Subsequent Event

3 Months Ended

Mar. 31, 2017

11.	Subsequent Event:

In April 2017, the Company acquired XEN1101 (previously known as 1OP2198) from 1st Order Pharmaceuticals, Inc. (“1st Order”) pursuant to an asset purchase agreement. 1st Order previously acquired 1OP2198 from an affiliate of Valeant Pharmaceuticals International, Inc. (“Valeant”), and the Company will assume certain financial responsibilities under that agreement. Near term upfront and milestone consideration to be paid in 2017 is expected to total approximately $1,100. Future potential payments to both 1st Order and Valeant include $1,000 in clinical development milestones, up to $13,000 in regulatory milestones, and up to approximately $33,600 in sales-based and other milestones, which includes a $1,500 milestone that may be payable pre-commercially, plus a mid-to-high single digit percentage royalty on commercial sales.