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Condensed Consolidated Financial Statements Details | 9 Months Ended
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Sep. 30, 2023
Condensed Consolidated Financial Statements Details |
Condensed Consolidated Financial Statements Details | 3. Condensed Consolidated Financial Statements Details Equity Securities Equity securities consisted of an investment in Rezolute’s common stock of $0.2 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively (Note 4). For each of the three and nine months ended September 30, 2023, the Company recognized a loss of $0.1 million due to the change in fair value of its investment in Rezolute’s common stock in the other income (expense), net line item of the condensed consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2022, the Company recognized a loss of $0.1 million and $0.3 million, respectively, due to the change in fair value of its investment. Intangible assets, net The following table summarizes cost, accumulated amortization, and net carrying value of the intangible assets as of September 30, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Accumulated | ​ | Net Carrying
​ | ​ | Cost | ​ | Amortization | ​ | Value
As of September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ebopiprant IP (Note 4) | ​ | $ | 15,247 | ​ | $ | 770 | ​ | $ | 14,477
Total intangible assets | ​ | $ | 15,247 | ​ | $ | 770 | ​ | $ | 14,477
​ The following table summarizes cost, accumulated amortization, and net carrying value of the intangible assets as of December 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Accumulated | ​ | Net Carrying
​ | ​ | Cost | ​ | Amortization | ​ | Value
As of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ebopiprant IP (Note 4) | ​ | $ | 15,247 | ​ | $ | 97 | ​ | $ | 15,150
Total intangible assets | ​ | $ | 15,247 | ​ | $ | 97 | ​ | $ | 15,150
​ The remaining life of the intangible assets is 16.2 years. The following table presents the projected amortization expense for the next five years (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Intangible Asset
​ |  | Amortization
​ |  | ​ | ​
2023 (excluding nine months ended September 30, 2023) | ​ | $ | 224
2024 | ​ |  | 897
2025 | ​ |  | 897
2026 | ​ | ​ | 897
2027 | ​ | ​ | 897
Total | ​ | $ | 3,812
​ Accrued and Other Liabilities Accrued and other liabilities consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2023 |  | 2022
Accrued payroll, severance and retention costs | ​ |  | 903 | ​ |  | 1,449
Accrued incentive compensation | ​ | ​ | 902 | ​ | ​ | 562
Accrued legal and accounting fees | ​ | ​ | 325 | ​ | ​ | 867
Other accrued liabilities | ​ | ​ | 30 | ​ | ​ | 40
Total | ​ | $ | 2,160 | ​ | $ | 2,918
​ Net Loss Per Share Attributable to Common Stockholders The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net loss | ​ | $ | (5,509) | ​ | $ | (4,178) | ​ | $ | (20,722) | ​ | $ | (11,128)
Less: Series A accumulated dividends | ​ |  | (530) | ​ |  | (530) | ​ |  | (1,591) | ​ |  | (1,591)
Less: Series B accumulated dividends | ​ | ​ | (838) | ​ | ​ | (838) | ​ | ​ | (2,513) | ​ | ​ | (2,513)
Net loss attributable to common stockholders, basic and diluted | ​ | ​ | (6,877) | ​ | ​ | (5,546) | ​ | $ | (24,826) | ​ | ​ | (15,232)
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Denominator | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Weighted average shares used in computing basic and diluted net loss per share attributable to common stockholders | ​ |  | 11,473 | ​ | ​ | 11,447 | ​ |  | 11,466 | ​ |  | 11,400
Basic and diluted net loss per share attributable to common stockholders | ​ | $ | (0.60) | ​ | ​ | (0.48) | ​ | $ | (2.17) | ​ | $ | (1.34)
​ Potentially dilutive securities are excluded from the calculation of diluted net loss per share attributable to common stockholders if their inclusion is anti-dilutive. The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share attributable to common stockholders (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Convertible preferred stock | ​ | 5,003 | ​ | 5,003 | ​ | 5,003 | ​ | 5,003
Common stock options |  | 1,804 |  | 888 |  | 1,781 | ​ | 831
Warrants for common stock |  | 6 |  | 6 |  | 6 | ​ | 6
Total |  | 6,813 |  | 5,897 |  | 6,790 |  | 5,840
​ For PSUs with market conditions, if the market conditions have not been satisfied by the end of the reporting period, the number of shares that would be issuable based on the market price at the end of the reporting period, as if the end of the reporting period were the end of the contingency period, will be included in the calculation of diluted earnings per share if the effect is dilutive. No shares would be issuable based on the market price of $14.09 per share as of September 30, 2023. ​ Arbitration Proceeding In June 2021, the Company initiated a binding arbitration proceeding with one of its licensees (the “Licensee”) at the American Arbitration Association/International Centre for Dispute Resolution, seeking milestone and royalty payments under its license agreement. A hearing before a panel of arbitrators was held in November 2022, and the parties submitted post-hearing briefs. On March 21, 2023, the Company received an adverse decision in this arbitration proceeding. The panel of arbitrators declined to award the Company damages and ruled that the license agreement has expired. The panel ruled that the Company is responsible for the Licensee’s costs as well as arbitrators’ and administrative fees previously incurred by the Licensee of $4.1 million, which the Company paid in April 2023.

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