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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]  
Summary of Minimum Significant Contractual Obligations

 

 

Payments due by period (1)

 

(In thousands)

 

Total

 

 

Less than
1 year

 

 

1-3 years

 

 

4-5 years

 

Convertible Senior Notes (2)

 

$

230,840

 

 

$

12,420

 

 

$

218,420

 

 

$

—

 

Operating leases (3)

 

 

6,983

 

 

 

1,545

 

 

 

3,221

 

 

 

2,217

 

Inventory purchase commitments (4)

 

 

49,853

 

 

 

17,753

 

 

 

21,700

 

 

 

10,400

 

Catalent Termination (5)

 

 

4,000

 

 

 

—

 

 

 

4,000

 

 

 

—

 

Settlement and Release Agreement (6)

 

 

3,385

 

 

 

3,385

 

 

 

—

 

 

 

—

 

Total

 

 

295,061

 

 

 

35,103

 

 

 

247,341

 

 

 

12,617

 

 

(1)
Excludes a liability for uncertain tax positions totaling $6.2 million. This liability has been excluded because the Company cannot currently make a reliable estimate of the period in which the liability will be payable, if ever.
(2)
Represents the future payments of principal and interest to be made on the convertible senior secured notes due 2024 issued in December 2019. The notes will mature and will be payable on December 31, 2024. Refer to Note 8.
(3)
Represents payments for the operating leases of the Company’s Pearl River NY headquarters, the Company’s lab and office space in Waltham, MA.
(4)
Includes minimum purchase commitment from Catalent for Inbrija under the manufacturing services (supply) agreement. The Company terminated its existing supply agreement with Catalent on December 31, 2022 and renegotiated a new supply agreement effective January 1, 2023. Under the terms of the new supply agreement with Catalent, the Company is required to make minimum purchase obligations through 2024. Furthermore, pursuant to the new supply agreement as amended, the Company agreed to pay Catalent $2 million in 2023 in connection with certain activities related to the operational readiness of the larger size 7 spray dryer ("PSD-7") at the Chelsea manufacturing facility, which is expected to be operational by 2026. In addition to the operational readiness payment, the Company agreed that it would reimburse a portion of Catalent’s costs in completing the installation and qualification of the PSD-7, which the Company believes will be beneficial to its future production needs, in the amount of up to $2 million. This amount will be paid quarterly over a one-year period commencing no sooner than September 30, 2023.
(5)
Represents the termination fee payable to Catalent that discontinued the Company's obligations under the 2021 MSA. The termination fee is payable in April 2024.
(6)
Represents the commitments specified in the Settlement and Release Agreement between the Company and Catalent to settle any and all outstanding purchase commitments associated with the 2021 MSA.