FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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

The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018:

(in thousands)	Financial Statement
March 31, 2019	Classification	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	Cash and cash equivalents	$	41	$	—	$	—	$	41
Commercial paper	Cash and cash equivalents	—		14,591		—		14,591
U.S. Treasury Securities	Cash and cash equivalents	—		748		—		748
Collegium warrants	Investments	—		7,155		—		7,155
Total		$	41	$	22,494	$	—	$	22,535
Liabilities:
Contingent consideration—Zipsor	Contingent consideration liability	$	—	$	—	$	545	$	545
Contingent consideration—CAMBIA	Contingent consideration liability	—		—		521		521
Total		$	—	$	—	$	1,066	$	1,066

(in thousands)	Financial Statement
December 31, 2018	Classification	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	Cash and cash equivalents	$	11	$	—	$	—	$	11
Agency bond	Cash and cash equivalents	—		1,250		—		1,250
Commercial paper	Cash and cash equivalents	—		14,028		—		14,028
Collegium warrants	Investments	—		8,784		—		8,784
Total		$	11	$	24,062	$	—	$	24,073
Liabilities:
Contingent consideration—Zipsor	Contingent consideration liability	$	—	$	—	$	531	$	531
Contingent consideration—CAMBIA	Contingent consideration liability	—		—		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 and selling, general and administrative expenses for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
(in thousands)	2019		2018
Fair value, beginning of the period	$	1,038	$	1,613
Changes in fair value recorded in interest expense	28		40
Changes in fair value recorded in selling, general and administrative expenses	—		(242		)
Royalties and milestone paid	—		(162		)
Total	$	1,066	$	1,249