Short-term Investments

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Short-term Investments

Short-term Investments

Short-term investments consist of shares of Pernix Therapeutics' common stock acquired in April 2015 as partial consideration for the purchase of the Zohydro ER business. The investments were subject to restrictions over disposition, pledging or assignment for six months after the closing date of the Zohydro ER sale as specified in the related Asset Purchase Agreement. Amortized cost represents the fair value at the date of acquisition as determined by the publicly traded quoted market price per share less a discount for lack of marketability, which is updated at each reporting date based on remaining contracted lock-up period, expected volatility of the stock over the term of the remaining trading restrictions, and assumed lack of dividends, and any other than temporary impairment recognized.

	September 30, 2015
	Amortized Cost		Gross Unrealized Losses		Estimated Fair Value
Equity securities, available for sale	$	5,129	$	—	$	5,129

The Company evaluates its short-term investments to assess whether any unrealized loss position is other than temporarily impaired at each reporting period. Impairment is considered to be other than temporary if it is likely that the Company will sell the investments before the recovery of the cost basis. Realized gains, losses, and declines in value judged to be other than temporary is reported in investment income (loss) in the consolidated statements of operations and comprehensive income (loss). The Company recorded other than temporary impairment charges of $5,485,000 for the three and nine months ended September 30, 2015.