value measurements at reporting date using
Quoted prices in active markets for identical assets (Level 1)
Significant other observable inputs (Level 2)
Significant unobservable inputs (Level 3)
At March 31, 2021:
Assets:
Cash equivalents (See Note 5)
Money market mutual funds
$
12,794
$

$

Commercial paper

15,221

Total cash equivalents
$
12,794
$
15,221
$

Short-term investments (See Note 5)
Commercial paper

7,495

Total financial assets
$
12,794
$
22,716
$

Liabilities:
Warrants (See Note 13(c))
$

$

$
83
Contingent consideration (See Note 12(b))


60,455
$

$

$
60,538
At December 31, 2020:
Assets:
Cash equivalents (See Note 5)
Money market mutual funds
$
24,210
$

$

Commercial paper

4,500

Total cash equivalents
$
24,210
$
4,500
$

Liabilities:
Warrants (See Note 13(c))
$

$

$
65
Contingent consideration (See Note 12(b))


65,043
$

$

$
65,108
The reconciliation of the warrant liability and contingent consideration measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:
Warrants
Contingent Consideration
Balance at December 31, 2019
$

$
66,358
Additions
8,111

Exercise of warrants
(2,922
)

Payment of contingent consideration

(3,560
)
Remeasurement
16,734
2,245
Reclassification to equity upon warrant exchange
(21,858
)

Balance at December 31, 2020
$
65
$
65,043
Payment of contingent consideration

(6,429
)
Remeasurement
18
1,841
Total at March 31, 2021
$
83
$
60,455
Current portion as of March 31, 2021
$

$
7,107
Long-term portion as of March 31, 2021
83
53,348
See Note 13(c) for the significant assumptions and inputs used to determine the fair value of liability classified warrants. Based on the amended terms of the Alkermes agreement (see Note 12(b)), the remaining contingent consideration payments include the second components, which became payable upon regulatory approval, and includes remaining payments of $1,440 due on or prior to June 20, 2021 and $45,000 payable in seven equal annual payments of approximately $6,400 beginning in February 2021, the first anniversary of such approval. The third component consists of three potential payments, based on the achievement of specified annual revenue targets, the last of which represents over 60% of these milestone payments and currently does not have a fair value assigned to its achievement. The fourth component consists of a royalty payment between 10% and 12% (subject to a 30% reduction when no longer covered by patent) for a defined term on future injectable meloxicam net sales. The fair value of the remaining second consideration component is estimated by applying a risk-adjusted discount rate to the scheduled remaining payments. The fair value of the third contingent consideration component is estimated using the Monte Carlo simulation method and applying a risk-adjusted discount rate to the potential payments resulting from probability-weighted revenue projections based upon the expected revenue target attainment dates. The fair value of the fourth contingent consideration component is estimated by applying a risk-adjusted discount rate to the potential payments resulting from probability-weighted revenue projections and the defined royalty percentage. As of March 31, 2021 The fair value of the contingent consideration liability is measured using inputs and assumptions as of the date of the financial statements. The current portion of the contingent consideration represents the estimated probability-adjusted fair value that is expected to become payable within one year as of March 31, 2021. Events and circumstances impacting the fair value of the liability that occur after the balance sheet date, but before the date that the financial statements are available to be issued, are adjusted in the period during which such events and circumstances occur. These fair values are based on significant inputs not observable in the market, which are referred to in the guidance as Level 3 inputs. The contingent consideration components are classified as liabilities and are subject to the recognition of subsequent changes in fair value through the results of operations. The Company follows the disclosure provisions of FASB ASC Topic 825, “ Financial Instruments

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments3 Months Ended
Mar. 31, 2021
Cash Cash Equivalents And Short Term Investments [Abstract]
Cash Equivalents and Short-Term InvestmentsNote 5 :
Cash Equivalents and Short-Term Investments Short-term investments as of March 31, 2021 consist of government money market funds and commercial paper. A portion of short-term investments is included in cash and cash equivalents due to its original maturity of three months or less when acquired. In accordance with FASB ASC Topic 320, “ Investments – Debt and Equity Securities
March 31, 2021
Amortized
Gross Unrealized
Estimated
Description
Cost
Gain
Loss
Fair Value
Money market mutual funds
$
12,794
$

$

$
12,794
Commercial paper
22,716


22,716
Total cash equivalents
$
35,510
$

$

$
35,510
December 31, 2020
Amortized
Gross Unrealized
Estimated
Description
Cost
Gain
Loss
Fair Value
Money market mutual funds
$
24,210
$

$

$
24,210
Commercial paper
4,500


4,500
Total cash equivalents
$
28,710
$

$

$
28,710
Short-term investments are included in cash and cash equivalents when their original maturities are three months or less when acquired. As of March 31, 2021 and December 31, 2020, the Company’s cash equivalents had maturities of one to three months. To derive the fair value of its commercial paper, the Company uses benchmark inputs and industry standard analytical models.

Inventory

Inventory3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
InventoryNote 6 :
Inventory Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company expensed costs related to inventory within the Research and development line in the Consolidated Statements of Operations until it received approval from the FDA to market a product, at which time the Company commenced capitalization of costs relating to that product. Adjustments to inventory are determined at the raw material, sub-assemblies and finished goods levels to reflect obsolescence or impaired balances. Inventory was as follows:
March 31, 2021
December 31, 2020
Raw materials
$
68
$
130
Sub-assemblies
2,482
2,476
Finished goods
788
928
3,338
3,534
Provision for inventory obsolescence
(565
)
(556
)
$
2,773
$
2,978

Property, Plant and Equipment

Property, Plant and Equipment3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property, Plant and EquipmentNote 7 :
Property, Plant and Equipment Property, plant and equipment consists of the following:
March 31, 2021
December 31, 2020
Building and improvements
$
196
$
196
Furniture, office and computer equipment
934
934
Manufacturing and laboratory equipment
717
717
Construction in progress
4,526
4,453
6,373
6,300
Less: accumulated depreciation
1,334
1,248
Property, plant and equipment, net
$
5,039
$
5,052
Depreciation expense for the three months ended March 31, 2021 and 2020 was $86 and $105, respectively.

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesNote 8 :
Leases The Co mpany is a party to various operating leases in Malvern, Pennsylvania, and Dublin, Ireland for office space and office equipment. Right-of-use assets are recorded on the Consolidated Balance Sheet in other long-term assets. Operating lease liabilities are recorded on the Consolidated Balance Sheet in accrued expenses and other current liabilities and other long-term liabilities, based on the timing of expected cash payments. The Company determines if an arrangement is a lease at inception. The arrangement is a lease if it conveys the right to the Company to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Lease terms vary based on the nature of operations. The current leased facility recorded on the Consolidated Balance Sheet is classified as an operating lease with a remaining lease term of 2 years. Most leases contain specific renewal options where notice to renew must be provided in advance of lease expiration or automatic renewals where no advance notice is required. Periods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain. Costs determined to be variable and not based on an index or rate were not included in the measurement of operating lease liabilities. As most leases do not provide an implicit rate, the Company's effective interest rate was used to discount its lease liabilities. The Company’s leases with an initial term of 12 months or less that do not have a purchase option or extension that is reasonably certain to be exercised are not included in the right of use asset or lease liability on the Consolidated Balance Sheets. Lease expense is recognized on a straight-line basis over the lease term . As of March 31, 2021, undiscounted future lease payments for non-cancellable operating leases are as follows:
Lease payments
Remainder of 2021
$
272
2022
373
Total lease payments
645
Less imputed interest
(86
)
Total operating lease liability
$
559
As of March 31, 2021, the weighted average remaining lease term was 2 years and the weighted average discount rate was 16%. The components of the Company’s lease cost were as follows:
Three Months Ended March 31,
2021
2020
Operating lease cost
$
89
$
122
Short-term lease cost
39
-
Total lease cost
$
128
$
122

Intangible Assets

Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible AssetsNote 9 :
Intangible Assets The following represents the balance of the intangible assets at March 31, 2021:
Cost
Accumulated Amortization
Net Intangible Assets
Asset resulting from R&D activities
$
26,400
$
2,790
$
23,610
Total
$
26,400
$
2,790
$
23,610
Amortization expense for the three months ended March 31, 2021 and 2020 was $644 and $215, respectively. As of March 31, 2021
Amortization
Remainder of 2021
$
1,932
2022
2,576
2023
2,576
2024
2,576
2025 and thereafter
13,950
Total
$
23,610

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities3 Months Ended
Mar. 31, 2021
Payables And Accruals [Abstract]
Accrued Expenses and Other Current LiabilitiesNote 10: Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following:
March 31,
December 31,
2021
2020
Payroll and related costs
$
2,007
$
3,177
Professional and consulting fees
884
802
Guarantee liability
772
422
Other research and development costs
258
243
Interest payable
130
126
Stock-based compensation
111

Other
518
556
$
4,680
$
5,326
In November 2020, the Company implemented a reduction in force impacting approximately 40 employees and resulted in a charge of $1,753, primarily related to severance, of which $359 remains accrued and unpaid as of March 31, 2021.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtNote 11: Debt The following table summarizes the components of the carrying value of debt as of March 31, 2021:
Paycheck Protection Program Loan
$
1,537
Credit Agreement
10,000
Unamortized deferred issuance costs
(2,216
)
Exit fee accretion
60
Total debt
$
9,381
Current portion as of March 31, 2021
$
1,196
Long-term portion, net as of March 31, 2021
8,185
(a)
Paycheck Protection Program Loan On April 13, 2020, the Company applied to PNC Bank, National Association (the “Lender”) under the Small Business Administration (the “SBA”) Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) for a loan of $1,537 (the “Loan”). On May 8, 2020, the Company entered into a promissory note with respect to the Loan in favor of the Lender (the “PPP Loan”). The PPP Loan has a two-year The PPP Loan may be partially or fully forgiven if the Company complies with the provisions of the CARES Act and related guidance including using the PPP Loan proceeds for covered payroll costs, rent, utilities, and certain other expenses, and using at least 60% of the PPP Loan proceeds to pay covered payroll costs as defined by the CARES Act. Any forgiveness of the PPP Loan will be subject to approval by the SBA and the Lender will require the Company to apply for such treatment in the future. According to the terms of the Credit Agreement, as defined below, if any amount less than $1,100 is not forgiven, the Company will be required to promptly repay the unforgiven amount of the PPP Loan that is less than $1,100.
(b)
Credit Agreement On May 29, 2020 (the “Credit Agreement Closing Date”), the Company entered into a $50,000 Credit Agreement (the “Credit Agreement”) by and among the Company, Wilmington Trust, National Association, in its capacity as the agent (“Agent”), and MAM Eagle Lender, LLC, as the lender (together with any other lenders under the Credit Agreement from time to time, collectively, the “Lenders”). The Credit Agreement provides for a term loan in the original principal amount of $10,000 (the “Tranche One Loans”) funded on the Credit Agreement Closing Date. Pursuant to the terms of the Credit Agreement, there are four additional tranches of term loans, in an aggregate original principal amount of $40,000 (the “Tranche Two Loans”, “Tranche Three Loans”, “Tranche Four Loans” and the “Tranche Five Loans”, and collectively with the Tranche One Loans, the “Term Loans” and each a “Term Loan”). The Tranche Two Loans in an amount not to exceed $5,000 may be drawn upon on or before August 29, 2021 provided that the Company generates at least $5,000 in net revenue in the three consecutive calendar months immediately preceding the date such Tranche Two Loans are funded. The Tranche Two Loans may also be drawn on a subsequent date with the satisfaction of the conditions for the Tranche Three Loans, Tranche Four Loans, or Tranche Five Loans, as applicable, provided that the Tranche Two Loans may not be drawn more than once. The Tranche Three Loans in an amount not to exceed $5,000 may be drawn upon on or before November 29, 2021 provided that the Company generates at least $10,000 in net revenue in the three consecutive calendar months immediately preceding such date such Tranche Three Loans are funded. The Tranche Three Loans may also be drawn on a subsequent date with the satisfaction of the conditions for the Tranche Four Loans or Tranche Five Loans, as applicable, provided that the Tranche Three Loans may not be drawn more than once. The Tranche Four Loans in an amount not to exceed $10,000 may be drawn upon, subject to the consent of the Lenders, on or before August 29, 2022 provided that the Company generates at least $20,000 in net revenue in the three consecutive calendar months immediately preceding the date such Tranche Four Loans are funded. The Tranche Four Loans may also be drawn on a subsequent date with the satisfaction of the conditions for the Tranche Five Loans provided that the Tranche Four Loans may not be drawn more than once. The Tranche Five Loans in an amount not to exceed $20,000 may be drawn upon, subject to the consent of the Lenders, on or before March 1, 2023 provided that the Company generates at least $100,000 in net revenue in the twelve consecutive calendar months immediately preceding the date such Tranche Five Loans are funded. The Term Loans will bear interest at a per annum rate equal to 13.5%, with monthly, interest-only payments until the date that is three years prior to the Maturity Date (as defined below) (the “Amortization Date”). The maturity date of the Credit Agreement is May 29, 2025, but may be extended to May 29, 2026 provided that the EBITDA (as defined in the Credit Agreement) for the consecutive twelve-month period ending on or immediately prior to May 29, 2022 is greater than $10,000 (such date, “Maturity Date”). Beginning on the Amortization Date, the Company will be obligated to pay amortization payments (in addition to the interest stated above) on such date and each month thereafter in equal month installments of principal based on an amortization schedule of thirty-six months. Any unpaid principal amount of the Term Loans is due and payable on the Maturity Date. Subject to certain exceptions, the Company is required to make mandatory prepayments of the Term Loans, with the proceeds of asset sales, extraordinary receipts, debt issuances and specified other events. The Company may make voluntary prepayments in whole or in part, subject to a prepayment premium equal to (i) with respect to any prepayment paid on or prior to the third anniversary of the Tranche One Loan (or, in the case of each of the Tranche Two Loans, Tranche Three Loans, Tranche Four Loans or Tranche Five Loans, the third anniversary of the date each such loan is funded), the remaining scheduled payments of interest that would have accrued on the Term Loans being prepaid, repaid or accelerated, but that remained unpaid, in no event to be less than 5.0% of the principal amount of the Term Loan being prepaid, and (ii) with respect to any prepayment paid after the third but prior to the fourth anniversary of the Tranche One Loan (or, in the case of each of the Tranche Two Loans, Tranche Three Loans, Tranche Four Loans or Tranche Five Loans, the fourth anniversary of the date each such loan is funded), 3.0% of the principal amount of the Term Loan being prepaid. In addition, an exit fee will be due and payable upon prepayment or repayment of the Term Loans (including, without limitation, on the Maturity Date) equal to the lesser of 2.5% of the sum of the aggregate principal amount of the Term Loans advanced or approved to be advanced by the Lenders and $700; provided that such exit fee will be equal to $700 if fee is paid in conjunction with a change of control that occurs in connection with the payoff or within 6 months thereof. As of March 31, 2021, the Company will have to pay a 2.5% exit fee, which is $250 at the current outstanding loan balance and is being accreted to the carrying amount of the debt using the effective interest method over the term of the loan. The Credit Agreement contains certain usual and customary affirmative and negative covenants, as well as financial covenants including a minimum liquidity requirement of $5,000 at all times and minimum EBITDA levels that the Company may need to satisfy on a quarterly basis beginning in September 2021, subject to borrowing levels. As of March 31, 2021, the Company was in compliance with the required covenants. As of March 31, 2021, borrowings under the Credit Agreement are classified based on their schedule maturities. As a result of the liquidity conditions discussed in Note 2, the Company is not expected to be able to maintain its minimum liquidity covenant over the next twelve months without additional capital financing. If the Company is unable to maintain its minimum liquidity covenant, it is reasonably possible that the Lenders could demand repayment of the borrowings under the Credit Agreement during the next twelve months. In connection with the Credit Agreement, the Company issued a warrant to MAM Eagle Lender, LLC to purchase 527,100 shares of the Company’s common stock, at an exercise price equal to $4.59 per share. See Note 13(c) for additional information. The warrant is exercisable through May 29, 2027. The Company recorded debt issuance costs for the Credit Agreement of $1,496 plus the fair value of warrants of $1,423, which are being amortized using the effective interest method over the term of Credit Agreement. Debt issuance cost amortization is included in interest expense within the Consolidated

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 12: Commitments and Contingencies
(a)
Licenses and Supply Agreements The Company is party to an exclusive license with Orion for the development and commercialization of Dexmedetomidine for use in the treatment of pain in humans in any dosage form for transdermal, transmucosal (including sublingual and intranasal), topical, enteral or pulmonary (inhalational) delivery, but specifically excluding delivery vehicles for administration by injection or infusion, worldwide, except for Europe, Turkey and the CIS (currently includes Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan), referred to herein as the Territory. The Company is required to pay Orion lump sum payments of up to €20,500 ($24,039 as of March 31, 2021) on the achievement of certain developmental and commercial milestones, as well as a royalty on net sales during the term, which varies from 10% to 20% depending on annual sales levels. Through March 31, 2021, no such milestones have been achieved. The Company is also party to an exclusive license agreement with Orion for the development and commercialization of Fadolmidine for use as a human therapeutic, in any dosage form in the Territory. The Company is required to pay Orion lump sum payments of up to €12,200 ($14,308 as of March 31, 2021) on achievement of certain developmental and commercial milestones, as well as a royalty on net sales during the term, which varies from 10% to 15% depending on annual sales levels. Through March 31, 2021, no such milestones have been achieved. In June 2017, the Company acquired the exclusive global rights to two novel neuromuscular blocking agents (“NMBAs”) and a proprietary reversal agent from Cornell University (“Cornell”). The NMBAs and reversal agent are referred to herein as the NMBA Related Compounds. The NMBA Related Compounds include one novel intermediate-acting NMBA that has initiated Phase I clinical trials and two other agents, a novel short-acting NMBA, and a rapid-acting reversal agent specific to these NMBAs . The Company is party to a Development, Manufacturing and Supply Agreement (“Supply Agreement”), with Alkermes plc (“Alkermes”) (through a subsidiary of Alkermes), pursuant to which Alkermes will (i) provide clinical and commercial bulk supplies of ANJESO formulation and (ii) provide development services with respect to the Chemistry, Manufacturing and Controls section of a New Drug Application (“NDA”) for ANJESO. Pursuant to the Supply Agreement, Alkermes will supply the Company with such quantities of bulk ANJESO formulation as shall be reasonably required for the completion of clinical trials of ANJESO. During the term of the Supply Agreement, the Company will purchase its clinical and commercial supplies of bulk ANJESO formulation exclusively from Alkermes, subject to certain exceptions, for a period of time. The Company is party to a Master Manufacturing Services Agreement and Product Agreement with Patheon, collectively the Patheon Agreements, pursuant to which Patheon provides sterile fill-finish of injectable meloxicam drug product at its Monza, Italy manufacturing site. The Company has agreed to purchase a certain percentage of its annual requirements of finished injectable meloxicam from Patheon during the term of the Patheon Agreements.
(b)
Contingent Consideration for the Alkermes Transaction On April 10, 2015, Recro completed the acquisition of a manufacturing facility in Gainesville, Georgia and the licensing and commercialization rights to injectable meloxicam (the “Alkermes Transaction”). Pursuant to the purchase and sale agreement and subsequent amendment with Alkermes, as amended, governing the Alkermes Transaction, the Company agreed to pay to Alkermes up to an additional upon regulatory approval payable over a seven-year Based on the amended terms of the Alkermes agreement, the contingent consideration consists of four separate components. The first component is (i) a $5,000 payment made in the first quarter of 2019 and (ii) a $5,000 payment made in the second quarter of 2019. The second components became payable upon regulatory approval in February 2020 and include (i) a $5,000 payment due within 180 days following regulatory approval for ANJESO, of which timing of payment was amended as noted below, and (ii) $45,000 payable in seven equal annual payments of approximately $6,400 beginning on the first anniversary of such approval, of which the first payment was made in the first quarter of 2021. The third component consists of three potential payments, based on the achievement of specified annual revenue targets, the last of which represents over 60% of these milestone payments and currently does not have a fair value assigned to its achievement. The fourth component consists of a royalty payment between 10% and 12% (subject to a 30% reduction when no longer covered by patent) for a defined term on future injectable meloxicam net sales. In August 2020, the Company entered into an Amendment to the Purchase and Sale Agreement that restructured the timing of payment of the $5,000 milestone development earn-out consideration due to Alkermes as a result of achievement of approval of the NDA for ANJESO to be paid in three installments of (i) $2,500 paid August 18, 2020; (ii) $1,060 paid on December 20, 2020; and (iii) $1,440 on or prior to June 20, 2021. In consideration of amending the timing of this development milestone earn-out payment, the Company paid Alkermes a one-time, non-refundable and non-creditable fee of $285 at the time of entering into the Amendment to the Purchase and Sale Agreement. As of March 31, 2021, the Company has paid $19,989 in milestone payments to Alkermes.
(c)
Litigation The Company is involved, from time to time, in various claims and legal proceedings arising in the ordinary course of its business. Except as disclosed below, the Company is not currently a party to any such claims or proceedings that, if decided adversely to it, would either individually or in the aggregate have a material adverse effect on its business, financial condition or results of operations. On May 31, 2018, a securities class action lawsuit ( the “ Securities Litigation ”) was filed against Recro and certain of Recro’s officers and directors in the U.S. District Court for the Eastern District of Pennsylvania (Case No. 2:18-cv-02279-MMB) that purported to state a claim for alleged violations of Section 10(b) and 20(a) of the Exchange Act and Rule 10(b)(5) promulgated thereunder, based on statements made by Recro concerning the NDA for ANJESO . The complaint seeks unspecified damages, interest, attorneys’ fees, and other costs. On December 10, 2018, the lead plaintiff filed an amended complaint that asserted the same claims and sought the same relief but included new allegations and named additional officers as defendants. On February 8, 2019, Recro filed a motion to dismiss the amended complaint in its entirety, which the lead plaintiff opposed on April 9, 2019. On May 9, 2019, Recro filed its response and briefing was completed on the motion to dismiss. In response to questions from the Judge, the parties submitted supplemental briefs with regard to the motion to dismiss the amended complaint during the fall of 2019. On February 18, 2020, the motion to dismiss was granted without prejudice . On April 25, 2020, the plaintiff filed a second amended complaint. Recro file d a motion to dismiss the second amended complaint on June 18, 2020 . The plaintiff file d an opposition to the motion to dismiss on August 17, 2020 . On September 16, 2020, Recro filed a reply in support of the motion to dismiss. On March 1, 2021, Recro’s second motion to dismiss was denied. The parties are engaged in discussions to see if the matter can be resolved, and all deadlines in the case have been continued until June 21, 2021. In connection with the Separation, the Company accepted assignment by Recro of all of Recro ’ s obligations in connection with the Securities Litigation and agreed to indemnify Recro for all liabilities related to the Securities Litigation. Recro and t he Company has recorded a liability equal to the estimated fair value of the indemnification to Recro related to this Securities Litigation. The Company believe that the lawsuit is without merit and intend s to vigorously defend against it , unless and until a resolution satisfactory to Recro and the Company can be achieved . A t this time, no assessment can be made as to its likely outcome or whether the outcome will be material to the Company.
( d )
Purchase Commitments As of March 31, 2021, the Company had outstanding non-cancelable and cancelable purchase commitments in the aggregate amount of $6,680 related to inventory and other goods and services, including manufacturing and clinical activities. The timing of certain purchase commitments cannot be estimated as it is dependent on the outcome of other strategic evaluations and agreements.
( e )
Certain Compensation and Employment Agreements The Company has entered into employment agreements with certain of its named executive officers. As of March 31, 2021, these employment agreements provided for, among other things, annual base salaries in an aggregate amount of not less than $1,317, from that date through September 2022

Capital Structure

Capital Structure3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Capital StructureNote 13: Capital Structure
(a)
Common Stock On November 21, 2019, the Company separated from Recro as a result of a special dividend distribution of all the outstanding shares of its common stock to Recro shareholders. On the distribution date, each Recro shareholder received one share of Baudax Bio’s common stock for every two and one-half The Company is authorized to issue 100,000,000 shares of common stock, with a par value of $0.01 per share. On February 13, 2020, the Company entered into a Sales Agreement (the “Sales Agreement”) with JMP Securities LLC, as sales agent (the “Agent”), pursuant to which the Company may, from time to time, issue and sell shares of its common stock, par value $0.01 per share, in an aggregate offering price of up to $25,000 through the Agent. As of March 31, 2021, 441,967 shares of common stock have been sold under the Sales Agreement for net proceeds of $3,612, none of which were sold in the three months ended March 31, 2021. The Agent was paid a sales commission of 3% for such sales under the Sales Agreement. On March 26, 2020, the Company closed an underwritten public offering of 7,692,308 shares of its common stock, Series A Warrants to purchase 7,692,308 shares of common stock (the “March Series A Warrants”) and Series B Warrants to purchase 7,692,308 shares of common stock (the “March Series B Warrants”), at an exercise price of $4.59 per share for the March Series A Warrants and at an exercise price of $3.25 per share for the March Series B Warrants, for net proceeds to the Company of On November 24, 2020, the Company closed a registered direct offering of 2,850,000 shares of its common stock, warrants to purchase 10,126,583 shares of common stock (the “November Series A Warrants”) at an exercise price of $1.20 per share, pre-funded warrants to purchase 7,276,583 shares of common stock (the “November Series B Warrants”) at an exercise price of $0.01 per share, for net proceeds to the Company of $10,763. As compensation to H.C. Wainwright & Co., LLC (the “Placement Agent”) as placement agent, the Company agreed to pay to the Placement Agent a cash fee of 6.0% of the aggregate gross proceeds, plus a management fee equal to 1.0% of the gross proceeds and reimbursement of certain expenses and legal fees. The Company also issued warrants to purchase 607,595 shares of common stock (the “November Placement Agent Warrants”) at an exercise price of $1.48125 per share. On December 18, 2020, the Company closed a registered direct offering of 4,250,000 shares of its common stock, warrants to purchase 10,300,430 shares of common stock (the “December Series A Warrants”) at an exercise price of $1.18 per share, pre-funded warrants to purchase 6,050,430 shares of common stock (the “December Series B Warrants”) at an exercise price of $0.01 per share, for net proceeds to the Company of $10,933. As compensation to the Placement Agent, the Company agreed to pay to the Placement Agent a cash fee of 6.0% of the aggregate gross proceeds, plus a management fee equal to 1.0% of the gross proceeds and reimbursement of certain expenses and legal fees. The Company also issued warrants to purchase 618,026 shares of common stock (the “December Placement Agent Warrants”) at an exercise price of $1.45625 per share. On February 8, 2021, the Company closed a registered direct offering of 11,000,000 shares of common stock (the “February Offering”) at an offering price of $1.60 per share. As compensation to the Placement Agent, the Company agreed to pay the Placement Agent a cash fee of 6.0% of the gross proceeds raised in the February Offering, plus a management fee equal to 1.0% of the gross proceeds raised in the February Offering and reimbursement of certain expenses and legal fees. The Company also issued to designees of the Placement Agent warrants to purchase 660,000 shares of common stock (the “February Placement Agent Warrants”) at an exercise price of $2.00 per share. The February Placement Agent Warrants will be exercisable immediately upon approval by the Company’s board of directors and shareholders of an increase in the number of shares of the Company’s authorized common stock.
(b)
Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, with a par value of $0.01 per share. As of March 31, 2021, no preferred stock was issued or outstanding.
(c)
Warrants On May 29, 2020, in connection with the Credit Agreement, the Company issued a warrant to MAM Eagle Lender, LLC to purchase 527,100 shares of common stock, at an exercise price equal to $4.59 per share (see Note 11(b)). On October 19, 2020, the Company entered into Warrant Exchange Agreements (each, an “Exchange Agreement”) with certain holders (each, a “Holder”) of the Company’s outstanding March Series A Warrants and March Series B Warrants. Pursuant to the Exchange Agreements, the Holders, at their election, agreed to a cashless exchange of either all of their March Series A Warrants or March Series B Warrants, in each case for 0.2 shares of the Company’s common stock per warrant (rounded up to the nearest whole share) (the “Exchange”). The Company issued 1,186,774 shares of its common stock to the participating Holders as a result of the Exchange. As a result of the Exchange, pursuant to certain price adjustment provisions in the warrants, the exercise price of each of the March Series A Warrants or March Series B Warrants (including warrants held by holders not participating in the Exchange) that were not exchanged were adjusted to par value, or $0.01, for each share of common stock underlying such warrant. Pursuant to the Exchange Agreements, any outstanding warrant held by a Holder participating in the Exchange (i) was amended to remove certain anti-dilution and variable pricing protections and (ii) in the case of March Series A Warrants not exchanged by a participating Holder, was amended to adjust the expiration date of such March Series A Warrants to April 26, 2021 (which is the expiration date of the March Series B Warrants). The March Series A and Series B warrants were liability classified prior to the Exchange because they contained anti-dilution provisions that did not meet the standard definition of anti-dilution provisions. The Company recorded a mark-to-market adjustment to record the March Series A and Series B warrant at their fair values immediately prior to the Exchange and then reclassified the remaining balance of $21,858 to equity as a result of the issuance of shares and the removal of the anti-dilution and variable pricing protections in the Exchange. On January 21, 2021, the Company entered into an agreement with an institutional investor, pursuant to which the Company agreed to issue and sell, in an offering (the “January Offering”), warrants exercisable for an aggregate of 10,300,430 shares of common stock of the Company (the “January Warrants”) at an offering price of $0.125 per warrant in exchange for the exercise of the institutional investor’s existing December Series A warrants that were issued to them on December 21, 2020, at an exercise price of $1.18 per warrant. The January Warrants have an exercise price of $1.60 per share. As compensation to the Placement Agent, as placement agent in connection with the January Offering, the Company agreed to pay to the Placement Agent a cash fee of 6.0% of the aggregate gross proceeds raised in the January Offering (including the proceeds relating to the exercise of the December Series A Warrants), plus a management fee equal to 1.0% of the gross proceeds raised in the January Offering (including the proceeds relating to the exercise of the December Series A Warrants) and reimbursement of certain expenses and legal fees. The Company also issued to designees of the Placement Agent warrants to purchase 618,026 shares of common stock (the “January Placement Agent Warrants”) at an exercise price of $2.00 per share. During the year ended December 31, 2020, the Company issued 8,836,663 shares of common stock upon exercise of the March Series A and Series B Warrants for net proceeds of $2,538. During the year ended December 31, 2020, the Company issued 7,276,583 shares of common stock upon exercise of the November Series B Warrants for proceeds of $73 and 6,050,430 shares of common stock upon exercise of the December Series B Warrants for proceeds of $60. During the three months ended March 31, 2021, the Company issued 111,539 shares of common stock upon exercise of the March Series B Warrants for net proceeds of $1 and 10,300,430 shares of common stock upon exercise of the December Series A Warrants for proceeds of $12,155. As of March 31, 2021, the Company had the following warrants outstanding to purchase shares of the Company’s common stock:
Number of Shares
Exercise Price per Share
Expiration Date
March Series A Warrants (non-participating holders)
32,438
$
0.01
March 26, 2025
March Series B Warrants (non-participating holders)
32,438
$
0.01
April 26, 2021
March Series A and Series B Warrants (participating holders)
437,692
$
0.01
April 26, 2021
MAM Eagle Lender Warrant
527,100
$
4.59
May 29, 2027
November Series A Warrants
10,126,583
$
1.20
November 24, 2025
November Placement Warrants
607,595
$
1.48125
November 24, 2025
December Placement Warrants
618,026
$
1.45625
December 18, 2025
January Warrants
10,300,430
$
1.60
January 21, 2026
January Placement Warrants
618,026
$
2.00
January 21, 2026 With the exception of the March Series A Warrants to purchase 32,438 shares of common stock and March Series B Warrants to purchase 32,438 shares of common stock related to the public offering and held by non-participating investors in the Exchange that are liability classified as they contain antidilution provisions that do not meet the standard definition of antidilution provisions, the remaining warrants outstanding are equity classified. There were 470,130 warrants to purchase shares of common stock that were unexercised at the expiration date and as a result cancelled as of April 26, 2021. The following table summarizes the fair value and the assumptions used for the Black-Scholes option-pricing model for the liability classified warrants.
March 31, 2021
Series A Warrants
Series B Warrants
Fair value
$
42
$
41
Expected dividend yield

%

%
Expected volatility
76.25
%
59.57
%
Risk-free interest rates
.64
%
.01
%
Remaining contractual term
4.0 years
0.1 years

Stock-Based Compensation

Stock-Based Compensation3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based CompensationNote 14: Stock-Based Compensation The Company has adopted the 2019 Plan that allows for the grant of stock options, stock appreciation rights and stock awards for a total of 3,000,000 shares of common stock. On December 1 st st Stock Options: Stock options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years. The weighted average grant-date fair value of the Baudax Bio options awarded to employees during the three months ended March 31, 2021 and 2020 was $0.79 and $1.58, respectively. Under the 2019 Plan, the fair value of the Baudax Bio options was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted average assumptions:
March 31,
2021
2020
Expected option life
5.5 years
6 years
Expected volatility
75.68%
72.85%
Risk-free interest rate
0.68%
0.46%
Expected dividend yield


The following table summarizes Baudax Bio stock option activity during the three months ended March 31, 2021:
Number of shares
Weighted average exercise price
Weighted average remaining contractual life
Balance, December 31, 2020
2,284,298
$
3.10
9.1 years
Granted
994,877
$
1.28
Expired/forfeited/cancelled
(101,852
)
$
1.76
Balance, March 31, 2021
3,177,323
$
2.58
8.6 years
Vested
429,292
$
4.47
5.4 years
Vested and expected to vest
3,177,323
$
2.58
8.6 years Included in the table above are 355,503 stock options outstanding as of March 31, 2021 that were granted outside of the plan. The grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). Restricted Stock Units (RSUs): The following table summarizes Baudax Bio RSUs activity during the three months ended March 31, 2021:
Number of shares
Balance, December 31, 2020
991,012
Granted
265,046
Vested and settled
(87,509
)
Expired/forfeited/cancelled
(31,562
)
Balance, March 31, 2021
1,136,987
Expected to vest
1,136,987
Included in the table above are 191,208 time-based RSUs outstanding as of March 31, 2021 that were granted outside of the plan. The grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). Stock-Based Compensation Expense: Stock-based compensation expense for the three months ended March 31, 2021 and 2020 was $2,304 and $2,633, respectively. For the current year, this represents stock-based compensation for the Baudax Bio awards, including $128 of liability-classified awards, as well as stock-based compensation from the Recro Equity Plan for the acceleration of vesting for Baudax Bio employees in their Recro awards. For the prior year, this represents stock-based compensation from the 2019 Plan as well as stock-based compensation from the Recro Equity Plan for certain Baudax Bio employees who were continuing to vest in their Recro awards but were not performing services to Recro. As of March 31, 2021, there was $5,931 of unrecognized compensation expense related to unvested options and time-based RSUs that are expected to vest and will be expensed over a weighted average period of 2.0 years. As of March 31, 2021, there was $1,783 of unrecognized compensation expense related to unvested performance-based RSUs. The aggregate intrinsic value represents the total amount by which the fair value of the common stock subject to options exceeds the exercise price of the related options. As of March 31, 2021, the aggregate intrinsic value of the unvested options was $196. There was no aggregate intrinsic value of the vested options.

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party TransactionsNote 15: Related Party Transactions A Non-Executive Director of the Company’s Irish subsidiary is a Managing Director and a majority shareholder of HiTech Health Ltd (“HiTech Health”), a consultancy firm for the biotech, pharmaceutical and medical device industry. Since 2016, HiTech Health has provided the Company with certain consulting services and in November 2017 both parties entered into a Service Agreement to engage in both regulatory and supply chain project support and consultancy. In consideration for such services, the Company recorded $17 and $88 for the three months ended March 31, 2021 and 2020, respectively. A portion of the amount relates to consultancy services provided by the Non-Executive Director. Recro became a related party to the Company following the Separation. As part of the Separation, the Company entered into a transition services agreement with Recro, which terminated on December 31, 2020. Under the transition services agreement, the Company provided certain services to Recro, each related to corporate functions, which were charged to Recro. Additionally, Recro may incur expenses that are directly related to the Company after the Separation, which are billed to the Company. For the three months ended March 31, 2020, the Company recorded income of $516 related to the transition services agreement, which is recorded as a reduction in selling, general and administrative expenses in the prior year. In connection with the Separation, Recro and Baudax entered into an Employee Matters Agreement. The Employee Matters Agreement allocates liabilities and responsibilities relating to employee compensation and benefits plans and programs and other related matters in connection with the Distribution including, without limitation, the treatment of outstanding Recro equity awards. In connection with the Separation, Recro and Baudax entered into a Tax Matters Agreement that governs the parties’ respective rights, responsibilities and obligations with respect to taxes, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes for any tax period ending on or before the Distribution date, as well as tax periods beginning after the Distribution date.

Retirement Plan

Retirement Plan3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Retirement PlanNote 16: Retirement Plan The Company has a voluntary 401(k) Savings Plan (the “401(k) Plan”) in which all employees are eligible to participate. The Company’s policy is to match 100% of the employee contributions up to a maximum of 5% of employee compensation. Total Company contributions to the 401(k) plan for the three months ended March 31, 2021 and 2020 were $270 and $141, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation(a)
Basis of Presentation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and notes required by U.S. GAAP for complete annual financial statements. In the opinion of management, the accompanying consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s results for the interim periods. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. The accompanying unaudited interim
Use of Estimates(b)
Use of Estimates The preparation of financial statements and the notes to the financial statements in conformity with U.S. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates.
Cash and Cash Equivalents(c)
Cash and Cash Equivalents Cash and cash equivalents represents cash in banks and highly liquid short-term investments that have maturities of three months or less when acquired. These highly liquid short-term investments are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value because of the changes in interest rates.
Property and Equipment(d)
Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows: three to seven years for furniture and office equipment; six to ten years for manufacturing equipment; and the shorter of the remaining lease term or useful life for leasehold improvements. Repairs and maintenance costs are expensed as incurred.
Goodwill and Intangible Assets( e )
Goodwill and Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a one-step method for determining impairment. The one-step quantitative test calculates the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company has one reporting unit. As of March 31, 2021, the Company’s intangible asset is classified as an asset resulting from R&D activities. The Company determined the useful life of its asset resulting from R&D activities to be approximately 10 years, which is based on the remaining patent life and is being amortized on a straight-line basis. The Company is required to review the carrying value of assets resulting from R&D activities for recoverability whenever events occur or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The Company performs its annual goodwill impairment test as of November 30 th
Revenue Recognition( f )
Revenue Recognition Subsequent to regulatory approval for ANJESO from the FDA, the Company began selling ANJESO in the U.S. through a single third-party logistics provider (“3PL”), which takes title to and control of the goods. The Company recognizes revenue from ANJESO product sales at the point the title to the product is transferred to the customer and the customer obtains control of the product. The transaction price that is recognized as revenue for products includes an estimate of variable consideration for reserves, which result from discounts, returns, chargebacks, rebates, and other allowances that are offered within contracts between the Company and end-customers, wholesalers, group purchasing organizations and other indirect customers. The Company’s payment terms are generally between thirty to ninety days. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available. These reserves reflect the Company’s best estimate of the amount of consideration to which the Company is entitled based on the terms of the contracts. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that is considered probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known.
Concentration of Credit Risk( g )
Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. The Company manages its cash, cash equivalents and short-term investments based on established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company’s accounts receivable balance is compromised solely from transactions with the Company’s 3PL.
Research and Development( h )
Research and Development Research and development costs for the Company’s proprietary products/product candidates are charged to expense as incurred. Research and development expenses consist primarily of funds paid to third parties for the provision of services for pre-commercialization and manufacturing scale-up activities, drug development, pre-clinical activities, clinical trials, statistical analysis, and report writing and regulatory filing fees and compliance costs. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expenses relating to these costs. Upfront and milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Costs incurred in obtaining product technology licenses are charged to research and development expense as acquired in-process research and development (“IPR&D”) if the technology licensed has not reached technological feasibility and has no alternative future use.
Stock-Based Awards( i )
Stock-Based Awards Baudax Awards Share-based compensation included in the consolidated financial statements following the Separation is based upon the Baudax Bio, Inc. 2019 Equity Incentive Plan (the “2019 Plan”). The plan includes grants of stock options, time-based vesting restricted stock units (“RSUs”) and performance-based RSUs. The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. The Company accounts for forfeitures as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and/or management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses an average of its peer group’s volatility in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Recro Awards The Recro Pharma, Inc. 2018 Amended and Restated Equity Incentive Plan (the “Recro Equity Plan”) includes grants of stock options, time-based vesting RSUs and performance-based vesting RSUs granted to the Company’s employees prior to the Separation. The consolidated Recro measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. Forfeitures are accounted for as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. Recro uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The expected life of stock options was estimated using the “simplified method,” as Recro has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, Recro uses the historical volatility of its publicly traded stock in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option.
Income Taxes( j )
Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is recorded to the extent it is more likely than not that some portion or all of the deferred tax assets will not be realized. Because of the Company’s history of losses as a standalone entity, a full valuation allowance is recorded against deferred tax assets in all periods presented. Unrecognized income tax benefits represent income tax positions taken on income tax returns that have not been recognized in the consolidated financial statements. The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit is recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company does not anticipate significant changes in the amount of unrecognized income tax benefits over the next year.
Net Loss Per Common Share( k )
Net Loss Per Common Share Basic net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted average common shares outstanding during the period. Outstanding warrants, common stock options and unvested restricted stock units have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. For purposes of calculating basic and diluted loss per common share, the denominator includes the weighted average common shares outstanding, the weighted average common stock equivalents for warrants priced at par value, or $0.01, as the underlying common shares will be issued for little cash consideration and the conditions for the issuance of the underlying common shares are met when such warrants are issued, and, with regard to diluted loss per common share, the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. The following table sets forth the computation of basic and diluted loss per share:
Three Months Ended March 31,
2021
2020
Basic and Diluted Loss Per Share
Net loss
$
(16,912
)
$
(40,298
)
Weighted average common shares outstanding, basic and diluted
62,584,129
10,001,228
Net loss per share of common stock, basic and diluted
$
(0.27
)
$
(4.03
) The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive:
Three Months Ended March 31,
2021
2020
Options and restricted stock units outstanding
4,314,310
2,320,480
Warrants
22,862,636
15,384,616
Amounts in the table above reflect the common stock equivalents of the noted instruments.
Recent Accounting Pronouncements( l )
Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” or ASU 2020-06. ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for such exception. ASU 2020-06 also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and early adoption is permitted in annual reporting periods ending after December 15, 2020. The Company is currently assessing the impact of adopting this standard.

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Computation of Basic and Diluted Loss Per ShareThe following table sets forth the computation of basic and diluted loss per share:
Three Months Ended March 31,
2021
2020
Basic and Diluted Loss Per Share
Net loss
$
(16,912
)
$
(40,298
)
Weighted average common shares outstanding, basic and diluted
62,584,129
10,001,228
Net loss per share of common stock, basic and diluted
$
(0.27
)
$
(4.03
)
Schedule of Anti-Dilutive SecuritiesThe following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive:
Three Months Ended March 31,
2021
2020
Options and restricted stock units outstanding
4,314,310
2,320,480
Warrants
22,862,636
15,384,616

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Classification of Assets and Liabilities Measured at Fair Value on Recurring BasisThe Company has classified assets and liabilities measured at fair value on a recurring basis as follows:
Fair value measurements at reporting date using
Quoted prices in active markets for identical assets (Level 1)
Significant other observable inputs (Level 2)
Significant unobservable inputs (Level 3)
At March 31, 2021:
Assets:
Cash equivalents (See Note 5)
Money market mutual funds
$
12,794
$

$

Commercial paper

15,221

Total cash equivalents
$
12,794
$
15,221
$

Short-term investments (See Note 5)
Commercial paper

7,495

Total financial assets
$
12,794
$
22,716
$

Liabilities:
Warrants (See Note 13(c))
$

$

$
83
Contingent consideration (See Note 12(b))


60,455
$

$

$
60,538
At December 31, 2020:
Assets:
Cash equivalents (See Note 5)
Money market mutual funds
$
24,210
$

$

Commercial paper

4,500

Total cash equivalents
$
24,210
$
4,500
$

Liabilities:
Warrants (See Note 13(c))
$

$

$
65
Contingent consideration (See Note 12(b))


65,043
$

$

$
65,108
Reconciliation of Warrant Liability and Contingent Consideration Measured at Fair Value on Recurring Basis Using Unobservable InputsThe reconciliation of the warrant liability and contingent consideration measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:
Warrants
Contingent Consideration
Balance at December 31, 2019
$

$
66,358
Additions
8,111

Exercise of warrants
(2,922
)

Payment of contingent consideration

(3,560
)
Remeasurement
16,734
2,245
Reclassification to equity upon warrant exchange
(21,858
)

Balance at December 31, 2020
$
65
$
65,043
Payment of contingent consideration

(6,429
)
Remeasurement
18
1,841
Total at March 31, 2021
$
83
$
60,455
Current portion as of March 31, 2021
$

$
7,107
Long-term portion as of March 31, 2021
83
53,348

Cash Equivalents and Short-Te_2

Cash Equivalents and Short-Term Investments (Tables)3 Months Ended
Mar. 31, 2021
Cash Cash Equivalents And Short Term Investments [Abstract]
Summary of Cash Equivalents and Short-term InvestmentsThe following is a summary of cash equivalents and short-term investments:
March 31, 2021
Amortized
Gross Unrealized
Estimated
Description
Cost
Gain
Loss
Fair Value
Money market mutual funds
$
12,794
$

$

$
12,794
Commercial paper
22,716


22,716
Total cash equivalents
$
35,510
$

$

$
35,510
December 31, 2020
Amortized
Gross Unrealized
Estimated
Description
Cost
Gain
Loss
Fair Value
Money market mutual funds
$
24,210
$

$

$
24,210
Commercial paper
4,500


4,500
Total cash equivalents
$
28,710
$

$

$
28,710

Inventory (Tables)

Inventory (Tables)3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of InventoryInventory was as follows:
March 31, 2021
December 31, 2020
Raw materials
$
68
$
130
Sub-assemblies
2,482
2,476
Finished goods
788
928
3,338
3,534
Provision for inventory obsolescence
(565
)
(556
)
$
2,773
$
2,978

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and EquipmentProperty, plant and equipment consists of the following:
March 31, 2021
December 31, 2020
Building and improvements
$
196
$
196
Furniture, office and computer equipment
934
934
Manufacturing and laboratory equipment
717
717
Construction in progress
4,526
4,453
6,373
6,300
Less: accumulated depreciation
1,334
1,248
Property, plant and equipment, net
$
5,039
$
5,052

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating LeasesAs of March 31, 2021, undiscounted future lease payments for non-cancellable operating leases are as follows:
Lease payments
Remainder of 2021
$
272
2022
373
Total lease payments
645
Less imputed interest
(86
)
Total operating lease liability
$
559
Schedule of Components Least CostThe components of the Company’s lease cost were as follows:
Three Months Ended March 31,
2021
2020
Operating lease cost
$
89
$
122
Short-term lease cost
39
-
Total lease cost
$
128
$
122

Intangible Assets (Tables)

Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Balance of Intangible AssetsThe following represents the balance of the intangible assets at March 31, 2021:
Cost
Accumulated Amortization
Net Intangible Assets
Asset resulting from R&D activities
$
26,400
$
2,790
$
23,610
Total
$
26,400
$
2,790
$
23,610
Summary of Future Amortization ExpenseAs of March 31, 2021
Amortization
Remainder of 2021
$
1,932
2022
2,576
2023
2,576
2024
2,576
2025 and thereafter
13,950
Total
$
23,610

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consist of the following:
March 31,
December 31,
2021
2020
Payroll and related costs
$
2,007
$
3,177
Professional and consulting fees
884
802
Guarantee liability
772
422
Other research and development costs
258
243
Interest payable
130
126
Stock-based compensation
111

Other
518
556
$
4,680
$
5,326

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Components of Carrying Value of DebtThe following table summarizes the components of the carrying value of debt as of March 31, 2021:
Paycheck Protection Program Loan
$
1,537
Credit Agreement
10,000
Unamortized deferred issuance costs
(2,216
)
Exit fee accretion
60
Total debt
$
9,381
Current portion as of March 31, 2021
$
1,196
Long-term portion, net as of March 31, 2021
8,185

Capital Structure (Tables)

Capital Structure (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Schedule of Warrants Outstanding to Purchase Shares Common StockAs of March 31, 2021, the Company had the following warrants outstanding to purchase shares of the Company’s common stock:
Number of Shares
Exercise Price per Share
Expiration Date
March Series A Warrants (non-participating holders)
32,438
$
0.01
March 26, 2025
March Series B Warrants (non-participating holders)
32,438
$
0.01
April 26, 2021
March Series A and Series B Warrants (participating holders)
437,692
$
0.01
April 26, 2021
MAM Eagle Lender Warrant
527,100
$
4.59
May 29, 2027
November Series A Warrants
10,126,583
$
1.20
November 24, 2025
November Placement Warrants
607,595
$
1.48125
November 24, 2025
December Placement Warrants
618,026
$
1.45625
December 18, 2025
January Warrants
10,300,430
$
1.60
January 21, 2026
January Placement Warrants
618,026
$
2.00
January 21, 2026
Summary of Fair Value Assumptions Black Scholes Option Pricing ModelThe following table summarizes the fair value and the assumptions used for the Black-Scholes option-pricing model for the liability classified warrants.
March 31, 2021
Series A Warrants
Series B Warrants
Fair value
$
42
$
41
Expected dividend yield

%

%
Expected volatility
76.25
%
59.57
%
Risk-free interest rates
.64
%
.01
%
Remaining contractual term
4.0 years
0.1 years

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing ModelUnder the 2019 Plan, the fair value of the Baudax Bio options was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted average assumptions:
March 31,
2021
2020
Expected option life
5.5 years
6 years
Expected volatility
75.68%
72.85%
Risk-free interest rate
0.68%
0.46%
Expected dividend yield

Summary of Stock Option ActivityThe following table summarizes Baudax Bio stock option activity during the three months ended March 31, 2021:
Number of shares
Weighted average exercise price
Weighted average remaining contractual life
Balance, December 31, 2020
2,284,298
$
3.10
9.1 years
Granted
994,877
$
1.28
Expired/forfeited/cancelled
(101,852
)
$
1.76
Balance, March 31, 2021
3,177,323
$
2.58
8.6 years
Vested
429,292
$
4.47
5.4 years
Vested and expected to vest
3,177,323
$
2.58
8.6 years
Summary of RSUs ActivityThe following table summarizes Baudax Bio RSUs activity during the three months ended March 31, 2021:
Number of shares
Balance, December 31, 2020
991,012
Granted
265,046
Vested and settled
(87,509
)
Expired/forfeited/cancelled
(31,562
)
Balance, March 31, 2021
1,136,987
Expected to vest
1,136,987

Background - Additional Informa

Background - Additional Information (Details)Nov. 21, 2019sharesNov. 15, 2019sharesMar. 31, 2021Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of operating segments | Segment1
Recro
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Right to receive common stock1
Number of shares held for distribution of new shares2.5
Separation | Recro
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Right to receive common stock1
Number of shares held for distribution of new shares2.5

Development-Stage Risks and L_2

Development-Stage Risks and Liquidity - Additional Information (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Business Developments Risks And Uncertainties Liquidity [Abstract]
Accumulated deficit $ 129,232 $ 112,320

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Details)3 Months Ended11 Months Ended
Mar. 31, 2021Unit$ / sharesNov. 30, 2020USD ($)Dec. 31, 2020$ / shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable unit | Unit1
Goodwill impairment $ 0
Intangible assets impairment $ 0
Description of payment termsThe Company’s payment terms are generally between thirty to ninety days.
Common stock, par value | $ / shares $ 0.01 $ 0.01
R&D
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset, useful life10 years
Leasehold Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment useful lifethe shorter of the remaining lease term or useful life
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments term30 days
Minimum | Furniture and Office Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives3 years
Minimum | Manufacturing Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives6 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments term90 days
Maximum | Furniture and Office Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives7 years
Maximum | Manufacturing Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Basic and Diluted Loss Per Share
Net loss $ (16,912) $ (40,298)
Weighted average common shares outstanding, basic and diluted62,584,129 10,001,228
Net loss per share of common stock, basic and diluted $ (0.27) $ (4.03)

Summary of Significant Accoun_6

Summary of Significant Accounting Principles - Schedule of Anti-Dilutive Securities (Details) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Stock Options | Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding4,314,310 2,320,480
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding22,862,636 15,384,616

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total cash equivalents $ 12,794 $ 24,210
Total financial assets12,794
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Mutual Funds
Assets:
Total cash equivalents12,794 24,210
Significant Other Observable Inputs (Level 2)
Assets:
Total cash equivalents15,221 4,500
Total financial assets22,716
Significant Other Observable Inputs (Level 2) | Commercial Paper
Assets:
Total cash equivalents15,221 4,500
Short-term investments7,495
Significant Unobservable Inputs (Level 3)
Liabilities:
Warrants83 65
Contingent consideration60,455 65,043
Liabilities $ 60,538 $ 65,108

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Reconciliation of Warrant Liability and Contingent Consideration Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Warrant
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance at December 31, 2019 $ 65
Additions $ 8,111
Exercise of warrants(2,922)
Remeasurement18 16,734
Reclassification to equity upon warrant exchange(21,858)
Balance at December 31, 202083 65
Long-term portion as of March 31, 202183
Contingent Consideration
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance at December 31, 201965,043 66,358
Payment of contingent consideration(6,429)(3,560)
Remeasurement1,841 2,245
Balance at December 31, 202060,455 $ 65,043
Current portion as of March 31, 20217,107
Long-term portion as of March 31, 2021 $ 53,348

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Details) $ in ThousandsJun. 20, 2021USD ($)Feb. 01, 2021USD ($)MilestonePaymentMar. 31, 2021
Discount Rate | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-adjusted discount rate0.1747
Discount Rate | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-adjusted discount rate0.3667
Discount Rate | Weighted Average
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-adjusted discount rate0.2703
Contingent Consideration, Second Component | Alkermes Plc | Amendment to Purchase and Sale Agreement | Scenario, Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Business acquisition, contingent consideration, milestone remaining payments due $ 1,440
Contingent Consideration, Second Component | Alkermes Plc | Milestone Payments Due Beginning On First Anniversary Of Regulatory Approval | Amendment to Purchase and Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Business acquisition contingent consideration possible milestone payments $ 45,000
Business acquisition, contingent consideration, number of equal annual milestone payments | MilestonePayment7
Business acquisition, contingent consideration, equal annual milestone payments $ 6,400
Contingent Consideration, Third Component | Alkermes Plc | Amendment to Purchase and Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Minimum milestone payments percentage60.00%
Contingent Consideration, Fourth Component | Alkermes Plc | Amendment to Purchase and Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum royalty payment percentage30.00%
Contingent Consideration, Fourth Component | Alkermes Plc | Amendment to Purchase and Sale Agreement | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Royalty payment percentage10.00%
Contingent Consideration, Fourth Component | Alkermes Plc | Amendment to Purchase and Sale Agreement | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Royalty payment percentage12.00%

Cash Equivalents and Short-Te_3

Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Amortized Cost $ 35,510 $ 28,710
Estimated Fair Value35,510 28,710
Money Market Mutual Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost12,794 24,210
Estimated Fair Value12,794 24,210
Commercial Paper
Cash And Cash Equivalents [Line Items]
Amortized Cost22,716 4,500
Estimated Fair Value $ 22,716 $ 4,500

Cash Equivalents and Short-Te_4

Cash Equivalents and Short-Term Investments - Additional Information (Details)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Minimum
Cash And Cash Equivalents [Line Items]
Cash equivalents maturity period1 month1 month
Maximum
Cash And Cash Equivalents [Line Items]
Cash equivalents maturity period3 months3 months

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials $ 68 $ 130
Sub-assemblies2,482 2,476
Finished goods788 928
Inventory, gross3,338 3,534
Provision for inventory obsolescence(565)(556)
Inventory, net $ 2,773 $ 2,978

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross $ 6,373 $ 6,300
Less: accumulated depreciation1,334 1,248
Property, plant and equipment, net5,039 5,052
Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross196 196
Furniture, Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross934 934
Manufacturing and Laboratory Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross717 717
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross $ 4,526 $ 4,453

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense $ 86 $ 105

Leases - Additional Information

Leases - Additional Information (Details)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Operating leases with remaining lease term2 years
Lessee, operating lease, option to extendPeriods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain.
Lessee, operating lease, existence of option to extendtrue
Operating lease, weighted average remaining term2 years
Operating lease, weighted average discount rate percent16.00%

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating Leases (Details) $ in ThousandsMar. 31, 2021USD ($)
Leases [Abstract]
Remainder of 2021 $ 272
2022373
Total lease payments645
Less imputed interest(86)
Total operating lease liability $ 559

Leases - Schedule of Components

Leases - Schedule of Components Least Cost (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Leases [Abstract]
Operating lease cost $ 89 $ 122
Short-term lease cost39
Total lease cost $ 128 $ 122

Intangible Assets - Summary of

Intangible Assets - Summary of Balance of Intangible Assets (Details) $ in ThousandsMar. 31, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
Cost $ 26,400
Accumulated Amortization2,790
Net Intangible Assets23,610
Asset Resulting from R&D Activities
Finite-Lived Intangible Assets [Line Items]
Cost26,400
Accumulated Amortization2,790
Net Intangible Assets $ 23,610

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense $ 644 $ 215

Intangible Assets - Summary o_2

Intangible Assets - Summary of Future Amortization Expense (Details) $ in ThousandsMar. 31, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021 $ 1,932
20222,576
20232,576
20242,576
2025 and thereafter13,950
Net Intangible Assets $ 23,610

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Payables And Accruals [Abstract]
Payroll and related costs $ 2,007 $ 3,177
Professional and consulting fees884 802
Guarantee liability772 422
Other research and development costs258 243
Interest payable130 126
Stock-based compensation111
Other518 556
Total accrued expenses and other current liabilities $ 4,680 $ 5,326

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Additional Information (Details) $ in Thousands1 Months Ended
Nov. 30, 2020USD ($)EmployeeMar. 31, 2021USD ($)
Payables And Accruals [Abstract]
Number of positions reduced | Employee40
Severance cost $ 1,753
Accrued Severance $ 359

Debt - Schedule of Components o

Debt - Schedule of Components of Carrying Value of Debt (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instruments [Abstract]
Paycheck Protection Program Loan $ 1,537
Credit Agreement10,000
Unamortized deferred issuance costs(2,216)
Exit fee accretion60
Total debt9,381
Current portion as of March 31, 20211,196 $ 683
Long-term portion, net as of March 31, 2021 $ 8,185 $ 8,469

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)May 29, 2020Apr. 13, 2020Mar. 31, 2021Mar. 31, 2020
Debt Instrument [Line Items]
Change in warrant valuation $ 18,000 $ 1,378,000
Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount $ 50,000,000
Line of credit facility, drawn on or before dateMay 29,
2025
Term loan, interest rate13.50%
Term loan, frequency of paymentsmonthly
Term loan, interest payment period3 years
Term loan, extended expiration dateMay 29,
2026
EBITDA $ 10,000,000
Amortization period36 months
Term loan, exit fee due, principal amount advanced by lenders $ 700,000
Term loan, exit fees $ 700,000
Term loan, payoff period6 months
Exit fee percentage2.50%
Current outstanding loan balance $ 250,000
Financial covenants, minimum liquidity requirement $ 5,000,000
Debt issuance costs1,496,000
Change in warrant valuation $ 1,423,000
Effective interest rate23.12%
Debt issuance cost amortization $ 211,000
Credit Agreement | MAM Eagle Lender, LLC | Common Stock
Debt Instrument [Line Items]
Warrants issued to purchase shares of common stock527,100
Exercise price of warrants $ 4.59
Warrants exercisable dateMay 29,
2027
Credit Agreement | After Third But Prior To Fourth Anniversary of Tranche One, Two, Three, Four or Five Loans
Debt Instrument [Line Items]
Term loan, prepayment of principal percentage3.00%
Maximum | Credit Agreement
Debt Instrument [Line Items]
Term loan, exit fee due, percentage of principal amount advanced by lenders2.50%
Maximum | Credit Agreement | On or Prior To Third Anniversary of Tranche One, Two, Three, Four or Five Loans
Debt Instrument [Line Items]
Term loan, prepayment of principal percentage5.00%
Paycheck Protection Program Loan | PNC Bank
Debt Instrument [Line Items]
Proceeds from loan $ 1,537,000
Debt instrument, term2 years
Debt instrument, maturity dateMay 8,
2022
Debt instrument, interest rate1.00%
Debt instrument, date of first required paymentSep. 15,
2021
Paycheck Protection Program Loan | PNC Bank | Minimum
Debt Instrument [Line Items]
Percentage of payroll costs60.00%
Paycheck Protection Program Loan | PNC Bank | Maximum
Debt Instrument [Line Items]
Repayment of unforgiven amount, threshold $ 1,100,000
Tranche One Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount $ 10,000,000
Term Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount40,000,000
Tranche Two Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount $ 5,000,000
Line of credit facility, drawn on or before dateAug. 29,
2021
Tranche Two Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue $ 5,000,000
Tranche Three Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount $ 5,000,000
Line of credit facility, drawn on or before dateNov. 29,
2021
Tranche Three Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue $ 10,000,000
Tranche Four Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount $ 10,000,000
Line of credit facility, drawn on or before dateAug. 29,
2022
Tranche Four Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue $ 20,000,000
Tranche Five Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount $ 20,000,000
Line of credit facility, drawn on or before dateMar. 1,
2023
Tranche Five Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue $ 100,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)Feb. 01, 2021USD ($)MilestonePaymentAug. 17, 2020USD ($)Apr. 10, 2015USD ($)Feb. 29, 2020USD ($)MilestonePaymentMar. 31, 2021USD ($)Mar. 31, 2021EUR (€)Jun. 30, 2019USD ($)Mar. 31, 2019USD ($)Jun. 30, 2021USD ($)Dec. 20, 2020USD ($)Aug. 31, 2020USD ($)Aug. 18, 2020USD ($)Jun. 30, 2017USD ($)
Purchase Commitment
Supply Commitment [Line Items]
Purchase commitment non cancelable and cancelable $ 6,680,000
Alkermes Plc | Amendment to Purchase and Sale Agreement
Supply Commitment [Line Items]
Milestone development earn-out consideration payable $ 1,060,000 $ 5,000,000 $ 2,500,000
Payment for one-time non-refundable and non-creditable fee $ 285,000
Collaborative arrangements milestone payments upon achievement of regulatory and sales milestones $ 19,989,000
Alkermes Plc | Amendment to Purchase and Sale Agreement | Scenario, Forecast
Supply Commitment [Line Items]
Milestone development earn-out consideration payable $ 1,440,000
Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Third Component
Supply Commitment [Line Items]
Minimum milestone payments percentage60.00%60.00%
Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Maximum royalty payment percentage30.00%30.00%
Alkermes Plc | Amendment to Purchase and Sale Agreement | Milestone Payments Due Beginning On First Anniversary Of Regulatory Approval | Contingent Consideration, Second Component
Supply Commitment [Line Items]
Business acquisition contingent consideration possible milestone payments $ 45,000,000
Business acquisition, contingent consideration, number of equal annual milestone payments | MilestonePayment7
Business acquisition, contingent consideration, equal annual milestone payments $ 6,400,000
U.S | Cornell University | Neuromuscular Blocking Agents License Agreement
Supply Commitment [Line Items]
Regulatory approval and commercialization milestones $ 5,000,000
European | Cornell University | Neuromuscular Blocking Agents License Agreement
Supply Commitment [Line Items]
Regulatory approval and commercialization milestones $ 3,000,000
Minimum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Royalty payment percentage10.00%10.00%
Maximum | Executive Officer
Supply Commitment [Line Items]
Aggregate annual base salaries of employment agreement $ 1,317,000
Maximum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Royalty payment percentage12.00%12.00%
Recro | Alkermes Transaction
Supply Commitment [Line Items]
Collaborative arrangements, milestone payments upon achievement of regulatory and sales milestones $ 140,000,000
Recro | Alkermes Transaction | Regulatory Approval and Net Sales Milestones
Supply Commitment [Line Items]
Collaborative arrangements, milestone payments upon achievement of regulatory and sales milestones $ 60,000,000
Collaborative arrangements, milestone payments period7 years
Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, First Component
Supply Commitment [Line Items]
Business acquisition contingent consideration, first milestone payment $ 5,000,000
Business acquisition contingent consideration possible milestone payments $ 5,000,000
Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Third Component
Supply Commitment [Line Items]
Minimum milestone payments percentage60.00%60.00%
Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Maximum royalty payment percentage30.00%30.00%
Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Milestone Payments Due, Following Regulatory Approval | Contingent Consideration, Second Component
Supply Commitment [Line Items]
Business acquisition contingent consideration possible milestone payments $ 5,000,000
Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Milestone Payments Due Beginning On First Anniversary Of Regulatory Approval | Contingent Consideration, Second Component
Supply Commitment [Line Items]
Business acquisition contingent consideration possible milestone payments $ 45,000,000
Business acquisition, contingent consideration, number of equal annual milestone payments | MilestonePayment7
Business acquisition, contingent consideration, equal annual milestone payments $ 6,400,000
Recro | Minimum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Royalty payment percentage10.00%10.00%
Recro | Maximum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Second Component
Supply Commitment [Line Items]
Business acquisition, contingent consideration, milestone payments due period following regulatory approval180 days
Recro | Maximum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Royalty payment percentage12.00%12.00%
Recro | Dexmedetomidine License Agreement
Supply Commitment [Line Items]
Contingent milestone payments, maximum $ 24,039,000 € 20,500,000
Amount of royalty payments due or payable $ 0
Recro | Dexmedetomidine License Agreement | Minimum
Supply Commitment [Line Items]
Percentage of royalty payments10.00%10.00%
Recro | Dexmedetomidine License Agreement | Maximum
Supply Commitment [Line Items]
Percentage of royalty payments20.00%20.00%
Recro | Fadolmidine License Agreement
Supply Commitment [Line Items]
Amount of royalty payments due or payable $ 0
Additional contingent milestones payment $ 14,308,000 € 12,200,000
Recro | Fadolmidine License Agreement | Minimum
Supply Commitment [Line Items]
Percentage of royalty payments10.00%10.00%
Recro | Fadolmidine License Agreement | Maximum
Supply Commitment [Line Items]
Percentage of royalty payments15.00%15.00%

Capital Structure - Additional

Capital Structure - Additional Information (Details) - USD ($) $ / shares in Units, $ in ThousandsFeb. 08, 2021Dec. 21, 2020Dec. 18, 2020Nov. 24, 2020Oct. 19, 2020May 29, 2020Mar. 26, 2020Feb. 13, 2020Jan. 01, 2020Nov. 21, 2019Nov. 15, 2019Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Apr. 26, 2021Jan. 21, 2021
Schedule Of Capitalization Equity [Line Items]
Common stock, shares authorized to issue100,000,000 100,000,000
Common stock, par value $ 0.01 $ 0.01
Proceeds from public offering, net of transaction costs $ 23,341
Common stock in public offering7,692,308
Proceeds from issuance of common stock underwriting discounts and commissions and offering expenses $ 23,085
Placement agents cash fee percentage6.00%6.00%
Management fee percentage1.00%1.00%
Preferred stock, shares authorized10,000,000 10,000,000
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Common stock, shares issued70,142,608 48,688,480
Class of warrant or right number of securities unexercised shares cancelled on expiration date470,130
MAM Eagle Lender, LLC
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock527,100
Common stock exercisable price per share $ 4.59
February Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock11,000,000
Exercise price of warrants $ 1.60
March Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock in public offering8,836,663
Exercise price of warrants $ 0.01
Warrant to purchase of common stock32,438
Proceeds from issuance of warrants $ 2,538
March Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock in public offering8,836,663
Exercise price of warrants $ 0.01
Warrant to purchase of common stock32,438
Proceeds from issuance of warrants $ 2,538
March Series A and Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Exercise price of warrants $ 0.01
Warrant to purchase of common stock437,692
January Warrants
Schedule Of Capitalization Equity [Line Items]
Exercise price of warrants $ 1.60 $ 1.60
Warrant to purchase of common stock10,300,430 10,300,430
Offering price of warrant $ 0.125
December Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Exercise price of warrants $ 1.18
November Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock in public offering7,276,583
Proceeds from issuance of warrants $ 6,050,430
December Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock in public offering73
Proceeds from issuance of warrants $ 60
March Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock7,692,308
Common stock exercisable price per share $ 4.59
March Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock7,692,308
Common stock exercisable price per share $ 3.25
November Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock10,126,583
Common stock exercisable price per share $ 1.20
Common stock in direct offering2,850,000
November Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Proceeds from public offering, net of transaction costs $ 10,763
Common stock exercisable price per share $ 0.01
Pre-funded warrants to purchase of common stock7,276,583
November Placement Agent Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock607,595
Common stock exercisable price per share $ 1.48125
December Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock in public offering10,300,430
Warrant to purchase of common stock10,300,430
Common stock exercisable price per share $ 1.18
Common stock in direct offering4,250,000
Proceeds from issuance of warrants $ 12,155
December Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Proceeds from public offering, net of transaction costs $ 10,933
Common stock exercisable price per share $ 0.01
Pre-funded warrants to purchase of common stock6,050,430
December Placement Agent Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock618,026
Common stock exercisable price per share $ 1.45625
February Placement Agent Warrants | February Warrants
Schedule Of Capitalization Equity [Line Items]
Exercise price of warrants $ 2
Percentage of cash fee on gross proceeds6.00%
Percentage of management fee on gross proceeds1.00%
February Placement Agent Warrants | February Warrants | Maximum
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock660,000
Placement Agent | January Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock618,026
Exercise price of warrants $ 2
Placement Agent | December Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Percentage of cash fee on gross proceeds6.00%
Percentage of management fee on gross proceeds1.00%
Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock in public offering111,539
Warrant to purchase of common stock32,438
Proceeds from issuance of warrants $ 1
Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock32,438
The Agreement
Schedule Of Capitalization Equity [Line Items]
Issuance of common stock upon separation441,967
Common stock, par value $ 0.01
Proceeds from sales agreement $ 3,612
Proceeds from public offering, net of transaction costs $ 25,000
Paid sales commission3.00%
Warrant Exchange Agreements
Schedule Of Capitalization Equity [Line Items]
Common stock, shares issued1,186,774
Warrant Exchange Agreements | Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrants issued to purchase shares of common stock0.2
Warrant Exchange Agreements | Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Warrants issued to purchase shares of common stock0.2
Warrant Exchange Agreements | March Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock, par value $ 0.01
Warrants expiration dateApr. 26,
2021
Warrant Exchange Agreements | March Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock, par value $ 0.01
Warrants expiration dateApr. 26,
2021
Warrant Exchange Agreements | March Series A and Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Reclassification to equity upon warrant exchange $ 21,858
Recro
Schedule Of Capitalization Equity [Line Items]
Right to receive common stock1
Number of shares held for distribution of new shares2.5
Issuance of common stock upon separation45,874 9,396,583

Capital Structure - Schedule of

Capital Structure - Schedule of Warrants Outstanding to Purchase Shares Common Stock Liability (Details) - $ / sharesMar. 31, 2021Jan. 21, 2021
March Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock32,438
Exercise price of warrants $ 0.01
Warrants expiration dateMar. 26,
2025
March Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock32,438
Exercise price of warrants $ 0.01
Warrants expiration dateApr. 26,
2021
March Series A and Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock437,692
Exercise price of warrants $ 0.01
Warrants expiration dateApr. 26,
2021
MAM Eagle Lender Warrant
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock527,100
Exercise price of warrants $ 4.59
Warrants expiration dateMay 29,
2027
November Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock10,126,583
Exercise price of warrants $ 1.20
Warrants expiration dateNov. 24,
2025
November Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock607,595
Exercise price of warrants $ 1.48125
Warrants expiration dateNov. 24,
2025
December Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock618,026
Exercise price of warrants $ 1.45625
Warrants expiration dateDec. 18,
2025
January Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock10,300,430 10,300,430
Exercise price of warrants $ 1.60 $ 1.60
Warrants expiration dateJan. 21,
2026
January Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock618,026
Exercise price of warrants $ 2
Warrants expiration dateJan. 21,
2026

Capital Structure - Summary of

Capital Structure - Summary of Fair Value Assumptions Black Scholes Option Pricing Model (Details) $ in ThousandsMar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Schedule Of Capitalization Equity [Line Items]
Fair value $ 83 $ 65
Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value $ 42
Remaining contractual term4 years
Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value $ 41
Remaining contractual term1 month 6 days
Expected Volatility | Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs0.7625
Expected Volatility | Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs0.5957
Risk Free Interest Rates | Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs0.0064
Risk Free Interest Rates | Series B Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs0.0001

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)Dec. 31, 2019Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020Nov. 11, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation $ 2,304,000 $ 2,633,000
Stock-based compensation expense, liability-classified awards111,000
Aggregate intrinsic value of vested options0
Aggregate intrinsic value of unvested options $ 196,000
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercisable period10 years
Stock options vest period4 years
Weighted average grant-date fair value of the options awarded to employees $ 0.79 $ 1.58
Stock Options Granted Outside Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Granted355,503
Time-based RSUs Granted Outside Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units granted191,208
Stock Options And Time-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options and time-based RSUs, expected to vest $ 5,931,000
Time Based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options, weighted average period2 years
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant4,989,706 3,000,000
Percentage of outstanding common stock5.00%
Increase in share per "Evergreen" provision1,522,171
Shares available for future grants748,715
Recro Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, liability-classified awards $ 128,000
Recro Equity Plan | Performance-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options and time-based RSUs, expected to vest $ 1,783,000

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model (Details) - Stock Options3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option life5 years 6 months6 years
Expected volatility75.68%72.85%
Risk-free interest rate0.68%0.46%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares, beginning balance2,284,298
Number of shares, Granted994,877
Number of shares, Expired/forfeited/cancelled(101,852)
Number of shares, ending balance3,177,323 2,284,298
Number of shares, Vested429,292
Number of shares, Vested and expected to vest3,177,323
Weighted average exercise price, beginning balance $ 3.10
Weighted average exercise price, Granted1.28
Weighted average exercise price, Granted, Expired/forfeited/cancelled1.76
Weighted average exercise price, ending balance2.58 $ 3.10
Weighted average exercise price, Vested4.47
Weighted average exercise price, Vested and expected to vest $ 2.58
Weighted average remaining contractual life8 years 7 months 6 days9 years 1 month 6 days
Weighted average remaining contractual life, Vested5 years 4 months 24 days
Weighted average remaining contractual life, Vested and expected to vest8 years 7 months 6 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSUs Activity (Details) - Restricted Stock Units3 Months Ended
Mar. 31, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance991,012
Number of shares, Granted265,046
Number of shares, Vested and settled(87,509)
Number of shares, Expired/forfeited/cancelled(31,562)
Number of shares, ending balance1,136,987
Number of shares, Expected to vest1,136,987

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Related Party Transaction [Line Items]
Income related to the transition services agreement $ 516
Recro
Related Party Transaction [Line Items]
Transition services agreement termination dateDec. 31,
2020
Irish Subsidiary | Managing Director | HiTech Health
Related Party Transaction [Line Items]
Related party transaction expenses $ 17 $ 88
Service agreement date2017-11

Retirement Plan - Additional In

Retirement Plan - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Percentage of company's matching contribution with respect to each participant's contribution100.00%
Company matching contributions to maximum employees eligible compensation5.00%
Total company contributions to 401 (k) plan $ 270 $ 141