Rigel Pharmaceuticals (RIGL) 10-K5 Mar 242023 FY Annual reportFinancial data

Company Profile

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
DOCUMENT AND ENTITY INFORMATION
Document Type	10-K
Document Annual Report	true
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-29889
Entity Registrant Name	RIGEL PHARMACEUTICALS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3248524
Entity Address, Address Line One	611 Gateway Boulevard, Suite 900,
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	624-1100
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	RIGL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0001034842
Amendment Flag	false
Entity Public Float			$ 222.7
Entity Common Stock, Shares Outstanding		175,377,812
Document Fiscal Year Focus	2023
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Francisco, California

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 32,786	$ 24,459
Short-term investments	24,147	33,747
Accounts receivable, net	30,550	40,320
Inventories	5,522	9,118
Prepaid and other current assets	6,261	8,259
Total current assets	99,266	115,903
Property and equipment, net	165	857
Intangible asset, net	13,878	14,949
Operating lease right-of-use asset	861	1,930
Other assets	3,055	640
Total assets	117,225	134,279
Current liabilities:
Accounts payable	7,142	22,508
Accrued compensation	8,676	8,866
Accrued research and development	3,513	7,708
Revenue reserves and refund liability	15,684	12,145
Other accrued liabilities	5,334	6,485
Lease liabilities, current portion	692	1,133
Deferred revenue	1,355	1,369
Loans payable, net, current portion	7,229
Other long-term liabilities, current portion	3,642	4,997
Total current liabilities	53,267	65,211
Long-term portion of lease liabilities	285	972
Long-term portion of loans payable, net of discount	52,373	39,448
Other long-term liabilities	39,944	42,264
Total liabilities	145,869	147,895
Commitments
Stockholders' deficit:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of December 31, 2023 and 2022
Common stock, $0.001 par value; 400,000,000 shares authorized; 174,825,610 and 173,398,645 shares issued and outstanding as of December 31, 2023 and 2022, respectively	175	174
Additional paid-in capital	1,378,723	1,368,822
Accumulated other comprehensive income (loss)	8	(153)
Accumulated deficit	(1,407,550)	(1,382,459)
Total stockholders' deficit	(28,644)	(13,616)
Total liabilities and stockholders' deficit	$ 117,225	$ 134,279

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	174,825,610	173,398,645
Common stock, shares outstanding	174,825,610	173,398,645

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total revenues	$ 116,882,000	$ 120,242,000	$ 149,236,000
Costs and expenses:
Cost of product sales	7,110,000	1,749,000	1,083,000
Research and development	24,522,000	60,272,000	65,237,000
Selling, general and administrative	105,741,000	112,451,000	91,891,000
Restructuring charges		1,320,000	3,521,000
Total costs and expenses	137,373,000	175,792,000	161,732,000
Loss from operations	(20,491,000)	(55,550,000)	(12,496,000)
Interest income	2,272,000	684,000	47,000
Interest expense	(6,872,000)	(3,707,000)	(4,860,000)
Loss before income taxes	(25,091,000)	(58,573,000)	(17,309,000)
Provision for income taxes			605,000
Net loss	$ (25,091,000)	$ (58,573,000)	$ (17,914,000)
Net loss per share, basic (in dollars per share)	$ (0.14)	$ (0.34)	$ (0.11)
Net loss per share, diluted (in dollars per share)	$ (0.14)	$ (0.34)	$ (0.11)
Weighted average shares used in computing net loss per share, basic (in shares)	174,017	172,406	170,492
Weighted average shares used in computing net loss per share, diluted (in shares)	174,017	172,406	170,492
Product sales, net
Total revenues	$ 104,294,000	$ 76,718,000	$ 63,010,000
Revenues from collaborations
Total revenues	11,488,000	39,024,000	75,726,000
Government contracts
Total revenues	$ 1,100,000	$ 4,500,000	$ 10,500,000

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (25,091)	$ (58,573)	$ (17,914)
Other comprehensive gain (loss):
Net change in unrealized gain (loss) on short-term investments	161	(51)	(98)
Comprehensive loss	$ (24,930)	$ (58,624)	$ (18,012)

STATEMENTS OF STOCKHOLDERS' (DE

STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 169	$ 1,339,833	$ (4)	$ (1,305,972)	$ 34,026
Balance (in shares) at Dec. 31, 2020	169,316,782
Increase (Decrease) in Stockholders' Equity
Net loss				(17,914)	(17,914)
Net change in unrealized gain (loss) on short-term investments			(98)		(98)
Issuance of common stock upon exercise of options	$ 3	4,772			4,775
Issuance of common stock upon exercise of options (in shares)	2,285,444
Stock-based compensation expense		9,585			9,585
Balance at Dec. 31, 2021	$ 172	1,354,190	(102)	(1,323,886)	30,374
Balance (in shares) at Dec. 31, 2021	171,602,226
Increase (Decrease) in Stockholders' Equity
Net loss				(58,573)	(58,573)
Net change in unrealized gain (loss) on short-term investments			(51)		(51)
Issuance of common stock upon exercise of options	$ 2	2,122			2,124
Issuance of common stock upon exercise of options (in shares)	1,580,169
Issuance of common stock upon vesting of restricted stock units (RSUs) (in shares)	216,250
Stock-based compensation expense		12,510			12,510
Balance at Dec. 31, 2022	$ 174	1,368,822	(153)	(1,382,459)	(13,616)
Balance (in shares) at Dec. 31, 2022	173,398,645
Increase (Decrease) in Stockholders' Equity
Net loss				(25,091)	(25,091)
Net change in unrealized gain (loss) on short-term investments			161		161
Issuance of common stock upon exercise of options	$ 1	1,048			1,049
Issuance of common stock upon exercise of options (in shares)	991,959
Issuance of common stock upon vesting of restricted stock units (RSUs) (in shares)	435,006
Stock-based compensation expense		8,853			8,853
Balance at Dec. 31, 2023	$ 175	$ 1,378,723	$ 8	$ (1,407,550)	$ (28,644)
Balance (in shares) at Dec. 31, 2023	174,825,610

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (25,091)	$ (58,573)	$ (17,914)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock-based compensation expense	8,806	12,385	9,486
Loss (gain) on sale and disposal of fixed assets	266	(138)
Depreciation and amortization	1,238	998	1,162
Non-cash interest expense		682	3,139
Net amortization and accretion of discount on short-term investments and term loan	(479)	(63)	287
Changes in assets and liabilities:
Accounts receivable, net	9,770	(24,848)	501
Inventories	1,172	(2,377)	(4,875)
Prepaid and other current assets	1,998	(847)	6,633
Other assets	56	334	(150)
Right-of-use assets	1,069	7,773	8,192
Accounts payable	(366)	3,788	41
Accrued compensation	(190)	(1,824)	1,098
Accrued research and development	(4,195)	(2,676)	5,495
Revenue reserves and refund liability	3,539	4,230	1,850
Other accrued liabilities	(1,151)	1,709	(24)
Lease liability	(1,128)	(8,546)	(8,621)
Deferred revenue	(14)	(1,227)	(422)
Other current and long-term liabilities	(1,043)	(4,538)
Net cash (used in) provided by operating activities	(5,743)	(73,758)	5,878
Investing activities
Maturities of short-term investments	41,650	101,228	62,050
Purchases of short-term investments	(31,206)	(28,894)	(141,459)
Purchases of intangible asset	(15,000)
Proceeds from sale of property and equipment	259	893
Purchases of property and equipment		(450)	(627)
Net cash (used in) provided by investing activities	(4,297)	72,777	(80,036)
Financing activities
Net proceeds from term loan financing	19,950	19,542
Net proceeds from issuances of common stock upon exercise of options and participation in Purchase Plan	1,049	2,124	4,775
Cost share advance from a collaboration partner			57,900
Cost share payments to a collaboration partner	(2,632)	(15,116)
Net cash provided by financing activities	18,367	6,550	62,675
Net increase (decrease) in cash and cash equivalents	8,327	5,569	(11,483)
Cash and cash equivalents at beginning of period	24,459	18,890	30,373
Cash and cash equivalents at end of period	32,786	24,459	18,890
Supplemental disclosure of cash flow information
Interest paid	$ 5,848	2,495	$ 1,500
Purchases of intangible asset included within accounts payable		$ 15,000

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business We are a biotechnology company dedicated to developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. We focus on products that address signaling pathways that are critical to disease mechanisms. Our first product approved by the FDA is TAVALISSE (fostamatinib disodium hexahydrate) tablets, the only approved oral SYK inhibitor for the treatment of adult patients with chronic ITP who have had an insufficient response to a previous treatment. The product is also commercially available in Europe and the UK (as TAVLESSE), and in Canada, Israel and Japan (as TAVALISSE) for the treatment of chronic ITP in adult patients. Our second FDA-approved product is REZLIDHIA (olutasidenib) capsules for the treatment of adult patients with R/R AML with a susceptible IDH1 mutation as detected by an FDA-approved test. We began our commercialization of REZLIDHIA in December 2022. W olutasidenib We continue to advance the development of our IRAK1/4 inhibitor program, in an open-label, Phase 1b trial to determine the tolerability and preliminary efficacy of the drug in patients with lower-risk MDS In February 2024, we entered into an Asset Purchase Agreement with Blueprint to purchase certain assets comprising the right to research, develop, manufacture and commercialize GAVRETO (pralsetinib) in the US. GAVRETO (pralsetinib) is a once daily, small molecule, oral, kinase inhibitor of wild-type RET and oncogenic RET fusions. GAVRETO is approved by the FDA for the treatment of adult patients with metastatic RET fusion-positive NSCLC as detected by an FDA-approved test. GAVRETO is also approved under accelerated approval based on overall response rate and duration response rate, for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate). We have strategic development collaborations with the MD Anderson to expand our evaluation of REZLIDHIA (olutasidenib) in AML and other hematologic cancers, and with CONNECT to conduct a Phase 2 clinical trial to evaluate REZLIDHIA (olutasidenib) in combination with temozolomide as maintenance therapy in newly diagnosed pediatric and young adult patients with HGG harboring an IDH1 mutation. We have a RIPK1 inhibitor program in clinical development with our partner Lilly. We also have product candidates in clinical development with partners BerGenBio and Daiichi. Basis of Presentation The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (US GAAP). Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative US GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). We manage our operations as one business segment for purposes of assessing performance, making operating decisions, and allocating resources, and our chief operating decision maker is our chief executive officer. Liquidity As of December 31, 2023, we had approximately $56.9 million in cash, cash equivalents and short-term investments. Since inception, we have financed our operations primarily through sales of equity securities, debt financing arrangement, contract payments under our collaboration agreements and from product sales. Based on our current operating plan, we believe that our existing cash, cash equivalents, and short-term investments will be sufficient to fund our expenses and capital expenditure requirements through at least the next 12 months from the date of issuance of this Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make certain judgments, estimates and assumptions that could affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Critical accounting estimates We base our estimates and assumptions on historical experience and on various other assumptions we believe to be applicable, and evaluate them on an ongoing basis to ensure they remain reasonable under current conditions. Actual results could differ significantly from those estimates, which could have a material impact on our business, results of operations, and financial condition. Revenue Recognition We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers Product Sales Revenues from product sales are recognized when the specialty distributors, who are our customers, obtain control of our product, which occurs at a point in time, upon delivery to such specialty distributors. These specialty distributors subsequently resell our products to specialty pharmacy providers, health care providers, hospitals and clinics. In addition to distribution agreements with our specialty distributors, we also have arrangements with certain specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of our products. Under ASC 606, we are required to estimate the transaction price, including variable consideration that is subject to a constraint, in our contracts with our customers. Variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenue from product sales is recorded net of certain variable consideration which includes estimated government-mandated rebates and chargebacks, distribution fees, estimated product returns and other deductions. Provisions for returns and other adjustments are provided for in the period the related revenue is recorded. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. The following are our significant categories of sales discounts and allowances: Sales Discounts . We provide certain customer a prompt payment discount that is explicitly stated in our contract. The sales discount is recorded as a reduction of revenue in the period the related product revenue is recognized. Product Returns. Government and Private Payor Rebates: Chargebacks and Discounts: Chargebacks for fees and discounts represent the estimated obligations resulting from contractual commitments to sell products to certain specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities at prices lower than the list prices charged to our specialty distributors who directly purchase the product from us. These specialty distributors charge us for the difference between what they pay for the product and our contracted selling price to these specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue. Actual chargeback amounts are generally determined at the time of resale to the specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities by our specialty distributors. The estimated obligations arising from these chargebacks and discounts are recorded as revenue reserves within other accrued liabilities in the balance sheet. Co-Payment Assistance: Contract Revenues from Collaborations In the normal course of business, we conduct research and development programs independently and in connection with our corporate collaborators, pursuant to which we license certain rights to our intellectual property to third parties. The terms of these arrangements typically include payment to us for a combination of one or more of the following: upfront license fees; development, regulatory and commercial milestone payments; product supply services; and royalties on net sales of licensed products. Upfront License Fees: For arrangements that require us to share in the development costs but to which we do not participate in the co-development work, the portion of the upfront fee attributed to our share in the future development costs is excluded from the transaction price. If such share in the development costs is payable beyond 12 months from the delivery of the corresponding license, a significant financing component is deemed to exist. If a significant financing component is identified, we adjust the transaction price by reducing the upfront fee by the net present value of our share in future development costs over the expected commitment period. Such discounted amount will be reported as a liability in the balance sheet, with a corresponding interest expense being accreted based on a discount rate applied over the expected commitment period. Development, Regulatory or Commercial Milestone Payments: Product Supply Services: Sales-based Milestone Payments and Royalties: Government Contracts There is limited US GAAP accounting guidance for for-profit business entities that receives government assistance. We utilized other accounting standards, and have elected to analogize to International Financial Reporting Standards, specifically International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosures of Government Assistance. Disclosures by Business Entities about Government Assistance, Stock-based Compensation Share-based awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period, which is generally the vesting period of the respective award. We use the straight-line attribution method over the requisite employee service period for the entire award in recognizing stock-based compensation expense. We account for forfeitures as they occur. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The model requires management to make a number of assumptions including expected volatility, expected term, risk-free interest rate and expected dividends. A number of these assumptions are subjective, and their determination generally require judgment. We segregate option awards into the following three homogenous groups for the purposes of determining fair values of options: officers and directors, all other employees, and consultants. We determine the weighted-average valuation assumptions separately for each of these groups as follows: ● Volatility – We estimate volatility using the historical share price performance over the expected life of the option up to the point where we have historical market data. We also consider other factors, such as implied volatility, our current clinical trials and other company activities that may affect the volatility of our stock in the future. We determined that at this time historical volatility is more indicative of our expected future stock performance than implied volatility. ● Expected term – We analyze various historical data to determine the applicable expected term for each of the other option groups. This data includes: (1) for exercised options, the term of the options from option grant date to exercise date; (2) for cancelled options, the term of the options from option grant date to cancellation date, excluding non-vested option forfeitures; and (3) for options that remained outstanding at the balance sheet date, the term of the options from option grant date to the end of the reporting period and the estimated remaining term of the options. The consideration and calculation of the above data gives us reasonable estimates of the expected term for each employee group. We also consider the vesting schedules of the options granted and factors surrounding exercise behavior of the option groups, our current market price and company activity that may affect our market price. In addition, we consider the optionee type (i.e., officers and directors or all other employees) and other factors that may affect the expected term of the option. For options granted to consultants, we use the contractual term of the option, which is generally 10 years, for the initial valuation of the option and the remaining contractual term of the option for the succeeding periods. ● Risk-free interest rate – The risk-free interest rate is based on US Treasury constant maturity rates with similar terms to the expected term of the options for each option group. ● Dividend yield – The expected dividend yield is 0% as we have not paid and do not expect to pay dividends in the future. We grant performance-based stock options to purchase shares of our common stock which will vest upon the achievement of certain corporate performance-based milestones. We determine the fair values of these performance-based stock options using the Black-Scholes option pricing model at the date of grant. For the portion of the performance-based stock options of which the performance condition is considered probable of achievement, we recognize stock-based compensation expense on the related estimated grant date fair values of such options on a straight-line basis from the date of grant up to the date when we expect the performance condition will be achieved. For the performance conditions that are not considered probable of achievement at the grant date or upon re-evaluation at each reporting date, prior to the event actually occurring, we recognize the related stock-based compensation expense when the event occurs or when we can determine that the performance condition is probable of achievement. In those cases, we recognize the change in estimate at the time we determine the condition is probable of achievement (by recognizing stock-based compensation expense as cumulative catch-up adjustment as if we had estimated at the grant date that the performance condition would have been achieved) and recognize the remaining compensation cost up to the date when we expect the performance condition will be achieved, if any. The fair value of the RSU grant is based on the market price of our common stock on the date of grant. Accounts Receivable Accounts receivable are recorded net of customer allowances for prompt payment discounts and any allowance for doubtful accounts. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We have not historically experienced credit losses and no amounts were reserved for estimated losses as of the balance sheet dates presented. The following table summarizes the activity of our customer allowances for prompt payment discounts for the periods presented (in thousands): Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year $ 136 $ 106 $ 171 Provision for prompt payment discount 686 557 609 Reduction in prompt payment discount (642) (527) (674) Balance at end of the year $ 180 $ 136 $ 106 Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily cash, investment in debt securities and accounts receivable. All of our cash and investment in debt securities are maintained with financial institutions that management believes are creditworthy. By policy, we limit the concentration of credit risk by diversifying our investments among a variety of high credit-quality issuers. Due to the short-term nature of these investments, we believe we do not have a material exposure to credit risk arising from our investments. We have not historically experienced any significant credit losses related to these financial instruments and do not believe that we are exposed to any significant credit risk related to these instruments. Concentration of credit risk with respect to our accounts receivable is limited due to our small number of customers. Our accounts receivable consists mostly of outstanding invoices from our sale of our product to our specialty distributors. Accounts receivable may also include outstanding invoices from our collaboration partners with respect to the related sponsored research and license agreements and government contracts. As of December 31, 2023, 87% of our accounts receivable consisted of outstanding invoices from our specialty distributors, and the remaining 13% are outstanding invoices from our collaboration partners, mainly Grifols. As of December 31, 2022, 49% of our accounts receivable are outstanding invoices from our specialty distributors, and the remaining 51% are outstanding invoices from our collaboration partners, mainly Kissei which include a $20.0 million regulatory milestone receivable that was subsequently collected in January 2023. See “Note 3 - Revenues” for summary of revenues from each of our customers who individually accounted for 10% or more of the total net product sales and revenues from collaborations. Cash, Cash Equivalents and Short-Term Investments Our investment in debt securities consists of money market funds, US treasury bills, government- sponsored enterprise securities, and corporate bonds and commercial paper. All of our investment in debt securities are available-for-sale and are classified based on their maturities. We consider all highly liquid investments in debt securities with maturity of 90 days or less from the date of purchase to be cash equivalents. All other investments with maturity greater than 90 days from the date of purchase are classified as short-term investments. Unrealized gains (losses) are reported within the statements of stockholders’ (deficit) equity and comprehensive income (loss). The cost of securities sold is based on the specific identification method. We periodically evaluate our available-for-sale marketable debt securities for impairment. When the fair value of a marketable debt security is below its amortized cost, the amortized cost is reduced to its fair value if it is more likely than not that we are required to sell the impaired security before recovery of our amortized cost basis, or we have the intention to sell the security. If neither of these conditions are met, we determine whether the impairment is due to credit losses by comparing the present value of the expected cash flows of the security with its amortized cost basis. The amount of impairment recognized is limited to the excess of the amortized cost over the fair value of the security. An allowance for credit losses for the excess of amortized cost over the expected cash flows is recorded in other income (expense), net on the statements of operations. Impairment losses that are not credit-related are included in accumulated other comprehensive income (loss) in stockholders’ (deficit) equity. Fair Value of Financial Instruments The carrying amounts of our financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The carrying value of our loans payable and other long-term debt approximates fair value based on management’s estimation that a current interest rate would not differ materially from the stated rate, or the discount rate applied. The fair value of our cash equivalents and short-term investments measured at fair value on a recurring basis and are categorized based upon the lowest level of significant input to the valuations. Assets and liabilities recorded at fair value in our financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. ● Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets at the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The fair valued assets we hold that are generally included under this Level 1 are money market securities where fair value is based on publicly quoted prices. ● Level 2 – Inputs, other than quoted prices included in Level 1, that are either directly or indirectly observable for the asset or liability through correlation with market data at the reporting date and for the duration of the instrument’s anticipated life. The fair valued assets we hold that are generally assessed under Level 2 included government-sponsored enterprise securities, US treasury bills and corporate bonds and commercial paper. We utilize third-party pricing services in developing fair value measurements where fair value is based on valuation methodologies such as models using observable market inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers and other reference data. We use quotes from external pricing service providers and other on-line quotation systems to verify the fair value of investments provided by our third-party pricing service providers. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the reporting date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. We do not have fair valued assets classified under Level 3. Inventories and Cost of Product Sales Inventories are stated at the lower-of-cost or estimated net realizable value. We determine the cost of inventories using the standard cost method, which approximates actual cost, and is valued using the first-in, first-out method. Inventory costs primarily consist of active pharmaceutical ingredients, third-party manufacturing costs and allocated internal overhead costs. We capitalize inventory costs when the product is approved by the FDA, or when based on management’s judgment, future commercialization was considered probable, and the future economic benefits are expected to be realized. Prior to FDA approval of a product, costs to purchase active pharmaceutical ingredients including costs to manufacture a product are charged to research and development expense when incurred. Our physical inventories as of balance sheet dates include inventory quantities where costs have been previously charged to research and development expense since such costs were incurred prior to FDA approval of the product. We provide reserves for potential excess, dated or obsolete inventories based upon assumptions about future demand and market conditions, as well as product shelf life. Inventories that are not expected to be consumed beyond our normal operating cycle are classified as non-current inventories and included within other assets in the balance sheet. Cost of product sales primarily includes cost of inventories sold, and product shipping and handling costs. Further, following the approval of REZLIDHIA, we recognize the amortization expense of capitalized intangible asset and royalty expense incurred pursuant to our license agreement with Forma, within cost of sales. Property and Equipment Property and equipment are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from three Research and Development Expenses Research and development expenses include costs incurred to conduct research and development, including scientific personnel wages and associated employee benefits, research and development supplies and equipment, payments to collaborative clinical research partners, consulting fees and other various research and development related costs. We have various contracts with third parties related to our research and development activities, including strategic development collaborations. Costs incurred but not billed to us as of the end of the period are accrued. We make estimates of the amounts incurred in each period based on the information available to us and our knowledge of the nature of the contractual activities generating such costs. Clinical trial contract expenses are accrued based on units of activity. Expenses related to other research and development contracts, such as research contracts, toxicology study contracts and manufacturing contracts are estimated to be incurred generally on a straight-line basis over the duration of the contracts. Raw materials and study materials not related to an approved drug are charged to research and development expenses at the time of purchase. We make significant judgments and estimates in determining the accrual balance in each reporting period. As actual costs become known, we adjust our accruals. Although we do not expect our estimates to be materially different from amounts actually incurred, such estimates for the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in us reporting amounts that are too high or too low in any particular period. Variations in assumptions used to estimate accruals including, but not limited to, the number of patients enrolled, the rate of patient enrollment and the actual services performed may result in adjustments in research and development accruals in future periods. Changes in these estimates that result in material changes to our accruals could materially affect our financial condition and results of operations. Research and development expenses also include milestone payment obligations incurred prior to r egulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs. See related discussions under “IPR&D/Intangible Asset” below. IPR&D/Intangible Asset In July 2022, we entered into a license and transition services agreement with Forma. The transaction was accounted for as an acquisition of asset under ASC 730, Research and Development account for m We perform an impairment review of intangible asset whenever events or changes in business circumstances indicate the carrying amount of the asset may not be fully recoverable. If events or changes in circumstances suggest that the carrying amount of the finite-lived intangible assets may not be recoverable, we will estimate the future cash flows expected to be generated by the asset from its use or eventual disposition. If the expected future undiscounted cash flows is less than the carrying amount of the assets, we will recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Advertising Expense Advertising costs are expensed as incurred and are included within selling general and administrative expenses in the statements of operations. Advertising costs for the years ended December 31, 2023, 2022 and 2021 amounted to $3.1 million, $2.7 million, and $2.3 million, respectively. Leases We account for leases in accordance with ASU No. 2016-02 , Leases (Topic 842) . Topic 842 requires a lessee to determine if an arrangement is a lease or contains a lease at contract inception. For our sublease agreement wherein we were the lessor, we recognized sublease income on a straight-line basis over the term of the related sublease agreement. Restructuring Restructuring costs comprised severance, other termination benefit costs, stock-based compensation expense for stock award and stock option modifications related to workforce reductions and accelerated depreciation. We recognize restructuring charges when the liability is probable, and the amount is estimable. Employee termination benefits are accrued at the date management has committed to a plan of termination and affected employees have been notified of their termination date and expected severance benefits. Income Taxes We use the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted. A valuation allowance is established to reduce deferred tax assets to an amount whose realization is more likely than not. Recent Accounting Pronouncements In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. In December 2023, FASB issued ASU 2023-09, Improvements to Income Tax Disclosures Other recently issued accounting guidance not discussed in this Annual Report on Form 10-K are either not applicable or did not have, or are not expected to have, a material impact on us.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
NET LOSS PER SHARE	Dec. 31, 2023
NET LOSS PER SHARE
NET LOSS PER SHARE	2. NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period and the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive securities include stock options, RSUs and shares issuable under our Purchase Plan. The dilutive effect of these potentially dilutive securities is reflected in diluted earnings per share using the treasury stock method. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities. The potential shares of common stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Outstanding stock options 34,119 34,696 30,009 RSUs 1,866 1,104 226 Total 35,985 35,800 30,235

REVENUES

REVENUES	12 Months Ended
REVENUES	Dec. 31, 2023
REVENUES
REVENUES	3 REVENUES Revenues disaggregated by category were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Product sales: Gross product sales $ 147,058 $ 108,523 $ 81,186 Discounts and allowances (42,764) (31,805) (18,176) Total product sales, net 104,294 76,718 63,010 Revenues from collaborations: License revenues — 7,932 70,553 Milestone revenue 75 25,000 1,875 Delivery of drug supplies, royalty and others 11,413 6,092 3,298 Total revenues from collaborations 11,488 39,024 75,726 Government contracts 1,100 4,500 10,500 Total revenues $ 116,882 $ 120,242 $ 149,236 Revenue from product sales is related to sales of our commercial products, TAVALISSE and REZLIDHIA, to our customers which are specialty distributors. For detailed discussions of our revenues from collaboration and government contracts, see “Note 4 – Sponsored Research and License Agreements and Government Contracts.” Our product sales revenue is net of chargebacks, discounts and fees, government and other rebates and returns. Of the total discounts and allowances from gross product sales for the years ended December 31, 2023, 2022 and 2021, $41.5 million, $30.9 million and $16.8 million, respectively, was accounted for as additions to revenue reserves and refund liability, and $1.3 million, $0.9 million and $1.4 million, respectively, as reductions in accounts receivable (as it relates to allowance for prompt pay discount) and prepaid and other current assets (as it relates to certain chargebacks and other fees that were prepaid) in the balance sheet. The following tables summarize the activities in chargebacks, discounts and fees, government and other rebates and returns that were accounted for revenue reserves and refund liability, for each of the periods presented (in thousands): Chargebacks, Government Discounts and and Other Fees Rebates Returns Total Balance as of January 1, 2023 $ 6,213 $ 2,636 $ 3,296 $ 12,145 Provision related to current period sales 32,330 8,299 869 41,498 Credit or payments made during the period (30,307) (7,418) (234) (37,959) Balance as of December 31, 2023 $ 8,236 $ 3,517 $ 3,931 $ 15,684 Chargebacks, Government Discounts and and Other Fees Rebates Returns Total Balance as of January 1, 2022 $ 3,404 $ 2,494 $ 2,017 $ 7,915 Provision related to current period sales 23,488 5,901 1,514 30,903 Credit or payments made during the period (20,679) (5,759) (235) (26,673) Balance as of December 31, 2022 $ 6,213 $ 2,636 $ 3,296 $ 12,145 The following table summarizes revenues from each of our customers who individually accounted for 10% or more (wherein * denotes less than 10%) of the total net product sales and revenues from collaborations: Year Ended December 31, 2023 2022 2021 McKesson Specialty Care Distribution Corporation 43% 31% 20% Cardinal Healthcare 25% 19% * ASD Healthcare and Oncology Supply 21% 17% 17% Kissei * 24% * Lilly * * 48%

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
STOCK-BASED COMPENSATION	Dec. 31, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION Total stock-based compensation expense related to all of our stock-based awards was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Selling, general and administrative $ 6,712 $ 10,217 $ 7,337 Research and development 2,094 2,168 1,700 Restructuring charges — — 449 Total stock-based compensation expense $ 8,806 $ 12,385 $ 9,486 Stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021 include incremental stock-based compensation charges of approximately $0.5 million, $1.4 million and $0.4 million, respectively, as a result of modifications of certain stock option grants. The stock option modifications during the years ended December 31, 2023 and 2022 were related to acceleration of vesting of certain stock option grants and extension of exercise period of vested stock options granted to former officers and board of directors. Such amounts were included within selling, general and administrative expenses and research and development expenses. The stock option modification in 2021 was related to the reduction of workforce wherein certain affected employees were provided extension to exercise certain vested stock options. Such amount was recorded within restructuring charges. Equity Incentive Plans n May 2023, our stockholders approved an amendment to our 2018 Plan, to, among other items, add an additional 4,000,000 shares to the number of shares of common stock authorized for issuance under our 2018 Plan Stock Options and RSUs The following table summarizes stock options and RSUs activity, and shares available for grant under our Equity Incentive Plans for the periods presented: Stock Options RSUs Weighted Weighted Weighted Average Shares Available Number of Average Intrinsic Value Number of Grant Date For Grant Shares Exercise Price (in thousands) Shares Fair Value Outstanding as of December 31, 2022 10,612,618 34,696,273 $ 2.74 $ 1,605 1,103,653 $ 2.39 Authorized for grant 5,019,700 Granted (5,669,944) 3,671,800 $ 1.69 1,387,600 $ 1.80 Exercised/Released — (50,161) $ 0.97 (435,006) $ 2.32 Cancelled and forfeited 3,908,921 (4,199,147) $ 3.29 (190,356) $ 2.20 Outstanding as of December 31, 2023 13,871,295 34,118,765 $ 2.56 $ 1,453 1,865,891 $ 1.98 Vested and expected to vest as of December 31, 2023 31,373,765 $ 2.55 $ 1,349 Exercisable as of December 31, 2023 24,378,890 $ 2.70 $ 403 Of the total stock options outstanding as of December 31, 2023, 2,745,000 shares outstanding are performance-based stock options wherein the achievements of the corresponding corporate-based milestones were not probable. Accordingly, the related grant date fair value for these performance-based stock options of $5.1 million has not been recognized as stock-based compensation expense as of December 31, 2023. For the years ended December 31, 2023, 2022 and 2021, stock options vested were 4,346,977 shares, 5,280,235 shares and 4,765,814 shares, respectively, with weighted-average exercise price of $2.34 per share, $2.60 per share, and $2.67 per share, respectively. The aggregate intrinsic values of stock options outstanding, vested and expected to vest, and exercisable For the years ended December 31, 2023, 2022 and 2021, we granted options to purchase 3,671,800 shares, 8,179,113 shares and 6,997,981 shares, respectively, of common stock, with The following table summarizes the weighted-average assumptions relating to stock options granted during the periods presented: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 3.9 % 2.6 % 1.0 % Expected term (in years) 6.8 6.3 6.4 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 84.0 % 74.8 % 70.5 % As of December 31, 2023, there was approximately $10.6 million of unrecognized stock-based compensation cost which is expected to be recognized over the remaining weighted-average period of 2.45 Details of our stock options by exercise price are as follows as of December 31, 2023: Options Outstanding Options Exercisable Weighted-Average Number of Remaining Contractual Weighted-Average Number of Weighted-Average Exercise Price Shares Life (in years) Exercise Price Shares Exercise Price $0.90 - $1.87 6,712,896 8.61 $ 1.43 1,991,518 $ 1.44 $1.96 - $2.11 5,063,237 4.44 $ 2.03 5,063,237 $ 2.03 $2.14 - $2.40 3,940,279 2.89 $ 2.26 3,717,256 $ 2.26 $2.42 - $2.42 5,816,323 6.81 $ 2.42 3,794,160 $ 2.42 $2.44 - $3.54 6,852,637 5.14 $ 3.16 4,473,712 $ 3.06 $3.59 - $4.49 5,542,956 3.95 $ 3.97 5,215,904 $ 3.99 $4.50 - $4.50 190,437 7.29 $ 4.50 123,103 $ 4.50 $0.90 - $4.50 34,118,765 5.56 $ 2.56 24,378,890 $ 2.70 Employee Stock Purchase Plan Our Purchase Plan permits eligible employees to purchase common stock at a discount through payroll deductions during defined offering periods. Our Purchase Plan provides for a 24-month offering period comprised four six-month purchase periods with a look-back option. A look-back option is a provision in our Purchase Plan under which eligible employees can purchase shares of our common stock at a price per share equal to the lesser of 85% of the fair market value on the first day of the offering period or 85% of the fair market value on the purchase date. Our Purchase Plan also includes a feature that provides for a new offering period to begin when the fair market value of our common stock on any purchase date during an offering period falls below the fair market value of our common stock on the first day of such offering period. This feature is called a “reset.” Participants are automatically enrolled in the new offering period. Our previous 24-month offering period under our Purchase Plan ended on June 30, 2022, and a new 24-month offering period started on July 1, 2022. The fair value of awards under our Purchase Plan is estimated on the date of our new offering period using the Black-Scholes option pricing model, which is being amortized over the requisite service periods. The table below summarizes the weighted-average assumptions related to our Purchase Plan for periods presented. Expected volatilities for our Purchase Plan are based on the two-year historical volatility of our stock. Expected term represents the weighted- average of the purchase periods within the offering period. The risk-free interest rate for periods within the expected term is based on US Treasury constant maturity rates. Year Ended December 31, 2023 2022 2021 Risk-free interest rate * 3.1 % * Expected term (in years) * 1.3 * Dividend yield * 0.0 % * Expected volatility * 121.0 % * Weighted average grant date fair value (dollar per share) * $0.78 * * Not a measurement period. As of December 31, 2023, unrecognized stock-based compensation cost related to our Purchase Plan amounted to $0.1 million, which is expected to be recognized over the remaining weighted average period of 0.49 For the years ended December 31, 2023, 2022 and 2021, there were 941,798 shares, 1,146,851 shares and 932,018 shares, respectively, of common stock purchased under the Purchase Plan, at an average price of $1.06 per share, $1.01 per share and $1.51 per share, respectively. As of December 31, 2023, there were 2,495,835 shares reserved for future issuance under the Purchase Plan.

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2023
INVENTORIES
INVENTORIES	6 INVENTORIES The following table summarizes inventories, net (in thousands): As of December 31, 2023 2022 Raw materials $ 4,609 $ 4,555 Work in process 1,876 2,659 Finished goods 1,508 1,904 Total $ 7,993 $ 9,118 Reported as: Inventories $ 5,522 $ 9,118 Other assets 2,471 — Total $ 7,993 $ 9,118 Inventories as of December 31, 2023 and 2022 include inventories acquired from Forma pursuant to the license and transition agreement. As of December 31, 2023 and 2022, zero and $0.8 million, respectively, of advance payments to the manufacturer of our raw materials were included within prepaid and other current assets in the balance sheet. Non-current inventories consist of active pharmaceutical ingredient classified as raw materials which have multi-year shelf life, as well as certain work in process and finished goods inventories that are not expected to be consumed beyond our normal operating cycle.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	12 Months Ended
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	Dec. 31, 2023
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	7. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash, cash equivalents and short-term investments consisted of the following (in thousands): As of December 31, 2023 2022 Cash $ 8,247 $ 6,264 Money market funds 9,685 4,155 US treasury bills 12,594 5,225 Government-sponsored enterprise securities 11,233 15,796 Corporate bonds and commercial paper 15,174 26,766 $ 56,933 $ 58,206 Reported as: Cash and cash equivalents $ 32,786 $ 24,459 Short-term investments 24,147 33,747 $ 56,933 $ 58,206 Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands): Gross Gross Amortized Unrealized Unrealized As of December 31, 2023 Cost Gains Losses Fair Value US treasury bills $ 12,591 $ 3 $ — $ 12,594 Government-sponsored enterprise securities 11,230 7 (4) $ 11,233 Corporate bonds and commercial paper 15,172 5 (3) 15,174 Total $ 38,993 $ 15 $ (7) $ 39,001 Gross Gross Amortized Unrealized Unrealized As of December 31, 2022 Cost Gains Losses Fair Value US treasury bills $ 5,251 $ — $ (26) $ 5,225 Government-sponsored enterprise securities 15,882 1 (87) 15,796 Corporate bonds and commercial paper 26,807 — (41) 26,766 Total $ 47,940 $ 1 $ (154) $ 47,787 As of December 31, 2023 and 2022, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 82 days and 89 days, respectively. Our short-term investments are classified as available-for-sale securities. Accordingly, we have classified certain securities as short-term investments on our balance sheets as they are available for use in the current operations. The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands): As of December 31, 2023 Fair Value Unrealized Losses US treasury bills $ 1,000 $ — Government-sponsored enterprise securities 2,980 (4) Corporate bonds and commercial paper 6,561 (3) Total $ 10,541 $ (7)

FAIR VALUE

FAIR VALUE	12 Months Ended
FAIR VALUE	Dec. 31, 2023
FAIR VALUE
FAIR VALUE	8. FAIR VALUE Assets at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Money market funds $ 9,685 $ — $ — $ 9,685 US treasury bills — 12,594 — 12,594 Government-sponsored enterprise securities — 11,233 — 11,233 Corporate bonds and commercial paper — 15,174 — 15,174 Total $ 9,685 $ 39,001 $ — $ 48,686 Assets at Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 4,155 $ — $ — $ 4,155 US treasury bills — 5,225 — 5,225 Government-sponsored enterprise securities — 15,796 — 15,796 Corporate bonds and commercial paper — 26,766 — 26,766 Total $ 4,155 $ 47,787 $ — $ 51,942

OTHER BALANCE SHEET COMPONENTS

OTHER BALANCE SHEET COMPONENTS	12 Months Ended
OTHER BALANCE SHEET COMPONENTS	Dec. 31, 2023
OTHER BALANCE SHEET COMPONENTS
OTHER BALANCE SHEET COMPONENTS	9. OTHER BALANCE SHEET COMPONENTS Property and equipment Property and equipment consist of the following (in thousands): As of December 31, 2023 2022 Laboratory equipment $ 1,470 $ 7,435 Computer and software 363 2,048 Leasehold improvements, furniture and equipment — 2,107 Others 36 74 Total property and equipment 1,869 11,664 Less accumulated depreciation and amortization (1,704) (10,807) Property and equipment, net $ 165 $ 857 Depreciation and amortization expense was $0.2 million, $0.9 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Certain property and equipment were either sold, retired or disposed of, which related costs and accumulated depreciation were removed from the balance sheet, and any resulting gain or loss were reflected in statements of operations in the period realized. Intangible asset Intangible asset consist of the following (in thousands): As of December 31, 2023 2022 Intangible asset cost $ 15,000 $ 15,000 Accumulated amortization (1,122) (51) Intangible asset, net $ 13,878 $ 14,949 Intangible asset pertain to amortized cost of capitalized milestone payment to Forma, incurred upon and after regulatory approval of an acquired product. See “Note 4 - Sponsored Research and License Agreements and Government Contracts” for related discussions. Such cost is being amortized on a straight-line basis over the estimated useful life of approximately 14 years . Amortization expense recorded within cost of sales in the statements of operations were $1.1 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively. The following table presents the estimated future amortization expense of intangible asset (in thousands): For the year ending December 31, 2024 $ 1,071 2025 1,071 2026 1,071 2027 1,071 2028 1,071 Thereafter 8,523 $ 13,878 Other accrued liabilities Other accrued liabilities consist of the following (in thousands): As of December 31, 2023 2022 Accrued commercial expenses $ 1,852 $ 3,144 Accrued other expenses 3,482 3,341 Total other accrued liabilities $ 5,334 $ 6,485

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2023
DEBT
DEBT	10. DEBT The following table summarizes loans payable, net (in thousands): As of December 31, 2023 2022 Principal outstanding $ 60,000 $ 40,000 Unamortized debt issuance costs (398) (552) Principal outstanding, net of unamortized debt issuance costs $ 59,602 $ 39,448 Reported as: Loans payable, net, current portion $ 7,229 $ - Long-term portion of loans payable, net 52,373 39,448 $ 59,602 $ 39,448 The outstanding loans payable as of the periods presented was related to our Credit Agreement with MidCap entered on September 27, 2019 (Closing Date) and amended on March 29, 2021 (First Amendment), February 11, 2022 (Second Amendment) and July 27, 2022 (Third Amendment). The Credit Agreement provides for a $60.0 million term loan credit facility. At the Closing Date, $10.0 million was funded (Tranche 1), in May 2020, an additional $10.0 million was funded (Tranche 2), at the Second Amendment, an additional $10.0 million was funded (Tranche 3), at the Third Amendment, an additional $10.0 million was funded (Tranche 4), and in March 2023, an additional $20.0 million was funded (Tranche 5). As of December 31, 2023, the outstanding principal balance of the loan was $60.0 million, and no remaining funds are available for draw under the term loan credit facility. The First Amendment to the Credit Agreement extended the period through which Tranche 3 was available to us. The Second Amendment to the Credit Agreement, among other things, amended the applicable funding conditions, applicable commitments and certain other terms relating to available credit facilities (Tranches 3 and 4), added additional term loan credit facility (Tranche 5), and revised certain terms related to the financial covenants. Following the Third Amendment, the maturity date for the term loans is on September 1, 2026, and the interest-only period is through October 1, 2024. The interest rate applicable to the term loans under the amended Credit Agreement is the sum of one-month , plus an adjustment of 0.11448% , subject to 1.50% applicable floor, plus applicable margin of 5.65% . A or a comparable applicable index rate determined pursuant to the Credit Agreement if the LIBOR was no longer available, We The amendment to the Credit Agreement in 2022 was accounted for as debt modification. As such, fees paid to Midcap of $0.4 million were recorded as additional debt discount and added to the unamortized debt discount that are being amortized as interest expense through maturity using the effective interest rate method. Debt issuance costs are recorded as a direct deduction from the outstanding principal balance of the term loan. Interest expense, including amortization of the debt discount and accretion of the final fees related to the Credit Agreement for the years ended December 31, 2023, 2022 and 2021 were $6.8 million, $3.0 million and $1.7 million, respectively. Accrued interest of $1.5 million and $0.8 million as of December 31, 2023 and 2022, respectively, was included within other accrued liabilities in the balance sheet. The following table presents the future minimum principal payments of the outstanding loan as of December 31, 2023 (in thousands): For the year ending December 31, 2024 $ 7,500 2025 30,000 2026 22,500 Principal amount (Tranches 1, 2, 3 and 4) $ 60,000 The amended Credit Agreement contains certain covenants which, among others, require us to deliver financial reports at designated times of the year and maintain minimum unrestricted cash and trailing net revenues. As of December 31, 2023, we were not in violation of any covenants.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2023
LEASES
LEASES	11. LEASES We have a sublease agreement with Atara entered in October 2022 to sublease an office space located in South San Francisco, California. Subject to the terms of the sublease agreement, the lease term commenced in November 2022 and shall expire in May 2025. This leased facility is currently held as our new Headquarters following the expiration of our previous leased facility in January 2023. 1.42 We previously leased our prior headquarter space located in South San Francisco, California with Healthpeak Properties, Inc. (formerly known as HCP BTC, LLC), and had a sublease agreement with an unrelated third-party to sublet a portion of the leased facility. Both the lease and the sublease expired in January 2023. The components of our operating lease expense were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Fixed operating lease expense $ 1,109 $ 5,470 $ 5,360 Variable operating lease expense 134 818 910 Total operating lease expense $ 1,243 $ 6,288 $ 6,270 Supplemental information related to our operating lease expense was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cash payments included in the measurement of operating lease liabilities $ 1,534 $ 10,485 $ 10,082 Supplemental information related to our operating sublease was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Fixed sublease expense $ 365 $ 4,381 $ 4,381 Variable sublease expense 77 911 917 Sublease income (442) (5,292) (5,298) Net $ — $ — $ — The following table presents the future minimum lease payments of our operating lease liabilities as of December 31, 2023 (in thousands): For year ending December 31, 2024 $ 739 2025 301 Total minimum payments required $ 1,040

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Preferred Stock We are authorized to issue 10,000,000 shares of preferred stock. As of December 31, 2023 and 2022, there were no issued and outstanding shares of preferred stock. Our board of directors is authorized to fix or alter the designation, powers, preferences and rights of the shares of each series of preferred shares, and the qualifications, limitations or restrictions of any wholly unissued shares, to establish from time to time the number of shares constituting any such series, and to increase or decrease the number of shares, if any. Common Stock Our Certificate of Incorporation as amended and restated in May 2018, authorizes us to issue 400,000,000 shares of common stock. Open Market Sale Agreement In August 2020, we entered into an Open Market Sale Agreement with Jefferies, as a sole agent, pursuant to which we may sell from time to time, through Jefferies, shares of our common stock in sales deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act, subject to conditions specified in the Open Market Sale Agreement, including maintaining an effective registration statement covering the sale of shares under the Open Market Sale Agreement. We have a shelf registration statement filed with the SEC that was declared effective on May 3, 2022, which registered, among other securities,

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	13. INCOME TAXES We have no provision for income taxes recorded for the years ended December 31, 2023 and 2022 due to our pre-tax book losses and a full valuation allowance was recorded against our deferred tax assets. For the year ended December 31, 2021, we recognized provision for income tax of $0.6 million. This provision for income tax was related to the state tax liability primarily due to revenue recognized for the Lilly Agreement. We did not have federal income taxes due to the sufficient NOL carryforwards that were generated prior to the enactment of the Tax Act, as well as significant research and development credit carryforwards. We continue to record a full valuation allowance on our deferred tax assets considering our cumulative losses in prior years and forecasted losses in the future. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows (in thousands): As of December 31, 2023 2022 Deferred tax assets Net operating loss carryforwards $ 229,967 $ 230,373 Orphan drug and research and development credits 62,457 68,646 Capitalized research and development credits 21,017 15,680 Deferred revenue 11,223 11,234 Deferred compensation 10,365 9,620 Lease liabilities 244 504 Other, net 3,654 2,494 Deferred tax liabilities Operating lease right-of-use asset (215) (461) Others (81) (439) Total net deferred tax assets 338,631 337,651 Less: valuation allowance (338,631) (337,651) Deferred tax assets, net of allowance $ — $ — The reconciliation of the statutory federal income tax rate to the effective tax rate was as follows: Year Ended December 31, 2023 2022 2021 Federal statutory tax rate (21.0) % (21.0) % (21.0) % State, net of federal benefit 0.1 % 0.0 % 2.8 % Valuation allowance 13.9 % 20.2 % 27.5 % Stock compensation 5.3 % 2.5 % 5.6 % Orphan drug and research and development credits 0.2 % (2.6) % (14.0) % Other, net 1.5 % 1.0 % 2.7 % Effective tax rate 0.0 % 0.1 % 3.6 % In general, under Section 382 of the Internal Revenue Code (Section 382), a corporation that undergoes an ownership change is subject to limitations on its ability to utilize its pre-change NOL carryovers and tax credits to offset future taxable income. Our existing NOL carryforwards and tax credits are subject to limitations arising from ownership changes which occurred in previous periods. We finalized our analysis of potential ownership changes and concluded our Section 382 owner shift analysis during the year ended December 31, 2012. We have updated our NOL carryforwards to reflect the results of the Section 382 owner shift analysis as of December 31, 2023. We did not experience any significant changes in ownership in the periods presented. Future changes in our stock ownership, some of which are outside of our control, could result in an ownership change under Section 382 and result in additional limitations. As of December 31, 2023, we had NOL carryforwards for federal income tax purposes of approximately $972.6 million. Of the federal NOL carryforward, $833.8 million, which expire beginning in the year 2025 and the remaining NOL carryforwards can be carried forward indefinitely, subject to annual limitation of 80% of taxable income. We also had state NOL carryforwards of approximately $388.5 million, which expire beginning in the year 2028. We have general business credits of approximately $45.1 million, which will expire beginning in 2024, if not utilized, and is consisted of research and development credits and orphan drug credits. We also have state research and development tax credits of approximately $31.8 million, which have no expiration date. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, our deferred tax assets have been fully offset by valuation allowance considering our cumulative losses in prior years and forecasted losses in the future. The following table summarizes the activity related to our gross unrecognized tax benefits (in thousands): Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year $ 9,426 $ 9,186 $ 8,901 Decrease related to prior year tax positions (843) — — Increase related to current year tax positions 89 240 285 Balance at the end of the year $ 8,672 $ 9,426 $ 9,186 During the years ended December 2023, 2022 and 2021, the amount of unrecognized tax benefits increased due to additional research and development and orphan drug credits generated during those years. During 2023, we engaged our tax consultant to perform an orphan credits study for years 2015 to 2020. The results of the study decreased the unrecognized tax benefits by $4.7 million. The reversal of the uncertain tax benefits would not affect our effective tax rate to the extent that we continue to maintain a full valuation allowance against our deferred tax assets. We are subject to federal income tax and various state taxes. Because of NOL and research credit carryovers, substantially all of our tax years remain open to examination. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. We currently have no

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	12 Months Ended
RESTRUCTURING CHARGES	Dec. 31, 2023
RESTRUCTURING CHARGES.
RESTRUCTURING CHARGES	14. RESTRUCTURING CHARGES In October 2022, we announced a reduction in our workforce primarily in our development and administration groups. In November 2021, we announced a reduction in our workforce primarily in the research organization. We recorded restructuring charges of $3.5 million in the statements of operations for the year ended December 31, 2021, comprised $2.9 million cash severance, bonus and related employee benefits and taxes of affected employees, $0.4 million of stock-based compensation expense related to option modification and $0.1 million impairment of certain property and equipment which was recorded within depreciation expense.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS On February 22, 2024, we entered into an Asset Purchase Agreement with Blueprint to purchase certain assets comprising the right to research, develop, manufacture and commercialize GAVRETO (pralsetinib) in the US. Such assets include, among other things, applicable intellectual property related to pralsetinib in the United States, including patents, copyrights and trademarks, as well as clinical regulatory and commercial data and records. The potential regulatory milestones include full regulatory approval of pralsetinib (or related compounds) for the treatment of adult RET-fusion positive thyroid cancer, and maintenance of the current regulatory approval of pralsetinib for the treatment of adult RET-fusion positive thyroid cancer during the period beginning on February 22, 2024 and ending on the third anniversary of the first commercial sale of pralsetinib subject to certain conditions.

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (US GAAP). Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative US GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). We manage our operations as one business segment for purposes of assessing performance, making operating decisions, and allocating resources, and our chief operating decision maker is our chief executive officer.
Liquidity	Liquidity As of December 31, 2023, we had approximately $56.9 million in cash, cash equivalents and short-term investments. Since inception, we have financed our operations primarily through sales of equity securities, debt financing arrangement, contract payments under our collaboration agreements and from product sales. Based on our current operating plan, we believe that our existing cash, cash equivalents, and short-term investments will be sufficient to fund our expenses and capital expenditure requirements through at least the next 12 months from the date of issuance of this Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make certain judgments, estimates and assumptions that could affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Critical accounting estimates We base our estimates and assumptions on historical experience and on various other assumptions we believe to be applicable, and evaluate them on an ongoing basis to ensure they remain reasonable under current conditions. Actual results could differ significantly from those estimates, which could have a material impact on our business, results of operations, and financial condition.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers Product Sales Revenues from product sales are recognized when the specialty distributors, who are our customers, obtain control of our product, which occurs at a point in time, upon delivery to such specialty distributors. These specialty distributors subsequently resell our products to specialty pharmacy providers, health care providers, hospitals and clinics. In addition to distribution agreements with our specialty distributors, we also have arrangements with certain specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of our products. Under ASC 606, we are required to estimate the transaction price, including variable consideration that is subject to a constraint, in our contracts with our customers. Variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenue from product sales is recorded net of certain variable consideration which includes estimated government-mandated rebates and chargebacks, distribution fees, estimated product returns and other deductions. Provisions for returns and other adjustments are provided for in the period the related revenue is recorded. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. The following are our significant categories of sales discounts and allowances: Sales Discounts . We provide certain customer a prompt payment discount that is explicitly stated in our contract. The sales discount is recorded as a reduction of revenue in the period the related product revenue is recognized. Product Returns. Government and Private Payor Rebates: Chargebacks and Discounts: Chargebacks for fees and discounts represent the estimated obligations resulting from contractual commitments to sell products to certain specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities at prices lower than the list prices charged to our specialty distributors who directly purchase the product from us. These specialty distributors charge us for the difference between what they pay for the product and our contracted selling price to these specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue. Actual chargeback amounts are generally determined at the time of resale to the specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities by our specialty distributors. The estimated obligations arising from these chargebacks and discounts are recorded as revenue reserves within other accrued liabilities in the balance sheet. Co-Payment Assistance: Contract Revenues from Collaborations In the normal course of business, we conduct research and development programs independently and in connection with our corporate collaborators, pursuant to which we license certain rights to our intellectual property to third parties. The terms of these arrangements typically include payment to us for a combination of one or more of the following: upfront license fees; development, regulatory and commercial milestone payments; product supply services; and royalties on net sales of licensed products. Upfront License Fees: For arrangements that require us to share in the development costs but to which we do not participate in the co-development work, the portion of the upfront fee attributed to our share in the future development costs is excluded from the transaction price. If such share in the development costs is payable beyond 12 months from the delivery of the corresponding license, a significant financing component is deemed to exist. If a significant financing component is identified, we adjust the transaction price by reducing the upfront fee by the net present value of our share in future development costs over the expected commitment period. Such discounted amount will be reported as a liability in the balance sheet, with a corresponding interest expense being accreted based on a discount rate applied over the expected commitment period. Development, Regulatory or Commercial Milestone Payments: Product Supply Services: Sales-based Milestone Payments and Royalties:
Government Contracts	Government Contracts There is limited US GAAP accounting guidance for for-profit business entities that receives government assistance. We utilized other accounting standards, and have elected to analogize to International Financial Reporting Standards, specifically International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosures of Government Assistance. Disclosures by Business Entities about Government Assistance,
Stock-based Compensation	Stock-based Compensation Share-based awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period, which is generally the vesting period of the respective award. We use the straight-line attribution method over the requisite employee service period for the entire award in recognizing stock-based compensation expense. We account for forfeitures as they occur. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The model requires management to make a number of assumptions including expected volatility, expected term, risk-free interest rate and expected dividends. A number of these assumptions are subjective, and their determination generally require judgment. We segregate option awards into the following three homogenous groups for the purposes of determining fair values of options: officers and directors, all other employees, and consultants. We determine the weighted-average valuation assumptions separately for each of these groups as follows: ● Volatility – We estimate volatility using the historical share price performance over the expected life of the option up to the point where we have historical market data. We also consider other factors, such as implied volatility, our current clinical trials and other company activities that may affect the volatility of our stock in the future. We determined that at this time historical volatility is more indicative of our expected future stock performance than implied volatility. ● Expected term – We analyze various historical data to determine the applicable expected term for each of the other option groups. This data includes: (1) for exercised options, the term of the options from option grant date to exercise date; (2) for cancelled options, the term of the options from option grant date to cancellation date, excluding non-vested option forfeitures; and (3) for options that remained outstanding at the balance sheet date, the term of the options from option grant date to the end of the reporting period and the estimated remaining term of the options. The consideration and calculation of the above data gives us reasonable estimates of the expected term for each employee group. We also consider the vesting schedules of the options granted and factors surrounding exercise behavior of the option groups, our current market price and company activity that may affect our market price. In addition, we consider the optionee type (i.e., officers and directors or all other employees) and other factors that may affect the expected term of the option. For options granted to consultants, we use the contractual term of the option, which is generally 10 years, for the initial valuation of the option and the remaining contractual term of the option for the succeeding periods. ● Risk-free interest rate – The risk-free interest rate is based on US Treasury constant maturity rates with similar terms to the expected term of the options for each option group. ● Dividend yield – The expected dividend yield is 0% as we have not paid and do not expect to pay dividends in the future. We grant performance-based stock options to purchase shares of our common stock which will vest upon the achievement of certain corporate performance-based milestones. We determine the fair values of these performance-based stock options using the Black-Scholes option pricing model at the date of grant. For the portion of the performance-based stock options of which the performance condition is considered probable of achievement, we recognize stock-based compensation expense on the related estimated grant date fair values of such options on a straight-line basis from the date of grant up to the date when we expect the performance condition will be achieved. For the performance conditions that are not considered probable of achievement at the grant date or upon re-evaluation at each reporting date, prior to the event actually occurring, we recognize the related stock-based compensation expense when the event occurs or when we can determine that the performance condition is probable of achievement. In those cases, we recognize the change in estimate at the time we determine the condition is probable of achievement (by recognizing stock-based compensation expense as cumulative catch-up adjustment as if we had estimated at the grant date that the performance condition would have been achieved) and recognize the remaining compensation cost up to the date when we expect the performance condition will be achieved, if any. The fair value of the RSU grant is based on the market price of our common stock on the date of grant.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded net of customer allowances for prompt payment discounts and any allowance for doubtful accounts. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We have not historically experienced credit losses and no amounts were reserved for estimated losses as of the balance sheet dates presented. The following table summarizes the activity of our customer allowances for prompt payment discounts for the periods presented (in thousands): Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year $ 136 $ 106 $ 171 Provision for prompt payment discount 686 557 609 Reduction in prompt payment discount (642) (527) (674) Balance at end of the year $ 180 $ 136 $ 106
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily cash, investment in debt securities and accounts receivable. All of our cash and investment in debt securities are maintained with financial institutions that management believes are creditworthy. By policy, we limit the concentration of credit risk by diversifying our investments among a variety of high credit-quality issuers. Due to the short-term nature of these investments, we believe we do not have a material exposure to credit risk arising from our investments. We have not historically experienced any significant credit losses related to these financial instruments and do not believe that we are exposed to any significant credit risk related to these instruments. Concentration of credit risk with respect to our accounts receivable is limited due to our small number of customers. Our accounts receivable consists mostly of outstanding invoices from our sale of our product to our specialty distributors. Accounts receivable may also include outstanding invoices from our collaboration partners with respect to the related sponsored research and license agreements and government contracts. As of December 31, 2023, 87% of our accounts receivable consisted of outstanding invoices from our specialty distributors, and the remaining 13% are outstanding invoices from our collaboration partners, mainly Grifols. As of December 31, 2022, 49% of our accounts receivable are outstanding invoices from our specialty distributors, and the remaining 51% are outstanding invoices from our collaboration partners, mainly Kissei which include a $20.0 million regulatory milestone receivable that was subsequently collected in January 2023. See “Note 3 - Revenues” for summary of revenues from each of our customers who individually accounted for 10% or more of the total net product sales and revenues from collaborations.
Cash, Cash Equivalents and Short-Term Investments	Cash, Cash Equivalents and Short-Term Investments Our investment in debt securities consists of money market funds, US treasury bills, government- sponsored enterprise securities, and corporate bonds and commercial paper. All of our investment in debt securities are available-for-sale and are classified based on their maturities. We consider all highly liquid investments in debt securities with maturity of 90 days or less from the date of purchase to be cash equivalents. All other investments with maturity greater than 90 days from the date of purchase are classified as short-term investments. Unrealized gains (losses) are reported within the statements of stockholders’ (deficit) equity and comprehensive income (loss). The cost of securities sold is based on the specific identification method. We periodically evaluate our available-for-sale marketable debt securities for impairment. When the fair value of a marketable debt security is below its amortized cost, the amortized cost is reduced to its fair value if it is more likely than not that we are required to sell the impaired security before recovery of our amortized cost basis, or we have the intention to sell the security. If neither of these conditions are met, we determine whether the impairment is due to credit losses by comparing the present value of the expected cash flows of the security with its amortized cost basis. The amount of impairment recognized is limited to the excess of the amortized cost over the fair value of the security. An allowance for credit losses for the excess of amortized cost over the expected cash flows is recorded in other income (expense), net on the statements of operations. Impairment losses that are not credit-related are included in accumulated other comprehensive income (loss) in stockholders’ (deficit) equity.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of our financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The carrying value of our loans payable and other long-term debt approximates fair value based on management’s estimation that a current interest rate would not differ materially from the stated rate, or the discount rate applied. The fair value of our cash equivalents and short-term investments measured at fair value on a recurring basis and are categorized based upon the lowest level of significant input to the valuations. Assets and liabilities recorded at fair value in our financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. ● Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets at the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The fair valued assets we hold that are generally included under this Level 1 are money market securities where fair value is based on publicly quoted prices. ● Level 2 – Inputs, other than quoted prices included in Level 1, that are either directly or indirectly observable for the asset or liability through correlation with market data at the reporting date and for the duration of the instrument’s anticipated life. The fair valued assets we hold that are generally assessed under Level 2 included government-sponsored enterprise securities, US treasury bills and corporate bonds and commercial paper. We utilize third-party pricing services in developing fair value measurements where fair value is based on valuation methodologies such as models using observable market inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers and other reference data. We use quotes from external pricing service providers and other on-line quotation systems to verify the fair value of investments provided by our third-party pricing service providers. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the reporting date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. We do not have fair valued assets classified under Level 3.
Inventories and Cost of Product Sales	Inventories and Cost of Product Sales Inventories are stated at the lower-of-cost or estimated net realizable value. We determine the cost of inventories using the standard cost method, which approximates actual cost, and is valued using the first-in, first-out method. Inventory costs primarily consist of active pharmaceutical ingredients, third-party manufacturing costs and allocated internal overhead costs. We capitalize inventory costs when the product is approved by the FDA, or when based on management’s judgment, future commercialization was considered probable, and the future economic benefits are expected to be realized. Prior to FDA approval of a product, costs to purchase active pharmaceutical ingredients including costs to manufacture a product are charged to research and development expense when incurred. Our physical inventories as of balance sheet dates include inventory quantities where costs have been previously charged to research and development expense since such costs were incurred prior to FDA approval of the product. We provide reserves for potential excess, dated or obsolete inventories based upon assumptions about future demand and market conditions, as well as product shelf life. Inventories that are not expected to be consumed beyond our normal operating cycle are classified as non-current inventories and included within other assets in the balance sheet. Cost of product sales primarily includes cost of inventories sold, and product shipping and handling costs. Further, following the approval of REZLIDHIA, we recognize the amortization expense of capitalized intangible asset and royalty expense incurred pursuant to our license agreement with Forma, within cost of sales.
Property and Equipment	Property and Equipment Property and equipment are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from three
Research and Development Expenses	Research and Development Expenses Research and development expenses include costs incurred to conduct research and development, including scientific personnel wages and associated employee benefits, research and development supplies and equipment, payments to collaborative clinical research partners, consulting fees and other various research and development related costs. We have various contracts with third parties related to our research and development activities, including strategic development collaborations. Costs incurred but not billed to us as of the end of the period are accrued. We make estimates of the amounts incurred in each period based on the information available to us and our knowledge of the nature of the contractual activities generating such costs. Clinical trial contract expenses are accrued based on units of activity. Expenses related to other research and development contracts, such as research contracts, toxicology study contracts and manufacturing contracts are estimated to be incurred generally on a straight-line basis over the duration of the contracts. Raw materials and study materials not related to an approved drug are charged to research and development expenses at the time of purchase. We make significant judgments and estimates in determining the accrual balance in each reporting period. As actual costs become known, we adjust our accruals. Although we do not expect our estimates to be materially different from amounts actually incurred, such estimates for the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in us reporting amounts that are too high or too low in any particular period. Variations in assumptions used to estimate accruals including, but not limited to, the number of patients enrolled, the rate of patient enrollment and the actual services performed may result in adjustments in research and development accruals in future periods. Changes in these estimates that result in material changes to our accruals could materially affect our financial condition and results of operations. Research and development expenses also include milestone payment obligations incurred prior to r egulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs. See related discussions under “IPR&D/Intangible Asset” below.
IPR&D/Intangible Asset	IPR&D/Intangible Asset In July 2022, we entered into a license and transition services agreement with Forma. The transaction was accounted for as an acquisition of asset under ASC 730, Research and Development account for m We perform an impairment review of intangible asset whenever events or changes in business circumstances indicate the carrying amount of the asset may not be fully recoverable. If events or changes in circumstances suggest that the carrying amount of the finite-lived intangible assets may not be recoverable, we will estimate the future cash flows expected to be generated by the asset from its use or eventual disposition. If the expected future undiscounted cash flows is less than the carrying amount of the assets, we will recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.
Advertising Expense	Advertising Expense Advertising costs are expensed as incurred and are included within selling general and administrative expenses in the statements of operations. Advertising costs for the years ended December 31, 2023, 2022 and 2021 amounted to $3.1 million, $2.7 million, and $2.3 million, respectively.
Leases	Leases We account for leases in accordance with ASU No. 2016-02 , Leases (Topic 842) . Topic 842 requires a lessee to determine if an arrangement is a lease or contains a lease at contract inception. For our sublease agreement wherein we were the lessor, we recognized sublease income on a straight-line basis over the term of the related sublease agreement.
Restructuring	Restructuring Restructuring costs comprised severance, other termination benefit costs, stock-based compensation expense for stock award and stock option modifications related to workforce reductions and accelerated depreciation. We recognize restructuring charges when the liability is probable, and the amount is estimable. Employee termination benefits are accrued at the date management has committed to a plan of termination and affected employees have been notified of their termination date and expected severance benefits.
Income Taxes	Income Taxes We use the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted. A valuation allowance is established to reduce deferred tax assets to an amount whose realization is more likely than not.
Recently Issued Accounting Standards	Recent Accounting Pronouncements In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. In December 2023, FASB issued ASU 2023-09, Improvements to Income Tax Disclosures Other recently issued accounting guidance not discussed in this Annual Report on Form 10-K are either not applicable or did not have, or are not expected to have, a material impact on us.

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of customer allowances for prompt payment discounts	The following table summarizes the activity of our customer allowances for prompt payment discounts for the periods presented (in thousands): Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year $ 136 $ 106 $ 171 Provision for prompt payment discount 686 557 609 Reduction in prompt payment discount (642) (527) (674) Balance at end of the year $ 180 $ 136 $ 106

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
NET LOSS PER SHARE (Tables)	Dec. 31, 2023
NET LOSS PER SHARE
Schedule of antidilutive securities	The potential shares of common stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Outstanding stock options 34,119 34,696 30,009 RSUs 1,866 1,104 226 Total 35,985 35,800 30,235

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
REVENUES (Tables)	Dec. 31, 2023
REVENUES
Schedule of revenues disaggregated by category	Revenues disaggregated by category were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Product sales: Gross product sales $ 147,058 $ 108,523 $ 81,186 Discounts and allowances (42,764) (31,805) (18,176) Total product sales, net 104,294 76,718 63,010 Revenues from collaborations: License revenues — 7,932 70,553 Milestone revenue 75 25,000 1,875 Delivery of drug supplies, royalty and others 11,413 6,092 3,298 Total revenues from collaborations 11,488 39,024 75,726 Government contracts 1,100 4,500 10,500 Total revenues $ 116,882 $ 120,242 $ 149,236
Schedule of product revenue allowance and reserve categories	Chargebacks, Government Discounts and and Other Fees Rebates Returns Total Balance as of January 1, 2023 $ 6,213 $ 2,636 $ 3,296 $ 12,145 Provision related to current period sales 32,330 8,299 869 41,498 Credit or payments made during the period (30,307) (7,418) (234) (37,959) Balance as of December 31, 2023 $ 8,236 $ 3,517 $ 3,931 $ 15,684 Chargebacks, Government Discounts and and Other Fees Rebates Returns Total Balance as of January 1, 2022 $ 3,404 $ 2,494 $ 2,017 $ 7,915 Provision related to current period sales 23,488 5,901 1,514 30,903 Credit or payments made during the period (20,679) (5,759) (235) (26,673) Balance as of December 31, 2022 $ 6,213 $ 2,636 $ 3,296 $ 12,145
Schedule of revenues from product sales disaggregated by customers	Year Ended December 31, 2023 2022 2021 McKesson Specialty Care Distribution Corporation 43% 31% 20% Cardinal Healthcare 25% 19% * ASD Healthcare and Oncology Supply 21% 17% 17% Kissei * 24% * Lilly * * 48%

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of stock-based compensation	Total stock-based compensation expense related to all of our stock-based awards was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Selling, general and administrative $ 6,712 $ 10,217 $ 7,337 Research and development 2,094 2,168 1,700 Restructuring charges — — 449 Total stock-based compensation expense $ 8,806 $ 12,385 $ 9,486
Schedule of option activity under equity incentive plans	Stock Options RSUs Weighted Weighted Weighted Average Shares Available Number of Average Intrinsic Value Number of Grant Date For Grant Shares Exercise Price (in thousands) Shares Fair Value Outstanding as of December 31, 2022 10,612,618 34,696,273 $ 2.74 $ 1,605 1,103,653 $ 2.39 Authorized for grant 5,019,700 Granted (5,669,944) 3,671,800 $ 1.69 1,387,600 $ 1.80 Exercised/Released — (50,161) $ 0.97 (435,006) $ 2.32 Cancelled and forfeited 3,908,921 (4,199,147) $ 3.29 (190,356) $ 2.20 Outstanding as of December 31, 2023 13,871,295 34,118,765 $ 2.56 $ 1,453 1,865,891 $ 1.98 Vested and expected to vest as of December 31, 2023 31,373,765 $ 2.55 $ 1,349 Exercisable as of December 31, 2023 24,378,890 $ 2.70 $ 403
Schedule of stock options by exercise price	Options Outstanding Options Exercisable Weighted-Average Number of Remaining Contractual Weighted-Average Number of Weighted-Average Exercise Price Shares Life (in years) Exercise Price Shares Exercise Price $0.90 - $1.87 6,712,896 8.61 $ 1.43 1,991,518 $ 1.44 $1.96 - $2.11 5,063,237 4.44 $ 2.03 5,063,237 $ 2.03 $2.14 - $2.40 3,940,279 2.89 $ 2.26 3,717,256 $ 2.26 $2.42 - $2.42 5,816,323 6.81 $ 2.42 3,794,160 $ 2.42 $2.44 - $3.54 6,852,637 5.14 $ 3.16 4,473,712 $ 3.06 $3.59 - $4.49 5,542,956 3.95 $ 3.97 5,215,904 $ 3.99 $4.50 - $4.50 190,437 7.29 $ 4.50 123,103 $ 4.50 $0.90 - $4.50 34,118,765 5.56 $ 2.56 24,378,890 $ 2.70
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of weighted-average assumptions relating to options granted	Year Ended December 31, 2023 2022 2021 Risk-free interest rate 3.9 % 2.6 % 1.0 % Expected term (in years) 6.8 6.3 6.4 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 84.0 % 74.8 % 70.5 %
Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of weighted-average assumptions used to calculate fair value of purchase rights granted under Employee Stock Purchase Plan	Year Ended December 31, 2023 2022 2021 Risk-free interest rate * 3.1 % * Expected term (in years) * 1.3 * Dividend yield * 0.0 % * Expected volatility * 121.0 % * Weighted average grant date fair value (dollar per share) * $0.78 *

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2023
INVENTORIES
Schedule of Inventories	The following table summarizes inventories, net (in thousands): As of December 31, 2023 2022 Raw materials $ 4,609 $ 4,555 Work in process 1,876 2,659 Finished goods 1,508 1,904 Total $ 7,993 $ 9,118 Reported as: Inventories $ 5,522 $ 9,118 Other assets 2,471 — Total $ 7,993 $ 9,118

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)	12 Months Ended
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)	Dec. 31, 2023
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Schedule of cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments consisted of the following (in thousands): As of December 31, 2023 2022 Cash $ 8,247 $ 6,264 Money market funds 9,685 4,155 US treasury bills 12,594 5,225 Government-sponsored enterprise securities 11,233 15,796 Corporate bonds and commercial paper 15,174 26,766 $ 56,933 $ 58,206 Reported as: Cash and cash equivalents $ 32,786 $ 24,459 Short-term investments 24,147 33,747 $ 56,933 $ 58,206
Schedule of cash equivalents and short-term investments including securities with unrealized gains and losses	Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands): Gross Gross Amortized Unrealized Unrealized As of December 31, 2023 Cost Gains Losses Fair Value US treasury bills $ 12,591 $ 3 $ — $ 12,594 Government-sponsored enterprise securities 11,230 7 (4) $ 11,233 Corporate bonds and commercial paper 15,172 5 (3) 15,174 Total $ 38,993 $ 15 $ (7) $ 39,001 Gross Gross Amortized Unrealized Unrealized As of December 31, 2022 Cost Gains Losses Fair Value US treasury bills $ 5,251 $ — $ (26) $ 5,225 Government-sponsored enterprise securities 15,882 1 (87) 15,796 Corporate bonds and commercial paper 26,807 — (41) 26,766 Total $ 47,940 $ 1 $ (154) $ 47,787
Schedule of fair value and gross unrealized losses of investments in unrealized loss position	The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands): As of December 31, 2023 Fair Value Unrealized Losses US treasury bills $ 1,000 $ — Government-sponsored enterprise securities 2,980 (4) Corporate bonds and commercial paper 6,561 (3) Total $ 10,541 $ (7)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
FAIR VALUE (Tables)	Dec. 31, 2023
FAIR VALUE
Schedule of financial assets measured at fair value on a recurring basis	Assets at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Money market funds $ 9,685 $ — $ — $ 9,685 US treasury bills — 12,594 — 12,594 Government-sponsored enterprise securities — 11,233 — 11,233 Corporate bonds and commercial paper — 15,174 — 15,174 Total $ 9,685 $ 39,001 $ — $ 48,686 Assets at Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 4,155 $ — $ — $ 4,155 US treasury bills — 5,225 — 5,225 Government-sponsored enterprise securities — 15,796 — 15,796 Corporate bonds and commercial paper — 26,766 — 26,766 Total $ 4,155 $ 47,787 $ — $ 51,942

OTHER BALANCE SHEET COMPONENTS

OTHER BALANCE SHEET COMPONENTS (Tables)	12 Months Ended
OTHER BALANCE SHEET COMPONENTS (Tables)	Dec. 31, 2023
OTHER BALANCE SHEET COMPONENTS
Schedule of property and equipment	Property and equipment consist of the following (in thousands): As of December 31, 2023 2022 Laboratory equipment $ 1,470 $ 7,435 Computer and software 363 2,048 Leasehold improvements, furniture and equipment — 2,107 Others 36 74 Total property and equipment 1,869 11,664 Less accumulated depreciation and amortization (1,704) (10,807) Property and equipment, net $ 165 $ 857
Schedule of intangible assets	Intangible asset consist of the following (in thousands): As of December 31, 2023 2022 Intangible asset cost $ 15,000 $ 15,000 Accumulated amortization (1,122) (51) Intangible asset, net $ 13,878 $ 14,949
Schedule of estimated future amortization expense of intangible asset	The following table presents the estimated future amortization expense of intangible asset (in thousands): For the year ending December 31, 2024 $ 1,071 2025 1,071 2026 1,071 2027 1,071 2028 1,071 Thereafter 8,523 $ 13,878
Schedule of other accrued liabilities	Other accrued liabilities consist of the following (in thousands): As of December 31, 2023 2022 Accrued commercial expenses $ 1,852 $ 3,144 Accrued other expenses 3,482 3,341 Total other accrued liabilities $ 5,334 $ 6,485

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2023
DEBT
Summary of loans payable, net	The following table summarizes loans payable, net (in thousands): As of December 31, 2023 2022 Principal outstanding $ 60,000 $ 40,000 Unamortized debt issuance costs (398) (552) Principal outstanding, net of unamortized debt issuance costs $ 59,602 $ 39,448 Reported as: Loans payable, net, current portion $ 7,229 $ - Long-term portion of loans payable, net 52,373 39,448 $ 59,602 $ 39,448
Schedule of future minimum payments	The following table presents the future minimum principal payments of the outstanding loan as of December 31, 2023 (in thousands): For the year ending December 31, 2024 $ 7,500 2025 30,000 2026 22,500 Principal amount (Tranches 1, 2, 3 and 4) $ 60,000

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2023
LEASES
Schedule of components of operating lease expense	The components of our operating lease expense were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Fixed operating lease expense $ 1,109 $ 5,470 $ 5,360 Variable operating lease expense 134 818 910 Total operating lease expense $ 1,243 $ 6,288 $ 6,270
Schedule of supplemental information related to operating lease	Supplemental information related to our operating lease expense was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cash payments included in the measurement of operating lease liabilities $ 1,534 $ 10,485 $ 10,082
Schedule of operating sublease information	Supplemental information related to our operating sublease was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Fixed sublease expense $ 365 $ 4,381 $ 4,381 Variable sublease expense 77 911 917 Sublease income (442) (5,292) (5,298) Net $ — $ — $ —
Schedule of future minimum lease payments	The following table presents the future minimum lease payments of our operating lease liabilities as of December 31, 2023 (in thousands): For year ending December 31, 2024 $ 739 2025 301 Total minimum payments required $ 1,040

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
INCOME TAXES
Schedule of components of the entity's deferred tax assets	As of December 31, 2023 2022 Deferred tax assets Net operating loss carryforwards $ 229,967 $ 230,373 Orphan drug and research and development credits 62,457 68,646 Capitalized research and development credits 21,017 15,680 Deferred revenue 11,223 11,234 Deferred compensation 10,365 9,620 Lease liabilities 244 504 Other, net 3,654 2,494 Deferred tax liabilities Operating lease right-of-use asset (215) (461) Others (81) (439) Total net deferred tax assets 338,631 337,651 Less: valuation allowance (338,631) (337,651) Deferred tax assets, net of allowance $ — $ —
Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate	Year Ended December 31, 2023 2022 2021 Federal statutory tax rate (21.0) % (21.0) % (21.0) % State, net of federal benefit 0.1 % 0.0 % 2.8 % Valuation allowance 13.9 % 20.2 % 27.5 % Stock compensation 5.3 % 2.5 % 5.6 % Orphan drug and research and development credits 0.2 % (2.6) % (14.0) % Other, net 1.5 % 1.0 % 2.7 % Effective tax rate 0.0 % 0.1 % 3.6 %
Schedule of activity related to the entity's gross unrecognized tax benefits	The following table summarizes the activity related to our gross unrecognized tax benefits (in thousands): Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year $ 9,426 $ 9,186 $ 8,901 Decrease related to prior year tax positions (843) — — Increase related to current year tax positions 89 240 285 Balance at the end of the year $ 8,672 $ 9,426 $ 9,186

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation and Liquidity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of business segments \| segment	1
Cash, cash equivalents and short-term investments \| $	$ 56,933	$ 58,206

DESCRIPTION OF BUSINESS AND S_5

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2023 item
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of homogenous groups for purposes of determining fair values of options	3
Dividend yield (as a percent)	0%

DESCRIPTION OF BUSINESS AND S_6

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Balance at the beginning of the year	$ 136	$ 106	$ 171
Provision for prompt payment discount	686	557	609
Reduction in prompt payment discount	(642)	(527)	(674)
Balance at end of year	$ 180	$ 136	$ 106

DESCRIPTION OF BUSINESS AND S_7

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable	$ 30,550	$ 40,320
Kissei
Accounts receivable		$ 20,000
Accounts Receivable \| Customer Concentration Risk \| Three specialty distributors
Percentage	87%	49%
Accounts Receivable \| Customer Concentration Risk \| US Government and from other collaboration partners
Percentage	13%	51%

DESCRIPTION OF BUSINESS AND S_8

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	Dec. 31, 2023
Minimum
Property and equipment
Estimated useful life	3 years
Maximum
Property and equipment
Estimated useful life	7 years

DESCRIPTION OF BUSINESS AND S_9

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising expense	$ 3.1	$ 2.7	$ 2.3

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares shares in Thousands	12 Months Ended
NET LOSS PER SHARE (Details) - shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive securities excluded from the computation of diluted net loss per share
Total	35,985	35,800	30,235
Employee Stock Option [Member]
Antidilutive securities excluded from the computation of diluted net loss per share
Total	34,119	34,696	30,009
RSUs
Antidilutive securities excluded from the computation of diluted net loss per share
Total	1,866	1,104	226

REVENUES - Disaggregated (Detai

REVENUES - Disaggregated (Details) - USD ($)	12 Months Ended
REVENUES - Disaggregated (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 116,882,000	$ 120,242,000	$ 149,236,000
Gross product sales
Disaggregation of Revenue [Line Items]
Total revenues	147,058,000	108,523,000	81,186,000
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(42,764,000)	(31,805,000)	(18,176,000)
Product sales, net
Disaggregation of Revenue [Line Items]
Total revenues	104,294,000	76,718,000	63,010,000
License revenues
Disaggregation of Revenue [Line Items]
Total revenues		7,932,000	70,553,000
Milestone
Disaggregation of Revenue [Line Items]
Total revenues	75,000	25,000,000	1,875,000
Delivery of drug supplies, royalty and others
Disaggregation of Revenue [Line Items]
Total revenues	11,413,000	6,092,000	3,298,000
Revenues from collaborations
Disaggregation of Revenue [Line Items]
Total revenues	11,488,000	39,024,000	75,726,000
Government contracts
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,100,000	$ 4,500,000	$ 10,500,000

REVENUES - Activity (Details)

REVENUES - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUES - Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance	$ 12,145	$ 7,915
Provision related to current period sales	41,498	30,903	$ 16,800
Credit or payments made during the period	(37,959)	(26,673)
Balance	15,684	12,145	7,915
Other accrued liabilities	5,334	6,485
Accounts receivable and prepaid and other current assets
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Provision related to current period sales	1,300	900	1,400
Chargebacks, Discounts and Fees
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance	6,213	3,404
Provision related to current period sales	32,330	23,488
Credit or payments made during the period	(30,307)	(20,679)
Balance	8,236	6,213	3,404
Government and Other Rebates
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance	2,636	2,494
Provision related to current period sales	8,299	5,901
Credit or payments made during the period	(7,418)	(5,759)
Balance	3,517	2,636	2,494
Returns
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance	3,296	2,017
Provision related to current period sales	869	1,514
Credit or payments made during the period	(234)	(235)
Balance	$ 3,931	$ 3,296	$ 2,017

REVENUES - Percentage by Custom

REVENUES - Percentage by Customer (Details) - Sales - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
McKesson Specialty Care Distribution Corporation
Disaggregation of Revenue [Line Items]
Percentage	43%	31%	20%
Cardinal Healthcare
Disaggregation of Revenue [Line Items]
Percentage	25%	19%
ASD Healthcare and Oncology Supply
Disaggregation of Revenue [Line Items]
Percentage	21%	17%	17%
Kissei
Disaggregation of Revenue [Line Items]
Percentage		24%
Lilly
Disaggregation of Revenue [Line Items]
Percentage			48%

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation expense related to stock-based awards
Total stock-based compensation expense	$ 8,806	$ 12,385	$ 9,486
Incremental stock-based compensation expense	500	1,400	400
Selling, general and administrative
Stock-based compensation expense related to stock-based awards
Total stock-based compensation expense	6,712	10,217	7,337
Research and development
Stock-based compensation expense related to stock-based awards
Total stock-based compensation expense	$ 2,094	$ 2,168	1,700
Restructuring charges
Stock-based compensation expense related to stock-based awards
Total stock-based compensation expense			$ 449

STOCK-BASED COMPENSATION - Plan

STOCK-BASED COMPENSATION - Plans (Details)	1 Months Ended	12 Months Ended
STOCK-BASED COMPENSATION - Plans (Details)	May 31, 2023 shares	Dec. 31, 2023 plan shares
STOCK-BASED COMPENSATION
Number of active equity plans \| plan		2
Employee Stock Option [Member]
STOCK-BASED COMPENSATION
Options exercised during the period (in shares)		50,161
2018 Equity Incentive Plan
STOCK-BASED COMPENSATION
Additional shares approved	4,000,000
2018 Equity Incentive Plan \| Maximum
STOCK-BASED COMPENSATION
Expiration period		10 years
Inducement Plan
STOCK-BASED COMPENSATION
Additional shares approved		1,019,700

STOCK-BASED COMPENSATION - Opti

STOCK-BASED COMPENSATION - Options and RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional disclosures
Total unrecognized compensation costs	$ 10,600
Weighted-average recognition period of unrecognized compensation cost	2 years 5 months 12 days
Employee stock options and Restricted Stock Units
Shares Available For Grant
Outstanding, beginning of period (in shares)	10,612,618
Authorized for grant (in shares)	5,019,700
Granted (in shares)	(5,669,944)
Cancelled and forfeited (in shares)	3,908,921
Outstanding, end of period (in shares)	13,871,295	10,612,618
Employee Stock Option [Member]
Number of Shares
Outstanding, beginning of period (in shares)	34,696,273
Granted (in shares)	3,671,800
Exercised/Released (in shares)	(50,161)
Cancelled and forfeited (in shares)	(4,199,147)
Outstanding, end of period (in shares)	34,118,765	34,696,273
Vested and expected to vest (in shares)	31,373,765
Exercisable (in shares)	24,378,890
Weighted-Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 2.74
Granted (in dollars per share)	1.69
Exercised/Released (in dollars per share)	0.97
Cancelled and forfeited (in dollars per share)	3.29
Outstanding, end of period (in dollars per share)	2.56	$ 2.74
Vested and expected to vest (in dollars per share)	2.55
Exercisable (in dollars per share)	$ 2.70
Weighted Intrinsic Value (in thousands)
Outstanding (in thousands)	$ 1,453	$ 1,605
Vested and Expected to Vest (in thousands)	1,349
Exercisable (in thousands)	$ 403
Number of Shares
Granted (in shares)	3,671,800	8,179,113	6,997,981
Additional disclosures
Number of shares vested	4,346,977	5,280,235	4,765,814
Shares vested, weighted average exercise price	$ 2.34	$ 2.60	$ 2.67
Aggregate intrinsic value of options exercised	$ 20	$ 200	$ 2,100
RSUs
Number of Shares
Outstanding, beginning of period (in shares)	1,103,653
Granted (in shares)	1,387,600
Exercised/Released (in shares)	(435,006)
Cancelled and forfeited (in shares)	(190,356)
Outstanding, end of period (in shares)	1,865,891	1,103,653
Weighted-Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 2.39
Granted (in dollars per share)	1.80
Exercised/Released (in dollars per share)	2.32
Cancelled and forfeited (in dollars per share)	2.20
Outstanding, end of period (in dollars per share)	$ 1.98	$ 2.39
Performance shares
Number of Shares
Outstanding, end of period (in shares)	2,745,000
Additional disclosures
Total unrecognized compensation costs	$ 5,100

STOCK-BASED COMPENSATION - Assu

STOCK-BASED COMPENSATION - Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average assumptions
Dividend yield (as a percent)	0%
Additional disclosures
Total unrecognized compensation costs	$ 10.6
Weighted-average recognition period of unrecognized compensation cost	2 years 5 months 12 days
Purchase Plan
Weighted-average assumptions
Risk-free interest rate (as a percent)		3.10%
Expected term (in years)		1 year 3 months 18 days
Dividend yield (as a percent)		0%
Expected volatility (as a percent)		121%
Weighted-average grant date fair value (in dollars per share)		$ 0.78
Additional disclosures
Weighted-average recognition period of unrecognized compensation cost	5 months 26 days
Employee Stock Option [Member]
Weighted-average assumptions
Risk-free interest rate (as a percent)	3.90%	2.60%	1%
Expected term (in years)	6 years 9 months 18 days	6 years 3 months 18 days	6 years 4 months 24 days
Dividend yield (as a percent)	0%	0%	0%
Expected volatility (as a percent)	84%	74.80%	70.50%
Weighted-average grant date fair value (in dollars per share)	$ 1.28	$ 1.29	$ 2.34

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options by Exercise Price (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	$ 0.90
Range of exercise prices, high end of the range (in dollars per share)	$ 4.50
Options Outstanding
Number of Outstanding Options (in shares)	34,118,765
Weighted-Average Remaining Contractual Life (in years)	5 years 6 months 21 days
Weighted-Average Exercise Price (in dollars per share)	$ 2.56
Options Exercisable
Number of Options (in shares)	24,378,890
Weighted Average Exercise Price (in dollars per share)	$ 2.70
Additional disclosures
Aggregate intrinsic value of stock options vested and expected to vest	$ 1,349
Aggregate intrinsic value of options exercised	$ 20	$ 200	$ 2,100
$0.90 - $1.87
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	$ 0.90
Range of exercise prices, high end of the range (in dollars per share)	$ 1.87
Options Outstanding
Number of Outstanding Options (in shares)	6,712,896
Weighted-Average Remaining Contractual Life (in years)	8 years 7 months 9 days
Weighted-Average Exercise Price (in dollars per share)	$ 1.43
Options Exercisable
Number of Options (in shares)	1,991,518
Weighted Average Exercise Price (in dollars per share)	$ 1.44
$1.96 - $2.11
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	1.96
Range of exercise prices, high end of the range (in dollars per share)	$ 2.11
Options Outstanding
Number of Outstanding Options (in shares)	5,063,237
Weighted-Average Remaining Contractual Life (in years)	4 years 5 months 8 days
Weighted-Average Exercise Price (in dollars per share)	$ 2.03
Options Exercisable
Number of Options (in shares)	5,063,237
Weighted Average Exercise Price (in dollars per share)	$ 2.03
$2.14 - $2.40
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	2.14
Range of exercise prices, high end of the range (in dollars per share)	$ 2.40
Options Outstanding
Number of Outstanding Options (in shares)	3,940,279
Weighted-Average Remaining Contractual Life (in years)	2 years 10 months 20 days
Weighted-Average Exercise Price (in dollars per share)	$ 2.26
Options Exercisable
Number of Options (in shares)	3,717,256
Weighted Average Exercise Price (in dollars per share)	$ 2.26
$2.42 - $2.42
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	2.42
Range of exercise prices, high end of the range (in dollars per share)	$ 2.42
Options Outstanding
Number of Outstanding Options (in shares)	5,816,323
Weighted-Average Remaining Contractual Life (in years)	6 years 9 months 21 days
Weighted-Average Exercise Price (in dollars per share)	$ 2.42
Options Exercisable
Number of Options (in shares)	3,794,160
Weighted Average Exercise Price (in dollars per share)	$ 2.42
$2.44 - $3.54
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	2.44
Range of exercise prices, high end of the range (in dollars per share)	$ 3.54
Options Outstanding
Number of Outstanding Options (in shares)	6,852,637
Weighted-Average Remaining Contractual Life (in years)	5 years 1 month 20 days
Weighted-Average Exercise Price (in dollars per share)	$ 3.16
Options Exercisable
Number of Options (in shares)	4,473,712
Weighted Average Exercise Price (in dollars per share)	$ 3.06
$3.59 - $4.49
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	3.59
Range of exercise prices, high end of the range (in dollars per share)	$ 4.49
Options Outstanding
Number of Outstanding Options (in shares)	5,542,956
Weighted-Average Remaining Contractual Life (in years)	3 years 11 months 12 days
Weighted-Average Exercise Price (in dollars per share)	$ 3.97
Options Exercisable
Number of Options (in shares)	5,215,904
Weighted Average Exercise Price (in dollars per share)	$ 3.99
$4.50 - $4.50
Stock options by exercise price
Range of exercise prices, low end of the range (in dollars per share)	4.50
Range of exercise prices, high end of the range (in dollars per share)	$ 4.50
Options Outstanding
Number of Outstanding Options (in shares)	190,437
Weighted-Average Remaining Contractual Life (in years)	7 years 3 months 14 days
Weighted-Average Exercise Price (in dollars per share)	$ 4.50
Options Exercisable
Number of Options (in shares)	123,103
Weighted Average Exercise Price (in dollars per share)	$ 4.50

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Stock Based Compensation
Weighted-average recognition period of unrecognized compensation cost	2 years 5 months 12 days
Purchase Plan
Stock Based Compensation
Purchase price expressed as a percentage of fair market value of common stock on the first day of the offering period	85%
Purchase price expressed as a percentage of fair market value of common stock on the purchase date	85%
Number of shares of common stock issued	941,798	1,146,851	932,018
Average price of shares issued (in dollars per share) \| $ / shares	1.06	1.01	1.51
Number of shares of common stock available for future issuance	2,495,835
Award offering period		24 months
Unrecognized compensation cost related to purchase plan \| $	$ 0.1
Weighted-average recognition period of unrecognized compensation cost	5 months 26 days

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES
Raw Materials	$ 4,609	$ 4,555
Work in process	1,876	2,659
Finished goods	1,508	1,904
Reported as:
Inventories	5,522	9,118
Other assets	2,471
Total	7,993	9,118
Advance payments for raw materials	$ 0	$ 800

CASH, CASH EQUIVALENTS AND SH_3

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Cash, cash equivalent and short term investments
Cash and cash equivalents	$ 32,786	$ 24,459
Short-term Investments	24,147	33,747
Cash, cash equivalents and short-term investments	56,933	58,206
Available-For-Sale Securities Reconciliation
Amortized Cost	38,993	47,940
Fair Value	$ 39,001	$ 47,787
Weighted-average time to maturity of cash equivalents and available-for-sale securities	82 days	89 days
Number of investments in continuous unrealized loss position for more than 12 months \| security	0
Fair value and gross unrealized losses of investments in individual securities in unrealized loss position
Number of individual securities in unrealized loss position for 12 months or less \| security	10
Fair Value	$ 10,541
Unrealized Losses	(7)
Money market funds
Cash, cash equivalent and short term investments
Cash, cash equivalents and short-term investments	9,685	$ 4,155
US treasury bills
Cash, cash equivalent and short term investments
Cash, cash equivalents and short-term investments	12,594	5,225
Available-For-Sale Securities Reconciliation
Amortized Cost	12,591	5,251
Fair Value	12,594	5,225
Fair value and gross unrealized losses of investments in individual securities in unrealized loss position
Fair Value	1,000
Government-sponsored enterprise securities
Cash, cash equivalent and short term investments
Cash, cash equivalents and short-term investments	11,233	15,796
Available-For-Sale Securities Reconciliation
Amortized Cost	11,230	15,882
Fair Value	11,233	15,796
Fair value and gross unrealized losses of investments in individual securities in unrealized loss position
Fair Value	2,980
Unrealized Losses	(4)
Corporate bonds and commercial paper
Cash, cash equivalent and short term investments
Cash, cash equivalents and short-term investments	15,174	26,766
Available-For-Sale Securities Reconciliation
Amortized Cost	15,172	26,807
Fair Value	15,174	26,766
Fair value and gross unrealized losses of investments in individual securities in unrealized loss position
Fair Value	6,561
Unrealized Losses	(3)
Gross Unrealized Gains
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)	15	1
Gross Unrealized Gains \| US treasury bills
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)	3
Gross Unrealized Gains \| Government-sponsored enterprise securities
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)	7	1
Gross Unrealized Gains \| Corporate bonds and commercial paper
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)	5
Gross Unrealized Losses
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)	(7)	(154)
Gross Unrealized Losses \| US treasury bills
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)		(26)
Gross Unrealized Losses \| Government-sponsored enterprise securities
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)	(4)	(87)
Gross Unrealized Losses \| Corporate bonds and commercial paper
Available-For-Sale Securities Reconciliation
Gross Unrealized Gains (Losses)	(3)	(41)
Cash
Cash, cash equivalent and short term investments
Cash, cash equivalents and short-term investments	$ 8,247	$ 6,264

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Investments at fair value	$ 39,001	$ 47,787
Fair Value Measurements Recurring
Fair Value
Investments at fair value	48,686	51,942
Fair Value Measurements Recurring \| Money market funds
Fair Value
Investments at fair value	9,685	4,155
Fair Value Measurements Recurring \| US treasury bills
Fair Value
Investments at fair value	12,594	5,225
Fair Value Measurements Recurring \| Government-sponsored enterprise securities
Fair Value
Investments at fair value	11,233	15,796
Fair Value Measurements Recurring \| Corporate bonds and commercial paper
Fair Value
Investments at fair value	15,174	26,766
Fair Value Measurements Recurring \| Level 1
Fair Value
Investments at fair value	9,685	4,155
Fair Value Measurements Recurring \| Level 1 \| Money market funds
Fair Value
Investments at fair value	9,685	4,155
Fair Value Measurements Recurring \| Level 2
Fair Value
Investments at fair value	39,001	47,787
Fair Value Measurements Recurring \| Level 2 \| US treasury bills
Fair Value
Investments at fair value	12,594	5,225
Fair Value Measurements Recurring \| Level 2 \| Government-sponsored enterprise securities
Fair Value
Investments at fair value	11,233	15,796
Fair Value Measurements Recurring \| Level 2 \| Corporate bonds and commercial paper
Fair Value
Investments at fair value	$ 15,174	$ 26,766

OTHER BALANCE SHEET COMPONENT_2

OTHER BALANCE SHEET COMPONENTS - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY AND EQUIPMENT
Total property and equipment	$ 1,869	$ 11,664
Less accumulated depreciation and amortization	(1,704)	(10,807)
Property and equipment, net	165	857
Depreciation and amortization expense	200	900	$ 1,200
Laboratory equipment
PROPERTY AND EQUIPMENT
Total property and equipment	1,470	7,435
Computer and software
PROPERTY AND EQUIPMENT
Total property and equipment	363	2,048
Leasehold improvements, furniture and equipment
PROPERTY AND EQUIPMENT
Total property and equipment		2,107
Others
PROPERTY AND EQUIPMENT
Total property and equipment	$ 36	$ 74

OTHER BALANCE SHEET COMPONENT_3

OTHER BALANCE SHEET COMPONENTS - Intangible Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OTHER BALANCE SHEET COMPONENTS
Intangible asset cost	$ 15,000	$ 15,000
Accumulated amortization	(1,122)	(51)
Intangible asset, net	$ 13,878	14,949
Estimated useful life	14 years
Amortization expense	$ 1,100	$ 100

OTHER BALANCE SHEET COMPONENT_4

OTHER BALANCE SHEET COMPONENTS - Estimated Future Amortization Expense Of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER BALANCE SHEET COMPONENTS
2024	$ 1,071
2025	1,071
2026	1,071
2027	1,071
2028	1,071
Thereafter	8,523
Intangible asset, net	$ 13,878	$ 14,949

OTHER BALANCE SHEET COMPONENT_5

OTHER BALANCE SHEET COMPONENTS - Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER BALANCE SHEET COMPONENTS
Accrued commercial expenses	$ 1,852	$ 3,144
Accrued other expenses	3,482	3,341
Total other accrued liabilities	$ 5,334	$ 6,485

Debt (Summary of Loans Payable)

Debt (Summary of Loans Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEBT
Principal outstanding	$ 60,000	$ 40,000
Unamortized debt issuance costs	(398)	(552)
Principal outstanding, net of unamortized debt issuance costs	59,602	39,448
Reported as:
Loans payable, net, current portion	7,229
Long-term portion of loans payable, net	52,373	39,448
Total	$ 59,602	$ 39,448

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 6,872	$ 3,707	$ 4,860
Accrued interest	1,500	800
Credit Facility with MidCap
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 60,000
Final payment fee, percentage of principal	2.50%
Outstanding balance	$ 60,000
Debt issuance costs being amortized ratably	400
Interest expense	$ 6,800	$ 3,000	$ 1,700
Credit Facility with MidCap \| SOFR
Debt Instrument [Line Items]
Rate adjustment	0.11448%
Basis spread on variable rate	5.65%
Floor rate	1.50%
Credit Facility with MidCap \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	5.65%
Floor rate	1.50%
Credit Facility with MidCap \| Tranche 1
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000
Credit Facility with MidCap \| Tranche 2
Debt Instrument [Line Items]
Maximum borrowing capacity	10,000
Credit Facility with MidCap \| Tranche 3
Debt Instrument [Line Items]
Maximum borrowing capacity	10,000
Credit Facility with MidCap \| Tranche 4
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000
Credit Facility with MidCap \| Tranche 5
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 20,000

DEBT - Future Minimum Payments

DEBT - Future Minimum Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future minimum payments
2025	$ 7,500
2026	30,000
2027	22,500
Principal amount (Tranches 1, 2, 3 and 4)	$ 60,000

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Sublease Agreement
Right-of-use assets	$ 861	$ 1,930
Weighted average remaining lease term	1 year 5 months 1 day

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Fixed operating lease expense	$ 1,109	$ 5,470	$ 5,360
Variable operating lease expense	134	818	910
Total operating lease expense	$ 1,243	$ 6,288	$ 6,270

LEASES - Cash Flow Information

LEASES - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Cash payments included in the measurement of operating lease liabilities	$ 1,534	$ 10,485	$ 10,082

LEASES - Sublease Information (

LEASES - Sublease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating sublease information
Fixed sublease expense	$ 365	$ 4,381	$ 4,381
Variable sublease expense	77	911	917
Sublease income	(442)	(5,292)	(5,298)
Net

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Lease
2024	$ 739
2025	301
Total minimum payments required	$ 1,040

STOCKHOLDERS' EQUITY - Preferre

STOCKHOLDERS' EQUITY - Preferred Stock (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Preferred Stock
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock and Sale Agreement (Details) - USD ($) $ in Millions		12 Months Ended
	May 03, 2022	Dec. 31, 2023	Dec. 31, 2022	May 18, 2018
Controlled Equity Offering
Authorized number of shares of common stock		400,000,000	400,000,000
Common stock, shares issued		174,825,610	173,398,645
Common stock, shares outstanding		174,825,610	173,398,645
Open Market Sales Agreement
Controlled Equity Offering
Maximum value of shares available under Equity Offering	$ 250
Common Stock
Controlled Equity Offering
Authorized number of shares of common stock				400,000,000
Common Stock \| Open Market Sales Agreement
Controlled Equity Offering
Maximum value of shares available under Equity Offering	$ 100
Number of shares of common stock sold (in shares)		0

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) $ in Thousands	12 Months Ended
INCOME TAXES - Provision (Details) $ in Thousands	Dec. 31, 2021 USD ($)
INCOME TAXES
Provision for income taxes	$ 605

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Net operating loss carryforwards	$ 229,967	$ 230,373
Orphan drug and research and development credits	62,457	68,646
Capitalized research and development credits	21,017	15,680
Deferred revenue	11,223	11,234
Deferred compensation	10,365	9,620
Lease liabilities	244	504
Other, net	3,654	2,494
Deferred tax liabilities
Operating lease right-of-use asset	(215)	(461)
Others	(81)	(439)
Total net deferred tax assets	338,631	337,651
Less: valuation allowance	(338,631)	(337,651)
Deferred tax assets, net of allowance
Reconciliation of the statutory federal income tax rate to the effective tax rate
Federal statutory tax rate (as a percent)	(21.00%)	(21.00%)	(21.00%)
State, net of federal benefit (as a percent)	0.10%	0%	2.80%
Valuation allowance (as a percent)	13.90%	20.20%	27.50%
Stock compensation (as a percent)	5.30%	2.50%	5.60%
Orphan drug and research and development credits (as a percent)	0.20%	(2.60%)	(14.00%)
Other, net (as a percent)	1.50%	1%	2.70%
Effective tax rate (as a percent)	0%	0.10%	3.60%

INCOME TAXES - Operating Loss C

INCOME TAXES - Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2023 USD ($)
Federal
Operating loss carryforwards
Net operating loss carryforwards	$ 972.6
Federal \| Expire beginning in the year 2025
Operating loss carryforwards
Net operating loss carryforwards	833.8
State
Operating loss carryforwards
Net operating loss carryforwards	$ 388.5

INCOME TAXES - Tax Credits (Det

INCOME TAXES - Tax Credits (Details) - Research [Member] $ in Millions	Dec. 31, 2023 USD ($)
Federal
Tax credit carryforward
Amount of tax credit carryforward	$ 45.1
State
Tax credit carryforward
Amount of tax credit carryforward	$ 31.8

INCOME TAXES - Valuation Allowa

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Increase in valuation allowance	$ 1	$ 15.3	$ 6.6

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross unrecognized tax benefits
Balance at the beginning of the year	$ 9,426	$ 9,186	$ 8,901
Decrease related to prior year tax positions	(843)
Increase related to current year tax positions	89	240	285
Balance at the end of the year	8,672	$ 9,426	$ 9,186
Unrecognized tax benefits decrease, evaluation of prior orphan drug credits	4,700
Tax positions subject to interest or penalties	$ 0

RESTRUCTURING CHARGES (Details)

RESTRUCTURING CHARGES (Details) - USD ($) $ in Thousands	12 Months Ended
RESTRUCTURING CHARGES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Restructuring Charges
Restructuring charges	$ 1,320	$ 3,521
Severance, bonus and related employee benefits and taxes
Restructuring Charges
Restructuring charges		2,900
Accrued restructuring liability	$ 500
Stock-based compensation expense related to option modification
Restructuring Charges
Restructuring charges		400
Property and equipment impairment
Restructuring Charges
Restructuring charges		$ 100

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - GAVRETO (pralsetinib) - Blueprint $ in Millions	Feb. 22, 2024 USD ($)
Subsequent Event [Line Items]
Asset acquisition, expected price	$ 15
Minimum
Subsequent Event [Line Items]
Potential tiered royalties (as a percentage)	10%
Maximum
Subsequent Event [Line Items]
Potential tiered royalties (as a percentage)	30%
First commercial sale
Subsequent Event [Line Items]
Asset acquisition, expected price	$ 10
First anniversary of the closing date
Subsequent Event [Line Items]
Asset acquisition, expected price	5
Commercial milestones
Subsequent Event [Line Items]
Potential milestone payments	97.5
Regulatory milestones
Subsequent Event [Line Items]
Potential milestone payments	$ 5

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (25,091)	$ (58,573)	$ (17,914)

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SPONSORED RESEARCH AND LICENSE AGREEMENTS AND GOVERNMENT CONTRACT	12 Months Ended
	Dec. 31, 2023
SPONSORED RESEARCH AND LICENSE AGREEMENTS AND GOVERNMENT CONTRACT
SPONSORED RESEARCH AND LICENSE AGREEMENTS AND GOVERNMENT CONTRACT	4. SPONSORED RESEARCH AND LICENSE AGREEMENTS AND GOVERNMENT CONTRACTS Sponsored Research and License Agreements We conduct research and development programs independently and in connection with our corporate collaborators. As of December 31, 2023, we are a party to collaboration agreements with Lilly to develop and commercialize R552, a RIPK1 inhibitor, for the treatment of non-CNS diseases and collaboration aimed at developing additional RIPK1 inhibitors for the treatment of CNS diseases; with Grifols to commercialize fostamatinib for human diseases in all indications, including chronic ITP and AIHA, in Grifols territory which includes Europe, the UK, Turkey, the Middle East, North Africa and Russia (including Commonwealth of Independent States); with Kissei to develop and commercialize fostamatinib in Kissei territory which includes Japan, China, Taiwan and the Republic of Korea; with Medison to commercialize fostamatinib in all indications, including chronic ITP and AIHA, in Medison territory which includes Canada and Israel; and with Knight to commercialize fostamatinib in all indications, including chronic ITP and AIHA, in Knight territory which includes Latin America, consisting of Mexico, Central and South America, and the Caribbean. Further, we are also a party to collaboration agreements, but do not have ongoing performance obligations with BerGenBio for the development and commercialization of AXL inhibitors in oncology, and with Daiichi to pursue research related to MDM2 inhibitors, a novel class of drug targets called ligases. Global Exclusive License Agreement with Lilly We have a global exclusive license and collaboration agreement with Lilly (Lilly Agreement) entered in February 2021, which became effective on March 27, 2021, upon clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, to develop and commercialize R552 for the treatment of non-CNS diseases. In addition, the collaboration is aimed at developing additional RIPK1 inhibitors for the treatment of CNS diseases. Pursuant to the terms of the Lilly agreement, we granted Lilly the exclusive rights to develop and commercialize R552 and related RIPK1 inhibitors in all indications worldwide. The parties’ collaboration is governed through a joint governance committee and appropriate subcommittees. Under the terms of Lilly Agreement, we were entitled to receive a non-refundable and non-creditable upfront cash payment amounting to $125.0 million, which we received in April 2021. We are also entitled to additional milestone payments for non-CNS disease products consisting of up to $330.0 million milestone payments upon the achievement of specified development and regulatory milestones, and up to $100.0 million in sales milestone payments on a product-by-product basis. In addition, depending on the extent of our co-funding of R552 development activities, we would be entitled to receive tiered royalty payments on net sales of non-CNS disease products at percentages ranging from the mid-single digits to high-teens, subject to certain standard reductions and offsets. We are also eligible to receive milestone payments for CNS disease products consisting of up to $255.0 million in milestone payments upon the achievement of specified development, regulatory and commercial milestones, and up to $150.0 million in sales milestone payments on a product-by-product basis. We would be entitled to receive tiered royalty payments on net sales of CNS disease products up to low-double digits, subject to certain standard reductions and offsets. Under the Lilly Agreement, we are responsible for performing and funding initial discovery and identification of CNS disease development candidates. Following candidate selection, Lilly will be responsible for performing and funding all future development and commercialization of the CNS disease development candidates. We are responsible for 20% of development costs for R552 in the US, Europe, and Japan, up to a specified cap. Lilly is responsible for funding the remainder of all development activities for R552 and other non-CNS disease development candidates. Pursuant to the terms of the Lilly Agreement, we have the right to opt-out of co-funding the R552 development activities in the US, Europe and Japan at two different specified times and as a result receive lesser royalties from sales. Prior to us providing our first opt-out notice and the amendment to the Lilly Agreement as discussed below, under the Lilly Agreement, we were required to fund our share of the R552 development activities in the US, Europe, and Japan up to a maximum funding commitment of $65.0 million through April 1, 2024. On September 28, 2023, we entered into an amendment to the Lilly Agreement which provided, among others that if we exercise our first opt-out right, we have the right to opt-in to the co-funding of R552 development, upon us providing notice to Lilly within 30 days of certain events as specified in the Lilly Agreement, and as a result receive greater royalties from sales. If we decide to exercise our opt-in right, we will be required to continue to share in global development costs, and if we later exercise our second opt-out right (no later than April 1, 2025), our share in global development costs will be up to a specified cap through December 31, 2025, as provided for in the Lilly Agreement. On September 29, 2023, we provided the first opt-out notice to Lilly. We continue to fund our share of the R552 development activities up to $22.6 million through April 1, 2024, as provided for in the amended Lilly Agreement. We accounted for this agreement under ASC 606 and identified the following distinct performance obligations at inception of the agreement: (a) granting of the license rights over the non-CNS penetrant intellectual property (IP), and (b) granting of the license rights over the CNS penetrant IP which will be delivered to Lilly upon completion of the additional research and development efforts specified in the agreement. We concluded each of these performance obligations is distinct. We based our assessment on the assumption that Lilly can benefit from each of the licenses on its own by developing and commercializing the underlying product using its own resources. At the inception of the Lilly Agreement, given our rights to opt-out from the development of R552, we believed at the minimum, we had a commitment to fund the development costs up to $65.0 million as discussed above. We considered this commitment to fund the development costs as a significant financing component of the contract, which we accounted for as a reduction of the upfront fee to derive the transaction price. This financing component was recorded as a liability at its net present value of approximately $57.9 million using a 6.4% discount rate. Interest expense is accreted on such liability over the expected commitment period and adjusted for timing of expected cost share payments. No interest, $0.7 million and $2.8 million of interest, was accreted during the year ended December 31, 2023, 2022 and 2021, respectively. Through December 31, 2023, Lilly billed us $18.6 million for our share of development costs under this agreement, of which, $0.8 million was outstanding as of December 31, 2023 and was subsequently paid in January 2024. As of December 31, 2023 and 2022, the outstanding financing liability to Lilly was $43.6 million and $46.2 million, respectively, and included within other long-term liabilities, current portion, and other long-term liabilities in the balance sheet. As discussed above, following the amendment to the Lilly Agreement and us providing the first opt-out notice to Lilly, our cumulative share of the R552 development cost is now capped at $22.6 million through April 1, 2024. Although our cumulative share of the development cost is now at the specified cap that is less than our outstanding recorded liability at the balance sheet date, such excess amount has not been recognized as revenue because we cannot conclude that it is probable that a significant reversal of the amount of revenue, if recognized, will not occur until the likelihood of us exercising our opt-in right becomes remote, or when the opt-in right period lapses. At the inception, we allocated the net transaction price of $67.1 million to each performance obligation based on our best estimate of its relative standalone selling price using the adjusted market assessment approach. The transaction price allocated to the non-CNS penetrant IP of $60.4 million was recognized as revenue in the year ended December 31, 2021 upon delivery of the non-CNS penetrant IP to Lilly in the first quarter of 2021. The transaction price allocated to the CNS penetrant IP of $6.7 million was recognized as revenue from the effective date of the Lilly Agreement through the eventual acceptance by Lilly using the input method. In June 2022, Lilly provided notice of continuance pursuant to the terms of the Lilly Agreement, whereby Lilly elected its option to lead the identification and selection of CNS penetrant lead candidate. As such, we recognized the remaining outstanding deferred revenue in the second quarter of 2022. For the year ended December 31, 2022 and 2021, we recognized revenue of $0.5 million and $6.2 million, respectively, relative to the delivery of CNS penetrant IP. Further, we recognized additional $0.2 million of revenue relative to a separate delivery of CNS compound to Lilly during the year ended December 31, 2022. The remaining future variable consideration related to future milestone payments as discussed above were fully constrained because we cannot conclude that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur, given the inherent uncertainty of success with these future milestones. For sales-based milestones and royalties, we determined that the license is the predominant item to which the royalties or sales-based milestones relate. Accordingly, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). We will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Grifols License Agreement We have a commercialization license agreement with Grifols entered in January 2019 with exclusive rights to commercialize fostamatinib for human diseases, including chronic ITP and AIHA, and non-exclusive rights to develop, fostamatinib in Grifols territory. Under the agreement, we received an upfront payment of $30.0 million, with the potential for $297.5 million in total regulatory and commercial milestones. We are also entitled to receive stepped double-digit royalty payments based on tiered net sales which may reach 30% of net sales. The agreement also required us to continue to conduct our long-term open-label extension study on patients with ITP through EMA approval of ITP in Europe or until the study ends as well as conduct the Phase 3 trial of fostamatinib in AIHA. In January 2020, the EC granted a centralized MA for fostamatinib valid throughout the EU, and in the UK after the departure of the UK from the EU, for the treatment of chronic ITP in adult patients who are refractory to other treatments. With this approval, in February 2020, we received $20.0 million non-refundable payment, consisted of a $17.5 million payment due upon MAA approval by the EMA of fostamatinib for the first indication and a $2.5 million creditable advance royalty payment, based on the terms of our collaboration agreement with Grifols. The above milestone payment was allocated to the distinct performance obligations in the collaboration agreement with Grifols. We accounted for this agreement under ASC 606 and identified the following distinct performance obligations at inception of the agreement: (a) granting of the license, (b) performance of research and regulatory services related to our ongoing long-term open-label extension study on patients with ITP, and (c) performance of research services related to our Phase 3 trial in AIHA. We allocated the transaction price to the distinct performance obligations based on our best estimate of the relative standalone selling price, and recognized the corresponding revenue in the periods we satisfied the performance obligations. As of December 31, 2023, there was no outstanding deferred revenue. For the years ended December 31, 2023, 2022 and 2021, we recognized an immaterial amount, $0.7 million, $0.9 million, respectively, of revenue associated with the remaining performance obligation to perform research and development services. The remaining future variable consideration related to future regulatory and commercial milestones were fully constrained due to the fact that it was probable that a significant reversal of cumulative revenue would occur, given the inherent uncertainty of success with these future milestones. We are recognizing revenues related the research and regulatory services throughout the term of the respective clinical programs using the input method. For sales-based milestones and royalties, we determined that the license is the predominant item to which the royalties or sales-based milestones relate. Accordingly, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). We will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. We have a Commercial Supply Agreement with Grifols entered in October 2020 to supply and sell our drug product priced at a certain markup specified in the agreement, in quantities Grifols shall order from us pursuant to and in accordance with the agreement. For the years ended December 31, 2023, 2022, and 2021, we recognized $5.6 million, $1.6 million and $2.0 million, respectively, of revenue related to delivery of drug supply to Grifols. Pursuant to our commercial license agreement with Grifols, we began recognizing royalty revenue beginning in the third quarter of 2022, and included such amounts within contract revenues from collaboration. For the years ended December 31, 2023 and 2022, we recognized $3.2 million and $0.7 million, respectively, of royalty revenue. Kissei License Agreement We have an exclusive license and supply agreement with Kissei to develop and commercialize fostamatinib in all current and potential indications in Kissei territory. Kissei is responsible for performing and funding all development activities for fostamatinib in Kissei territories. We received an upfront cash payment of $33.0 million, with the potential for up to an additional $147.0 million in development, regulatory and commercial milestone payments, and will receive mid- to upper twenty percent, tiered, escalated net sales-based payments for the supply of fostamatinib. Under the agreement, we granted Kissei the license rights to fostamatinib in Kissei territory and are obligated to supply Kissei with drug product for use in clinical trials and pre-commercialization activities. We are also responsible for the manufacture and supply of fostamatinib for all future development and commercialization activities under the agreement. We accounted for this agreement under ASC 606 and identified the following distinct performance obligations at inception of the agreement: (a) granting of the license, (b) supply of fostamatinib for clinical use and (c) material right associated with discounted fostamatinib that is supplied for use other than clinical or commercial. In addition, we will provide commercial product supply if the product is approved in the licensed territory. We concluded that each of these performance obligations is distinct. We determined that the upfront fee of $33.0 million represented the transaction price and was allocated to the performance obligations based on our best estimate of the relative standalone selling price and recognized the corresponding revenue in the period we satisfied the performance obligations. As of December 31, 2023 and 2022, the remaining deferred revenue was related to the material right associated with discounted fostamatinib supply which amounted to $1.4 million. There were no material revenue recognized associated with the remaining performance obligation during the years ended December 31, 2023, 2022 and 2021. In April 2022, Kissei announced that an NDA was submitted to Japan’s PMDA for fostamatinib in chronic ITP. With this milestone event, we received $5.0 December 31, 2022 2023 . The remaining variable consideration related to future development and regulatory milestones was fully constrained because we cannot conclude that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, given the inherent uncertainty of success with these future milestones. We recognize revenues related to the supply of fostamatinib and material right upon delivery of fostamatinib to Kissei. For sales-based milestones and royalties, we determined that the license is the predominant item to which the royalties or sales-based milestones relate to. Accordingly, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). We re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Pursuant to our supply agreement with Kissei, during the years ended December 31, 2023, 2022 and 2021, we recognized $2.2 million, $2.6 million, and $0.3 million, respectively, of revenue related to delivery of drug supplies to Kissei. Medison Commercial and License Agreements We have two exclusive commercial and license agreements with Medison entered in October 2019 for the commercialization of fostamatinib for chronic ITP in Medison territory. Pursuant to which, we received a $5.0 million upfront payment with respect to the agreement in Canada. We accounted for the agreement made with an upfront payment under ASC 606 and identified the following combined performance obligations at inception of the agreement: (a) granting of the license and (b) obtaining regulatory approval in Canada of fostamatinib in ITP. We determined that the non-refundable upfront fee represented the transaction price. However, under the agreement, we have the option to buy back all rights to the product in Canada within six months from obtaining regulatory approval for the treatment of AIHA in Canada. The buyback option precludes us from transferring control of the license to Medison under ASC 606. We believe that the buyback provision, if exercised, will require us to repurchase the license at an amount equal to or more than the upfront fee. As such this arrangement is accounted for as a financing arrangement. Interest expense was accreted on such liability over the expected buyback period. We also billed Medison for the delivery of drug supplies for clinical use which we deferred and included within the outstanding financing liability considering the buy-back provision. The decision to exercise the buyback option is dependent on many factors including management’s cost and benefit assessment and the success of obtaining regulatory approval for the treatment of AIHA in Canada. In June 2022, we reported the top-line results from our Phase 3 trial of fostamatinib in wAIHA which showed that the trial did not demonstrate statistical significance in the primary efficacy endpoint in the overall study population. We also announced in early October 2022 that filing an sNDA for wAIHA indication was remote considering the top-line data results and the guidance received from the FDA. With these developments, we assessed our options path forward, including our buyback option right with regards to the Medison license agreement. Based on management’s assessment, it was concluded that exercising the buyback option right is remote. As such, we relieved the outstanding financing liability to Medison amounting to $5.7 million in the fourth quarter of 2022 and recognized such amount as collaboration revenue in accordance with ASC 606 in the year ended December 31, 2022. No remaining outstanding financing liability from Medison as of December 31, 2023 and 2022 During the year ended December 31, 2023, we recognized $0.5 million of revenue from Medison related to the delivery of drug supplies, royalty revenue, and a milestone pursuant to the commercial and license agreement. Revenue from Medison of $5.7 million during the year ended December 31, 2022 was related to the release of financing liability as discussed above. During the year ended December 31, 2021, we recognized $0.1 million of revenue from Medison related to achievement of certain milestones. Knight Commercial License and Supply Agreement We have commercial license and supply agreements with Knight entered in May 2022 for the commercialization of fostamatinib for approved indications in Knight territory. Pursuant to such commercial license agreement, we received a $2.0 million one-time, non-refundable, and non-creditable upfront payment, with potential for up to an additional $20.0 million in regulatory and sales-based commercial milestone payments, and will receive twenty- to mid-thirty percent, tiered, escalated net-sales based royalty payments for products sold in the Knight territory. We accounted for this agreement under ASC 606 and identified that the upfront payment was a consideration for granting Knight the license to commercialize fostamatinib for approved indication in the Knight territory, and no further material deliverables associated to such upfront payment. As such, we recognized the upfront payment as revenue during the year ended December 31, 2022 circumstances occur. We are also responsible for the exclusive manufacture and supply of fostamatinib for all future development and commercialization activities under the agreement. Daiichi Collaboration Agreement Pursuant to the Amended Collaboration Agreement entered in April 2005 with Daiichi, during the year ended December 31, 2021, we recognized $1.8 million of revenue related to the achievement of a certain milestone. All deliverables under the agreement had been previously delivered, and as such the revenue was recognized in the period such milestone was achieved. Other license agreements In February 2021, we entered into a non-exclusive license agreement with an unrelated third party whereby we granted such unrelated third-party rights to a certain patent. In consideration for the license rights granted, we received a one-time fee of $4.0 million. All the deliverables under the agreement had been delivered and the one-time fee was recognized as revenue Government Contracts DOD In January 2021, we were awarded up to $16.5 million by the DOD to support our ongoing Phase 3 clinical trial to evaluate the safety and efficacy of fostamatinib for the treatment of hospitalized high-risk patients with COVID-19. For the years ended December 31, 2023, 2022 and 2021, we recognized $1.0 million, $4.5 million and $10.5 million, respectively, of revenue related to this grant. Through December 31, 2023, we received $16.0 million of the award. BARDA In August 2023, we were awarded up to $0.8 million by BARDA for our evaluation of fostamatinib in mitigating the impact of long-term respiratory distress. For the year ended December 31, 2023, we recognized $0.1 million of revenue related to this grant. License and Transition Services Agreement with Forma We have a license and transition services agreement with Forma entered in July 2022, for an exclusive license to develop, manufacture and commercialize olutasidenib, a proprietary inhibitor of mutated IDH1 (mIDH1), for any uses worldwide, including for the treatment of AML and other malignancies. Forma became a wholly owned subsidiary of Novo Nordisk following the closing of its acquisition by Novo Nordisk in October 2022. Pursuant to the terms of the license and transition services agreement, we paid an upfront fee of $2.0 million, with the potential to pay up to $67.5 million of additional payments upon achievement of specified development and regulatory milestones and up to $165.5 million of additional payments upon achievement of certain commercial milestones. In addition, subject to the terms and conditions of the license and transition services agreement, Forma would be entitled to tiered royalty payments on net sales of licensed products at percentages ranging from low-teens to mid-thirties, as well as certain portion of our sublicensing revenue, subject to certain standard reductions and offsets. The transaction was accounted for as an acquisition of asset under ASC 730, Research and Development At the acquisition date, we accounted for the upfront fee of $2.0 million Under the accounting guidance, we account for contingent cash payments when it is probable that a liability is incurred and the amount can be reasonably estimated. We account for m at the commercial stage, are recorded as intangible asset when the event requiring payment of the milestones occurs. Prior to the FDA approval of REZLIDHIA in December 2022, we achieved certain regulatory milestone which entitled Forma to receive a $2.5 million milestone payment. Because such milestone payment obligation was incurred prior to a regulatory approval of an indication associated with the acquired licensed asset, we recorded such amount as research and development expense during the year ended December 31, 2022. On December 1, 2022, the FDA approved REZLIDHIA capsules for the treatment of adult patients with R/R AML with susceptible IDH1 mutations as detected by an FDA-approved test. Following the FDA approval, we launched REZLIDHIA and made first shipments of the product to our customers in December 2022. With this FDA approval and first commercial sale of the product, Forma was entitled to receive a total of $15.0 million in milestone payments. Since such milestone payment obligations were incurred upon and after regulatory approval of the product, we recorded such amount as intangible asset on our balance sheet. Such amount was outstanding as of December 31, 2022 and included within accounts payable in our balance sheet, which was subsequently paid in the first quarter of 2023. The amount recorded as intangible asset is being amortized over the estimated useful life of the acquired licensed asset. Royalty expense related to the acquired licensed asset is recognized when incurred. For the year ended December 31, 2023 and 2022, we recognized $1.1 million and $0.1 million, respectively, of amortization of intangible asset, and $1.6 million and $0.1 million, respectively, of royalty expense related to the license and transition services agreement as discussed above. Such costs were included within cost of sales in our statements of operations. Strategic Development Collaborations with MD Anderson and CONNECT In December 2023, we entered into a Strategic Collaboration Agreement with MD Anderson, a comprehensive cancer research, treatment, and prevention center. The collaboration will expand our evaluation of REZLIDHIA (olutasidenib) in AML and other hematologic cancers. Under the collaboration, we will provide MD Anderson the study materials and $15.0 million in time-based milestone payments as compensation for services to be provided for the studies, over the five-year collaboration term, unless terminated earlier as provided for in the agreement. In December 2023, we provided $2.0 million funding to MD Anderson. In January 2024, we announced our collaboration with CONNECT, an international collaborative network of pediatric cancer centers, to conduct a Phase 2 clinical trial to evaluate REZLIDHIA (olutasidenib) in glioma. Under the collaboration, we will provide funding up to $3.0 million and study material over the four-year collaboration. We account for the funding we provide under the above research collaboration agreements as prepaid research and development in the balance sheet to the extent the payment is made in advance of services being rendered, and recognize such amount as research and development expense within the statements of operations as the collaborative partners render the services under the respective agreement.

Rigel Pharmaceuticals (RIGL) 10-K5 Mar 242023 FY Annual reportFinancial data

DOCUMENT AND ENTITY INFORMATION

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