Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Net Product Revenues Earned

The following table summarizes net product revenues for FOTIVDA in the United States earned in the three months ended March 31, 2022 and 2021, respectively (in thousands):

	Three Months Ended March 31,
	2022		2021
Product revenues:
Gross product revenues	$	24,644	$	1,256
Discounts and allowances	(4,558)		(190)
Net product revenues	$	20,086	$	1,066

Summary of Percentage of Total Product Revenues

The following table summarizes the percentage of total product revenues for FOTIVDA in the United States by any Customer who individually accounted for 10% or more of total product revenues earned in the three months ended March 31, 2022 and 2021, respectively:

	Three Months Ended March 31,
	2022		2021
Affiliates of McKesson Corporation	42	%	33	%
Affiliates of AmerisourceBergen Corporation	28	%	23	%
OncoMed Specialty, LLC (Onco360)	23	%	31	%
Affiliates of Cardinal Health Specialty	7	%	13	%
	100	%	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, 2022 were as follows (in thousands):

	Chargebacks, Discounts for Prompt Pay and Other Allowances		Rebates, Customer Fees / Credits and Co-Pay Assistance		Totals
Balance at December 31, 2021	$	1,193	$	1,170	$	2,363
Provision related to sales made in:
Current period	2,598		1,960		4,558
Prior periods	—		—		—
Payments and customer credits issued	(2,402)		(943)		(3,345)
Balance at March 31, 2022	$	1,389	$	2,187	$	3,576

Schedule of Collaborative Revenues Under Collaboration Agreement

The following table summarizes the total collaboration revenues earned in the three months ended March 31, 2022 and 2021, respectively, by partner (in thousands). Refer to Note 4, “Collaborations and License Agreements” regarding specific details.

	Three Months Ended March 31,
	2022		2021
EUSA	$	834	$	854
Total	$	834	$	854

Summary of Cash, Cash Equivalents and Marketable Securities

Below is a summary of cash, cash equivalents and marketable securities at March 31, 2022 and December 31, 2021 (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2022
Cash and cash equivalents:
Cash and money market funds	$	73,846	$	—	$	—	$	73,846
Total cash and cash equivalents	73,846		—		—		73,846
Marketable securities:
Government agency securities due within 1 year	$	2,991	$	1	$	—	$	2,992
Corporate debt securities due within 1 year	$	2,200	$	—	$	—	$	2,200
Total marketable securities	5,191		1		—		5,192
Total cash, cash equivalents and marketable securities	$	79,037	$	1	$	—	$	79,038
December 31, 2021
Cash and cash equivalents:
Cash and money market funds	$	70,542	$	—	$	—	$	70,542
Total cash and cash equivalents	70,542		—		—		70,542
Marketable securities:
Corporate debt securities due within 1 year	$	16,787	$	—	$	(3)	$	16,784
Total marketable securities	16,787		—		(3)		16,784
Total cash, cash equivalents and marketable securities	$	87,329	$	—	$	(3)	$	87,326

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, 2022 and December 31, 2021 (in thousands):

	Fair Value Measurements as of March 31, 2022
	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash and money market funds	$	73,846	$	—	$	—	$	73,846
Total cash and cash equivalents	$	73,846	$	—	$	—	$	73,846
Marketable securities:
Government agency securities due within 1 year	$	—	$	2,992	$	—	$	2,992
Corporate debt securities due within 1 year	$	—	$	2,200	$	—	$	2,200
Total marketable securities	$	—	$	5,192	$	—	$	5,192
Total cash, cash equivalents and marketable securities	$	73,846	$	5,192	$	—	$	79,038

	Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash and money market funds	$	70,542	$	—	$	—	$	70,542
Total cash and cash equivalents	$	70,542	$	—	$	—	$	70,542
Marketable securities:
Corporate debt securities due within 1 year	$	—	$	16,784	$	—	$	16,784
Total marketable securities	$	—	$	16,784	$	—	$	16,784
Total cash, cash equivalents and marketable securities	$	70,542	$	16,784	$	—	$	87,326

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, 2022 and 2021, respectively (in thousands):

	Outstanding at March 31,
	2022	2021
Stock options outstanding	5,266	3,068
Offering Warrants outstanding (warrants expired April 8, 2021)	—	2,253
PIPE Warrants outstanding (warrants expired May 16, 2021)	—	1,684
Total	5,266	7,005

Stock-Based Compensation Expense

During the three months ended March 31, 2022 and 2021, the Company recorded the following stock-based compensation expense (in thousands):

	Three Months Ended March 31,
	2022		2021
Research and development	$	212	$	355
Selling, general and administrative	1,055		849
Total	$	1,267	$	1,204