FAIR VALUE (Tables)

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018 (in thousands):



September 30, 2019	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Collegium warrants	Investments	$	—	$	3,884	$	—	$	3,884
Total		$	—	$	3,884	$	—	$	3,884
Liabilities:
Contingent consideration—Zipsor	Contingent consideration liability	$	—	$	—	$	430	$	430
Contingent consideration—CAMBIA	Contingent consideration liability	—		—		551		551
Total		$	—	$	—	$	981	$	981



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
Agency bond	Cash and cash equivalents	—		1,250		—		1,250
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 and nine months ended September 30, 2019 and 2018 (in thousands):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Fair value, beginning of the period	$	953	$	967		$	1,038		$	1,613
Changes in fair value recorded in interest expense	28		27			85			106
Changes in fair value recorded in selling, general and administrative expenses	—		(117		)	(142		)	(658		)
Royalties and milestone paid	—		—			—			(184		)
Fair value, end of the period	$	981	$	877		$	981		$	877