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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 15 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for fiscal years 2020 and 2019 is as follows:
|  | 2020 |
(In thousands, except per share) |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter (1)(2)(3)(4) |  |  | Fourth Quarter (5) |
Revenues |  | $ | 12,251 |  |  | $ | 10,701 |  |  | $ | 19,343 |  |  | $ | 22,577 |
Gross profit |  | $ | 9,536 |  |  | $ | 6,301 |  |  | $ | 16,064 |  |  | $ | 16,996 |
Net loss |  | $ | (56,849 | ) |  | $ | (51,976 | ) |  | $ | (32,611 | ) |  | $ | (42,088 | )
Loss per common share, basic and diluted |  | $ | (0.21 | ) |  | $ | (0.19 | ) |  | $ | (0.12 | ) |  | $ | (0.15 | )
|  | 2019 |
(In thousands, except per share) |  | First Quarter |  |  | Second Quarter (6) |  |  | Third Quarter (7) |  |  | Fourth Quarter |
Revenues |  | $ | 3,947 |  |  | $ | 6,079 |  |  | $ | 23,719 |  |  | $ | 15,902 |
Gross profit |  | $ | 3,184 |  |  | $ | 4,830 |  |  | $ | 22,275 |  |  | $ | 13,023 |
Net loss |  | $ | (39,506 | ) |  | $ | (55,237 | ) |  | $ | (31,967 | ) |  | $ | (49,435 | )
Loss per common share, basic and diluted |  | $ | (0.16 | ) |  | $ | (0.23 | ) |  | $ | (0.13 | ) |  | $ | (0.19 | )
| (1) | During the third quarter of 2020, we recorded $2 million in license revenue related to the Knight License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.
| (2) | During the third quarter of 2020, we recorded the fair value of the Lender Warrants based on Amendment No. 5 of approximately $7.4 million as a debt discount, which is being amortized to interest expense using the effective interest method over the term of the Financing Agreement. Refer to discussion in Note 8-Debt.
| (3) | During the third quarter of 2020, we wrote off approximately $0.6 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.
| (4) | During the third quarter of 2020, we recorded approximately $5.7 million in inventory charge, primarily related to BIJUVA. Refer to discussion in Note 2-Summary of Significant Accounting Policies.
| (5) | During the fourth quarter of 2020, we wrote off approximately $0.5 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.
| (6) | During the second quarter of 2019, we recorded approximately $10.1 million in loss on extinguishment of debt related to the repayment of the Credit Agreement. Refer to discussion in Note 8-Debt.
| (7) | During the third quarter of 2019, we recorded approximately $15. 5 million in license revenue related to the Theramex License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.
| (1) | During the third quarter of 2020, we recorded $2 million in license revenue related to the Knight License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.
| (2) | During the third quarter of 2020, we recorded the fair value of the Lender Warrants based on Amendment No. 5 of approximately $7.4 million as a debt discount, which is being amortized to interest expense using the effective interest method over the term of the Financing Agreement. Refer to discussion in Note 8-Debt.
| (3) | During the third quarter of 2020, we wrote off approximately $0.6 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.
| (4) | During the third quarter of 2020, we recorded approximately $5.7 million in inventory charge, primarily related to BIJUVA. Refer to discussion in Note 2-Summary of Significant Accounting Policies.
| (5) | During the fourth quarter of 2020, we wrote off approximately $0.5 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.
| (6) | During the second quarter of 2019, we recorded approximately $10.1 million in loss on extinguishment of debt related to the repayment of the Credit Agreement. Refer to discussion in Note 8-Debt.
| (7) | During the third quarter of 2019, we recorded approximately $15.5 million in license revenue related to the Theramex License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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