DEFERRED REVENUE

9 Months Ended

Sep. 30, 2016

11. DEFERRED REVENUE

Deferred revenue consists of the following (in thousands):


	Balance as of
	September 30,		December 31,
	2016		2015
Qsymia deferred revenue - current	$	17,566	$	19,275
STENDRA deferred revenue - current		71,562		2,867
Deferred revenue - current	$	89,128	$	22,142

STENDRA deferred revenue - non-current	$	6,845	$	6,508

Qsymia deferred revenue consists of product shipped to the Company’s wholesalers, certified retail pharmacies and certified home delivery pharmacy services networks, but not yet dispensed to patients through prescriptions, net of prompt payment discounts. SPEDRA deferred revenue primarily relates to a prepayment of $70 million in licensing fees from Metuchen Pharmaceuticals LLC, or Metuchen, (see Note 12) and a prepayment for future royalties on sales of SPEDRA.

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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