SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)		1 Months Ended	3 Months Ended			12 Months Ended
	Aug. 14, 2015 USD ($) ft²	Feb. 29, 2016 USD ($)	Mar. 31, 2016 USD ($) Payment Plan $ / shares shares	Mar. 31, 2015 USD ($) $ / shares shares	Mar. 31, 2012 USD ($)	Dec. 31, 2015 USD ($) $ / shares shares	Feb. 05, 2016 USD ($)
Cash, Cash Equivalents and Investments [Abstract]
Aggregate fair value of investments			$ 34,700,000			$ 31,900,000
Fair Value Disclosures [Abstract]
Held-to-maturity securities, unrecognized gain			0			0
Held-to-maturity securities, unrecognized loss			0			0
Concentration Risk [Line Items]
Royalty revenue			6,555,647	$ 5,594,109
Accounts receivable			3,787,155			2,547,920
Milestones Revenue [Abstract]
Recognized milestone revenue			0	0
Deferred Revenue [Abstract]
Deferred revenue recognized			12,344	$ 12,345
Deferred revenue			8,400,000			200,000
Nonrefundable upfront product license fees			86,412
Deferred revenue from foreign tax withholding			$ 100,000
Treasury Stock [Abstract]
Treasury stock purchased (in shares) | shares			10,615	2,910
Average price of share (in dollars per share) | $ / shares			$ 37.59	$ 39.27
Reimbursable Third Party Development Costs [Abstract]
Accrued patent costs			$ 25,000			20,000
Third Party Royalties [Abstract]
Royalty expenses			400,000	$ 400,000
Royalty Buy Down [Abstract]
Payment for royalty buy down			$ 600,000		$ 1,500,000
Number of additional cash payments for royalty buy down | Payment			5
Number of cash payments made for royalty obligation | Payment			3
Amount amortized related to agreement			$ 274,000	126,000
Deferred costs amortization period			5 years
Deferred royalty buy-down - long term			$ 3,600,000
Share-based Compensation [Abstract]
Number of stock based compensation plans in effect | Plan			1
Additional Disclosures [Abstract]
Proceeds from stock option exercises			$ 177,250	37,200
Closing price of company stock (in dollars per share) | $ / shares			$ 34.82
Provision for Income taxes [Abstract]
Unrecognized tax benefits			$ 0	0
Commitments and Contingencies [Abstract]
Additional lease term extension period	1 year
Area of sublease to landlord | ft²	1,000
Monthly base rent	$ 10,213
Notice period to cancel lease agreements	3 months
New Accounting Pronouncements [Abstract]
Deferred tax assets, noncurrent			$ 16,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property, plant and equipment			5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property, plant and equipment			10 years
Recurring [Member] | Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents			$ 5,948,850			715,784
Recurring [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			4,375,538			6,617,042
Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			19,777,612			11,480,000
Recurring [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			10,594,272			13,847,041
Recurring [Member] | Level 1 [Member] | Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents			5,948,850			715,784
Recurring [Member] | Level 1 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0			0
Recurring [Member] | Level 1 [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0			0
Recurring [Member] | Level 1 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			10,594,272			13,847,041
Recurring [Member] | Level 2 [Member] | Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents			0			0
Recurring [Member] | Level 2 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			4,375,538			6,617,042
Recurring [Member] | Level 2 [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			19,777,612			11,480,000
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0			0
Recurring [Member] | Level 3 [Member] | Institutional Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents			0			0
Recurring [Member] | Level 3 [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0			0
Recurring [Member] | Level 3 [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0			0
Recurring [Member] | Level 3 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0			0
Endo [Member]
Concentration Risk [Line Items]
Royalty revenue			6,600,000	5,600,000
Accounts receivable			3,800,000			$ 2,500,000
Royalty / Mark-Up on Cost of Goods Sold [Abstract]
Deferred revenue on licensing agreements			8,250,000				$ 8,250,000
Proceeds from licensing agreement		$ 8,250,000
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense			$ 33,000	$ 5,300
Stock Options [Member]
Stock Option Activity [Roll Forward]
Outstanding, beginning of period (in shares) | shares			562,000
Grants (in shares) | shares			0	0
Exercised (in shares) | shares			(115,000)
Forfeitures or expirations (in shares) | shares			0
Outstanding, end of period (in shares) | shares			447,000			562,000
Exercisable, end of period (in shares) | shares			389,500
Weighted-Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share) | $ / shares			$ 11.91
Grants (in dollars per share) | $ / shares			0
Exercised (in dollars per share) | $ / shares			1.54
Forfeitures or expirations (in dollars per share) | $ / shares			0
Outstanding, end of period (in dollars per share) | $ / shares			14.58			$ 11.91
Exercisable, end of period (in dollars per share) | $ / shares			$ 11.98
Additional Disclosures [Abstract]
Weighted average remaining contractual term, Options outstanding			2 years 10 months 2 days			2 years 6 months 4 days
Weighted average remaining contractual term, Exercisable			2 years 2 months 23 days
Aggregate intrinsic value, Options outstanding			$ 17,456,220
Aggregate intrinsic value, Options outstanding			9,133,470			$ 17,456,220
Aggregate intrinsic value, Exercisable			8,894,445
Proceeds from stock option exercises			177,250	$ 37,200
Unrecognized compensation cost related to non-vested stock options outstanding			$ 368,000
Recognized compensation period			2 years 11 months 5 days