CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2018

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Summary of securities included in cash and cash equivalents and short-term investments

Securities classified as cash and cash equivalents and short-term investments as of June 30, 2018 and December 31, 2017 are summarized below (in thousands). Estimated fair value is based on quoted market prices for these investments.

			Gross		Gross
	Amortized		Unrealized		Unrealized
June 30, 2018	Cost		Gains		Losses		Fair Value
Cash and cash equivalents
Cash	$	42,106	$	—	$	—	$	42,106
Money market funds		37		—		—		37
Commercial paper		14,241		—		—		14,241
U.S. Agency discount notes		849		—		—		849
Total cash and cash equivalents	$	57,233	$	—	$	—	$	57,233

			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2017	Cost		Gains		Losses		Fair Value
Cash and cash equivalents
Cash	$	103,119	$	—	$	—	$	103,119
Money market funds		95		—		—		95
Commercial paper		23,670		—		—		23,670
Total cash and cash equivalents		126,884		—		—		126,884
Short-term investments
Corporate debt securities and commercial paper with maturities less than 1 year		1,210		—		(5)		1,205
Total short-term investments		1,210		—		(5)		1,205
Total	$	128,094	$	—	$	(5)	$	128,089

Schedule of the gross unrealized losses and fair value of investments

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that were not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2017 (in thousands):

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
December 31, 2017	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Corporate Debt Securities	$	1,205	$	(5)	$	—	$	—	$	1,205	$	(5)

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, 2018 and December 31, 2017 (in thousands):

June 30, 2018	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	37	$	—	$	—	$	37
Commercial paper		—		14,241		—		14,241
U.S. Agency discount notes		—		849		—		849
Total	$	37	$	15,090	$	—	$	15,127
Liabilities:
Contingent consideration—Zipsor	$	—	$	—	$	472	$	472
Contingent consideration—CAMBIA		—		—		495		495
Total	$	—	$	—	$	967	$	967

December 31, 2017	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	95	$	—	$	—	$	95
Commercial paper		—		23,670		—		23,670
Corporate debt securities		—		1,205		—		1,205
Total	$	95	$	24,875	$	—	$	24,970
Liabilities:
Contingent consideration—Zipsor	$	—	$	—	$	464	$	464
Contingent consideration—Lazanda		—		—		156		156
Contingent consideration—CAMBIA		—		—		993		993
Total	$	—	$	—	$	1,613	$	1,613

Summary of the changes in fair value of all financial liabilities measured at fair value on a recurring basis using significant unobservable inputs

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Fair value, beginning of the period	$	1,249	$	8,611	$	1,613	$	14,825
Changes in fair value recorded in interest expense		39		265		79		796
Changes in fair value recorded in selling, general and administrative expenses		(299)		(1,128)		(541)		(6,128)
Royalties and milestone paid		(22)		(392)		(184)		(2,137)
Total	$	967	$	7,356	$	967	$	7,356