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Business | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Business | 1. Business We are a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard of care for acute care and oncology patients. ZYNRELEF® (bupivacaine and meloxicam) extended-release solution ("ZYNRELEF") is approved in the United States ("U.S.") for the management of postoperative pain. APONVIE® (aprepitant) injectable emulsion ("APONVIE") is approved in the U.S. for the prevention of postoperative nausea and vomiting. CINVANTI® (aprepitant) injectable emulsion ("CINVANTI") and SUSTOL® (granisetron) extended-release injection ("SUSTOL") are both approved in the U.S. for the prevention of chemotherapy-induced nausea and vomiting. Liquidity and Capital Resources In accordance with Accounting Standards Codification ("ASC"), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40), we have evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are issued. As of June 30, 2025, we had cash, cash equivalents and short-term investments of $40.6 million. Our $150 million aggregate principal amount of 1.5% senior convertible notes (the “1.5% senior convertible notes”) were set to mature in May 2026 and the working capital facility agreement, dated August 9, 2023, that we entered into with Hercules Capital, Inc. as administrative agent and collateral agent, and the lenders party thereto (the “Working Capital Facility Agreement” and the facility thereunder, the “Working Capital Facility”) was set to mature in May 2026 at the earliest, subject to available extensions. As of June 30, 2025, we lacked the cash, cash equivalents and short-term investments to pay the 1.5% senior convertible notes and Working Capital Facility Agreement upon maturity. On Augu st 8, 2025, we entered into a second amendment to the Working Capital Facility Agreement (the “Credit Facility”) pursuant to which $110.0 million will be funded on the closing date, which is expected to be August 12, 2025. Concurrently on the August 8, 2025, we entered into (i) a note purchase agreement with purchasers party thereto pursuant to which we issued and sold $35.0 million aggregate principal amount of 5.0% senior convertible notes due 2031, (ii) a securities purchase agreement with the purchasers party thereto pursuant to which we issued and sold 13,225,227 shares of common stock and 524,141 shares of Series A convertible preferred stock for aggregate gross proceeds of $29.7 million and (iii) an exchange agreement with the holders party thereto to convert $25.0 million of the 1.5% senior convertible notes into 16,666,666 shares of common stock and repay the remaining $125.0 million with borrowings under the Credit Facility (collectively, the “Concurrent Transactions” and together with the Credit Facility, the “Refinancing Transactions”). The Refinancing Transactions are expected to concurrently close on August 12, 2025. The proceeds from the Refinancing Transactions were used to retire the 1.5% senior convertible notes and the Working Capital Facility, while also providing additional working capital to support our commercial and development initiatives. As such, based on our current operating plan and projections, management believes that our existing cash, cash equivalents and short-term investments will be sufficient to meet our anticipated cash requirements for a period of at least one year from the date that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are issued.

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent + Details
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