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Out-License Agreement	6 Months Ended
Out-License Agreement	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Out-License Agreement	OUT-LICENSE AGREEMENT Out-License of TP-03 Commercial Rights in Greater China in March 2021 On March 26, 2021, the Company entered into an out-license agreement with LianBio for its exclusive development and commercialization rights of TP-03 (lotilaner ophthalmic solution, 0.25%) in the People’s Republic of China, Hong Kong, Macau, and Taiwan (the “China Territory”) for the treatment of Demodex blepharitis and Meibomian Gland Disease (the “China Out-License”). LianBio is contractually responsible for all clinical development and commercialization activities and costs within the China Territory. The Company received payments from LianBio of $15.0 million in April 2021 and $10.0 million in May 2021 as initial consideration, and $10.0 million in June 2021 for the achievement of a clinical development milestone. The Company also is eligible to receive other payments and consideration from LianBio upon achievement of certain additional milestones, including: (i) TP-03 clinical development and regulatory milestones of up to $65.0 million (including $20 million for the achievement of a clinical milestone in June 2021 that is presented within "accounts receivable" on the accompanying Condensed Balance Sheets), (ii) TP-03 sales-based milestones for the China Territory of up to $100.0 million, (iii) tiered mid-to-high-teen royalties for China Territory TP-03 sales, and (iv) equity warrants issued to the Company in March 2021 for purchase of LianBio equity securities, subject to TP-03 clinical/regulatory achievements for vesting. The Company recognized "license fees" and "collaboration revenue" for the three months ended June 30, 2021 of $19.0 million and $3.0 million, respectively, in the accompanying Condensed Statements of Operations and Comprehensive Income (Loss), in accordance with the revenue recognition accounting policy described in Note 2(vi). These amounts represent separately valued "performance obligations" in the China Out-License. For the six months ended June 30, 2021, the Company recognized $52.4 million and $3.1 million, respectively, for "license fees" and "collaboration revenue". These revenue amounts were each recognized upon (i) the transfer of TP-03 license rights in the China Territory to LianBio and (ii) the actual or partial completion of clinical activities and related data for the Company's pivotal trials of TP-03 in the treatment of Demodex blepharitis (each representing separately valued "performance obligations" in the China Out-License). As part of this revenue recognition model, the Company was required to value the LianBio equity warrant, applying a discounted cash flow model with highly subjective inputs for this pre-revenue company, and to also consider the probability of achievement of requisite vesting events. In future periods, the Company may recognize additional revenue from contractual receipts due from LianBio as (1) performance obligations are satisfied related to the completion of the TP-03 pivotal trial and as associated clinical data and reports are delivered, (2) regulatory approval events are achieved, and (3) LianBio has sales of TP-03 in the China Territory.