0000831547-22-000014 | 10-K | XBRL Viewer | Spectrum Pharmaceuticals INC

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Loss from continuing operations	$ (158,436)	$ (171,272)
(Loss) income from discontinued operations, net of income taxes	(192)	10,404
Net loss	(158,628)	(160,868)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	286	261
Stock-based compensation	19,841	17,819
Impairment of second source manufacturer	0	28,197
Loss on disposal of manufacturing equipment	3,057	0
Non-cash lease expense	1,624	1,540
Accretion (amortization) of premium (discount) on debt securities	393	220
Realized gain on mutual funds	(630)	(232)
Realized gain on sale of equity holdings	(5,722)	(1,408)
Unrealized loss on equity holdings	17,266	4,487
Unrealized loss (gain) from transactions denominated in foreign currency	460	495
Bad debt expense (recovery)	(80)	389
Changes in operating assets and liabilities:
Accounts receivable, net	66	0
Other receivables	1,444	7,165
Prepaid expenses and other current assets	1,884	1,159
Other assets	(310)	(317)
Accounts payable and other accrued liabilities	(3,513)	(22,053)
Accrued payroll and benefits	2,596	1,689
Other long-term liabilities	480	(172)
Net cash used in operating activities	(119,486)	(121,629)
Cash Flows From Investing Activities:
Proceeds from maturities of investments	119,814	109,035
Proceeds from sale of equity holdings	5,974	3,954
Purchases of investments	(16,856)	(89,382)
Purchases of property and equipment, net	(221)	(5,535)
Net cash provided by investing activities	108,711	18,072
Cash Flows From Financing Activities:
Proceeds from employees for exercises of stock options	4	13
Proceeds from sale of stock under our employee stock purchase plan	685	650
Net cash provided by financing activities	53,310	85,230
Effect of exchange rates on cash and cash equivalents	(5)	(82)
Net increase (decrease) in cash and cash equivalents	42,530	(18,409)
Cash and cash equivalents — beginning of year	46,009	64,418
Cash and cash equivalents — end of year	88,539	46,009
Supplemental Disclosure of Cash Flow Information:
Cash paid for facility and equipment under operating leases	2,116	2,401
Cash paid for income taxes	12	14
Noncash investing activities:
Additions of property and equipment that remain in accounts payable and other accrued liabilities	0	10,066
Public Offering
Cash Flows From Financing Activities:
Proceeds from issuance of common stock	0	69,665
At-the-market Sales Agreement
Cash Flows From Financing Activities:
Proceeds from issuance of common stock	$ 52,621	$ 14,902

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Public Offering	Common Stock	Common Stock Public Offering	Common Stock At-the-market Sales Agreement	Additional Paid-In Capital	Additional Paid-In Capital Public Offering	Additional Paid-In Capital At-the-market Sales Agreement	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance, (in shares) at Dec. 31, 2019			113,299,612
Beginning Balance at Dec. 31, 2019	$ 190,393		$ 113			$ 918,205			$ (3,498)	$ (724,427)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(160,868)									(160,868)
Other comprehensive (loss) income	1,669								1,669
Recognition of stock-based compensation expense	$ 17,554					17,554
Issuance of common shares under an at-the-market sales agreement (in shares)	3,950,398			24,916,667	3,950,398
Issuance of common shares under an at-the-market sales agreement	$ 14,902	$ 69,665		$ 25	$ 4		$ 69,640	$ 14,898
Issuance of common stock to 401(k) plan for employees, (in shares)			96,959
Issuance of common stock to 401(k) plan for employees	265					265
Issuance of common stock for employee stock purchase plan (in shares)			225,310
Issuance of common stock for employee stock purchase plan	$ 650					650
Issuance of common stock upon exercise of stock options (in shares)	3,542		3,542
Issuance of common stock upon exercise of stock options	$ 13					13
Restricted stock award grants, net of forfeitures (in shares)			3,589,761
Restricted stock award grants, net of forfeitures	$ 0		$ 4			(4)
Issuance of common stock upon vesting of restricted stock units (in shares)			861
Ending Balance, (in shares) at Dec. 31, 2020	146,083,110		146,083,110
Ending Balance at Dec. 31, 2020	$ 134,243		$ 146			1,021,221			(1,829)	(885,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(158,628)									(158,628)
Other comprehensive (loss) income	(1,213)								(1,213)
Recognition of stock-based compensation expense	$ 19,839					19,839
Issuance of common shares under an at-the-market sales agreement (in shares)	15,851,391				15,851,391
Issuance of common shares under an at-the-market sales agreement	$ 52,621				$ 16			$ 52,605
Issuance of common stock for employee stock purchase plan (in shares)			358,007
Issuance of common stock for employee stock purchase plan	$ 685		$ 1			684
Issuance of common stock upon exercise of stock options (in shares)	1,250		1,250
Issuance of common stock upon exercise of stock options	$ 4					4
Restricted stock award grants, net of forfeitures (in shares)			2,206,869
Restricted stock award grants, net of forfeitures	$ 2		$ 2
Issuance of common stock upon vesting of restricted stock units (in shares)			1,386
Ending Balance, (in shares) at Dec. 31, 2021	164,502,013		164,502,013
Ending Balance at Dec. 31, 2021	$ 47,553		$ 165			$ 1,094,353			$ (3,042)	$ (1,043,923)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Condensed Consolidated Statements of Operations and Cash Flows

The following table presents the various elements of “income (loss) from discontinued operations, net of income taxes” as reported in the accompanying Consolidated Statements of Operations:


	Year ended December 31,
	2021		2020
Revenues:
Product sales, net	$	—	$	10,668

Total revenues	$	—	$	10,668
Operating costs and expenses:
Cost of sales (excluding amortization of intangible assets)	133		88
Selling, general and administrative	—		219
Research and development	59		(43)


Total operating costs and expenses	$	192	$	264






Income (loss) from discontinued operations before income taxes	(192)		10,404
Provision for income taxes from discontinued operations	—		—
Income (loss) from discontinued operations, net of income taxes	$	(192)	$	10,404

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Income Taxes - Components of (Loss) Income before (Provision) Benefit for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ (158,552)	$ (173,398)
Foreign	120	2,066
Loss from continuing operations before income taxes	$ (158,432)	$ (171,332)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Fair Value Measurements - Summary of Asset and Liability Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Equity securities	$ 5,718	$ 24,946
Key employee life insurance, cash surrender value	4,507	3,963
Total Assets	82,946	178,548
Liabilities:
Deferred executive compensation liability	11,243	9,783
Total Liabilities	11,243	9,783
Money market funds
Assets:
Available-for-sale	66,322	40,560
Government-related debt securities
Assets:
Available-for-sale		92,928
Corporate debt securities
Assets:
Available-for-sale		8,848
Mutual funds
Assets:
Available-for-sale	6,399	5,582
Bank CDs
Assets:
Available-for-sale		1,721
Level 1
Assets:
Equity securities	5,718	24,946
Key employee life insurance, cash surrender value	0	0
Total Assets	78,430	164,007
Liabilities:
Deferred executive compensation liability	0	0
Total Liabilities	0	0
Level 1 \| Money market funds
Assets:
Available-for-sale	66,322	40,560
Level 1 \| Government-related debt securities
Assets:
Available-for-sale		92,928
Level 1 \| Corporate debt securities
Assets:
Available-for-sale		0
Level 1 \| Mutual funds
Assets:
Available-for-sale	6,390	5,573
Level 1 \| Bank CDs
Assets:
Available-for-sale		0
Level 2
Assets:
Equity securities	0	0
Key employee life insurance, cash surrender value	4,507	3,963
Total Assets	4,516	14,541
Liabilities:
Deferred executive compensation liability	11,243	9,783
Total Liabilities	11,243	9,783
Level 2 \| Accounts Payable and Accrued Liabilities
Liabilities:
Deferred executive compensation liability	2,000	1,300
Level 2 \| Other long-term liabilities
Liabilities:
Deferred executive compensation liability	9,200	8,500
Level 2 \| Money market funds
Assets:
Available-for-sale	0	0
Level 2 \| Government-related debt securities
Assets:
Available-for-sale		0
Level 2 \| Corporate debt securities
Assets:
Available-for-sale		8,848
Level 2 \| Mutual funds
Assets:
Available-for-sale	9	9
Level 2 \| Bank CDs
Assets:
Available-for-sale		1,721
Level 3
Assets:
Equity securities	0	0
Key employee life insurance, cash surrender value	0	0
Total Assets	0	0
Liabilities:
Deferred executive compensation liability	0	0
Total Liabilities	0	0
Level 3 \| Money market funds
Assets:
Available-for-sale	0	0
Level 3 \| Government-related debt securities
Assets:
Available-for-sale		0
Level 3 \| Corporate debt securities
Assets:
Available-for-sale		0
Level 3 \| Mutual funds
Assets:
Available-for-sale	$ 0	0
Level 3 \| Bank CDs
Assets:
Available-for-sale		$ 0

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding, beginning (in shares)	7,656,623	6,439,936
Granted (in shares)	2,397,684	2,032,000
Exercised (in shares)	(1,250)	(3,542)
Forfeited (in shares)	(34,565)	(170,187)
Expired (in shares)	(513,031)	(641,584)
Outstanding, ending (in shares)	9,505,461	7,656,623
Vested (exercisable) (in shares)	6,371,266
Unvested (unexercisable) (in shares)	3,134,195
Weighted- Average Exercise Price/Share
Outstanding, beginning (in dollars per share)	$ 7.80	$ 9.61
Granted (in dollars per share)	2.66	2.34
Exercised (in dollars per share)	3.04	3.70
Forfeited (in dollars per share)	10.05	8.29
Expired (in dollars per share)	9.29	8.55
Outstanding, ending (in dollars per share)	6.42	$ 7.80
Vested (exercisable) (in dollars per share)	8.04
Unvested (unexercisable) (in dollars per share)	$ 3.13
Weighted-Average Remaining Contractual Term (in years), outstanding	5 years 10 months 9 days
Weighted-Average Remaining Contractual Term (in years), vested (exercisable)	4 years 3 months 3 days
Weighted-Average Remaining Contractual Term (in years), unvested (unexercisable)	9 years 1 month 6 days
Exercised, Aggregate Intrinsic Value	$ 1,500	$ 708,000
Aggregate Intrinsic Value, outstanding (exercisable)	0
Aggregate Intrinsic Value, vested (exercisable)	0
Aggregate Intrinsic Value, unvested (unexercisable)	$ 0

Financial Commitments & Contingencies and Key License Agreements (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Assets and Liabilities

The below table summarizes the lease asset and liability accounts presented on our accompanying Consolidated Balance Sheets:


Operating Leases	Consolidated Balance Sheet Caption	December 31, 2021		December 31, 2020
Operating lease right-of-use assets - non-current	Facility and equipment under lease	$	2,505	$	2,247

Operating lease liabilities - current	Accounts payable and other accrued liabilities	$	1,282	$	1,544
Operating lease liabilities - non-current	Other long-term liabilities	1,452		883
Total operating lease liabilities		$	2,734	$	2,427

Schedule of Aggregate Lease Expense

The components of our aggregate lease expense is summarized below:


	Year Ended December 31, 2021		Year Ended December 31, 2020
Operating lease cost	$	1,711	$	1,865
Variable lease cost	378		411
Short-term lease cost	63		61
Total lease cost	$	2,152	$	2,337

Weighted Average Remaining Lease Term and Applied Discount Rate

Weighted Average Remaining Lease Term

Weighted Average Discount Rate

Operating leases as of December 31, 2021

2.7 years

3.8%

Operating leases as of December 31, 2020

1.6 years

7.8%

Schedule of Future Contractual Lease Payments

The below table summarizes our (i) minimum lease payments over the next five years, (ii) lease arrangement implied interest, and (iii) present value of future lease payments:


Operating Leases - future payments	December 31, 2021
2022	$	1,344
2023	657
2024	669
2025	98
2026	73
Total future lease payments, undiscounted	$	2,841
(Less): Implied interest	(107)
Present value of operating lease payments	$	2,734

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 19,839	$ 17,819
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	14,642	13,127
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 5,197	$ 4,692

Balance Sheet Account Detail - Schedule of Accounts Payable and Other Accrued Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade accounts payable and other	$ 33,408	$ 34,385
Lease liability - current portion	1,282	1,544
Commercial Product Portfolio accruals (Note 9)	6,568	7,842
Accounts payable and other accrued liabilities	$ 41,258	$ 43,771
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and other accrued liabilities	Accounts payable and other accrued liabilities

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The table below summarizes certain asset and liability fair values that are included within our accompanying Consolidated Balance Sheets, and their designations among the three fair value measurement categories:


	December 31, 2021 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	66,322	$	—	$	—	$	66,322
Equity securities	5,718		—		—		5,718


Mutual funds	6,390		9		—		6,399

Key employee life insurance, cash surrender value(1)	—		4,507		—		4,507
	$	78,430	$	4,516	$	—	$	82,946
Liabilities:
Deferred executive compensation liability(2)	$	—	$	11,243	$	—	$	11,243
	$	—	$	11,243	$	—	$	11,243

(1)Included within other assets on our Consolidated Balance Sheets, and the amount is based on the stated cash surrender value of life insurance policies of named current and former employees at each period-end.

(2)Included $2.0 million within accounts payable and other accrued liabilities and $9.2 million within other long-term liabilities on our Consolidated Balance Sheets.


	December 31, 2020 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Equity securities	$	24,946	$	—	$	—	$	24,946
Money market funds	40,560		—		—		40,560
Government-related debt securities	92,928		—		—		92,928
Corporate debt securities	—		8,848		—		8,848
Mutual funds	5,573		9		—		5,582
Bank CDs	—		1,721		—		1,721
Key employee life insurance, cash surrender value(1)	—		3,963		—		3,963
	$	164,007	$	14,541	$	—	$	178,548
Liabilities:
Deferred executive compensation liability(2)	$	—	$	9,783	$	—	$	9,783
	$	—	$	9,783	$	—	$	9,783

(2)Included $1.3 million within accounts payable and other accrued liabilities and $8.5 million within other long-term liabilities on our Consolidated Balance Sheets. The amounts are based on the period-end market value of mutual fund investments selected by employee participants of the deferred compensation plan.

We did not have any transfers between “Level 1” and “Level 2” measurement categories for any periods presented.

Our carrying amounts of financial instruments such as cash equivalents, accounts receivable, prepaid expenses, accounts payable and other accrued liabilities approximate their fair values due to their short-term nature of settlement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Commitments & Contingencies and Key License Agreements - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,711	$ 1,865
Variable lease cost	378	411
Short-term lease cost	63	61
Total lease cost	$ 2,152	$ 2,337

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (158,628)	$ (160,868)
Other comprehensive (loss) income:
Unrealized (loss) gain on available-for-sale securities, net of tax	(1,147)	303
Foreign currency translation adjustments	(66)	1,366
Other comprehensive (loss) income	(1,213)	1,669
Total comprehensive loss	$ (159,841)	$ (159,199)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Balance Sheet Account Detail - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impairment of second source manufacturer	$ 2.9	$ 19.7

Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 3,336	$ 3,473
Adjustments related to prior year tax positions	(318)	(689)
Increases related to current year tax positions	506	579
Decreases due to expiration of tax statutes	0	(27)
Balance at end of year	$ 3,524	$ 3,336

Description of Business, Basis of Presentation, and Operating Segment (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) product segment	Dec. 31, 2020 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of late stage development drugs \| product		2
Cash, cash equivalents, and short-term investments		$ 100,647	$ 180,025
Number of reportable operating segment \| segment		1
Hanmi \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Equity financing received	$ 20,000

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Stock by Class

We sold and issued common shares under the April 2019 ATM Agreement as follows:


Description of Financing Transaction	No. of Common Shares Issued	Proceeds Received (Net of Broker Commissions and Fees )

Common shares issued pursuant to the April 2019 ATM Agreement during the year ended December 31, 2020	3,950,398	$	14,902
Common shares issued pursuant to the April 2019 ATM Agreement during the year ended December 31, 2021	15,851,391	$	52,621

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Stockholders' Equity - Sales Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Stock issued (in shares)	15,851,391	3,950,398
Proceeds Received (Net of Broker Commissions and Fees )	$ 52,621	$ 14,902

Stock-Based Compensation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) plan shares	Dec. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans \| plan	1
Vesting period	3 years
Estimated forfeiture rate	11.00%	15.00%
Forfeited (in shares)	34,565	170,187
Total stock-based compensation \| $	$ 19,839,000	$ 17,819,000
401(k) Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued (in shares)	0	96,959
Stock-based compensation expense \| $		$ 300,000
Vesting percent year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	33.333%
Vesting percent year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	33.333%
Vesting percent year three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	33.333%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $	$ 4,200,000	$ 4,500,000
Weighted average period to recognize compensation expense	2 years 1 month 6 days	2 years 1 month 6 days
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available (in percent)	1.5
Unrecognized compensation expense \| $	$ 9,700,000
Weighted average period to recognize compensation expense	1 year 10 months 24 days
Restricted stock or unit expense \| $	$ 9,600,000	$ 9,400,000
Granted (in shares)	2,820,259	4,026,518
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available (in percent)	1.5
Restricted stock or unit expense \| $	$ 1,100,000	$ 1,100,000
Granted (in shares)	2,125	6,800
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent		25.00%
Unrecognized compensation expense \| $	$ 1,900,000
Weighted average period to recognize compensation expense	2 years
Granted (in shares)	2,100,000	1,700,000
Forfeited (in shares)	0
Total stock-based compensation \| $	$ 4,200,000	$ 1,500,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Common stock authorized for issuance under incentive plan (in shares)	18,000,000
Incentive awards available for grant (in shares)	4,400,000
Exercise price fair value	100.00%
2018 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price fair value	110.00%
2018 Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available (in percent)	0.01
2018 Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive awards available for grant (in shares)	3,000,000
2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available (in percent)	0.01
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance under incentive plan (in shares)	8,200,000
Incentive awards available for grant (in shares)	10,000,000
Percentage of common stock purchase price	15.00%
Maximum number of common stock shares available for purchase per participant (in shares)	50,000
Purchase plan offering period	6 months
Maximum number of common stock value available for purchase per participant \| $	$ 25,000
Increase in number of shares of common stock available for issuance under the purchase plan (in shares)	1,000,000

Description of Business, Basis of Presentation, and Operating Segment (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Description of Business	Description of Business Spectrum Pharmaceuticals, Inc. (“Spectrum”, the “Company”, “we”, “our”, or “us”) is a biopharmaceutical company, with a primary strategy comprised of acquiring, developing, and commercializing novel and targeted oncology therapies. Our in-house development organization includes clinical development, regulatory, quality and data management. We have two drugs in late-stage development: •Eflapegrastim, a novel long-acting granulocyte colony-stimulating factor (“G-CSF”) for the treatment of chemotherapy-induced neutropenia. On August 6, 2021, the Company announced the receipt of a complete response letter (“CRL”), that cited manufacturing deficiencies related both to the drug substance and drug product manufacturers. The Company believes it has completed the remediation of these deficiencies and resubmitted the Biologics License Application (“BLA”) on March 11, 2022; •Poziotinib, a novel irreversible tyrosine kinase inhibitor under investigation for non-small cell lung cancer (“NSCLC”) tumors with various mutations. On December 6, 2021, the Company announced it submitted its New Drug Application (“NDA”) for poziotinib to the FDA for use in patients with previously treated locally advanced or metastatic NSCLC with HER2 exon 20 insertion mutations. The NDA submission is based on the positive results of Cohort 2 from the ZENITH20 clinical trial, which assessed the safety and efficacy of poziotinib. The product has received Fast Track designation and there is currently no treatment specifically approved by the FDA for this indication. On February 11, 2022, the Company announced that it had received notice that the NDA had been accepted and received a PDUFA action date of November 24, 2022.
Basis of Presentation	Basis of Presentation Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements include the financial position, results of operations, and cash flows of Spectrum and its subsidiaries, all of which are wholly-owned. All inter-company accounts and transactions among these legal entities have been eliminated in consolidation. Substantially all of the accumulated other comprehensive loss is comprised of foreign currency translation adjustments at December 31, 2021. Discontinued Operations - Sale of our Commercial Product Portfolio In March 2019, we completed the Commercial Product Portfolio Transaction (See Note 9 ). In accordance with applicable GAAP (ASC 205-20, Presentation of Financial Statements), the revenue-deriving activities and allocable expenses of our sold commercial operation, connected to the Commercial Product Portfolio, are separately classified as “discontinued” for all periods presented within the accompanying Consolidated Statements of Operations. Liquidity and Capital Resources We believe that our $100.6 million in aggregate cash, cash equivalents, and marketable securities as of December 31, 2021 combined with $20 million of equity financing received from Hanmi in January 2022 is sufficient to fund our current and planned operations for at least the next twelve months. We may, however, require additional liquidity as we continue to execute our business strategy, and in connection with opportunistic acquisitions or licensing arrangements. We anticipate that to the extent that we require additional liquidity, it will be funded through additional equity or debt financings, or out-licensing arrangements. However, we cannot provide assurance that we will be able to obtain this additional liquidity on terms favorable to us or our current stockholders, if at all. Additionally, our liquidity and our ability to fund our capital requirements are also dependent on our future financial performance which is subject to various market and economic factors that are beyond our control.
Operating Segment	Operating SegmentWe operate one reportable operating segment that is focused exclusively on developing (and eventually marketing) oncology and hematology drug products. For the years ended December 31, 2021 and 2020, all of our operating costs and expenses were solely attributable to these activities (and as applicable, classified as “discontinued” within the accompanying Consolidated Statements of Operations).
Use of Estimates and Assumptions	The preparation of financial statements in conformity with GAAP requires our management to make informed estimates and assumptions that affect our reported amounts of assets, liabilities, revenues, and expenses. These amounts may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. On an on-going basis, our management evaluates (as applicable) its most critical estimates and assumptions, including those related to: (i) the realization of our tax assets and estimates of our tax liabilities; (ii) the fair value of our investments; (iii) the valuation of our stock options and the periodic expense recognition of stock-based compensation; and (iv) the potential outcome of our ongoing or threatened litigation. Our accounting policies and estimates that most significantly impact the presented amounts within these Consolidated Financial Statements are further described below:
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents consist of bank deposits and highly liquid investments with maturities of three months or less from the purchase date.
Marketable Securities	Marketable SecuritiesMarketable securities consist of our holdings in equity securities (including mutual funds), bank CDs, government-related debt securities, and corporate debt securities. For equity securities and mutual funds, any realized gains (losses) or unrealized gains (losses) are recognized in “other income (expense), net” within the Consolidated Statements of Operations. Debt securities and bank CDs are classified as “available-for-sale” investments and (1) realized gains (losses) are recognized in “other income (expense), net” within the Consolidated Statements of Operations and (2) unrealized gains (losses) are recognized as a component of “accumulated other comprehensive loss” within the Consolidated Statements of Stockholders’ Equity.
Property and Equipment, Net	Property and Equipment, Net Our property and equipment, net, is stated at historical cost, and is depreciated on a straight-line basis over an estimated useful life that corresponds with its designated asset category. We evaluate the recoverability of long-lived assets (which includes property and equipment) whenever events or changes in circumstances in our business indicate that the asset’s carrying amount may not be recoverable. Recoverability is measured by a comparison of the carrying amount to the net undiscounted cash flows expected to be generated by the asset group. An impairment loss would be recorded for the excess of net carrying value over the fair value of the asset impaired. The fair value is estimated based on expected discounted future cash flows or other methods such as orderly liquidation value based on assumptions of asset class and observed market data. An orderly liquidation value is the amount that could be realized upon liquidation, given a sufficient amount of time to find a purchaser for a sale of assets in their existing condition and location, as of a specific date, and assuming the sale is to market participants who can utilize such assets in their highest and best use. The orderly liquidation values are applied against the carrying values of the assets and the impairment loss is measured as the difference between the liquidation value and the carrying value of the assets. See Note 4(d) for further discussion related to impairments that occurred during the year ended December 31, 2020. There were no impairments recorded during the year ended December 31, 2021.
Stock-Based Compensation	Stock-Based CompensationStock-based compensation expense for equity awards granted to our employees and members of our Board of Directors is recognized on a straight-line basis over each award’s vesting period. Recognized compensation expense is net of an estimated forfeiture rate, representing the percentage of awards that are expected to be forfeited prior to vesting, though is ultimately adjusted for actual forfeitures. We use the Black-Scholes option pricing model to determine the fair value of stock options and stock appreciation rights (as of the date of grant) that have service conditions for vesting. We use the Monte Carlo valuation model to value equity awards (as of the date of grant) that have combined market conditions and service conditions for vesting. The recognition of stock-based compensation expense and the initial calculation of stock option fair value requires uncertain assumptions, including (a) the pre-vesting forfeiture rate of the award, (b) the expected term that the stock option will remain outstanding, (c) our stock price volatility over the expected term (and that of our designated peer group with respect to certain market-based awards), and (d) the prevailing risk-free interest rate for the period matching the expected term. With regard to (a)-(d) above: we estimate forfeiture rates based on our employees’ overall forfeiture history, which we believe will be representative of future results. We estimate the expected term of stock options granted based on our employees’ historical exercise patterns, which we believe will be representative of their future behavior. We estimate the volatility of our common stock on the date of grant based on the historical volatility of our common stock for a look-back period that corresponds with the expected term. We estimate the risk-free interest rate based upon the U.S. Department of the Treasury yields in effect at award grant, for a period equaling the expected term of the stock option.
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per ShareWe calculate basic and diluted net loss per share using the weighted average number of common shares outstanding during the periods presented. In periods of a net loss, basic and diluted loss per share are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include only stock options, warrants, and other common stock equivalents outstanding during the period to the extent that they are dilutive.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carry forwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. We apply an estimated annual effective tax rate (“ETR”) approach for calculating a tax provision for interim periods. Our ETR differs from the U.S. federal statutory tax rate primarily as a result of nondeductible expenses and the impact of a valuation allowance on our deferred tax assets, which we record because we believe that, based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If/when we were to determine that our deferred tax assets are realizable, an adjustment to the corresponding valuation allowance would increase our net income in the period that such determination was made. In the event that we are assessed interest and/or penalties from taxing authorities that have not been previously accrued, such amounts would be included in “benefit for income taxes from continuing operations” within the accompanying Consolidated Statements of Operations for the period in which we received the notice.
Research and Development Expenses	Research and Development ExpensesOur research and development costs are expensed as incurred. Research and development costs consist primarily of salaries, benefits, and other staff-related costs including associated stock-based compensation, laboratory supplies, clinical trial and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities that conduct certain research and development activities on our behalf and payments made pursuant to license agreements. Clinical trial and other development costs incurred by third parties are expensed as the contracted work is performed. We accrue for costs incurred as the services are being provided by monitoring the status of activities and the invoices received from our external service providers. We adjust our accruals as actual costs become known. Where contingent milestone payments are due to third parties under research and development or license agreements, the milestone payment obligations are expensed when the clinical or regulatory milestone results are achieved.
Fair Value Measurements	Fair Value MeasurementsWe determine measurement-date fair value based on the proceeds that would be received through the sale of the asset, or that we would pay to settle or transfer the liability, in an orderly transaction between market participants. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date. Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public. Level 3: Unobservable inputs are used when little or no market data is available.
Recently Issued Accounting Standards	Recently Issued Accounting StandardsThere are several new accounting pronouncements issued by the FASB, which we don’t believe had or will have a material impact on our consolidated financial statements.Early Adoption of ASU 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income TaxesIn March 2020, we elected to early adopt ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. Based upon this early adoption, we were not required to calculate an income tax benefit for each quarter end period.

Summary of Significant Accounting Policies and Use of Estimates	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Use of Estimates	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires our management to make informed estimates and assumptions that affect our reported amounts of assets, liabilities, revenues, and expenses. These amounts may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. On an on-going basis, our management evaluates (as applicable) its most critical estimates and assumptions, including those related to: (i) the realization of our tax assets and estimates of our tax liabilities; (ii) the fair value of our investments; (iii) the valuation of our stock options and the periodic expense recognition of stock-based compensation; and (iv) the potential outcome of our ongoing or threatened litigation. Our accounting policies and estimates that most significantly impact the presented amounts within these Consolidated Financial Statements are further described below: (i) Cash and Cash Equivalents Cash and cash equivalents consist of bank deposits and highly liquid investments with maturities of three months or less from the purchase date. (ii) Marketable Securities Marketable securities consist of our holdings in equity securities (including mutual funds), bank CDs, government-related debt securities, and corporate debt securities. For equity securities and mutual funds, any realized gains (losses) or unrealized gains (losses) are recognized in “other income (expense), net” within the Consolidated Statements of Operations. Debt securities and bank CDs are classified as “available-for-sale” investments and (1) realized gains (losses) are recognized in “other income (expense), net” within the Consolidated Statements of Operations and (2) unrealized gains (losses) are recognized as a component of “accumulated other comprehensive loss” within the Consolidated Statements of Stockholders’ Equity. (iii) Property and Equipment, Net Our property and equipment, net, is stated at historical cost, and is depreciated on a straight-line basis over an estimated useful life that corresponds with its designated asset category. We evaluate the recoverability of long-lived assets (which includes property and equipment) whenever events or changes in circumstances in our business indicate that the asset’s carrying amount may not be recoverable. Recoverability is measured by a comparison of the carrying amount to the net undiscounted cash flows expected to be generated by the asset group. An impairment loss would be recorded for the excess of net carrying value over the fair value of the asset impaired. The fair value is estimated based on expected discounted future cash flows or other methods such as orderly liquidation value based on assumptions of asset class and observed market data. An orderly liquidation value is the amount that could be realized upon liquidation, given a sufficient amount of time to find a purchaser for a sale of assets in their existing condition and location, as of a specific date, and assuming the sale is to market participants who can utilize such assets in their highest and best use. The orderly liquidation values are applied against the carrying values of the assets and the impairment loss is measured as the difference between the liquidation value and the carrying value of the assets. See Note 4(d) for further discussion related to impairments that occurred during the year ended December 31, 2020. There were no impairments recorded during the year ended December 31, 2021. (iv) Stock-Based Compensation Stock-based compensation expense for equity awards granted to our employees and members of our Board of Directors is recognized on a straight-line basis over each award’s vesting period. Recognized compensation expense is net of an estimated forfeiture rate, representing the percentage of awards that are expected to be forfeited prior to vesting, though is ultimately adjusted for actual forfeitures. We use the Black-Scholes option pricing model to determine the fair value of stock options and stock appreciation rights (as of the date of grant) that have service conditions for vesting. We use the Monte Carlo valuation model to value equity awards (as of the date of grant) that have combined market conditions and service conditions for vesting. The recognition of stock-based compensation expense and the initial calculation of stock option fair value requires uncertain assumptions, including (a) the pre-vesting forfeiture rate of the award, (b) the expected term that the stock option will remain outstanding, (c) our stock price volatility over the expected term (and that of our designated peer group with respect to certain market-based awards), and (d) the prevailing risk-free interest rate for the period matching the expected term. With regard to (a)-(d) above: we estimate forfeiture rates based on our employees’ overall forfeiture history, which we believe will be representative of future results. We estimate the expected term of stock options granted based on our employees’ historical exercise patterns, which we believe will be representative of their future behavior. We estimate the volatility of our common stock on the date of grant based on the historical volatility of our common stock for a look-back period that corresponds with the expected term. We estimate the risk-free interest rate based upon the U.S. Department of the Treasury yields in effect at award grant, for a period equaling the expected term of the stock option. (v) Basic and Diluted Net Loss per Share We calculate basic and diluted net loss per share using the weighted average number of common shares outstanding during the periods presented. In periods of a net loss, basic and diluted loss per share are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include only stock options, warrants, and other common stock equivalents outstanding during the period to the extent that they are dilutive. There were 13.5 million shares and 9.6 million shares of outstanding securities (including stock options, restricted stock units, stock appreciation rights, and performance awards) as of December 31, 2021 and 2020, respectively, that were excluded from the calculation of diluted net loss per share because their inclusion would have been anti-dilutive. (vi) Income Taxes Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carry forwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. We apply an estimated annual effective tax rate (“ETR”) approach for calculating a tax provision for interim periods. Our ETR differs from the U.S. federal statutory tax rate primarily as a result of nondeductible expenses and the impact of a valuation allowance on our deferred tax assets, which we record because we believe that, based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If/when we were to determine that our deferred tax assets are realizable, an adjustment to the corresponding valuation allowance would increase our net income in the period that such determination was made. In the event that we are assessed interest and/or penalties from taxing authorities that have not been previously accrued, such amounts would be included in “benefit for income taxes from continuing operations” within the accompanying Consolidated Statements of Operations for the period in which we received the notice. (vii) Research and Development Expenses Our research and development costs are expensed as incurred. Research and development costs consist primarily of salaries, benefits, and other staff-related costs including associated stock-based compensation, laboratory supplies, clinical trial and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities that conduct certain research and development activities on our behalf and payments made pursuant to license agreements. Clinical trial and other development costs incurred by third parties are expensed as the contracted work is performed. We accrue for costs incurred as the services are being provided by monitoring the status of activities and the invoices received from our external service providers. We adjust our accruals as actual costs become known. Where contingent milestone payments are due to third parties under research and development or license agreements, the milestone payment obligations are expensed when the clinical or regulatory milestone results are achieved. (viii) Fair Value Measurements We determine measurement-date fair value based on the proceeds that would be received through the sale of the asset, or that we would pay to settle or transfer the liability, in an orderly transaction between market participants. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date. Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public. Level 3: Unobservable inputs are used when little or no market data is available. (ix) Recently Issued Accounting Standards There are several new accounting pronouncements issued by the FASB, which we don’t believe had or will have a material impact on our consolidated financial statements.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Loss before Benefit for Income Taxes

The components of loss before benefit for income taxes from continuing operations are as follows:


	Year Ended December 31,
	2021		2020
United States	$	(158,552)	$	(173,398)
Foreign	120		2,066
Total	$	(158,432)	$	(171,332)

Schedule of Benefit from Income Taxes

The benefit for income taxes from continuing operations consist of the following:


	Year Ended December 31,
	2021		2020
Current:
Federal	$	—	$	—
State	—		(76)
Foreign	4		16
	$	4	$	(60)
Deferred:
Federal	—		—
State	—		—

	—		—
Total income tax expense (benefit)	$	4	$	(60)

Schedule of Income Tax Benefit Differs from Computed Using Federal Statutory Rate Applied to Income before Taxes

The income tax benefit differs from that computed using the applicable federal statutory rate, as applied to our income before taxes in each year as follows:


	Year Ended December 31,
	2021		2020
Tax provision computed at the federal statutory rate	$	(33,210)	$	(35,980)
State tax, net of federal benefit	(11,050)		(5,142)

Research and development expense tax credits	(1,838)		(2,686)

Change in uncertain tax benefit reserve	—		(27)
Change in tax credit carryforwards	—		109


Officers compensation	1,988		2,497
Stock based compensation	1,234		1,619
Permanent items and other	(173)		(37)

Tax differential on foreign earnings	—		(1)
Change in tax rate	(6,671)		(1,091)


Change in prior year deferred taxes	(353)		(998)
Valuation allowance	50,077		41,677
Income tax expense (benefit)	$	4	$	(60)

Schedule of Components of Company's Deferred Tax Assets

Significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020 are presented below. A valuation allowance has been recognized to offset the net deferred tax assets as realization of such deferred tax assets did not meet our “more-likely-than-not” assessment threshold, as required under GAAP.


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carry forwards	$	187,129	$	143,045
Research and development expense tax credits	27,341		25,424
Stock based compensation	5,470		4,037
Lease obligation	783		599

Development costs	286		487
Returns and allowances	1,198		1,061
Amortization differences	1,749		1,479
Depreciation	57		4,746
Other, net	20,267		17,420
Total deferred tax assets before valuation allowance	244,280		198,298
Valuation allowance	(242,590)		(192,513)
Total deferred tax assets	1,690		5,785
Deferred tax liabilities, net:
Unrealized gains	(973)		(5,230)

Right-of-use asset	(717)		(555)
Net deferred tax liabilities	$	—	$	—

Schedule of Unrecognized Tax Benefits

The following tabular reconciliation summarizes the activity related to our unrecognized tax benefits:


	Year Ended December 31,
	2021		2020
Balance at beginning of year	$	3,336	$	3,473
Adjustments related to prior year tax positions	(318)		(689)
Increases related to current year tax positions	506		579
Decreases due to expiration of tax statutes	—		(27)

Balance at end of year	$	3,524	$	3,336

Income Taxes - Income Tax Provision (Benefit) Differs from Computed Using Federal Statutory Rate Applied to Income before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax provision computed at the federal statutory rate	$ (33,210)	$ (35,980)
State tax, net of federal benefit	(11,050)	(5,142)
Research and development expense tax credits	(1,838)	(2,686)
Change in uncertain tax benefit reserve	0	(27)
Change in tax credit carryforwards	0	109
Officers compensation	1,988	2,497
Stock based compensation	1,234	1,619
Permanent items and other	(173)	(37)
Tax differential on foreign earnings	0	(1)
Change in tax rate	(6,671)	(1,091)
Change in prior year deferred taxes	(353)	(998)
Valuation allowance	50,077	41,677
Total income tax expense (benefit)	$ 4	$ (60)

Balance Sheet Account Detail - Schedule of Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other miscellaneous receivables	$ 685	$ 901
Employee receivable	341	0
Income tax receivable - current portion	0	1,297
Interest receivable from marketable securities	2	196
Other receivables	$ 1,028	$ 2,394

Financial Commitments & Contingencies and Key License Agreements - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,344
2023	657
2024	669
2025	98
2026	73
Total future lease payments, undiscounted	2,841
(Less): Implied interest	(107)
Present value of operating lease payments	$ 2,734	$ 2,427

Financial Commitments & Contingencies and Key License Agreements

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Financial Commitments & Contingencies and Key License Agreements

FINANCIAL COMMITMENTS & CONTINGENCIES AND KEY LICENSE AGREEMENTS

(a) Facility and Equipment Leases

Overview

In the ordinary course of our business, we enter into leases with unaffiliated parties for the use of (i) office and research facilities and (ii) office equipment. Our current leases have remaining terms ranging from less than one to five years and none include any residual value guarantees, restrictive covenants, term extensions, or early-termination options.

We lease our principal executive office in Henderson, Nevada under a non-cancelable operating lease which expired on October 31, 2021 and was extended through October 31, 2022. We also lease our research and development facility in Irvine, California under a non-cancelable operating lease expiring July 31, 2022, in addition to other administrative office leases. We entered into a new office facility lease in Boston under a non-cancelable operating lease expiring in December 31, 2024.

Our facility leases have minimum annual rents, payable monthly, and some carry fixed annual rent increases. Under some of these arrangements, real estate taxes, insurance, certain operating expenses, and common area maintenance are reimbursable to the lessor. These amounts are expensed as incurred, as they are variable in nature and therefore excluded from the measurement of our reported lease asset and liability discussed below. As of December 31, 2021 and 2020, we had no sublease arrangements with us as lessor, and no finance leases, as defined in ASU 2016-02, Leases (“Topic 842”).

The reported asset and liability, respectively, represents (i) the economic benefit of our use of leased facilities and equipment and (ii) the present-value of our contractual minimum lease payments, applying our estimated incremental borrowing rate as of the lease commencement date (since an implicit interest rate is not readily determinable in any of our leases). The recorded asset and liability associated with each lease is amortized over the respective lease term using the effective interest rate method. During the year ended December 31, 2021 and 2020, we recognized $1.8 million and $0, respectively, of additional right-of-use assets in exchange for lease liabilities.

We elected to not separate “lease components” from “non-lease components” in our measurement of minimum payments for our facility leases and office equipment leases. Additionally, we elected to not recognize a lease asset and liability for a term of 12 months or less.

Financial Reporting Captions

The below table summarizes the lease asset and liability accounts presented on our accompanying Consolidated Balance Sheets:


Operating Leases	Consolidated Balance Sheet Caption	December 31, 2021		December 31, 2020
Operating lease right-of-use assets - non-current	Facility and equipment under lease	$	2,505	$	2,247

Operating lease liabilities - current	Accounts payable and other accrued liabilities	$	1,282	$	1,544
Operating lease liabilities - non-current	Other long-term liabilities	1,452		883
Total operating lease liabilities		$	2,734	$	2,427

As of December 31, 2021 and 2020, our “facility and equipment under lease” consisted of office and research facilities of $2.1 million and $1.9 million, respectively, and office equipment of $0.4 million and $0.3 million, respectively.

Components of Lease Expense

We recognize lease expense on a straight-line basis over the term of our operating leases, as reported within “selling, general and administrative” expense on the accompanying Consolidated Statements of Operations. The components of our aggregate lease expense is summarized below:


	Year Ended December 31, 2021		Year Ended December 31, 2020
Operating lease cost	$	1,711	$	1,865
Variable lease cost	378		411
Short-term lease cost	63		61
Total lease cost	$	2,152	$	2,337

Weighted Average Remaining Lease Term and Applied Discount Rate

Weighted Average Remaining Lease Term

Weighted Average Discount Rate

Operating leases as of December 31, 2021

2.7 years

3.8%

Operating leases as of December 31, 2020

1.6 years

7.8%

Future Contractual Lease Payments

The below table summarizes our (i) minimum lease payments over the next five years, (ii) lease arrangement implied interest, and (iii) present value of future lease payments:


Operating Leases - future payments	December 31, 2021
2022	$	1,344
2023	657
2024	669
2025	98
2026	73
Total future lease payments, undiscounted	$	2,841
(Less): Implied interest	(107)
Present value of operating lease payments	$	2,734

(b) In/Out Licensing Agreements and Co-Development Arrangements

Overview

The in-license agreements for our development-stage drug products provide us with territory-specific rights to their manufacture and distribution (including further sub-licensing/out-licensing rights). We are generally responsible for all related clinical development costs, patent filings and maintenance costs, marketing costs, and liability insurance costs. We also may enter into out-license agreements for territory-specific rights to these drug products which include one or more of: upfront license fees, royalties from our licensees’ sales, and/or milestone payments from our licensees’ sales or regulatory achievements. For certain drug products, we may enter into cost-sharing arrangements with licensees and licensors.

We are also obligated to make specified milestone payments to our licensors upon the achievement of certain regulatory and sales milestones, and to pay royalties based on our net sales of all in-licensed products. Depending on the milestone achievement type and whether the product has been approved, we will either (a) capitalize the value to “intangible assets” in the Consolidated Balance Sheets or (b) recognize the payment value within “research and development” or “cost of sales” on the Consolidated Statements of Operations. The liability relating to the payment due to the licensor will be recognized in the earliest period that we determine the respective milestone achievement is probable or occurs.

The most significant remaining agreements associated with our operations, along with the key financial terms and our corresponding accounting and reporting conventions for each, are as follows:

(i) Eflapegrastim: Co-Development and Commercialization Agreement with Hanmi

In October 2014, we exercised our option under a License Option and Research Collaboration Agreement dated January 2012 (as amended) with Hanmi for eflapegrastim, a drug based on Hanmi’s proprietary LAPSCOVERY™ technology for the treatment of chemotherapy induced neutropenia. Under the terms of this agreement, as amended, we have primary financial responsibility for the eflapegrastim development plan and hold its worldwide rights (except for Korea, China, and Japan).

Effective January 1, 2022, we executed an amendment to this license agreement, whereby we are contractually obligated to pay Hanmi a flat mid-single digit royalty on our aggregate annual net sales of eflapegrastim. In addition, beginning from year three, we are responsible for a supplemental mid-single digit royalty on aggregate annual net sales. This supplemental royalty will terminate once the aggregate payments made to Hanmi meet the milestone limit of $10 million, based on the supplemental royalty. There were no obligations to Hanmi for the twelve months ended December 31, 2021.

(ii) Poziotinib: In-License Agreement with Hanmi and Exclusive Patent and Technology License Agreement with MD Anderson

In February 2015, we executed an in-license agreement with Hanmi for poziotinib, a pan-HER inhibitor in Phase 2 clinical trials, (which has also shown single agent activity in the treatment of various cancer types during Phase 1 studies, including breast, gastric, colorectal, and lung cancers) and made an upfront payment to Hanmi for these distribution rights. Under the terms of this agreement, we received the exclusive global rights to commercialize poziotinib, except for Korea and China. Hanmi and its development partners are fully responsible for the completion of on-going Phase 2 trials in Korea. We are financially responsible for all other clinical studies.

Effective January 1, 2022, we executed an amendment to this in-license agreement, whereby the payments to Hanmi upon our achievement of various regulatory milestones now aggregate to $18 million, which includes eliminating the first approval milestone payment in return for a supplemental mid-single digit royalty on aggregate annual net sales beginning in year three after the commercial launch. This supplemental royalty will terminate once the aggregate payments made to Hanmi meet the

milestone limit of $15 million, based on the supplemental royalty. There were no contractual obligations to Hanmi under the previous agreement for the twelve months ended December 31, 2021.

In April 2018, we executed an exclusive patent and technology agreement for the use of poziotinib in treating patients with EGFR and HER2 exon 20 mutations in cancer and HER2 exon 19 mutations in cancer with The University of Texas M.D. Anderson Cancer Center (“MD Anderson”). MD Anderson discovered poziotinib’s use in treating these patient-types. We made an upfront payment to MD Anderson of $0.5 million upon the execution of this agreement.

We are contractually obligated to pay nominal fixed annual license maintenance fees to MD Anderson and pay additional fees upon our achievement of various regulatory and sales milestones. These regulatory milestones aggregate $6 million and the sales milestones aggregate $24 million. We are also contractually obligated to pay MD Anderson royalties in the low single-digits on our net sales of poziotinib.

(iii) In-License Agreement with ImmunGene for FIT Drug Delivery Platform

In April 2019, we executed an asset transfer, license, and sublicense agreement with ImmunGene, Inc. (“ImmunGene”) for an exclusive license for the intellectual property related to (a) Anti-CD20-IFNα, an antibody-interferon fusion molecule directed against CD20 that is in Phase 1 development for treating relapsed or refractory non-Hodgkin’s lymphoma, including diffuse large B-cell lymphoma patients, representing a considerable unmet medical need, and (b) an antibody-interferon fusion molecule directed against GRP94, a target for which currently there are no existing approved therapies that have the potential for treating both solid and hematologic malignancies. Both molecules are based on the Focused Interferon Therapeutics (“FIT”) drug delivery platform.

In November 2021, we provided notice to terminate the asset transfer, license, and sublicense agreement with ImmunGene, Inc. Pursuant to the agreement, we will transfer the rights, title or interest with respect to the transferred product back to ImmunGene. There were no contractual obligations to ImmunGene for the twelve months ended December 31, 2021.

We are also contractually obligated to pay nominal fixed annual license maintenance fees to two licensors.

(iv) In-License Agreement with Therapyx

In December 2020, we executed an asset transfer and license agreement with Therapyx, Inc. (“Therapyx”) for an exclusive worldwide license for the intellectual property related to any pharmaceutical or biological product for use in human oncology containing, whether as its sole active or in combination with other active ingredients, an encapsulated IL-12, in any injectable dosage form or formulation.

We made an upfront payment of $0.8 million to Therapyx upon contract execution, which was recorded to “research and development” expense within our Consolidated Statements of Operations for the year ended December 31, 2020. We will make an additional payment of $2.2 million upon our acceptance of certain transferred materials from Therapyx. We will make further payments to Therapyx upon our achievement of various (i) regulatory milestones aggregating up to $30 million for the first approved IL-12 product, plus an additional $2.5 million milestone payment for each new indication approved for each product in the U.S., Europe, or Japan; and (ii) sales milestones aggregating up to $167.5 million based on worldwide annual net sales. We are contractually obligated to pay royalties in the mid-single digits on our net sales of all IL-12 products, potentially reduced by royalties due to third parties, the loss of IP protection within one or more countries, or the introduction of a competing product within one or more countries.

Depending on the nature of the milestone achievement type we will either (a) capitalize the payment value to “intangible assets” in the Consolidated Balance Sheets or (b) recognize the payment value within “research and development” or “cost of sales” within the Consolidated Statements of Operations. The corresponding liability for the payment due to this licensor will be recognized in the Consolidated Balance Sheets within “accounts payable and other accrued liabilities” in the earliest period that we determine the respective milestone achievement is probable or occurs.

We have entered into various contracts with numerous third-party service providers for the execution of our research and development initiatives. These vendors include raw material suppliers, clinical trial sites, clinical research organizations, and data monitoring centers, among others. The financial terms of these agreements are varied and generally obligate us to pay in stages, depending on the achievement of certain events specified in the agreements - such as contract execution, progress of service completion, delivery of drug supply, and the dosing of patients in clinical studies.

We recognize these “research and development” expenses and corresponding “accounts payable and other accrued liabilities” in the accompanying financial statements based on estimates of our vendors’ progress of performed services, patient

enrollments and dosing, completion of clinical studies, and other events. Should we decide to discontinue and/or slow-down the work on any project, the associated costs for those projects would typically be limited to the extent of the work completed, as we are generally able to terminate these contracts with adequate notice.

(d) Supply and Service Agreements Associated with Product Production

We have various product supply agreements and/or have issued vendor purchase orders that obligate us to agreed-upon raw material purchases from certain vendors. We also have certain drug production service agreements with select contract manufacturers that obligate us to service fees during the contractual period.

(e) Employment Agreements

We entered into revised employment agreements with each of our named executive officers (chief executive officer, chief operating officer, chief financial officer, chief legal officer, and chief medical officer) in April/June 2018 and June 2019, which supersede any prior change in control severance agreements with such individuals. These agreements provide for the payment of certain benefits to each executive upon his separation of employment under specified circumstances. These arrangements are designed to encourage each to act in the best interests of our stockholders at all times during the course of a change in control event or other significant transaction.

We previously entered into an employment agreement with our former Chief Executive Officer, Joseph Turgeon, under which cash compensation and benefits would become payable in the event of termination by us for any reason other than cause, his resignation for good reason, or upon a change in control of our Company. Effective December 31, 2021, Mr. Turgeon’s employment with the Company was terminated without cause in accordance with his employment agreement. We have accrued for all contractual amounts due and unpaid to Mr. Turgeon as of December 31, 2021 within "accrued payroll and benefits" on the accompanying Consolidated Balance Sheets.

(f) Deferred Compensation Plan

The Spectrum Pharmaceuticals, Inc. Deferred Compensation Plan (the “DC Plan”) is administered by the Compensation Committee of our Board of Directors and is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended.

The DC Plan is maintained to provide special deferred benefits for a select group of our employees (the “DC Participants”). DC Participants make annual elections to defer a portion of their eligible cash compensation which is then placed into their DC Plan accounts. We match a fixed percentage of these deferrals, and may make additional discretionary contributions. At December 31, 2021 and 2020, the aggregate value of this DC Plan liability was $11.2 million and $9.8 million, respectively, and is included within “accounts payable and other accrued liabilities” and “other long-term liabilities” in the accompanying Consolidated Balance Sheets.

(g) Litigation

We are involved from time-to-time with various legal matters arising in the ordinary course of business. These claims and legal proceedings are of a nature we believe are normal and incidental to a pharmaceutical business, and may include product liability, intellectual property, employment matters, and other general claims. We may also be subject to derivative lawsuits from time to time.

We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions are assessed at least quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. Although the ultimate resolution of these various matters cannot be determined at this time, we do not believe that such matters, individually or in the aggregate, will have a material adverse effect on our consolidated results of operations, cash flows, or financial condition.

Bioverativ Patent Litigation

On May 28, 2021, Bioverativ Therapeutics Inc. (“Bioverativ”) filed a complaint against us in the U.S. District Court for the District of Delaware, which alleges that our proposed manufacture, use and sale of eflapegrastim would, if approved, infringe claims of three patents owned by Bioverativ (the “Subject Patents”). Bioverativ sought an unspecified amount of damages and injunctive relief.

Pursuant to our agreements with Hanmi, we hold worldwide rights (except for Korea, China, and Japan) to develop and commercialize eflapegrastim. The agreements with Hanmi contain typical license terms including, without limitation, indemnification rights in favor of the Company with respect to any claims of infringement from a third party with respect to our use of a licensed technology, product or compound pursuant to such agreements.

Related to the Bioverativ litigation, on December 20, 2021, we were named as respondents in an International Trade Commission (ITC) action filed in the ITC. The complaint alleged importation into the United States, the sale for importation, and the sale within the United States after importation of certain monomer-dimer hybrid immunoconjugates in violation of section 337 of the Tariff Act of 1930 (19 U.S.C. 1337).

On February 18, 2022, Spectrum, Hanmi and Bioverativ entered into a license and settlement agreement which included a stipulation to dismiss the Bioverativ litigation and withdraw the ITC complaint. On February 18, 2022, the ITC action against us was withdrawn, and on March 2, 2022, the Bioverativ case was dismissed by the U.S. District Court.

Luo v. Spectrum Pharmaceuticals, Inc., et al.. On August 31, 2021, a shareholder lawsuit was filed against us in the U.S. District Court for the District of Nevada, which alleges that we and certain of our executive officers made false or misleading statements and failed to disclose material facts about our business and the prospects of approval for our BLA to the FDA for eflapegrastim in violation of Section 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934, as amended. On November 1, 2021, four individuals and one entity filed competing motions to be appointed lead plaintiff and for approval of counsel in this putative securities class action. The plaintiffs seek damages, interest, costs, attorneys’ fees, and other unspecified equitable relief. We believe that these claims are without merit and intend to vigorously defend against these claims.

Csaba v. Spectrum Pharmaceuticals, Inc., et al. On December 15, 2021, a stockholder derivative complaint was filed against us, certain of our executive officers, and certain of our past and present members of the board of directors. The stockholder derivative complaint alleges that certain of our executive officers are liable to Spectrum, pursuant to Section 10(b) and 21(d) of the Securities Exchange Act of 1934, as amended, for contribution and indemnification, if they are deemed (in the Luo class action), to have made false or misleading statements and failed to disclose material facts about our business and the prospects of approval for our BLA to the FDA for eflapegrastim. The complaint further alleges that certain of our executive officers and certain of our past and present directors breached their fiduciary duties, and certain of our present directors negligently violated Section 14(a) of the Exchange Act, by allegedly causing such false or misleading statements to be issued and/or failing to disclose material facts about our business and the prospects of approval for our BLA to the FDA for eflapegrastim. The allegations state that as a result of the violations, certain of our executive officers and past and present board members were unjustly enriched. The plaintiffs seek corporate reforms, damages, interest, costs, attorneys’ fees, and other unspecified equitable relief. We believe that these claims are without merit and intend to vigorously defend against these claims.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 10. SUBSEQUENT EVENTS During January 2022, the Company entered into a Securities Purchase Agreement with Hanmi, pursuant to which Hanmi purchased 12,500,000 shares of our common shares at a purchase price of $1.60 per share, for an aggregate purchase price equal to $20 million. In addition, the Company entered into amendments to the licensing agreements for both eflapegrastim and poziotinib, which resulted in the conversion of the upfront milestone payments for both products to deferred royalties. The royalty obligation for eflapegrastim changed to mid-single digits as a percent of sales for a specified period. The amended agreement eliminated poziotinib’s approval milestone payment in return for a supplemental royalty that will continue until the milestone is fully paid, based on the supplemental royalty. The companies also agreed to an amended supply arrangement that is expected to result in a lower cost of goods sold for Spectrum (See Note 7 Commitments and Contingencies for further discussion). In addition, Hanmi has agreed to release the Company from a prior purchase obligation for eflapegrastim drug substance which will result in a reduction in accrued liabilities of $11.2 million with a corresponding reduction in research and development expense.

Summary of Significant Accounting Policies and Use of Estimates - (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Anti-dilutive excluded from computation of earnings per share amount (shares)	13.5	9.6

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

2018 Long-Term Incentive Plan

We have one active stockholder-approved stock-based compensation plan, the 2018 Long-Term Incentive Plan (the “2018 Plan”). In June 2018, the 2018 Plan replaced our former 2009 Incentive Award Plan (the “2009 Plan”). Under the 2018 Plan, we may grant restricted stock awards and units, incentive and nonqualified stock options, performance unit awards, stock appreciation rights, and other stock-based awards to employees, consultants, and members of our Board of Directors. Stock-based awards generally vest one-third on the first anniversary of the date of grant, and in equal annual installments thereafter over the remaining two years vesting period. Stock options must generally be exercised, if at all, no later than 10 years from the date of grant. In the event of a change in control, all award types with the exception of performance unit awards, will vest in full effective immediately prior to the consummation of the change in control. For performance unit awards, if a change in control occurs prior to the end date and the participant remains employed prior to the change in control, the shares vest based on the achievement of the performance goals as of the date of which the change in control occurs.

The stated maximum availability of common stock under the 2018 Plan is 18 million shares, except for additional availability provided on a one-for-one basis for awards formerly issued under the 2009 Plan that are terminated, forfeited, cancelled or expire unexercised. Awards issued under the 2018 Plan reduce share availability on a one-to-one basis for stock options and on a 1.5-to-one basis for restricted stock awards and restricted stock units. Accordingly, as of December 31, 2021, 4.4 million awards were available for grant under the 2018 Plan, assuming all were issued in the form of stock options, but would be reduced to 3.0 million awards available for grant if all were issued in the form of restricted stock.

It is our policy that before stock is issued through the exercise of stock options, we must first receive all required cash payment for such shares (whether through an upfront cash exercise or net-settlement exercise). At the time of vesting of restricted stock, by our policy, requisite shares are automatically sold on the open market by our designated broker to the extent required to cover the employee’s federal and state taxes due.

Stock-based awards are governed by agreements between us and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2018 Plan at an exercise price of not less than 100% of the fair market value of our common stock on the respective date of grant and for certain recipients may not be less than 110% of such fair market value. The grant date is generally the date the terms of the award are approved by the Compensation Committee of our Board of Directors.

Employee Stock Purchase Plan

Under the terms of our 2009 Employee Stock Purchase Plan (the “ESPP”), eligible employees can purchase common stock through scheduled payroll deductions. The purchase price is equal to the closing price of our common stock on the first or last day of the offering period (whichever is less), minus a 15% discount. We use the Black-Scholes option-pricing model, in combination with the discounted employee price, in determining the value of ESPP expense to be recognized during each offering period. A participant may purchase a maximum of 50,000 shares of common stock during a six-month offering period, not to exceed $25,000 at full market value on the offering date during each plan year.

As of December 31, 2021, a total of 8.2 million shares of common stock are authorized and remain available for issuance under the ESPP. Beginning on January 1, 2010, and each January 1st thereafter, the number of shares of common stock available for issuance under the ESPP shall automatically increase by an amount equal to the lesser of (i) one million shares or (ii) an amount determined by the ESPP administrator. However, in no event shall the number of shares of common stock available for future sale under the ESPP exceed 10 million shares, subject to capitalization adjustments occurring due to dividends, splits, dissolution, liquidation, mergers, or changes in control.

Stock-Based Compensation Expense Summary

We report our stock-based compensation expense (inclusive of our incentive stock plan and employee stock purchase plan) in the accompanying Consolidated Statements of Operations within “total operating costs and expenses” for the years

ended December 31, 2021 and 2020, as follows:


	Year Ended December 31,
	2021		2020
Selling, general and administrative	$	14,642	$	13,127
Research and development	5,197		4,692
Total stock-based compensation	$	19,839	$	17,819

Employee stock-based compensation expense for the years ended December 31, 2021 and 2020 was recognized (reduced for estimated forfeitures) on a straight-line basis over the vesting period. Forfeitures are estimated at the time of grant and are prospectively revised if actual forfeitures differ from those estimates. We estimate forfeitures of stock options using the historical exercise behavior of our employees. For purposes of this estimate, we have applied an estimated forfeiture rate of 11% and 15% for the years ended December 31, 2021 and 2020, respectively.

Valuation Assumptions

The grant-date fair value per share for restricted stock awards was based upon the closing market price of our common stock on the award grant-date.

The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model. The following assumptions were used to determine fair value for the stock awards granted in the applicable year:


	Year Ended December 31,
	2021	2020
Expected option life (in years)(a)	5.57	5.46
Risk-free interest rate(b)	0.56% - 1.32%	0.34% - 1.61%
Volatility(c)	80.0% - 82.7%	74.5% - 81.4%
Dividend yield(d)	0%	0%
Weighted-average grant-date fair value per stock option	$1.78	$1.63

(a)Determined by the historical stock option exercise behavior of our employees (maximum term is 10 years).

(b) Based upon the U.S. Treasury yields in effect during the period which the options were granted (for a period equaling the stock options’ expected term).

(c)Measured using our historical stock price for a period equal to stock options’ expected term.

(d)We do not expect to declare any cash dividends in the foreseeable future.

Stock Option Activity

Stock option activity during the years ended December 31, 2021 and 2020 was as follows:


	Number of Shares	Weighted- Average Exercise Price/Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value










Outstanding — December 31, 2019	6,439,936	$	9.61
Granted	2,032,000	2.34
Exercised	(3,542)	3.70			$	708	(1)
Forfeited	(170,187)	8.29
Expired	(641,584)	8.55
Outstanding — December 31, 2020	7,656,623	$	7.80
Granted	2,397,684	2.66
Exercised	(1,250)	3.04			$	1.5	(1)
Forfeited	(34,565)	10.05
Expired	(513,031)	9.29
Outstanding — December 31, 2021	9,505,461	$	6.42	5.86	$	—	(2)
Vested (exercisable) — December 31, 2021	6,371,266	$	8.04	4.26	$	—	(2)
Unvested (unexercisable) — December 31, 2021	3,134,195	$	3.13	9.10	$	—	(2)

(1) Represents the total difference between our closing stock price at the time of exercise and the stock option exercise price, multiplied by the number of options exercised.

(2) Represents the total difference between our closing stock price on the last trading day of 2021 and the stock option exercise price, multiplied by the number of in-the-money options as of December 31, 2021. The amount of intrinsic value will change based on the fair market value of our stock.

The following table summarizes information with respect to stock option grants as of December 31, 2021:


	Outstanding				Exercisable
Exercise Price	Granted Stock Options Outstanding	Weighted- Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Granted Stock Options Exercisable	Weighted- Average Exercise Price
$1.29 - 4.96	4,397,491	7.6	$	2.52	1,507,886	$	2.58
$4.97 - 6.91	1,854,119	4.33	6.00		1,854,119	6.00
$6.92 - 9.00	1,376,034	3.41	7.80		1,300,617	7.77
$9.01 - 12.00	925,709	4.17	11.17		769,707	11.17
$12.01 - 22.64	952,108	5.99	18.61		938,937	18.63
	9,505,461	5.86	$	6.42	6,371,266	$	8.04

As of December 31, 2021 , there was unrecognized compensation expense of $4.2 million related to unvested stock options, which we expect to recognize over a weighted average period of 2.1 years. For the year ended December 31, 2021 , we recorded stock option expense of $4.5 million related to issued stock options.

Restricted Stock Award Activity

A summary of restricted stock award activity is as follows:


	Number of Restricted Stock Awards	Weighted Average Fair Value per Share at Grant Date








Unvested — December 31, 2019	1,659,759	$	11.67
Granted	4,026,518	2.68
Vested	(753,475)	11.23
Forfeited	(436,757)	6.03
Unvested — December 31, 2020	4,496,045	4.29
Granted	2,820,259	3.33
Vested	(2,272,064)	5.06
Forfeited	(608,233)	3.85
Unvested — December 31, 2021	4,436,007	$	3.33

For the years ended December 31, 2021 and 2020, we recorded stock-based compensation expense on our issued restricted share awards of $9.6 million and $9.4 million, respectively. As of December 31, 2021, there was approximately $9.7 million of unrecorded expense that will be recognized over an estimated weighted average period of 1.9 years. These unvested shares are included in our reported issued and outstanding common stock as of December 31, 2021.

Restricted Stock Unit Activity

Our outstanding restricted stock units substantially relate to awards that contain “market-based” vesting conditions that are issued to our executive officers. These conditions are specified in each award agreement and result in a variable number of shares that become issuable at the assessment date, after review and approval by our Compensation Committee. A summary of restricted stock unit activity is as follows:


	Number of Restricted Stock Units	Weighted Average Fair Value per Share at Grant Date





Outstanding — December 31, 2019	385,919	$	18.00
Granted	6,800	2.36
Market-based achievement adjustment at vesting	(128,334)	—
Share issuance	(861)	10.69

Outstanding — December 31, 2020	263,524	26.39
Granted	2,125	3.61
Market-based achievement adjustment at vesting	75,000	—
Share issuance	(151,386)	28.09
Forfeited	(4,751)	4.03
Outstanding — December 31, 2021	184,512	$	23.53

For the years ended December 31, 2021 and 2020, we recorded stock-based compensation expense on our issued restricted stock units of $1.1 million and $1.1 million, respectively. As of December 31, 2021, there was an immaterial amount of unrecorded expense to be recognized.

Stock Appreciation Rights

During the years ended December 31, 2021 and 2020, we granted 2.1 million and 1.7 million stock appreciation rights (“SARs”), respectively, to our Named Executive Officers. On the date of grant, the fair value of these SARs were estimated using the Black-Scholes option-pricing model and 25% immediately vested. There were no forfeitures made during the year. We recognized stock-based compensation expense of $4.2 million and $1.5 million, respectively, within our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020. As of December 31, 2021, there was approximately $1.9 million of unrecorded expense that will be recognized over an estimated weighted average period of 2.0 years.

401(k) Plan – Stock Matching Contribution

Beginning in March 2020, employee 401(k) matching contributions were made with cash rather than stock on a prospective basis. As a result of this change, the shares issued to participants 401(k) accounts were substantially lower in the current year period compared to prior year periods.

During the year ended December 31, 2020, we issued 96,959 common shares related to 401(k) plan matching, and recorded stock-based compensation expense of $0.3 million

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Authorized Stock

In June 2018, our stockholders approved an amendment and restatement of our Certificate of Incorporation to reflect an increase in the number of authorized shares of our common stock from 175 million shares to 300 million shares. In addition to the increase in the authorized number of shares of common stock, the amendment eliminates designated series of preferred stock that are obsolete and are no longer outstanding or issuable, including Series B Junior Participating Preferred Stock and Series E Convertible Voting Preferred Stock. As of December 31, 2021, we had five million shares of preferred stock authorized and no shares of preferred stock outstanding.

Stockholder Rights Agreement

On November 29, 2010, our Board of Directors approved a stockholder rights agreement (the “Stockholder Rights Agreement”), effective December 13, 2010. A stockholder rights agreement is designed to deter coercive, unfair, or inadequate takeovers and other abusive tactics that might be used in an attempt to gain control of our company. A stockholder rights agreement will not prevent takeovers at a full and fair price, but rather is designed to deter coercive takeover tactics and to encourage anyone attempting to acquire our company to first negotiate with our Board of Directors.

On March 27, 2018, we entered into a Second Amendment to Rights Agreement which had the effect of suspending the Stockholders Rights Agreement as of March 30, 2018. On December 13, 2020, the Stockholder Rights Agreement expired under its terms.

Share Grants Subject to Shareholder Approval

In December 2021, we announced that Tom Riga would be our next President and Chief Executive Officer effective December 31, 2021 and join the Company’s Board of Directors upon assuming his new role. Prior to this appointment, he served as our Chief Commercial Officer and Chief Operating Officer. As a result of this announcement in January 2022, Mr. Riga was granted 1,078,500 stock options and 239,500 restricted stock units vesting one third on each of January 14, 2023, 2024, and 2025. These share grants are contingent upon shareholder approval during the next Annual Shareholder’s Meeting.

Common Stock Issuable Upon Exercise of Stock Options and Vesting of Restricted Stock Units

As of December 31, 2021, (i) 6.4 million shares of our common stock are issuable upon the exercise of outstanding stock options (regardless of whether in or out-of-the-money) and (ii) 0.4 million shares of our common stock are issuable if the maximum market conditions of our outstanding restricted stock unit agreements are met.

Public Offering of Common Stock

On July 30, 2020, we announced the pricing of an underwritten public offering of 21,666,667 shares of our common stock at a public offering price of $3.00 per share. The net proceeds from the offering were approximately $61.1 million, after deducting underwriting discounts and commissions. In addition, we granted the underwriters a 30-day option to purchase up to an additional 3,250,000 shares of common stock.

On August 3, 2020, the underwriters fully exercised their option to purchase an additional 3,250,000 shares of our common stock at the public offering price of $3.00 per share, less underwriting discounts and commissions, for additional net proceeds of approximately $9.2 million. After giving effect to the exercise in full of the underwriters’ option, the total number of shares sold in the public offering was 24,916,667 shares and net proceeds were approximately $69.7 million, net of underwriting discounts and offering expenses of $5.0 million.

Sale of Common Stock Under ATM Agreements

On April 5, 2019, we entered into a new collective at-market-issuance (“ATM”) sales agreement with Cantor Fitzgerald & Co., H.C. Wainwright & Co., LLC and B. Riley FBR, Inc. (the “April 2019 ATM Agreement”), pursuant to which we may offer and sell shares of our common stock by any method deemed to be an “at the market” offering (the “ATM Offering”). From April 5, 2019 to March 2, 2020, the ATM Offering was conducted pursuant to a sales agreement prospectus filed with our automatic shelf registration statement on Form S-3ASR, filed with the SEC on April 5, 2019, which registered an aggregate offering price of $150 million under the April 2019 ATM Agreement. From May 8, 2020 to June 30, 2020, the ATM Offering was conducted pursuant to a sales agreement prospectus (the “Initial Sales Agreement Prospectus”) filed with our shelf registration statement on Form S-3, filed with the SEC on March 20, 2020, as amended by Pre-Effective Amendment No. 1 thereto, and declared effective by the SEC on May 8, 2020 (the “Registration Statement”), which registered an aggregate offering price of up to $75 million under the April 2019 ATM Agreement. On July 29, 2020, we terminated the Initial Sales Agreement Prospectus, but left the April 2019 ATM Agreement in full force and effect. On November 6, 2020, we filed a new sales agreement prospectus to the Registration Statement, which registered an aggregate offering price of up to $60 million under the April 2019 ATM Agreement.

On July 13, 2021, we filed a shelf registration statement with the SEC on Form S-3, which was declared effective by the SEC on July 21, 2021 (the “Registration Statement”). The Registration Statement registered an aggregate offering price of up to $300 million of securities that may be issued and sold by us from time to time, including up to an aggregate offering price of $150 million of common stock (which amount is included in the $300 million aggregate offering price set forth in the base prospectus) that may be issued and sold pursuant to the April 2019 ATM Agreement.

We sold and issued common shares under the April 2019 ATM Agreement as follows: