Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Net Product Revenues Earned

The following table summarizes net product revenues for FOTIVDA earned in the three months ended March 31, 2021 and 2020, respectively (in thousands).

	Three Months Ended March 31,
	2021			2020
Product revenues:
Gross product revenues	$	1,256		$	—
Discounts and allowances		(190	)		—
Net product revenues	$	1,066		$	—

Summary of Percentage of Total Product Revenues

The following table summarizes the percentage of total product revenues for FOTIVDA by customer who individually accounted for 10% or more of total product revenues earned in the three months ended March 31, 2021 and 2020, respectively:

	Three Months Ended March 31,
	2021			2020
OncoMed Specialty, LLC (Onco360)		31	%		—
Affiliates of McKesson Corporation		33	%		—
Affiliates of AmerisourceBergen Corporation		23	%		—
Affiliates of Cardinal Health Specialty		13	%		—
		100	%		—

Schedule of Provision on Discounts and Allowances by Category

The activities and ending allowance balances for each significant category of discounts and allowances for FOTIVDA (which constitute variable consideration) for the three months ended March 31, 2021 were as follows (in thousands):

	Chargebacks, Discounts for Prompt Pay and Other Allowances		Rebates, Customer Fees / Credits and Co-Pay Assistance		Totals
Provision related to sales made in:
Current period	$	112	$	78	$	190
Payments and customer credits issued		—		—		—
Balance at March 31, 2021	$	112	$	78	$	190

Schedule of Collaborative Revenues Under Collaboration Agreement

The following table summarizes the total collaboration revenues earned in the three months ended March 31, 2021 and 2020, respectively, by partner (in thousands). Refer to Note 4, “Collaborations and License Agreements” regarding specific details.

	Three Months Ended March 31,
	2021		2020
EUSA	$	854	$	784
Total	$	854	$	784

Key Assumptions Used to Value the Warrants

The key assumptions used to value the PIPE Warrants were as follows:

	Issuance			December 31, 2020			March 31, 2021
Expected price volatility		76.25	%		56.79	%		159.96	%
Expected term (in years)		5.00			0.50			0.25
Risk-free interest rates		1.22	%		0.09	%		0.03	%
Stock price	$	8.90		$	5.77		$	7.32
Dividend yield		—			—			—

Summary of Cash, Cash Equivalents and Marketable Securities

Below is a summary of cash, cash equivalents and marketable securities at March 31, 2021 and December 31, 2020 (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2021
Cash and cash equivalents:
Cash and money market funds	$	121,414	$	—	$	—	$	121,414
Total cash, cash equivalents and marketable securities	$	121,414	$	—	$	—	$	121,414
December 31, 2020
Cash and cash equivalents:
Cash and money market funds	$	61,761	$	—	$	—	$	61,761
Total cash, cash equivalents and marketable securities	$	61,761	$	—	$	—	$	61,761

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 (in thousands):

	Fair Value Measurements as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash and money market funds	$	121,414	$	—	$	—	$	121,414
Total cash, cash equivalents and marketable securities	$	121,414	$	—	$	—	$	121,414
Financial liabilities carried at fair value:
Total PIPE Warrant liability	$	—	$	—	$	2,595	$	2,595

	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash and money market funds	$	61,761	$	—	$	—	$	61,761
Total cash, cash equivalents and marketable securities	$	61,761	$	—	$	—	$	61,761
Financial liabilities carried at fair value:
Total PIPE Warrant liability	$	—	$	—	$	199	$	199

Summary of Outstanding Securities not Included in Computation of Diluted Net Loss Per Common Share

The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as the effect would have been anti-dilutive for the three months ended March 31, 2021 and 2020, respectively (in thousands):

	Outstanding at March 31,
	2021		2020
Stock options outstanding		3,068		1,556
Offering Warrants outstanding		2,253		2,500
PIPE Warrants outstanding		1,684		1,684
Total		7,005		5,740

Stock-Based Compensation Expense

During the three months ended March 31, 2021 and 2020, the Company recorded the following stock-based compensation expense (in thousands):

	Three Months Ended March 31,
	2021		2020
Research and development	$	355	$	115
Selling, general and administrative		849		428
Total	$	1,204	$	543

PIPE Warrants

Summary of Fair Value of Company's Warrant Liability

The following table rolls forward the fair value of the Company’s PIPE Warrant liability, the fair value of which is determined by Level 3 inputs for the three months ended March 31, 2021 (in thousands):

Fair value at January 1, 2021	$	199
Increase in fair value		2,396
Fair value at March 31, 2021	$	2,595