FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018:



(in thousands)
June 30, 2019	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Money market	Cash and cash equivalents	$	123	$	—	$	—	$	123
Commercial paper	Multiple⁽¹⁾	—		13,903		—		13,903
Collegium warrants	Investments	—		5,307		—		5,307
Corporate	Short-term investments	—		749		—		749
Agency bond	Short-term investments	—		701		—		701
Total		$	123	$	20,660	$	—	$	20,783
Liabilities:
Contingent consideration—Zipsor	Contingent consideration liability	$	—	$	—	$	417	$	417
Contingent consideration—CAMBIA	Contingent consideration liability	—		—		536		536
Total		$	—	$	—	$	953	$	953

_{(1) As of June 30, 2019}_$8.2M_and_$5.7M_{of commercial paper was classified in Short-term investments and Cash and cash equivalents on the Consolidated Balance Sheets, respectively.}



(in thousands)
December 31, 2018	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	Cash and cash equivalents	$	11	$	—	$	—	$	11
Commercial paper	Cash and cash equivalents	—		14,028		—		14,028
Collegium warrants	Investments	—		8,784		—		8,784
Agency bond	Cash and cash equivalents	—		1,250		—		1,250
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 and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2019			2018			2019			2018
Fair value, beginning of the period	$	1,066		$	1,249		$	1,038		$	1,613
Changes in fair value recorded in interest expense	29			39			57			79
Changes in fair value recorded in selling, general and administrative expenses	(142		)	(299		)	(142		)	(541		)
Royalties and milestone paid	—			(22		)	—			(184		)
Fair value, end of the period	$	953		$	967		$	953		$	967