false
--12-31
Q1
2021
2021-03-31
10-Q
0001434647
28507297
Yes
false
Non-accelerated Filer
Yes
KEMPHARM, INC
false
true
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">K.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Leases</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company has operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. The Company's leases have remaining lease terms of less than <div style="display: inline; font-style: italic; font: inherit;">1</div> year to approximately <div style="display: inline; font-style: italic; font: inherit;">5</div> years, some of which include options to extend the leases for up to <div style="display: inline; font-style: italic; font: inherit;">5</div> years, and some which include options to terminate the leases within <div style="display: inline; font-style: italic; font: inherit;">1</div> year. In <div style="display: inline; font-style: italic; font: inherit;"> February 2020, </div>the Company agreed to sublease office space in Florida, comprised of <div style="display: inline; font-style: italic; font: inherit;">one</div> of the <div style="display: inline; font-style: italic; font: inherit;">two</div> contiguous suites, under a non-cancelable operating lease, which expires in <div style="display: inline; font-style: italic; font: inherit;"> February 2026. </div>In <div style="display: inline; font-style: italic; font: inherit;"> October 2020, </div>the Company agreed to terminate this sublease, in exchange for a termination payment, due to financial difficulties encountered by the subtenant as a result of COVID-<div style="display: inline; font-style: italic; font: inherit;">19.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The components of lease expense were as follows (in thousands): </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt; width: 62%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Lease Cost</div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Finance lease cost:</div> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Amortization of right-of-use assets</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Interest on lease liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total finance lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">36</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Operating lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">91</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">89</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Short-term lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Variable lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less: sublease income</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total lease costs</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">190</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">186</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; color: rgb(0, 0, 0); text-indent: 0pt; font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgba(0, 0, 0, 0);"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Supplemental cash flow information related to leases was as follows (in thousands):</div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash paid for amounts included in the measurement of lease liabilities:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Financing cash flows from finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">61</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">58</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from operating leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">114</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">109</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from short-term leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from variable lease costs</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Right-of-use assets obtained in exchange for lease liabilities:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Supplemental balance sheet information related to leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):</div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">March 31,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">December 31,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Finance Leases</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Property and equipment, at cost</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,031</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,031</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">less: accumulated depreciation and amortization</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(555</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(523</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">476</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other current liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">119</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">172</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">22</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total finance lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">133</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">194</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Operating Leases</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating lease right-of-use assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,294</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,350</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total operating lease right-of-use assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,294</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,350</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current portion of operating lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">336</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">327</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating lease liabilities, less current portion</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,587</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total operating lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,914</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Weighted Average Remaining Lease Term</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Finance leases (years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating leases (years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Weighted Average Discount Rate</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8.8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; color: rgb(0, 0, 0); text-indent: 0pt; font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgba(0, 0, 0, 0);"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Maturities of lease liabilities were as follows (in thousands):</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Finance</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Operating</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year Ending December 31,</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Leases</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Leases</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021 (excluding the three months ended March 31, 2021)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">116</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">346</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">18</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">463</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2023</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">472</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2024</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">484</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2025</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">390</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">30</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total lease payments</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">140</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: future interest expense</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(349</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">133</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div></div>
P5Y
P1Y
P1Y
P5Y
30000
1100000000
35300000
61000
1000
53000000
3400000
0.3
0.5
2000000
200000
0.0999
0.0499
0.0499
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Finance</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Operating</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Year Ending December 31,</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Leases</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Leases</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021 (excluding the three months ended March 31, 2021)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">116</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">346</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">18</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">463</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2023</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">472</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2024</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">484</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2025</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">390</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">30</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total lease payments</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">140</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2,185</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Less: future interest expense</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(349</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">133</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> </table></div>
1153846
0.05
0.45
0.06
6.4999
4842690
49285000
19289
1153846
579260
P45D
P1Y
5000000
5000000
10000000
420000000
590000000
63000000
10000000
1000000
663000
0.1
4000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">March 31, 2021</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">December 31, 2020</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Conversion of Deerfield Convertible Note</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">81,101</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Conversion of January 2020 Note</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">34,615</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%; padding: 0px; margin: 0px;">Conversion of December 2019 Notes</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"><div style="display: inline; font-style: italic; font: inherit;">625,747</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding awards under equity incentive plans</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">354,869</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">355,785</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding common stock warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">9,544,693</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">151,442</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Possible future issuances under equity incentive plans</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">229,317</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">47,825</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total common shares reserved for future issuance</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,128,879</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,296,515</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">March 31,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">December 31,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Finance Leases</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Property and equipment, at cost</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,031</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,031</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">less: accumulated depreciation and amortization</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(555</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(523</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">476</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">508</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other current liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">119</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">172</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">22</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total finance lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">133</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">194</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Operating Leases</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating lease right-of-use assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,294</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,350</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total operating lease right-of-use assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,294</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,350</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current portion of operating lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">336</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">327</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating lease liabilities, less current portion</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,587</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total operating lease liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,914</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Weighted Average Remaining Lease Term</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Finance leases (years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating leases (years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0); width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Weighted Average Discount Rate</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8.8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash paid for amounts included in the measurement of lease liabilities:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Financing cash flows from finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">61</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">58</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from operating leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">114</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">109</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from short-term leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating cash flows from variable lease costs</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 66%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Right-of-use assets obtained in exchange for lease liabilities:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 14%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Finance leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Operating leases</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>
400000
0.04
6.50
926841
2726918
1676921
11951038
1000
40390000
40391000
25593000
25593000
3485000
1.2
11308000
2579000
2855000
6647000
600000
600000
10000000
2100000
400000
0
555000
523000
353018000
192062000
675000
675000
1029000
1029000
1106000
1106000
327000
327000
15990000
15990000
38437000
38437000
400000
0
400000
296000
246000
379000
363000
420000
675000
1029000
0
0
150000
571000
77123
32917
1246486
354869
395197
9544693
151442
9899562
1903165
90435000
11209000
87729000
8382000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">A.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Description of Business and Basis of Presentation</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Organization</div></div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">KemPharm, Inc. (the “Company”) is a specialty pharmaceutical company focused on the discovery and development of proprietary prodrugs to treat serious medical conditions through its proprietary Ligand Activated Therapy ("LAT") technology. The Company utilizes its proprietary LAT technology to generate improved prodrug versions of U.S. Food and Drug Administration (the "FDA") approved drugs as well as to generate prodrug versions of existing compounds that <div style="display: inline; font-style: italic; font: inherit;"> may </div>have applications for new disease indications. The Company's product candidate pipeline is focused on the high need areas of attention deficit hyperactivity disorder ("ADHD") and stimulant use disorder ("SUD"). The Company has received FDA approval for APADAZ, an immediate-release combination product containing benzhydrocodone, a prodrug of hydrocodone and acetaminophen. On <div style="display: inline; font-style: italic; font: inherit;"> March 2, 2021, </div>the Company announced that the FDA approved the new drug application ("NDA") for AZSTARYS (formerly referred to as <div style="display: inline; font-style: italic; font: inherit;">KP415</div>), a once-daily product for the treatment of ADHD in patients age <div style="display: inline; font-style: italic; font: inherit;">six</div> years and older. The Company's additional clinical product candidate for the treatment of ADHD include <div style="display: inline; font-style: italic; font: inherit;">KP484,</div> and the Company's clinical product candidate for the treatment of SUD includes <div style="display: inline; font-style: italic; font: inherit;">KP879.</div> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reverse Stock Split</div></div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> December 23, 2020, </div>the Company completed a <div style="display: inline; font-style: italic; font: inherit;">one</div>-for-<div style="display: inline; font-style: italic; font: inherit;">sixteen</div> reverse stock split (the “Reverse Stock Split”), which reduced the number of shares of the Company's common stock that were issued and outstanding immediately prior to the effectiveness of the Reverse Stock Split. The number of shares of the Company's authorized common stock was <div style="display: inline; font-style: italic; font: inherit;">not</div> affected by the Reverse Stock Split and the par value of the Company's common stock remained unchanged at <div style="display: inline; font-style: italic; font: inherit;">$0.0001</div> per share. <div style="display: inline; font-style: italic; font: inherit;">No</div> fractional shares were issued in connection with the Reverse Stock Split. Stockholders who otherwise held fractional shares of the Company's common stock as a result of the Reverse Stock Split received a cash payment in lieu of such fractional shares. Except where disclosed, all amounts related to number of shares and per share amounts have been retroactively restated in these unaudited condensed financial statements to reflect this Reverse Stock Split.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Entry into <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement</div></div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> February 2020, </div>the Company entered into a purchase agreement for an equity line of credit (the <div style="display: inline; font-style: italic; font: inherit;">“2020</div> ELOC Agreement”) with Lincoln Park which provides that, upon the terms and subject to the conditions and limitations set forth therein, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>sell to Lincoln Park up to <div style="display: inline; font-style: italic; font: inherit;">$4.0</div> million of shares of common stock from time to time over the <div style="display: inline; font-style: italic; font: inherit;">12</div>-month term of the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement, and upon execution of the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement the Company issued an additional <div style="display: inline; font-style: italic; font: inherit;">19,289</div> shares of common stock to Lincoln Park as commitment shares in accordance with the closing conditions within the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement. Concurrently with entering into the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement, the Company also entered into a registration rights agreement with Lincoln Park (the <div style="display: inline; font-style: italic; font: inherit;">“2020</div> ELOC Registration Rights Agreement”) pursuant to which the Company agreed to register the sale of the shares of common stock that have been and <div style="display: inline; font-style: italic; font: inherit;"> may </div>be issued to Lincoln Park under the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement pursuant to the Company's existing shelf registration statement on Form S-<div style="display: inline; font-style: italic; font: inherit;">3</div> or a new registration statement. In <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div>the Company reached the maximum allowable shares to be issued under the registration statement of <div style="display: inline; font-style: italic; font: inherit;">579,260</div> shares (inclusive of the <div style="display: inline; font-style: italic; font: inherit;">19,289</div> commitment shares) as defined in Section <div style="display: inline; font-style: italic; font: inherit;">2</div>(f)(i) of the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement and therefore cannot issue additional shares under the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement. Through <div style="display: inline; font-style: italic; font: inherit;"> May </div><div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company sold <div style="display: inline; font-style: italic; font: inherit;">559,971</div> shares of common stock to Lincoln Park (exclusive of the <div style="display: inline; font-style: italic; font: inherit;">19,289</div> commitment shares) under the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement for gross proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Underwriting Agreement</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">8,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC (the “Underwriter” or "Roth"), to issue and sell <div style="display: inline; font-style: italic; font: inherit;">6,765,463</div> shares of common stock of the Company, pre-funded warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">926,844</div> shares of common stock and warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">7,692,307</div> shares of common stock at an exercise price per share of <div style="display: inline; font-style: italic; font: inherit;">$6.50</div> in an underwritten public offering (the “Public Offering”) pursuant to a Registration Statement on Form S-<div style="display: inline; font-style: italic; font: inherit;">1</div> (File <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">333</div>-<div style="display: inline; font-style: italic; font: inherit;">250945</div>) and a related prospectus, in each case filed with the Securities and Exchange Commission (the “SEC”). The offering price to the public was <div style="display: inline; font-style: italic; font: inherit;">$6.50</div> per share of common stock and accompanying warrant, representing a public offering price of <div style="display: inline; font-style: italic; font: inherit;">$6.4999</div> per share of common stock and <div style="display: inline; font-style: italic; font: inherit;">$0.0001</div> per related warrant. In addition, the Company granted the Underwriter an option to purchase, for a period of <div style="display: inline; font-style: italic; font: inherit;">45</div> days, up to an additional <div style="display: inline; font-style: italic; font: inherit;">1,153,846</div> shares of the Company's common stock and/or warrants to purchase up to an additional <div style="display: inline; font-style: italic; font: inherit;">1,153,846</div> shares of the Company's common stock.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">8,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> the Underwriter exercised its over-allotment option, in part, for warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">754,035</div> shares of the Company's common stock. Further on <div style="display: inline; font-style: italic; font: inherit;"> February 1, 2021, </div>the Underwriter again exercised its over-allotment option to purchase <div style="display: inline; font-style: italic; font: inherit;">374,035</div> shares of common stock.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">12,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> the Company closed the Public Offering. The aggregate gross proceeds to the Company from the Public Offering, including over-allotment, totaled approximately <div style="display: inline; font-style: italic; font: inherit;">$52.4</div> million, before deducting underwriting discounts and commissions and offering expenses payable by the Company.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Listing on the Nasdaq Capital Market</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">7,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> the Company's common stock was approved for listing on The Nasdaq Capital Market. The Company's common stock began trading on The Nasdaq Capital Market on <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">8,</div> <div style="display: inline; font-style: italic; font: inherit;">2021</div> under the ticker symbol “KMPH”.</div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div></div>
4000
4000
75917000
4213000
4322000
3555000
76026000
2542000
71704000
-1013000
6.50
0.78
5.85
93.60
46.25
5.85
93.60
46.25
2.30
36.80
0.0001
6.50
8.125
6.36
93.60
46.25
926844
7692307
754035
14423076
1923077
120192
1923077
120192
500000
31250
926844
12078361
806932
18702
6620358
7944430
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">D.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Commitments and Contingencies</div></td> </tr> </table> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">From time to time, the Company is involved in various legal proceedings arising in the normal course of business. For some matters, a liability is <div style="display: inline; font-style: italic; font: inherit;">not</div> probable, or the amount cannot be reasonably estimated and, therefore, an accrual has <div style="display: inline; font-style: italic; font: inherit;">not</div> been made. However, for such matters when it is probable that the Company has incurred a liability and can reasonably estimate the amount, the Company accrues and discloses such estimates. As of<div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> </div><div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif; font-size:10pt"><div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div></div>, <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> accruals have been made related to commitments and contingencies.</div></div>
81101
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; height: 15px; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;"> <tr> <td style="width: 4%;"> <div style=" margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">C.</div></div> </td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Debt Obligations</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">As of <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, the Company had <div style="display: inline; font-style: italic; font: inherit;">no</div> convertible notes outstanding. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company had convertible notes outstanding in the aggregate principal amount of <div style="display: inline; font-style: italic; font: inherit;">$68.2</div> million.</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Deerfield Facility Agreement </div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">2014,</div> the Company entered into a <div style="display: inline; font-style: italic; font: inherit;">$60</div> million multi-tranche credit facility (the “Deerfield Facility Agreement”) with Deerfield Private Design Fund III, LP (“Deerfield”). At the time the Company entered into the Deerfield Facility Agreement, the Company borrowed the <div style="display: inline; font-style: italic; font: inherit;">first</div> tranche, which consisted of a term loan of <div style="display: inline; font-style: italic; font: inherit;">$15</div> million (the “Term Note”) and a senior secured loan of <div style="display: inline; font-style: italic; font: inherit;">$10</div> million (the “Deerfield Convertible Note”). Deerfield was able to convert any portion of the outstanding principal and any accrued but unpaid interest on the Deerfield Convertible Note into shares of the Company's common stock at an initial conversion price of <div style="display: inline; font-style: italic; font: inherit;">$5.85</div> per share (the “Deerfield Note Put Option”). After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the conversion price became <div style="display: inline; font-style: italic; font: inherit;">$93.60.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Deerfield Convertible Note originally bore interest at <div style="display: inline; font-style: italic; font: inherit;">9.75%</div> per annum, but was subsequently reduced to <div style="display: inline; font-style: italic; font: inherit;">6.75%.</div> Interest accrued on the outstanding balance under the Deerfield Convertible Note was due quarterly in arrears. The Company originally had to repay <div style="display: inline; font-style: italic; font: inherit;">one</div>-<div style="display: inline; font-style: italic; font: inherit;">third</div> of the outstanding principal amount of the Deerfield Convertible Note on the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> and <div style="display: inline; font-style: italic; font: inherit;">fifth</div> anniversaries of the Deerfield Facility Agreement (<div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;"> June 2019). </div>In <div style="display: inline; font-style: italic; font: inherit;"> June 2018, </div>Deerfield agreed to convert the <div style="display: inline; font-style: italic; font: inherit;">$3,333,333</div> of the principal amount then due, plus <div style="display: inline; font-style: italic; font: inherit;">$168,288</div> of accrued interest, into <div style="display: inline; font-style: italic; font: inherit;">37,410</div> shares of our common stock (as discussed below in the section entitled “Facility Agreement Waiver and Fifth Amendment to Senior Secured Convertible Note”). In <div style="display: inline; font-style: italic; font: inherit;"> September </div><div style="display: inline; font-style: italic; font: inherit;">2019,</div> the Company entered into an amendment with Deerfield in order to (i) reduce the interest rate applicable under the Deerfield Facility Agreement from <div style="display: inline; font-style: italic; font: inherit;">9.75%</div> to <div style="display: inline; font-style: italic; font: inherit;">6.75%,</div> (ii) provide for “payment in kind” of interest on the Loans (as defined in the Deerfield Facility Agreement), and (iii) defer the Loan payments due pursuant to the Deerfield Facility Agreement until <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">1,</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> (as discussed below in the section entitled <div style="display: inline; font-style: italic; font: inherit;">“2021</div> Note Exchange Effected in <div style="display: inline; font-style: italic; font: inherit;"> September 2019”). </div>In <div style="display: inline; font-style: italic; font: inherit;"> December 2019, </div>the Company entered into another amendment with Deerfield in order to (i) defer the Loan payments due pursuant to the Deerfield Facility Agreement until <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2021</div> and (ii) allow for the entries of additional debt and debt holders under the Deerfield Facility Agreement (as discussed below in the section entitled <div style="display: inline; font-style: italic; font: inherit;">“2021</div> Note Exchange Effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2019”). </div>The Company was also obligated to repay principal of the Deerfield Convertible Note in the amount of <div style="display: inline; font-style: italic; font: inherit;">$6,980,824</div> plus any capitalized interest to date on <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2021.</div> Prepayment of the outstanding balance was <div style="display: inline; font-style: italic; font: inherit;">not</div> allowed without written consent of Deerfield.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Pursuant to the Deerfield Facility Agreement, the Company issued to Deerfield a warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">14,423,076</div> shares of Series D Preferred at an initial exercise price of <div style="display: inline; font-style: italic; font: inherit;">$0.78</div> per share, which is exercisable until <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">2,</div> <div style="display: inline; font-style: italic; font: inherit;">2024</div> (the “Deerfield Warrant”). Upon completion of the Company's initial public offering, the Deerfield Warrant automatically converted into a warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">1,923,077</div> shares of the Company's common stock at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$5.85</div> per share. After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the shares issuable upon conversion of the warrant became <div style="display: inline; font-style: italic; font: inherit;">120,192</div> shares of common stock, and the exercise price of the Deerfield Warrant became <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> per share, which in <div style="display: inline; font-style: italic; font: inherit;"> January 2021 </div>was further adjusted to <div style="display: inline; font-style: italic; font: inherit;">$46.25</div> per share in connection with the Company entering into the Inducement Transaction (as defined in Note F) which triggered the anti-dilution provisions of the Deerfield Warrant. This warrant qualifies as a participating security under ASC Topic <div style="display: inline; font-style: italic; font: inherit;">260,</div> Earnings per Share, and is treated as such in the net loss per share calculation (Note I). If a Major Transaction occurs (as defined in the Deerfield Facility Agreement) Deerfield <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to redeem the Deerfield Warrant for a cash amount equal to the Black-Scholes value of the portion of the Deerfield Warrant to be redeemed (the “Warrant Put Option”).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company recorded the fair value of the shares of Series D Preferred to debt issuance costs on the date of issuance. The Company also recorded the fair value of the Deerfield Warrant and the embedded Warrant Put Option to debt discount on the date of issuance. The debt issuance costs and debt discount were amortized over the term of the related debt and the expense was recorded as interest expense related to amortization of debt issuance costs and discount in the unaudited condensed statements of operations. In <div style="display: inline; font-style: italic; font: inherit;"> February 2021, </div>the debt was extinguished and the discount and debt issuance costs were written off as a loss on extinguishment.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Pursuant to the Deerfield Facility Agreement, the Company was <div style="display: inline; font-style: italic; font: inherit;">not</div> able to enter into specified transactions, including a debt financing in the aggregate value of <div style="display: inline; font-style: italic; font: inherit;">$750,000</div> or more, other than permitted indebtedness under the Deerfield Facility Agreement, a merger, an asset sale or any other change of control transaction or any joint venture, partnership or other profit-sharing arrangement, without the prior approval of the Required Lenders (as defined in the Deerfield Facility Agreement). Additionally, if the Company were to enter into a major transaction, including a merger, consolidation, sale of substantially all of its assets or other change of control transaction, Deerfield would have had the ability to demand that prior to consummation of such transaction the Company repay all outstanding principal and accrued interest of any notes issued under the Deerfield Facility Agreement. Under each warrant issued pursuant to the Deerfield Facility Agreement, Deerfield has the right to demand that the Company redeem the warrant for a cash amount equal to the Black-Scholes value of a portion of the warrant upon the occurrence of specified events, including a merger, an asset sale or any other change of control transaction.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Issuance of </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.50%</div></div><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> Senior Convertible Notes and Third Amendment to Senior Secured Convertible Note and Warrant</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">$86.3</div> million aggregate principal amount of its <div style="display: inline; font-style: italic; font: inherit;">5.50%</div> Senior Convertible Notes due <div style="display: inline; font-style: italic; font: inherit;">2021</div> (the <div style="display: inline; font-style: italic; font: inherit;">“2021</div> Notes”) to Cowen and RBC Capital Markets, LLC, as representatives of the several initial purchasers (the “Initial Purchasers”), who subsequently resold the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes to qualified institutional buyers (the “Note Offering”) in reliance on the exemption from registration provided by Rule <div style="display: inline; font-style: italic; font: inherit;">144A</div> under the Securities Act of <div style="display: inline; font-style: italic; font: inherit;">1933,</div> as amended (the “Securities Act”).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes were issued pursuant to an indenture, dated as of <div style="display: inline; font-style: italic; font: inherit;"> February </div><div style="display: inline; font-style: italic; font: inherit;">9,</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div> (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). Interest on the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes was payable semi-annually in cash in arrears on <div style="display: inline; font-style: italic; font: inherit;"> February 1 </div>and <div style="display: inline; font-style: italic; font: inherit;"> August 1 </div>of each year, beginning on <div style="display: inline; font-style: italic; font: inherit;"> August 1, 2016, </div>at a rate of <div style="display: inline; font-style: italic; font: inherit;">5.50%</div> per year. The <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes had an original maturity of <div style="display: inline; font-style: italic; font: inherit;"> February </div><div style="display: inline; font-style: italic; font: inherit;">1,</div> <div style="display: inline; font-style: italic; font: inherit;">2021</div> unless earlier converted or repurchased.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The net proceeds from the Note Offering were approximately <div style="display: inline; font-style: italic; font: inherit;">$82.8</div> million, after deducting the Initial Purchasers' discount and estimated offering expenses. Concurrent with the Note Offering, the Company used approximately <div style="display: inline; font-style: italic; font: inherit;">$18.6</div> million of the net proceeds from the Note Offering to repay in full the Term Note, plus all accrued but unpaid interest, a make-whole interest payment and a prepayment premium on the Term Note.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes were <div style="display: inline; font-style: italic; font: inherit;">not</div> redeemable prior to the maturity date, and <div style="display: inline; font-style: italic; font: inherit;">no</div> sinking fund was provided for the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes. The <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes were convertible at an initial conversion rate of <div style="display: inline; font-style: italic; font: inherit;">58.4454</div> shares of the Company's common stock per <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> principal amount of the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes, subject to adjustment under the Indenture, which is equal to an initial conversion price of approximately <div style="display: inline; font-style: italic; font: inherit;">$17.11</div> per share of common stock. After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the conversion rate of the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes would have been approximately <div style="display: inline; font-style: italic; font: inherit;">3.6528</div> shares of the Company's common stock per <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> principal amount of the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes, which is equal to a conversion price of approximately <div style="display: inline; font-style: italic; font: inherit;">$273.76</div> per share.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">If the Company underwent a “fundamental change” (as defined in the Indenture), holders could have required that the Company repurchase for cash all or any portion of their <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes at a fundamental change repurchase price equal to <div style="display: inline; font-style: italic; font: inherit;">100%</div> of the principal amount of the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Indenture included customary terms and covenants, including certain events of default after which the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes <div style="display: inline; font-style: italic; font: inherit;"> may </div>have become due and payable immediately.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As described in more detail below, in multiple exchanges occurring in <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;"> January 2020, </div>all outstanding <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes were exchanged by the holders thereof for either shares of our common stock or senior secured convertible promissory notes issued under the terms of the Deerfield Facility Agreement.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">2021</div> Note Exchange Effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2019</div></div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> December 2019, </div>the Company entered into the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement and Amendment to Facility Agreement, Senior Secured Convertible Notes and Warrants (the <div style="display: inline; font-style: italic; font: inherit;"> “December 2019 </div>Exchange Agreement”) with the Deerfield Lenders and Delaware Street Capital Master Fund, L.P. (“DSC” and, collectively with the Deerfield Lenders, the <div style="display: inline; font-style: italic; font: inherit;"> “December 2019 </div>Holders”). Under the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement, the Company issued senior secured convertible promissory notes under the Deerfield Facility Agreement in the aggregate principal amount of <div style="display: inline; font-style: italic; font: inherit;">$71,418,011</div> (the <div style="display: inline; font-style: italic; font: inherit;"> “December 2019 </div>Notes”), in exchange for the cancellation of an aggregate of <div style="display: inline; font-style: italic; font: inherit;">$71,418,011</div> principal amount and accrued interest of the Company's <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes. Upon entering into the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement, the Company agreed to pay the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Holders, in the aggregate, an interest payment of <div style="display: inline; font-style: italic; font: inherit;">$745,011</div> which represents <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the accrued interest, as of <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">18,</div> <div style="display: inline; font-style: italic; font: inherit;">2019,</div> on the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes owned by the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Holders. The remainder of such interest was included in the principal amount of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes bore interest at <div style="display: inline; font-style: italic; font: inherit;">6.75%</div> per annum. The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes were convertible into shares of the Company's common stock at an initial conversion price of <div style="display: inline; font-style: italic; font: inherit;">$17.11</div> per share (which represented the conversion price of the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes), subject to adjustment in accordance with the terms of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes. After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the conversion price of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes would have been <div style="display: inline; font-style: italic; font: inherit;">$273.76</div> per share. The Company subsequently amended the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes to provide that such notes would have been convertible into shares of the Company's common stock at a conversion price of <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> per share (which represented the conversion price of the Deerfield Convertible Note). The conversion price of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes would have been adjusted downward if the Company issued or sold any shares of common stock, convertible securities, warrants or options at a sale or exercise price per share less than the greater of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes' conversion price or the closing sale price of the Company's common stock on the last trading date immediately prior to such issuance, or, in the case of a firm commitment underwritten offering, on the date of execution of the underwriting agreement between the Company and the underwriters for such offering. However, if the Company effected an “at the market offering” as defined in Rule <div style="display: inline; font-style: italic; font: inherit;">415</div> of the Securities Act, of its common stock, the conversion price of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes would have been adjusted downward pursuant to this anti-dilution adjustment only if such sales were made at a price less than <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> per share, provided that this anti-dilution adjustment would <div style="display: inline; font-style: italic; font: inherit;">not</div> have applied to any sales made under (<div style="display: inline; font-style: italic; font: inherit;">x</div>) the <div style="display: inline; font-style: italic; font: inherit;">2020</div> ELOC Agreement, (y) the ATM Agreement, or (z) the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement (as amended). Notwithstanding anything to the contrary in the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes, the anti-dilution adjustment of such notes would <div style="display: inline; font-style: italic; font: inherit;">not</div> have resulted in the conversion price of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes being less than <div style="display: inline; font-style: italic; font: inherit;">$9.328</div> per share. The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes were convertible at any time at the option of the holders thereof, provided that a holder of a <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Note was prohibited from converting such note into shares of the Company's common stock if, as a result of such conversion, such holder (together with certain affiliates and “group” members) would have beneficially owned more than <div style="display: inline; font-style: italic; font: inherit;">4.985%</div> of the total number of shares of common stock then issued and outstanding. However, the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Note issued to DSC, due to the fact DSC was a beneficial owner of more than <div style="display: inline; font-style: italic; font: inherit;">4.985%</div> of the total number of shares of the Company's common stock then issued and outstanding, had a beneficial ownership cap equal to <div style="display: inline; font-style: italic; font: inherit;">19.985%</div> of the total number of shares of the Company's common stock then issued and outstanding. Pursuant to the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes, the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Holders had the option to demand repayment of all outstanding principal, and any unpaid interest accrued thereon, in connection with a Major Transaction (as defined in the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes), which included, among others, any acquisition or other change of control of the Company; a liquidation, bankruptcy or other dissolution of the Company; or if at any time after <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> shares of the Company's common stock are <div style="display: inline; font-style: italic; font: inherit;">not</div> listed on an Eligible Market (as defined in the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes). The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes were subject to specified events of default, the occurrence of which would have entitled the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Holders to immediately demand repayment of all outstanding principal and accrued interest on the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes. Such events of default included, among others, failure to make any payment under the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes when due, failure to observe or perform any covenant under the Deerfield Facility Agreement (as defined below) or the other transaction documents related thereto (subject to a standard cure period), the failure of the Company to be able to pay debts as they come due, the commencement of bankruptcy or insolvency proceedings against the Company, a material judgement levied against the Company and a material default by the Company under the Deerfield Warrant, the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes or the Deerfield Convertible Note.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement amended the Deerfield Facility Agreement in order to, among other things, (i) provide for the Deerfield Facility Agreement to govern the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes received by the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Holders pursuant to the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement, (ii) extend the maturity of the Deerfield Convertible Note from <div style="display: inline; font-style: italic; font: inherit;"> February </div><div style="display: inline; font-style: italic; font: inherit;">14,</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> and <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">1,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> as applicable, to <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> (iii) defer interest payments on the Deerfield Convertible Note until <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2021</div> (which such interest shall accrue as “payment-in-kind” interest), (iv) designate DSC as a Lender under (and as defined in the Deerfield Facility Agreement), (v) name Deerfield as the “Collateral Agent” for all Lenders and (vi) modify the terms and conditions under which the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>issue additional pari passu and subordinated indebtedness under the Deerfield Facility Agreement (subject to certain conditions specified in the Deerfield Facility Agreement).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement also amended and restated the Deerfield Convertible Note to conform the definitions of “Eligible Market” and “Major Transactions” to the definition in the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes, to remove provisions that were only applicable prior to the Company's initial public offering and to make certain other changes to conform to the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes. The conversion price for the Deerfield Convertible Note remained <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> per share, subject to adjustment on the same basis as the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement also amended the Deerfield Warrant to conform the definitions of “Eligible Market” and “Major Transaction” in the Deerfield Warrant with the definitions of such terms in the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement contained customary representations, warranties and covenants made by the Company and the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Holders, including a covenant of the Company to, upon request, use commercially reasonable efforts to use its technology to discover a product based upon a compound that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be identified by the Deerfield Lenders in a manner that is reasonably acceptable to the Deerfield Lenders, or <div style="display: inline; font-style: italic; font: inherit;">one</div> of their affiliates, with the terms of such discovery plan, including the Company's compensation thereunder, to be mutually agreed to by the parties.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with entering into the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement, on <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">18,</div> <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the Company amended and restated that certain Guaranty and Security Agreement, dated <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">2,</div> <div style="display: inline; font-style: italic; font: inherit;">2014,</div> by and between the Company and the other parties thereto (the “GSA”) to, among other things, (i) provide that all of the notes will be secured by the liens securing the indebtedness under the Deerfield Facility Agreement, and (ii) name Deerfield as the “Collateral Agent” under the GSA.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with entering into the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement, the Company also entered into an amendment (the <div style="display: inline; font-style: italic; font: inherit;"> “September 2019 </div>Exchange Agreement Amendment”) to the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement to, among other things, (i) amend and restate Annex I of the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement to allow the Deerfield Lenders to effect optional exchanges of the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and the Deerfield Convertible Note under the terms of the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement; (ii) amend the common stock exchange price under the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement to be a per share price equal to the greater of (<div style="display: inline; font-style: italic; font: inherit;">x</div>) <div style="display: inline; font-style: italic; font: inherit;">$0.60,</div> subject to adjustment to reflect stock splits and similar events, or (y) the average of the volume-weighted average prices of the Company's common stock on each of the <div style="display: inline; font-style: italic; font: inherit;">15</div> trading days immediately preceding such exchange, (iii) provide that <div style="display: inline; font-style: italic; font: inherit;">no</div> more than <div style="display: inline; font-style: italic; font: inherit;">28,439,015</div> of shares of the Company's common stock shall be issued pursuant to optional exchanges under the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement (whether by common stock exchange or upon conversion of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Shares (as defined in the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement Amendment)), subject to adjustment to reflect stock splits and similar events and (iv) eliminate limitations regarding the timing and aggregate amount of principal which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be exchanged under the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement. These changes in the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement Amendment significantly modified the Optional Exchange Principal Amount, as such after giving effect to the <div style="display: inline; font-style: italic; font: inherit;"> September </div>Exchange Agreement Amendment the Optional Exchange Principal Amount ceases to exist the new optional exchanges are referred to as the Deerfield Optional Conversion Feature. After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the exchange price of the Deerfield Optional Conversion Feature would have been <div style="display: inline; font-style: italic; font: inherit;">$9.60</div> per share or the average of the volume-weighted average price of the common stock on the principal securities exchange or trading market on which the common stock is then trading on each of the <div style="display: inline; font-style: italic; font: inherit;">15</div> trading days immediately preceding such exchange and the shares of the Company's common stock issued pursuant to the optional exchanges would have been <div style="display: inline; font-style: italic; font: inherit;">1,777,437</div> shares of common stock.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with entering into the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Amendment, the Company filed an amendment to the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation (the “Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation Amendment”) with the Secretary of State of the State Delaware. The Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation Amendment provides that each share of the Company's Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> preferred stock is convertible into shares of the Company's common stock at a per share price equal to the common stock exchange price under the <div style="display: inline; font-style: italic; font: inherit;"> September 2019 </div>Exchange Agreement, which equals the greater of (i) <div style="display: inline; font-style: italic; font: inherit;">$9.60</div> (subject to adjustment to reflect stock splits and similar events), or (ii) the average of the volume-weighted average prices of the Company's common stock on each of the <div style="display: inline; font-style: italic; font: inherit;">15</div> trading days immediately preceding such exchange.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Deerfield Lenders have converted <div style="display: inline; font-style: italic; font: inherit;">$17.1</div> million of principal under the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes into all <div style="display: inline; font-style: italic; font: inherit;">1,777,437</div> shares of common stock available under the Deerfield Optional Conversion Feature.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company determined the changes to the Deerfield Convertible Note met the definition of a troubled debt restructuring under ASC <div style="display: inline; font-style: italic; font: inherit;">470</div>-<div style="display: inline; font-style: italic; font: inherit;">60,</div> <div style="display: inline; font-style: italic;">Troubled Debt Restructurings by Debtors</div>, as the Company was experiencing financial difficulties and Deerfield granted a concession. The amendments to the terms of the Deerfield Convertible Note resulted in <div style="display: inline; font-style: italic; font: inherit;">no</div> gain on restructuring because the total cash outflows required under the amended Deerfield Convertible Note exceeded the carrying value of the original Deerfield Convertible Note immediately prior to amendment. Prospectively, the Deerfield Convertible Note will continue to be carried net of the associated discount and debt issuance costs which will be amortized and recorded as interest expense using a modified effective interest rate based on the amendments.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The changes to the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Notes, under the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Exchange Agreement, referred to after as the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes, were accounted for as a debt modification, prospectively, the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes will be carried net of the associated discount and debt issuance costs which will be amortized and recorded as interest expense using a modified effective interest rate based on the amendments.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">2021</div> Note Exchange Effected in <div style="display: inline; font-style: italic; font: inherit;"> January 2020</div></div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> January 2020, </div>the Company entered into the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Exchange Agreement (the <div style="display: inline; font-style: italic; font: inherit;"> “January 2020 </div>Exchange Agreement”) with M. Kingdon Offshore Master Fund, LP (“Kingdon”). Under the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Exchange Agreement, the Company issued a senior secured convertible note in the aggregate principal amount of <div style="display: inline; font-style: italic; font: inherit;">$3,037,354</div> (the <div style="display: inline; font-style: italic; font: inherit;"> “January 2020 </div>Note”) in exchange for the cancellation of an aggregate of <div style="display: inline; font-style: italic; font: inherit;">$3,037,354</div> principal amount and accrued interest of the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Note then owned by Kingdon. Upon entering into the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Exchange Agreement, the Company agreed to pay Kingdon an interest payment of <div style="display: inline; font-style: italic; font: inherit;">$37,354,</div> which represents <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the accrued and unpaid interest, as of <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> on Kingdon's <div style="display: inline; font-style: italic; font: inherit;">2021</div> Note. The remainder of such interest was included in the principal amount of the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note was issued with substantially the same terms and conditions as the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes (as amended by the amendment described in more detail below).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with entering into the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Exchange Agreement, the Company entered into an Amendment to Facility Agreement and <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and Consent (the <div style="display: inline; font-style: italic; font: inherit;"> “December 2019 </div>Note Amendment”) with the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Holders that, among other things, (i) amended the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes to (a) reduce the Conversion Price (as defined in the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes) from <div style="display: inline; font-style: italic; font: inherit;">$17.11</div> to <div style="display: inline; font-style: italic; font: inherit;">$5.85</div> per share and (b) increased the Floor Price (as defined in the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes) from <div style="display: inline; font-style: italic; font: inherit;">$0.38</div> to <div style="display: inline; font-style: italic; font: inherit;">$0.583</div> per share, and (ii) amended the Deerfield Facility Agreement to (<div style="display: inline; font-style: italic; font: inherit;">x</div>) provide for Kingdon to join the Deerfield Facility Agreement as a Lender (as defined in the Deerfield Facility Agreement) and (y) provide that the <div style="display: inline; font-style: italic; font: inherit;">2020</div> Note and shall constitute a “Senior Secured Convertible Note” (as defined in the Deerfield Facility Agreement) for purposes of the Deerfield Facility Agreement and other Transaction Documents (as defined in the Deerfield Facility Agreement). After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the Conversion Price became <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> per share and the Floor Price became <div style="display: inline; font-style: italic; font: inherit;">$9.328</div> per share.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The changes to the <div style="display: inline; font-style: italic; font: inherit;">2021</div> Note, under the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Exchange Agreement, referred to after as the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note, were accounted for as a debt modification, prospectively, the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note will be carried net of the associated discount and debt issuance costs which will be amortized and recorded as interest expense using a modified effective interest rate based on the amendments.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement and Amendment to Facility Agreement, Notes and Investors</div></div>'<div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> Rights Agreement</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the Company entered into a <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement and Amendment to Facility Agreement, Notes and Investors' Rights Agreement, as amended (the <div style="display: inline; font-style: italic; font: inherit;"> “December 2020 </div>Exchange Agreement”) with the Deerfield Lenders, DSC and Kingdon (collectively, the “Facility Agreement Note Holders”). Under the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, the Company and the Facility Agreement Note Holders agreed that (a) the Company will make a cash pre-payment of a portion of principal amount of the Deerfield Convertible Note, the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note (collectively, the “Facility Agreement Notes”) to the Facility Agreement Note Holders (the “Debt Payment”) equal to approximately <div style="display: inline; font-style: italic; font: inherit;">$30.3</div> million, plus accrued interest if such payment is made on or after <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2021, </div>and (b) subject to the satisfaction or waiver of certain conditions specified in the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, including the making of the Debt Payment, issue shares of its Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock and warrants exercisable for shares of its common stock (the “Exchange Warrants”), in exchange for the cancellation of a portion of the principal amount of the Facility Agreement Notes owned by the Facility Agreement Note Holders in an aggregate amount equal to the Debt Payment, plus the <div style="display: inline; font-style: italic; font: inherit;">Q4</div> PIK Interest Payment (as defined in the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement) (such transaction, the <div style="display: inline; font-style: italic; font: inherit;"> “December 2020 </div>Exchange”).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement amended the Facility Agreement Notes to provide that the failure of the Company's common stock to remain listed on an eligible securities market will <div style="display: inline; font-style: italic; font: inherit;">not</div> constitute a “Major Transaction” unless such failure occurs after <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2023.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Subject to the satisfaction or waiver of certain conditions specified in the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, including the making of the Debt Payment and the consummation of the exchange, the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement amended that certain Facility Agreement dated as of <div style="display: inline; font-style: italic; font: inherit;"> June 2, 2014, </div>as amended (the “Facility Agreement”), by and among the Company and the Facility Agreement Note Holders in order to, among other things, (i) extend the maturity date of the Facility Agreement Notes to <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2023, (</div>ii) provide for cash payments of interest on the Loans (as defined in the Facility Agreement) for the periods following <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2021, </div>and (iii) provide for specified prepayment terms on the Loans.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement amended that certain Amended and Restated Investors' Rights Agreement, dated as of <div style="display: inline; font-style: italic; font: inherit;"> February 19, 2015 (</div>the “IRA”), by and among the Company, Deerfield and the other parties signatory thereto in order to, among other things, add Deerfield Special Situations Fund, L.P. as a party thereto and to give effect to the issuance of the Exchange Warrants and the Company's registration obligations under the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement (as described in more detail below).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Exchange Warrants issued pursuant to the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement were exercisable for a number of shares of the Company's common stock equal to <div style="display: inline; font-style: italic; font: inherit;">75%</div> of the shares of common stock issuable upon conversion of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock issued in the Exchange (without regard for any beneficial ownership limitations included therein). The Exercise Warrants were subject to substantially the same terms and conditions as the warrants issued to the public in the public offering of the Company's securities contemplated pursuant to a registration statement on Form S-<div style="display: inline; font-style: italic; font: inherit;">1,</div> file <div style="display: inline; font-style: italic; font: inherit;">no.</div> <div style="display: inline; font-style: italic; font: inherit;">333</div>-<div style="display: inline; font-style: italic; font: inherit;">250945</div> (the “Public Offering”), with an exercise price equal to the exercise price per share of the warrants issued in the Public Offering and provided that the Facility Agreement Note Holders will be limited from exercising such Exchange Warrants if, as a result of such exercise, such holders (together with certain affiliates and “group” members of such holders) would beneficially own more than <div style="display: inline; font-style: italic; font: inherit;">4.985%</div> of the total number of shares of the Company's common stock then issued and outstanding.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In anticipation of the Public Offering, and to meet the Nasdaq Listing Requirements, the Company agreed in <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>to restructure the <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note in the aggregate principal amount of <div style="display: inline; font-style: italic; font: inherit;">$60.8</div> million and the Deerfield Note in the principal amount of <div style="display: inline; font-style: italic; font: inherit;">$7.5</div> million (collectively the "the Facility Notes"). The total outstanding principal and accrued interest under the Facility Notes was <div style="display: inline; font-style: italic; font: inherit;">$69.4</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Under the terms of the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, the Company, on <div style="display: inline; font-style: italic; font: inherit;"> January 12, 2021, </div>in connection with the closing of the Public Offering:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto; min-width: 700px;"> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: middle; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Exchanged <div style="display: inline; font-style: italic; font: inherit;">$31.5</div> million of the outstanding principal and accrued interest on the Facility Notes for (i) <div style="display: inline; font-style: italic; font: inherit;">31,476.98412</div> shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock, and (ii) Exchange Warrants exercisable for <div style="display: inline; font-style: italic; font: inherit;">3,632,019</div> shares of the Company's common stock, and</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: middle; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Made a payment of <div style="display: inline; font-style: italic; font: inherit;">$30.3</div> million (the "Debt Payment"), in partial repayment of the remaining outstanding principal and accrued interest of the Facility Notes.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Following the completion of these transactions, the aggregate balance of principal and accrued interest remaining outstanding under the Facility Notes was approximately <div style="display: inline; font-style: italic; font: inherit;">$7.6</div> million. With respect to this remaining outstanding balance under the Facility Notes, the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement amended the terms of that debt to provide that:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto; min-width: 700px;"> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: middle; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The maturity date was changed to <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2023, </div>and the debt was prepayable upon specified conditions, and</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: middle; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: middle; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Interest would accrue at the rate of <div style="display: inline; font-style: italic; font: inherit;">6.75%</div> per annum, payable quarterly, would be added to principal until <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2021, </div>and then be payable in cash thereafter.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The changes to the Facility Notes, under the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, were accounted for as a debt extinguishment as the cash flows immediately after the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement were substantially different from the cash flows immediately prior to the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement and while the Company was experiencing financial difficulties it was determined that the lender did <div style="display: inline; font-style: italic; font: inherit;">not</div> grant a concession. As such a loss of extinguishment related to the extinguishment of the old notes was recorded in the unaudited condensed statement of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and additional debt issuance costs related the new notes were capitalized and amortized using the effective interest method through the Payoff of Facility Agreement Notes (discussed below).</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The transactions contemplated under the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, including the obligation to pre-pay any portion of the Facility Agreement Notes or to complete the Exchange and the effectiveness of the amendments to the Facility Agreement, the Notes and the IRA, were subject to specified conditions of closing, including certain closing of the Public Offering, the filing of the Restated Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation (as defined below) and the approval for listing of the Company's common stock, including the shares issuable upon conversion of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock and exercise of the Exchange Warrants, on the Nasdaq Capital Market.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As a condition to closing of the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, the Company filed an Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Convertible Preferred Stock (the “Restated Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation”) with the Secretary of State of the State Delaware, setting forth the preferences, rights and limitations of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Each share of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock had an aggregate stated value of <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> and was convertible into shares of the Company's common stock at a per share price equal to the price per share to the public of the Company's common stock in the Public Offering (subject to adjustment to reflect stock splits and similar events).</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock was convertible at any time on or after the PDUFA Date (as defined in the Restated Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation) at the option of the holders thereof; provided that the holders thereof will be prohibited from converting shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock into shares of the Company's common stock if, as a result of such conversion, such holders (together with certain affiliates and “group” members of such Holders) would beneficially own more than <div style="display: inline; font-style: italic; font: inherit;">4.985%</div> of the total number of shares of the Company's common stock then issued and outstanding. The Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock is <div style="display: inline; font-style: italic; font: inherit;">not</div> redeemable. In the event of the Company's liquidation, dissolution or winding up or a change in control of the Company (each, a “Liquidation Event”), the holders of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock will receive, prior to any distribution or payment on our common stock, an amount equal to the greater of (i) <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> per share (in the case of a change in control, transaction consideration with such value), or (ii) the amount (in the case of a change in control, in the form of the transaction consideration) per share each such holder would have been entitled to receive if every share of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock had been converted into common stock immediately prior to such Liquidation Event, in each case, plus any declared but unpaid dividends thereon. With respect to rights upon liquidation, the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock ranks senior to the common stock, on parity with any Parity Securities (as defined in the Restated Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation) and junior to existing and future indebtedness. Except as otherwise required by law (or with respect to approval of certain actions involving the Company's organizational documents that adversely affect the holders of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock and other specified matters regarding the rights, preferences and privileges of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock), the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock does <div style="display: inline; font-style: italic; font: inherit;">not</div> have voting rights. The Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock is <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to any price-based anti-dilution protections and does <div style="display: inline; font-style: italic; font: inherit;">not</div> provide for any accruing dividends, but provides that holders of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock will participate in any dividends on the Company's common stock on an as-converted basis (without giving effect to the limitation on conversion described above). The Restated Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation also provides for partial liquidated damages in the event that the Company fails to timely convert shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock into common stock in accordance with the Restated Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Payoff of Facility Agreement Notes and Termination of Facility Agreement</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> February 8, 2021, </div>the Company entered into a payoff letter with the Facility Agreement Note Holders, pursuant to which the Company agreed to pay off and thereby terminate the Facility Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Pursuant to the payoff letter, the Company paid a total of <div style="display: inline; font-style: italic; font: inherit;">$8.0</div> million to the Facility Agreement Note Holders, representing the principal balance, accrued interest outstanding and a prepayment fee in repayment of the Company's outstanding obligations under the Facility Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Pursuant to the payoff letter, all outstanding indebtedness and obligations of the Company owing to the Facility Agreement Note Holders under the Facility Agreement have been paid in full. The Facility Agreement and the notes thereunder, as well as the security interests in the assets of the Company securing the Facility Agreement and note obligations, have been terminated. The Facility Agreement Note Holders will retain the warrants previously issued to them by the Company.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company determined the payoff letter met the liability derecognition threshold under ASC <div style="display: inline; font-style: italic; font: inherit;">405</div>-<div style="display: inline; font-style: italic; font: inherit;">20,</div> <div style="display: inline; font-style: italic;">Liabilities - Extinguishment of Liabilities</div>, as the Company repaid the debt (and has been relieved of the related obligation) without entering into new debt with the Facility Agreement Note Holders and there is <div style="display: inline; font-style: italic; font: inherit;">no</div> other continuing debt with the Facility Agreement Note Holders. The payoff letter resulted in a loss on extinguishment of debt which is recorded on the unaudited condensed statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">PPP Loan</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> April </div><div style="display: inline; font-style: italic; font: inherit;">23,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company received proceeds of <div style="display: inline; font-style: italic; font: inherit;">$0.8</div> million from the PPP Loan under the PPP of the CARES Act, a portion of which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be forgiven, which the Company used to retain current employees, maintain payroll and make lease and utility payments. The PPP Loan matures on <div style="display: inline; font-style: italic; font: inherit;"> April </div><div style="display: inline; font-style: italic; font: inherit;">23,</div> <div style="display: inline; font-style: italic; font: inherit;">2022</div> and bears annual interest at a rate of <div style="display: inline; font-style: italic; font: inherit;">1.0%.</div> Payments of principal and interest on the PPP Loan were originally deferred for the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">six</div> months of the PPP Loan term. Thereafter, the Company would have been required to pay the lender equal monthly payments of principal and interest. As of <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> <div style="display: inline; font-style: italic; font: inherit;">$0.7</div> million of the PPP Loan is recorded on the unaudited condensed balance sheets in current portion of loans payable and <div style="display: inline; font-style: italic; font: inherit;">$0.1</div> million is recorded in loan payable, less current portion. </div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The CARES Act and the PPP provide a mechanism for forgiveness of up to the full amount borrowed. Under the PPP, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>apply for and be granted forgiveness for all or part of the PPP Loan. The Company applied for forgiveness for all of the PPP Loan in the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020</div> and is still awaiting a decision on forgiveness. The amount of loan proceeds eligible for forgiveness was originally based on a formula that takes into account a number of factors, including the amount of loan proceeds used by the Company during the <div style="display: inline; font-style: italic; font: inherit;">eight</div>-week period after the loan origination for certain purposes, including payroll costs, interest on certain mortgage obligations, rent payments on certain leases, and certain qualified utility payments, provided that at least <div style="display: inline; font-style: italic; font: inherit;">75%</div> of the loan amount was used for eligible payroll costs. Subject to the other requirements and limitations on loan forgiveness, only loan proceeds spent on payroll and other eligible costs during the covered <div style="display: inline; font-style: italic; font: inherit;">eight</div>-week period would have qualified for forgiveness.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">5,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> President Trump signed into law the PPP Flexibility Act of <div style="display: inline; font-style: italic; font: inherit;">2020</div> (the “Flexibility Act”), which among other things provided the following important changes to the PPP:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto; min-width: 700px;"> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Extended the covered period for loan forgiveness from <div style="display: inline; font-style: italic; font: inherit;">eight</div> weeks after the date of loan disbursement to <div style="display: inline; font-style: italic; font: inherit;">24</div> weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who had already received PPP loans retained the option to use an <div style="display: inline; font-style: italic; font: inherit;">eight</div>-week covered period.</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> </td> <td style="vertical-align: top; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Lowered the requirements that <div style="display: inline; font-style: italic; font: inherit;">75</div> percent of a borrower's loan proceeds must be used for payroll costs and that <div style="display: inline; font-style: italic; font: inherit;">75</div> percent of the loan forgiveness amount must have been spent on payroll costs during the <div style="display: inline; font-style: italic; font: inherit;">24</div>-week loan forgiveness covered period to <div style="display: inline; font-style: italic; font: inherit;">60</div> percent for each of these requirements. If a borrower uses less than <div style="display: inline; font-style: italic; font: inherit;">60</div> percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least <div style="display: inline; font-style: italic; font: inherit;">60</div> percent of the loan forgiveness amount having been used for payroll costs.</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> </td> <td style="vertical-align: top; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Provided a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before <div style="display: inline; font-style: italic; font: inherit;"> February </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> due to compliance with requirements or guidance issued between <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">1,</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> and <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to <div style="display: inline; font-style: italic; font: inherit;">COVID–19.</div></div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> </td> <td style="vertical-align: top; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Provided a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on <div style="display: inline; font-style: italic; font: inherit;"> February </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> and unable to hire similarly qualified employees for unfilled positions by <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> </td> <td style="vertical-align: top; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Increased to <div style="display: inline; font-style: italic; font: inherit;">five</div> years the maturity of PPP loans that are approved by the U.S. Small Business Administration (the “SBA”) (based on the date SBA assigns a loan number) on or after <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">5,</div> <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> </td> <td style="vertical-align: top; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Extended the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower's loan forgiveness amount to the lender (or, if the borrower does <div style="display: inline; font-style: italic; font: inherit;">not</div> apply for loan forgiveness, <div style="display: inline; font-style: italic; font: inherit;">10</div> months after the end of the borrower's loan forgiveness covered period).</div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Based on the changes provided by the Flexibility Act the Company took advantage of (i) the extended covered period for loan forgiveness from <div style="display: inline; font-style: italic; font: inherit;">eight</div> weeks to <div style="display: inline; font-style: italic; font: inherit;">24</div> weeks, (ii) the lowered requirement that a certain percentage of loan proceeds must be used for payroll costs from <div style="display: inline; font-style: italic; font: inherit;">75</div> percent to <div style="display: inline; font-style: italic; font: inherit;">60</div> percent, (iii) the extended deferral period for payments of principal, interest and fees from <div style="display: inline; font-style: italic; font: inherit;">six</div> months after loan disbursement to <div style="display: inline; font-style: italic; font: inherit;">10</div> months after the SBA remits the borrower's loan forgiveness amount to the lender and (iv) any safe harbor provisions as applicable. The Company will be required to repay any portion of the outstanding principal that is <div style="display: inline; font-style: italic; font: inherit;">not</div> forgiven, along with accrued interest, in accordance with the amortization schedule described above. Based on the changes provided by the Flexibility Act the Company expects that substantially all of the PPP loan will be forgiven, however, the Company cannot provide any assurance that the Company will be eligible for loan forgiveness or that any amount of the PPP Loan will ultimately be forgiven by the SBA.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Letters</div></div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">of Credit</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company has <div style="display: inline; font-style: italic; font: inherit;">one</div> irrevocable letter of credit supporting certain finance lease agreements. This letter of credit is guaranteed by a money market account which is reported as restricted cash on the unaudited condensed balance sheets.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div></div>
60800000
7500000
5.85
93.60
17.11
273.76
17.11
273.76
93.60
5.85
93.60
86300000
71418011
3037354
0.0975
0.0675
0.055
0.0675
0.0675
0
0
200000
100000
0
0
0
64000
72000
0.14
0.3
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">G.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Stock-Based Compensation</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company maintains a stock-based compensation plan (the “Incentive Stock Plan”) that governs stock awards made to employees and directors prior to completion of the IPO. </div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> November 2014, </div>the Board of Directors of the Company ("the Board"), and in <div style="display: inline; font-style: italic; font: inherit;"> April 2015, </div>the Company's stockholders, approved the Company's <div style="display: inline; font-style: italic; font: inherit;">2014</div> Equity Incentive Plan (the <div style="display: inline; font-style: italic; font: inherit;">“2014</div> Plan”), which became effective in <div style="display: inline; font-style: italic; font: inherit;"> April 2015. </div>The <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan provides for the grant of stock options, other forms of equity compensation, and performance cash awards. The maximum number of shares of common stock that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be issued under the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan is <div style="display: inline; font-style: italic; font: inherit;">589,659</div> as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021. </div>The number of shares of common stock reserved for issuance under the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan will automatically increase on <div style="display: inline; font-style: italic; font: inherit;"> January 1 </div>of each year, beginning on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2016, </div>and ending on and including <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2024, </div>by <div style="display: inline; font-style: italic; font: inherit;">4%</div> of the total number of shares of the Company's capital stock outstanding on <div style="display: inline; font-style: italic; font: inherit;"> December 31 </div>of the preceding calendar year, or a lesser number of shares determined by the Board. Pursuant to the terms of the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan, on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2021, </div>the common stock reserved for issuance under the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan automatically increased by <div style="display: inline; font-style: italic; font: inherit;">181,492</div> shares.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">During <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company granted to certain consultants fully vested restricted stock awards (“RSAs”) under the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan. The RSAs were granted as compensation in accordance with each consultants consulting agreement for services performed during <div style="display: inline; font-style: italic; font: inherit;">2020.</div> For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>RSAs were granted for a total of <div style="display: inline; font-style: italic; font: inherit;">3,806</div> shares of common stock. <div style="display: inline; font-style: italic; font: inherit;">No</div> RSAs were granted during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> stock options were exercised during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>or <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Stock-based compensation expense recorded under the Incentive Stock Plan and the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan is included in the following line items in the accompanying statements of operations (in thousands):</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div></div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Research and development</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">296</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">246</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">General and administrative</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">379</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">363</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Severance expense</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">420</div></td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total stock-based compensation expense</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">675</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,029</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">There was <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> million of stock-based compensation expense related to performance-based awards recognized during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021. </div>There was <div style="display: inline; font-style: italic; font: inherit;">no</div> stock-based compensation expense related to performance-based awards recognized during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020.</div></div> <div style=" margin: 0pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0pt; font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </div></div>
-0.54
-1.92
19146270
3004559
-2.49
-1.92
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">I.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Net Loss Per Share</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Under the <div style="display: inline; font-style: italic; font: inherit;">two</div>-class method, for periods with net income, basic net income per share of common stock is computed by dividing the net income attributable to shares of common stock by the weighted average number of shares of common stock outstanding during the period. Net income attributable to shares of common stock is computed by subtracting from net income the portion of current period earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the period's earnings been distributed. <div style="display: inline; font-style: italic; font: inherit;">No</div> such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have <div style="display: inline; font-style: italic; font: inherit;">no</div> obligation to fund losses. Diluted net loss per share of common stock is computed under the <div style="display: inline; font-style: italic; font: inherit;">two</div>-class method by using the weighted average number of shares of common stock outstanding plus the potential dilutive effects of stock options and warrants. In addition, the Company analyzes the potential dilutive effect of the outstanding convertible securities under the if-converted method when calculating diluted loss per share of common stock in which it is assumed that the outstanding convertible securities convert into common stock at the beginning of the period or date of issuance, if the convertible security was issued during the period. The Company reports the more dilutive of the approaches (<div style="display: inline; font-style: italic; font: inherit;">two</div>-class or if-converted) as its diluted net loss per share of common stock during the period.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Diluted net loss per share of common stock is the same as basic net loss per share of common stock for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020</div> because the effects of potentially dilutive items were anti-dilutive for the respective periods. The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted average number of shares of common stock outstanding because their effect is anti-dilutive:</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; width: 62%;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Conversion of Deerfield Convertible Note</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">77,123</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Conversion of January 2020 Note</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">32,917</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Conversion of December 2019 Notes*</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,246,486</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Awards under equity incentive plans</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">354,869</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">395,197</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,544,693</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">151,442</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total securities excluded from the calculation of weighted average number of shares of common stock outstanding</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,899,562</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,903,165</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td colspan="8" rowspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">* Inclusive of 652,437 shares of Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature.</div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div></div>
30000
-75000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">H.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Fair Value of Financial Instruments</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as 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, based on the Company's principal or, in absence of a principal, most advantageous market for the specific asset or liability.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company uses a <div style="display: inline; font-style: italic; font: inherit;">three</div>-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The <div style="display: inline; font-style: italic; font: inherit;">three</div> tiers are defined as follows:</div> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <table style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 2%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 2%; vertical-align: top;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">●</div> </td> <td style="width: 96%; vertical-align: top;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font: inherit;">1—Observable</div> inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; </div> </td> </tr> <tr> <td style="width: 2%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 2%; vertical-align: top;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">●</div> </td> <td style="width: 96%; vertical-align: top;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font: inherit;">2—Observable</div> inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 2%; vertical-align: top;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">●</div> </td> <td style="width: 96%; vertical-align: top;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font: inherit;">3—Unobservable</div> inputs that are supported by little or <div style="display: inline; font-style: italic; font: inherit;">no</div> market data, which require the Company to develop its own assumptions.</div> </td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash and accounts payable and accrued expenses, approximate their respective fair values due to the short-term nature of such instruments.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The fair values of the Deerfield Convertible Note, <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note were <div style="display: inline; font-style: italic; font: inherit;">$7.3</div> million, <div style="display: inline; font-style: italic; font: inherit;">$56.2</div> million and <div style="display: inline; font-style: italic; font: inherit;">$3.1</div> million, respectively, as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>The Deerfield Convertible Note, <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note were all extinguished in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021</div> and therefore had <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div></div> value as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021. </div>The Deerfield Convertible Note, <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note fell within Level <div style="display: inline; font-style: italic; font: inherit;">3</div> of the fair value hierarchy as their value was based on the credit worthiness of the Company, which was an unobservable input. The Company used a Tsiveriotis-Fernandes model to value the Deerfield Convertible Note, <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>Notes and the <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>Note as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-style: italic; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Assets and Liabilities Measured at Fair Value on a Recurring Basis</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached regarding fair value measurements as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 (</div>in thousands):</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Balance as of March 31, 2021</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Quoted Prices in Active Markets for Identical Assets (Level 1)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Other Observable Inputs (Level 2)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Unobservable Inputs (Level 3)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deerfield Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">240</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">240</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Embedded Warrant Put Option</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">KVK Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">334</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">292</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Balance as of December 31, 2020</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Quoted Prices in Active Markets for Identical Assets (Level 1)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Other Observable Inputs (Level 2)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Unobservable Inputs (Level 3)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deerfield Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">230</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">230</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Embedded Warrant Put Option</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt; text-indent: -9pt;">Deerfield Note Conversion Feature</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">KVK Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">304</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">255</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company's Deerfield Warrant liability and embedded Warrant Put Option are, and the embedded Deerfield Note Put Option was, measured at fair value on a recurring basis. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Deerfield Warrant liability and embedded Warrant Put Option are, and as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>the Deerfield Warrant liability, embedded Warrant Put Option and the embedded Deerfield Note Conversion Feature were, reported on the unaudited condensed balance sheets in derivative and warrant liability. The Company used a Monte Carlo simulation to value the Deerfield Warrant liability, embedded Warrant Put Option and the embedded Deerfield Note Conversion Feature for all periods presented. Significant unobservable inputs used in measuring the fair value of these financial instruments included the Company's estimated enterprise value, an estimate of the timing of a liquidity or fundamental change event and a present value discount rate. Changes in the fair value of the Deerfield Warrant liability and embedded Warrant Put Option are, and changes in the fair value of the embedded Deerfield Note Put Option were, reflected in the unaudited condensed statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020</div> as a fair value adjustment related to derivative and warrant liability.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The derivative liability for the Deerfield Warrant was <div style="display: inline; font-style: italic; font: inherit;">$240,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$230,000</div> at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>respectively. The derivative liability for the embedded Warrant Put Option was <div style="display: inline; font-style: italic; font: inherit;">$52,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$25,000</div> at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>respectively. The derivative liability for the Deerfield Note Conversion Feature had <div style="display: inline; font-style: italic; font: inherit;">no</div> value at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>A <div style="display: inline; font-style: italic; font: inherit;">10%</div> increase in the enterprise value would result in an increase of <div style="display: inline; font-style: italic; font: inherit;">$61,000</div> in the estimated fair value of the Deerfield Warrant liability and an increase of <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> in the estimated fair value of the embedded Warrant Put Option liability. In addition, the Company assumed a weighted-average probability of a liquidity event occurring of approximately <div style="display: inline; font-style: italic; font: inherit;">14%</div> with an estimated probability-weighted value of approximately <div style="display: inline; font-style: italic; font: inherit;">$35.3</div> million and a weighted-average probability of a fundamental change event occurring of approximately <div style="display: inline; font-style: italic; font: inherit;">30%</div> with an estimated probability-weighted value of approximately <div style="display: inline; font-style: italic; font: inherit;">$1.1</div> billion, respectively, with estimated timing in each scenario of the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2022.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company's KVK Warrant liability is measured at fair value on a recurring basis. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the KVK Warrant liability is reported on the unaudited condensed balance sheets in derivative and warrant liability. The Company estimates the fair value of the KVK Warrant using a probability-weighted Black-Scholes option-pricing model, which requires the use of subjective assumptions, including the expected term of the warrant, the expected stock price volatility, expected dividend yield and the risk-free interest rate for the expected term of the warrant. The expected term represents the period of time the warrant is expected to be outstanding. For the KVK Warrant, the Company used an expected term equal to the contractual term of the warrant. Expected volatility is based on the Company's historical volatility since the IPO. The Company assumes <div style="display: inline; font-style: italic; font: inherit;">no</div> dividend yield because dividends are <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to be paid in the near future, which is consistent with the Company's history of <div style="display: inline; font-style: italic; font: inherit;">not</div> paying dividends. Changes in the fair value of the KVK Warrant liability are reflected in the unaudited condensed statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020</div> as a fair value adjustment related to derivative and warrant liability.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">A reconciliation of the beginning and ending balances for the derivative and warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level <div style="display: inline; font-style: italic; font: inherit;">3</div>) is as follows (in thousands):</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance as of beginning of period</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">255</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">96</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Adjustment to fair value</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">37</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(58</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance as of end of period</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">292</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">38</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance as of beginning of period</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">255</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">96</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Adjustment to fair value</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">37</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(58</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance as of end of period</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">292</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">38</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>
255000
96000
292000
38000
4000
8000
4000
8000
133000
194000
119000
172000
14000
22000
140000
18000
6000
116000
7000
61000
58000
476000
508000
32000
31000
0.088
0.085
P1Y
P1Y
-16885000
1892000
2245000
-10296000
-5754000
8729000
400000
-1820000
586000
122000
12000
-273000
-455000
199000
1260000
745011
37354
199000
52000
190000
186000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt; width: 62%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Lease Cost</div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Finance lease cost:</div> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Amortization of right-of-use assets</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Interest on lease liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total finance lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">36</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Operating lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">91</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">89</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Short-term lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Variable lease cost</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less: sublease income</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total lease costs</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">190</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">186</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> </table></div>
2185000
463000
390000
484000
472000
346000
349000
6184000
77621000
90435000
11209000
4238000
7536000
240000
230000
52000
25000
240000
240000
52000
52000
42000
42000
334000
42000
292000
230000
230000
25000
25000
49000
49000
304000
49000
255000
0.0975
0.0675
60000000
700000
683000
390000
69400000
7600000
7300000
56200000
3100000
0
0
0
100000
98000
391000
0
0
74290000
1020000
-11000
-2586000
-2022000
-10296000
-5754000
-10296000
-5754000
-47740000
-5754000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Application of New or Revised Accounting Standards—Adopted</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic;">Financial Instruments</div>—<div style="display: inline; font-style: italic;">Credit Losses</div> <div style="display: inline; font-style: italic;">(Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>)</div>—<div style="display: inline; font-style: italic;">Measurement of Credit Losses on Financial Instruments</div> (“ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13”</div>), which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update applies to all entities holding financial assets and net investment in leases that are <div style="display: inline; font-style: italic; font: inherit;">not</div> accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets <div style="display: inline; font-style: italic; font: inherit;">not</div> excluded from the scope that have the contractual right to receive cash. This guidance is effective for financial statements issued for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2019,</div> and interim periods within those fiscal years. The adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the Company's financial statements and disclosures.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic;">Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>)</div>—<div style="display: inline; font-style: italic;">Disclosure Framework</div>—<div style="display: inline; font-style: italic;">Changes to the Disclosure Requirements for Fair Value Measurement</div> (“ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13”</div>), which modifies the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the FASB Concepts Statement, <div style="display: inline; font-style: italic;">Conceptual Framework for Financial Reporting</div>—<div style="display: inline; font-style: italic;">Chapter <div style="display: inline; font-style: italic; font: inherit;">8:</div> Notes to Financial Statements,</div> which the FASB finalized on <div style="display: inline; font-style: italic; font: inherit;"> August </div><div style="display: inline; font-style: italic; font: inherit;">28,</div> <div style="display: inline; font-style: italic; font: inherit;">2018,</div> including the consideration of costs and benefits. This update applies to all entities that are required, under existing U.S. GAAP, to make disclosures about recurring or nonrecurring fair value measurements. This guidance is effective for financial statements issued for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2019,</div> and interim periods within those fiscal years. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the Company's financial statements and disclosures.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Application of New or Revised Accounting Standards—Not Yet Adopted</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> August 2020, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">06,</div> <div style="display: inline; font-style: italic;">Debt</div>—<div style="display: inline; font-style: italic;">Debt with Conversion and Other Options</div> <div style="display: inline; font-style: italic;">(Subtopic</div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">470</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div>)</div> <div style="display: inline; font-style: italic;">and Derivatives and Hedging</div>—<div style="display: inline; font-style: italic;">Contracts in Entity</div>'<div style="display: inline; font-style: italic;">s Own Equity (Subtopic</div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">815</div>-<div style="display: inline; font-style: italic; font: inherit;">40</div>);</div> <div style="display: inline; font-style: italic;">Accounting for Convertible Instruments and Contracts in an Entity</div>'<div style="display: inline; font-style: italic;">s Own Equity</div> (“ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">06”</div>), which addresses issues identified as a result of the complexities associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. This update addresses, among other things, the number of accounting models for convertible debt instruments and convertible preferred stock, targeted improvements to the disclosures for convertible instruments and earnings-per-share (“EPS”) guidance and amendments to the guidance for the derivatives scope exception for contracts in an entity's own equity, as well as the related EPS guidance. This update applies to all entities that issue convertible instruments and/or contracts in an entity's own equity. This guidance is effective for financial statements issued for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> and interim periods within those fiscal years. Early adoption is permitted, but <div style="display: inline; font-style: italic; font: inherit;">no</div> earlier than fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> including interim periods within those fiscal years. FASB specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact the adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">06</div> could have on the Company's financial statements and disclosures.</div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">E.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Preferred Stock and Warrants</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Authorized, Issued, and Outstanding Preferred Stock</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div> shares of authorized preferred stock, of which <div style="display: inline; font-style: italic; font: inherit;">9,578</div> shares were designated as Series A Preferred Stock, <div style="display: inline; font-style: italic; font: inherit;">1,576</div> shares were designated as Series B-<div style="display: inline; font-style: italic; font: inherit;">1</div> Preferred Stock and <div style="display: inline; font-style: italic; font: inherit;">31,480</div> shares were designated as Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock. Of the designated preferred stock, <div style="display: inline; font-style: italic; font: inherit;">9,577</div> shares of Series A Preferred Stock, <div style="display: inline; font-style: italic; font: inherit;">1,576</div> shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">1</div> Preferred Stock and <div style="display: inline; font-style: italic; font: inherit;">31,476.98412</div> shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock were issued as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div> shares of authorized preferred stock, of which <div style="display: inline; font-style: italic; font: inherit;">9,578</div> shares were designated as Series A Preferred Stock, <div style="display: inline; font-style: italic; font: inherit;">1,576</div> shares were designated as Series B-<div style="display: inline; font-style: italic; font: inherit;">1</div> Preferred Stock and <div style="display: inline; font-style: italic; font: inherit;">27,000</div> shares were designated as Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock. Of the designated preferred stock, <div style="display: inline; font-style: italic; font: inherit;">9,577</div> shares of Series A Preferred Stock, <div style="display: inline; font-style: italic; font: inherit;">1,576</div> shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">1</div> Preferred Stock and <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div></div> shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock were issued as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div></div></div> shares of Series A Preferred Stock, Series B-<div style="display: inline; font-style: italic; font: inherit;">1</div> Preferred Stock or Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock were outstanding.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;">Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Pursuant to the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, on <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">12,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> the Company issued to the Facility Note Holders an aggregate of <div style="display: inline; font-style: italic; font: inherit;">31,476.98412</div> shares of its Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock and warrants exercisable for an aggregate of <div style="display: inline; font-style: italic; font: inherit;">3,632,019</div> shares of the Company's common stock (the “Exchange Warrants”).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock was convertible into an aggregate of <div style="display: inline; font-style: italic; font: inherit;">4,842,690</div> shares of the Company's common stock upon issuance at a conversion price equal to <div style="display: inline; font-style: italic; font: inherit;">$6.4999.</div> <div style="display: inline; font-style: italic; font: inherit;">No</div> fractional shares of common stock will be issued in connection with the conversion of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock. Instead, for any such fractional share that would have otherwise been issued upon conversion of a share of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock, the Company will round such fraction up to the next whole share.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of the</div></div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Series</div></div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">B-<div style="display: inline; font-style: italic; font: inherit;">2</div></div></div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Convertible</div></div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred Stock</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">11,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> as a condition to closing of the transactions contemplated by the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, the Company filed an Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Convertible Preferred Stock (the “Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation”) with the Secretary of State of the State Delaware, setting forth the preferences, rights and limitations of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Immediately following, the closing of the Public Offering, pursuant to the terms of the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, the Company:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <table style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Exchanged approximately <div style="display: inline; font-style: italic; font: inherit;">$31.5</div> million (the "Exchange") of the outstanding principal and accrued interest on the Facility Notes for (i) the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock and (ii) the Exchange Warrants; and</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> </td> <td style="vertical-align: top; width: 96%;"> </td> </tr> <tr> <td style="vertical-align: middle; width: 2%;"> </td> <td style="vertical-align: top; width: 2%;"> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</div> </td> <td style="vertical-align: top; width: 96%;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">made a payment of approximately <div style="display: inline; font-style: italic; font: inherit;">$30.3</div> million (the “Debt Payment”) in partial repayment of the remaining outstanding principal and accrued interest on the Facility Notes.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Upon the closing of the Exchange and related Debt Payment, the amendments to the Facility Agreement, the Notes and the Investors' Rights Agreement, dated as of <div style="display: inline; font-style: italic; font: inherit;"> February </div><div style="display: inline; font-style: italic; font: inherit;">19,</div> <div style="display: inline; font-style: italic; font: inherit;">2015,</div> by and among the Company, Deerfield and the other parties signatory thereto, contemplated by the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement that were conditional upon, among other things, the closing of the Public Offering, the filing of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Certificate of Designation and/or the approval for listing of the Company's common stock, including the shares issuable upon conversion of the Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock and exercise of the Exchange Warrants, on the Nasdaq Capital Market, became effective on <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">12,</div> <div style="display: inline; font-style: italic; font: inherit;">2021.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>all shares of Series B-<div style="display: inline; font-style: italic; font: inherit;">2</div> Preferred Stock have been converted into <div style="display: inline; font-style: italic; font: inherit;">4,842,699</div> shares of common stock. </div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Accounts and Other Receivables</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Accounts and other receivables consists of receivables under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement and Corium Consulting Agreement, as well as receivables related to other consulting arrangements, income tax receivables and other receivables due to the Company. Receivables under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement and Corium Consulting Agreement are recorded for amounts due to the Company related to reimbursable <div style="display: inline; font-style: italic; font: inherit;">third</div>-party costs and performance of consulting services. These receivables, as well as the receivables related to other consulting arrangements, are evaluated to determine if any reserve or allowance should be established at each reporting date. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company had receivables related to the Corium Consulting Agreement in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million, other consulting arrangements in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million and <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million related to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company had receivables related to the Corium Consulting Agreement of <div style="display: inline; font-style: italic; font: inherit;">$2.1</div> million, other consulting arrangements of <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> million and <div style="display: inline; font-style: italic; font: inherit;">no</div> receivables related to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> reserve or allowance for doubtful accounts has been established.</div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0pt" cellspacing="0pt" style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;"> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">J.</div></div> </td> <td style="vertical-align: middle; width: 96%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Severance Expense</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> February 2020, </div>the Company eliminated the chief business officer role and Gordon K. Johnson separated from the Company. In connection with his separation, Mr. Johnson was entitled to severance benefits as documented in his Amended and Restated Employment Agreement entered into in <div style="display: inline; font-style: italic; font: inherit;"> June 2015. </div>The severance benefits consisted of personnel and other related charges of approximately <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> million and stock compensation expense of approximately <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> million related to the acceleration of vesting on unvested shares subject to certain stock options. These severance benefits are presented as severance expense in the unaudited condensed statements of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company had accrued severance expense recorded within accounts payable and accrued expenses in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.1</div> million. As of and for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>there was <div style="display: inline; font-style: italic; font: inherit;">no</div> accrued severance or severance expense, respectively.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The Company commenced recognizing revenue in accordance with the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div> (“ASC <div style="display: inline; font-style: italic; font: inherit;">606”</div>), starting <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">1,</div> <div style="display: inline; font-style: italic; font: inherit;">2018.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Arrangements with Multiple-Performance Obligations</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">From time to time, the Company enters into arrangements for research and development, manufacturing and/or commercialization services. Such arrangements <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to deliver various rights, services, including intellectual property rights/licenses, research and development services, and/or commercialization services. The underlying terms of these arrangements generally provide for consideration to the Company in the form of nonrefundable upfront license fees, development and commercial performance milestone payments, royalty payments, consulting fees and/or profit sharing.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In arrangements involving more than <div style="display: inline; font-style: italic; font: inherit;">one</div> performance obligation, each required performance obligation is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the arrangement is then allocated to each separate distinct performance obligation based on its respective relative stand-alone selling price. The estimated selling price of each deliverable reflects the Company's best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis or using an adjusted market assessment approach if selling price on a stand-alone basis is <div style="display: inline; font-style: italic; font: inherit;">not</div> available.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will <div style="display: inline; font-style: italic; font: inherit;">not</div> occur. Should there be royalties, the Company utilizes the sales and usage-based royalty exception in arrangements that resulted from the license of intellectual property, recognizing revenues generated from royalties or profit sharing as the underlying sales occur.</div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Licensing Agreements</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company enters into licensing agreements with licensees that fall under the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The terms of the Company's licensing agreements typically include <div style="display: inline; font-style: italic; font: inherit;">one</div> or more of the following: (i) upfront fees; (ii) milestone payments related to the achievement of development, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments <div style="display: inline; font-style: italic; font: inherit;"> may </div>result in licensing revenues.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price <div style="display: inline; font-style: italic; font: inherit;"> may </div>include such estimates as, independent evidence of market price, forecasted revenues or costs, development timelines, discount rates, and probability of regulatory success. The Company evaluates each performance obligation to determine if they can be satisfied at a point in time or over time, and it measures the services delivered to the licensee which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-style: italic;">Up-front</div> <div style="display: inline; font-style: italic;">Fees:</div> If a license to the Company's intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;">Milestone Payments:</div> At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would <div style="display: inline; font-style: italic; font: inherit;">not</div> occur, the associated milestone value is included in the transaction price. Milestone payments that are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the Company's or the licensee's control, such as non-operational developmental and regulatory approvals, are generally <div style="display: inline; font-style: italic; font: inherit;">not</div> considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or the licensee's control, such as operational developmental milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company's estimate of the transaction price <div style="display: inline; font-style: italic; font: inherit;"> may </div>also result in negative licensing revenues and earnings in the period of adjustment.</div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> September 2019, </div>the Company entered into a Collaboration and License Agreement (the <div style="display: inline; font-style: italic; font: inherit;">“KP415</div> License Agreement”) with Commave Therapeutics SA, an affiliate of Gurnet Point Capital (“Commave”). Under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, the Company granted to Commave an exclusive, worldwide license to develop, manufacture and commercialize the Company's product candidates containing serdexmethylphenidate (“SDX”) and d-methylphenidate (“d-MPH”), including AZSTARYS, <div style="display: inline; font-style: italic; font: inherit;">KP484,</div> and, at the option of Commave, <div style="display: inline; font-style: italic; font: inherit;">KP879,</div> <div style="display: inline; font-style: italic; font: inherit;">KP922</div> or any other product candidate developed by the Company containing SDX and developed to treat ADHD or any other central nervous system disorder (the “Additional Product Candidates” and, collectively with AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484,</div> the “Licensed Product Candidates”). Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, Commave (i) paid the Company an upfront payment of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million; (ii) agreed to pay milestone payments of up to <div style="display: inline; font-style: italic; font: inherit;">$63.0</div> million upon the occurrence of specified regulatory milestones related to AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484;</div> (iii) agreed to pay additional payments of up to <div style="display: inline; font-style: italic; font: inherit;">$420.0</div> million upon the achievement of specified U.S. sales milestones; and (iv) has agreed to pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to the mid-twenties of Net Sales (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) in the United States and a percentage in the low to mid-single digits of Net Sales in each country outside the United States, in each case subject to specified reductions under certain conditions as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Commave is obligated to make such royalty payments on a product-by-product basis until expiration of the Royalty Term (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) for the applicable product.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In exchange for the exclusive, worldwide license, discussed above, Commave paid the Company a non-refundable upfront payment of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million. The Company is also entitled to additional payments from Commave of up to <div style="display: inline; font-style: italic; font: inherit;">$63.0</div> million, conditioned upon the achievement of specified regulatory milestones related to AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484.</div> In <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div>the FDA accepted the Company's NDA for AZSTARYS. Per the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, the Company received a regulatory milestone payment of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million following the FDA's acceptance of the AZSTARYS NDA. In addition, the Company is entitled to payments from Commave of up to <div style="display: inline; font-style: italic; font: inherit;">$420.0</div> million in the aggregate, conditioned upon the achievement of certain U.S. sales milestones, which are dependent upon, among other things, the timing of approval for a new drug application for AZSTARYS and its final approved label, if any. Further, Commave will pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to mid-twenties of Net Sales (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) in the U.S. and a percentage in the low to mid-single digits of Net Sales in each country outside of the U.S., in each case subject to specified reductions under certain conditions as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Commave also agreed to be responsible for and reimburse the Company for all of the development, commercialization and regulatory expenses incurred on the licensed products, subject to certain limitations as set forth in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As part of this agreement the Company is obligated to perform consulting services on behalf of Commave related to the licensed products. For these consulting services, Commave has agreed to pay the Company a set rate per hour on any consulting services performed on behalf of Commave for the benefit of the licensed products.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement also established a joint steering committee, which monitors progress of the development of both AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484.</div> Subject to the oversight of the joint steering committee, the Company otherwise retains all responsibility for the conduct of all regulatory activities required to obtain new drug application approval of AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484;</div> provided that Commave shall be the sponsor of any clinical trials conducted by the Company on behalf of Commave.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In accordance with the terms of the Company's <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">20,</div> <div style="display: inline; font-style: italic; font: inherit;">2012</div> Termination Agreement with Aquestive Therapeutics (formerly known as MonoSol Rx, LLC), Aquestive Therapeutics has the right to receive an amount equal to <div style="display: inline; font-style: italic; font: inherit;">10%</div> of any royalty or milestone payments made to the Company related to AZSTARYS, <div style="display: inline; font-style: italic; font: inherit;">KP484</div> or <div style="display: inline; font-style: italic; font: inherit;">KP879</div> under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement is within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> as the transaction represents a contract with a customer where the participants function in a customer / vendor relationship and are <div style="display: inline; font-style: italic; font: inherit;">not</div> exposed equally to the risks and rewards of the activities contemplated under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Using the concepts of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> the Company identified the grant of the exclusive, worldwide license and the performance of consulting services, which includes the reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs, as its only <div style="display: inline; font-style: italic; font: inherit;">two</div> performance obligations at inception. The Company further determined that the transaction price, at inception, under the agreement was <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million upfront payment plus the fair value of the Development Costs (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) which was allocated among the performance obligations based on their respective related stand-alone selling price.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The consideration allocated to the grant of the exclusive, worldwide license was <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million, which reflects the standalone selling price. The Company utilized the adjusted market assessment approach to determine this standalone selling price which included analyzing prospective offers received from various entities throughout our licensing negotiation process as well as the consideration paid to other competitors in the market for a similar type transaction. The Company determined that the intellectual property licensed under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement represented functional intellectual property and it has significant standalone functionality and therefore should be recognized at a point in time as opposed to over time. The revenue related to the grant of the exclusive, worldwide license was recognized at a point in time at the inception of the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs, was the fair value of the Development Costs (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement), which reflects the standalone selling price. The Company utilized a blended approach which took into consideration the adjusted market assessment approach and the expected cost plus a margin approach to determine this standalone selling price. This blended approach utilized the adjusted market approach and expected cost plus margin approach to value the performance of consulting services which included analyzing hourly rates of vendors in the a market who perform similar services to those of the Company to develop a range and then analyzing the average cost per hour of our internal resources and applying a margin which placed the value in the median of the previously identified range. For the reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs the Company utilized the expected cost plus a margin approach, which included estimating the actual out-of-pocket cost the Company expects to pay to <div style="display: inline; font-style: italic; font: inherit;">third</div>-parties for research and development costs and applying a margin, if necessary. The Company determined that <div style="display: inline; font-style: italic; font: inherit;">no</div> margin was necessary of these out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs as these are purely pass-through costs and the margin for managing these <div style="display: inline; font-style: italic; font: inherit;">third</div>-party activities is included within the value of the performance of consulting services. The Company determined that the performance of consulting services, including reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs, is a performance obligation that is satisfied over time as the services are performed and the reimbursable costs are paid. As such, the revenue related to the performance obligation will be recognized as the consulting services are performed and the services associated with the reimbursable out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs are incurred and paid by the Company, in accordance with the practical expedient allowed under ASC <div style="display: inline; font-style: italic; font: inherit;">606</div> regarding an entity's right to consideration from a customer in an amount that corresponds directly to the value to the customer of the entity's performance completed to date. As discussed above, the combination of the standalone selling price of these consulting services and certain out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs for AZSTARYS was the fair value of the Development Costs at inception. These Development Costs effectively created a cap on certain consulting services and out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs identified in the initial product development plan for AZSTARYS which was anticipated at the inception date of the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company has recognized all of the consulting services and out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs under this cap.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, Commave was granted an exclusive right to <div style="display: inline; font-style: italic; font: inherit;">first</div> negotiation whereby upon completion of a Phase <div style="display: inline; font-style: italic; font: inherit;">1</div> proof-of-concept study, the Company and Commave <div style="display: inline; font-style: italic; font: inherit;"> may </div>negotiate the economic terms under which certain Additional Products <div style="display: inline; font-style: italic; font: inherit;"> may </div>be included as a Product (both as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement (the “Additional Product Option”). In addition to the Additional Product Option, Commave was also granted a right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal (“ROFR”) to acquire, license and/or commercialize any of the Additional Product Candidates should they choose <div style="display: inline; font-style: italic; font: inherit;">not</div> to exercise the Additional Product Option. Should Commave choose to exercise the Additional Product Option on any Additional Product Candidates, Commave and the Company shall negotiate in good faith regarding the economic terms of such Additional Product Candidate. Further, should Commave exercise the ROFR on any Additional Product Candidate, the economic terms of the agreement shall be the same as those offered to the <div style="display: inline; font-style: italic; font: inherit;">third</div>-party. Under ASC <div style="display: inline; font-style: italic; font: inherit;">606</div> an option to acquire additional goods or services gives rise to a performance obligation if the option provides a material right to the customer. The Company concluded that the above described Additional Product Option and ROFR do <div style="display: inline; font-style: italic; font: inherit;">not</div> constitute material rights to the customer as Commave would acquire the goods or services at a to be negotiated price, which the Company expects to approximate fair value and therefore Commave would <div style="display: inline; font-style: italic; font: inherit;">not</div> receive a material discount on these goods or services compared to market rates.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company is entitled to additional payments from Commave conditioned upon the achievement of specified regulatory milestones related to AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484</div> and the achievement of certain U.S. sales milestones, which are dependent upon, among other things, the timing of approval for a new drug application for AZSTARYS and its final approved label, if any. Further, Commave will pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to mid-twenties of Net Sales (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) in the U.S. and a percentage in the low to mid-single digits of Net Sales in each country outside of the U.S., in each case subject to specified reductions under certain conditions as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. The Company concluded that these regulatory milestones, sales milestones and royalty payments each contain a significant uncertainty associated with a future event. As such, these milestone and royalty payments are constrained at contract inception and are <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the transaction price as the Company could <div style="display: inline; font-style: italic; font: inherit;">not</div> conclude that it is probable a significant reversal in the amount of cumulative revenue recognized will <div style="display: inline; font-style: italic; font: inherit;">not</div> occur surrounding these milestone payments. At the end of each reporting period, the Company updates its assessment of whether the milestone and royalty payments are constrained by considering both the likelihood and magnitude of the potential revenue reversal.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For example, in <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div>the FDA accepted the Company's NDA for AZSTARYS. Per the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, the Company received a regulatory milestone payment of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million following the FDA's acceptance of the AZSTARYS NDA. Since the FDA accepted the Company's NDA for AZSTARYS the constraint was removed and revenue recognized. The associated revenue was allocated among the <div style="display: inline; font-style: italic; font: inherit;">two</div> performance obligations identified at contract inception. Since both performance obligations were satisfied as of the end of the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020</div> the full <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million payment was recognized as revenue during the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 8, 2021, </div>the Company entered into Amendment <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">1</div> to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment (the <div style="display: inline; font-style: italic; font: inherit;">"KP415</div> Amendment"). Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, the Company and Commave agreed to modify the compensation terms of the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, Commave paid the Company <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million in connection with the entry into the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment as a result of the regulatory approval of AZSTARYS in the United States which occurred on <div style="display: inline; font-style: italic; font: inherit;"> March 2, 2021. </div>Commave also agreed to pay the Company <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million within <div style="display: inline; font-style: italic; font: inherit;">thirty</div> calendar days following receipt of the scheduling determination of the compound SDX by the U.S. Drug Enforcement Agency (the "DEA"), which occurred on <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2020. </div>SDX is the prodrug component of AZSTARYS. In addition, the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment increases the total remaining future regulatory and sales milestone payments related to AZSTARYS to up to an aggregate of <div style="display: inline; font-style: italic; font: inherit;">$590.0</div> million in payments upon the occurrence of specified regulatory milestones related to AZSTARYS and upon the achievement of specified U.S. net sales milestones. Further, Commave agreed to pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to the mid-twenties of Net Sales in the United States and a percentage in the low to mid-single digits of Net Sales in each country outside the United States, in each case subject to specified reductions under certain conditions, including with respect to the final approval label, as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Commave is obligated to make such royalty payments on a product-by-product basis until expiration of the Royalty Term for the applicable product.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, Commave and the Company also agreed to modify Commave's right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal such that the Company's product candidate, <div style="display: inline; font-style: italic; font: inherit;">KP922,</div> is <div style="display: inline; font-style: italic; font: inherit;">no</div> longer subject to Commave' right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal to acquire, license or commercialize any Additional Product Candidate. Commave's right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal shall only apply to any Additional Product Candidate which contains SDX, with such right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal expiring upon the acceptance of an NDA for such Additional Product Candidate containing SDX.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Per the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, the Company earned a regulatory milestone payment of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million following the FDA's approval of the AZSTARYS NDA. Since the FDA approved the NDA for AZSTARYS the constraint was removed and revenue recognized. The associated revenue was allocated among the <div style="display: inline; font-style: italic; font: inherit;">two</div> performance obligations identified at contract inception. Since both performance obligations were satisfied as of the end of the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021</div> the full <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million was recognized as revenue during the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021.</div> In accordance with ASC <div style="display: inline; font-style: italic; font: inherit;">340</div>-<div style="display: inline; font-style: italic; font: inherit;">40,</div> <div style="display: inline; font-style: italic;">Contracts with Customers</div>, the Company recognized <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million of royalty costs due to payment to Aquestive related to the regulatory milestone earned and recorded it in the item titled royalty and direct contract acquisition costs in the unaudited condensed statements of operations.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company recognized revenue under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million and <div style="display: inline; font-style: italic; font: inherit;">$2.1</div> million, respectively. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> deferred revenue related to this agreement as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>or <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">APADAZ License Agreement</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> October 2018, </div>the Company entered into a Collaboration and License Agreement (the “APADAZ License Agreement”) with KVK Tech, Inc. (“KVK”) pursuant to which we have granted an exclusive license to KVK to conduct regulatory activities for, manufacture and commercialize APADAZ in the United States.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Pursuant to the APADAZ License Agreement, KVK agreed to pay the Company certain payments and cost reimbursements of an estimated <div style="display: inline; font-style: italic; font: inherit;">$3.4</div> million, which includes a payment of <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million within <div style="display: inline; font-style: italic; font: inherit;">10</div> days of the achievement of a specified milestone related to the initial formulary adoption of APADAZ (the “Initial Adoption Milestone”). In addition, KVK has agreed to make additional payments to the Company upon the achievement of specified sales milestones of up to <div style="display: inline; font-style: italic; font: inherit;">$53.0</div> million in the aggregate. Further, the Company and KVK will share the quarterly net profits of APADAZ by KVK in the United States at specified tiered percentages, ranging from the Company receiving <div style="display: inline; font-style: italic; font: inherit;">30%</div> to <div style="display: inline; font-style: italic; font: inherit;">50%</div> of net profits, based on the amount of net sales on a rolling <div style="display: inline; font-style: italic; font: inherit;">four</div> quarter basis. The Company is responsible for a portion of commercialization and regulatory expenses for APADAZ until the Initial Adoption Milestone is achieved, after which KVK will be responsible for all expenses incurred in connection with commercialization and maintaining regulatory approval in the United States.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The APADAZ License Agreement will terminate on the later of the date that all of the patent rights for APADAZ have expired in the United States or KVK's cessation of commercialization of APADAZ in the United States. KVK <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement upon <div style="display: inline; font-style: italic; font: inherit;">90</div> days written notice if a regulatory authority in the United States orders KVK to stop sales of APADAZ due to a safety concern. In addition, after the <div style="display: inline; font-style: italic; font: inherit;">third</div> anniversary of the APADAZ License Agreement, KVK <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement without cause upon <div style="display: inline; font-style: italic; font: inherit;">18</div> months prior written notice. The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement if KVK stops conducting regulatory activities for or commercializing APADAZ in the United States for a period of <div style="display: inline; font-style: italic; font: inherit;">six</div> months, subject to specified exceptions, or if KVK or its affiliates challenge the validity, enforceability or scope of any licensed patent under the APADAZ License Agreement. Both parties <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement (i) upon a material breach of the APADAZ License Agreement, subject to a <div style="display: inline; font-style: italic; font: inherit;">30</div>-day cure period, (ii) if the other party encounters bankruptcy or insolvency or (iii) if the Initial Adoption Milestone is <div style="display: inline; font-style: italic; font: inherit;">not</div> achieved. Upon termination, all licenses and other rights granted by the Company to KVK pursuant to the APADAZ License Agreement would revert to the Company.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The APADAZ License Agreement also established a joint steering committee, which monitors progress of the commercialization of APADAZ.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Consulting Arrangements</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company enters into consulting arrangements with <div style="display: inline; font-style: italic; font: inherit;">third</div>-parties that fall under the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606.</div> These arrangements <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to deliver various rights, services, including research and development services, regulatory services and/or commercialization support services. The underlying terms of these arrangements generally provide for consideration to the Company in the form of consulting fees and reimbursements of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development, regulatory and commercial costs.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Corium Consulting Agreement</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div>the Company entered into a consultation services arrangement (the “Corium Consulting Agreement”) with Corium, Inc. (“Corium”) under which Corium engaged the Company to guide the product development and regulatory activities for certain current and potential future products in Corium's portfolio, as well as continue supporting preparation for the potential commercial launch of AZSTARYS (together, “Corium Consulting Services”). Corium is a portfolio company of Gurnet Point Capital and is responsible for leading all commercialization activities for AZSTARYS under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, as discussed above.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the Corium Consulting Agreement, the Company is entitled to receive payments from Corium of up to <div style="display: inline; font-style: italic; font: inherit;">$15.6</div> million, <div style="display: inline; font-style: italic; font: inherit;">$13.6</div> million of which will be paid in quarterly installments through <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2022.</div> The remaining <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million is conditioned upon the achievement of a specified regulatory milestone related to Corium's product portfolio. Corium also agreed to be responsible for and reimburse the Company for all development, commercialization and regulatory expenses incurred as part of the performance of the Corium Consulting Services.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Corium Consulting Agreement is within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> as the transaction represents a contract with a customer where the participants function in a customer / vendor relationship and are <div style="display: inline; font-style: italic; font: inherit;">not</div> exposed equally to the risks and rewards of the activities contemplated under the Corium Consulting Agreement. Using the concepts of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> the Company identified the performance of consulting services, which includes the reimbursement to the Company of <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs, as its only performance obligation at inception. The Company further determined that the transaction price, at inception, under the agreement was <div style="display: inline; font-style: italic; font: inherit;">$13.6</div> million which is the fair value of the consulting services, including the reimbursement of <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs. The Company concluded that the regulatory milestone contains a significant uncertainty associated with a future event. As such, this milestone is constrained at contract inception and is <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the transaction price as the Company could <div style="display: inline; font-style: italic; font: inherit;">not</div> conclude that it is probable a significant reversal in the amount of cumulative revenue recognized will <div style="display: inline; font-style: italic; font: inherit;">not</div> occur surrounding these milestone payments. At the end of each reporting period, the Company updates its assessment of whether the milestone is constrained by considering both the likelihood and magnitude of the potential revenue reversal.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company determined that the performance of consulting services, including reimbursement of <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs, is a performance obligation that is satisfied over time as the services are performed and the reimbursable costs are paid. As such, the revenue related to the performance obligation will be recognized as the consulting services are performed and the services associated with the reimbursable <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs are incurred and paid by the Company, in accordance with the practical expedient allowed under ASC <div style="display: inline; font-style: italic; font: inherit;">606</div> regarding an entity's right to consideration from a customer in an amount that corresponds directly to the value to the customer of the entity's performance completed to date. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company has recognized approximately <div style="display: inline; font-style: italic; font: inherit;">45%</div> of the consulting services and <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs under the Corium Consulting Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company recognized revenue under the Corium Consulting Agreement of <div style="display: inline; font-style: italic; font: inherit;">$1.6</div> million. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> revenue recognized for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>related to the Corium Consulting Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company had deferred revenue related to this agreement of <div style="display: inline; font-style: italic; font: inherit;">$0.2</div> million. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company had deferred revenue related to this agreement or <div style="display: inline; font-style: italic; font: inherit;">$0.1</div> million.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Other Consulting Arrangements</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company recognized revenue under other consulting arrangements of <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> revenue recognized from other consulting arrangements for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020. </div>There was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div></div> deferred revenue from other consulting arrangements as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>or <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div></div></div></div></div>
20000
1000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; width: 62%;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Conversion of Deerfield Convertible Note</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">77,123</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Conversion of January 2020 Note</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">32,917</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Conversion of December 2019 Notes*</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,246,486</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Awards under equity incentive plans</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">354,869</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">395,197</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common stock warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,544,693</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">151,442</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total securities excluded from the calculation of weighted average number of shares of common stock outstanding</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,899,562</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,903,165</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td colspan="8" rowspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">* Inclusive of 652,437 shares of Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature.</div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Shares of Common Stock</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Balance as of December 31, 2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,537,321</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as a result of the Public Offering</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7,139,498</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as a result of Series B-2 Preferred Stock conversions</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,842,699</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as a result of warrant exercises</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">11,951,038</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as compensation to third-parties</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,600</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Balance as of March 31, 2021</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">28,480,156</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; border-bottom: 3px double black;" nowrap="nowrap"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Three months ended March 31,</div></div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2021</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></div> </td> <td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Research and development</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">296</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">246</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">General and administrative</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">379</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">363</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Severance expense</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">420</div></td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: Times New Roman; font-size: 10pt;"> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total stock-based compensation expense</div> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">675</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,029</div></td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Balance as of March 31, 2021</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Quoted Prices in Active Markets for Identical Assets (Level 1)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Other Observable Inputs (Level 2)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Unobservable Inputs (Level 3)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deerfield Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">240</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">240</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Embedded Warrant Put Option</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">KVK Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">334</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">292</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Balance as of December 31, 2020</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Quoted Prices in Active Markets for Identical Assets (Level 1)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Other Observable Inputs (Level 2)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Significant Unobservable Inputs (Level 3)</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deerfield Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">230</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">230</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Embedded Warrant Put Option</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">25</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt; text-indent: -9pt;">Deerfield Note Conversion Feature</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">KVK Warrant liability</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">304</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">255</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>
830000
675000
1029000
589659
6.4999
50000
57000
50000
57000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">B.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Summary of Significant Accounting Policies</div></td> </tr> </table> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.</div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div></div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The Company commenced recognizing revenue in accordance with the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div> (“ASC <div style="display: inline; font-style: italic; font: inherit;">606”</div>), starting <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">1,</div> <div style="display: inline; font-style: italic; font: inherit;">2018.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Arrangements with Multiple-Performance Obligations</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">From time to time, the Company enters into arrangements for research and development, manufacturing and/or commercialization services. Such arrangements <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to deliver various rights, services, including intellectual property rights/licenses, research and development services, and/or commercialization services. The underlying terms of these arrangements generally provide for consideration to the Company in the form of nonrefundable upfront license fees, development and commercial performance milestone payments, royalty payments, consulting fees and/or profit sharing.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In arrangements involving more than <div style="display: inline; font-style: italic; font: inherit;">one</div> performance obligation, each required performance obligation is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the arrangement is then allocated to each separate distinct performance obligation based on its respective relative stand-alone selling price. The estimated selling price of each deliverable reflects the Company's best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis or using an adjusted market assessment approach if selling price on a stand-alone basis is <div style="display: inline; font-style: italic; font: inherit;">not</div> available.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will <div style="display: inline; font-style: italic; font: inherit;">not</div> occur. Should there be royalties, the Company utilizes the sales and usage-based royalty exception in arrangements that resulted from the license of intellectual property, recognizing revenues generated from royalties or profit sharing as the underlying sales occur.</div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Licensing Agreements</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company enters into licensing agreements with licensees that fall under the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The terms of the Company's licensing agreements typically include <div style="display: inline; font-style: italic; font: inherit;">one</div> or more of the following: (i) upfront fees; (ii) milestone payments related to the achievement of development, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments <div style="display: inline; font-style: italic; font: inherit;"> may </div>result in licensing revenues.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price <div style="display: inline; font-style: italic; font: inherit;"> may </div>include such estimates as, independent evidence of market price, forecasted revenues or costs, development timelines, discount rates, and probability of regulatory success. The Company evaluates each performance obligation to determine if they can be satisfied at a point in time or over time, and it measures the services delivered to the licensee which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-style: italic;">Up-front</div> <div style="display: inline; font-style: italic;">Fees:</div> If a license to the Company's intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;">Milestone Payments:</div> At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would <div style="display: inline; font-style: italic; font: inherit;">not</div> occur, the associated milestone value is included in the transaction price. Milestone payments that are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the Company's or the licensee's control, such as non-operational developmental and regulatory approvals, are generally <div style="display: inline; font-style: italic; font: inherit;">not</div> considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or the licensee's control, such as operational developmental milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company's estimate of the transaction price <div style="display: inline; font-style: italic; font: inherit;"> may </div>also result in negative licensing revenues and earnings in the period of adjustment.</div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> September 2019, </div>the Company entered into a Collaboration and License Agreement (the <div style="display: inline; font-style: italic; font: inherit;">“KP415</div> License Agreement”) with Commave Therapeutics SA, an affiliate of Gurnet Point Capital (“Commave”). Under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, the Company granted to Commave an exclusive, worldwide license to develop, manufacture and commercialize the Company's product candidates containing serdexmethylphenidate (“SDX”) and d-methylphenidate (“d-MPH”), including AZSTARYS, <div style="display: inline; font-style: italic; font: inherit;">KP484,</div> and, at the option of Commave, <div style="display: inline; font-style: italic; font: inherit;">KP879,</div> <div style="display: inline; font-style: italic; font: inherit;">KP922</div> or any other product candidate developed by the Company containing SDX and developed to treat ADHD or any other central nervous system disorder (the “Additional Product Candidates” and, collectively with AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484,</div> the “Licensed Product Candidates”). Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, Commave (i) paid the Company an upfront payment of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million; (ii) agreed to pay milestone payments of up to <div style="display: inline; font-style: italic; font: inherit;">$63.0</div> million upon the occurrence of specified regulatory milestones related to AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484;</div> (iii) agreed to pay additional payments of up to <div style="display: inline; font-style: italic; font: inherit;">$420.0</div> million upon the achievement of specified U.S. sales milestones; and (iv) has agreed to pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to the mid-twenties of Net Sales (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) in the United States and a percentage in the low to mid-single digits of Net Sales in each country outside the United States, in each case subject to specified reductions under certain conditions as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Commave is obligated to make such royalty payments on a product-by-product basis until expiration of the Royalty Term (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) for the applicable product.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In exchange for the exclusive, worldwide license, discussed above, Commave paid the Company a non-refundable upfront payment of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million. The Company is also entitled to additional payments from Commave of up to <div style="display: inline; font-style: italic; font: inherit;">$63.0</div> million, conditioned upon the achievement of specified regulatory milestones related to AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484.</div> In <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div>the FDA accepted the Company's NDA for AZSTARYS. Per the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, the Company received a regulatory milestone payment of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million following the FDA's acceptance of the AZSTARYS NDA. In addition, the Company is entitled to payments from Commave of up to <div style="display: inline; font-style: italic; font: inherit;">$420.0</div> million in the aggregate, conditioned upon the achievement of certain U.S. sales milestones, which are dependent upon, among other things, the timing of approval for a new drug application for AZSTARYS and its final approved label, if any. Further, Commave will pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to mid-twenties of Net Sales (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) in the U.S. and a percentage in the low to mid-single digits of Net Sales in each country outside of the U.S., in each case subject to specified reductions under certain conditions as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Commave also agreed to be responsible for and reimburse the Company for all of the development, commercialization and regulatory expenses incurred on the licensed products, subject to certain limitations as set forth in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As part of this agreement the Company is obligated to perform consulting services on behalf of Commave related to the licensed products. For these consulting services, Commave has agreed to pay the Company a set rate per hour on any consulting services performed on behalf of Commave for the benefit of the licensed products.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement also established a joint steering committee, which monitors progress of the development of both AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484.</div> Subject to the oversight of the joint steering committee, the Company otherwise retains all responsibility for the conduct of all regulatory activities required to obtain new drug application approval of AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484;</div> provided that Commave shall be the sponsor of any clinical trials conducted by the Company on behalf of Commave.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In accordance with the terms of the Company's <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">20,</div> <div style="display: inline; font-style: italic; font: inherit;">2012</div> Termination Agreement with Aquestive Therapeutics (formerly known as MonoSol Rx, LLC), Aquestive Therapeutics has the right to receive an amount equal to <div style="display: inline; font-style: italic; font: inherit;">10%</div> of any royalty or milestone payments made to the Company related to AZSTARYS, <div style="display: inline; font-style: italic; font: inherit;">KP484</div> or <div style="display: inline; font-style: italic; font: inherit;">KP879</div> under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement is within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> as the transaction represents a contract with a customer where the participants function in a customer / vendor relationship and are <div style="display: inline; font-style: italic; font: inherit;">not</div> exposed equally to the risks and rewards of the activities contemplated under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Using the concepts of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> the Company identified the grant of the exclusive, worldwide license and the performance of consulting services, which includes the reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs, as its only <div style="display: inline; font-style: italic; font: inherit;">two</div> performance obligations at inception. The Company further determined that the transaction price, at inception, under the agreement was <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million upfront payment plus the fair value of the Development Costs (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) which was allocated among the performance obligations based on their respective related stand-alone selling price.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The consideration allocated to the grant of the exclusive, worldwide license was <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million, which reflects the standalone selling price. The Company utilized the adjusted market assessment approach to determine this standalone selling price which included analyzing prospective offers received from various entities throughout our licensing negotiation process as well as the consideration paid to other competitors in the market for a similar type transaction. The Company determined that the intellectual property licensed under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement represented functional intellectual property and it has significant standalone functionality and therefore should be recognized at a point in time as opposed to over time. The revenue related to the grant of the exclusive, worldwide license was recognized at a point in time at the inception of the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs, was the fair value of the Development Costs (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement), which reflects the standalone selling price. The Company utilized a blended approach which took into consideration the adjusted market assessment approach and the expected cost plus a margin approach to determine this standalone selling price. This blended approach utilized the adjusted market approach and expected cost plus margin approach to value the performance of consulting services which included analyzing hourly rates of vendors in the a market who perform similar services to those of the Company to develop a range and then analyzing the average cost per hour of our internal resources and applying a margin which placed the value in the median of the previously identified range. For the reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs the Company utilized the expected cost plus a margin approach, which included estimating the actual out-of-pocket cost the Company expects to pay to <div style="display: inline; font-style: italic; font: inherit;">third</div>-parties for research and development costs and applying a margin, if necessary. The Company determined that <div style="display: inline; font-style: italic; font: inherit;">no</div> margin was necessary of these out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs as these are purely pass-through costs and the margin for managing these <div style="display: inline; font-style: italic; font: inherit;">third</div>-party activities is included within the value of the performance of consulting services. The Company determined that the performance of consulting services, including reimbursement of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs, is a performance obligation that is satisfied over time as the services are performed and the reimbursable costs are paid. As such, the revenue related to the performance obligation will be recognized as the consulting services are performed and the services associated with the reimbursable out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs are incurred and paid by the Company, in accordance with the practical expedient allowed under ASC <div style="display: inline; font-style: italic; font: inherit;">606</div> regarding an entity's right to consideration from a customer in an amount that corresponds directly to the value to the customer of the entity's performance completed to date. As discussed above, the combination of the standalone selling price of these consulting services and certain out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs for AZSTARYS was the fair value of the Development Costs at inception. These Development Costs effectively created a cap on certain consulting services and out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs identified in the initial product development plan for AZSTARYS which was anticipated at the inception date of the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company has recognized all of the consulting services and out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development costs under this cap.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, Commave was granted an exclusive right to <div style="display: inline; font-style: italic; font: inherit;">first</div> negotiation whereby upon completion of a Phase <div style="display: inline; font-style: italic; font: inherit;">1</div> proof-of-concept study, the Company and Commave <div style="display: inline; font-style: italic; font: inherit;"> may </div>negotiate the economic terms under which certain Additional Products <div style="display: inline; font-style: italic; font: inherit;"> may </div>be included as a Product (both as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement (the “Additional Product Option”). In addition to the Additional Product Option, Commave was also granted a right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal (“ROFR”) to acquire, license and/or commercialize any of the Additional Product Candidates should they choose <div style="display: inline; font-style: italic; font: inherit;">not</div> to exercise the Additional Product Option. Should Commave choose to exercise the Additional Product Option on any Additional Product Candidates, Commave and the Company shall negotiate in good faith regarding the economic terms of such Additional Product Candidate. Further, should Commave exercise the ROFR on any Additional Product Candidate, the economic terms of the agreement shall be the same as those offered to the <div style="display: inline; font-style: italic; font: inherit;">third</div>-party. Under ASC <div style="display: inline; font-style: italic; font: inherit;">606</div> an option to acquire additional goods or services gives rise to a performance obligation if the option provides a material right to the customer. The Company concluded that the above described Additional Product Option and ROFR do <div style="display: inline; font-style: italic; font: inherit;">not</div> constitute material rights to the customer as Commave would acquire the goods or services at a to be negotiated price, which the Company expects to approximate fair value and therefore Commave would <div style="display: inline; font-style: italic; font: inherit;">not</div> receive a material discount on these goods or services compared to market rates.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company is entitled to additional payments from Commave conditioned upon the achievement of specified regulatory milestones related to AZSTARYS and <div style="display: inline; font-style: italic; font: inherit;">KP484</div> and the achievement of certain U.S. sales milestones, which are dependent upon, among other things, the timing of approval for a new drug application for AZSTARYS and its final approved label, if any. Further, Commave will pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to mid-twenties of Net Sales (as defined in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement) in the U.S. and a percentage in the low to mid-single digits of Net Sales in each country outside of the U.S., in each case subject to specified reductions under certain conditions as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. The Company concluded that these regulatory milestones, sales milestones and royalty payments each contain a significant uncertainty associated with a future event. As such, these milestone and royalty payments are constrained at contract inception and are <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the transaction price as the Company could <div style="display: inline; font-style: italic; font: inherit;">not</div> conclude that it is probable a significant reversal in the amount of cumulative revenue recognized will <div style="display: inline; font-style: italic; font: inherit;">not</div> occur surrounding these milestone payments. At the end of each reporting period, the Company updates its assessment of whether the milestone and royalty payments are constrained by considering both the likelihood and magnitude of the potential revenue reversal.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For example, in <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div>the FDA accepted the Company's NDA for AZSTARYS. Per the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, the Company received a regulatory milestone payment of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million following the FDA's acceptance of the AZSTARYS NDA. Since the FDA accepted the Company's NDA for AZSTARYS the constraint was removed and revenue recognized. The associated revenue was allocated among the <div style="display: inline; font-style: italic; font: inherit;">two</div> performance obligations identified at contract inception. Since both performance obligations were satisfied as of the end of the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020</div> the full <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million payment was recognized as revenue during the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 8, 2021, </div>the Company entered into Amendment <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">1</div> to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment (the <div style="display: inline; font-style: italic; font: inherit;">"KP415</div> Amendment"). Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, the Company and Commave agreed to modify the compensation terms of the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, Commave paid the Company <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million in connection with the entry into the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment as a result of the regulatory approval of AZSTARYS in the United States which occurred on <div style="display: inline; font-style: italic; font: inherit;"> March 2, 2021. </div>Commave also agreed to pay the Company <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million within <div style="display: inline; font-style: italic; font: inherit;">thirty</div> calendar days following receipt of the scheduling determination of the compound SDX by the U.S. Drug Enforcement Agency (the "DEA"), which occurred on <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2020. </div>SDX is the prodrug component of AZSTARYS. In addition, the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment increases the total remaining future regulatory and sales milestone payments related to AZSTARYS to up to an aggregate of <div style="display: inline; font-style: italic; font: inherit;">$590.0</div> million in payments upon the occurrence of specified regulatory milestones related to AZSTARYS and upon the achievement of specified U.S. net sales milestones. Further, Commave agreed to pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to the mid-twenties of Net Sales in the United States and a percentage in the low to mid-single digits of Net Sales in each country outside the United States, in each case subject to specified reductions under certain conditions, including with respect to the final approval label, as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Commave is obligated to make such royalty payments on a product-by-product basis until expiration of the Royalty Term for the applicable product.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, Commave and the Company also agreed to modify Commave's right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal such that the Company's product candidate, <div style="display: inline; font-style: italic; font: inherit;">KP922,</div> is <div style="display: inline; font-style: italic; font: inherit;">no</div> longer subject to Commave' right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal to acquire, license or commercialize any Additional Product Candidate. Commave's right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal shall only apply to any Additional Product Candidate which contains SDX, with such right of <div style="display: inline; font-style: italic; font: inherit;">first</div> refusal expiring upon the acceptance of an NDA for such Additional Product Candidate containing SDX.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Per the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, the Company earned a regulatory milestone payment of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million following the FDA's approval of the AZSTARYS NDA. Since the FDA approved the NDA for AZSTARYS the constraint was removed and revenue recognized. The associated revenue was allocated among the <div style="display: inline; font-style: italic; font: inherit;">two</div> performance obligations identified at contract inception. Since both performance obligations were satisfied as of the end of the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021</div> the full <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million was recognized as revenue during the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021.</div> In accordance with ASC <div style="display: inline; font-style: italic; font: inherit;">340</div>-<div style="display: inline; font-style: italic; font: inherit;">40,</div> <div style="display: inline; font-style: italic;">Contracts with Customers</div>, the Company recognized <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million of royalty costs due to payment to Aquestive related to the regulatory milestone earned and recorded it in the item titled royalty and direct contract acquisition costs in the unaudited condensed statements of operations.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company recognized revenue under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million and <div style="display: inline; font-style: italic; font: inherit;">$2.1</div> million, respectively. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> deferred revenue related to this agreement as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>or <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">APADAZ License Agreement</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> October 2018, </div>the Company entered into a Collaboration and License Agreement (the “APADAZ License Agreement”) with KVK Tech, Inc. (“KVK”) pursuant to which we have granted an exclusive license to KVK to conduct regulatory activities for, manufacture and commercialize APADAZ in the United States.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Pursuant to the APADAZ License Agreement, KVK agreed to pay the Company certain payments and cost reimbursements of an estimated <div style="display: inline; font-style: italic; font: inherit;">$3.4</div> million, which includes a payment of <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million within <div style="display: inline; font-style: italic; font: inherit;">10</div> days of the achievement of a specified milestone related to the initial formulary adoption of APADAZ (the “Initial Adoption Milestone”). In addition, KVK has agreed to make additional payments to the Company upon the achievement of specified sales milestones of up to <div style="display: inline; font-style: italic; font: inherit;">$53.0</div> million in the aggregate. Further, the Company and KVK will share the quarterly net profits of APADAZ by KVK in the United States at specified tiered percentages, ranging from the Company receiving <div style="display: inline; font-style: italic; font: inherit;">30%</div> to <div style="display: inline; font-style: italic; font: inherit;">50%</div> of net profits, based on the amount of net sales on a rolling <div style="display: inline; font-style: italic; font: inherit;">four</div> quarter basis. The Company is responsible for a portion of commercialization and regulatory expenses for APADAZ until the Initial Adoption Milestone is achieved, after which KVK will be responsible for all expenses incurred in connection with commercialization and maintaining regulatory approval in the United States.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The APADAZ License Agreement will terminate on the later of the date that all of the patent rights for APADAZ have expired in the United States or KVK's cessation of commercialization of APADAZ in the United States. KVK <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement upon <div style="display: inline; font-style: italic; font: inherit;">90</div> days written notice if a regulatory authority in the United States orders KVK to stop sales of APADAZ due to a safety concern. In addition, after the <div style="display: inline; font-style: italic; font: inherit;">third</div> anniversary of the APADAZ License Agreement, KVK <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement without cause upon <div style="display: inline; font-style: italic; font: inherit;">18</div> months prior written notice. The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement if KVK stops conducting regulatory activities for or commercializing APADAZ in the United States for a period of <div style="display: inline; font-style: italic; font: inherit;">six</div> months, subject to specified exceptions, or if KVK or its affiliates challenge the validity, enforceability or scope of any licensed patent under the APADAZ License Agreement. Both parties <div style="display: inline; font-style: italic; font: inherit;"> may </div>terminate the APADAZ License Agreement (i) upon a material breach of the APADAZ License Agreement, subject to a <div style="display: inline; font-style: italic; font: inherit;">30</div>-day cure period, (ii) if the other party encounters bankruptcy or insolvency or (iii) if the Initial Adoption Milestone is <div style="display: inline; font-style: italic; font: inherit;">not</div> achieved. Upon termination, all licenses and other rights granted by the Company to KVK pursuant to the APADAZ License Agreement would revert to the Company.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The APADAZ License Agreement also established a joint steering committee, which monitors progress of the commercialization of APADAZ.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Consulting Arrangements</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company enters into consulting arrangements with <div style="display: inline; font-style: italic; font: inherit;">third</div>-parties that fall under the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606.</div> These arrangements <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to deliver various rights, services, including research and development services, regulatory services and/or commercialization support services. The underlying terms of these arrangements generally provide for consideration to the Company in the form of consulting fees and reimbursements of out-of-pocket <div style="display: inline; font-style: italic; font: inherit;">third</div>-party research and development, regulatory and commercial costs.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Corium Consulting Agreement</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div>the Company entered into a consultation services arrangement (the “Corium Consulting Agreement”) with Corium, Inc. (“Corium”) under which Corium engaged the Company to guide the product development and regulatory activities for certain current and potential future products in Corium's portfolio, as well as continue supporting preparation for the potential commercial launch of AZSTARYS (together, “Corium Consulting Services”). Corium is a portfolio company of Gurnet Point Capital and is responsible for leading all commercialization activities for AZSTARYS under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement, as discussed above.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the Corium Consulting Agreement, the Company is entitled to receive payments from Corium of up to <div style="display: inline; font-style: italic; font: inherit;">$15.6</div> million, <div style="display: inline; font-style: italic; font: inherit;">$13.6</div> million of which will be paid in quarterly installments through <div style="display: inline; font-style: italic; font: inherit;"> March </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2022.</div> The remaining <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million is conditioned upon the achievement of a specified regulatory milestone related to Corium's product portfolio. Corium also agreed to be responsible for and reimburse the Company for all development, commercialization and regulatory expenses incurred as part of the performance of the Corium Consulting Services.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Corium Consulting Agreement is within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> as the transaction represents a contract with a customer where the participants function in a customer / vendor relationship and are <div style="display: inline; font-style: italic; font: inherit;">not</div> exposed equally to the risks and rewards of the activities contemplated under the Corium Consulting Agreement. Using the concepts of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> the Company identified the performance of consulting services, which includes the reimbursement to the Company of <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs, as its only performance obligation at inception. The Company further determined that the transaction price, at inception, under the agreement was <div style="display: inline; font-style: italic; font: inherit;">$13.6</div> million which is the fair value of the consulting services, including the reimbursement of <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs. The Company concluded that the regulatory milestone contains a significant uncertainty associated with a future event. As such, this milestone is constrained at contract inception and is <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the transaction price as the Company could <div style="display: inline; font-style: italic; font: inherit;">not</div> conclude that it is probable a significant reversal in the amount of cumulative revenue recognized will <div style="display: inline; font-style: italic; font: inherit;">not</div> occur surrounding these milestone payments. At the end of each reporting period, the Company updates its assessment of whether the milestone is constrained by considering both the likelihood and magnitude of the potential revenue reversal.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company determined that the performance of consulting services, including reimbursement of <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs, is a performance obligation that is satisfied over time as the services are performed and the reimbursable costs are paid. As such, the revenue related to the performance obligation will be recognized as the consulting services are performed and the services associated with the reimbursable <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs are incurred and paid by the Company, in accordance with the practical expedient allowed under ASC <div style="display: inline; font-style: italic; font: inherit;">606</div> regarding an entity's right to consideration from a customer in an amount that corresponds directly to the value to the customer of the entity's performance completed to date. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company has recognized approximately <div style="display: inline; font-style: italic; font: inherit;">45%</div> of the consulting services and <div style="display: inline; font-style: italic; font: inherit;">third</div>-party pass-through costs under the Corium Consulting Agreement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company recognized revenue under the Corium Consulting Agreement of <div style="display: inline; font-style: italic; font: inherit;">$1.6</div> million. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> revenue recognized for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>related to the Corium Consulting Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company had deferred revenue related to this agreement of <div style="display: inline; font-style: italic; font: inherit;">$0.2</div> million. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company had deferred revenue related to this agreement or <div style="display: inline; font-style: italic; font: inherit;">$0.1</div> million.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Other Consulting Arrangements</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company recognized revenue under other consulting arrangements of <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> revenue recognized from other consulting arrangements for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020. </div>There was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div></div> deferred revenue from other consulting arrangements as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>or <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;"></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Accounts and Other Receivables</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Accounts and other receivables consists of receivables under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement and Corium Consulting Agreement, as well as receivables related to other consulting arrangements, income tax receivables and other receivables due to the Company. Receivables under the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement and Corium Consulting Agreement are recorded for amounts due to the Company related to reimbursable <div style="display: inline; font-style: italic; font: inherit;">third</div>-party costs and performance of consulting services. These receivables, as well as the receivables related to other consulting arrangements, are evaluated to determine if any reserve or allowance should be established at each reporting date. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company had receivables related to the Corium Consulting Agreement in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million, other consulting arrangements in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million and <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million related to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company had receivables related to the Corium Consulting Agreement of <div style="display: inline; font-style: italic; font: inherit;">$2.1</div> million, other consulting arrangements of <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> million and <div style="display: inline; font-style: italic; font: inherit;">no</div> receivables related to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> reserve or allowance for doubtful accounts has been established.</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Application of New or Revised Accounting Standards—Adopted</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic;">Financial Instruments</div>—<div style="display: inline; font-style: italic;">Credit Losses</div> <div style="display: inline; font-style: italic;">(Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>)</div>—<div style="display: inline; font-style: italic;">Measurement of Credit Losses on Financial Instruments</div> (“ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13”</div>), which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update applies to all entities holding financial assets and net investment in leases that are <div style="display: inline; font-style: italic; font: inherit;">not</div> accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets <div style="display: inline; font-style: italic; font: inherit;">not</div> excluded from the scope that have the contractual right to receive cash. This guidance is effective for financial statements issued for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2019,</div> and interim periods within those fiscal years. The adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the Company's financial statements and disclosures.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic;">Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>)</div>—<div style="display: inline; font-style: italic;">Disclosure Framework</div>—<div style="display: inline; font-style: italic;">Changes to the Disclosure Requirements for Fair Value Measurement</div> (“ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13”</div>), which modifies the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the FASB Concepts Statement, <div style="display: inline; font-style: italic;">Conceptual Framework for Financial Reporting</div>—<div style="display: inline; font-style: italic;">Chapter <div style="display: inline; font-style: italic; font: inherit;">8:</div> Notes to Financial Statements,</div> which the FASB finalized on <div style="display: inline; font-style: italic; font: inherit;"> August </div><div style="display: inline; font-style: italic; font: inherit;">28,</div> <div style="display: inline; font-style: italic; font: inherit;">2018,</div> including the consideration of costs and benefits. This update applies to all entities that are required, under existing U.S. GAAP, to make disclosures about recurring or nonrecurring fair value measurements. This guidance is effective for financial statements issued for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2019,</div> and interim periods within those fiscal years. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the Company's financial statements and disclosures.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Application of New or Revised Accounting Standards—Not Yet Adopted</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <div style="display: inline; font-style: italic; font: inherit;"> August 2020, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">06,</div> <div style="display: inline; font-style: italic;">Debt</div>—<div style="display: inline; font-style: italic;">Debt with Conversion and Other Options</div> <div style="display: inline; font-style: italic;">(Subtopic</div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">470</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div>)</div> <div style="display: inline; font-style: italic;">and Derivatives and Hedging</div>—<div style="display: inline; font-style: italic;">Contracts in Entity</div>'<div style="display: inline; font-style: italic;">s Own Equity (Subtopic</div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">815</div>-<div style="display: inline; font-style: italic; font: inherit;">40</div>);</div> <div style="display: inline; font-style: italic;">Accounting for Convertible Instruments and Contracts in an Entity</div>'<div style="display: inline; font-style: italic;">s Own Equity</div> (“ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">06”</div>), which addresses issues identified as a result of the complexities associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. This update addresses, among other things, the number of accounting models for convertible debt instruments and convertible preferred stock, targeted improvements to the disclosures for convertible instruments and earnings-per-share (“EPS”) guidance and amendments to the guidance for the derivatives scope exception for contracts in an entity's own equity, as well as the related EPS guidance. This update applies to all entities that issue convertible instruments and/or contracts in an entity's own equity. This guidance is effective for financial statements issued for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> and interim periods within those fiscal years. Early adoption is permitted, but <div style="display: inline; font-style: italic; font: inherit;">no</div> earlier than fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">15,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> including interim periods within those fiscal years. FASB specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact the adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">06</div> could have on the Company's financial statements and disclosures.</div> <div style=" margin: 0pt 7.5pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> </div></div>
9600
559971
6765463
374035
7139498
3806
0
0
0
29056000
29056000
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1000
29055000
82000
82000
1000
49284000
49285000
1112000
1112000
9600000
9600000
84251000
-66412000
192062000
-258474000
3000
353018000
-268770000
171258000
-245714000
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182793000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">F.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Common Stock and Warrants</div></td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Authorized, <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Issued, and Outstanding Common Shares</div></div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">As of <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and <div style="display: inline; font-family:Times New Roman, Times, serif; font-size:10pt"><div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div></div>, the Company had authorized shares of common stock of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">250,000,000</div></div> shares. Of the authorized shares, <div style="display: inline; font-style: italic; font: inherit;">28,480,156</div> and <div style="display: inline; font-style: italic; font: inherit;">4,537,321</div> shares of common stock were issued and outstanding as of <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and <div style="display: inline; font-family:Times New Roman, Times, serif; font-size:10pt"><div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div></div>, respectively.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;">As of<div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> </div><div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif; font-size:10pt"><div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div></div>, the Company had reserved authorized shares of common stock for future issuance as follows:</div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">March 31, 2021</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">December 31, 2020</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Conversion of Deerfield Convertible Note</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">81,101</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Conversion of January 2020 Note</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">34,615</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%; padding: 0px; margin: 0px;">Conversion of December 2019 Notes</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"><div style="display: inline; font-style: italic; font: inherit;">—</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"><div style="display: inline; font-style: italic; font: inherit;">625,747</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding awards under equity incentive plans</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">354,869</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">355,785</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding common stock warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">9,544,693</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">151,442</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Possible future issuances under equity incentive plans</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">229,317</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">47,825</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total common shares reserved for future issuance</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,128,879</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,296,515</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" margin: 0; font-family: "Times New Roman", Times, serif; font-size: 10pt"> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Common Stock Activity</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">The following table summarizes common stock activity for the<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div><div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;">:</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div> <table style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Shares of Common Stock</div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Balance as of December 31, 2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,537,321</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as a result of the Public Offering</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7,139,498</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as a result of Series B-2 Preferred Stock conversions</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,842,699</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as a result of warrant exercises</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">11,951,038</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common stock issued as compensation to third-parties</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,600</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Balance as of March 31, 2021</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">28,480,156</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; border-bottom: 3px double black;" nowrap="nowrap"> </td> </tr> </table> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0"> </div> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Warrants</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">2,</div> <div style="display: inline; font-style: italic; font: inherit;">2014,</div> pursuant to the terms of the Deerfield Facility Agreement, the Company issued the Deerfield Warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">14,423,076</div> shares of Series D Preferred (Note C). The Company recorded the fair value of the Deerfield Warrant as a debt discount and a warrant liability. The Deerfield Warrant, if unexercised, expires on the earlier of <div style="display: inline; font-style: italic; font: inherit;"> June </div><div style="display: inline; font-style: italic; font: inherit;">2,</div> <div style="display: inline; font-style: italic; font: inherit;">2024,</div> or upon a liquidation event. Upon completion of the Company's initial public offering (the “IPO”), the Deerfield Warrant automatically converted into a warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">1,923,077</div> shares of the Company's common stock at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$5.85</div> per share. After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the exercise price of the Deerfield Warrant became <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> and the shares of the Company's common stock issuable upon exercise of the Deerfield Warrant became <div style="display: inline; font-style: italic; font: inherit;">120,192</div> shares of common stock. As a result of the Warrant Inducement transaction on <div style="display: inline; font-style: italic; font: inherit;"> January 26, 2021 (</div>discussed below) the anti-dilution provisions within the Deerfield Warrant were triggered and the exercise price was reduced from <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> per share to <div style="display: inline; font-style: italic; font: inherit;">$46.25</div> per share. The Company amortized the debt discount over the term of the Deerfield Convertible Note and the expense was recorded as interest expense related to amortization of debt issuance costs and discount in the unaudited condensed statements of operations. The Deerfield Convertible Note was extinguished in <div style="display: inline; font-style: italic; font: inherit;"> February 2021 </div>and the remaining debt discount was written off and recognized as a loss on extinguishment of debt.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company determined that the Deerfield Warrant should be recorded as a liability and stated at fair value at each reporting period upon inception. As stated above, upon completion of the IPO, the Deerfield Warrant automatically converted into warrants to purchase the Company's common stock. The Deerfield Warrant remains classified as a liability and is recorded at fair value at each reporting period since it can be settled in cash. Changes to the fair value of the warrant liability are recorded through the unaudited condensed statements of operations as a fair value adjustment (Note H).</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with the APADAZ License Agreement, in <div style="display: inline; font-style: italic; font: inherit;"> October 2018, </div>the Company issued to KVK a warrant to purchase up to <div style="display: inline; font-style: italic; font: inherit;">500,000</div> shares of common stock of the Company at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$2.30</div> per share, which reflected the closing price of the Company's common stock on the Nasdaq Stock Market on the execution date of the APADAZ License Agreement (the “KVK Warrant”). The KVK Warrant is initially <div style="display: inline; font-style: italic; font: inherit;">not</div> exercisable for any shares of common stock. Upon the achievement of each of <div style="display: inline; font-style: italic; font: inherit;">four</div> specified milestones under the KVK Warrant, the KVK Warrant will become exercisable for an additional <div style="display: inline; font-style: italic; font: inherit;">125,000</div> shares, up to an aggregate of <div style="display: inline; font-style: italic; font: inherit;">500,000</div> shares of the Company's common stock. The exercise price and the number and type of shares underlying the KVK Warrant are subject to adjustment in the event of specified events, including a reclassification of the Company's common stock, a subdivision or combination of the Company's common stock, or in the event of specified dividend payments. The KVK Warrant is exercisable until <div style="display: inline; font-style: italic; font: inherit;"> October </div><div style="display: inline; font-style: italic; font: inherit;">24,</div> <div style="display: inline; font-style: italic; font: inherit;">2023.</div> Upon exercise, the aggregate exercise price <div style="display: inline; font-style: italic; font: inherit;"> may </div>be paid, at KVK's election, in cash or on a net issuance basis, based upon the fair market value of the Company's common stock at the time of exercise. After giving effect to the Reverse Stock Split effected in <div style="display: inline; font-style: italic; font: inherit;"> December 2020, </div>the exercise price of the KVK Warrant became <div style="display: inline; font-style: italic; font: inherit;">$36.80</div> and the shares of common stock issuable upon exercise of the KVK Warrant became <div style="display: inline; font-style: italic; font: inherit;">31,250</div> shares of common stock.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company determined that, since KVK qualifies as a customer under ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> the KVK Warrant should be recorded as a contract asset and recognized as contra-revenue as the Company recognizes revenue from the APADAZ License Agreement. In addition, the Company determined that the KVK Warrant qualifies as a derivative under ASC <div style="display: inline; font-style: italic; font: inherit;">815</div> and should be recorded as a liability and stated at fair value each reporting period. The Company calculates the fair value of the KVK Warrant using a probability-weighted Black-Scholes option pricing model. Changes in fair value resulting from changes in the inputs to the Black Scholes model are accounted for as changes in the fair value of the derivative under ASC <div style="display: inline; font-style: italic; font: inherit;">815</div> and are recorded as fair value adjustment related to derivative and warrant liability in the statements of operations. Changes in the number of shares that are expected to be issued are treated as changes in variable consideration under ASC <div style="display: inline; font-style: italic; font: inherit;">606</div> and are recorded as a change in contract asset in the balance sheets. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>a contract asset of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$0.4</div></div> million is recorded in other long-term assets on the balance sheets related to the KVK Warrant.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;">Pre-Funded</div> <div style="display: inline; font-weight: bold;">Warrants</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">12,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> pursuant to the terms of the Underwriting Agreement, the Company issued pre-funded warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">926,844</div> shares of the Company's common stock to specified investors in the Public Offering. Each pre-funded warrant had an initial exercise price per share equal to <div style="display: inline; font-style: italic; font: inherit;">$0.0001.</div> The pre-funded warrants were immediately exercisable. The pre-funded warrants were exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice accompanied by payment in full for the number of shares of common stock purchased upon such exercise. In lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder was able to elect instead to receive upon such exercise (either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the pre-funded warrants. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>all pre-funded warrants have been exercised for <div style="display: inline; font-style: italic; font: inherit;">926,841</div> shares of common stock and gross proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$72.</div> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;">Warrants to Purchase Common Stock</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">12,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> pursuant to the terms of the Underwriting Agreement and <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement, the Company issued warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">12,078,361</div> shares of the Company's common stock (collectively, the “Offering Warrants”) in the Public Offering and in connection with the transactions contemplated under the <div style="display: inline; font-style: italic; font: inherit;"> December 2020 </div>Exchange Agreement. The Offering Warrants were immediately exercisable and expire on the <div style="display: inline; font-style: italic; font: inherit;">fifth</div> anniversary of their issuance date, at an exercise price per share of common stock equal to <div style="display: inline; font-style: italic; font: inherit;">$6.50</div> per share. The Offering Warrants are exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice, provided that payment in full for the number of shares of the Company's common stock purchased upon such exercise is delivered to the Company in accordance with the terms of the Offering Warrants. In lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder <div style="display: inline; font-style: italic; font: inherit;"> may </div>elect instead to receive upon such exercise (either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the Offering Warrants. A holder (together with its affiliates) <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> exercise any portion of the Offering Warrant to the extent that the holder and its affiliates and any other person or entities with which such holder would constitute a Section <div style="display: inline; font-style: italic; font: inherit;">13</div>(d) “group” would own more than <div style="display: inline; font-style: italic; font: inherit;">4.99%</div> of the Company's outstanding common stock immediately after exercise. Except as otherwise provided in the Offering Warrants or by virtue of such holder's ownership of shares of the Company's common stock, the holders of the Offering Warrants do <div style="display: inline; font-style: italic; font: inherit;">not</div> have the rights or privileges of holders of common stock with respect to the shares of common stock underlying the Offering Warrants, including any voting rights, until they exercise their Offering Warrants. The Offering Warrants provide that holders have the right to participate in distributions or dividends paid on the Company's common stock. In the event of a fundamental transaction, as described in the Offering Warrants and generally including any reorganization, recapitalization or reclassification of the Company's common stock, the sale, transfer or other disposition of all or substantially all of the Company's properties or assets, the Company's consolidation or merger with or into another person, the acquisition of more than <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the Company's outstanding common stock, or any person or group becoming the beneficial owner of <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the voting power represented by the Company's outstanding common stock, the holders of the Offering Warrants will be entitled to receive upon exercise of the Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the Offering Warrants immediately prior to such fundamental transaction. In addition, in the event of a fundamental transaction which is approved by the Company's board of directors, the holders of the warrants have the right to require the Company or a successor entity to redeem the Offering Warrants for cash in the amount of the Black Scholes value of the unexercised portion of the Offering Warrants on the date of the consummation of the fundamental transaction. In the event of a fundamental transaction which is <div style="display: inline; font-style: italic; font: inherit;">not</div> approved by the Company's board of directors, the holders of the Offering Warrants have the right to require the Company or a successor entity to redeem the Offering Warrants in the amount of the Black Scholes value of the unexercised portion of the Offering Warrants on the date of the consummation of the fundamental transaction payable in the form of consideration paid to the holders of common stock in such fundamental transaction. The Offering Warrants meet the equity classification requirements and thus are recorded in additional paid-in capital on the unaudited condensed balance sheets. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div><div style="display: inline; font-style: italic; font: inherit;">3,157,895</div> Offering Warrants have been exercised for <div style="display: inline; font-style: italic; font: inherit;">2,726,918</div> shares of common stock and gross proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$14.9</div> million. These amounts are exclusive of the Offering Warrants exercised as part of the Inducement Transaction discussed below.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;">Underwriter Warrant</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> January </div><div style="display: inline; font-style: italic; font: inherit;">12,</div> <div style="display: inline; font-style: italic; font: inherit;">2021,</div> pursuant to the terms of the Underwriting Agreement, the Company issued to the Underwriter a warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">806,932</div> shares of the Company's common stock (the “Underwriter Warrant”). The Underwriter Warrant is subject to substantially the same terms and conditions as the Warrants, provided that the exercise price for the Underwriter Warrant is <div style="display: inline; font-style: italic; font: inherit;">$8.125</div> per share. If the Underwriter exercises any additional portion of its over-allotment option, then the Company shall issue the Underwriter an additional Underwriter Warrant exercisable for a number of shares of common stock equal to <div style="display: inline; font-style: italic; font: inherit;">5.0%</div> of the number of shares of common stock issued in such over-allotment exercise (including the shares of common stock issuable upon the exercise of any Warrants issued in connection therewith). In connection with the closing of the Underwriter's partial exercise of its over-allotment option, on <div style="display: inline; font-style: italic; font: inherit;"> February 3, 2021, </div>the Underwriter was issued an additional warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">18,702</div> shares of common stock. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div><div style="display: inline; font-style: italic; font: inherit;">no</div> Underwriter Warrants have been exercised.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><div style="display: inline; font-weight: bold;">Warrant Exercise Inducement Letters and Issuance of Warrants</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January 26, 2021, </div>the Company entered into warrant exercise inducement offer letters (“Inducement Transaction”) with certain holders of warrants issued in the Public Offering discussed above (the "Existing Warrants") (collectively, the “Exercising Holders”) pursuant to which such holders agreed to exercise for cash their Existing Warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">6,620,358</div> shares of the Company's common stock in exchange for the Company's agreement to issue new warrants (the “Inducement Warrants”) on substantially the same terms as the Existing Warrants, except as set forth in the following sentence, to purchase up to <div style="display: inline; font-style: italic; font: inherit;">7,944,430</div> shares of the Company's common stock, which is equal to <div style="display: inline; font-style: italic; font: inherit;">120%</div> of the number of shares of the Company's common stock issued upon exercise of the Existing Warrants. The purchase price of the Inducement Warrants was <div style="display: inline; font-style: italic; font: inherit;">$0.125</div> per share underlying each Inducement Warrant, and the Inducement Warrants have an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$6.36</div> per share. The Company received aggregate gross proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$44.0</div> million from the exercise of the Existing Warrants by the Exercising Holders and the sale of the Inducement Warrants. The Company engaged Roth as its exclusive placement agent in connection with these transactions and paid Roth a fee equal to <div style="display: inline; font-style: italic; font: inherit;">6%</div> of gross proceeds from the exercise of the Existing Warrants by the Exercising Holders and the sale of the Inducement Warrants. As a result of this transaction the anti-dilution provisions contained with the Deerfield Warrant were triggered and the exercise price of the Deerfield Warrant was reduced from <div style="display: inline; font-style: italic; font: inherit;">$93.60</div> per share to <div style="display: inline; font-style: italic; font: inherit;">$46.25</div> per share.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Inducement Warrants were immediately exercisable and expire on the <div style="display: inline; font-style: italic; font: inherit;">fifth</div> anniversary of their issuance date, at an exercise price per share of common stock equal to <div style="display: inline; font-style: italic; font: inherit;">$6.36</div> per share. The Inducement Warrants are exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice, provided that payment in full for the number of shares of the Company's common stock purchased upon such exercise is delivered to the Company in accordance with the terms of the Inducement Warrants. In lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder <div style="display: inline; font-style: italic; font: inherit;"> may </div>elect instead to receive upon such exercise (either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the warrants. A holder (together with its affiliates) <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> exercise any portion of the Inducement Warrant to the extent that the holder and its affiliates and any other person or entities with which such holder would constitute a Section <div style="display: inline; font-style: italic; font: inherit;">13</div>(d) “group” would own more than <div style="display: inline; font-style: italic; font: inherit;">4.99%</div> (or, upon election by a holder prior to the issuance of its Inducement Warrants, <div style="display: inline; font-style: italic; font: inherit;">9.99%</div>) of the Company's outstanding common stock immediately after exercise. Except as otherwise provided in the Inducement Warrants or by virtue of such holder's ownership of shares of the Company's common stock, the holders of the Inducement Warrants do <div style="display: inline; font-style: italic; font: inherit;">not</div> have the rights or privileges of holders of common stock with respect to the shares of common stock underlying the Inducement Warrants, including any voting rights, until they exercise their Inducement Warrants. The Inducement Warrants provide that holders have the right to participate in distributions or dividends paid on the Company's common stock. In the event of a fundamental transaction, as described in the Inducement Warrants and generally including any reorganization, recapitalization or reclassification of the Company's common stock, the sale, transfer or other disposition of all or substantially all of the Company's properties or assets, the Company's consolidation or merger with or into another person, the acquisition of more than <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the Company's outstanding common stock, or any person or group becoming the beneficial owner of <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the voting power represented by the Company's outstanding common stock, the holders of the Inducement Warrants will be entitled to receive upon exercise of the Inducement Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the Inducement Warrants immediately prior to such fundamental transaction. In addition, in the event of a fundamental transaction which is approved by the Company's board of directors, the holders of the Inducement Warrants have the right to require the Company or a successor entity to redeem the Inducement Warrants for cash in the amount of the Black Scholes value of the unexercised portion of the Inducement Warrants on the date of the consummation of the fundamental transaction. In the event of a fundamental transaction which is <div style="display: inline; font-style: italic; font: inherit;">not</div> approved by the Company's board of directors, the holders of the Inducement Warrants have the right to require the Company or a successor entity to redeem the Inducement Warrants in the amount of the Black Scholes value of the unexercised portion of the Warrants on the date of the consummation of the fundamental transaction payable in the form of consideration paid to the holders of common stock in such fundamental transaction. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div><div style="display: inline; font-style: italic; font: inherit;">1,676,921</div> Inducement Warrants have been exercised for <div style="display: inline; font-style: italic; font: inherit;">1,676,921</div> shares of common stock and gross proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$10.7</div> million. </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In accordance with the Inducement Transaction we recognized a deemed dividend of <div style="display: inline; font-style: italic; font: inherit;">$37.4</div> million which is the difference between the grant date fair value of the Inducement Warrants and the purchase price of the Inducement Warrants. This deemed dividend is added to net loss to arrive at net loss attributable to common stockholders on the unaudited condensed statements of operations. </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div></div>
16
13000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-width: 700px;"> <tr> <td style="width: 4%;"><div style="display: inline; font-weight: bold;">L.</div></td> <td style="width: 96%;"><div style="display: inline; font-weight: bold;">Subsequent Events</div></td> </tr> </table> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 8, 2021, </div>the Company entered into the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment. Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, the Company and Commave agreed to modify the compensation terms of the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Pursuant to the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, Commave paid the Company <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million in connection with the entry into the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment as a result of the regulatory approval of AZSTARYS in the United States which occurred on <div style="display: inline; font-style: italic; font: inherit;"> March 2, 2021. </div>Commave also agreed to pay the Company <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million within <div style="display: inline; font-style: italic; font: inherit;">thirty</div> calendar days following receipt of the scheduling determination of the compound SDX by the U.S. Drug Enforcement Agency (the "DEA"), which occurred on <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2020. </div>In addition, the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment increased the total remaining future regulatory and sales milestone payments related to AZSTARYS to up to an aggregate of <div style="display: inline; font-style: italic; font: inherit;">$590.0</div> million in payments upon the occurrence of specified regulatory milestones related to AZSTARYS and upon the achievement of specified U.S. net sales milestones. Further, Commave agreed to pay the Company quarterly, tiered royalty payments ranging from a percentage in the high single digits to the mid-twenties of Net Sales in the United States and a percentage in the low to mid-single digits of Net Sales in each country outside the United States, in each case subject to specified reductions under certain conditions, including with respect to the final approval label, as described in the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> License Agreement. Commave is obligated to make such royalty payments on a product-by-product basis until expiration of the Royalty Term for the applicable product.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2021, </div>the Company announced that SDX was classified as a Schedule IV controlled substance by the DEA. AZSTARYS is classified as a Schedule II controlled substance as it includes a <div style="display: inline; font-style: italic; font: inherit;">70:30</div> mixture of SDX (Schedule IV) and d-MPH (Schedule II), respectively. Per the <div style="display: inline; font-style: italic; font: inherit;">KP415</div> Amendment, the Company earned a <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million milestone payment which is payable within <div style="display: inline; font-style: italic; font: inherit;">30</div> days following the scheduling determination of SDX by the DEA.</div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.</div></div></div></div></div>
13000
14000
13000
14000
P5Y
P5Y
Inclusive of 652,437 shares of Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature.
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