RVNC Revance Therapeutics Inc

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Overview

Revance is a biotechnology company focused on developing and commercializing innovative aesthetic and therapeutic offerings. Revance’s aesthetics portfolio includes DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection, the RHA® Collection of dermal fillers from Teoxane and OPUL®, a relational commerce platform for aesthetic practices. Revance has also partnered with Viatris to develop an onabotulinumtoxinA biosimilar, which would compete in the existing short-acting neuromodulator marketplace. Revance’s therapeutics pipeline is currently focused on muscle movement disorders, including evaluating DAXXIFY® in two debilitating conditions, cervical dystonia and upper limb spasticity.

Liquidity and Financial Condition

Since our inception, most of our resources have been dedicated to the research, development, manufacturing development, regulatory approval and/or commercialization of our Products and Services. We began generating revenue from commercial sales in July 2020 when we acquired the HintMD Platform, followed by the launch of the RHA® Collection of dermal fillers in August 2020. Although we received DAXXIFY® GL Approval, we expect to continue to incur losses for the foreseeable future. For the three and six months ended June 30, 2023, we had a net loss of $67.3 million and $127.1 million. As of June 30, 2023, we had a working capital surplus of $304.9 million and an accumulated deficit of $1.9 billion. In recent years, we have funded our operations primarily through the sale of common stock, convertible senior notes, sales of Products, proceeds from notes issued pursuant to the Note Purchase Agreement, and payments received from collaboration arrangements. As of June 30, 2023, we had capital resources of $319.7 million consisting of cash, cash equivalents, and short-term investments. On or before August 31, 2023, the Company expects to issue to the purchasers under the Note Purchase Agreement notes in an aggregate principal amount of $50.0 million, provided certain conditions are met. We also have a remaining capacity to sell up to $47.2 million of our common stock under the 2022 ATM Agreement as of June 30, 2023. We believe that our existing capital resources along with our ability to draw on the Second Tranche will be sufficient to fund the operating plan through at least the next 12 months following the issuance of the condensed consolidated financial statements.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented.

Our consolidated balance sheet for the year ended December 31, 2022 was derived from audited consolidated financial statements, but does not include all disclosures including notes required by U.S. GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2023, or any other future period. Our condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements contained in our FY2022 10-K.

Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions have been eliminated.

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Reclassification

At the beginning of 2023, we changed our presentation of internal-use software where approximately $8.3 million has been reclassified from property and equipment, net into intangible assets, net. Refer to Note 4 for further detail as of June 30, 2023 and December 31, 2022.

Use of Estimates & Risks and Uncertainties

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, the incremental borrowing rate used to measure operating lease and finance lease liabilities, the recoverability of goodwill and long-lived assets, useful lives associated with property and equipment and intangible assets, the period of benefit associated with deferred costs, revenue recognition (including the timing of satisfaction of performance obligations, estimating variable consideration, estimating stand-alone selling prices of promised goods and services, and allocation of transaction price to performance obligations), deferred revenue classification, accruals for clinical trial costs, valuation and assumptions underlying stock-based compensation and other equity instruments, and income taxes.

As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements.

Significant Accounting Policies

There have been no material changes to our significant accounting policies from our FY2022 10-K.

Recent Accounting Pronouncements

The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and we do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our present or future financial statements.

Our revenue is primarily generated from U.S. customers. Our product and collaboration revenues are generated from the Product Segment, and our service revenue is generated from the Service Segment (Note 12). The following table presents our revenue disaggregated by timing of transfer of goods or service:

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
			Transferred																		Transferred
(in thousands)			at a point in time						over time						Total						at a point in time						over time						Total
Product revenue			$	54,393					$	—					$	54,393					$	100,051					$	—					$	100,051
Service revenue			2						3,719						3,721						59						7,219						7,278
Collaboration revenue			—						20						20						—						136						136
Total revenue			$	54,395					$	3,739					$	58,134					$	100,110					$	7,355					$	107,465

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			Three Months Ended June 30, 2022																		Six Months Ended June 30, 2022
			Transferred																		Transferred
(in thousands)			at a point in time						over time						Total						at a point in time						over time						Total
Product revenue			$	25,483					$	—					$	25,483					$	46,320					$	—					$	46,320
Service revenue			148						1,078						1,226						239						1,843						2,082
Collaboration revenue			—						1,659						1,659						—						5,227						5,227
Total revenue			$	25,631					$	2,737					$	28,368					$	46,559					$	7,070					$	53,629

Product Revenue

Our product revenue breakdown is summarized below:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2023						2022						2023						2022
Product:
RHA® Collection of dermal fillers			$	31,767					$	25,483					$	62,047					$	46,320
DAXXIFY®			22,626						—						38,004						—
Total product revenue			$	54,393					$	25,483					$	100,051					$	46,320

Accounts receivables and contract liabilities from contracts with our product customers are as follows:

			June 30,						December 31,
(in thousands)			2023						2022
Accounts receivables:
Accounts receivable, net			$	16,878					$	10,966
Total accounts receivable, net			$	16,878					$	10,966
Contract liabilities:
Deferred revenue, current			$	471					$	705
Total contract liabilities			$	471					$	705

Service Revenue

We offer customer payment processing and certain value-added services to aesthetic practices through the Fintech Platform. Generally, revenue related to the HintMD Platform payment processing service, was recognized at a point in time and revenue related to the OPUL® payment processing service is recognized over time. The migration of the remaining HintMD customers to OPUL® was completed during the three months ended June 30, 2023. For the Fintech Platform, revenue related to the value-added services component is recognized over time.

Accounts receivable from contracts with our service customers are as follows:

			June 30,						December 31,
(in thousands)			2023						2022
Accounts receivable:
Accounts receivable, net			$	165					$	59
Total accounts receivable, net			$	165					$	59

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Collaboration Revenue

Viatris Agreement

Agreement Terms

We entered into the Viatris Agreement in February 2018, pursuant to which we are collaborating with Viatris exclusively in the Viatris Territory, to develop, manufacture, and commercialize an onabotulinumtoxinA biosimilar.

Viatris has paid us an aggregate of $60 million in non-refundable upfront and milestone fees as of June 30, 2023, and the agreement provides for additional remaining contingent payments of up to $70 million in the aggregate, upon the achievement of certain clinical and regulatory milestones and of specified, tiered sales milestones of up to $225 million. The payments do not represent a financing component for the transfer of goods or services. In addition, Viatris is required to pay us low to mid-double digit royalties on any sales of the biosimilar in the U.S., mid-double digit royalties on any sales in Europe, and high single digit royalties on any sales in other ex-U.S. Viatris territories. However, we have agreed to waive royalties for U.S. sales, up to a maximum of $50 million in annual sales, during the first approximately four years after commercialization to defray launch costs.

Revenue Recognition

We estimated the transaction price for the Viatris Agreement using the most likely amount method within the scope of ASC 606. In order to determine the transaction price, we evaluated all of the payments to be received during the duration of the contract, which included milestones and consideration payable by Viatris. Other than the upfront payment, all other milestones and consideration we may earn under the Viatris Agreement are subject to uncertainties related to development achievements, Viatris’ rights to terminate the agreement, and estimated effort for cost-sharing payments. Components of such estimated effort for cost-sharing payments include both internal and external costs. Consequently, the transaction price does not include any milestones and considerations that, if included, could result in a probable significant reversal of revenue when related uncertainties become resolved. At the end of each reporting period, we re-evaluate the probability of achievement of each such milestone and any related constraint, and if necessary, adjust our estimates of the overall transaction price. Sales-based milestones and royalties are not included in the transaction price until the sales occur because the underlying value relates to the license, and the license is the predominant feature in the Viatris Agreement. As of June 30, 2023, the transaction price allocated to the unfulfilled performance obligations was $54.5 million.

We recognize revenue and estimate deferred revenue based on the cost of development service incurred over the total estimated cost of development services to be provided for the development period. For revenue recognition purposes, the development period is estimated to be completed in 2026. It is possible that this period will change and is assessed at each reporting date. ASC Topic 606, Revenue from Contracts with Customers (ASC 606) requires that an entity include a constraint on the amount of variable consideration included in the transaction price. Variable consideration is considered “constrained” if there is a potential for significant reversal of cumulative revenue recognized. As part of the constraint evaluation, we considered numerous factors, including a potential shift in certain responsibilities between the two parties which would result in changes to the net cost sharing payments, for which outcomes are difficult to predict as of the date of this Report. As a result, no collaboration revenue is recognized from the biosimilar program for the six months ended June 30, 2023. We will continue to evaluate the variable transaction price and related revenue recognition in each reporting period and as the above uncertainties are resolved or other changes in circumstances occur. For the three and six months ended June 30, 2023, we recognized no revenue related to development services under the Viatris Agreement. For the three and six months ended June 30, 2022, we recognized $1.7 million and $5.2 million related to the development services under the Viatris Agreement, respectively.

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Fosun License Agreement

Agreement Terms

In December 2018, we entered into the Fosun License Agreement with Fosun, whereby we granted Fosun the exclusive rights to develop and commercialize DaxibotulinumtoxinA for Injection in the Fosun Territory and certain sublicense rights.

As of June 30, 2023, Fosun has paid us non-refundable upfront and other payments totaling $38.0 million before foreign withholding taxes. We are also eligible to receive (i) additional remaining contingent payments of up to $222.5 million upon the achievement of certain milestones and (ii) tiered royalty payments in low double digits to high teen percentages on annual net sales. The royalty percentages are subject to reduction in the event that (i) we do not have any valid and unexpired patent claims that cover the product in the Fosun Territory, (ii) biosimilars of the product are sold in the Fosun Territory or (iii) Fosun needs to pay compensation to third parties to either avoid patent infringement or market the product in the Fosun Territory.

Revenue Recognition

We estimated the transaction price for the Fosun License Agreement using the most likely amount method. We evaluated all of the variable payments to be received during the duration of the contract, which included payments from specified milestones, royalties, and estimated supplies to be delivered. We will re-evaluate the transaction price at each reporting period and upon a change in circumstances. As of June 30, 2023, the transaction price allocated to unfulfilled performance obligation is $38.0 million.

For the three and six months ended June 30, 2023, revenue of less than $0.1 million and $0.1 million was recognized from the Fosun License Agreement, respectively. For the three and six months ended June 30, 2022, no revenue was recognized from the Fosun License Agreement.

Accounts receivables and contract liabilities from contracts with our collaboration customers are as follows:

			June 30,						December 31,
(in thousands)			2023						2022
Accounts receivables:
Accounts receivable, net — Fosun			$	—					$	315
Total accounts receivable, net			$	—					$	315
Contract liabilities:
Deferred revenue, current — Viatris			$	4,962					$	6,162
Total contract liabilities, current			$	4,962					$	6,162
Deferred revenue, non-current — Viatris			$	44,236					$	40,600
Deferred revenue, non-current — Fosun			37,977						37,977
Total contract liabilities, non-current			$	82,213					$	78,577

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Changes in our contract liabilities from contracts with our collaboration revenue customers for the six months ended June 30, 2023 are as follows:

			(in thousands)
Balance on December 31, 2022			$	84,739
Revenue recognized			(136)
Billings and adjustments, net			2,572
Balance on June 30, 2023			$	87,175

The following table summarizes our cash equivalents and short-term investments:

			June 30, 2023																								December 31, 2022
(in thousands)			Adjusted Cost						Gains						Losses						Fair Value						Adjusted Cost						Losses						Fair Value
U.S. treasury securities			$	136,829					$	—					$	(52)					$	136,777					$	109,984					$	(228)					$	109,756
Money market funds			98,349						—						—						98,349						85,206						—						85,206
Commercial paper			57,843						—						(6)						57,837						80,946						—						80,946
U.S. government agency obligations			14,760						5						—						14,765						4,480						—						4,480
Corporate bonds			7,531						—						(8)						7,523						41,186						(146)						41,040
Total cash equivalents and short-term investments			$	315,312					$	5					$	(66)					$	315,251					$	321,802					$	(374)					$	321,428
Classified as:
Cash equivalents																					$	136,763																	$	89,686
Short-term investments																					178,488																		231,742
Total cash equivalents and short-term investments																					$	315,251																	$	321,428

As of June 30, 2023 and December 31, 2022, all of our cash equivalents and short-term investments were available-for-sale securities and had contractual maturities of less than one-year. There were no other-than-temporary impairments on such securities.

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The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized:

						June 30, 2023																								December 31, 2022
(in thousands, except for in years)						Weighted Average Remaining Useful Lives (in years)						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Weighted Average Remaining Useful Lives (in years)						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Distribution rights						4.8						$	32,334					$	(21,974)					$	10,360					1.4						$	32,334					$	(20,882)					$	11,452
Acquired developed technology						3.8						16,200						(6,075)						10,125						4.2						35,800						(24,325)						11,475
Internally developed technology						2.0						8,918						(3,798)						5,120						2.4						8,062						(2,271)						5,791
Customer relationships						1.1						10,300						(7,510)						2,790						1.6						10,300						(6,223)						4,077
Other software						0.6						879						(813)						66						1.8						3,166						(1,592)						1,574
Development in progress						N/A						—						—						—						N/A						975						—						975
Total intangible assets												$	68,631					$	(40,170)					$	28,461											$	90,637					$	(55,293)					$	35,344

N/A - Not applicable

Amortization expense of intangible assets for the three and six months ended June 30, 2023 was $2.8 million and $6.8 million, respectively. Amortization expense of intangible assets for the three and six months ended June 30, 2022 was $4.9 million and $9.9 million, respectively.

Based on the amount of intangible assets as of June 30, 2023, the expected amortization expense for each of the next five fiscal years was as follows:

Year Ending December 31,			(in thousands)
2023 remaining six months			$	5,271
2024			8,752
2025			6,147
2026			4,890
2027			2,856
2028 and thereafter			545
Total			$	28,461

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Accruals and other current liabilities consists of the following:

			June 30,						December 31,
(in thousands)			2023						2022
Accruals related to:
Compensation			$	17,771					$	28,014
Selling, general and administrative			7,143						9,681
Research and development			5,374						9,012
Interest expense			1,887						1,912
Clinical trials			1,173						1,863
Inventories			872						2,312
Other current liabilities			5,315						6,563
Total accruals and other current liabilities			$	39,535					$	59,357

Operating Leases

Our operating leases primarily consist of non-cancellable facilities leases for research, manufacturing, and administrative functions. Our non-cancellable facilities operating leases have original lease periods expiring between 2027 and 2034, and include one or more options to renew for seven years to fourteen years. The monthly payments for our operating leases escalate over the remaining lease term. Our lease contracts do not contain termination options, residual value guarantees or restrictive covenants.

Finance Lease

Our finance lease represents a dedicated fill-and-finish line for the manufacturing of DAXXIFY®. In March 2017, we entered into the ABPS Services Agreement. The ABPS Services Agreement contains a lease, which commenced in January 2022, related to a dedicated fill-and-finish line for the manufacturing of DAXXIFY® because it has an identified asset that is physically distinct for which we have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease provides us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity of the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line through our purchase orders to ABPS. Each party has the right to terminate the ABPS Services Agreement without cause, with an 18-month written notice to the other party. The lease is classified as a finance lease in the condensed consolidated balance sheets.

Under the ABPS Services Agreement, until May 2022, we were subject to minimum purchase obligations of up to $30.0 million for each of the years ending December 31, 2022, 2023 and 2024. In May 2022, we amended a statement of work under the ABPS Services Agreement pursuant to which the minimum purchase obligations of $30.0 million per year were eliminated, and instead the minimum purchase obligations would be negotiated prior to the beginning of each year over the term of the agreement. As a result of the amended statement of work, the finance lease was modified. The primary change was that the modification reflects payments in 2023 and 2024 as variable lease payments, contingent on negotiation at the beginning of each period and excludes such payments in the present value calculation in arriving at the remaining finance lease liabilities with a corresponding adjustment to the related right-of-use asset, among other considerations and changes.

In January 2023, we entered into a second amendment to the above mentioned statement of work under the ABPS Services Agreement. The second amendment established a minimum purchase obligation for the year ending December 31, 2023 of $23.9 million, which represents ABPS’ practical manufacturing capability based on experience. The minimum purchase obligation for the year ending December 31, 2023 was determined to be fixed lease payments and such payments

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will increase the present value calculation in arriving at the remaining finance lease liabilities with a corresponding adjustment to the related finance lease right-of-use asset.

The operating and finance lease costs are summarized as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2023						2022						2023						2022
Finance lease:
Amortization of finance lease right-of-use asset (1)			$	1,350					$	1,158					$	3,668					$	1,158
Interest on finance lease liability			442						751						1,008						2,259
Variable lease cost (2)			—						323						374						1,713
Total finance lease costs			1,792						2,232						5,050						5,130
Operating leases:
Operating lease cost			4,312						2,223						6,519						4,446
Variable lease cost (3)			548						431						1,055						865
Total operating lease costs			4,860						2,654						7,574						5,311
Total lease costs			$	6,652					$	4,886					$	12,624					$	10,441

(1)Starting in the three months ended June 30, 2023, amortization of the finance lease right-of-use asset is capitalized into inventories on the condensed consolidated balance sheets resulting from the FDA approval of the PAS of the ABPS manufacturing facility.

(2)Variable finance lease cost includes validation, qualification, materials, and other related services which are not included in the lease liabilities and are expensed as incurred.

(3)Variable operating lease cost includes management fees, common area maintenance, property taxes, insurance and parking fees, which are not included in the lease liabilities and are expensed as incurred.

As of June 30, 2023, maturities of our lease liabilities are as follows:

(in thousands)			Finance Lease						Operating Leases						Total
Year Ending December 31,
2023 remaining six months			$	12,855					$	3,952					$	16,807
2024			3,102						8,723						11,825
2025			—						8,981						8,981
2026			—						9,242						9,242
2027			—						2,535						2,535
2028 and thereafter			—						14,612						14,612
Total lease payments			15,957						48,045						64,002
Less imputed interest			(452)						(11,510)						(11,962)
Present value of lease payments			$	15,505					$	36,535					$	52,040

Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of June 30, 2023, weighted-average remaining lease terms and discount rates are as follows:

			Finance Leases						Operating Leases
Weighted-average remaining lease term (years)			2.8						7.2
Weighted-average discount rate			10.7		%				9.8		%

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Supplemental cash flow information related to the leases was as follows:

			Six Months Ended June 30,
(in thousands)			2023						2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$	4,188					$	4,192
Operating cash flows from finance lease			$	1,008					$	627
Financing cash flows from finance lease			$	8,899					$	1,760
Right-of-use assets obtained in exchange for lease liabilities
Finance lease			$	23,735					$	18,556

Leases Not Yet Commenced

PCI Supply Agreement

In April 2021, we entered into the PCI Supply Agreement pursuant to which PCI would serve as a non-exclusive manufacturer and supplier of DAXXIFY®. The initial term of the PCI Supply Agreement is dependent upon the date of regulatory submission for the manufacturing of DAXXIFY® and may be terminated by either party in accordance with the terms of the PCI Supply Agreement. The term of the PCI Supply Agreement may also be extended for one additional three-year term upon mutual agreement of the parties.

The PCI Supply Agreement contains a lease related to a dedicated fill-and-finish line and closely related assets for the manufacturing of DAXXIFY® because it has identified assets that are physically distinct for which we will have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease will provide us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity implied from the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line.

The embedded lease had not yet commenced as of June 30, 2023. The accounting commencement and recognition of the right-of-use lease assets and lease liabilities related to the embedded lease will take place when we have substantively obtained the right of control. The embedded lease is preliminarily classified as a finance lease.

Pursuant to the PCI Supply Agreement, we are responsible for certain costs associated with the design, equipment procurement and validation, and facilities-related costs, monthly payments and minimum purchase obligations throughout the initial term of the PCI Supply Agreement. As of June 30, 2023, we have made prepayments of $27.5 million to PCI which is recorded within “Finance lease prepaid expense” in the condensed consolidated balance sheets. Based on our best estimate as of June 30, 2023, our remaining minimum commitment under the PCI Supply Agreement will be $12.7 million for 2023, $15.9 million for 2024, $18.3 million for 2025, $25.3 million for 2026, $29.5 million for 2027, and $134.5 million for 2028 and thereafter in aggregate.

Nashville Lease Expansion Premises

In November 2020, we entered into the Nashville Lease, a non-cancelable operating lease for an office space in Nashville, Tennessee. The lease commenced and was recognized on the condensed consolidated balance sheets in June 2021. In July 2021, we entered into the second amendment to the Nashville Lease, which provided for the expansion of the initial premises to include the Expansion Premises, an additional 30,591 square feet with an expected term to 2034. The lease accounting commencement date of the Expansion Premises has not occurred and is expected to take place when the office space is made available to us after the completion of certain improvement work, which is currently expected in late 2023 at the earliest. The monthly base rent payments for the lease escalate over the term. The total undiscounted basic rent payments currently determinable for the Expansion Premises are $16 million with an expected term to 2034.

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The following table provides information regarding our debt:

			June 30,						December 31,
(in thousands)			2023						2022
2027 Notes			$	287,500					$	287,500
Less: Unamortized debt issuance costs			(4,937)						(5,587)
Carrying amount of the 2027 Notes			282,563						281,913
Notes Payable			100,000						100,000
Less: Unamortized debt discount			(1,175)						(1,347)
Less: Unamortized debt issuance costs			(1,040)						(1,192)
Carrying amount of Notes Payable			97,785						97,461
Debt, non-current			$	380,348					$	379,374

Interest expense relating to our debt in the condensed consolidated statements of operations and comprehensive loss are summarized as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2023						2022						2023						2022
Contractual interest expense			$	3,407					$	3,383					$	6,790					$	4,971
Amortization of debt issuance costs			431						417						863						749
Amortization of debt discount			87						74						172						85
Total interest expense			$	3,925					$	3,874					$	7,825					$	5,805

Convertible Senior Notes

In February 2020, we issued the 2027 Notes, in the aggregate principal amount of $287.5 million pursuant to the Indenture. The 2027 Notes are senior unsecured obligations and bear interest at a rate of 1.75% per year, payable semiannually in arrears on February 15 and August 15 of each year, began on August 15, 2020. The 2027 Notes will mature on February 15, 2027, unless earlier converted, redeemed or repurchased. In connection with issuing the 2027 Notes, we received $278.3 million in net proceeds, after deducting the initial purchasers’ discount, commissions, and other issuance costs.

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The 2027 Notes may be converted at any time by the holders prior to the close of business on the business day immediately preceding November 15, 2026 only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on June 30, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call any or all of the 2027 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. On or after November 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2027 Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.

The conversion rate will initially be 30.8804 shares of our common stock per $1,000 principal amount of the 2027 Notes (equivalent to an initial conversion price of approximately $32.38 per share of our common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event or notice of redemption, as the case may be.

Contractually, we may not redeem the 2027 Notes prior to February 20, 2024. We may redeem for cash all or any portion of the 2027 Notes, at our option, on or after February 20, 2024 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes.

If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Capped Call Transactions

Concurrently with the 2027 Notes, we entered into capped call transactions with the option counterparties and used $28.9 million of the net proceeds from the 2027 Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce the potential dilutive effect upon conversion of the 2027 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a price cap of $48.88 of our common stock per share, which represents a premium of 100% over the last reported sale price of our common stock on February 10, 2020. The capped calls have an initial strike price of $32.38 per share, subject to certain adjustments, which corresponds to the conversion option strike price in the 2027 Notes. The capped call transactions cover, subject to anti-dilution adjustments, approximately 8.9 million shares of our common stock.

The capped call transactions are separate transactions that we entered into with the option counterparties and are not part of the terms of the 2027 Notes. As the capped call transactions meet certain accounting criteria, the premium paid of $28.9 million was recorded as a reduction in additional paid-in capital in the condensed consolidated balance sheets, and will not be remeasured to fair value as long as the accounting criteria continue to be met. As of June 30, 2023 and December 31, 2022, we had not purchased any shares under the capped call transactions.

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Note Purchase Agreement

In March 2022, we entered into the Note Purchase Agreement and issued the First Tranche in an aggregate principal amount for all such Notes of $100 million. On August 8, 2023, the Company, HintMD and Athyrium entered into the First Amendment. Pursuant to the First Amendment, the Second Tranche commitment was reduced from $100 million to $50 million, and the uncommitted Third Tranche was increased from $100 million to $150 million. On or before August 31, 2023, the Company expects to issue to the purchasers under the Note Purchase Agreement notes in an aggregate principal amount of $50 million, provided certain conditions are met. The uncommitted Third Tranche is available until March 31, 2024, subject to the satisfaction of certain conditions set forth in the Note Purchase Agreement, including the achievement of greater than or equal to $50 million in trailing twelve months revenue for DAXXIFY® preceding the date of the draw request for the Third Tranche, and approval by Athyrium.

Our obligations under the Note Purchase Agreement are secured by substantially all of our assets and the assets of our wholly owned domestic subsidiaries, including their respective intellectual property.

The notes issued pursuant to the First Tranche and to be issued pursuant to the Second Tranche will bear interest at an annual fixed interest rate equal to 8.50%. The First Amendment modified the variable interest rate adjustment for the Third Tranche from Adjusted Three-Month LIBOR to Adjusted Three-Month Term SOFR. If the Third Tranche of Notes Payable becomes committed, the Notes Payable will then bear interest at an annual rate equal to the sum of (a) 7.0% and (b) Adjusted Three-Month Term SOFR for such interest period (subject to a floor of 1.50% and a cap of 2.50%). We are required to make quarterly interest payments on each Notes Payable commencing on the last business day of the calendar month following the funding date thereof, and continuing until the Maturity Date. Pursuant to the First Amendment, the Company is required to repay Athyrium the outstanding principal amount of the Second Tranche notes in installments on the last business day of each March, June, September and December (commencing in September 2024), in each case, based on the following principal amortization payment schedule: 2.5% in September and December 2024; 5.0% in March and June 2025; 7.5% in September and December 2025; and 10.0% in March and June 2026; followed by repayment of the Second Tranche in full on September 18, 2026. The Maturity Date may be extended to March 18, 2028 if, as of September 18, 2026, less than $90 million principal amount of our existing 2027 Notes remain outstanding and with the consent of the Purchasers. Initially, all principal for each tranche is due and payable on the Maturity Date. If any Third Tranche notes are issued, upon the occurrence of an Amortization Trigger (as defined in the Note Purchase Agreement), we are required to repay the principal of the Third Tranche in equal monthly installments beginning on the last day of the month in which the Amortization Trigger occurred and continuing through the Maturity Date. At our option, we may prepay the outstanding principal balance of all or any portion of the principal amount of the Notes Payable, subject to a prepayment fee equal to (i) a make-whole amount if the prepayment occurs on or prior to the first anniversary of the NPA Effective Date and (ii) 2.0% of the amount prepaid if the prepayment occurs after the first anniversary of the NPA Effective Date but on or prior to the second anniversary of the NPA Effective Date. Upon prepayment or repayment of all or any portion of the principal amount of the Notes Payable (whether on the Maturity Date or otherwise), we are also required to pay an exit fee to the Purchasers.

The Note Purchase Agreement includes affirmative and negative covenants applicable to us, our current subsidiaries and any subsidiaries we create in the future. The affirmative covenants include, among others, covenants requiring us to maintain our legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage and satisfy certain requirements regarding deposit accounts. We must also (i) maintain at least $30.0 million of unrestricted cash and cash equivalents in accounts subject to a control agreement in favor of Athyrium at all times and (ii) upon the occurrence of certain specified events set forth in the Note Purchase Agreement, achieve at least $70.0 million of Consolidated Teoxane Distribution Net Product Sales on a trailing twelve-months basis. The negative covenants include, among others, restrictions on our transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets and undergoing a change in control, in each case subject to certain exceptions.

If we do not comply with the affirmative and negative covenants, such non-compliance may be an event of default under the Note Purchase Agreement. The Note Purchase Agreement also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 2.0% and would provide Athyrium, as administrative agent, with the right to exercise remedies against us and the collateral, including foreclosure against our property securing the obligations under the Note Purchase Agreement, including our cash. These events of default

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Equity Compensation Plans

2014 EIP

On January 1, 2023, the number of shares of common stock reserved for issuance under the 2014 EIP increased by 3.3 million shares. For the six months ended June 30, 2023, 2.4 million shares of stock awards and 0.2 million stock options were granted under the 2014 EIP. As of June 30, 2023, 4.0 million shares were available for issuance under the 2014 EIP.

2014 IN

For the six months ended June 30, 2023, no stock options or awards were granted under the 2014 IN. As of June 30, 2023, 0.8 million shares were available for issuance under the 2014 IN.

HintMD Plan

For the six months ended June 30, 2023, no stock options or awards were granted under the HintMD Plan. As of June 30, 2023, 0.1 million shares were available for issuance under the HintMD Plan.

2014 ESPP

On January 1, 2023, the number of shares of common stock reserved for issuance under the 2014 ESPP increased by 0.3 million shares. As of June 30, 2023, 1.8 million shares were available for issuance under the 2014 ESPP.

Net Loss per Share

Our basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share is calculated by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, shares of common stock underlying the 2027 Notes at the initial conversion price, outstanding stock options, and unvested stock awards, are considered common stock equivalents, which were excluded from the computation of diluted net loss per share because including them would have been antidilutive.

Common stock equivalents that were excluded from the computation of diluted net loss per share are presented below:

			June 30,
			2023						2022
Convertible senior notes			8,878,938						8,878,938
Outstanding stock options			4,391,679						5,063,074
Unvested RSUs and PSUs			3,281,382						2,492,797
Unvested RSAs and PSAs			1,577,981						2,656,703

ATM Offering Programs

In November 2020, we entered into the 2020 ATM Agreement with Cowen. Under the 2020 ATM Agreement, we could offer and sell, from time to time, through Cowen, shares of our common stock having an aggregate offering price of up to $125.0 million. We were not obligated to sell any shares under the 2020 ATM Agreement. Subject to the terms and

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conditions of the 2020 ATM Agreement, Cowen was required to use commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Global Market, to sell shares from time to time based upon our instructions, including any price, time or size limits specified by us. We paid Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimbursed legal fees and disbursements and provided Cowen with customary indemnification and contribution rights. From January 1, 2022 through May 10, 2022, we sold 1.7 million shares of common stock under the 2020 ATM Agreement at a weighted average price of $18.71 per share resulting in net proceeds of $31.6 million after sales agent commissions and offering costs. The 2020 ATM Agreement was terminated on May 10, 2022.

On May 10, 2022, we entered into the 2022 ATM Agreement with Cowen. Under the 2022 ATM Agreement, we may sell up to $150.0 million of our common stock. We are not obligated to sell any shares under the 2022 ATM Agreement. Subject to the terms and conditions of the 2022 ATM Agreement, Cowen will use commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Global Market, to sell shares from time to time based upon our instructions, including any price, time or size limits specified by us. We pay Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Cowen with customary indemnification and contribution rights.

For the three months ended June 30, 2023, we sold 3.2 million shares of common stock under the 2022 ATM Agreement at a weighted average price of $31.90 per share, resulting in net proceeds of $100.0 million after sales agent commissions and offering costs. No shares of common stock were sold under the 2022 ATM Agreement for the three months ended March 31, 2023.

Stock-Based Compensation Expense

The following table summarizes our stock-based compensation expense by line item in our condensed consolidated statements of operations and comprehensive loss:

(in thousands)			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Selling, general and administrative			$	12,178					$	6,528					$	22,443					$	14,692
Research and development			3,421						2,735						6,238						8,934
Cost of product revenue (exclusive of depreciation and amortization)			948						—						948						—
Total stock-based compensation expense			$	16,547					$	9,263					$	29,629					$	23,626

Capitalized Stock-based Compensation Expense

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The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy.

			June 30, 2023
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Assets
U.S. treasury securities			$	136,777					$	136,777					$	—					$	—
Money market funds			98,349						98,349						—						—
U.S. government agency obligations			14,765						14,765						—						—
Commercial paper			57,837						—						57,837						—
Corporate bonds			7,523						—						7,523						—
Total assets measured at fair value			$	315,251					$	249,891					$	65,360					$	—

			December 31, 2022
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Assets
U.S. treasury securities			$	109,756					$	109,756					$	—					$	—
Money market funds			85,206						85,206						—						—
U.S. government agency obligations			4,480						4,480						—						—
Commercial paper			80,946						—						80,946						—
Corporate bonds			41,040						—						41,040						—
Total assets measured at fair value			$	321,428					$	199,442					$	121,986					$	—

For Level 1 investments, we use quoted prices in active markets for identical assets to determine the fair value. For Level 2 investments, we use quoted prices for similar assets sourced from certain third-party pricing services. The third-party pricing services generally utilize industry standard valuation models for which all significant inputs are observable, either directly or indirectly, to estimate the price or fair value of the securities. The primary input generally includes reported trades of or quotes on the same or similar securities. We do not make additional judgments or assumptions made to the pricing data sourced from the third-party pricing services.

The fair value of the 2027 Notes and the Notes Payable (Note 8) was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. We present the fair value of the 2027 Notes and the Notes payable for disclosure purposes only. As of June 30, 2023, and December 31, 2022, the fair value of the 2027 Notes was $302.9 million and $288.2 million, respectively. As of June 30, 2023 and December 31, 2022, the fair value of the Notes Payable was approximately the same as its unamortized carrying value.

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Teoxane Agreement

In January 2020, we entered into the Teoxane Agreement, pursuant to which Teoxane granted us the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid® dermal fillers, which include: (i) RHA® Collection of dermal fillers, and (ii) the RHA® Pipeline Products in the U.S. and U.S. territories and possessions, in exchange for 2,500,000 shares of our common stock and certain other commitments by us. The Teoxane Agreement is effective for a term of ten years from product launch in September 2020 and may be extended for a two-year period upon the mutual agreement of the parties. We are required to meet certain minimum purchase obligations during each year of the term. Our minimum purchase obligation for the years ending December 31, 2023 and December 31, 2024 will be $40 million and $52 million, respectively. Minimum purchase obligations after December 31, 2024 may be determined at a later date. We are also required to meet certain minimum expenditure requirements in connection with commercialization efforts. Our minimum expenditures related to the commercialization and promotion of RHA® Collection of dermal fillers and RHA® Pipeline Products for the years ended December 31, 2023 and 2024 will be $34 million and $36 million, respectively. Minimum expenditures related to the commercialization and promotion of RHA® Collection of dermal fillers and RHA® Pipeline Products after December 31, 2024 may be determined at a later date.

Either party may terminate the Teoxane Agreement in the event of the insolvency of, or a material breach by, the other party, including certain specified breaches that include the right for Teoxane to terminate the Teoxane Agreement for our failure to meet the minimum purchase requirements or commercialization expenditure during specified periods, or for our breach of the exclusivity obligations under the Teoxane Agreement.

Other Contingencies

As of June 30, 2023, we are obligated to pay BTRX up to a remaining $15.5 million upon the satisfaction of certain milestones relating to our product revenue, intellectual property, and clinical and regulatory events.

Indemnification

We have standard indemnification agreements in the ordinary course of business. Under these indemnification agreements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to our technology. The term of these indemnification agreements is generally perpetual after the execution of the agreements. The maximum potential amount of future payments we are obligated to pay under other indemnification agreements is not determinable because it involves claims for indemnification that may be made against us in the future but have not been made. We have not yet incurred material costs to defend lawsuits or settle claims related to indemnification agreements.

We have indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual.

For the six months ended June 30, 2023 and 2022, no material amounts associated with the indemnification agreements have been recorded.

Litigation

In October 2021, Allergan filed a complaint against us and ABPS, one of our manufacturing sources of DAXXIFY®, in the U.S. District Court for the District of Delaware, alleging infringement of the following patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,033,625; 7,354,740; 8,409,828; 11,124,786; and 7,332,567. Allergan claims that our formulation for DAXXIFY® and ABPS’s manufacturing process used to produce DAXXIFY® infringes its patents. Allergan also asserted a patent with claims related to a substrate for use in a botulinum toxin detection assay. On November 3, 2021, we filed a motion to dismiss. On November 24, 2021, Allergan filed an amended complaint against us and ABPS, alleging

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infringement of an additional patent assigned and/or licensed to Allergan: U.S. Patent No. 11,147,878. On December 17, 2021, we filed a second motion to dismiss, and on January 14, 2022, Allergan filed an opposition to that motion. We filed a reply to Allergan’s opposition on January 21, 2022, and on August 19, 2022, the court denied our second motion to dismiss. On September 2, 2022, we filed an answer and counterclaims to Allergan’s amended complaint. On December 30, 2022, Allergan filed a second amended complaint against us and ABPS, alleging infringement of three additional patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,203,748; 11,326,155; and 11,285,216. On January 20, 2023, we filed an answer and counterclaims to Allergan's second amended complaint. On March 3, 2023, we filed invalidity contentions, which challenge Allergan’s asserted patents. A Markman hearing was held on June 28, 2023, and we await the court’s decision on claim construction.

On December 10, 2021, a putative securities class action complaint was filed against the Company and certain of its officers on behalf of a class of stockholders who acquired the Company’s securities from November 25, 2019 to October 11, 2021, in the U.S. District Court for the Northern District of California. The complaint alleges that the Company and certain of its officers violated Sections 10(b) and 20(a) of Exchange Act by making false and misleading statements regarding the manufacturing of DAXXIFY® and the timing and likelihood of regulatory approval and seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. The court appointed the lead plaintiff and lead counsel on September 7, 2022. The lead plaintiff filed an amended complaint on November 7, 2022. On January 23, 2023, we filed a motion to dismiss. On March 8, 2023, the lead plaintiff filed an opposition to our motion to dismiss. On April 7, 2023, we filed a reply in support of our motion to dismiss. A hearing on our motion to dismiss is scheduled for August 10, 2023, but we cannot be certain of whether that motion to dismiss will be granted.

We dispute the claims in these lawsuits and intend to defend the matters vigorously. These lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcome of the lawsuits is necessarily uncertain. We could be forced to expend significant resources in the defense of either lawsuit, and we may not prevail. In addition, we may incur substantial legal fees and costs in connection with each lawsuit.

We record a provision for a liability when we believe that it is both probable that a liability has incurred, and the amount can be reasonably estimated. As of both June 30, 2023 and December 31, 2022, no such provision for liabilities related to the above litigation matters were recorded on the condensed consolidated balance sheets.

Reportable Segments

We report segment information based on the management approach. The management approach designates the internal reporting used by the CODM for making decisions and assessing performance as the source of our reportable segments.

We have two reportable segments: the Product Segment and the Service Segment. Each reportable segment represents a component, or an operating segment, for which separate financial information is available that is utilized on a regular basis by our CODM in determining resource allocations and performance evaluation. We also considered whether the identified operating segments should be further aggregated based on factors including economic characteristics, the nature of products and services, production processes, customer base, distribution methods, and regulatory environment; however, no such aggregation was made due to dissimilarity of the operating segments.

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Product Segment

Our Product Segment refers to the business that includes the research, development and commercialization of our approved products and product candidates, including DAXXIFY®, the onabotulinumtoxinA biosimilar and the RHA® Collection of dermal fillers.

Service Segment

Our Service Segment refers to the business that includes the development and commercialization of the Fintech Platform.

Corporate and Other Expenses

Corporate and other expenses include operating expenses related to general and administrative expenses, depreciation and amortization, stock-based compensation, and intersegment elimination that are not used in evaluating the results of, or in allocating resources to, our segments. Intersegment revenue represents the revenue generated between the two segments. For the three months ended June 30, 2023 and 2022, intersegment revenue was $0.7 million and $0.3 million, respectively. For the six months ended June 30, 2023 and 2022, intersegment revenue was $1.3 million and $0.6 million, respectively.

Reconciliation of Segment Revenue to Consolidated Revenue

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2023						2022						2023						2022
Revenue:
Product Segment			$	54,413					$	27,142					$	100,187					$	51,547
Service Segment			3,721						1,226						7,278						2,082
Total revenue			$	58,134					$	28,368					$	107,465					$	53,629

Reconciliation of Segment Loss from Operations to Consolidated Loss from Operations

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2023						2022						2023						2022
Loss from operations:
Product Segment			$	(19,335)					$	(24,969)					$	(32,065)					$	(49,920)
Service Segment			(4,978)						(5,598)						(12,065)						(9,533)
Corporate and other expenses			(41,186)						(27,275)						(79,401)						(60,610)
Total loss from operations			$	(65,499)					$	(57,842)					$	(123,531)					$	(120,063)

We do not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented.

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The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, were as follows:

Name and Title

Action

Date

Total Shares to be Sold

Expiration Date

Dwight Moxie, Senior Vice President, General Counsel and Corporate Secretary

Adopt

6/5/2023

34,853

12/5/2023

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v3.23.2

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36297
Entity Registrant Name	Revance Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0551645
Entity Address, Address Line One	1222 Demonbreun Street, Suite 2000
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	615
Local Phone Number	724-7755
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	RVNC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		87,955,357
Entity Central Index Key	0001479290
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.23.2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 141,235	$ 108,965
Restricted cash, current	275	0
Short-term investments	178,488	231,742
Accounts receivable, net	17,043	11,339
Inventories	34,448	18,325
Prepaid expenses and other current assets	7,458	4,356
Total current assets	378,947	374,727
Property and equipment, net	12,690	13,799
Goodwill	77,175	77,175
Intangible assets, net	28,461	35,344
Operating lease right-of-use assets	34,438	39,223
Finance lease right-of-use asset	26,460	6,393
Restricted cash, non-current	7,145	6,052
Finance lease prepaid expense	27,500	27,500
Other non-current assets	4,719	1,687
TOTAL ASSETS	597,535	581,900
CURRENT LIABILITIES
Accounts payable	8,345	4,546
Accruals and other current liabilities	39,535	59,357
Deferred revenue, current	5,433	6,867
Finance lease liability, current	15,505	669
Operating lease liabilities, current	5,261	4,243
Total current liabilities	74,079	75,682
Debt, non-current	380,348	379,374
Deferred revenue, non-current	82,213	78,577
Operating lease liabilities, non-current	31,274	34,182
Other non-current liabilities	2,835	1,485
TOTAL LIABILITIES	570,749	569,300
Commitments and Contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.001 per share — 5,000,000 shares authorized, and no shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, par value $0.001 per share — 190,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 87,949,987 and 82,385,810 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	88	82
Additional paid-in capital	1,908,244	1,767,266
Accumulated other comprehensive loss	(61)	(374)
Accumulated deficit	(1,881,485)	(1,754,374)
TOTAL STOCKHOLDERS’ EQUITY	26,786	12,600
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 597,535	$ 581,900

v3.23.2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	190,000,000	190,000,000
Common stock, shares issued (in shares)	87,949,987	82,385,810
Common stock, shares outstanding (in shares)	87,949,987	82,385,810

v3.23.2

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 58,134	$ 28,368	$ 107,465	$ 53,629
Operating expenses:
Selling, general and administrative	77,384	47,847	143,395	92,922
Research and development	22,807	24,913	45,984	55,642
Depreciation and amortization	2,135	3,927	4,139	7,712
Total operating expenses	123,633	86,210	230,996	173,692
Loss from operations	(65,499)	(57,842)	(123,531)	(120,063)
Interest income	3,148	619	6,118	695
Interest expense	(4,368)	(3,874)	(8,865)	(5,805)
Other expense, net	(599)	(338)	(833)	(604)
Net loss	(67,318)	(61,435)	(127,111)	(125,777)
Unrealized gain (loss)	64	(327)	313	(368)
Comprehensive loss	(67,254)	(61,762)	(126,798)	(126,145)
Basic net loss	(67,318)	(61,435)	(127,111)	(125,777)
Diluted net loss	$ (67,318)	$ (61,435)	$ (127,111)	$ (125,777)
Basic net loss (in dollars per share)	$ (0.80)	$ (0.88)	$ (1.54)	$ (1.82)
Diluted net loss (in dollars per share)	$ (0.80)	$ (0.88)	$ (1.54)	$ (1.82)
Basic weighted-average number of shares used in computing net loss per share (in shares)	83,685,919	70,061,457	82,417,064	69,202,062
Diluted weighted-average number of shares used in computing net loss per share (in shares)	83,685,919	70,061,457	82,417,064	69,202,062
Product revenue
Revenue:
Total revenue	$ 54,393	$ 25,483	$ 100,051	$ 46,320
Operating expenses:
Cost of product revenue /service revenue (exclusive of amortization)	17,607	8,121	30,094	15,449
Service revenue
Revenue:
Total revenue	3,721	1,226	7,278	2,082
Operating expenses:
Cost of product revenue /service revenue (exclusive of amortization)	3,700	1,402	7,384	1,967
Collaboration revenue
Revenue:
Total revenue	$ 20	$ 1,659	$ 136	$ 5,227

v3.23.2

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Common Stock At the Market Offering	Additional Paid-In Capital	Other Accumulated Comprehensive Loss	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2021		0	71,584,057		0	0	0
Beginning Balance at Dec. 31, 2021		$ 0	$ 72		$ 1,466,369	$ (18)	$ (1,397,952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock related to ATM, net of commissions and issuance costs (in shares)				1,734,853
Issuance of common stock related to ATM, net of commissions and issuance costs				$ 1	31,585
Issuance of common stock relating to employee stock purchase plan (in shares)			171,824
Issuance of common stock related to 2014 ESPP					2,018
Issuance of common stock upon exercise of stock options (in shares)			30,634
Issuance of common stock upon exercise of stock options					109
Cancellation of stock awards, net of issuance (in shares)			(212,859)
Shares withheld related to net settlement of restricted stock awards (in shares)			(185,146)
Shares withheld related to net settlement of stock awards					(2,760)
Stock-based compensation					23,742
Other					$ 348
Unrealized gain (loss)	$ (368)					$ (368)
Net loss	$ (125,777)						$ (125,777)
Ending Balance (in shares) at Jun. 30, 2022	73,123,363		73,123,363		0	0	0
Ending Balance at Jun. 30, 2022	$ (2,631)		$ 73		$ 1,521,411	$ (386)	$ (1,523,729)
Beginning Balance (in shares) at Mar. 31, 2022		0	71,763,765		0	0	0
Beginning Balance at Mar. 31, 2022		$ 0	$ 72		$ 1,487,822	$ (59)	$ (1,462,294)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock related to ATM, net of commissions and issuance costs (in shares)				1,264,783
Issuance of common stock related to ATM, net of commissions and issuance costs				$ 1	22,661
Issuance of common stock relating to employee stock purchase plan (in shares)			171,824
Issuance of common stock related to 2014 ESPP					2,018
Issuance of common stock upon exercise of stock options (in shares)			11,234
Issuance of common stock upon exercise of stock options					30
Cancellation of stock awards, net of issuance (in shares)			(63,711)
Shares withheld related to net settlement of restricted stock awards (in shares)			(24,532)
Shares withheld related to net settlement of stock awards					(383)
Stock-based compensation					9,379
Other					$ (116)
Unrealized gain (loss)	(327)					$ (327)
Net loss	$ (61,435)						$ (61,435)
Ending Balance (in shares) at Jun. 30, 2022	73,123,363		73,123,363		0	0	0
Ending Balance at Jun. 30, 2022	$ (2,631)		$ 73		$ 1,521,411	$ (386)	$ (1,523,729)
Beginning Balance (in shares) at Dec. 31, 2022	82,385,810	0	82,385,810		0	0	0
Beginning Balance at Dec. 31, 2022	$ 12,600	$ 0	$ 82		$ 1,767,266	$ (374)	$ (1,754,374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock related to ATM, net of commissions and issuance costs (in shares)				3,223,767
Issuance of common stock related to ATM, net of commissions and issuance costs				$ 3	99,956
Issuance of common stock related to stock awards (in shares)			1,720,310
Issuance of common stock related to stock awards			$ 2		(2)
Issuance of common stock relating to employee stock purchase plan (in shares)			157,313
Issuance of common stock related to 2014 ESPP					2,455
Issuance of common stock upon exercise of stock options (in shares)			671,224
Issuance of common stock upon exercise of stock options			$ 1		11,515
Cancellation of stock awards, net of issuance (in shares)			(71,493)
Shares withheld related to net settlement of restricted stock awards (in shares)			(136,944)
Shares withheld related to net settlement of stock awards					(4,294)
Stock-based compensation					31,318
Other					$ 30
Unrealized gain (loss)	313					$ 313
Net loss	$ (127,111)						$ (127,111)
Ending Balance (in shares) at Jun. 30, 2023	87,949,987		87,949,987		0	0	0
Ending Balance at Jun. 30, 2023	$ 26,786		$ 88		$ 1,908,244	$ (61)	$ (1,881,485)
Beginning Balance (in shares) at Mar. 31, 2023		0	84,017,208		0	0	0
Beginning Balance at Mar. 31, 2023		$ 0	$ 84		$ 1,787,535	$ (125)	$ (1,814,167)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock related to ATM, net of commissions and issuance costs (in shares)				3,223,767
Issuance of common stock related to ATM, net of commissions and issuance costs				$ 3	99,956
Issuance of common stock related to stock awards (in shares)			513,443
Issuance of common stock related to stock awards			$ 1		(1)
Issuance of common stock relating to employee stock purchase plan (in shares)			157,313
Issuance of common stock related to 2014 ESPP					2,455
Issuance of common stock upon exercise of stock options (in shares)			109,185
Issuance of common stock upon exercise of stock options					2,034
Cancellation of stock awards, net of issuance (in shares)			(52,874)
Shares withheld related to net settlement of restricted stock awards (in shares)			(18,055)
Shares withheld related to net settlement of stock awards					(564)
Stock-based compensation					16,829
Other					$ 0
Unrealized gain (loss)	64					$ 64
Net loss	$ (67,318)						$ (67,318)
Ending Balance (in shares) at Jun. 30, 2023	87,949,987		87,949,987		0	0	0
Ending Balance at Jun. 30, 2023	$ 26,786		$ 88		$ 1,908,244	$ (61)	$ (1,881,485)

v3.23.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (127,111)	$ (125,777)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	28,681	23,626
Depreciation and amortization	10,149	11,985
Amortization of debt discount and debt issuance costs	1,035	834
Amortization of discount on investments	(3,197)	(14)
Other non-cash operating activities	498	295
Changes in operating assets and liabilities:
Accounts receivable	(5,704)	(2,242)
Inventories	(11,652)	(3,446)
Prepaid expenses and other current assets	(3,102)	12
Lease right-of-use assets	(18,949)	(16,018)
Other non-current assets	(3,093)	(454)
Accounts payable	3,703	1,975
Accruals and other liabilities	(19,536)	(12,138)
Deferred revenue	2,202	(3,243)
Lease liabilities	21,844	17,908
Other non-current liabilities	1,350	1,202
Net cash used in operating activities	(122,882)	(105,495)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of investments	185,247	113,183
Purchases of investments	(128,859)	(163,676)
Purchases of property and equipment	(604)	(920)
Finance lease prepayments	0	(9,900)
Net cash provided by (used in) investing activities	55,784	(61,313)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock in connection with ATM, net of commissions	100,183	31,814
Proceeds from the exercise of stock options and employee stock purchase plan	13,970	2,127
Taxes paid related to net settlement of stock awards	(4,294)	(2,760)
Principal payments on finance lease obligations	(8,899)	(1,760)
Payment of debt issuance costs and offering costs	(224)	(1,441)
Proceeds from issuance of notes payable, net of debt discount	0	98,150
Other financing activities	0	348
Net cash provided by financing activities	100,736	126,478
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	33,638	(40,330)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	115,017	115,669
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	$ 148,655	$ 75,339

v3.23.2

The Company and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Summary of Significant Accounting Policies	The Company and Summary of Significant Accounting Policies Overview Revance is a biotechnology company focused on developing and commercializing innovative aesthetic and therapeutic offerings. Revance’s aesthetics portfolio includes DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection, the RHA® Collection of dermal fillers from Teoxane and OPUL®, a relational commerce platform for aesthetic practices. Revance has also partnered with Viatris to develop an onabotulinumtoxinA biosimilar, which would compete in the existing short-acting neuromodulator marketplace. Revance’s therapeutics pipeline is currently focused on muscle movement disorders, including evaluating DAXXIFY® in two debilitating conditions, cervical dystonia and upper limb spasticity. Liquidity and Financial Condition Since our inception, most of our resources have been dedicated to the research, development, manufacturing development, regulatory approval and/or commercialization of our Products and Services. We began generating revenue from commercial sales in July 2020 when we acquired the HintMD Platform, followed by the launch of the RHA® Collection of dermal fillers in August 2020. Although we received DAXXIFY® GL Approval, we expect to continue to incur losses for the foreseeable future. For the three and six months ended June 30, 2023, we had a net loss of $67.3 million and $127.1 million. As of June 30, 2023, we had a working capital surplus of $304.9 million and an accumulated deficit of $1.9 billion. In recent years, we have funded our operations primarily through the sale of common stock, convertible senior notes, sales of Products, proceeds from notes issued pursuant to the Note Purchase Agreement, and payments received from collaboration arrangements. As of June 30, 2023, we had capital resources of $319.7 million consisting of cash, cash equivalents, and short-term investments. On or before August 31, 2023, the Company expects to issue to the purchasers under the Note Purchase Agreement notes in an aggregate principal amount of $50.0 million, provided certain conditions are met. We also have a remaining capacity to sell up to $47.2 million of our common stock under the 2022 ATM Agreement as of June 30, 2023. We believe that our existing capital resources along with our ability to draw on the Second Tranche will be sufficient to fund the operating plan through at least the next 12 months following the issuance of the condensed consolidated financial statements. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented. Our consolidated balance sheet for the year ended December 31, 2022 was derived from audited consolidated financial statements, but does not include all disclosures including notes required by U.S. GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2023, or any other future period. Our condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements contained in our FY2022 10-K. Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions have been eliminated. Reclassification At the beginning of 2023, we changed our presentation of internal-use software where approximately $8.3 million has been reclassified from property and equipment, net into intangible assets, net. Refer to Note 4 for further detail as of June 30, 2023 and December 31, 2022. Use of Estimates & Risks and Uncertainties The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, the incremental borrowing rate used to measure operating lease and finance lease liabilities, the recoverability of goodwill and long-lived assets, useful lives associated with property and equipment and intangible assets, the period of benefit associated with deferred costs, revenue recognition (including the timing of satisfaction of performance obligations, estimating variable consideration, estimating stand-alone selling prices of promised goods and services, and allocation of transaction price to performance obligations), deferred revenue classification, accruals for clinical trial costs, valuation and assumptions underlying stock-based compensation and other equity instruments, and income taxes. As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements. Significant Accounting Policies There have been no material changes to our significant accounting policies from our FY2022 10-K. Recent Accounting Pronouncements The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and we do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our present or future financial statements.

v3.23.2

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Our revenue is primarily generated from U.S. customers. Our product and collaboration revenues are generated from the Product Segment, and our service revenue is generated from the Service Segment (Note 12). The following table presents our revenue disaggregated by timing of transfer of goods or service: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Transferred Transferred (in thousands) at a point in time over time Total at a point in time over time Total Product revenue $ 54,393  $ —  $ 54,393  $ 100,051  $ —  $ 100,051  Service revenue 2  3,719  3,721  59  7,219  7,278  Collaboration revenue —  20  20  —  136  136  Total revenue $ 54,395  $ 3,739  $ 58,134  $ 100,110  $ 7,355  $ 107,465  Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Transferred Transferred (in thousands) at a point in time over time Total at a point in time over time Total Product revenue $ 25,483  $ —  $ 25,483  $ 46,320  $ —  $ 46,320  Service revenue 148  1,078  1,226  239  1,843  2,082  Collaboration revenue —  1,659  1,659  —  5,227  5,227  Total revenue $ 25,631  $ 2,737  $ 28,368  $ 46,559  $ 7,070  $ 53,629  Product Revenue Our product revenue breakdown is summarized below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Product: RHA® Collection of dermal fillers $ 31,767  $ 25,483  $ 62,047  $ 46,320  DAXXIFY® 22,626  —  38,004  —  Total product revenue $ 54,393  $ 25,483  $ 100,051  $ 46,320  Accounts receivables and contract liabilities from contracts with our product customers are as follows: June 30, December 31, (in thousands) 2023 2022 Accounts receivables: Accounts receivable, net $ 16,878  $ 10,966  Total accounts receivable, net $ 16,878  $ 10,966  Contract liabilities: Deferred revenue, current $ 471  $ 705  Total contract liabilities $ 471  $ 705  Service Revenue We offer customer payment processing and certain value-added services to aesthetic practices through the Fintech Platform. Generally, revenue related to the HintMD Platform payment processing service, was recognized at a point in time and revenue related to the OPUL® payment processing service is recognized over time. The migration of the remaining HintMD customers to OPUL® was completed during the three months ended June 30, 2023. For the Fintech Platform, revenue related to the value-added services component is recognized over time. Accounts receivable from contracts with our service customers are as follows: June 30, December 31, (in thousands) 2023 2022 Accounts receivable: Accounts receivable, net $ 165  $ 59  Total accounts receivable, net $ 165  $ 59  Collaboration Revenue Viatris Agreement Agreement Terms We entered into the Viatris Agreement in February 2018, pursuant to which we are collaborating with Viatris exclusively in the Viatris Territory, to develop, manufacture, and commercialize an onabotulinumtoxinA biosimilar. Viatris has paid us an aggregate of $60 million in non-refundable upfront and milestone fees as of June 30, 2023, and the agreement provides for additional remaining contingent payments of up to $70 million in the aggregate, upon the achievement of certain clinical and regulatory milestones and of specified, tiered sales milestones of up to $225 million. The payments do not represent a financing component for the transfer of goods or services. In addition, Viatris is required to pay us low to mid-double digit royalties on any sales of the biosimilar in the U.S., mid-double digit royalties on any sales in Europe, and high single digit royalties on any sales in other ex-U.S. Viatris territories. However, we have agreed to waive royalties for U.S. sales, up to a maximum of $50 million in annual sales, during the first approximately four years after commercialization to defray launch costs. Revenue Recognition We estimated the transaction price for the Viatris Agreement using the most likely amount method within the scope of ASC 606. In order to determine the transaction price, we evaluated all of the payments to be received during the duration of the contract, which included milestones and consideration payable by Viatris. Other than the upfront payment, all other milestones and consideration we may earn under the Viatris Agreement are subject to uncertainties related to development achievements, Viatris’ rights to terminate the agreement, and estimated effort for cost-sharing payments. Components of such estimated effort for cost-sharing payments include both internal and external costs. Consequently, the transaction price does not include any milestones and considerations that, if included, could result in a probable significant reversal of revenue when related uncertainties become resolved. At the end of each reporting period, we re-evaluate the probability of achievement of each such milestone and any related constraint, and if necessary, adjust our estimates of the overall transaction price. Sales-based milestones and royalties are not included in the transaction price until the sales occur because the underlying value relates to the license, and the license is the predominant feature in the Viatris Agreement. As of June 30, 2023, the transaction price allocated to the unfulfilled performance obligations was $54.5 million. We recognize revenue and estimate deferred revenue based on the cost of development service incurred over the total estimated cost of development services to be provided for the development period. For revenue recognition purposes, the development period is estimated to be completed in 2026. It is possible that this period will change and is assessed at each reporting date. ASC Topic 606, Revenue from Contracts with Customers (ASC 606) requires that an entity include a constraint on the amount of variable consideration included in the transaction price. Variable consideration is considered “constrained” if there is a potential for significant reversal of cumulative revenue recognized. As part of the constraint evaluation, we considered numerous factors, including a potential shift in certain responsibilities between the two parties which would result in changes to the net cost sharing payments, for which outcomes are difficult to predict as of the date of this Report. As a result, no collaboration revenue is recognized from the biosimilar program for the six months ended June 30, 2023. We will continue to evaluate the variable transaction price and related revenue recognition in each reporting period and as the above uncertainties are resolved or other changes in circumstances occur. For the three and six months ended June 30, 2023, we recognized no revenue related to development services under the Viatris Agreement. For the three and six months ended June 30, 2022, we recognized $1.7 million and $5.2 million related to the development services under the Viatris Agreement, respectively. Fosun License Agreement Agreement Terms In December 2018, we entered into the Fosun License Agreement with Fosun, whereby we granted Fosun the exclusive rights to develop and commercialize DaxibotulinumtoxinA for Injection in the Fosun Territory and certain sublicense rights. As of June 30, 2023, Fosun has paid us non-refundable upfront and other payments totaling $38.0 million before foreign withholding taxes. We are also eligible to receive (i) additional remaining contingent payments of up to $222.5 million upon the achievement of certain milestones and (ii) tiered royalty payments in low double digits to high teen percentages on annual net sales. The royalty percentages are subject to reduction in the event that (i) we do not have any valid and unexpired patent claims that cover the product in the Fosun Territory, (ii) biosimilars of the product are sold in the Fosun Territory or (iii) Fosun needs to pay compensation to third parties to either avoid patent infringement or market the product in the Fosun Territory. Revenue Recognition We estimated the transaction price for the Fosun License Agreement using the most likely amount method. We evaluated all of the variable payments to be received during the duration of the contract, which included payments from specified milestones, royalties, and estimated supplies to be delivered. We will re-evaluate the transaction price at each reporting period and upon a change in circumstances. As of June 30, 2023, the transaction price allocated to unfulfilled performance obligation is $38.0 million. For the three and six months ended June 30, 2023, revenue of less than $0.1 million and $0.1 million was recognized from the Fosun License Agreement, respectively. For the three and six months ended June 30, 2022, no revenue was recognized from the Fosun License Agreement. Accounts receivables and contract liabilities from contracts with our collaboration customers are as follows: June 30, December 31, (in thousands) 2023 2022 Accounts receivables: Accounts receivable, net — Fosun $ —  $ 315  Total accounts receivable, net $ —  $ 315  Contract liabilities: Deferred revenue, current — Viatris $ 4,962  $ 6,162  Total contract liabilities, current $ 4,962  $ 6,162  Deferred revenue, non-current — Viatris $ 44,236  $ 40,600  Deferred revenue, non-current — Fosun 37,977  37,977  Total contract liabilities, non-current $ 82,213  $ 78,577  Changes in our contract liabilities from contracts with our collaboration revenue customers for the six months ended June 30, 2023 are as follows: (in thousands) Balance on December 31, 2022 $ 84,739  Revenue recognized (136) Billings and adjustments, net 2,572  Balance on June 30, 2023 $ 87,175

v3.23.2

Cash Equivalents and Short-Term Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Short-Term Investments	Cash Equivalents and Short-Term Investments The following table summarizes our cash equivalents and short-term investments: June 30, 2023 December 31, 2022 (in thousands) Adjusted Cost Gains Losses Fair Value Adjusted Cost Losses Fair Value U.S. treasury securities $ 136,829  $ —  $ (52) $ 136,777  $ 109,984  $ (228) $ 109,756  Money market funds 98,349  —  —  98,349  85,206  —  85,206  Commercial paper 57,843  —  (6) 57,837  80,946  —  80,946  U.S. government agency obligations 14,760  5  —  14,765  4,480  —  4,480  Corporate bonds 7,531  —  (8) 7,523  41,186  (146) 41,040  Total cash equivalents and short-term investments $ 315,312  $ 5  $ (66) $ 315,251  $ 321,802  $ (374) $ 321,428  Classified as: Cash equivalents $ 136,763  $ 89,686  Short-term investments 178,488  231,742  Total cash equivalents and short-term investments $ 315,251  $ 321,428  As of June 30, 2023 and December 31, 2022, all of our cash equivalents and short-term investments were available-for-sale securities and had contractual maturities of less than one-year. There were no other-than-temporary impairments on such securities.

v3.23.2

Intangible Assets, net	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized: June 30, 2023 December 31, 2022 (in thousands, except for in years) Weighted Average Remaining Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Distribution rights 4.8 $ 32,334  $ (21,974) $ 10,360  1.4 $ 32,334  $ (20,882) $ 11,452  Acquired developed technology 3.8 16,200  (6,075) 10,125  4.2 35,800  (24,325) 11,475  Internally developed technology 2.0 8,918  (3,798) 5,120  2.4 8,062  (2,271) 5,791  Customer relationships 1.1 10,300  (7,510) 2,790  1.6 10,300  (6,223) 4,077  Other software 0.6 879  (813) 66  1.8 3,166  (1,592) 1,574  Development in progress N/A —  —  —  N/A 975  —  975  Total intangible assets $ 68,631  $ (40,170) $ 28,461  $ 90,637  $ (55,293) $ 35,344  N/A - Not applicable Amortization expense of intangible assets for the three and six months ended June 30, 2023 was $2.8 million and $6.8 million, respectively. Amortization expense of intangible assets for the three and six months ended June 30, 2022 was $4.9 million and $9.9 million, respectively. Based on the amount of intangible assets as of June 30, 2023, the expected amortization expense for each of the next five fiscal years was as follows: Year Ending December 31, (in thousands) 2023 remaining six months $ 5,271  2024 8,752  2025 6,147  2026 4,890  2027 2,856  2028 and thereafter 545  Total $ 28,461

v3.23.2

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	InventoriesInventories consist of the following: June 30, December 31, (in thousands) 2023 2022 Raw materials $ 2,208  $ 505  Work in process 9,397  4,933  Finished goods 22,843  12,887  Total inventories $ 34,448  $ 18,325

v3.23.2

Accruals and other current liabilities	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accruals and other current liabilities	Accruals and other current liabilities Accruals and other current liabilities consists of the following: June 30, December 31, (in thousands) 2023 2022 Accruals related to: Compensation $ 17,771  $ 28,014  Selling, general and administrative 7,143  9,681  Research and development 5,374  9,012  Interest expense 1,887  1,912  Clinical trials 1,173  1,863  Inventories 872  2,312  Other current liabilities 5,315  6,563  Total accruals and other current liabilities $ 39,535  $ 59,357

v3.23.2

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Operating Leases Our operating leases primarily consist of non-cancellable facilities leases for research, manufacturing, and administrative functions. Our non-cancellable facilities operating leases have original lease periods expiring between 2027 and 2034, and include one or more options to renew for seven years to fourteen years. The monthly payments for our operating leases escalate over the remaining lease term. Our lease contracts do not contain termination options, residual value guarantees or restrictive covenants. Finance Lease Our finance lease represents a dedicated fill-and-finish line for the manufacturing of DAXXIFY®. In March 2017, we entered into the ABPS Services Agreement. The ABPS Services Agreement contains a lease, which commenced in January 2022, related to a dedicated fill-and-finish line for the manufacturing of DAXXIFY® because it has an identified asset that is physically distinct for which we have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease provides us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity of the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line through our purchase orders to ABPS. Each party has the right to terminate the ABPS Services Agreement without cause, with an 18-month written notice to the other party. The lease is classified as a finance lease in the condensed consolidated balance sheets. Under the ABPS Services Agreement, until May 2022, we were subject to minimum purchase obligations of up to $30.0 million for each of the years ending December 31, 2022, 2023 and 2024. In May 2022, we amended a statement of work under the ABPS Services Agreement pursuant to which the minimum purchase obligations of $30.0 million per year were eliminated, and instead the minimum purchase obligations would be negotiated prior to the beginning of each year over the term of the agreement. As a result of the amended statement of work, the finance lease was modified. The primary change was that the modification reflects payments in 2023 and 2024 as variable lease payments, contingent on negotiation at the beginning of each period and excludes such payments in the present value calculation in arriving at the remaining finance lease liabilities with a corresponding adjustment to the related right-of-use asset, among other considerations and changes. In January 2023, we entered into a second amendment to the above mentioned statement of work under the ABPS Services Agreement. The second amendment established a minimum purchase obligation for the year ending December 31, 2023 of $23.9 million, which represents ABPS’ practical manufacturing capability based on experience. The minimum purchase obligation for the year ending December 31, 2023 was determined to be fixed lease payments and such payments will increase the present value calculation in arriving at the remaining finance lease liabilities with a corresponding adjustment to the related finance lease right-of-use asset. The operating and finance lease costs are summarized as follows:   Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Finance lease: Amortization of finance lease right-of-use asset (1) $ 1,350  $ 1,158  $ 3,668  $ 1,158  Interest on finance lease liability 442  751  1,008  2,259  Variable lease cost (2) —  323  374  1,713  Total finance lease costs 1,792  2,232  5,050  5,130  Operating leases: Operating lease cost 4,312  2,223  6,519  4,446  Variable lease cost (3) 548  431  1,055  865  Total operating lease costs 4,860  2,654  7,574  5,311  Total lease costs $ 6,652  $ 4,886  $ 12,624  $ 10,441  (1)Starting in the three months ended June 30, 2023, amortization of the finance lease right-of-use asset is capitalized into inventories on the condensed consolidated balance sheets resulting from the FDA approval of the PAS of the ABPS manufacturing facility. (2)Variable finance lease cost includes validation, qualification, materials, and other related services which are not included in the lease liabilities and are expensed as incurred. (3)Variable operating lease cost includes management fees, common area maintenance, property taxes, insurance and parking fees, which are not included in the lease liabilities and are expensed as incurred. As of June 30, 2023, maturities of our lease liabilities are as follows: (in thousands) Finance Lease Operating Leases Total Year Ending December 31, 2023 remaining six months $ 12,855  $ 3,952  $ 16,807  2024 3,102  8,723  11,825  2025 —  8,981  8,981  2026 —  9,242  9,242  2027 —  2,535  2,535  2028 and thereafter —  14,612  14,612  Total lease payments 15,957  48,045  64,002  Less imputed interest (452) (11,510) (11,962) Present value of lease payments $ 15,505  $ 36,535  $ 52,040  Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of June 30, 2023, weighted-average remaining lease terms and discount rates are as follows: Finance Leases Operating Leases Weighted-average remaining lease term (years) 2.8 7.2 Weighted-average discount rate 10.7  % 9.8  % Supplemental cash flow information related to the leases was as follows: Six Months Ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,188  $ 4,192  Operating cash flows from finance lease $ 1,008  $ 627  Financing cash flows from finance lease $ 8,899  $ 1,760  Right-of-use assets obtained in exchange for lease liabilities Finance lease $ 23,735  $ 18,556  Leases Not Yet Commenced PCI Supply Agreement In April 2021, we entered into the PCI Supply Agreement pursuant to which PCI would serve as a non-exclusive manufacturer and supplier of DAXXIFY®. The initial term of the PCI Supply Agreement is dependent upon the date of regulatory submission for the manufacturing of DAXXIFY® and may be terminated by either party in accordance with the terms of the PCI Supply Agreement. The term of the PCI Supply Agreement may also be extended for one additional three-year term upon mutual agreement of the parties. The PCI Supply Agreement contains a lease related to a dedicated fill-and-finish line and closely related assets for the manufacturing of DAXXIFY® because it has identified assets that are physically distinct for which we will have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease will provide us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity implied from the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line. The embedded lease had not yet commenced as of June 30, 2023. The accounting commencement and recognition of the right-of-use lease assets and lease liabilities related to the embedded lease will take place when we have substantively obtained the right of control. The embedded lease is preliminarily classified as a finance lease. Pursuant to the PCI Supply Agreement, we are responsible for certain costs associated with the design, equipment procurement and validation, and facilities-related costs, monthly payments and minimum purchase obligations throughout the initial term of the PCI Supply Agreement. As of June 30, 2023, we have made prepayments of $27.5 million to PCI which is recorded within “Finance lease prepaid expense” in the condensed consolidated balance sheets. Based on our best estimate as of June 30, 2023, our remaining minimum commitment under the PCI Supply Agreement will be $12.7 million for 2023, $15.9 million for 2024, $18.3 million for 2025, $25.3 million for 2026, $29.5 million for 2027, and $134.5 million for 2028 and thereafter in aggregate. Nashville Lease Expansion Premises In November 2020, we entered into the Nashville Lease, a non-cancelable operating lease for an office space in Nashville, Tennessee. The lease commenced and was recognized on the condensed consolidated balance sheets in June 2021. In July 2021, we entered into the second amendment to the Nashville Lease, which provided for the expansion of the initial premises to include the Expansion Premises, an additional 30,591 square feet with an expected term to 2034. The lease accounting commencement date of the Expansion Premises has not occurred and is expected to take place when the office space is made available to us after the completion of certain improvement work, which is currently expected in late 2023 at the earliest. The monthly base rent payments for the lease escalate over the term. The total undiscounted basic rent payments currently determinable for the Expansion Premises are $16 million with an expected term to 2034. In January 2023, we entered into the third amendment to the Nashville Lease, which provides for the expansion of the current premises to include the Second Expansion Premises, an additional 17,248 square feet with an expected term to 2032. The monthly base rent payments for the lease escalate over the term, and the total undiscounted basic rent payments determinable for the Second Expansion Premises are $7 million. The lease accounting commencement date of the Second Expansion Premises has not occurred and is expected to take place when the office space is made available to us after the completion of certain improvement work, which is currently expected in late 2023.
Leases	Leases Operating Leases Our operating leases primarily consist of non-cancellable facilities leases for research, manufacturing, and administrative functions. Our non-cancellable facilities operating leases have original lease periods expiring between 2027 and 2034, and include one or more options to renew for seven years to fourteen years. The monthly payments for our operating leases escalate over the remaining lease term. Our lease contracts do not contain termination options, residual value guarantees or restrictive covenants. Finance Lease Our finance lease represents a dedicated fill-and-finish line for the manufacturing of DAXXIFY®. In March 2017, we entered into the ABPS Services Agreement. The ABPS Services Agreement contains a lease, which commenced in January 2022, related to a dedicated fill-and-finish line for the manufacturing of DAXXIFY® because it has an identified asset that is physically distinct for which we have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease provides us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity of the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line through our purchase orders to ABPS. Each party has the right to terminate the ABPS Services Agreement without cause, with an 18-month written notice to the other party. The lease is classified as a finance lease in the condensed consolidated balance sheets. Under the ABPS Services Agreement, until May 2022, we were subject to minimum purchase obligations of up to $30.0 million for each of the years ending December 31, 2022, 2023 and 2024. In May 2022, we amended a statement of work under the ABPS Services Agreement pursuant to which the minimum purchase obligations of $30.0 million per year were eliminated, and instead the minimum purchase obligations would be negotiated prior to the beginning of each year over the term of the agreement. As a result of the amended statement of work, the finance lease was modified. The primary change was that the modification reflects payments in 2023 and 2024 as variable lease payments, contingent on negotiation at the beginning of each period and excludes such payments in the present value calculation in arriving at the remaining finance lease liabilities with a corresponding adjustment to the related right-of-use asset, among other considerations and changes. In January 2023, we entered into a second amendment to the above mentioned statement of work under the ABPS Services Agreement. The second amendment established a minimum purchase obligation for the year ending December 31, 2023 of $23.9 million, which represents ABPS’ practical manufacturing capability based on experience. The minimum purchase obligation for the year ending December 31, 2023 was determined to be fixed lease payments and such payments will increase the present value calculation in arriving at the remaining finance lease liabilities with a corresponding adjustment to the related finance lease right-of-use asset. The operating and finance lease costs are summarized as follows:   Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Finance lease: Amortization of finance lease right-of-use asset (1) $ 1,350  $ 1,158  $ 3,668  $ 1,158  Interest on finance lease liability 442  751  1,008  2,259  Variable lease cost (2) —  323  374  1,713  Total finance lease costs 1,792  2,232  5,050  5,130  Operating leases: Operating lease cost 4,312  2,223  6,519  4,446  Variable lease cost (3) 548  431  1,055  865  Total operating lease costs 4,860  2,654  7,574  5,311  Total lease costs $ 6,652  $ 4,886  $ 12,624  $ 10,441  (1)Starting in the three months ended June 30, 2023, amortization of the finance lease right-of-use asset is capitalized into inventories on the condensed consolidated balance sheets resulting from the FDA approval of the PAS of the ABPS manufacturing facility. (2)Variable finance lease cost includes validation, qualification, materials, and other related services which are not included in the lease liabilities and are expensed as incurred. (3)Variable operating lease cost includes management fees, common area maintenance, property taxes, insurance and parking fees, which are not included in the lease liabilities and are expensed as incurred. As of June 30, 2023, maturities of our lease liabilities are as follows: (in thousands) Finance Lease Operating Leases Total Year Ending December 31, 2023 remaining six months $ 12,855  $ 3,952  $ 16,807  2024 3,102  8,723  11,825  2025 —  8,981  8,981  2026 —  9,242  9,242  2027 —  2,535  2,535  2028 and thereafter —  14,612  14,612  Total lease payments 15,957  48,045  64,002  Less imputed interest (452) (11,510) (11,962) Present value of lease payments $ 15,505  $ 36,535  $ 52,040  Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of June 30, 2023, weighted-average remaining lease terms and discount rates are as follows: Finance Leases Operating Leases Weighted-average remaining lease term (years) 2.8 7.2 Weighted-average discount rate 10.7  % 9.8  % Supplemental cash flow information related to the leases was as follows: Six Months Ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,188  $ 4,192  Operating cash flows from finance lease $ 1,008  $ 627  Financing cash flows from finance lease $ 8,899  $ 1,760  Right-of-use assets obtained in exchange for lease liabilities Finance lease $ 23,735  $ 18,556  Leases Not Yet Commenced PCI Supply Agreement In April 2021, we entered into the PCI Supply Agreement pursuant to which PCI would serve as a non-exclusive manufacturer and supplier of DAXXIFY®. The initial term of the PCI Supply Agreement is dependent upon the date of regulatory submission for the manufacturing of DAXXIFY® and may be terminated by either party in accordance with the terms of the PCI Supply Agreement. The term of the PCI Supply Agreement may also be extended for one additional three-year term upon mutual agreement of the parties. The PCI Supply Agreement contains a lease related to a dedicated fill-and-finish line and closely related assets for the manufacturing of DAXXIFY® because it has identified assets that are physically distinct for which we will have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease will provide us with both (i) the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity implied from the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line. The embedded lease had not yet commenced as of June 30, 2023. The accounting commencement and recognition of the right-of-use lease assets and lease liabilities related to the embedded lease will take place when we have substantively obtained the right of control. The embedded lease is preliminarily classified as a finance lease. Pursuant to the PCI Supply Agreement, we are responsible for certain costs associated with the design, equipment procurement and validation, and facilities-related costs, monthly payments and minimum purchase obligations throughout the initial term of the PCI Supply Agreement. As of June 30, 2023, we have made prepayments of $27.5 million to PCI which is recorded within “Finance lease prepaid expense” in the condensed consolidated balance sheets. Based on our best estimate as of June 30, 2023, our remaining minimum commitment under the PCI Supply Agreement will be $12.7 million for 2023, $15.9 million for 2024, $18.3 million for 2025, $25.3 million for 2026, $29.5 million for 2027, and $134.5 million for 2028 and thereafter in aggregate. Nashville Lease Expansion Premises In November 2020, we entered into the Nashville Lease, a non-cancelable operating lease for an office space in Nashville, Tennessee. The lease commenced and was recognized on the condensed consolidated balance sheets in June 2021. In July 2021, we entered into the second amendment to the Nashville Lease, which provided for the expansion of the initial premises to include the Expansion Premises, an additional 30,591 square feet with an expected term to 2034. The lease accounting commencement date of the Expansion Premises has not occurred and is expected to take place when the office space is made available to us after the completion of certain improvement work, which is currently expected in late 2023 at the earliest. The monthly base rent payments for the lease escalate over the term. The total undiscounted basic rent payments currently determinable for the Expansion Premises are $16 million with an expected term to 2034. In January 2023, we entered into the third amendment to the Nashville Lease, which provides for the expansion of the current premises to include the Second Expansion Premises, an additional 17,248 square feet with an expected term to 2032. The monthly base rent payments for the lease escalate over the term, and the total undiscounted basic rent payments determinable for the Second Expansion Premises are $7 million. The lease accounting commencement date of the Second Expansion Premises has not occurred and is expected to take place when the office space is made available to us after the completion of certain improvement work, which is currently expected in late 2023.

v3.23.2

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table provides information regarding our debt: June 30, December 31, (in thousands) 2023 2022 2027 Notes $ 287,500  $ 287,500  Less: Unamortized debt issuance costs (4,937) (5,587) Carrying amount of the 2027 Notes 282,563  281,913  Notes Payable 100,000  100,000  Less: Unamortized debt discount (1,175) (1,347) Less: Unamortized debt issuance costs (1,040) (1,192) Carrying amount of Notes Payable 97,785  97,461  Debt, non-current $ 380,348  $ 379,374  Interest expense relating to our debt in the condensed consolidated statements of operations and comprehensive loss are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Contractual interest expense $ 3,407  $ 3,383  $ 6,790  $ 4,971  Amortization of debt issuance costs 431  417  863  749  Amortization of debt discount 87  74  172  85  Total interest expense $ 3,925  $ 3,874  $ 7,825  $ 5,805  Convertible Senior Notes In February 2020, we issued the 2027 Notes, in the aggregate principal amount of $287.5 million pursuant to the Indenture. The 2027 Notes are senior unsecured obligations and bear interest at a rate of 1.75% per year, payable semiannually in arrears on February 15 and August 15 of each year, began on August 15, 2020. The 2027 Notes will mature on February 15, 2027, unless earlier converted, redeemed or repurchased. In connection with issuing the 2027 Notes, we received $278.3 million in net proceeds, after deducting the initial purchasers’ discount, commissions, and other issuance costs. The 2027 Notes may be converted at any time by the holders prior to the close of business on the business day immediately preceding November 15, 2026 only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on June 30, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call any or all of the 2027 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. On or after November 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2027 Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The conversion rate will initially be 30.8804 shares of our common stock per $1,000 principal amount of the 2027 Notes (equivalent to an initial conversion price of approximately $32.38 per share of our common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event or notice of redemption, as the case may be. Contractually, we may not redeem the 2027 Notes prior to February 20, 2024. We may redeem for cash all or any portion of the 2027 Notes, at our option, on or after February 20, 2024 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Capped Call Transactions Concurrently with the 2027 Notes, we entered into capped call transactions with the option counterparties and used $28.9 million of the net proceeds from the 2027 Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce the potential dilutive effect upon conversion of the 2027 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a price cap of $48.88 of our common stock per share, which represents a premium of 100% over the last reported sale price of our common stock on February 10, 2020. The capped calls have an initial strike price of $32.38 per share, subject to certain adjustments, which corresponds to the conversion option strike price in the 2027 Notes. The capped call transactions cover, subject to anti-dilution adjustments, approximately 8.9 million shares of our common stock. The capped call transactions are separate transactions that we entered into with the option counterparties and are not part of the terms of the 2027 Notes. As the capped call transactions meet certain accounting criteria, the premium paid of $28.9 million was recorded as a reduction in additional paid-in capital in the condensed consolidated balance sheets, and will not be remeasured to fair value as long as the accounting criteria continue to be met. As of June 30, 2023 and December 31, 2022, we had not purchased any shares under the capped call transactions. Note Purchase Agreement In March 2022, we entered into the Note Purchase Agreement and issued the First Tranche in an aggregate principal amount for all such Notes of $100 million. On August 8, 2023, the Company, HintMD and Athyrium entered into the First Amendment. Pursuant to the First Amendment, the Second Tranche commitment was reduced from $100 million to $50 million, and the uncommitted Third Tranche was increased from $100 million to $150 million. On or before August 31, 2023, the Company expects to issue to the purchasers under the Note Purchase Agreement notes in an aggregate principal amount of $50 million, provided certain conditions are met. The uncommitted Third Tranche is available until March 31, 2024, subject to the satisfaction of certain conditions set forth in the Note Purchase Agreement, including the achievement of greater than or equal to $50 million in trailing twelve months revenue for DAXXIFY® preceding the date of the draw request for the Third Tranche, and approval by Athyrium. Our obligations under the Note Purchase Agreement are secured by substantially all of our assets and the assets of our wholly owned domestic subsidiaries, including their respective intellectual property. The notes issued pursuant to the First Tranche and to be issued pursuant to the Second Tranche will bear interest at an annual fixed interest rate equal to 8.50%. The First Amendment modified the variable interest rate adjustment for the Third Tranche from Adjusted Three-Month LIBOR to Adjusted Three-Month Term SOFR. If the Third Tranche of Notes Payable becomes committed, the Notes Payable will then bear interest at an annual rate equal to the sum of (a) 7.0% and (b) Adjusted Three-Month Term SOFR for such interest period (subject to a floor of 1.50% and a cap of 2.50%). We are required to make quarterly interest payments on each Notes Payable commencing on the last business day of the calendar month following the funding date thereof, and continuing until the Maturity Date. Pursuant to the First Amendment, the Company is required to repay Athyrium the outstanding principal amount of the Second Tranche notes in installments on the last business day of each March, June, September and December (commencing in September 2024), in each case, based on the following principal amortization payment schedule: 2.5% in September and December 2024; 5.0% in March and June 2025; 7.5% in September and December 2025; and 10.0% in March and June 2026; followed by repayment of the Second Tranche in full on September 18, 2026. The Maturity Date may be extended to March 18, 2028 if, as of September 18, 2026, less than $90 million principal amount of our existing 2027 Notes remain outstanding and with the consent of the Purchasers. Initially, all principal for each tranche is due and payable on the Maturity Date. If any Third Tranche notes are issued, upon the occurrence of an Amortization Trigger (as defined in the Note Purchase Agreement), we are required to repay the principal of the Third Tranche in equal monthly installments beginning on the last day of the month in which the Amortization Trigger occurred and continuing through the Maturity Date. At our option, we may prepay the outstanding principal balance of all or any portion of the principal amount of the Notes Payable, subject to a prepayment fee equal to (i) a make-whole amount if the prepayment occurs on or prior to the first anniversary of the NPA Effective Date and (ii) 2.0% of the amount prepaid if the prepayment occurs after the first anniversary of the NPA Effective Date but on or prior to the second anniversary of the NPA Effective Date. Upon prepayment or repayment of all or any portion of the principal amount of the Notes Payable (whether on the Maturity Date or otherwise), we are also required to pay an exit fee to the Purchasers. The Note Purchase Agreement includes affirmative and negative covenants applicable to us, our current subsidiaries and any subsidiaries we create in the future. The affirmative covenants include, among others, covenants requiring us to maintain our legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage and satisfy certain requirements regarding deposit accounts. We must also (i) maintain at least $30.0 million of unrestricted cash and cash equivalents in accounts subject to a control agreement in favor of Athyrium at all times and (ii) upon the occurrence of certain specified events set forth in the Note Purchase Agreement, achieve at least $70.0 million of Consolidated Teoxane Distribution Net Product Sales on a trailing twelve-months basis. The negative covenants include, among others, restrictions on our transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets and undergoing a change in control, in each case subject to certain exceptions. If we do not comply with the affirmative and negative covenants, such non-compliance may be an event of default under the Note Purchase Agreement. The Note Purchase Agreement also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 2.0% and would provide Athyrium, as administrative agent, with the right to exercise remedies against us and the collateral, including foreclosure against our property securing the obligations under the Note Purchase Agreement, including our cash. These events of default include, among other things, our failure to pay principal or interest due under the Note Purchase Agreement, a breach of certain covenants under the Note Purchase Agreement, our insolvency, the occurrence of a circumstance which could have a material adverse effect and the occurrence of any default under certain other indebtedness.

v3.23.2

Stockholders’ Equity and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders’ Equity (Deficit) and Stock-Based Compensation	Stockholders’ Equity and Stock-Based Compensation Equity Compensation Plans 2014 EIP On January 1, 2023, the number of shares of common stock reserved for issuance under the 2014 EIP increased by 3.3 million shares. For the six months ended June 30, 2023, 2.4 million shares of stock awards and 0.2 million stock options were granted under the 2014 EIP. As of June 30, 2023, 4.0 million shares were available for issuance under the 2014 EIP. 2014 IN For the six months ended June 30, 2023, no stock options or awards were granted under the 2014 IN. As of June 30, 2023, 0.8 million shares were available for issuance under the 2014 IN. HintMD Plan For the six months ended June 30, 2023, no stock options or awards were granted under the HintMD Plan. As of June 30, 2023, 0.1 million shares were available for issuance under the HintMD Plan. 2014 ESPP On January 1, 2023, the number of shares of common stock reserved for issuance under the 2014 ESPP increased by 0.3 million shares. As of June 30, 2023, 1.8 million shares were available for issuance under the 2014 ESPP. Net Loss per Share Our basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share is calculated by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, shares of common stock underlying the 2027 Notes at the initial conversion price, outstanding stock options, and unvested stock awards, are considered common stock equivalents, which were excluded from the computation of diluted net loss per share because including them would have been antidilutive. Common stock equivalents that were excluded from the computation of diluted net loss per share are presented below:   June 30,   2023 2022 Convertible senior notes 8,878,938 8,878,938 Outstanding stock options 4,391,679 5,063,074 Unvested RSUs and PSUs 3,281,382 2,492,797  Unvested RSAs and PSAs 1,577,981 2,656,703 ATM Offering Programs In November 2020, we entered into the 2020 ATM Agreement with Cowen. Under the 2020 ATM Agreement, we could offer and sell, from time to time, through Cowen, shares of our common stock having an aggregate offering price of up to $125.0 million. We were not obligated to sell any shares under the 2020 ATM Agreement. Subject to the terms and conditions of the 2020 ATM Agreement, Cowen was required to use commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Global Market, to sell shares from time to time based upon our instructions, including any price, time or size limits specified by us. We paid Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimbursed legal fees and disbursements and provided Cowen with customary indemnification and contribution rights. From January 1, 2022 through May 10, 2022, we sold 1.7 million shares of common stock under the 2020 ATM Agreement at a weighted average price of $18.71 per share resulting in net proceeds of $31.6 million after sales agent commissions and offering costs. The 2020 ATM Agreement was terminated on May 10, 2022. On May 10, 2022, we entered into the 2022 ATM Agreement with Cowen. Under the 2022 ATM Agreement, we may sell up to $150.0 million of our common stock. We are not obligated to sell any shares under the 2022 ATM Agreement. Subject to the terms and conditions of the 2022 ATM Agreement, Cowen will use commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Global Market, to sell shares from time to time based upon our instructions, including any price, time or size limits specified by us. We pay Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Cowen with customary indemnification and contribution rights. For the three months ended June 30, 2023, we sold 3.2 million shares of common stock under the 2022 ATM Agreement at a weighted average price of $31.90 per share, resulting in net proceeds of $100.0 million after sales agent commissions and offering costs. No shares of common stock were sold under the 2022 ATM Agreement for the three months ended March 31, 2023. Stock-Based Compensation Expense The following table summarizes our stock-based compensation expense by line item in our condensed consolidated statements of operations and comprehensive loss: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Selling, general and administrative $ 12,178  $ 6,528  $ 22,443  $ 14,692  Research and development 3,421  2,735  6,238  8,934  Cost of product revenue (exclusive of depreciation and amortization) 948  —  948  —  Total stock-based compensation expense $ 16,547  $ 9,263  $ 29,629  $ 23,626  Capitalized Stock-based Compensation Expense For the three and six months ended June 30, 2023, stock-based compensation expense of $0.9 million and $1.9 million, respectively, was capitalized in inventories on the condensed consolidated balance sheets, which is subsequently expensed to cost of product revenue (exclusive of depreciation and amortization) on the condensed consolidated statements of operations and comprehensive loss as shown in the table above.

v3.23.2

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy. June 30, 2023 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets U.S. treasury securities $ 136,777  $ 136,777  $ —  $ —  Money market funds 98,349  98,349  —  —  U.S. government agency obligations 14,765  14,765  —  —  Commercial paper 57,837  —  57,837  —  Corporate bonds 7,523  —  7,523  —  Total assets measured at fair value $ 315,251  $ 249,891  $ 65,360  $ —  December 31, 2022 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets U.S. treasury securities $ 109,756  $ 109,756  $ —  $ —  Money market funds 85,206  85,206  —  —  U.S. government agency obligations 4,480  4,480  —  —  Commercial paper 80,946  —  80,946  —  Corporate bonds 41,040  —  41,040  —  Total assets measured at fair value $ 321,428  $ 199,442  $ 121,986  $ —  For Level 1 investments, we use quoted prices in active markets for identical assets to determine the fair value. For Level 2 investments, we use quoted prices for similar assets sourced from certain third-party pricing services. The third-party pricing services generally utilize industry standard valuation models for which all significant inputs are observable, either directly or indirectly, to estimate the price or fair value of the securities. The primary input generally includes reported trades of or quotes on the same or similar securities. We do not make additional judgments or assumptions made to the pricing data sourced from the third-party pricing services. The fair value of the 2027 Notes and the Notes Payable (Note 8) was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. We present the fair value of the 2027 Notes and the Notes payable for disclosure purposes only. As of June 30, 2023, and December 31, 2022, the fair value of the 2027 Notes was $302.9 million and $288.2 million, respectively. As of June 30, 2023 and December 31, 2022, the fair value of the Notes Payable was approximately the same as its unamortized carrying value.

v3.23.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Teoxane Agreement In January 2020, we entered into the Teoxane Agreement, pursuant to which Teoxane granted us the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid® dermal fillers, which include: (i) RHA® Collection of dermal fillers, and (ii) the RHA® Pipeline Products in the U.S. and U.S. territories and possessions, in exchange for 2,500,000 shares of our common stock and certain other commitments by us. The Teoxane Agreement is effective for a term of ten years from product launch in September 2020 and may be extended for a two-year period upon the mutual agreement of the parties. We are required to meet certain minimum purchase obligations during each year of the term. Our minimum purchase obligation for the years ending December 31, 2023 and December 31, 2024 will be $40 million and $52 million, respectively. Minimum purchase obligations after December 31, 2024 may be determined at a later date. We are also required to meet certain minimum expenditure requirements in connection with commercialization efforts. Our minimum expenditures related to the commercialization and promotion of RHA® Collection of dermal fillers and RHA® Pipeline Products for the years ended December 31, 2023 and 2024 will be $34 million and $36 million, respectively. Minimum expenditures related to the commercialization and promotion of RHA® Collection of dermal fillers and RHA® Pipeline Products after December 31, 2024 may be determined at a later date. Either party may terminate the Teoxane Agreement in the event of the insolvency of, or a material breach by, the other party, including certain specified breaches that include the right for Teoxane to terminate the Teoxane Agreement for our failure to meet the minimum purchase requirements or commercialization expenditure during specified periods, or for our breach of the exclusivity obligations under the Teoxane Agreement. Other Contingencies As of June 30, 2023, we are obligated to pay BTRX up to a remaining $15.5 million upon the satisfaction of certain milestones relating to our product revenue, intellectual property, and clinical and regulatory events. Indemnification We have standard indemnification agreements in the ordinary course of business. Under these indemnification agreements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to our technology. The term of these indemnification agreements is generally perpetual after the execution of the agreements. The maximum potential amount of future payments we are obligated to pay under other indemnification agreements is not determinable because it involves claims for indemnification that may be made against us in the future but have not been made. We have not yet incurred material costs to defend lawsuits or settle claims related to indemnification agreements. We have indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. For the six months ended June 30, 2023 and 2022, no material amounts associated with the indemnification agreements have been recorded. Litigation In October 2021, Allergan filed a complaint against us and ABPS, one of our manufacturing sources of DAXXIFY®, in the U.S. District Court for the District of Delaware, alleging infringement of the following patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,033,625; 7,354,740; 8,409,828; 11,124,786; and 7,332,567. Allergan claims that our formulation for DAXXIFY® and ABPS’s manufacturing process used to produce DAXXIFY® infringes its patents. Allergan also asserted a patent with claims related to a substrate for use in a botulinum toxin detection assay. On November 3, 2021, we filed a motion to dismiss. On November 24, 2021, Allergan filed an amended complaint against us and ABPS, alleging infringement of an additional patent assigned and/or licensed to Allergan: U.S. Patent No. 11,147,878. On December 17, 2021, we filed a second motion to dismiss, and on January 14, 2022, Allergan filed an opposition to that motion. We filed a reply to Allergan’s opposition on January 21, 2022, and on August 19, 2022, the court denied our second motion to dismiss. On September 2, 2022, we filed an answer and counterclaims to Allergan’s amended complaint. On December 30, 2022, Allergan filed a second amended complaint against us and ABPS, alleging infringement of three additional patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,203,748; 11,326,155; and 11,285,216. On January 20, 2023, we filed an answer and counterclaims to Allergan's second amended complaint. On March 3, 2023, we filed invalidity contentions, which challenge Allergan’s asserted patents. A Markman hearing was held on June 28, 2023, and we await the court’s decision on claim construction. On December 10, 2021, a putative securities class action complaint was filed against the Company and certain of its officers on behalf of a class of stockholders who acquired the Company’s securities from November 25, 2019 to October 11, 2021, in the U.S. District Court for the Northern District of California. The complaint alleges that the Company and certain of its officers violated Sections 10(b) and 20(a) of Exchange Act by making false and misleading statements regarding the manufacturing of DAXXIFY® and the timing and likelihood of regulatory approval and seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. The court appointed the lead plaintiff and lead counsel on September 7, 2022. The lead plaintiff filed an amended complaint on November 7, 2022. On January 23, 2023, we filed a motion to dismiss. On March 8, 2023, the lead plaintiff filed an opposition to our motion to dismiss. On April 7, 2023, we filed a reply in support of our motion to dismiss. A hearing on our motion to dismiss is scheduled for August 10, 2023, but we cannot be certain of whether that motion to dismiss will be granted. We dispute the claims in these lawsuits and intend to defend the matters vigorously. These lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcome of the lawsuits is necessarily uncertain. We could be forced to expend significant resources in the defense of either lawsuit, and we may not prevail. In addition, we may incur substantial legal fees and costs in connection with each lawsuit. We record a provision for a liability when we believe that it is both probable that a liability has incurred, and the amount can be reasonably estimated. As of both June 30, 2023 and December 31, 2022, no such provision for liabilities related to the above litigation matters were recorded on the condensed consolidated balance sheets.

v3.23.2

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Reportable Segments We report segment information based on the management approach. The management approach designates the internal reporting used by the CODM for making decisions and assessing performance as the source of our reportable segments. We have two reportable segments: the Product Segment and the Service Segment. Each reportable segment represents a component, or an operating segment, for which separate financial information is available that is utilized on a regular basis by our CODM in determining resource allocations and performance evaluation. We also considered whether the identified operating segments should be further aggregated based on factors including economic characteristics, the nature of products and services, production processes, customer base, distribution methods, and regulatory environment; however, no such aggregation was made due to dissimilarity of the operating segments. Product Segment Our Product Segment refers to the business that includes the research, development and commercialization of our approved products and product candidates, including DAXXIFY®, the onabotulinumtoxinA biosimilar and the RHA® Collection of dermal fillers. Service Segment Our Service Segment refers to the business that includes the development and commercialization of the Fintech Platform. Corporate and Other Expenses Corporate and other expenses include operating expenses related to general and administrative expenses, depreciation and amortization, stock-based compensation, and intersegment elimination that are not used in evaluating the results of, or in allocating resources to, our segments. Intersegment revenue represents the revenue generated between the two segments. For the three months ended June 30, 2023 and 2022, intersegment revenue was $0.7 million and $0.3 million, respectively. For the six months ended June 30, 2023 and 2022, intersegment revenue was $1.3 million and $0.6 million, respectively. Reconciliation of Segment Revenue to Consolidated Revenue Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Revenue: Product Segment $ 54,413  $ 27,142  $ 100,187  $ 51,547  Service Segment 3,721  1,226  7,278  2,082  Total revenue $ 58,134  $ 28,368  $ 107,465  $ 53,629  Reconciliation of Segment Loss from Operations to Consolidated Loss from Operations Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Loss from operations: Product Segment $ (19,335) $ (24,969) $ (32,065) $ (49,920) Service Segment (4,978) (5,598) (12,065) (9,533) Corporate and other expenses (41,186) (27,275) (79,401) (60,610) Total loss from operations $ (65,499) $ (57,842) $ (123,531) $ (120,063) We do not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented.

v3.23.2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (67,318)	$ (61,435)	$ (127,111)	$ (125,777)

v3.23.2

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Dwight Moxie [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, were as follows: Name and Title Action Date Total Shares to be Sold Expiration Date Dwight Moxie, Senior Vice President, General Counsel and Corporate Secretary Adopt 6/5/2023 34,853 12/5/2023
Name	Dwight Moxie
Title	Senior Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/5/2023
Arrangement Duration	183 days
Aggregate Available	34,853	34,853

v3.23.2

The Company and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented. Our consolidated balance sheet for the year ended December 31, 2022 was derived from audited consolidated financial statements, but does not include all disclosures including notes required by U.S. GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2023, or any other future period. Our condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements contained in our FY2022 10-K. Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions have been eliminated.
Reclassification	ReclassificationAt the beginning of 2023, we changed our presentation of internal-use software where approximately $8.3 million has been reclassified from property and equipment, net into intangible assets, net.
Use of Estimates & Risks and Uncertainties	Use of Estimates & Risks and Uncertainties The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, the incremental borrowing rate used to measure operating lease and finance lease liabilities, the recoverability of goodwill and long-lived assets, useful lives associated with property and equipment and intangible assets, the period of benefit associated with deferred costs, revenue recognition (including the timing of satisfaction of performance obligations, estimating variable consideration, estimating stand-alone selling prices of promised goods and services, and allocation of transaction price to performance obligations), deferred revenue classification, accruals for clinical trial costs, valuation and assumptions underlying stock-based compensation and other equity instruments, and income taxes. As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and we do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our present or future financial statements.

v3.23.2

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents our revenue disaggregated by timing of transfer of goods or service: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Transferred Transferred (in thousands) at a point in time over time Total at a point in time over time Total Product revenue $ 54,393  $ —  $ 54,393  $ 100,051  $ —  $ 100,051  Service revenue 2  3,719  3,721  59  7,219  7,278  Collaboration revenue —  20  20  —  136  136  Total revenue $ 54,395  $ 3,739  $ 58,134  $ 100,110  $ 7,355  $ 107,465  Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Transferred Transferred (in thousands) at a point in time over time Total at a point in time over time Total Product revenue $ 25,483  $ —  $ 25,483  $ 46,320  $ —  $ 46,320  Service revenue 148  1,078  1,226  239  1,843  2,082  Collaboration revenue —  1,659  1,659  —  5,227  5,227  Total revenue $ 25,631  $ 2,737  $ 28,368  $ 46,559  $ 7,070  $ 53,629  Product Revenue Our product revenue breakdown is summarized below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Product: RHA® Collection of dermal fillers $ 31,767  $ 25,483  $ 62,047  $ 46,320  DAXXIFY® 22,626  —  38,004  —  Total product revenue $ 54,393  $ 25,483  $ 100,051  $ 46,320
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable	Accounts receivables and contract liabilities from contracts with our product customers are as follows: June 30, December 31, (in thousands) 2023 2022 Accounts receivables: Accounts receivable, net $ 16,878  $ 10,966  Total accounts receivable, net $ 16,878  $ 10,966  Contract liabilities: Deferred revenue, current $ 471  $ 705  Total contract liabilities $ 471  $ 705  Accounts receivable from contracts with our service customers are as follows: June 30, December 31, (in thousands) 2023 2022 Accounts receivable: Accounts receivable, net $ 165  $ 59  Total accounts receivable, net $ 165  $ 59  Accounts receivables and contract liabilities from contracts with our collaboration customers are as follows: June 30, December 31, (in thousands) 2023 2022 Accounts receivables: Accounts receivable, net — Fosun $ —  $ 315  Total accounts receivable, net $ —  $ 315  Contract liabilities: Deferred revenue, current — Viatris $ 4,962  $ 6,162  Total contract liabilities, current $ 4,962  $ 6,162  Deferred revenue, non-current — Viatris $ 44,236  $ 40,600  Deferred revenue, non-current — Fosun 37,977  37,977  Total contract liabilities, non-current $ 82,213  $ 78,577  Changes in our contract liabilities from contracts with our collaboration revenue customers for the six months ended June 30, 2023 are as follows: (in thousands) Balance on December 31, 2022 $ 84,739  Revenue recognized (136) Billings and adjustments, net 2,572  Balance on June 30, 2023 $ 87,175

v3.23.2

Cash Equivalents and Short-Term Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities	The following table summarizes our cash equivalents and short-term investments: June 30, 2023 December 31, 2022 (in thousands) Adjusted Cost Gains Losses Fair Value Adjusted Cost Losses Fair Value U.S. treasury securities $ 136,829  $ —  $ (52) $ 136,777  $ 109,984  $ (228) $ 109,756  Money market funds 98,349  —  —  98,349  85,206  —  85,206  Commercial paper 57,843  —  (6) 57,837  80,946  —  80,946  U.S. government agency obligations 14,760  5  —  14,765  4,480  —  4,480  Corporate bonds 7,531  —  (8) 7,523  41,186  (146) 41,040  Total cash equivalents and short-term investments $ 315,312  $ 5  $ (66) $ 315,251  $ 321,802  $ (374) $ 321,428  Classified as: Cash equivalents $ 136,763  $ 89,686  Short-term investments 178,488  231,742  Total cash equivalents and short-term investments $ 315,251  $ 321,428

v3.23.2

Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Finite-lived Intangible Assets by Major Class	The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized: June 30, 2023 December 31, 2022 (in thousands, except for in years) Weighted Average Remaining Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Distribution rights 4.8 $ 32,334  $ (21,974) $ 10,360  1.4 $ 32,334  $ (20,882) $ 11,452  Acquired developed technology 3.8 16,200  (6,075) 10,125  4.2 35,800  (24,325) 11,475  Internally developed technology 2.0 8,918  (3,798) 5,120  2.4 8,062  (2,271) 5,791  Customer relationships 1.1 10,300  (7,510) 2,790  1.6 10,300  (6,223) 4,077  Other software 0.6 879  (813) 66  1.8 3,166  (1,592) 1,574  Development in progress N/A —  —  —  N/A 975  —  975  Total intangible assets $ 68,631  $ (40,170) $ 28,461  $ 90,637  $ (55,293) $ 35,344  N/A - Not applicable Amortization expense of intangible assets for the three and six months ended June 30, 2023 was $2.8 million and $6.8 million, respectively. Amortization expense of intangible assets for the three and six months ended June 30, 2022 was $4.9 million and $9.9 million, respectively.
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class	The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized: June 30, 2023 December 31, 2022 (in thousands, except for in years) Weighted Average Remaining Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Distribution rights 4.8 $ 32,334  $ (21,974) $ 10,360  1.4 $ 32,334  $ (20,882) $ 11,452  Acquired developed technology 3.8 16,200  (6,075) 10,125  4.2 35,800  (24,325) 11,475  Internally developed technology 2.0 8,918  (3,798) 5,120  2.4 8,062  (2,271) 5,791  Customer relationships 1.1 10,300  (7,510) 2,790  1.6 10,300  (6,223) 4,077  Other software 0.6 879  (813) 66  1.8 3,166  (1,592) 1,574  Development in progress N/A —  —  —  N/A 975  —  975  Total intangible assets $ 68,631  $ (40,170) $ 28,461  $ 90,637  $ (55,293) $ 35,344  N/A - Not applicable Amortization expense of intangible assets for the three and six months ended June 30, 2023 was $2.8 million and $6.8 million, respectively. Amortization expense of intangible assets for the three and six months ended June 30, 2022 was $4.9 million and $9.9 million, respectively.
Schedule of Finite-lived Intangible Assets, Future Amortization Expense	Based on the amount of intangible assets as of June 30, 2023, the expected amortization expense for each of the next five fiscal years was as follows: Year Ending December 31, (in thousands) 2023 remaining six months $ 5,271  2024 8,752  2025 6,147  2026 4,890  2027 2,856  2028 and thereafter 545  Total $ 28,461

v3.23.2

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: June 30, December 31, (in thousands) 2023 2022 Raw materials $ 2,208  $ 505  Work in process 9,397  4,933  Finished goods 22,843  12,887  Total inventories $ 34,448  $ 18,325

v3.23.2

Accruals and other current liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accruals and other current liabilities consists of the following: June 30, December 31, (in thousands) 2023 2022 Accruals related to: Compensation $ 17,771  $ 28,014  Selling, general and administrative 7,143  9,681  Research and development 5,374  9,012  Interest expense 1,887  1,912  Clinical trials 1,173  1,863  Inventories 872  2,312  Other current liabilities 5,315  6,563  Total accruals and other current liabilities $ 39,535  $ 59,357

v3.23.2

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease Costs	The operating and finance lease costs are summarized as follows:   Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Finance lease: Amortization of finance lease right-of-use asset (1) $ 1,350  $ 1,158  $ 3,668  $ 1,158  Interest on finance lease liability 442  751  1,008  2,259  Variable lease cost (2) —  323  374  1,713  Total finance lease costs 1,792  2,232  5,050  5,130  Operating leases: Operating lease cost 4,312  2,223  6,519  4,446  Variable lease cost (3) 548  431  1,055  865  Total operating lease costs 4,860  2,654  7,574  5,311  Total lease costs $ 6,652  $ 4,886  $ 12,624  $ 10,441  (1)Starting in the three months ended June 30, 2023, amortization of the finance lease right-of-use asset is capitalized into inventories on the condensed consolidated balance sheets resulting from the FDA approval of the PAS of the ABPS manufacturing facility. (2)Variable finance lease cost includes validation, qualification, materials, and other related services which are not included in the lease liabilities and are expensed as incurred. (3)Variable operating lease cost includes management fees, common area maintenance, property taxes, insurance and parking fees, which are not included in the lease liabilities and are expensed as incurred.
Schedule of Finance Lease, Liability Maturities	As of June 30, 2023, maturities of our lease liabilities are as follows: (in thousands) Finance Lease Operating Leases Total Year Ending December 31, 2023 remaining six months $ 12,855  $ 3,952  $ 16,807  2024 3,102  8,723  11,825  2025 —  8,981  8,981  2026 —  9,242  9,242  2027 —  2,535  2,535  2028 and thereafter —  14,612  14,612  Total lease payments 15,957  48,045  64,002  Less imputed interest (452) (11,510) (11,962) Present value of lease payments $ 15,505  $ 36,535  $ 52,040  Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of June 30, 2023, weighted-average remaining lease terms and discount rates are as follows: Finance Leases Operating Leases Weighted-average remaining lease term (years) 2.8 7.2 Weighted-average discount rate 10.7  % 9.8  %
Schedule of Operating Lease, Liability Maturities	As of June 30, 2023, maturities of our lease liabilities are as follows: (in thousands) Finance Lease Operating Leases Total Year Ending December 31, 2023 remaining six months $ 12,855  $ 3,952  $ 16,807  2024 3,102  8,723  11,825  2025 —  8,981  8,981  2026 —  9,242  9,242  2027 —  2,535  2,535  2028 and thereafter —  14,612  14,612  Total lease payments 15,957  48,045  64,002  Less imputed interest (452) (11,510) (11,962) Present value of lease payments $ 15,505  $ 36,535  $ 52,040  Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of June 30, 2023, weighted-average remaining lease terms and discount rates are as follows: Finance Leases Operating Leases Weighted-average remaining lease term (years) 2.8 7.2 Weighted-average discount rate 10.7  % 9.8  %
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information related to the leases was as follows: Six Months Ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,188  $ 4,192  Operating cash flows from finance lease $ 1,008  $ 627  Financing cash flows from finance lease $ 8,899  $ 1,760  Right-of-use assets obtained in exchange for lease liabilities Finance lease $ 23,735  $ 18,556

v3.23.2

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Convertible Debt	The following table provides information regarding our debt: June 30, December 31, (in thousands) 2023 2022 2027 Notes $ 287,500  $ 287,500  Less: Unamortized debt issuance costs (4,937) (5,587) Carrying amount of the 2027 Notes 282,563  281,913  Notes Payable 100,000  100,000  Less: Unamortized debt discount (1,175) (1,347) Less: Unamortized debt issuance costs (1,040) (1,192) Carrying amount of Notes Payable 97,785  97,461  Debt, non-current $ 380,348  $ 379,374  Interest expense relating to our debt in the condensed consolidated statements of operations and comprehensive loss are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Contractual interest expense $ 3,407  $ 3,383  $ 6,790  $ 4,971  Amortization of debt issuance costs 431  417  863  749  Amortization of debt discount 87  74  172  85  Total interest expense $ 3,925  $ 3,874  $ 7,825  $ 5,805

v3.23.2

Stockholders’ Equity and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Common Stock Equivalents Excluded From Computation of Diluted Net Income (Loss) Per Share	Common stock equivalents that were excluded from the computation of diluted net loss per share are presented below:   June 30,   2023 2022 Convertible senior notes 8,878,938 8,878,938 Outstanding stock options 4,391,679 5,063,074 Unvested RSUs and PSUs 3,281,382 2,492,797  Unvested RSAs and PSAs 1,577,981 2,656,703
Schedule of Stock-based Compensation Expense	The following table summarizes our stock-based compensation expense by line item in our condensed consolidated statements of operations and comprehensive loss: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Selling, general and administrative $ 12,178  $ 6,528  $ 22,443  $ 14,692  Research and development 3,421  2,735  6,238  8,934  Cost of product revenue (exclusive of depreciation and amortization) 948  —  948  —  Total stock-based compensation expense $ 16,547  $ 9,263  $ 29,629  $ 23,626

v3.23.2

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy. June 30, 2023 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets U.S. treasury securities $ 136,777  $ 136,777  $ —  $ —  Money market funds 98,349  98,349  —  —  U.S. government agency obligations 14,765  14,765  —  —  Commercial paper 57,837  —  57,837  —  Corporate bonds 7,523  —  7,523  —  Total assets measured at fair value $ 315,251  $ 249,891  $ 65,360  $ —  December 31, 2022 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets U.S. treasury securities $ 109,756  $ 109,756  $ —  $ —  Money market funds 85,206  85,206  —  —  U.S. government agency obligations 4,480  4,480  —  —  Commercial paper 80,946  —  80,946  —  Corporate bonds 41,040  —  41,040  —  Total assets measured at fair value $ 321,428  $ 199,442  $ 121,986  $ —

v3.23.2

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Reconciliation of Segment Revenue to Consolidated Revenue	Reconciliation of Segment Revenue to Consolidated Revenue Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Revenue: Product Segment $ 54,413  $ 27,142  $ 100,187  $ 51,547  Service Segment 3,721  1,226  7,278  2,082  Total revenue $ 58,134  $ 28,368  $ 107,465  $ 53,629
Schedule of Reconciliation of Segment Loss From Operations to Consolidated Loss From Operations	Reconciliation of Segment Loss from Operations to Consolidated Loss from Operations Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Loss from operations: Product Segment $ (19,335) $ (24,969) $ (32,065) $ (49,920) Service Segment (4,978) (5,598) (12,065) (9,533) Corporate and other expenses (41,186) (27,275) (79,401) (60,610) Total loss from operations $ (65,499) $ (57,842) $ (123,531) $ (120,063)

v3.23.2

The Company and Summary of Significant Accounting Policies (Details)		3 Months Ended		6 Months Ended
	May 10, 2022 USD ($)	Jun. 30, 2023 USD ($) condition	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) condition	Jun. 30, 2022 USD ($)	Aug. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of debilitating conditions | condition		2		2
Net loss		$ (67,318,000)	$ (61,435,000)	$ (127,111,000)	$ (125,777,000)
Working capital surplus		304,900,000		304,900,000
Accumulated deficit		(1,881,485,000)		(1,881,485,000)			$ (1,754,374,000)
Cash, cash equivalents and investments		319,700,000		319,700,000
Internally developed technology
Debt Instrument [Line Items]
Net into intangible assets		$ 8,300,000		8,300,000
ATM Offering, 2022 Plan
Debt Instrument [Line Items]
Stock issuance sales agreement, authorized offering price, maximum	$ 150,000,000			$ 47,200,000
Note Purchase Agreement | Notes Payable | Forecast
Debt Instrument [Line Items]
Principal amount						$ 50,000,000

v3.23.2

Revenue - Schedule of Revenues Disaggregated by Timing of Transfer of Goods or Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	$ 58,134	$ 28,368	$ 107,465	$ 53,629
Transferred at a point in time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	54,395	25,631	100,110	46,559
Transferred at over Time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	3,739	2,737	7,355	7,070
Product revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	54,393	25,483	100,051	46,320
Product revenue | Transferred at a point in time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	54,393	25,483	100,051	46,320
Product revenue | Transferred at over Time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	0	0	0	0
RHA® Collection of dermal fillers
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	31,767	25,483	62,047	46,320
DAXXIFY®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	22,626	0	38,004	0
Service revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	3,721	1,226	7,278	2,082
Service revenue | Transferred at a point in time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	2	148	59	239
Service revenue | Transferred at over Time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	3,719	1,078	7,219	1,843
Collaboration revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	20	1,659	136	5,227
Collaboration revenue | Transferred at a point in time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	0	0	0	0
Collaboration revenue | Transferred at over Time
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	$ 20	$ 1,659	$ 136	$ 5,227

v3.23.2

Revenue - Schedule of Receivables and Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Contract liabilities:
Deferred revenue, current	$ 5,433	$ 6,867
Product revenue
Accounts receivables:
Total accounts receivable, net	16,878	10,966
Contract liabilities:
Deferred revenue, current	471	705
Service revenue
Accounts receivables:
Total accounts receivable, net	$ 165	$ 59

v3.23.2

Revenue - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-refundable upfront payment	$ 87,175,000		$ 87,175,000		$ 84,739,000
Remaining performance obligation	38,000,000		38,000,000
Contract with customer, liability, revenue recognized			136,000
Viatris
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognition annual sales			$ 50,000,000
Revenue recognition annual sales of maturity period			4 years
Fosun
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent payments	222,500,000		$ 222,500,000
Remaining performance obligation	38,000,000		38,000,000
Fosun | Development Services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	100,000		100,000
Viatris
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-refundable upfront payment	60,000,000		60,000,000
Contingent payments	70,000,000		70,000,000
Revenue maximum for receipt of tiered milestone payments			225,000,000
Remaining performance obligation	54,500,000		54,500,000
Viatris | Development Services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	$ 0	$ 1,700,000	$ 0	$ 5,200,000
Fosun
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, liability, revenue recognized		$ 0		$ 0

v3.23.2

Revenue - Schedule of Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Contract liabilities:
Total contract liabilities, current	$ 5,433	$ 6,867
Total contract liabilities, non-current	82,213	78,577
Fosun
Accounts receivables:
Total accounts receivable, net	0	315
Contract liabilities:
Total contract liabilities, non-current	37,977	37,977
Viatris
Contract liabilities:
Total contract liabilities, current	4,962	6,162
Total contract liabilities, non-current	$ 44,236	$ 40,600

v3.23.2

Revenue - Schedule of Changes in Our Contract Liabilities from Contracts (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Contract With Customer Asset and Liability Roll Forward [Abstract]
Beginning balance	$ 84,739
Revenue recognized	(136)
Billings and adjustments, net	2,572
Ending balance	$ 87,175

v3.23.2

Cash Equivalents and Short-Term Investments - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	$ 315,312	$ 321,802
Gains	5
Losses	(66)	(374)
Fair Value	315,251	321,428
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	136,763	89,686
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Fair Value	178,488	231,742
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	136,829	109,984
Gains	0
Losses	(52)	(228)
Fair Value	136,777	109,756
Money market funds
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	98,349	85,206
Gains	0
Losses	0	0
Fair Value	98,349	85,206
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	57,843	80,946
Gains	0
Losses	(6)	0
Fair Value	57,837	80,946
U.S. government agency obligations
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	14,760	4,480
Gains	5
Losses	0	0
Fair Value	14,765	4,480
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	7,531	41,186
Gains	0
Losses	(8)	(146)
Fair Value	$ 7,523	$ 41,040

v3.23.2

Intangible Assets, net - Schedule of Acquired Finite-lived and Indefinite-lived Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 68,631		$ 68,631		$ 90,637
Accumulated Amortization	(40,170)		(40,170)		(55,293)
Total	28,461		28,461
Net Carrying Amount	28,461		28,461		35,344
Amortization of intangible assets	2,800	$ 4,900	6,800	$ 9,900
Development in progress
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0		$ 0		$ 975
Distribution rights
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (in years)	4 years 9 months 18 days		4 years 9 months 18 days		1 year 4 months 24 days
Finite-lived intangible assets, gross	$ 32,334		$ 32,334		$ 32,334
Accumulated Amortization	(21,974)		(21,974)		(20,882)
Total	$ 10,360		$ 10,360		$ 11,452
Acquired developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (in years)	3 years 9 months 18 days		3 years 9 months 18 days		4 years 2 months 12 days
Finite-lived intangible assets, gross	$ 16,200		$ 16,200		$ 35,800
Accumulated Amortization	(6,075)		(6,075)		(24,325)
Total	$ 10,125		$ 10,125		$ 11,475
Internally developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (in years)	2 years		2 years		2 years 4 months 24 days
Finite-lived intangible assets, gross	$ 8,918		$ 8,918		$ 8,062
Accumulated Amortization	(3,798)		(3,798)		(2,271)
Total	$ 5,120		$ 5,120		$ 5,791
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (in years)	1 year 1 month 6 days		1 year 1 month 6 days		1 year 7 months 6 days
Finite-lived intangible assets, gross	$ 10,300		$ 10,300		$ 10,300
Accumulated Amortization	(7,510)		(7,510)		(6,223)
Total	$ 2,790		$ 2,790		$ 4,077
Other software
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (in years)	7 months 6 days		7 months 6 days		1 year 9 months 18 days
Finite-lived intangible assets, gross	$ 879		$ 879		$ 3,166
Accumulated Amortization	(813)		(813)		(1,592)
Total	$ 66		$ 66		$ 1,574

v3.23.2

Intangible Assets, net- Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 remaining six months	$ 5,271
2024	8,752
2025	6,147
2026	4,890
2027	2,856
2028 and thereafter	545
Total	$ 28,461

v3.23.2

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 2,208	$ 505
Work in process	9,397	4,933
Finished goods	22,843	12,887
Total inventories	$ 34,448	$ 18,325

v3.23.2

Accruals and other current liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation	$ 17,771	$ 28,014
Selling, general and administrative	7,143	9,681
Research and development	5,374	9,012
Interest expense	1,887	1,912
Clinical trials	1,173	1,863
Inventories	872	2,312
Other current liabilities	5,315	6,563
Total accruals and other current liabilities	$ 39,535	$ 59,357

v3.23.2

Leases - Narrative (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2021 option_to_extend_lease_term	Jun. 30, 2023 USD ($) option_to_extend_lease_term	Jan. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($) ft²
Lessee, Lease, Description [Line Items]
Number of options to renew (or more) | option_to_extend_lease_term		1
Term of written notice		18 months
Purchase obligation, to be paid, year one						$ 30,000
Purchase obligation, to be paid, year two						30,000
Purchase obligation, to be paid, year three						$ 30,000
Purchase obligation eliminated, year one			$ 23,900		$ 30,000
Purchase obligation eliminated, year two					30,000
Purchase obligation eliminated, year three					$ 30,000
Collaborative agreement, number of extension periods | option_to_extend_lease_term	1
Other non-current assets		$ 4,719		$ 1,687
Other commitment, to be paid, year one		12,700
Other commitment, to be paid, year two		15,900
Other commitment, to be paid, year three		18,300
Other commitment, to be paid, year four		25,300
Other commitment, to be paid, year five		29,500
Other commitment, to be paid, after year five		134,500
Nashville Lease Expansion Premises
Lessee, Lease, Description [Line Items]
Area of land | ft²			17,248				30,591
Lessee, operating lease, lease not yet commenced, amount			$ 7,000				$ 16,000
PCI Supply Agreement
Lessee, Lease, Description [Line Items]
Collaborative agreement, contractual period	3 years
Other non-current assets		$ 27,500
Minimum
Lessee, Lease, Description [Line Items]
Extended term of lease		7 years
Maximum
Lessee, Lease, Description [Line Items]
Extended term of lease		14 years

v3.23.2

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finance lease:
Finance Lease, Right-of-Use Asset, Amortization	$ 1,350	$ 1,158	$ 3,668	$ 1,158
Interest on finance lease liability	442	751	1,008	2,259
Variable lease cost	0	323	374	1,713
Total finance lease costs	1,792	2,232	5,050	5,130
Operating leases:
Operating lease cost	4,312	2,223	6,519	4,446
Variable lease cost	548	431	1,055	865
Total operating lease costs	4,860	2,654	7,574	5,311
Total lease costs	$ 6,652	$ 4,886	$ 12,624	$ 10,441

v3.23.2

Leases - Schedule of Finance Lease and Operating Lease Liability Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Finance Lease
2023 remaining six months	$ 12,855
2024	3,102
2025	0
2026	0
2027	0
2028 and thereafter	0
Total lease payments	15,957
Less imputed interest	(452)
Present value of lease payments	15,505
Operating Leases
2023 remaining six months	3,952
2024	8,723
2025	8,981
2026	9,242
2027	2,535
2028 and thereafter	14,612
Total lease payments	48,045
Less imputed interest	(11,510)
Present value of lease payments	36,535
Total
2023 remaining six months	16,807
2024	11,825
2025	8,981
2026	9,242
2027	2,535
2028 and thereafter	14,612
Total lease payments	64,002
Less imputed interest	(11,962)
Present value of lease payments	$ 52,040

v3.23.2

Leases - Schedule of Remaining Lease terms and Discount Rates (Details)	Jun. 30, 2023
Finance Leases
Weighted-average remaining lease term (year)	2 years 9 months 18 days
Weighted-average discount rate (percent)	10.70%
Operating Leases
Weighted-average remaining lease term (year)	7 years 2 months 12 days
Weighted average discount rate (percent)	9.80%

v3.23.2

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flow, Lessee [Abstract]
Operating cash flows from operating leases	$ 4,188	$ 4,192
Operating cash flows from finance lease	1,008	627
Financing cash flows from finance lease	8,899	1,760
Right-of-use assets obtained in exchange for lease liabilities
Finance lease	$ 23,735	$ 18,556

v3.23.2

Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying amount of Notes Payable	$ 380,348	$ 379,374
Debt, non-current	380,348	379,374
Convertible Debt
Debt Instrument [Line Items]
Notes Payable	100,000	100,000
Less: Unamortized debt issuance costs	(1,040)	(1,192)
Less: Unamortized debt discount	(1,175)	(1,347)
Carrying amount of Notes Payable	97,785	97,461
Debt, non-current	97,785	97,461
2027 Notes | Convertible Debt
Debt Instrument [Line Items]
Notes Payable	287,500	287,500
Less: Unamortized debt issuance costs	(4,937)	(5,587)
Carrying amount of Notes Payable	282,563	281,913
Debt, non-current	$ 282,563	$ 281,913

v3.23.2

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Contractual interest expense	$ 3,407	$ 3,383	$ 6,790	$ 4,971
Amortization of debt issuance costs	431	417	863	749
Amortization of debt discount	87	74	172	85
Total interest expense	$ 3,925	$ 3,874	$ 7,825	$ 5,805

v3.23.2

Debt - Convertible Senior Notes (Details) - 2027 Notes - Convertible Debt		1 Months Ended
	Feb. 14, 2020	Feb. 29, 2020 USD ($) trading_day $ / shares
Debt Instrument [Line Items]
Principal amount | $		$ 287,500,000
Stated percentage		1.75%
Net proceeds | $		$ 278,300,000
Threshold trading days		20
Threshold consecutive trading days		30
Threshold percentage of stock price trigger		130.00%
Conversion price (in dollars per share) | $ / shares		$ 32.38
Conversion ratio	0.0308804
Redemption price, percentage		100.00%
Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days		20
Threshold consecutive trading days		30
Threshold percentage of stock price trigger		130.00%
Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days		5
Threshold consecutive trading days		10
Threshold percentage of stock trading price		98.00%

v3.23.2

Debt - Capped Call Transactions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended
	Feb. 10, 2020	Feb. 29, 2020
Debt Instrument [Line Items]
Payment of capped call transactions		$ 28.9
Price cap (in dollars per share)		$ 48.88
Premium percentage over sale price	100.00%
Number of shares subject to anti-dilution adjustments (in shares)		8.9
2027 Notes | Convertible Debt
Debt Instrument [Line Items]
Conversion price (in dollars per share)		$ 32.38

v3.23.2

Debt - Note Purchase Agreement (Details)		1 Months Ended
	Mar. 18, 2022 USD ($)	Mar. 31, 2022 USD ($)	Aug. 31, 2023 USD ($)	Aug. 08, 2023 USD ($)	Aug. 07, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount						$ 380,348,000	$ 379,374,000
Note Purchase Agreement | Notes Payable
Debt Instrument [Line Items]
Stated percentage		7.00%
Prepaid fee, percentage	2.00%
Minimum cash balance maintained	$ 30,000,000
Minimum net sales requirement	$ 70,000,000
Debt instrument, debt default, additional interest rate to fixed	2.00%
Note Purchase Agreement | Notes Payable | Forecast
Debt Instrument [Line Items]
Principal amount			$ 50,000,000
Note Purchase Agreement | Notes Payable | Minimum | London Interbank Offered Rate (LIBOR) Swap Rate
Debt Instrument [Line Items]
Variable rate		1.50%
Note Purchase Agreement | Notes Payable | Maximum
Debt Instrument [Line Items]
Debt instrument, trailing twelve months revenue		$ 50,000,000
Note Purchase Agreement | Notes Payable | Maximum | London Interbank Offered Rate (LIBOR) Swap Rate
Debt Instrument [Line Items]
Variable rate		2.50%
Note Purchase Agreement | Notes Payable | First Tranche
Debt Instrument [Line Items]
Principal amount		$ 100,000,000
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period One
Debt Instrument [Line Items]
Debt Instrument, Principal Amortization, Payment Percentage	0.025
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period Two
Debt Instrument [Line Items]
Debt Instrument, Principal Amortization, Payment Percentage	0.050
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period Three
Debt Instrument [Line Items]
Debt Instrument, Principal Amortization, Payment Percentage	0.075
Note Purchase Agreement | Notes Payable | First Tranche | Debt Instrument Principal Amortization Period Four
Debt Instrument [Line Items]
Debt Instrument, Principal Amortization, Payment Percentage	0.100
Note Purchase Agreement | Notes Payable | First Tranche | Subsequent Event
Debt Instrument [Line Items]
Principal amount					$ 100,000,000
Note Purchase Agreement | Notes Payable | Second Tranche | Subsequent Event
Debt Instrument [Line Items]
Principal amount				$ 50,000,000
Note Purchase Agreement | Notes Payable | Third Tranche
Debt Instrument [Line Items]
Stated percentage		8.50%
Note Purchase Agreement | Notes Payable | Third Tranche | Subsequent Event
Debt Instrument [Line Items]
Principal amount				$ 150,000,000
2027 Notes | Notes Payable
Debt Instrument [Line Items]
Aggregate principal amount	$ 90,000,000

v3.23.2

Stockholders’ Equity and Stock-Based Compensation - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 10, 2022	Nov. 30, 2020	Jun. 30, 2023	May 10, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock					$ 100,183,000	$ 31,814,000
Capitalized share based payment expense			$ 900,000		1,900,000
ATM Offering, 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issuance sales agreement, authorized offering price, maximum		$ 125,000,000
Sale of stock, issuance costs, commission, percentage, maximum		3.00%
Stock issued during period, shares, new issues (in shares)				1,700,000
Proceeds from issuance of common stock				$ 31,600,000
ATM Offering, 2020 Plan | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)				$ 18.71
ATM Offering, 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issuance sales agreement, authorized offering price, maximum	$ 150,000,000				$ 47,200,000
Sale of stock, issuance costs, commission, percentage, maximum	3.00%
Stock issued during period, shares, new issues (in shares)			3,200,000
Proceeds from issuance of common stock			$ 100,000,000
ATM Offering, 2022 Plan | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price per share (in dollars per share)			$ 31.90		$ 31.90
2014 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			4,000,000		4,000,000		3,300,000
2014 IP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			800,000		800,000
HintMD Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			100,000		100,000
Shares underlying stock options granted (in shares)					0
2014 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)							300,000
Stock Award | 2014 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying stock options granted (in shares)					2,400,000
Share-based Payment Arrangement | 2014 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying stock options granted (in shares)					200,000
Employee Stock Option | 2014 IP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying stock options granted (in shares)					0
Employee Stock | 2014 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			1,800,000		1,800,000

v3.23.2

Stockholders’ Equity and Stock-Based Compensation -Schedule of Common Stock Equivalents Excluded From Computation of Diluted Net Income (Loss) Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares)	8,878,938	8,878,938
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares)	4,391,679	5,063,074
Unvested RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares)	3,281,382	2,492,797
Unvested RSAs and PSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net income (loss) per share (in shares)	1,577,981	2,656,703

v3.23.2

Stockholders’ Equity and Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 16,547	$ 9,263	$ 29,629	$ 23,626
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	12,178	6,528	22,443	14,692
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,421	2,735	6,238	8,934
Cost of product revenue (exclusive of depreciation and amortization)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 948	$ 0	$ 948	$ 0

v3.23.2

Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	$ 315,251	$ 321,428
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	136,777	109,756
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	98,349	85,206
U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	14,765	4,480
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	57,837	80,946
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	7,523	41,040
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	249,891	199,442
Level 1 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	136,777	109,756
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	98,349	85,206
Level 1 | U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	14,765	4,480
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	65,360	121,986
Level 2 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 2 | U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	57,837	80,946
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	7,523	41,040
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 3 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 3 | U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	0	0
Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	$ 0	$ 0

v3.23.2

Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Convertible debt, fair value disclosures	$ 302.9	$ 288.2

v3.23.2

Commitments and Contingencies (Details) - USD ($)	1 Months Ended		6 Months Ended
	Sep. 30, 2020	Jan. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Purchase obligation, to be paid, year one						$ 30,000,000.0
Purchase obligation, to be paid, year two						$ 30,000,000.0
Indemnification liability recorded during the period			$ 0	$ 0
Estimated litigation liability			0		$ 0
Teoxane Agreement
Loss Contingencies [Line Items]
Issuance of common stock in connection with the teoxane agreement (in shares)		2,500,000
Collaborative agreement, contractual period	10 years
Collaborative agreement, extended contractual period	2 years
Purchase obligation, to be paid, year one			40,000,000
Purchase obligation, to be paid, year two			52,000,000
Minimum expenditures related to commercialization 2023			34,000,000
Minimum expenditures related to commercialization 2024			36,000,000
Botulinum Toxin Research Associates, Inc.
Loss Contingencies [Line Items]
Accrued milestone obligations			$ 15,500,000

v3.23.2

Segment Information - Schedule of Reconciliation of Segment Revenue to Consolidated Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Total revenue	$ 58,134	$ 28,368	$ 107,465	$ 53,629
Product Segment
Segment Reporting Information [Line Items]
Total revenue	54,413	27,142	100,187	51,547
Service Segment
Segment Reporting Information [Line Items]
Total revenue	3,721	1,226	$ 7,278	2,082
Intersegment Eliminations
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Intersegment Eliminations | Service Segment
Segment Reporting Information [Line Items]
Total revenue	$ 700	$ 300	$ 1,300	$ 600

v3.23.2

Segment Information - Schedule of Reconciliation of Segment Loss from Operations to Consolidated Loss from Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total loss from operations	$ (65,499)	$ (57,842)	$ (123,531)	$ (120,063)
Corporate and other expenses
Segment Reporting Information [Line Items]
Total loss from operations	(41,186)	(27,275)	(79,401)	(60,610)
Product Segment | Operating Segments
Segment Reporting Information [Line Items]
Total loss from operations	(19,335)	(24,969)	(32,065)	(49,920)
Service Segment | Operating Segments
Segment Reporting Information [Line Items]
Total loss from operations	$ (4,978)	$ (5,598)	$ (12,065)	$ (9,533)

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