FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2019

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

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018 (in thousands):



December 31, 2019	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Collegium warrants	Investments	$	—	$	9,629	$	—	$	9,629
Total		$	—	$	9,629	$	—	$	9,629
Liabilities:
Contingent consideration	Contingent consideration liability	$	—	$	—	$	168	$	168
Total		$	—	$	—	$	168	$	168



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	Contingent consideration liability	$	—	$	—	$	1,038	$	1,038
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, selling, general and administrative expense, and gain on divestiture of Lazanda measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2019, 2018 and 2017 (in thousands):



	December 31,
	2019			2018			2017
Fair value, beginning of the period	$	1,038		$	1,613		$	14,825
Changes in fair value recorded in interest expense	113			124			1,079
Changes in fair value recorded in selling, general and administrative expenses	(983		)	(515		)	(7,708		)
Royalties and milestone paid	—			(184		)	(3,068		)
Divestiture of Lazanda	—			—			(3,515		)
Total	$	168		$	1,038		$	1,613