0001867096-22-000040 | 10-K | XBRL Viewer | Xeris Biopharma Holdings INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 67,271	$ 37,598
Short-term Investments	35,162	96,190
Trade accounts receivable, net	17,456	6,875
Inventory	18,118	8,353
Prepaid expenses and other current assets	4,589	3,196
Total current assets	142,596	152,212
Property and equipment, net	6,627	6,707
Goodwill	22,859	0
Intangible Assets, Net (Excluding Goodwill)	131,450	0
Other assets	829	232
Total assets	304,361	159,151
Current Liabilities
Accounts payable	8,924	3,117
Other accrued liabilities	49,088	15,895
Accrued trade discounts and rebates	15,041	5,984
Accrued returns reserve	4,000	2,889
Other current liabilities	1,987	322
Total current liabilities	79,040	28,207
Long-term debt, net of unamortized debt issuance costs	88,067	87,021
Contingent value rights	22,531	0
Supply agreement liability, less current portion	5,991	0
Long-term deferred rent	6,883	6,629
Deferred tax liabilities	4,942	0
Other Liabilities, Noncurrent	1,676	3,533
Total liabilities	209,130	125,390
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred stock, par value $0.0001	0	0
Common stock, par value $0.0001	13	6
Additional paid in capital	555,359	371,134
Accumulated deficit	(460,110)	(337,385)
Accumulated other comprehensive income (loss)	(31)	6
Total stockholders' equity	95,231	33,761
Total liabilities and stockholders' equity	$ 304,361	$ 159,151

Consolidated Balance Sheets Parenthetical	Dec. 31, 2021 $ / shares shares
Statement of Financial Position Parenthetical [Abstract]
Preferred Stock, Par Value Per Share \| $ / shares	$ 0.0001
Par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred Stock, Shares Authorized	25,000,000
Common Stock, Shares Authorized	350,000,000
Preferred Stock, Shares Issued	0
Common Shares, Shares, Issued	124,873,316

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statements of Operations [Abstract]
Net sales	$ 49,280	$ 20,155
Grant and other income	310	280
Gross Profit	49,590	20,435
Operating expenses
Cost of goods sold	13,318	9,328
Research and development	25,160	20,921
Selling, general and administrative	125,718	73,732
Amortization of Intangible Assets	550	0
Total operating expenses	164,746	103,981
Loss from operations	(115,156)	(83,546)
Other income (expense)
Interest and other income	313	2,965
Interest expense	7,180	10,660
Change in fair value of warrants	(702)	(9)
Other income (expense)	(7,569)	(7,704)
Net loss before benefit from income taxes	(122,725)	(91,250)
Benefit from income taxes	0	110
Net loss	(122,725)	(91,140)
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	(38)	(10)
Foreign currency translation adjustments	1	(27)
Comprehensive loss	$ (122,762)	$ (91,177)
Net loss per common share - basic and diluted	$ (1.55)	$ (2.14)
Weighted average common shares outstanding - basic and diluted	79,027,062	42,642,901

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital [Member]	AOCI Attributable to Parent	Retained Earnings
Shares, Issued, Beginning Balance at Dec. 31, 2019		27,214,523
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019	$ 14,436	$ 3	$ 260,635	$ 43	$ (246,245)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(91,140)				(91,140)
Issuance of common stock upon equity offerings, shares		18,809,769
Issuance of common stock upon equity offerings, value	61,514	$ 2	61,512
Issuance of common stock upon conversion of convertible notes, shares		13,171,791
Issuance of common stock upon conversion of convertible notes, value	39,937	$ 1	39,936
Exercise and vesting of stock options, shares		100,866
Stock Issued During Period, Shares, Vesting Of Restricted Stock Units		21,449
Exercise and vesting of stock options, value	172		172
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(63)
Payments Related To Tax Withholding For Share Based Compensation, RSUs			63
Stock-based compensation	8,273		8,273
Issuance of common stock through employee stock purchase plan, shares		292,804
Issuance of common stock through employee stock purchase plan, value	669		669
Other comprehensive income	(37)			(37)
Shares, Issued at Dec. 31, 2020		59,611,202
Stockholders' Equity Attributable to Parent at Dec. 31, 2020	33,761	$ 6	371,134	6	(337,385)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(122,725)				(122,725)
Issuance of common stock upon equity offerings, shares		6,553,398
Issuance of common stock upon equity offerings, value	$ 26,925	$ 1	26,924
Exercise and vesting of stock options, shares	93,399	93,399
Stock Issued During Period, Shares, Vesting Of Restricted Stock Units		316,772
Stock Issued During Period, Shares, Issued for Services		58,082,606
Stock Issued During Period, Value, Issued for Services	$ 137,655	$ 6	137,649
Adjustments To Additional Paid In Capital, Equity Issued For Transactions	7,964		7,964
Exercise and vesting of stock options, value	199		199
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(534)
Stock-based compensation	11,381		11,381
Issuance of common stock through employee stock purchase plan, shares		215,939
Issuance of common stock through employee stock purchase plan, value	642		642
Other comprehensive income	(37)			(37)
Shares, Issued at Dec. 31, 2021		124,873,316
Stockholders' Equity Attributable to Parent at Dec. 31, 2021	$ 95,231	$ 13	$ 555,359	$ (31)	$ (460,110)

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (122,725)	$ (91,140)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,329	1,467
Amortization of Intangible Assets	550	0
Amortization of investments	(413)	(84)
Amortization of debt issuance costs	961	980
Stock-based compensation	11,381	8,273
Gain (Loss) On Conversion Of Debt	0	2,124
Loss on extinguishment of debt	0	(443)
Change in fair value of warrants	702	9
Changes in operating assets and liabilities
Trade accounts receivable	6,237	2,182
Prepaid expenses and other current assets	(3,290)	(925)
Inventory	7,418	5,143
Accounts payable	5,527	(2,486)
Other accrued liabilities	12,556	(2,207)
Accrued trade discounts and rebates	4,213	4,609
Accrued returns reserve	1,110	932
Deferred rent	254	(447)
Other	(1,441)	3,201
Net cash used in operating activities	(95,535)	(80,558)
Cash flows from investing activities
Capital expenditures	1,085	377
Payments to Acquire Investments	(43,020)	(101,773)
Sales and maturities of investments	103,600	74,745
Cash Acquired from Acquisition	38,469	0
Net cash used in investing activities	97,964	(27,405)
Cash flows from financing activities
Proceeds from equity offerings	27,000	65,891
Payments of equity offering costs	54	4,315
Proceeds from issuance of debt	0	94,839
Repayments of Long-term Debt	0	(25,089)
Payments of debt issuance costs	0	5,603
Payments For Debt Conversion Costs	0	(400)
Proceeds from issuance of employee stock purchase plan shares	642	669
Proceeds from exercise of stock awards	193	135
Repurchase of common stock withheld for taxes	534	63
Net cash provided by financing activities	27,247	126,064
Effect of exchange rate on cash and cash equivalents	(3)	(22)
Increase (decrease) in cash and cash equivalents	29,673	18,079
Cash and cash equivalents, beginning of period	37,598	19,519
Cash and cash equivalents, end of period	67,271	37,598
Supplemental schedule of cash flow information
Cash paid for interest	7,294	4,555
Supplemental schedule of non-cash investing and financing activities
Issuance of common stock upon conversion of convertible notes, value	0	37,812
Accrued debt issuance costs	0	347
Stock Issued During Period, Value, Acquisitions	137,655	0
Noncash Or Part Noncash Acquisition, Equity Assumed	8,871	0
Noncash or Part Noncash Acquisition, Debt Assumed	$ 22,531	$ 0

Organization and Nature of the Business	12 Months Ended
Organization and Nature of the Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Organization and nature of the business Nature of business Xeris Biopharma Holdings, Inc. ("Xeris Biopharma" or the "Company") is a biopharmaceutical company committed to developing and commercializing innovative solutions to enhance the lives of people with life-threatening diseases. The Company's primary focus is on therapies for patient populations in endocrinology, neurology, and gastroenterology. The Company currently has three commercially available products, Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, Keveyis, the first and only U.S. Food and Drug Administration (“FDA”) approved therapy for primary periodic paralysis (“PPP”), and Recorlev, approved by the FDA in December 2021 for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s Syndrome. The Company also has a pipeline of development programs to extend the current marketed products into new indications and uses or bring new products forward using the proprietary formulation technology platforms, XeriSolTM and XeriJectTM. On October 5, 2021, Xeris Pharmaceuticals, Inc. ("Xeris Pharma") acquired Strongbridge Biopharma plc (“Strongbridge”), a biopharmaceutical company commercializing therapies for rare diseases with significant unmet needs. Immediately following the acquisition and related transactions, both Xeris Pharma and Strongbridge became wholly owned subsidiaries of Xeris Biopharma. The common stock of Xeris Pharma and the ordinary shares of Strongbridge were de-registered after completion of the Transactions. On October 6, 2021, Xeris Biopharma’s common stock, par value $0.0001 per share, commenced trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “XERS”. See “Note 3 – Business combination” for a more detailed description of the acquisition. As used herein, the “Company” or "Xeris" refers to Xeris Pharma when referring to periods prior to the acquisition of Strongbridge, an Irish public limited company, on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021. As a result, Xeris Pharma became the predecessor to Xeris Biopharma Holdings, Inc. upon completion of the Merger on October 5, 2021. Liquidity and capital resources The Company has incurred operating losses since inception and has an accumulated deficit of $460.1 million as of December 31, 2021. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these consolidated financials. Based on the Company’s current operating plans, existing working capital at December 31, 2021, and capital raised after year-end (refer to Note 19), the Company believes the cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these consolidated financial statements. If needed, the Company may elect to finance the operations through equity or debt financing along with revenues. There can be no assurance that such funding may be available to the Company on acceptable terms, or at all, or that the Company will be able to successfully market and sell Gvoke, Keveyis and Recorlev. Market volatility resulting from the COVID-19 pandemic or other factors could also adversely impact the Company's ability to access capital as and when needed. The issuance of equity securities may result in dilution to stockholders. If the Company raises additional funds through the issuance of additional debt, which may have rights, preferences and privileges senior to those of our common stockholders, the terms of the debt could impose significant restrictions on the operations. The failure to raise funds as and when needed could have a negative impact on the Company's financial condition and ability to pursue the business strategies. If additional funding is not secured when required, the Company may need to delay or curtail the operations until such funding is received, which would have a material adverse impact on the business prospects and results of operations. Significant risks The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of available products and any future products, if and when approved, successful development of the product candidates, the development of new technological innovations by competitors, and protection of intellectual property. The ongoing global outbreak of the coronavirus disease (“COVID-19”) has resulted in significant governmental measures being implemented to control the spread of the virus and has caused the Company to modify the business practices (including remote work for most of the employees from time to time). While the Company cannot predict the scope and severity, these developments and measures could materially and adversely affect the business, results of operations and financial condition. The Company is continuing to closely monitor the impact of the COVID-19 pandemic on all aspects of the business and is taking steps to minimize the impact on the business. However, the extent to which COVID-19 impacts the business, results of operations or financial condition will depend on the extent and severity of the continued spread of COVID-19 globally, the effectiveness of actions taken to contain the pandemic or treat its impact, and the resulting economic consequences, among others. Furthermore, if the Company or any of the third parties with whom the Company engages were to experience shutdowns or other business disruptions, the Company's ability to conduct the business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on the business, results of operations and financial condition.

Basis of presentation and summary of significant accounting policies and estimates

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies and estimates

ummary of significant accounting policies and estimates

Basis of presentation

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period.

Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of consolidation

These consolidated financial statements include the financial statements of Xeris Biopharma Holdings, Inc. and subsidiaries. All intercompany transactions have been eliminated.

Reclassification

As a result of the acquisition, certain reclassifications of prior period amounts have been made to improve comparability and conform to the current period presentation. Presentation changes were made to the Consolidated Statements of Operations and Comprehensive Loss. In addition, certain reclassifications of prior period data have been made in the Notes to Consolidated Financial Statements to conform to the current period presentation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses included in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue recognition

The Company applies the guidance in ASC 606, Revenue Recognition, to all contracts with customers within the scope of the standard.

The Company sells product primarily to wholesalers or a specialty pharmacy who subsequently resell to retail pharmacies or patients. The Company enters into arrangements with payors, group purchasing organizations, and healthcare providers that provide for government-mandated or privately-negotiated rebates, chargebacks and discounts related to the Company’s products. The Company currently sells Gvoke, Keveyis and Recorlev in the United States only and Ogulo (European brand name of Gvoke) in the United Kingdom.

Revenue is recognized when the Company's customer (e.g., a wholesaler or specialty pharmacy) obtains control of promised goods or services, which is when the Company's obligations under the terms of the contract with the customer are satisfied, based on the consideration the Company expects to receive in exchange for those goods or services.

Revenues are recorded at the net product sales price, which includes estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. The Company applies significant judgments and estimates in determining some of these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known.

Patient Copay Assistance Program

The Company offers savings programs to commercially insured patients under which the cost of a prescription to a patient is discounted. The Company reimburses pharmacies for this discount through a third-party vendor. The Company records an accrual to reduce gross sales for the estimated copay on units sold to wholesalers and other customers. The estimate is based on estimated percentages of products that will be prescribed to qualified patients, expected patient utilization of the discount program, average assistance paid based on reporting from the third-party vendor as well as industry data and estimated levels of inventory in the distribution channel. Accrued copay fees are recorded as a reduction of product revenues and included in accrued trade discounts and rebates on the consolidated balance sheets.

Commercial Rebates

The Company contracts with certain private payor organizations, primarily insurance companies and pharmacy benefit managers, to provide rebates with respect to utilization of the products and contracted formulary status. The Company accrues estimated rebates based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebate as a reduction of product revenues. Accrued commercial rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.

Government Rebates

The Company participates in certain federal and state government rebate programs such as the Medicaid Drug Rebate Program, TRICARE Retail Refunds Program, and Medicare Part D Program. The Company accrues estimated rebates and discounts based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebates as a reduction of product revenues. Accrued government rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.

Chargebacks

The Company arranges with certain commercial and government entities allowing them to buy products directly from wholesalers at specific prices. These entities purchase products through wholesalers at the discounted price, and the wholesalers charge the difference between their list price and the discounted price back to the Company. The Company accrues estimated chargebacks based on estimated percentages of products sold to these entities, contract prices, and estimated levels of inventory in the distribution channel and records the chargebacks as a reduction of product revenues. Accrued chargebacks are recorded as an allowance against trade receivables on the consolidated balance sheets.

Product Returns

For some products, the Company's customers generally have the right to return product during the period beginning six months prior to the product expiration date and up to one year after the product expiration date. The Company does not have extensive history of product returns and uses various factors to estimate the provision for returns, including the launch date of products, third-party industry data for comparable products in the market and estimated channel inventory data. In a reporting period, the Company may decide to constrain revenue for product returns based on information from various sources, including channel inventory levels, inventory dating, prescription data, the expiration dates of product currently being shipped, price changes of competitive products and introductions of generic products. While the Company believes that the returns reserve is sufficient to avoid a significant reversal of revenue in future periods, if it were to increase or decrease the rate by 1%, it would have a $0.6 million impact on revenue in the year ended December 31, 2021. The Company records estimated product returns in accrued returns reserve on the consolidated balance sheets and as a reduction of product revenues.

Prompt Payment Discounts

As an incentive for prompt payment, the Company offers a discount to most customers. The Company expects that all eligible customers will comply with the contractual terms to earn the discount, and, therefore, the Company accrues the discount on all eligible sales. The Company records the discount as an allowance against trade accounts receivable on the consolidated balance sheets and as a reduction of product revenues.

Service Fees

The Company records service fees paid to the wholesaler and specialty pharmacy customers for distribution and inventory management services as a reduction to product revenues. The Company accrues estimated service fees based on contractually determined amounts. Accrued service fees are included in accrued trade discounts and rebates on the consolidated balance sheets.

Concentration of credit risk

For the years ended December 31, 2021 and 2020, four customers accounted for 95% and 92% of the Company’s gross product revenues, respectively. The same four customers accounted for 99% and 98% of the trade accounts receivable, net at December 31, 2021 and December 31, 2020, respectively.

Cost of goods sold

Cost of goods sold includes primarily product costs, which include all costs directly related to the purchase of raw materials, charges from contract manufacturing organizations, and manufacturing overhead costs, including shipping and distribution charges. Cost of goods sold also includes losses on excess, slow-moving or obsolete inventory and inventory purchase commitments, if any. Manufacturing costs for Gvoke and Recorlev incurred prior to approval and initial commercialization were expensed as research and development expenses.

The Company does not incur material cost of goods sold related to royalty, contract and other revenue.

Research and development expenses

Research and development expenses are expensed as incurred. Research and development expenses include salaries, stock compensation and other personnel-related costs, consulting fees, fees paid for contract research and development services including those for preclinical and clinical trials, laboratory equipment and facilities costs, and other external costs. In addition, manufacturing costs of products prior to approval and initial commercialization are expensed as research and development costs.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are received, the services are performed, or the arrangement is terminated.

Stock-based compensation expense

The Company accounts for stock-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments, including stock options, restricted stock units and employee stock purchases, to be recognized in the statements of operations based on their grant date fair values. The Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, the risk-free interest rate and the expected dividend yield of the common stock. Restricted stock units are valued based on the fair market value of the Company’s common stock on the date they were granted. The Company recognizes stock-based compensation expense equal to the grant date fair value of stock options, restricted stock units and employee stock purchases on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they are incurred.

Income taxes

Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company determines the deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company's policy is to include interest and penalties related to uncertain tax positions, if any, within the provision for taxes in the statements of operations and comprehensive loss. For the years ended December 31, 2021 and 2020, the Company did not accrue any interest or penalties on uncertain tax positions.

Cash and cash equivalents

The Company considers all demand deposits with financial institutions and highly liquid investments with an original maturity of three months or less when purchased as cash equivalents.

Investments

The Company classifies investments in debt securities as available-for-sale investments. Investments classified as short-term on the balance sheets have original maturities of greater than 90 days but less than one year.

Inventory

Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out convention. Inventory consists of raw materials, work in process and finished goods. The Company has entered into manufacturing and supply agreements for the manufacture or purchase of raw materials and production supplies. The Company’s inventory includes the direct purchase cost of materials and supplies, charges from contract manufacturing organizations and manufacturing overhead costs. The Company reviews inventory to assess if there is obsolete or excess inventory and records a charge to cost of goods sold if and when applicable.

Property and equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Impairment of long-lived assets

The Company periodically evaluates long-lived assets for potential impairment in accordance with ASC 360, Property, Plant and Equipment. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value.

The Company recognized no impairment charges for the years ended December 31, 2021 and 2020, respectively.

Business combinations

The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values. The excess of the fair value of purchase consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. Acquisition related costs are expensed as incurred. Upon acquisition, the accounts and results of operations are consolidated as of and subsequent to the acquisition date.

When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. The Company utilizes commonly accepted valuation techniques, such as the income approach in establishing the fair value of intangible assets. See “Note 3 – Business combination” for additional detail.

Goodwill

The Company tests goodwill for impairment on an annual basis or whenever events occur that may indicate possible impairment. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and identified intangible assets acquired under a business combination. Goodwill is reviewed for impairment at a reporting unit level annually in the fourth quarter, or more frequently if events or circumstances indicate that the goodwill might be impaired. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of the net assets is less than their carrying amount, then the quantitative goodwill impairment test is unnecessary.

If, based on the qualitative assessment, it is determined that it is more likely than not that the fair value of the net assets is less than their carrying amount, then the Company proceeds to perform the quantitative goodwill impairment test. In connection with the annual impairment test conducted in the fourth quarter of 2021, after the acquisition was completed, the Company performed a qualitative assessment in connection with the annual goodwill impairment evaluation and determined that it was more likely than not that the fair value of the net assets exceeded their carrying value.

Intangible assets

Acquired definite life intangible assets are amortized using the straight-line method over their respective estimated useful lives. The Company evaluates the potential impairment of intangible assets if events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate.

For further discussion of identified intangible assets, see “Note 7 – Intangible assets”.

Debt issuance costs

Debt issuance costs incurred in connection with financing arrangements are amortized to interest expense over the life of the respective financing arrangement using the effective interest method. Debt issuance costs, net of related amortization, reduce the carrying value of the related debt.

Contingent considerations

The fair value of the Contingent Value Rights (“CVRs") is calculated by using a discounted cash flow method for the Keveyis patent milestone and an option pricing method for the Recorlev and Keveyis sales milestones. In the case of Keveyis milestones, the Company applies a scenario-based method and weighted them based on the possible achievement of the milestone. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement. The key assumptions used include the discount rate and sales growth. The estimated value of the CVR consideration is preliminary only and is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration. This value is then remeasured for future expected payout as well as the increase in fair value due to the time value of money. These gains or losses, if any, are recognized in the consolidated statements of operations and comprehensive loss.

Deferred rent

Certain of the Company’s lease agreements provide for scheduled rent increases during the lease term and also for abatement of some or all rental payments for a period of time after the occupancy date. In addition, certain of the Company’s lease agreements provide for tenant improvement allowances whereby the landlord funded the cost to build out the space. The Company records a liability for such lease incentives which is amortized to rent expense on a straight-line basis throughout the lease term.

Warrant liability

Warrants required to be settled in cash are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity. The fair value of these warrants are remeasured each reporting period using the Black-Scholes option-pricing model which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The liability is recorded in other current liabilities on the consolidated balance sheet. Generally, changes in the fair value of the warrant liabilities are recorded in the consolidated statement of operations and comprehensive loss.

Fair value of financial instruments

Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a non-recurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, and accounts payable, are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Amended and Restated Loan and Security Agreement approximates fair value due to the variable interest rate on the debt. Items measured at fair value on a recurring basis include the Company’s investments, warrants and CVRs.

Segment reporting

Operating segments are identified as components of an enterprise for which separate discrete financial information is available and utilized by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The Company operates in one segment and, other than having conducted certain clinical trials and applied for and received marketing approval for Ogluo outside the United States, all of the Company’s operations are in the United States.

New accounting pronouncements

Recently issued accounting pronouncements

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard requires that an acquirer recognize and measure such contract assets and contract liabilities under Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. This standard also allows for election of certain practical expedients, which are applied on an acquisition-by-acquisition basis. This standard is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, including for any interim period, and if elected, this standard is applied retrospectively for any acquisitions that occurred in the fiscal year of interim adoption. Since the Company already adopted ASC 2014-09, Revenue from Contracts with Customers (Topic 606), which provides a single comprehensive accounting model on revenue recognition for contracts with customers, the Company elected to early adopt ASU 2021-08 in the fourth quarter 2021 as the Company completed the acquisition of Strongbridge. Therefore, the Company has accounted for the acquisition of all contracts with customers from the Strongbridge acquisition in accordance with ASC 606. Under previous U.S. GAAP, the Company would have discounted the acquired contracts with customers to present value as of the acquisition closing date.

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). This standard addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This standard is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements.

In August 2020, the FASB issued ASU 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. This standard eliminates certain accounting models to simplify the accounting for convertible instruments, expands the disclosure requirements related to the terms and features of convertible instruments, and amends the guidance for the derivatives scope exception for contracts settled in an entity’s own equity. This standard enhances the consistency of earnings-per-share ("EPS") calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted EPS calculations and disclosures. This standard is effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted but not earlier than periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference London Inter-bank Offered Rate (“LIBOR”) or other reference rates that are expected to be discontinued because of reference rate reform. This standard is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard eliminates certain exceptions in the current guidance related to the approach for intra-period tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify U.S. GAAP. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption of this standard is permitted. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The standard simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new standard, the Company is required to perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The guidance is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within that annual period, with early adoption permitted. Since the Company started to have goodwill after the business combination in the fourth quarter 2021, the Company early adopted this guidance prospectively on January 1, 2021, and it did not have any impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from

short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard will require allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard is effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. This standard is effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The FASB has recently extended the effective date of this standard for certain companies. As amended in ASU 2020-05, this standard will be effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and related disclosures; however, since the Company is a lessee to certain leases for property whose terms exceed twelve months, it expects, once adopted, to report assets and liabilities related to these leases on the balance sheet.

Business combination

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Business combination

On May 24, 2021, Xeris Pharma issued an announcement pursuant to Rule 2.5 of the Irish Takeover Panel Act 1997 (as amended), Takeover Rules, 2013, disclosing that the boards of directors of Xeris Pharma and Strongbridge (with the exception of Jeffrey W. Sherman, M.D., a director in common to both companies, who abstained from the voting), had reached agreement on the terms of a recommended acquisition of Strongbridge by Xeris Pharma (the “Acquisition”). Xeris Pharma, Strongbridge, Xeris Biopharma and Wells MergerSub, Inc., a Delaware corporation (“MergerSub”), entered into a Transaction Agreement, dated as of May 24, 2021 (the “Transaction Agreement”).

On October 5, 2021 (the "acquisition closing date"), pursuant to the Transaction Agreement, Xeris Pharma completed the acquisition of Strongbridge. Upon completion of the Acquisition, (a) the Company acquired Strongbridge by means of a scheme of arrangement (the “Scheme”) under Irish law pursuant to which the Company acquired all of the outstanding ordinary shares of Strongbridge (“Strongbridge Shares”) in exchange for (i) 0.7840 of a share of the Company’s common stock (“Company Shares”) and cash in lieu of fractions of Company Shares in exchange for each Strongbridge Share held by such Strongbridge Shareholders and (ii) one (1) non-tradeable CVR, worth up to a maximum of $1.00 per Strongbridge Share settleable in cash, additional Company Shares, or a combination of cash and additional Company Shares, at the Company’s sole election and (b) MergerSub merged with and into Xeris Pharma, with Xeris Pharma, as the surviving corporation in the merger (the “Merger,” and the Merger together with the Acquisition, the “Transactions”).

Upon completion of the Merger, (a) each share of Xeris Pharma common stock was assumed by the Company and converted into the right to receive one Company Share and any cash in lieu of fractional entitlements due to a Xeris Pharma shareholder and (b) each Xeris Pharma option, stock appreciation right, restricted share award and other Xeris Pharma share based award that was outstanding was assumed by the Company and converted into an equivalent equity award of the Company, which award was subject to the same number of shares and the same terms and conditions as were applicable to the Xeris Pharma award in respect of which it was issued. On October 6, 2021, the Company’s common stock, par value $0.0001 per share, commenced trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “XERS”.

administrative or ministerial changes that are not adverse to any holder other than in any de minimis respect), provided that the terms of each Strongbridge Rollover Option with an exercise price of $4.50 or less (prior to the adjustment described above) were amended to provide that it shall remain exercisable for a period of time following the effective time of the Scheme equal to the lesser of (A) the maximum remaining term of such corresponding Strongbridge Option and (B) the fourth anniversary of the effective date of the Merger, in each case regardless of whether the holder of such Strongbridge Rollover Option experiences a termination of employment or service on or following the effective time of the Scheme and (iv) the Company issued to each holder of a Strongbridge Rollover Option one CVR with respect to each Strongbridge Share subject to the applicable Strongbridge Option, provided that in no event shall such holder be entitled to any payments with respect to such CVR unless the corresponding Strongbridge Option has been exercised on or prior to any such payment.

Additionally, on completion of the Acquisition, (a) each outstanding and unexercised Strongbridge warrant (except private placement warrants) was assumed by the Company such that, upon exercise, the applicable holders will have the right to have delivered to them the reference property (as such term is defined in the Strongbridge assumed warrants) and (b) each outstanding and unexercised Strongbridge private placement warrant was assumed by the Company such that the applicable holders will have the right to subscribe for Company Shares, in accordance with certain terms of the Strongbridge private placement warrants.

The Acquisition was accounted for as a business combination using the acquisition method of accounting under the provisions of ASC 805, Business Combinations.

The Acquisition will diversify and increase the Company’s revenue base into the specialized commercial platforms and expand the development pipeline. Additionally, the Company expects to achieve significant synergies by eliminating redundant processes and headcount, most notably within the commercial, executive and general and administrative functions.

Acquisition consideration

The acquisition-date fair value of the consideration transferred totaled $169.1 million, which consisted of the following:


Fair value of consideration transferred (in thousands, except share number)
Xeris Biopharma Holdings, Inc. common shares (58,082,606 shares)	$	137,655
Unexercised Strongbridge options assumed by Xeris Pharma and converted into options to purchase Company Shares	6,404
Strongbridge warrants	2,467
Contingent consideration (Contingent value rights)	22,531
Total consideration	$	169,057

The Company’s acquisition accounting is primarily pending final valuation and potential CVR fair value adjustments to the consideration. The fair value of the common stock issued was determined based on the closing market price of shares of the Company’s common stock on the acquisition date.

The fair value of the private placement warrants was determined using the Black-Scholes valuation model which considers the expected terms of the private placement warrants from the acquisition closing date as well as the risk-free interest rate, current exercise price of $2.50 multiplied by (the average of Xeris Pharma closing prices for the 20-day period ending three trading days prior to acquisition closing date/the average of Strongbridge closing prices for the 20-day period ending three trading days prior to acquisition closing date) and a volatility of 50%.

The CVRs represent contingent additional consideration of up to $1.00 for each CVR, payable to CVR holders, to satisfy future performance milestones, settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. The CVRs are conditioned upon the achievement of the following:

•Keveyis Milestone: $0.25 per CVR, upon the earlier of the first listing of any patent in the FDA's Orange Book for Keveyis by the end of 2023 or the first achievement of at least $40 million in net sales of Keveyis in 2023;

•2023 Recorlev Milestone: $0.25 per CVR, upon the first achievement of at least $40 million in net sales of Recorlev in 2023; and

•2024 Recorlev Milestone: $0.50 per CVR, upon the first achievement of at least $80 million in net sales of Recorlev in 2024.

Refer to "Note 12 - Fair Value Measurements", for information related to the fair value measurements on CVRs and valuation methods utilized.

As of the acquisition closing date, there were approximately 74.1 million CVRs. There will be additional issuance of up to 10.5 million. CVRs to holders of Strongbridge rollover options and assumed warrants upon exercise.

Preliminary purchase price allocation

In accordance with ASC 805, Xeris Pharma was determined to be the accounting acquirer in the Acquisition. The Company has applied the acquisition method of accounting that requires, among other things, that identifiable assets acquired and liabilities assumed generally be recognized on the balance sheet at fair value as of the acquisition date. In determining the fair value, the Company utilized various forms of the income, cost and market approaches depending on the asset or liability being fair valued. The estimation of fair value required significant judgment related to future net cash flows (including revenue, operating expenses, and working capital), discount rates reflecting the risk inherent in each cash flow stream, competitive trends, market comparables and other factors. Inputs were generally determined by taking into account historical data (supplemented by current and anticipated market conditions), trends and growth rates.

The initial allocation of the purchase price was based on preliminary valuations and assumptions. During the fourth quarter of 2021, the Company did record $4.9 million of net deferred tax liabilities based on jurisdictional outcomes. Otherwise, there were no material measurement period adjustments.

The table below presents the estimated fair value that was allocated to Strongbridge’s assets and liabilities based upon fair values as determined by the Company (in thousands):


	Fair Value
Cash and cash equivalents	$	38,469
Trade accounts receivable	4,344
Inventory	1,862
Prepaid expenses and other current assets	4,683
Property and equipment	161
IPR&D	121,000
Other intangible asset	11,000
Other assets	860
Total identifiable assets acquired	182,379
Accounts payable	(279)
Other accrued liabilities	(13,703)
Accrued trade discounts and rebates	(4,844)
Supply agreement liability	(12,000)
Deferred tax liabilities	(4,942)
Other liabilities	(413)
Total liabilities assumed	(36,181)
Net identifiable assets acquired	146,198
Goodwill	22,859
Net assets acquired	$	169,057

The above allocation of the purchase price is provisional and is still subject to change within the measurement period (up to one year from the acquisition date) as a result of additional information obtained with regards to facts and circumstances that existed as of the acquisition date. The final allocation of the purchase price is expected to be completed as soon as practicable, but no later than one year from the date of the Transactions.

The following is a description of the methods used to determine the fair values of significant assets and liabilities.

In-process research and development ("IPR&D") and other intangible asset

The IPR&D intangible asset represents the recording of the acquired IPR&D indefinite-lived intangible asset related to Recorlev. The other intangible asset represents the commercial product in the form of Keveyis. The fair value for the IPR&D and other intangible assets were based on assumptions developed by management and other information compiled by management including, but not limited to, discounted future expected cash flows. The fair value of intangibles relies heavily on projected future net cash flows including, but not limited to, key assumptions for revenue and operating expenses. The discount rates used for intangible assets are

based on current market rates and reflect the risk inherent in each cash flow stream. The estimated useful life of the intangible asset of Keveyis is five years which reflects the time period in which the Company expects to receive the benefits of the related cash flows.

Goodwill

The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed was recognized as goodwill. The goodwill is generated from operational synergies and cost savings the Company expects to achieve from the combined operations and Strongbridge’s knowledgeable and experienced workforce. The majority of the goodwill is not expected to be deductible for tax purposes.

Transaction costs

In connection with the Transactions, the Company incurred significant expenses in the second through fourth quarter of 2021 such as transaction costs (e.g., bankers' fees, legal fees, consultant fees, etc.). Total transaction costs recorded in the selling, general and administrative expenses totaled $8.4 million for the year ended December 31, 2021.

Supplemental pro forma information

The following unaudited supplemental pro forma financial information assumes the companies were combined as of January 1, 2020. The pro forma financial information as presented below is for informational purposes only and is based on estimates and assumptions that have been made solely for purposes of developing such pro forma information. This is not necessarily indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2020, nor is it necessarily indicative of future results. Consequently, actual results could differ materially from the unaudited pro forma financial information presented below. The following table presents the pro forma operating results as if Strongbridge had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2020 (unaudited, in thousands):


	Years Ended December 31,
	2021		2020
Revenue	$	79,509	$	51,166
Net loss	$	(160,342)	$	(132,367)

These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Xeris to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2020.

The unaudited supplemental pro forma information above does not include any cost saving synergies from operating efficiencies. There is a tax impact on the pro forma adjustments due to deferred tax liabilities being greater than the deferred tax assets in Ireland. For the other non-Irish entities, there is no tax impact of the pro forma adjustments reflected as both companies are, and have been for some time, in net operating loss positions and have full valuation allowances against their net deferred tax assets on both a historical and pro forma basis.

Inventory

12 Months Ended

Dec. 31, 2021

Inventory [Line Items]

Inventory Disclosure [Text Block]

Inventory

The components of inventories consisted of the following (in thousands):


	December 31, 2021		December 31, 2020

Raw materials	$	5,181	$	2,874
Work in process	7,442		4,247
Finished goods	5,495		1,232
Inventory	$	18,118	$	8,353

Inventory reserves were $1.0 million and $2.2 million at December 31, 2021 and December 31, 2020, respectively.

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment

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


	December 31, 2021		December 31, 2020

Lab equipment	$	3,739	$	2,684
Furniture and fixtures	1,355		1,355
Computer equipment	307		277
Office equipment	28		8
Software	307		307
Leasehold improvements	5,026		4,627
	10,762		9,258
Less: accumulated depreciation and amortization	(4,135)		(2,551)
Property and equipment, net	$	6,627	$	6,707

Depreciation and amortization expense relating to property and equipment was $1.3 million and $1.5 million for the years ended December 31, 2021 and 2020, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets

Identified intangible assets consisted of the following (in thousands):


		December 31, 2021
	Life (Years)	Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(550)	$	10,450
Definite-lived intangible asset - Recorlev	14	121,000		—		121,000
Total intangible assets		$	132,000	$	(550)	$	131,450

Keveyis is the developed product rights obtained from Strongbridge's acquisition of U.S. marketing rights to Keveyis (dichlorphenamide) from Taro Pharmaceuticals U.S.A., Inc. ("Taro").

The IPR&D product Recorlev acquired from the Acquisition was approved by FDA on December 30, 2021. The IPR&D asset has been reclassified as a definite-lived intangible asset to be amortized on a straight-line basis over an estimated useful life of 14 years assigned based on the economic life and remaining patent life.

As of December 31, 2021, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands):


2022	$	10,843
2023	10,843
2024	10,843
2025	10,843
2026	10,293
Thereafter	77,785
Total minimum lease payments	$	131,450

Other Accrued Liabilities (Notes)

12 Months Ended

Dec. 31, 2021

Accrued Expenses [Abstract]

Other Accrued Liabilities

Other accrued liabilities Other accrued liabilities consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Accrued employee costs	$	19,638	$	7,989
Supply agreement - current portion	6,009		—
Accrued supply chain costs	595		1,702
Accrued marketing and selling costs	3,237		1,114
Accrued research and development costs	1,998		678
Accrued restructuring charges	6,715		811
Accrued interest expense	1,413		1,527
Accrued Strongbridge transaction costs	1,839		—
Accrued other costs	7,644		2,074
Other accrued liabilities	$	49,088	$	15,895

Long-Term Debt

12 Months Ended

Dec. 31, 2021

Long-term Debt, Unclassified [Abstract]

Long-term Debt

Long-term debt

Convertible Senior Notes

In June 2020, Xeris Pharma completed a public offering of $86.3 million aggregate principal amount of Xeris Pharma's 5.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes which was exercised in full in July 2020. Xeris Pharma incurred debt issuance costs of $5.1 million in connection with the issuance of the Convertible Notes. Xeris Pharma used $20.0 million and $4.2 million of the net proceeds from the sale to prepay a portion of the principal amount on the Term A Loan (as defined below) and the remaining amount of borrowings outstanding under the PPP Loan (as defined below), respectively.

The Convertible Notes are governed by the terms of a base indenture for senior debt securities dated June 30, 2020 (the “Base Indenture”), between Xeris Pharma and U.S. Bank National Association, as trustee, as supplemented by the first supplemental indenture thereto dated June 30, 2020, between U.S. Bank National Association, as trustee, and the second supplemental indenture

thereto dated October 5, 2021 ("the Supplemental Indentures" and together with the Base Indenture, the "Indenture"), among the Company, Xeris Pharma and U.S. Bank National Association, as trustee. The Convertible Notes bear cash interest at the rate of 5.00% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021, to holders of record at the close of business on the preceding January 1 and July 1, respectively. The Convertible Notes will mature on July 15, 2025, unless earlier converted or redeemed or repurchased by the Company.

At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of Convertible Notes may convert their Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The conversion rate for the Convertible Notes will initially be 326.7974 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $3.06 per share of common stock, and is subject to adjustment under the terms of the Convertible Notes. In the event of certain circumstances, the Company will increase the conversion rate, provided that the conversion rate will not exceed 367.6470 shares of the Company's common stock per $1,000 principal amount of Convertible Notes.

In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of Xeris Pharma’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, Xeris Pharma entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of Xeris Pharma’s common stock. Xeris Pharma recognized a $2.6 million loss related to the convertible note exchange transactions.

The Convertible Notes are senior, unsecured obligations and are equal in right of payment with Xeris Pharma's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the Convertible Notes, and effectively subordinated to its existing and future secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent Xeris Pharma is not a holder thereof) preferred equity, if any, of the Company’s other direct and indirect subsidiaries.

As a result of the Transactions, and pursuant to the Second Supplemental Indenture, the Convertible Notes are no longer convertible into shares of common stock of Xeris Pharma common stock. Instead, subject to the terms and conditions of the Indenture, the Convertible Notes will be exchangeable into cash and shares of common stock of the Company in proportion to the transaction consideration payable pursuant to the Transaction Agreement, and the “Reference Property” provisions in the Indenture.

Pursuant to the Second Supplemental Indenture, the Company agreed to guarantee (a) the full and punctual payment when due of all monetary obligations of Xeris Pharma under the Indenture and (b) the full and punctual performance within applicable grace periods of all other obligations of Xeris Pharma under the Indenture.

Senior Secured Loan Facility

In February 2018, Xeris Pharma entered into the Loan and Security Agreement, dated as of February 28, 2018 (as amended, the “Original Loan Agreement”), with Oxford Finance LLC (“Oxford”), as the collateral agent (in such capacity, the “Collateral Agent”) and a lender, and Silicon Valley Bank, as a lender (“SVB”, and together with Oxford, the “Lenders”), which provided for a senior secured loan facility of up to an aggregate principal amount of $45.0 million. The first tranche of $20.0 million was drawn down in February 2018 (the "2018 Term A Loan"). The second tranche of $15.0 million was drawn down in September 2018 (the "2018 Term B Loan"). Xeris Pharma also issued warrants to the Lenders to purchase common stock, which is further discussed in "Note 11 - Warrants".

In September 2019, Xeris Pharma entered into an Amended and Restated Loan and Security Agreement (the "Loan Agreement") with the Lenders which amended and restated the Original Loan Agreement in its entirety. The Loan Agreement provided for the Lenders to extend up to $85.0 million in term loans to Xeris Pharma in three tranches. The initial tranche of $60.0 million (the “Term A Loan”) was drawn down in September 2019. Additional tranches of $15.0 million (the “Term B Loan”) and $10.0 million (the “Term C Loan”) were contingent on achievement of certain revenue targets which were not achieved. In conjunction with the execution of the Loan Agreement, the 2018 Term A Loan and 2018 Term B Loan were repaid and the final payment fee of $2.3 million was paid.

Effective April 21, 2020, Xeris Pharma entered into that certain First Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “First Amendment”) to amend the Loan Agreement to allow Xeris Pharma to incur indebtedness under the U.S. Small Business Administration (the “SBA”) the Paycheck Protection Program enabled by the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) in the amount of $5.1 million (the “PPP Loan”).

On June 30, 2020, Xeris Pharma entered into that certain Second Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Second Amendment") to amend the Loan Agreement to provide for the Lenders’ consent to and allow for Xeris Pharma's underwritten public offering of Xeris Pharma's 5.00% Convertible Senior Notes due 2025 and permit the Company to prepay the PPP Loan in full. The Second Amendment also provided for the extension of the interest-only payment period through December

31, 2021, after which the term loans would be payable in 30 equal monthly installments. However, if Xeris Pharma achieved a certain revenue milestone prior to January 1, 2022, then the period for interest-only payments would be extended through September 30, 2022, after which the term loans would be payable in 21 equal monthly installments. In addition the Second Amendment further provided for an extension of the maturity date from June 1, 2023 to June 1, 2024. After repayment, no loans may be re-borrowed.

Pursuant to the Second Amendment, Xeris Pharma prepaid a portion of the Term A Loan equal to the sum of (i) $20.0 million, plus all accrued and unpaid interest as of the date of the Second Amendment, (ii) the applicable final payment fee of $0.6 million, (iii) the applicable prepayment fee of $0.3 million and (iv) all outstanding Lenders’ expenses as of the date of the Second Amendment.

Additionally, Xeris Pharma is required to maintain a minimum balance of $5.0 million in unrestricted cash at SVB at all times and to pay an amendment fee of up to $0.1 million at the earliest to occur of the maturity date, acceleration of any term loan, or prepayment of any term loan amount.

On August 5, 2020, Xeris Pharma entered into that certain Third Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Third Amendment”) to amend the Loan Agreement to (i) amend the definition of “Permitted Indebtedness” to include a new standby letter of credit in an amount not to exceed $0.4 million issued to the landlord for Xeris Pharma’s new leased laboratory space and (ii) permit the sale of certain equipment related to the relocation of Xeris Pharma’s research and development laboratory from San Diego to Chicago.

On October 23, 2020, Xeris Pharma entered into that certain Fourth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Fourth Amendment") to amend the Loan Agreement to provide an additional tranche of $3.5 million (the “Term D Loan”, and, together with the Term A Loan, Term B Loan, and Term C Loan, the "Term Loan"), available upon execution. The Term D Loan of $3.5 million was drawn in November 2020 and will be payable under the same payment terms as the term loans. After repayment, the loan may not be re-borrowed.

On May 3, 2021, Xeris Pharma entered into that certain Fifth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Fifth Amendment”) to amend the Loan Agreement. The Fifth Amendment provides that if Xeris Pharma achieves a certain revenue milestone prior to November 30, 2021, then the period for interest-only payments is extended six months to July 2022 and the Term Loan will be payable in 24 equal monthly installments. If Xeris Pharma achieves another revenue milestone prior to May 31, 2022, the period for interest-only payments is further extended three months, to October 2022 and the Term Loan will be payable in 21 equal monthly installments. If Xeris Pharma achieves a third revenue milestone by August 31, 2022, the period for interest-only payments is further extended three months, to January 2023 and the Term Loan will be payable in 18 equal monthly installments. The Company achieved all revenue milestones and therefore classified the amounts due under the Amended Loan Agreement as non-current on the balance sheet as of December 31, 2021.

On May 24, 2021, Xeris Pharma entered into that certain Consent Under Amended and Restated Loan and Security Agreement (the “Consent”) with the Lenders to permit the Company to execute, deliver and perform (a) the Transaction Agreement with Strongbridge and (b) that certain Expenses Reimbursement Agreement dated as of May 24, 2021 by and between Xeris Pharma and Strongbridge pursuant to which Xeris Pharma and Strongbridge agreed to certain reimbursement obligations related to the transactions contemplated by the Transaction Agreement.

In connection with the completion of the Transactions, on October 5, 2021, the Company entered into that certain Joinder and Sixth Amendment to Amended and Restated Loan and Security Agreement (the “Sixth Amendment”) with Xeris Pharma, the Lenders and Strongbridge US, Inc. (“Strongbridge US”) (each of Strongbridge US and the Company, a “New Borrower”) to amend the Loan Agreement. The Sixth Amendment adds the New Borrowers as borrowers under the Loan Agreement and provides for the grant by the New Borrowers to the Collateral Agent, for the ratable benefits of the Lenders, a first priority security interest on substantially all of their assets, including intellectual property, subject to certain exceptions. The Sixth Amendment also updates certain negative covenants and definitions to among, other things, permit certain intercompany arrangements and restructuring activities, as well as modifies the revenue milestones to address both Gvoke and non-Gvoke revenues. The Company achieved each revenue milestone and has therefore classified the amounts due under the Loan Agreement (as amended by that certain First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, Consent and Sixth Amendment, the “Amended Loan Agreement") as non-current on the balance sheet as of December 31, 2021.

All of the loans incur interest at a floating per annum rate in an amount equal to the sum of 6.25% plus the greater of (a) 2.43% and (b) the thirty-day U.S. Dollar LIBOR rate (or, the LIBOR replacement rate as applicable). For the period from the funding date of the Term A Loan through and including December 31, 2021, the interest rate was 8.68%. The Company has incurred total debt issuance costs of $2.0 million related to the Original Loan Agreement and the Amended Loan Agreement, which are being amortized to interest expense over the life of the loan using the effective interest method. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance.

The Amended Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder, but not less than $2.0 million of the outstanding principal at any time. The Company is subject to a prepayment fee equal to 1.50% of the principal amount being prepaid. Also, a final payment fee of 3.0% multiplied by the amount to be repaid is due upon the earliest to occur of the maturity date of the Amended Loan Agreement, the acceleration of the amounts outstanding under the Amended Loan Agreement or prepayment of such borrowings and is recorded in other liabilities on the consolidated balance sheets.

The Amended Loan Agreement contains customary representations and warranties, events of default (including an event of default upon a material adverse change of the Company) and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions.

Refer to "Note 19 - Subsequent events" for discussion over the Hayfin Loan Agreement executed after December 31, 2021.

The components of debt are as follows (in thousands):


	December 31, 2021		December 31, 2020

Convertible Notes	$	47,175	$	47,175
Senior secured loan facility	43,500		43,500
Less: unamortized debt issuance costs	(2,608)		(3,654)
Long-term debt, net of unamortized debt issuance costs	$	88,067	$	87,021

The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility (which reflect the Fifth Amendment) and the Convertible Notes (in thousands):


2022	$	—
2023	29,000
2024	14,500
2025	47,175
	$	90,675

For the year ended December 31, 2021, the Company recognized interest expense of $7.2 million, of which $1.0 million related to the amortization of debt issuance costs. For the year ended December 31, 2020, the Company recognized interest expense of $10.7 million, of which $1.0 million related to the amortization of debt issuance costs. Included in the 2020 interest expense are a loss on conversion of convertible debt and a loss on extinguishment of debt of $2.6 million and $0.7 million, respectively.

Stockholders' equity	12 Months Ended
Stockholders' equity	Dec. 31, 2021
Reverse Stock Split and Initial Public Offering [Abstract]
Stockholders' equity	Stockholders' equity The Company’s 375.0 million authorized shares of stock are divided into 350.0 million shares of common stock, par value $0.0001 per share, and 25.0 million shares of undesignated preferred stock, par value $0.0001 per share. At December 31, 2021 none of the 25.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on the common stock during the periods presented. In February 2020, the Company completed an equity offering of the common stock pursuant to the Shelf. The Company sold an aggregate of 10,299,769 shares of common stock at a price of $4.15 per share, including 1,299,769 shares pursuant to the underwriters’ option to purchase additional shares of common stock. Net proceeds from the equity offering were approximately $39.9 million after deducting underwriting discounts and commissions as well as other public offering expenses. In June 2020, the Company completed an equity offering of the common stock pursuant to the Shelf. The Company sold an aggregate of 8,510,000 shares of common stock at a price of $2.72 per share, including 1,110,000 shares pursuant to the underwriters' option to purchase additional shares which was fully exercised in July 2020. Net proceeds from the equity offering were approximately $21.6 million after deducting underwriting discounts and commissions as well as other public offering expenses. In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of the Company’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, the Company entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of the Company’s common stock. In March 2021, the Company completed a registered direct offering of 6,553,398 shares of the common stock at a price of $4.12 per share. Net proceeds from the equity offering were approximately $26.9 million after deducting offering expenses. On October 5, 2021, the Company completed the acquisition of Strongbridge. Upon completion of the Merger, (a) each share of Xeris Pharma common stock was assumed by the Company and converted into the right to receive one Company Share and any cash in lieu of fractional entitlements due to a Xeris Pharma shareholder and (b) each Xeris Pharma option, stock appreciation right, restricted share award and other Xeris Pharma share based award that was outstanding was assumed by the Company and converted into an equivalent equity award of the Company, which award was subject to the same number of shares and the same terms and conditions as were applicable to the Xeris Pharma award in respect of which it was issued. Upon completion of the Merger, the Company acquired all of the outstanding Strongbridge Shares in exchange for (i) 0.7840 of a share of the Company Shares and cash in lieu of fractions of Company Shares in exchange for each Strongbridge Share held by such Strongbridge Shareholders and (ii) one CVR. Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each Strongbridge Share Award was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company Shares. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. The Company then pays the minimum statutory withholding taxes in cash. During the year ended December 31, 2021, 458,416 RSUs vested for which 141,644 shares were withheld to cover the minimum statutory withholding taxes of $0.5 million. During the year ended December 31, 2020, 31,250 RSUs vested for which 9,801 shares were withheld to cover the minimum statutory withholding taxes of $0.1 million.

- Definition

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

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Warrants (Notes)

12 Months Ended

Dec. 31, 2021

Warrants [Abstract]

Other Liabilities Disclosure

Warrants

As of December 31, 2021, the following warrants were outstanding:


Warrants classified as liabilities:	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
Assumed Strongbridge private placement warrants	4,446,425	$3.005	June 2022
	4,540,437
Warrants classified as equities (Strongbridge assumed warrants):
Warrants in connection with Horizon and Oxford loan agreement	125,999	$3.130	December 2026
Warrants in connection with CRG loan agreement	309,122	$9.410	July 2024
Warrants in connection with CRG loan amendment in January 2018	978,628	$12.760	January 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	May 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	December 2025
	1,833,015

The Company recognized gains (losses) of $(768,000), $39,000 and $27,000 upon the change in fair value of the warrants during the year ended December 31, 2021 related to the assumed Strongbridge private placement warrants, the 2018 Term A Warrants and the

2018 Term B Warrants, respectively. The Company recognized gains (losses) of $4,000, $(8,000) and $(5,000) upon the change in fair value of the warrants during the year ended December 31, 2020 related to the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively.Refer to "Note 19 - Subsequent events" for discussion over the Hayfin Loan Agreement executed after December 31, 2021.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and contingencies

Commitments

Commitments to Taro Pharmaceuticals U.S.A., Inc. ("Taro")

Upon the completion of Strongbridge acquisition, the Company also acquired the supply agreement Strongbridge had with Taro to produce Keveyis. Strongbridge was obligated to purchase annual minimum amounts of product totaling approximately $29.1 million over a six-year period from Taro. As of December 31, 2021, the remaining obligation under the Supply Agreement was $14.1 million. The agreement with Taro may extend beyond the orphan exclusivity period unless terminated by either party pursuant to the terms of the agreement. If terminated by Taro at the conclusion of the orphan exclusivity period, the Company has the right to manufacture the product on its own or has the product manufactured by a third party on its behalf. The Company is also required to reimburse Taro for royalty obligation resulting from its sale of Keveyis to the Company.

Indemnifications

In the ordinary course of business and in connection with the sale of assets and businesses and other transactions, the Company often agrees to indemnify our counterparties against certain liabilities that may arise in connection with a transaction or that are related to events and activities prior to or following a transaction, such as breaches of contracts, unfavorable tax consequences and employee liabilities. If a counterparty were to make a successful indemnification claim against us, the Company may be required to reimburse the loss and such amount could be material to our consolidated financial statements. Where appropriate, the obligation for such indemnifications is recorded as a liability. Because these agreements generally do not specify the maximum amount of indemnification a counterparty may be entitled to, the overall maximum amount of our potential indemnification liability under these agreements cannot be reasonably estimated. However, the Company believes that the likelihood of a material liability being triggered under these indemnification obligations is not probable at this time.

Leases

The Company has non-cancellable operating leases for office and laboratory space, which expire at various times in 2031 and 2033. The non-cancellable lease agreements provide for monthly lease payments which increase during the term of each lease agreement.

Future minimum lease payments under operating leases at December 31, 2021 are as follows (in thousands):


2022	$	1,813
2023	2,031
2024	1,981
2025	1,931
2026	1,982
Thereafter	11,741
Total minimum lease payments	$	21,479

Total rent expense under these operating leases was approximately $2.4 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021, the Company had unused letters of credit of $1.4 million which were issued primarily to secure leases.

Contingencies

CVR liability

Upon closing the Transactions, the Company entered into a CVR Agreement. Each CVR entitles its holder to receive additional consideration of up to $1.00, to satisfy future performance milestones, settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. As of the acquisition closing date, there were approximately 74.1 million CVRs. There will be additional issuance of up to 10.5 million CVRs to holders of Strongbridge rollover options and assumed warrants upon exercise.

Litigation

From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of December 31, 2021, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company.

Restructuring costs

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring costs

In the third quarter of 2020, the Company commenced a plan to relocate the research and development laboratory from San Diego to Chicago. The costs associated with the plan include employee termination and relocation costs and other facility exit costs. The Company incurred total restructuring costs of approximately $2.0 million related to this plan. Costs of $0.3 million were incurred in the year ended December 31, 2021, all of which is included in research and development expenses in the consolidated statements of operations and comprehensive loss. The restructuring was materially completed in the fourth quarter of 2021.

After the completion of the Acquisition on October 5, 2021, the Company undertook a strategic restructuring to streamline the organization and utilize the operating expense synergy. The costs associated with the restructuring include employee termination. The Company expects to incur total restructuring cost of approximately $11.1 million related to this plan. Costs of $9.7 million were incurred in the year ended December 31, 2021, of which $0.1 million is included in research and development expenses, $9.4 million is included in selling, general and administrative expenses, and $0.2 million is included in costs of goods sold in the consolidated statements of operations and comprehensive loss. The Company anticipates the restructuring related to the Strongbridge acquisition to be substantially complete by the end of the first quarter of 2022. The restructuring reserve is included in other accrued liabilities in the consolidated balance sheet.

The following table summarizes the initial restructuring reserve in connection with the Strongbridge acquisition and the payments made during the year ended December 31, 2021 (in thousands):


	Employee Termination and Relocation Costs
Restructuring costs	$	9,657
Payments	(2,944)
Balance accrued at December 31, 2021	$	6,713

Stock Compensation Plan (Notes)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Compensation Plan

Stock compensation plan

In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the “2011 Plan”) and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards.

The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants). No grants of stock options or other awards may be made under the 2018 Plan after the tenth anniversary of the effective date.

The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019, and each January 1 thereafter, by 4% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. On January 1, 2021 and 2020, the number of shares of common stock available for issuance under the 2018 Plan was automatically increased by 2,384,448 shares and 1,088,580 shares, respectively. As of December 31, 2021, there were 1,569,336 shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee’s offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval with a purchase date of the last business day of June and December each year. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of our common stock on the immediately preceding December 31; (ii) 386,000 shares or (iii) such lesser number of shares as determined by the ESPP administrator. On January 1, 2021 and 2020, the number of shares of common stock available for issuance under the ESPP increased by 386,000 shares and 272,145 shares, respectively. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. The Company issued 215,939 shares at a weighted average price of $2.98 per share during the year ended December 31, 2021. As of December 31, 2021, there were 477,727 shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercial launch of Gvoke and the expansion of the Company generally. The Company initially reserved 750,000 shares of common stock for the issuance of awards under the Inducement Plan. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of December 31, 2021, there were 197,621 shares of common stock available for future issuance under the Inducement Plan.

On October 8, 2020, the Company's stockholders, upon recommendation of the Board of Directors, approved an amendment to the Company's 2011 Plan and 2018 Plan to allow the Company to permit certain employee option holders, subject to specified conditions, to exchange some or all of their outstanding options to purchase shares of the Company's common stock for a lesser number of new options to purchase shares of the Company’s common stock (the “Option Exchange”).

On November 10, 2020, the Company filed with the SEC a Tender Offer Statement on Schedule TO defining the terms and conditions of the Option Exchange. The total number of shares of common stock underlying a new option with respect to an exchanged eligible option was determined by dividing the number of shares of common stock underlying the exchanged eligible option by the applicable exchange ratio and rounding to the nearest whole number, subject to the terms and conditions described in the Exchange Offer. On December 10, 2020, the completion date of the Option Exchange, the Company canceled the options accepted for exchange and granted 832,907 new options to purchase shares of common stock in exchange for 1,127,906 options issued under the 2011 Plan and 2018 Plan. The exercise price per share of the options granted pursuant to the Exchange Offer was $4.09 per share, which was the closing price per share of common stock on The Nasdaq Global Select Market on the grant date of such new options. The new options will vest and become exercisable in two equal installments following the grant date, subject to an option holder's continuous service, and expire seven years from the grant date. On the grant date, the fair values of the options exchanged were similar to the fair values of the new options granted and, as such, the incremental compensation cost related to the Option Exchange was not material.

Assumed Plans

At the effective time of the Scheme, Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each Strongbridge Share Award was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company Shares (each, a “Strongbridge Rollover Option”), with the exercise price per Company Share and the number of Company Shares underlying the Strongbridge Rollover Option adjusted to reflect the conversion from Strongbridge Shares into Company Shares, provided that each Strongbridge Rollover Option will continue to have, and be subject to, the same terms and conditions that applied to the corresponding Strongbridge Rollover Option (except for terms rendered inoperative by reason of the Acquisition or for immaterial administrative or ministerial changes that are not adverse to any holder other than in any de minimis respect), provided that the terms of each Strongbridge Rollover Option with an exercise price of $4.50 or less (prior to the adjustment described above) were amended to provide that it shall remain exercisable for a period of time following the effective time of the Scheme equal to the lesser of (A) the maximum remaining term of such corresponding Strongbridge Option and (B) the fourth anniversary of the effective date of the Merger, in each case regardless of whether the holder of such Strongbridge Rollover Option experiences a termination of employment or service on or following the effective time of the Scheme.

On the acquisition closing date, the Company assumed all then-outstanding stock options and shares available and reserved for issuance under some legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, the “Assumed Plans”). Shares reserved under the Assumed Plans will be available for future grants. The Company also assumed all then-outstanding stock options from the rest of the legacy equity incentive plans of Strongbridge without assuming the shares available and reserved for issuance under these plans. The number of shares subject to stock options outstanding under all Strongbridge legacy equity incentive plans are included in the tables below. As of December 31, 2021, there were 2.9 million shares reserved for future grants under the Assumed Plans.

CVRs were also issued to the holders of Strongbridge vested and unexercised options that were outstanding and assumed by the Company at the acquisition date.

Stock options

Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two, three or four years after the grant date and expire seven to ten years from the grant date.

The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods during the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected stock price volatility assumption is based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of the Company's common stock since the Company began trading subsequent to the IPO in June 2018 over the period corresponding to the expected life as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date.

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Years Ended December 31,
	2021		2020
Expected term (years)	6.0		5.9
Risk-free interest rate	1.15	%	0.42	%
Expected volatility	76.34	%	70.19	%
Expected dividends	—		—

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the year ended December 31, 2021 was as follows:


	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2021	4,953,906	$	5.84	7.46
Granted	741,613	4.86
Assumed	6,400,246	6.17

Exercised	(93,399)	2.14
Forfeited	(411,080)	6.31
Expired	(228,950)	11.42
Outstanding - December 31, 2021	11,362,336	$	5.86	5.62
Exercisable - December 31, 2021	9,645,482	$	5.94	5.18
Vested and expected to vest at December 31, 2021	11,362,336	$	5.86	5.62

The weighted average fair value of awards granted during the year ended December 31, 2021 was $3.22 per share. The total intrinsic value of options exercised during the year ended December 31, 2021 was $0.1 million. As of December 31, 2021, the aggregate intrinsic value of awards vested and expected to vest was $1.8 million.

At December 31, 2021, there was a total of $6.0 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 1.9 years.

Restricted Share Units

The Company grants RSUs to employees. RSUs that are granted vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant, provided that the employee is employed by the Company on such vesting date. If and when the RSUs vest, the Company will issue one share of common stock for each whole RSU that has vested, subject to satisfaction of the employee’s tax withholding obligations. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period.

A summary of outstanding RSU awards and the activity for the year ended December 31, 2021 was as follows:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - January 1, 2021	766,550	$	7.07
Granted	1,817,594	4.62
Vested	(458,416)	6.29
Forfeited	(120,687)	4.94
Unvested balance - December 31, 2021	2,005,041	$	5.15

As of December 31, 2021, there was $7.1 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 2.2 years.

Employee Stock Purchase Plan

The fair value of the ESPP Plan shares was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Years Ended December 31,
	2021		2020
Expected term (years)	0.5		0.5
Risk-free interest rate	0.08	%	1.01	%
Expected volatility	77.40	%	108.70	%
Expected dividends	—		—

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Years Ended December 31,
	2021		2020

Cost of goods sold	$	106	$	151
Research and development	1,696		1,229
Selling, general and administrative	9,579		6,893
Total stock-based compensation expense	$	11,381	$	8,273

Fair value measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below takes into account the market for the financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2021 and 2020 (in thousands):


	Total as of December 31, 2021		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	67,271	$	67,271	$	—	$	—

Investments:

Corporate securities	12,067		—		12,067		—

Commercial paper	21,773		—		21,773		—
Foreign government	1,322		—		1,322		—
Total investments	$	35,162	$	—	$	35,162	$	—

Liabilities
Contingent value rights	$	22,531	$	—	$	—	$	22,531

Warrant liabilities	$	1,769	$	—	$	—	$	1,769


	Total as of December 31, 2020		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	37,598	$	37,598	$	—	$	—

Investments:
U.S. government securities	64,386		64,386		—		—
Corporate securities	13,625		—		13,625		—
Commercial paper	18,179		—		18,179		—
Total investments	$	96,190	$	64,386	$	31,804	$	—

Liabilities
Warrant liabilities	$	159	$	—	$	—	$	159

Warrant liability

The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could have resulted in higher or lower fair value measurement.

The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands):



Balance at December 31, 2020	$	159
Assumption of Strongbridge private placement warrants	908
Change in fair value of warrants	702
Balance at December 31, 2021	$	1,769

Contingent Value Rights

The fair value of the CVRs is calculated by using a discounted cash flow method for the Keveyis patent milestone and an option pricing method for the Recorlev and Keveyis sales milestones. In the case of Keveyis milestones, the Company applies a scenario-based method and weighted them based on the possible achievement of the milestone. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement. The key assumptions used include the discount rate and sales growth. The estimated value of the CVR consideration is preliminary only and is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration.

Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued each reporting period until the related contingencies are resolved. The contingent value rights are adjusted to fair value using the methods described above at the end of each reporting period. Significant changes which increase or decrease the probabilities of achieving the related milestones or shorten or lengthen the time required to achieve such events would result in corresponding increases or decreases in the fair values of these obligations.

As of December 31, 2021, the CVRs were revalued at $22.5 million using the same methods described above. During the period from October 5, 2021 to December 31, 2021, no gains or losses were recognized in the consolidated statements of operations from changes in the fair values of the CVRs. See "Note 16 – Commitments and contingencies" for a discussion of the CVRs.

There were no transfers between any of the levels of the fair value hierarchy during the years ended December 31, 2021 and 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Short-term investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Short-term investments

Short-term investmentsThe Company classifies investments in debt securities as available-for-sale. Debt securities are comprised of highly liquid investments with minimum “A” rated securities and, as of December 31, 2021, consist of U.S. Treasury and agency bonds and corporate entity commercial paper and securities, all with maturities of more than three months but less than one year at the date of purchase. Debt securities as of December 31, 2021 had an average remaining maturity of 0.5 years. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss) in the consolidated balance sheet. Refer to "Note 12 - Fair Value Measurements", for information related to the fair value measurements and valuation methods utilized.

The following table represents the Company’s available-for-sale investments by major security type as of December 31, 2021 and 2020 (in thousands):


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value

Investments:
Commercial paper	$	21,773	$	—	$	—	$	21,773
Corporate securities	12,072		2		(7)		12,067

Foreign government securities	1,324		—		(2)		1,322
Total available-for-sale investments	$	35,169	$	2	$	(9)	$	35,162

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value

Investments:
Commercial paper	$	18,179	$	—	$	—	$	18,179
Corporate securities	13,597		29		(1)		13,625
U.S. government securities	64,383		7		(4)		64,386
Total available-for-sale investments	$	96,159	$	36	$	(5)	$	96,190

The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity of and reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, the Company also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the years ended December 31, 2021 and 2020, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months.

Net loss per common share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net loss per common share

Basic and diluted net loss per common share are determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the shares issuable upon conversion, exercise or vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same.

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of December 31,
	2021	2020
Shares to be issued upon conversion of Convertible Notes	15,416,667	15,416,667
Vested and unvested stock options	11,362,336	4,953,906
Restricted stock units	2,005,041	766,550
Warrants	6,373,452	94,012
Total anti-dilutive securities excluded from EPS computation1	35,157,496	21,231,135

Other Employee Benefit Plans	12 Months Ended
Other Employee Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	Other employee benefit plans Defined Contribution Plan The Company sponsors an employee retirement plan qualifying under Section 401(k) of the Internal Revenue Code for all eligible employees in the United States. Employees become eligible to contribute to the plan upon meeting certain age requirements and 30 days of service. Commencing in 2019, the Company began discretionary matching employee contributions up to certain limits. For the years ended December 31, 2021 and 2020, the Company made $0.7 million and $0.6 million of matching contributions to the plan, respectively. Deferred Compensation Plan The Compensation Committee of the Board of Directors adopted a deferred compensation plan ("Deferred Compensation Plan") in April 2020. The Deferred Compensation Plan allows a select group of executive management and non-employee directors to defer payment of certain of their cash compensation. Participants in the Deferred Compensation Plan who are employees may defer all or a portion of their annual base salaries and all or a portion of their annual cash performance-based compensation. Participants who are non-employee directors may defer all or a portion of their annual cash retainers. The participants’ elective deferrals are 100% vested immediately and accrue interest at a rate of two percent per annum. The Deferred Compensation Plan is unfunded and unsecured. As of December 31, 2021, the total deferred compensation liability under the Deferred Compensation Plan was approximately $1.6 million and was recorded in other current liabilities in the consolidated balance sheets.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate of 21% to the Company’s effective income tax rate is as follows (in thousands):



	Years Ended December 31,
	2021		2020
Federal tax benefit at statutory rate	$	(25,772)	$	(19,162)
State tax benefit, net of federal benefit	(4,422)		(4,375)

Research and development and orphan drug credits	(350)		(480)
Uncertain tax positions	(302)		(16)
Permanent adjustments to expenses	1,779		710
Stock-based compensation	901		1,014
Return to provision adjustment	(2,450)		(1,203)
Statutory tax rate differential	663		—
Changes in valuation allowance	29,642		23,543
Other	311		(141)
Total income tax benefit	$	—	$	(110)

The benefit for income taxes for 2020 is attributable to an Australian research and development tax incentive that was refunded to the Company based on the 2020 income tax filing.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The guidance on accounting for income taxes provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient taxable income in recent years and whether sufficient income can reasonably be expected in future years in order to utilize the deferred tax asset. For the years ended December 31, 2021 and 2020, the Company evaluated the need to maintain a valuation allowance for deferred tax assets based on our assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance.

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating losses	$	100,790	$	74,894
Federal research and orphan drug credits	7,184		8,362
Stock-based compensation	3,177		1,894
Other temporary differences	27,094		7,785
Valuation allowance	(137,881)		(92,493)
Total assets	364		442
Deferred tax liabilities:
Fixed and intangible assets	(197)		(404)
Other deferred tax liabilities	(5,109)		(38)
Total liabilities	(5,306)		(442)
Net deferred tax liabilities	$	(4,942)	$	—

As of December 31, 2021, the Company had federal net operating loss carryforwards of $475.7 million and various state net operating loss carryforwards of $309.7 million. As of December 31, 2020, the Company had federal net operating loss carryforwards of $284.8

million and various state net operating loss carryforwards of $220.6 million. Net operating loss carryforwards for U.S. federal income tax purposes that were generated prior to January 1, 2018 have a twenty-year carryforward life, and the earliest layers will begin to expire in 2025. Under the Tax Cuts and Jobs Act of 2017, federal net operating losses incurred in 2018 and later years may be carried forward indefinitely, but the deductibility of such net operating losses is limited to 80% of the current year’s taxable income. U.S. state net operating loss carryforwards will start to expire in 2029 for the earliest net operating loss layers to the extent there is not sufficient state taxable income to utilize those net operating loss carryforwards.

At December 31, 2021, the Company had $5.4 million and $2.5 million of federal and state income tax credits, respectively, to reduce future tax liabilities. At December 31, 2020, the Company had $8.0 million and $1.7 million of federal and state income tax credits, respectively, to reduce future tax liabilities. The federal income tax credits consist primarily of orphan drug credits and research and development credits. The U.S. state income tax credits consist primarily of California and Illinois research and development credits. Both the U.S. federal orphan drug credits and research and development credits have a twenty-year carryforward life. The U.S. federal orphan drug credits and research and development credits will both begin to expire in 2025.

A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2021 and 2020 is as follows (in thousands):



Valuation allowance at December 31, 2019	$	(68,950)
Increase for 2020 activity	(23,543)
Valuation allowance at December 31, 2020	(92,493)
Increase for 2021 activity	(45,388)
Valuation allowance at December 31, 2021	$	(137,881)

The Company is required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken, or are expected to be taken, on an income tax return. The changes in the Company's uncertain income tax positions for the years ended December 31, 2021 and 2020, excluding interest and penalties, consisted of the following (in thousands):


	December 31,
	2021		2020
Beginning balance - uncertain tax positions	$	929	$	945
Increases related to tax positions taken during the current year	17		48
Decreases related to tax positions taken during the prior year	(319)		(64)
Ending balance - uncertain tax positions	$	627	$	929

For the year ended December 31, 2021, the increase in current year uncertain tax positions was attributable primarily to U.S. federal orphan drug credits and research and development credits and the decrease related to tax positions taken during the prior year was a result of return to provision adjustments. In the Company’s balance sheet, uncertain tax positions of $0.6 million were offset against deferred tax assets. Tax years prior to 2018 generally are not subject to examination by the Internal Revenue Service or state or local taxing authorities.

The Company policy is to include interest and penalties related to uncertain tax penalties, if any, within the provision for taxes in the statements of operations. During the years ended December 31, 2021 and 2020, the Company incurred no interest and penalties related to income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

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

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

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

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

+ Details

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent events	Subsequent events Private placement On January 3, 2022, the Company entered into a securities purchase agreement in connection with a private placement with an affiliate of Armistice Capital, LLC (“Armistice”) for aggregate gross proceeds of approximately $30.0 million. In accordance with the purchase agreement, the Company issued to Armistice an aggregate of (i) 10,238,908 shares of the Company’s common stock, par value $0.0001 per share at a purchase price of $2.93 per share, and (ii) warrants to purchase an aggregate of 5,119,454 shares of the Company's common stock at an exercise price of $3.223 per share. The warrants became exercisable immediately upon the closing of the transaction and have a term of five years from the earliest of the date (a) of effectiveness of the resale registration statement, which was February 7, 2022, (b) all of the shares and the Company's common stock issuable upon exercise of the warrants (the “Warrant Shares”) have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one-year anniversary of the date of closing provided that the holder of Shares or Warrant Shares is not an affiliate of the Company, or (d) all of the shares and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions. Loan facility In March 2022, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into a Credit Agreement and Guaranty (the "Hayfin Loan Agreement") with the lenders from time to time parties thereto (the “New Lenders”) and Hayfin Services LLP, as administrative agent for the New Lenders, pursuant to which the Company and its subsidiaries party thereto granted a first priority security interest on substantially all of their assets, including intellectual property, subject to certain exceptions. The Hayfin Loan Agreement provided for the New Lenders to extend $100.0 million in term loans (the “Initial Loan”) to the Company on the closing date and up to an additional $50.0 million in delayed draw term loans during the one year period immediately following the closing date (the “Delayed Draw Term Loans” and, together with the Initial Loan, the “Loans”) in no more than three drawings of no less than $10.0 million per drawing, subject to the Company being in pro forma compliance with the financial covenants and other conditions set forth therein. In conjunction with the execution of the Hayfin Loan Agreement, the Amended Loan Agreement balance of $43.5 million was repaid in full and fees of $2.1 million in connection with the loan repayment were paid. In addition to utilizing the proceeds to repay the obligations under the Amended Loan Agreement in full, the proceeds will otherwise be used for general corporate purposes. After repayment, the Loans may not be re-borrowed. The New Lenders also received warrants to purchase 1,315,789 shares of the common stock of the Company at a price of $2.28 per share (the “Warrants"). The Warrants are (i) exercisable until the seventh (7th) anniversary of the closing date; (ii) freely transferable and detachable from the Loans; and (iii) subject to customary warrant holder rights and protections, including structural-based anti-dilution protection and adjustments for stock dividends, splits, combinations, reclassifications and the like. All of the Loans incur interest at a floating per annum rate in an amount equal to the sum of (i) 9.0% (or 8.0% per annum if the replacement rate in effect is the Wall Street Journal Prime Rate) plus (ii) the greater of (x) (1) CME Group Benchmark Administration Limited (CBA) Term SOFR (or the replacement rate, if applicable) if CBA Term SOFR is greater than 1.00% plus 0.26161% or (2) 1.00% if CME Term SOFR is less than 1.00% and (y) one percent (1.00%) per annum (or 2.0% per annum if the replacement rate in effect is the Wall Street Journal Prime Rate). The Company has incurred total debt issuance costs of approximately $6.1 million related to the Hayfin Loan Agreement, which are being amortized to interest expense over the life of the loan using the effective interest method. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The Hayfin Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder. The Company is subject to an early prepayment fee equal to (i) for any prepayment that occurs prior to the second anniversary of the closing date, the applicable make-whole amount, (ii) for any prepayment that occurs after the second anniversary of the closing date but on or prior to the fourth anniversary of the closing date: (x) the amount of any principal so prepaid, multiplied by (y) for any prepayment that occurs (A) after the second anniversary of the closing date and on or prior to the third anniversary of the closing date, five percent (5.0%), (B) after the third anniversary of the closing date and on or prior to the fourth anniversary of the closing date, three percent (3.0%), and (C) after the fourth anniversary of the closing date, zero percent (0.0%). The Hayfin Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions.

Basis of presentation and summary of significant accounting policies and estimates (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies [Abstract]

Revenue Recognition, Sales of Goods [Policy Text Block]

Revenue recognition

The Company applies the guidance in ASC 606, Revenue Recognition, to all contracts with customers within the scope of the standard.

Patient Copay Assistance Program

Commercial Rebates

Government Rebates

Chargebacks

Product Returns

Prompt Payment Discounts

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of credit risk

Cost of Goods and Service [Policy Text Block]

Cost of goods sold

The Company does not incur material cost of goods sold related to royalty, contract and other revenue.

Segment Reporting, Policy [Policy Text Block]

Segment reporting

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents The Company considers all demand deposits with financial institutions and highly liquid investments with an original maturity of three months or less when purchased as cash equivalents.

Inventory, Policy [Policy Text Block]

InventoryInventory is stated at the lower of cost or net realizable value, using the first-in, first-out convention. Inventory consists of raw materials, work in process and finished goods. The Company has entered into manufacturing and supply agreements for the manufacture or purchase of raw materials and production supplies. The Company’s inventory includes the direct purchase cost of materials and supplies, charges from contract manufacturing organizations and manufacturing overhead costs. The Company reviews inventory to assess if there is obsolete or excess inventory and records a charge to cost of goods sold if and when applicable.

Investment, Policy [Policy Text Block]

InvestmentsThe Company classifies investments in debt securities as available-for-sale investments. Investments classified as short-term on the balance sheets have original maturities of greater than 90 days but less than one year.

Property, Plant and Equipment, Policy

Property and equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of long-lived assets

The Company recognized no impairment charges for the years ended December 31, 2021 and 2020, respectively.

Research and Development Expense, Policy [Policy Text Block]

Research and development expenses

Share-based Payment Arrangement [Policy Text Block]

Stock-based compensation expense

Income Tax, Policy [Policy Text Block]

Income taxes

New Accounting Pronouncements, Policy [Policy Text Block]

New accounting pronouncements

Recently issued accounting pronouncements

Basis of presentation and summary of significant accounting policies and estimates (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Line Items]

Schedule of Property and Equipment Useful Lives [Table Text Block]

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Business combination (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition-date fair value of the consideration transferred totaled $169.1 million, which consisted of the following:


Fair value of consideration transferred (in thousands, except share number)
Xeris Biopharma Holdings, Inc. common shares (58,082,606 shares)	$	137,655
Unexercised Strongbridge options assumed by Xeris Pharma and converted into options to purchase Company Shares	6,404
Strongbridge warrants	2,467
Contingent consideration (Contingent value rights)	22,531
Total consideration	$	169,057

The table below presents the estimated fair value that was allocated to Strongbridge’s assets and liabilities based upon fair values as determined by the Company (in thousands):


	Fair Value
Cash and cash equivalents	$	38,469
Trade accounts receivable	4,344
Inventory	1,862
Prepaid expenses and other current assets	4,683
Property and equipment	161
IPR&D	121,000
Other intangible asset	11,000
Other assets	860
Total identifiable assets acquired	182,379
Accounts payable	(279)
Other accrued liabilities	(13,703)
Accrued trade discounts and rebates	(4,844)
Supply agreement liability	(12,000)
Deferred tax liabilities	(4,942)
Other liabilities	(413)
Total liabilities assumed	(36,181)
Net identifiable assets acquired	146,198
Goodwill	22,859
Net assets acquired	$	169,057

Business Acquisition, Pro Forma Information

The following table presents the pro forma operating results as if Strongbridge had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2020 (unaudited, in thousands):


	Years Ended December 31,
	2021		2020
Revenue	$	79,509	$	51,166
Net loss	$	(160,342)	$	(132,367)

Inventory (Tables)

12 Months Ended

Dec. 31, 2021

Inventory [Line Items]

Schedule of Inventory

The components of inventories consisted of the following (in thousands):


	December 31, 2021		December 31, 2020

Raw materials	$	5,181	$	2,874
Work in process	7,442		4,247
Finished goods	5,495		1,232
Inventory	$	18,118	$	8,353

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property and Equipment [Abstract]

Property, Plant and Equipment

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


	December 31, 2021		December 31, 2020

Lab equipment	$	3,739	$	2,684
Furniture and fixtures	1,355		1,355
Computer equipment	307		277
Office equipment	28		8
Software	307		307
Leasehold improvements	5,026		4,627
	10,762		9,258
Less: accumulated depreciation and amortization	(4,135)		(2,551)
Property and equipment, net	$	6,627	$	6,707

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Identified intangible assets consisted of the following (in thousands):


		December 31, 2021
	Life (Years)	Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(550)	$	10,450
Definite-lived intangible asset - Recorlev	14	121,000		—		121,000
Total intangible assets		$	132,000	$	(550)	$	131,450

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2021, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands):


2022	$	10,843
2023	10,843
2024	10,843
2025	10,843
2026	10,293
Thereafter	77,785
Total minimum lease payments	$	131,450

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses [Abstract]

Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Accrued employee costs	$	19,638	$	7,989
Supply agreement - current portion	6,009		—
Accrued supply chain costs	595		1,702
Accrued marketing and selling costs	3,237		1,114
Accrued research and development costs	1,998		678
Accrued restructuring charges	6,715		811
Accrued interest expense	1,413		1,527
Accrued Strongbridge transaction costs	1,839		—
Accrued other costs	7,644		2,074
Other accrued liabilities	$	49,088	$	15,895

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Long-term Debt, Unclassified [Abstract]

Schedule of Long-term Debt Instruments

The components of debt are as follows (in thousands):


	December 31, 2021		December 31, 2020

Convertible Notes	$	47,175	$	47,175
Senior secured loan facility	43,500		43,500
Less: unamortized debt issuance costs	(2,608)		(3,654)
Long-term debt, net of unamortized debt issuance costs	$	88,067	$	87,021

Schedule of Maturities of Long-term Debt

The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility (which reflect the Fifth Amendment) and the Convertible Notes (in thousands):


2022	$	—
2023	29,000
2024	14,500
2025	47,175
	$	90,675

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Warrants (Tables)

12 Months Ended

Dec. 31, 2021

Warrants [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of December 31, 2021, the following warrants were outstanding:


Warrants classified as liabilities:	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
Assumed Strongbridge private placement warrants	4,446,425	$3.005	June 2022
	4,540,437
Warrants classified as equities (Strongbridge assumed warrants):
Warrants in connection with Horizon and Oxford loan agreement	125,999	$3.130	December 2026
Warrants in connection with CRG loan agreement	309,122	$9.410	July 2024
Warrants in connection with CRG loan amendment in January 2018	978,628	$12.760	January 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	May 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	December 2025
	1,833,015

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under operating leases at December 31, 2021 are as follows (in thousands):


2022	$	1,813
2023	2,031
2024	1,981
2025	1,931
2026	1,982
Thereafter	11,741
Total minimum lease payments	$	21,479

Restructuring costs (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table summarizes the initial restructuring reserve in connection with the Strongbridge acquisition and the payments made during the year ended December 31, 2021 (in thousands):


	Employee Termination and Relocation Costs
Restructuring costs	$	9,657
Payments	(2,944)
Balance accrued at December 31, 2021	$	6,713

Stock Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of the ESPP Plan shares was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Years Ended December 31,
	2021		2020
Expected term (years)	0.5		0.5
Risk-free interest rate	0.08	%	1.01	%
Expected volatility	77.40	%	108.70	%
Expected dividends	—		—

Schedule of Nonvested Restricted Stock Units Activity

A summary of outstanding RSU awards and the activity for the year ended December 31, 2021 was as follows:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - January 1, 2021	766,550	$	7.07
Granted	1,817,594	4.62
Vested	(458,416)	6.29
Forfeited	(120,687)	4.94
Unvested balance - December 31, 2021	2,005,041	$	5.15

Stock-based Compensation Assumptions Used in Black-Scholes Option Valuation Model

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Years Ended December 31,
	2021		2020
Expected term (years)	6.0		5.9
Risk-free interest rate	1.15	%	0.42	%
Expected volatility	76.34	%	70.19	%
Expected dividends	—		—

Share-based Compensation, Activity

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the year ended December 31, 2021 was as follows:


	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2021	4,953,906	$	5.84	7.46
Granted	741,613	4.86
Assumed	6,400,246	6.17

Exercised	(93,399)	2.14
Forfeited	(411,080)	6.31
Expired	(228,950)	11.42
Outstanding - December 31, 2021	11,362,336	$	5.86	5.62
Exercisable - December 31, 2021	9,645,482	$	5.94	5.18
Vested and expected to vest at December 31, 2021	11,362,336	$	5.86	5.62

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Years Ended December 31,
	2021		2020

Cost of goods sold	$	106	$	151
Research and development	1,696		1,229
Selling, general and administrative	9,579		6,893
Total stock-based compensation expense	$	11,381	$	8,273

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2021 and 2020 (in thousands):


	Total as of December 31, 2021		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	67,271	$	67,271	$	—	$	—

Investments:

Corporate securities	12,067		—		12,067		—

Commercial paper	21,773		—		21,773		—
Foreign government	1,322		—		1,322		—
Total investments	$	35,162	$	—	$	35,162	$	—

Liabilities
Contingent value rights	$	22,531	$	—	$	—	$	22,531

Warrant liabilities	$	1,769	$	—	$	—	$	1,769


	Total as of December 31, 2020		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	37,598	$	37,598	$	—	$	—

Investments:
U.S. government securities	64,386		64,386		—		—
Corporate securities	13,625		—		13,625		—
Commercial paper	18,179		—		18,179		—
Total investments	$	96,190	$	64,386	$	31,804	$	—

Liabilities
Warrant liabilities	$	159	$	—	$	—	$	159

Warrant liability

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



Balance at December 31, 2020	$	159
Assumption of Strongbridge private placement warrants	908
Change in fair value of warrants	702
Balance at December 31, 2021	$	1,769

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following table represents the Company’s available-for-sale investments by major security type as of December 31, 2021 and 2020 (in thousands):


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value

Investments:
Commercial paper	$	21,773	$	—	$	—	$	21,773
Corporate securities	12,072		2		(7)		12,067

Foreign government securities	1,324		—		(2)		1,322
Total available-for-sale investments	$	35,169	$	2	$	(9)	$	35,162

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value

Investments:
Commercial paper	$	18,179	$	—	$	—	$	18,179
Corporate securities	13,597		29		(1)		13,625
U.S. government securities	64,383		7		(4)		64,386
Total available-for-sale investments	$	96,159	$	36	$	(5)	$	96,190

Net loss per common share (Tables)

12 Months Ended

Dec. 31, 2021

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of December 31,
	2021	2020
Shares to be issued upon conversion of Convertible Notes	15,416,667	15,416,667
Vested and unvested stock options	11,362,336	4,953,906
Restricted stock units	2,005,041	766,550
Warrants	6,373,452	94,012
Total anti-dilutive securities excluded from EPS computation1	35,157,496	21,231,135

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Years Ended December 31,
	2021		2020

Cost of goods sold	$	106	$	151
Research and development	1,696		1,229
Selling, general and administrative	9,579		6,893
Total stock-based compensation expense	$	11,381	$	8,273

Summary of Valuation Allowance [Table Text Block]

A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2021 and 2020 is as follows (in thousands):



Valuation allowance at December 31, 2019	$	(68,950)
Increase for 2020 activity	(23,543)
Valuation allowance at December 31, 2020	(92,493)
Increase for 2021 activity	(45,388)
Valuation allowance at December 31, 2021	$	(137,881)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate of 21% to the Company’s effective income tax rate is as follows (in thousands):



	Years Ended December 31,
	2021		2020
Federal tax benefit at statutory rate	$	(25,772)	$	(19,162)
State tax benefit, net of federal benefit	(4,422)		(4,375)

Research and development and orphan drug credits	(350)		(480)
Uncertain tax positions	(302)		(16)
Permanent adjustments to expenses	1,779		710
Stock-based compensation	901		1,014
Return to provision adjustment	(2,450)		(1,203)
Statutory tax rate differential	663		—
Changes in valuation allowance	29,642		23,543
Other	311		(141)
Total income tax benefit	$	—	$	(110)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating losses	$	100,790	$	74,894
Federal research and orphan drug credits	7,184		8,362
Stock-based compensation	3,177		1,894
Other temporary differences	27,094		7,785
Valuation allowance	(137,881)		(92,493)
Total assets	364		442
Deferred tax liabilities:
Fixed and intangible assets	(197)		(404)
Other deferred tax liabilities	(5,109)		(38)
Total liabilities	(5,306)		(442)
Net deferred tax liabilities	$	(4,942)	$	—

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block]


	December 31,
	2021		2020
Beginning balance - uncertain tax positions	$	929	$	945
Increases related to tax positions taken during the current year	17		48
Decreases related to tax positions taken during the prior year	(319)		(64)
Ending balance - uncertain tax positions	$	627	$	929

Organization and Nature of the Business Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net sales	$ 49,280	$ 20,155
Accumulated deficit	$ 460,110	$ 337,385

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

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

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

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

+ Details

Basis of presentation and summary of significant accounting policies and estimates - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Concentration risk, number of major customers	4
Payments of equity offering costs	$ 54	$ 4,315
A change of returns reserve percentage	1.00%
Impact on revenue if returns reserve changed by 1%	$ 600
Concentration Risk, Percentage of Gross Revenue	95.00%	92.00%
Concentration Risk, Percentage of Accounts Receivable	99.00%	98.00%
Payments of public offering costs	$ (54)	$ (4,315)
Lab equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Lesser of useful life or lease term
Software \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Software \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

Basis of presentation and summary of significant accounting policies and estimates - Summary of Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Concentration risk, number of major customers	4
Concentration Risk, Percentage of Gross Revenue	95.00%	92.00%
Payments of public offering costs	$ (54)	$ (4,315)
Concentration Risk, Percentage of Accounts Receivable	99.00%	98.00%

Business combination (Details) $ / shares in Units, contingentValueRight in Millions		12 Months Ended
	Oct. 05, 2021 USD ($) contingentValueRight $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 22,859,000	$ 0
Patents
Business Acquisition [Line Items]
Life (Years)		5 years
Warrants
Business Combination and Asset Acquisition [Abstract]
Class Of Warrant Or Right, Multiplier Period	20 days
Business Acquisition [Line Items]
Class Of Warrant Or Right, Multiplier Period	20 days
Strongbridge
Business Combination and Asset Acquisition [Abstract]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 1.00
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	58,082,606
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 1.00
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	38,469,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	4,344,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	1,862,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	4,683,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	161,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	121,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	11,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	860,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	182,379,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(279,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Liabilities, Other	(13,703,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Trade Discounts And Rebates	(4,844,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Supply Agreement	(12,000,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(4,942,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(413,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(36,181,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	146,198,000
Goodwill	22,859,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	169,057,000
Business Combination, Consideration Transferred	169,057,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	137,655,000
Business Combination, Consideration Transferred, Value Of Options Assumed	6,404,000
Business Combination, Consideration Transferred, Value Of Warrants Assumed	2,467,000
Business Combination, Consideration Transferred, Other	$ 22,531,000
Business Combination, Contingent Consideration, Number Of Contingent Value Rights \| contingentValueRight	74.1
Business Combination, Contingent Consideration, Number Of Additional Contingent Value Rights To Be Issued \| contingentValueRight	10.5
Business Acquisition, Pro Forma Revenue		$ 79,509,000	51,166,000
Business Acquisition, Pro Forma Net Income (Loss)		(160,342,000)	$ (132,367,000)
Strongbridge \| Selling, General and Administrative Expenses [Member]
Business Combination and Asset Acquisition [Abstract]
Business Combination, Transaction Costs		8,400,000
Business Acquisition [Line Items]
Business Combination, Transaction Costs		$ 8,400,000
Strongbridge \| Achievement In Net Sales Of Keveyis In 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 0.25
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Strongbridge \| Achievement In Net Sales Of Recorlev In 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.25
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Strongbridge \| Achievement In Net Sales Of Recorlev In 2024
Business Combination and Asset Acquisition [Abstract]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.50
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.50
Business Combination, Contingent Consideration, Net Sales Threshold	$ 80,000,000
Strongbridge \| Warrants
Business Combination and Asset Acquisition [Abstract]
Class Of Warrant Or Right, Multiplier Period	20 days
Business Acquisition [Line Items]
Exercise Price Per Warrant \| $ / shares	$ 2.50
Class Of Warrant Or Right, Multiplier Period	20 days
Class Of Warrant Or Right, Threshold Trading Days	3 days
Strongbridge \| Warrants \| Measurement Input, Price Volatility
Business Acquisition [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.50

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 1,000	$ 2,200

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Raw materials	$ 5,181	$ 2,874
Work in process	7,442	4,247
Finished goods	5,495	1,232
Inventory	$ 18,118	$ 8,353

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,762	$ 9,258
Less: accumulated depreciation and amortization	(4,135)	(2,551)
Property and equipment, net	6,627	6,707
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,739	2,684
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,355	1,355
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	307	277
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28	8
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	307	307
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,026	$ 4,627

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation Depletion and Amortization, not including asset impairments	$ 1,300	$ 1,500

Intangible Assets (Details) $ in Thousands	12 Months Ended
Intangible Assets (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000
Accumulated amortization	(550)
Net	$ 131,450
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000
Accumulated amortization	(550)
Net	$ 10,450
In Process Research and Development
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000
Accumulated amortization	0
Net	$ 121,000

Intangible Assets - Expected Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 10,843
2023	10,843
2024	10,843
2025	10,843
2026	10,293
Thereafter	77,785
Net	$ 131,450

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses [Abstract]
Accrued employee costs	$ 19,638	$ 7,989
Supply agreement - current portion	6,009	0
Accrued supply chain costs	595	1,702
Accrued marketing and selling costs	3,237	1,114
Accrued research and development costs	1,998	678
Accrued restructuring charges	6,715	811
Accrued interest expense	1,413	1,527
Accrued Strongbridge transaction costs	1,839	0
Accrued other costs	7,644	2,074
Other accrued liabilities	$ 49,088	$ 15,895

Long-Term Debt - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
Future principal payments, 2021	$ 0
Future principal payments, 2022	29,000
Future principal payments, 2023	14,500
Future principal payments, 2024	47,175
Debt Instrument, Face Amount	$ 90,675

Long-Term Debt - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($) shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Jun. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) installment $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019	Oct. 23, 2020 USD ($)	Jul. 07, 2020 USD ($)	Apr. 21, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 90,675
Prepayment allowed per debt agreement					$ 2,000
Prepayment penalty percentage					1.50%
Final payment fee percentage					3.00%
Interest expense					$ (7,180)	$ (10,660)
Long-term Debt	$ 87,021		$ 87,021		88,067	87,021
Amortization of debt issuance costs					961	980
Unamortized Debt Issuance Expense	(3,654)		(3,654)		(2,608)	(3,654)
Convertible notes purchased, due to exercise of underwriter option									$ 11,300
Principal amount of convertible notes converted			$ 8,400
Issuance of common stock upon conversion of convertible notes, shares \| shares			2,736,591
Principal amount of convertible notes converted privately	$ 30,700
Stock Issued During Period, Shares, Conversion of Convertible Securities privately exchanged \| shares	10,435,200
Loss on the convertible note exchange transactions						2,600
Letters of Credit Outstanding, Amount					1,400
Loss on extinguishment of debt					0	(443)
Chicago Fulton Market
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount					$ 400
2018 Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount													$ 20,000
2018 Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount												$ 15,000
2018 Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity													$ 45,000
Amended Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity											$ 85,000
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											60,000
Debt Instrument, Interest Rate, Stated Percentage					6.25%
Debt Instrument, Basis Spread on Variable Rate					2.43%
Debt Instrument, Payment Terms					30
Interest rate, stated percentage plus greater of (a) 2.43% or (b) thirty-day LIBOR					8.68%
Repayments of Notes Payable		$ 20,000		$ 20,000
Final payment fee settled at closing				600
Prepayment fee settled at closing				$ 300
Minimum cash balance to be held with lender					$ 5,000
Amendment fee to be settled at maturity					$ 100
Debt Instrument, Number Of Monthly Installments, Period Two \| installment					21
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											15,000
Term C Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											$ 10,000
2018 Term A & B Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Fee							2.3 million
Senior Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 47,175		$ 47,175		$ 47,175	47,175
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 43,500		$ 43,500		$ 43,500	$ 43,500			86,300
Debt Issuance Costs, Gross									$ 5,100
Cash interest per annum on convertible notes					5.00%				5.00%
Initial conversion rate for Convertible Notes \| shares			326.7974		326.7974	326.7974
Per principal amount of Convertible Notes			$ 1		$ 1	$ 1
Debt Instrument, Convertible, Conversion Price \| $ / shares					$ 3.06
Maximum conversion rate of Convertible Notes \| shares					367.6470
Loss on extinguishment of debt						700
Debt Instrument, Convertible, Loss On Conversion						2,600
PPP Loan
Debt Instrument [Line Items]
Repayments of Notes Payable		$ 4,200
Notes Payable										$ 5,100
Term D Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 3,500
Debt
Debt Instrument [Line Items]
Amortization of debt issuance costs					$ 1,000	$ 1,000

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 17, 2021	Jul. 15, 2020	Feb. 14, 2020
Reverse Stock Split and Initial Public Offering [Abstract]
Total common stock and preferred stock authorized shares						375,000,000
Common Stock, Shares Authorized		150,000,000			150,000,000	350,000,000	150,000,000
Par value (in dollars per share)						$ 0.0001
Preferred Stock, Shares Authorized		10,000,000			10,000,000	25,000,000	10,000,000
Preferred Stock, Par Value Per Share						$ 0.0001
Common Shares, Shares, Issued		59,611,202			59,611,202	124,873,316	59,611,202	6,553,398	8,510,000	10,299,769
Shares Issued, Price Per Share								$ 4.12	$ 2.72	$ 4.15
Common shares issued, due to exercise of underwriter option				1,299,769					1,110,000
Net proceeds from issuance of public offering	$ 26,900		$ 21,600	$ 39,900
Principal amount of convertible notes converted					$ 8,400
Issuance of common stock upon conversion of convertible notes, shares					2,736,591
Principal amount of convertible notes converted privately		$ 30,700
Stock Issued During Period, Shares, Conversion of Convertible Securities privately exchanged		10,435,200
Restricted stock units vested and settled during period						458,416	31,250
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation						141,644	9,801
Statutory withholding taxes on vesting and settlement of RSUs						$ 500	$ 100

Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Change in fair value of warrants	$ 702	$ 9
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Exercise Price Per Warrant	$ 11.169
Change in fair value of warrants	$ 39	(8)
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Exercise Price Per Warrant	$ 11.169
Change in fair value of warrants	$ 27	(5)
2014 Warrants [Member]
Class of Warrant or Right [Line Items]
Change in fair value of warrants	$ (768)	$ 4

Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	Dec. 31, 2021 $ / shares shares
Class of Warrant or Right [Line Items]
Outstanding warrants	4,540,437
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	53,720
Exercise Price Per Warrant \| $ / shares	$ 11.169
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	40,292
Exercise Price Per Warrant \| $ / shares	$ 11.169
Assumed Strongbridge Private Placement Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants	4,446,425
Exercise Price Per Warrant \| $ / shares	$ 3.005
Warrants In Connection With Horizon and Oxford Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	125,999
Exercise Price Per Warrant \| $ / shares	$ 3.130
Warrants In Connection With CRG Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	309,122
Exercise Price Per Warrant \| $ / shares	$ 9.410
Warrants In Connection With CRG Loan Amendment Dated January 2028
Class of Warrant or Right [Line Items]
Outstanding warrants	978,628
Exercise Price Per Warrant \| $ / shares	$ 12.760
Warrants In Connection With Avenue Capital Loan Agreement Due May 2025
Class of Warrant or Right [Line Items]
Outstanding warrants	209,633
Exercise Price Per Warrant \| $ / shares	$ 2.390
Warrants In Connection With Avenue Capital Loan Agreement Due December 2025
Class of Warrant or Right [Line Items]
Outstanding warrants	209,633
Exercise Price Per Warrant \| $ / shares	$ 2.390
Total Warrants Assumed
Class of Warrant or Right [Line Items]
Outstanding warrants	1,833,015

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Remaining future minimum lease payments, 2021	$ 1,813
Remaining future minimum lease payments, 2022	2,031
Remaining future minimum lease payments, 2023	1,981
Remaining future minimum lease payments, 2024	1,931
Remaining future minimum lease payments, 2025	1,982
Remaining future minimum lease payments, thereafter	11,741
Total minimum lease payments	21,479
Rent Expense, operating leases	2,400	$ 2,300
Letters of Credit Outstanding, Amount	1,400
Purchase Commitment
Other Commitments [Line Items]
Long-term Purchase Commitment, Amount	29,100
Purchase Commitment, Remaining Minimum Amount Committed	14,100
Chicago Fulton Market
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Outstanding, Amount	$ 400

Restructuring costs (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Accrued restructuring charges	$ 6,715	$ 811
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	2,000
2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	11,100
Research and development expense \| 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	300
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	9,657
Payments	2,944
Accrued restructuring charges	6,713
Employee Severance \| 2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	9,700
Employee Severance \| Research and development expense \| 2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	100
Employee Severance \| Selling, General and Administrative Expenses [Member] \| 2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	9,400
Employee Severance \| Cost of Sales \| 2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 200

Stock Compensation Plan Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years	5 years 10 months 24 days
Risk-free interest rate	1.15%	0.42%
Expected volatility	76.34%	70.19%
Expected dividends	0.00%	0.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 months	6 months
Risk-free interest rate	0.08%	1.01%
Expected volatility	77.40%	108.70%
Expected dividends	0.00%	0.00%

Stock Compensation Plan Employee Stock Award Activity (Details) - $ / shares		12 Months Ended
	Dec. 10, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		11,362,336	4,953,906
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 5.86	$ 5.84
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		5 years 7 months 13 days	7 years 5 months 15 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		741,613
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 4.86
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period upon Option Exchange, Weighted Average Exercise Price	$ 4.09	$ 6.17
Share-based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period upon Option Exchange	832,907	6,400,246
Share-based Compensation Arrangement by Share-based Payment Award, Options, Cancelled upon Option exchange	(1,127,906)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		(93,399)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 2.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares		(411,080)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price		$ 6.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period		(228,950)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price		$ 11.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		9,645,482
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 5.94
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		5 years 2 months 4 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		11,362,336
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		$ 5.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term		5 years 7 months 13 days
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		1.15%	0.42%

Stock Compensation Plan Narrative (Details) - USD ($)		12 Months Ended
Stock Compensation Plan Narrative (Details) - USD ($)	Dec. 10, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Least amount of annual increase of shares available for issuance		386,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period upon Option Exchange, Weighted Average Exercise Price	$ 4.09	$ 6.17
Share-based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period upon Option Exchange	832,907	6,400,246
Share-based Compensation Arrangement by Share-based Payment Award, Options, Cancelled upon Option exchange	(1,127,906)
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value		$ 3.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value		1,800,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 6,000,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 10 months 24 days
Share-based Payment Arrangement, Option [Member] \| Minimum [Member] \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Share-based Payment Arrangement, Option [Member] \| Minimum [Member] \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Share-based Payment Arrangement, Option [Member] \| Minimum [Member] \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Exchange Offer \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		7 years
Exchange Offer \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage shares available for issuance automatically increase annually		4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		2,384,448	1,088,580
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		1,569,336
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					193,000
Maximum employee payroll deduction percentage		15.00%
Common stock value, tax limit on employee stock purchase plan		$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Percentage shares available for issuance automatically increase annually		1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		386,000	272,145
Issuance of common stock through employee stock purchase plan, shares		215,939
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased		$ 2.98
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		477,727
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		197,621
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		2,900,000

Stock Compensation Plan Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11,381	$ 8,273
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,696	1,229
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	9,579	6,893
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 106	$ 151

Stock Compensation Plan Restricted stock units, activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	11,362,336	4,953,906
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	741,613
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 5.15	$ 7.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	4.62
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	6.29
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 4.94
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.08%	1.01%
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 7.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,005,041	766,550
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,817,594
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(458,416)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(120,687)
Expected dividends	0.00%	0.00%
Expected volatility	77.40%	108.70%
Expected term	6 months	6 months

Fair value measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 67,271	$ 37,598
Investments	35,162	96,190
Contingent value rights	22,531
Other current liabilities	1,769	159
Class Of Warrant Or Right, Warrants Assumed	908
Change in fair value of warrants	(702)	(9)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	67,271	37,598
Investments	0	64,386
Contingent value rights	0
Other current liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Investments	35,162	31,804
Contingent value rights	0
Other current liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Investments	0	0
Contingent value rights	22,531
Other current liabilities	1,769	159
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		64,386
U.S. government securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		64,386
U.S. government securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
U.S. government securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	12,067	13,625
Corporate securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	12,067	13,625
Corporate securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	21,773	18,179
Commercial paper \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Commercial paper \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	21,773	18,179
Commercial paper \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	$ 0
Foreign Government Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,322
Foreign Government Investments \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Foreign Government Investments \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,322
Foreign Government Investments \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0

Short-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
Short-term investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities Maturities Period	6 months
Amortized Cost	$ 35,169	$ 96,159
Gross Unrealized Gains	2	36
Gross Unrealized Losses	(9)	(5)
Total Fair Value	35,162	96,190
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,773	18,179
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Total Fair Value	21,773	18,179
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,072	13,597
Gross Unrealized Gains	2	29
Gross Unrealized Losses	(7)	(1)
Total Fair Value	12,067	13,625
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		64,383
Gross Unrealized Gains		7
Gross Unrealized Losses		(4)
Total Fair Value		$ 64,386
Foreign government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,324
Gross Unrealized Gains	0
Gross Unrealized Losses	(2)
Total Fair Value	$ 1,322

Net loss per common share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	35,157,496	21,231,135
Shares to be issued upon conversion of Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,416,667	15,416,667
Vested and unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,362,336	4,953,906
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,005,041	766,550
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,373,452	94,012

Other Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Defined Contribution Plan, Matching Contributions	$ 700	$ 600
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage	100.00%
Deferred compensation, accrued interest rate	2.00%
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 1,600

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation Allowance [Line Items]
Operating Loss Carryforwards	$ 475,700,000	$ 284,800,000
Effective Income Tax Rate Reconciliation, Deduction, Percent	80.00%
Federal research income tax credits, gross of valuation allowance	$ 5,400,000	8,000,000
State research income tax credits, gross of valuation allowance	2,500,000	1,700,000
Operating loss carryforwards, various states	309,700,000	220,600,000
Federal tax benefit at statutory rate	(25,772,000)	(19,162,000)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	(4,422,000)	(4,375,000)
Unrecognized Tax Benefits	$ 627,000	929,000	$ 945,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 17,000	48,000
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	(319,000)	(64,000)
Net operating losses	100,790,000	74,894,000
Deferred Tax Assets, Tax Credit Carryforwards, Research	7,184,000	8,362,000
Stock compensation	3,177,000	1,894,000
Other temporary differences	27,094,000	7,785,000
Valuation allowance	(137,881,000)	(92,493,000)	$ (68,950,000)
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(45,388,000)	(23,543,000)
Total deferred tax assets	364,000	442,000
Fixed and intangible assets	(197,000)	(404,000)
Other deferred tax liabilities	(5,109,000)	(38,000)
Total liabilities	(5,306,000)	(442,000)
Net deferred tax liabilities	(4,942,000)	0
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	29,642,000	23,543,000
Benefit from income taxes	0	(110,000)
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	663,000	0
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount	(350,000)	(480,000)
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions	(302,000)	(16,000)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	1,779,000	710,000
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	901,000	1,014,000
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	(2,450,000)	(1,203,000)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	311,000	(141,000)
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0

Subsequent events (Details) - USD ($)		1 Months Ended	12 Months Ended
Subsequent events (Details) - USD ($)	Jan. 03, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 07, 2020
Subsequent Event [Line Items]
Par value (in dollars per share)			$ 0.0001
Debt Instrument, Face Amount			$ 90,675,000
Payments of debt issuance costs			0	$ 5,603,000
Forecast
Subsequent Event [Line Items]
Debt Instrument, Maximum Amount Per Drawing		$ 10,000,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,315,789
Debt Instrument, Replacement Rate		1.00%
Debt Instrument, Covenant, Prepayment Fee One, Percentage		5.00%
Debt Instrument, Covenant, Prepayment Fee Two, Percentage		3.00%
Debt Instrument, Covenant, Prepayment Fee Three, Percentage		0.00%
Exercise Price Per Warrant		$ 2.28
Debt Instrument, Interest Rate, Replacement Rate		8.00%
Secured Debt \| Forecast
Subsequent Event [Line Items]
Debt Instrument, Face Amount		$ 100,000,000
Delayed Draw Term Loan \| Forecast
Subsequent Event [Line Items]
Debt Instrument, Face Amount		50,000,000
Convertible Notes
Subsequent Event [Line Items]
Debt Instrument, Face Amount			$ 43,500,000	$ 43,500,000	$ 86,300,000
Convertible Notes \| Forecast
Subsequent Event [Line Items]
Debt Instrument, Face Amount		43,500,000
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Prepayment fee paid		$ 2,100,000
Debt Instrument, Interest Rate During Period		9.00%
Debt Instrument, Basis Spread on Variable Rate		0.26161%
Payments of debt issuance costs		$ 6,100,000
Subsequent Event \| Forecast \| Prime Rate
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Subsequent Event \| Private Placement
Subsequent Event [Line Items]
Proceeds from sale of stock	$ 30,000,000
Subsequent Event \| Common Stock \| Private Placement
Subsequent Event [Line Items]
Stock issued (in shares)	10,238,908
Par value (in dollars per share)	$ 0.0001
Price per share of stock issued (in dollars per share)	$ 2.93
Subsequent Event \| Warrants \| Private Placement
Subsequent Event [Line Items]
Stock issued (in shares)	5,119,454
Price per share of stock issued (in dollars per share)	$ 3.223