Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Assets measured at fair value on recurring basis

The following tables present our money market funds, included in cash and cash equivalents, and contingent consideration liability measured at fair value on a recurring basis as of the dates indicated, classified by valuation hierarchy:

			Fair Value Measurements at December 31, 2015
	Balance at December 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	62,855	$	62,855	$	-	$	-
Total Assets	$	62,855	$	62,855	$	-	$	-

Liability:
Contingent consideration	$	18,800	$	-	$	-	$	18,800
Total Liability	$	18,800	$	-	$	-	$	18,800

			Fair Value Measurements at December 31, 2014
	Balance at December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	112,808	$	112,808	$	-	$	-
Total Assets	$	112,808	$	112,808	$	-	$	-

Liability:
Contingent consideration	$	17,200	$	-	$	-	$	17,200
Total Liability	$	17,200	$	-	$	-	$	17,200

Fair Value, Measurement Inputs, Disclosure [Text Block]

The following tables present quantitative information pertaining to the December 31, 2015 and 2014 fair value measurements of the Level 3 inputs. The 2015 increase in the contingent consideration liability of $1,600 resulted primarily from a decrease in the discount period, a 0.2% increase in the risk-free rate and a 5% increase in asset volatility which affects the probability adjusted cash flow.

	Fair Value as of December 31, 2015		Valuation Technique	Unobservable Input	Range (Weighted Average)
Contingent consideration liability:

AZEDRA commercialization	$	2,500	Probability adjusted discounted cash flow model	Probability of success		40%
				Period of milestone expected achievement		2018
				Discount rate		10%

1404 commercialization	$	4,200	Probability adjusted discounted cash flow model	Probability of success		59%
				Period of milestone expected achievement		2019
				Discount rate		10%

MIP-1095 commercialization	$	500	Probability adjusted discounted cash flow model	Probability of success		19%
				Period of milestone expected achievement		2023
				Discount rate		10%

Net sales targets	$	11,600	Monte-Carlo simulation	Probability of success		19% - 59% (37.4%)
				Period of milestone expected achievement		2019 – 2025
				Discount rates⁽¹⁾		12% / 3.5%

	Fair Value as of December 31, 2014		Valuation Technique	Unobservable Input	Range (Weighted Average)
Contingent consideration liability:

AZEDRA commercialization	$	2,300	Probability adjusted discounted cash flow model	Probability of success		40%
				Period of milestone expected achievement		2018
				Discount rate		10%

1404 commercialization	$	3,800	Probability adjusted discounted cash flow model	Probability of success		59%
				Period of milestone expected achievement		2019
				Discount rate		10%

MIP-1095 commercialization	$	400	Probability adjusted discounted cash flow model	Probability of success		19%
				Period of milestone expected achievement		2023
				Discount rate		10%

Net sales targets	$	10,700	Monte-Carlo simulation	Probability of success		19% - 59% (37.4%)
				Period of milestone expected achievement		2019 - 2026
				Discount rate⁽¹⁾		12% / 3.5%

⁽¹⁾ At December 31, 2015 and 2014, net sales targets contingent consideration liability was derived from a model under a risk neutral framework resulting in the application of 12% and 3.5% discount rates to estimated cash flows.

Summary of activities in financial instruments with Level 3 inputs

For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:

	Liability – Contingent Consideration Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Description	2015		2014
Balance at beginning of period	$	17,200	$	15,700
Fair value adjustment to contingent consideration included in net (loss) income		1,600		1,500
Balance at end of period	$	18,800	$	17,200
Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period	$	1,600	$	1,500

5. Accounts Receivable