CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Cash and Cash Equivalents [Abstract]

Summary of securities included in cash and cash equivalents and short-term investments

Securities classified as cash and cash equivalents and short-term investments as of December 31, 2018 and 2017 are summarized below (in thousands). Estimated fair value is based on quoted market prices for these investments.

December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	95,660	$	—	$	—	$	95,660
Money market funds	11		—		—		11
Agency Bond	1,250						1,250
Commercial paper	14,028		—		—		14,028
Total cash and cash equivalents	110,949		—		—		110,949

December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	103,119	$	—	$	—		$	103,119
Money market funds	95		—		—			95
Commercial paper	23,670		—		—			23,670
Total cash and cash equivalents	126,884		—		—			126,884
Short-term investments
Corporate debt securities and commercial paper with maturities less than 1 year	1,210		—		(5		)	1,205
Total short-term investments	1,210		—		(5		)	1,205
Total	$	128,094	$	—	$	(5	)	$	128,089

Schedule of the gross unrealized losses and fair value of investments

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other‑than‑temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2017 (in thousands):

	Less than 12 months					12 months or greater				Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	1,205	$	(5	)	$	—	$	—	$	1,205	$	(5	)

Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis

The following table represents the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of December 31, 2017 (in thousands):

December 31, 2017	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	95	$	—	$	—	$	95
Commercial paper	—		23,670		—		23,670
Corporate debt securities	—		1,205		—		1,205
Total	$	95	$	24,875	$	—	$	24,970
Liabilities:
Contingent consideration—Zipsor	$	—	$	—	$	464	$	464
Contingent consideration—Lazanda	—		—		156		156
Contingent consideration—CAMBIA	—		—		993		993
	$	—	$	—	$	1,613	$	1,613

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 (in thousands):

December 31, 2018	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	11	$	—	$	—	$	11
Agency bond	—		1,250		—		1,250
Commercial paper	—		14,028		—		14,028
Collegium warrants			8,784				8,784
Total	$	11	$	24,062	$	—	$	24,073
Liabilities:
Contingent consideration—Zipsor	$	—	$	—	$	531	$	531
Contingent consideration—CAMBIA	—		—		507		507
Total	$	—	$	—	$	1,038	$	1,038

Summary of the changes in fair value of all financial liabilities measured at fair value on a recurring basis using significant unobservable inputs

The table below provides a summary of the changes in fair value recorded in interest expense, selling, general and administrative expense, and gain on divestiture of Lazanda measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018, 2017 and 2016 (in thousands):

	December 31,
	2018			2017			2016
Fair value, beginning of the period	$	1,613		$	14,825		$	14,971
Changes in fair value recorded in interest expense	124			1,079			2,408
Changes in fair value recorded in selling, general and administrative expenses	(515		)	(7,708		)	(122		)
Royalties and milestone paid	(184		)	(3,068		)	(2,432		)
Divestiture of Lazanda	—			(3,515		)	—
Total	$	1,038		$	1,613		$	14,825