Acorda Therapeutics (ACORQ) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	ACORDA THERAPEUTICS INC
Entity Central Index Key	0001008848
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	ACOR
Entity Common Stock, Shares Outstanding		48,129,672

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 197,093	$ 293,564
Restricted cash	567	532
Short term investments	146,157	151,989
Trade accounts receivable, net of allowances of $1,033 and $2,681, as of March 31, 2019 and December 31, 2018, respectively	20,652	23,430
Prepaid expenses	14,223	19,384
Inventory, net	31,465	29,014
Other current assets	7,747	10,194
Total current assets	417,904	528,107
Property and equipment, net of accumulated depreciation	83,032	60,519
Goodwill	280,128	282,059
Intangible assets, net of accumulated amortization	425,777	428,570
Right of use assets	26,802
Other assets	295	411
Total assets	1,233,938	1,299,666
Current liabilities:
Accounts payable	25,955	48,859
Accrued expenses and other current liabilities	45,918	76,882
Current portion of acquired contingent consideration	8,179	4,914
Current portion of lease liabilities	7,458
Current portion of loans payable	604	616
Current portion of liability related to sale of future royalties	9,173	8,985
Total current liabilities	97,287	140,256
Convertible senior notes (due 2021)	321,210	318,670
Non-current portion of acquired contingent consideration	167,221	163,086
Non-current portion of lease liabilities	26,455
Non-current portion of loans payable	24,643	24,470
Deferred tax liability	5,401	7,483
Non-current portion of liability related to sale of future royalties	20,174	21,731
Other non-current liabilities	4,961	11,987
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value. Authorized 20,000,000 shares at March 31, 2019 and December 31, 2018; no shares issued as of March 31, 2019 and December 31, 2018, respectively
Common stock, $0.001 par value. Authorized 80,000,000 shares at March 31, 2019 and December 31, 2018; issued 47,563,184 and 47,508,505 shares, including those held in treasury, as of March 31, 2019 and December 31, 2018, respectively	48	48
Treasury stock at cost (91,594 shares at March 31, 2019 and 87,737 shares at December 31, 2018)	(2,185)	(2,133)
Additional paid-in capital	1,008,796	1,005,105
Accumulated deficit	(441,448)	(393,843)
Accumulated other comprehensive income	1,375	2,806
Total stockholders’ equity	566,586	611,983
Total liabilities and stockholders’ equity	$ 1,233,938	$ 1,299,666

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Trade accounts receivable, allowances (in dollars)	$ 1,033	$ 2,681
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, Authorized shares	20,000,000	20,000,000
Preferred stock, issued shares	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, Authorized shares	80,000,000	80,000,000
Common stock, issued shares	47,563,184	47,508,505
Treasury stock, shares	91,594	87,737

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total net revenues	$ 44,137	$ 106,165
Costs and expenses:
Cost of sales	8,799	20,634
Research and development	16,028	30,560
Selling, general and administrative	52,725	47,601
Amortization of intangible assets	2,564	716
Changes in fair value of acquired contingent consideration	7,400	6,200
Total operating expenses	87,516	105,711
Operating (loss) income	(43,379)	454
Other (expense) income, net:
Interest and amortization of debt discount expense	(6,424)	(5,497)
Interest income	1,496	326
Realized loss on foreign currency transactions	(13)	(5)
Total other expense, net	(4,941)	(5,176)
Loss before taxes	(48,320)	(4,722)
Benefit from (Provision for) income taxes	715	(3,477)
Net loss	$ (47,605)	$ (8,199)
Net loss per share—basic	$ (1)	$ (0.18)
Net loss per share—diluted	$ (1)	$ (0.18)
Weighted average common shares outstanding used in computing net loss per share—basic	47,472	46,529
Weighted average common shares outstanding used in computing net loss per share—diluted	47,472	46,529
Net Product Revenues
Revenues:
Total net revenues	$ 41,334	$ 103,003
Royalty Revenues
Revenues:
Total net revenues	$ 2,803	$ 3,162

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (47,605)	$ (8,199)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(1,609)	2,547
Unrealized income (loss) on available for sale debt securities	178	(92)
Other comprehensive (loss) income, net of tax	(1,431)	2,455
Comprehensive loss	$ (49,036)	$ (5,744)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income
Balance at Dec. 31, 2017	$ 519,987	$ 46	$ (389)	$ 968,580	$ (455,108)	$ 6,858
Balance (in shares) at Dec. 31, 2017		46,441,000
Increase (Decrease) in Stockholders' Equity
Adjustment to accumulated deficit (pursuant to adoption ofASU 2014-09)	27,582				27,582
Compensation expense for issuance of stock options to employees	4,095			4,095
Compensation expense for issuance of restricted stock to employees	1,840			1,840
Compensation expense for issuance of restricted stock to employees (in shares)		100,000
Exercise of stock options	3,367	$ 1		3,366
Exercise of stock options (in shares)		137,000
Purchase of Treasury Stock	(1,202)		(1,202)
Purchase of Treasury Stock ,Shares		47,000
Other comprehensive (loss) income, net of tax	2,455					2,455
Net loss	(8,199)				(8,199)
Balance at Mar. 31, 2018	549,925	$ 47	(1,591)	977,881	(435,725)	9,313
Balance (in shares) at Mar. 31, 2018		46,725,000
Balance at Dec. 31, 2018	611,983	$ 48	(2,133)	1,005,105	(393,843)	2,806
Balance (in shares) at Dec. 31, 2018		47,508,000
Increase (Decrease) in Stockholders' Equity
Compensation expense for issuance of stock options to employees	2,745			2,745
Compensation expense for issuance of restricted stock to employees	922			922
Compensation expense for issuance of restricted stock to employees (in shares)		49,000
Exercise of stock options	$ 24			24
Exercise of stock options (in shares)	2,000	2,000
Purchase of Treasury Stock	$ (52)		(52)
Purchase of Treasury Stock ,Shares	(3,857)	4,000
Other comprehensive (loss) income, net of tax	$ (1,431)					(1,431)
Net loss	(47,605)				(47,605)
Balance at Mar. 31, 2019	$ 566,586	$ 48	$ (2,185)	$ 1,008,796	$ (441,448)	$ 1,375
Balance (in shares) at Mar. 31, 2019		47,563,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (47,605)	$ (8,199)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Share-based compensation expense	3,667	5,867
Amortization of net premiums and discounts on investments	(521)	(92)
Amortization of debt discount and debt issuance costs	4,717	4,003
Depreciation and amortization expense	4,850	3,310
Change in acquired contingent consideration obligation	7,400	6,200
Non-cash royalty revenue	(2,467)	(2,782)
Deferred tax benefit	(1,092)	(293)
Changes in assets and liabilities:
Decrease in accounts receivable	2,777	30,616
Decrease (increase) in prepaid expenses and other current assets	7,602	(1,535)
(Increase) decrease in inventory	(2,451)	9,839
Decrease in other assets		8
Decrease in accounts payable, accrued expenses and other current liabilities	(54,042)	(18,271)
(Decrease) increase in other non-current liabilities	(331)	30
Net cash (used in) provided by operating activities	(77,496)	28,701
Cash flows from investing activities:
Purchases of property and equipment	(24,655)	(4,807)
Purchases of intangible assets		(5)
Purchases of investments	(48,685)	(106,767)
Proceeds from maturities of investments	55,219
Net cash used in investing activities	(18,121)	(111,579)
Cash flows from financing activities:
Proceeds from issuance of common stock and option exercises	24	3,367
Purchase of treasury stock	(52)	(1,202)
Repayment of loans payable	(614)	(656)
Net cash (used in) provided by financing activities	(642)	1,509
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(177)	378
Net decrease in cash, cash equivalents and restricted cash	(96,436)	(80,991)
Cash, cash equivalents and restricted cash at beginning of period	294,351	308,039	$ 308,039
Cash, cash equivalents and restricted cash at end of period	197,915	227,048	$ 294,351
Supplemental disclosure:
Cash paid for interest	18	26
Cash paid for taxes	$ 19	$ 465

Organization and Business Activ

Organization and Business Activities	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Activities	(1) Organization and Business Activities Acorda Therapeutics, Inc. (“Acorda” or the “Company”) is a biopharmaceutical company focused on developing therapies that restore function and improve the lives of people with neurological disorders. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information, Accounting Standards Codification (ASC) Topic 270-10 and with the instructions to Form 10-Q. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments considered necessary for a fair presentation have been included in the interim periods presented and all adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of this filing. Operating results for the three-month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. When used in these notes, the terms “Acorda” or “the Company” mean Acorda Therapeutics, Inc. The December 31, 2018 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. You should read these unaudited interim condensed consolidated financial statements in conjunction with the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K, for the year ended December 31, 2018. Certain reclassifications were made to prior period amounts in the consolidated financial statements to conform to the current year presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Our significant accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 31, 2018. Effective January 1, 2019, the Company adopted ASU 2016-02, “Leases” (Topic 842), ASU 2018-05, Income Taxes (Topic 740), ASU 2018-09, Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows: Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 293,564 $ 197,093 $ 307,068 $ 226,276 Restricted cash 532 567 410 460 Restricted cash included in Other assets 255 255 561 312 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 294,351 $ 197,915 $ 308,039 $ 227,048 Amounts included in restricted cash represent those amounts required to be set aside to cover the Company’s self-funded employee health insurance. Restricted cash included in other assets on the statement of financial position relates to cash collateralized standby letters of credit in connection with obligations under facility leases, which is included with other assets in the consolidated balance sheet due to the long-term nature of the letters of credit. Inventory The major classes of inventory were as follows: (In thousands) March 31, 2019 December 31, 2018 Raw materials $ 548 $ — Work-in-progress 5,913 — Finished goods 25,004 29,014 Total $ 31,465 $ 29,014 The Company reviews inventory, including inventory purchase commitments, for slow moving or obsolete amounts based on expected product sales volume and provides reserves against the carrying amount of inventory as appropriate. Revenue Recognition In accordance with ASC 606, the Company recognizes revenue when the customer obtains control of a promised good or service, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the good or service. ASC 606 outlines a five-step process for recognizing revenue from contracts with customers: i) identify the contract with the customer, ii) identify the performance obligations in the contract, (iii) determine the transaction price, iv) allocate the transaction price to the separate performance obligations in the contract, and (v) recognize revenue associated with the performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606, the Company determines the performance obligations that are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to each respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon receipt of the product by the customer. ASC 606 requires entities to record a contract asset when a performance obligation has been satisfied or partially satisfied, but the amount of consideration has not yet been received because the receipt of the consideration is conditioned on something other than the passage of time. ASC 606 also requires an entity to present a revenue contract as a contract liability in instances when a customer pays consideration, or an entity has a right to an amount of consideration that is unconditional (e.g. receivable), before the entity transfers a good or service to the customer. We did not have any contract assets or any contract liabilities as of March 31, 2019. The following table disaggregates our revenue by major source (in thousands): (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Revenues: Net product revenues $ 41,334 $ 103,003 Royalty revenues 2,803 3,162 Total net revenues $ 44,137 $ 106,165 Foreign Currency Translation The functional currency of operations outside the United States of America is deemed to be the currency of the local country, unless otherwise determined that the United States dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into United States dollars using the period-end exchange rate; income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction losses and gains are recognized in the period incurred and are reported as other (expense) income, net in the statement of operations. Segment and Geographic Information The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer. The Company does not operate separate lines of business with respect to any of its products or product candidates and the Company does not prepare discrete financial information with respect to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported are derived from the sales of Inbrija in the U.S. for the three-month period ended March 31, 2019 and from the sales of Ampyra and Qutenza in the U.S for the three-month periods ended March 31, 2019 and 2018. Subsequent Events Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined there were no subsequent events required disclosure in these financial statements. Accounting Pronouncements Adopted In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new lease guidance effective January 1, 2019 using the modified retr , applying the new standard to all of its leases existing at the date of initial application Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The adoption of the new guidance resulted in the recognition of ROU assets of $28.0 million and lease liabilities of $35.1 million. The difference between the ROU assets and the lease liabilities is primarily due to unamortized , lease incentives and deferred rent related to the Company’s operating leases at December 31, 2018. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In calculating the present value of the lease payments, the Company elected to utilize its incremental borrowing rate based on the remaining lease terms as of the January 1, 2019 adoption date. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred, if any. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Our leases have remaining lease terms of 3 years to 8 years, some of which include options to extend the lease term for up to 15 years, and some of which include options to terminate the lease within 3 years. The Company has elected the practical expedient The new standard also provides practical expedients and certain exemptions for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases where the initial lease term is one year or less or for which the ROU asset at inception is deemed immaterial, we will not recognize ROU assets or lease liabilities. Those leases are expensed on a straight line basis over the term of the lease. Operating Leases We lease certain office space, manufacturing and warehouse space under arrangements classified as leases under ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal options ranging from 5 to 15 years. The exercise of lease renewal options is at our sole discretion. One of our leases also includes an option to early terminate the lease within 3 years. Ardsley, New York In June 2011, the Company entered into a 15-year lease for an aggregate of approximately 138,000 square feet of office and laboratory space in Ardsley, New York. In 2014, the Company exercised its option to expand into an additional 25,405 square feet of office space, which the Company occupied in January 2015. The Company has options to extend the term of the lease for three additional five-year periods, and the Company has an option to terminate the lease after 10 years subject to payment of an early termination fee. Also, the Company has a right of first refusal until mid-2020 to lease up to approximately 95,000 additional square feet of space in additional buildings at the same location. The Company’s extension, early termination, and expansion rights are subject to specified terms and conditions, including specified time periods when they must be exercised, and are also subject to limitations including that the Company not be in default under the lease. The Ardsley lease provides for monthly payments of rent during the lease term. These payments consist of base rent, which takes into account the costs of the facility improvements funded by the facility owner prior to the Company’s occupancy, and additional rent covering customary items such as charges for utilities, taxes, operating expenses, and other facility fees and charges. The base rent is currently $4.7 million per year, which reflects an annual 2.5% escalation factor. Chelsea, Massachusetts Through our Civitas subsidiary, we lease a manufacturing facility in Chelsea, Massachusetts with commercial-scale capabilities. The approximately 90,000 square foot facility also includes office and laboratory space. Civitas leases this facility from North River Everett Ave, LLC pursuant to a lease with a term that expires on December 31, 2025, and Civitas has two additional extension options of five years each. The base rent under the lease is currently $1.6 million per year, which reflects an annual escalation factor of 2.5% as well as an amendment to the lease to add additional property at the Chelsea, Massachusetts site as further described below. In 2017, the Company’s Civitas subsidiary amended its existing Chelsea, Massachusetts lease. The amendment added expansion property located in Chelsea, includes land being used for parking and a free-standing warehouse building on the same site. In 2018, the Company initiated a renovation and expansion of a building within the Chelsea manufacturing facility that will increase the size of the facility to approximately 95,000 square feet. The project will add a new manufacturing production line for Inbrija and other ARCUS products that has greater capacity than the existing manufacturing line, and it will create additional warehousing space for manufactured product. Pursuant to a 2018 lease amendment that enabled the renovation and expansion, upon completion of the project, annual rent under the lease will increase to $1.7 million. Construction of the project is scheduled for completion in the third quarter of 2019, though we cannot be assured that the project will meet this schedule, and it will take additional time after completion of construction to obtain the FDA approval needed to use the new production line for commercial manufacturing. All costs to renovate and expand the facility are borne by the Company, therefore, the lease for that building is accounted for as a build to suit lease. Additional Facilities In October 2016, we entered into a 10-year lease agreement with a term commencing January 1, 2017, for approximately 26,000 square feet of lab and office space in Waltham, MA. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $1.1 million per year. Our leases have remaining lease terms of 3 years to 8 years which assumes exercise of the early termination of our Ardsley, NY lease. We do not include any renewal options in our lease terms when calculating our lease liabilities as we are not reasonably certain that we will exercise these options. One of our leases includes the early termination option in the lease term when calculating the lease liability. The weighted-average remaining lease term for our operating leases was 5 years at March 31, 2019. The weighted-average discount rate was 7.13% at March 31, 2019. ROU assets and lease liabilities related to our operating leases are as follows: (In thousands) Balance Sheet Classification March 31, 2019 Right-of-use assets Right of use assets $ 26,802 Current lease liabilities Current portion of lease liabilities 7,458 Non-current lease liabilities Non-current portion of lease liabilities 26,455 We have lease agreements that contain both lease and non-lease components. We account for lease components together with non-lease components (e.g., common-area maintenance). The components of lease costs were as follows: (In thousands) Three-month period ended March 31, 2019 Operating lease cost $ 1,781 Variable lease cost 664 Short-term lease cost 322 Total lease cost $ 2,767 Future minimum commitments under all non-cancelable operating leases are as follows: (In thousands) 2019 (excluding the three months ended March 31, 2019) $ 5,572 2020 7,608 2021 7,793 2022 9,825 2023 2,892 Later years 7,357 Total lease payments 41,047 Less: Imputed interest (7,134 ) Present value of lease liabilities $ 33,913 Supplemental cash flow information and non-cash activity related to our operating leases are as follows: (In thousands) Three-month period ended March 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,834 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ — In August 2018, the Securities Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company included its first presentation of changes in stockholders’ equity in its Form 10-Q for the three-month period ended March 31, 2019. In February 2018, the FASB issued ASU 2018-02, ‘Income Statement—Reporting Comprehensive Income’ (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02). This new standard provides entities with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The reclassification is the difference between the amount previously recorded in other comprehensive income at the historical U.S. federal tax rate that remains in accumulated other comprehensive loss at the time the Act was effective and the amount that would have been recorded using the newly enacted rate. This guidance became effective in Q1 2019; however, the Company did not elect to make the optional reclassification. In July 2018, the FASB issued ASU 2018-09, “Codification Improvements.” The ASU’s amendments clarify, correct errors in, or make minor improvements to a variety of ASC topics. The changes in ASU 2018-09 are not expected to have a significant effect on current accounting practices. Some of the amendments in this update do not require transition guidance and will be effective upon issuance of this update. However, many of the amendments in this update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. The ASU became effective in Q1 2019. The ASU did not have a significant impact on its consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326): Measurement of Credit Losses on Financial Instruments. This new standard amends the current guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model known as current expected credit loss (CECL) model that is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This new standard simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 allows for prospective application and is effective for fiscal years beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating whether it will adopt this guidance early. The Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13 “Fair Value Measurement (Topic 820): “Disclosure Framework—Changes to the Discl osure Requirements for Fair Value Measurement.” The amendment in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public business entities will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The ASU clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, the ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license).” The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606. ASU 2018-18 clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements.

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation	(3) Share-based Compensation During the three‑month periods ended March 31, 2019 and 2018, the Company recognized share-based compensation expense of $3.7 million and $5.9 million, respectively. Activity in options and restricted stock during the three-month period ended March 31, 2019 and related balances outstanding as of that date are reflected below. The weighted average fair value per share of options granted to employees for the three-month periods ended March 31, 2019 and 2018 were approximately $7.41 and $12.37, respectively. The following table summarizes share-based compensation expense included within the consolidated statements of operations: For the three-month period ended March 31, (In millions) 2019 2018 Research and development expense $ 0.7 $ 1.7 Selling, general and administrative expense 2.8 4.2 Cost of Sales 0.2 — Total $ 3.7 $ 5.9 A summary of share-based compensation activity for the three-month period ended March 31, 2019 is presented below: Stock Option Activity Number of Shares (In Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (In Balance at January 1, 2019 8,194 $ 29.81 Granted 440 13.88 Cancelled (202 ) 23.34 Exercised (2 ) 16.00 Balance at March 31, 2019 8,430 $ 29.14 5.5 $ — Vested and expected to vest at March 31, 2019 8,398 $ 29.18 5.5 $ — Vested and exercisable at March 31, 2019 6,905 $ 30.54 4.8 $ — Restricted Stock and Performance Stock Unit Activity (In thousands) Restricted Stock and Performance Stock Units Number of Shares Nonvested at January 1, 2019 231 Granted 576 Vested (53 ) Forfeited (3 ) Nonvested at March 31, 2019 751 Unrecognized compensation cost for unvested stock options, restricted stock awards and performance stock units as of March 31, 2019 totaled $21.0 million and is expected to be recognized over a weighted average period of approximately 2.1 years. During the three‑month period ended March 31, 2019, the Company repurchased 3,857 shares of common stock at an average price of $13.38 per share or approximately $52 thousand. The share repurchase consists primarily of common stock withheld to cover tax liabilities in connection with the settlement of vested restricted stock units in the three-month period ended March 31, 2019.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Loss Per Share	(4) Loss Per Share The following table sets forth the computation of basic and diluted loss per share for the three-month periods ended March 31, 2019 and 2018: (In thousands, except per share data) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Basic and diluted Net loss $ (47,605 ) $ (8,199 ) Weighted average common shares outstanding used in computing net loss per share—basic 47,472 46,529 Plus: net effect of dilutive stock options and restricted common shares — — Weighted average common shares outstanding used in computing net loss per share—diluted 47,472 46,529 Net loss per share—basic $ (1.00 ) $ (0.18 ) Net loss per share—diluted $ (1.00 ) $ (0.18 ) Securities that could potentially be dilutive are excluded from the computation of diluted loss per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company’s common stock during the period, because their inclusion would result in an anti-dilutive effect on per share amounts. The following amounts were not included in the calculation of net loss per diluted share because their effects were anti-dilutive: (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Denominator Stock options and restricted common shares 8,544 7,504 Performance share units are excluded from the calculation of net loss per diluted share as the performance criteria has not been met for the three-month period ended March 31, 2019.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	(5) Income Taxes The Company’s effective income tax rate differs from the U.S. statutory rate principally due to state taxes, jurisdictions with pretax losses for which no tax benefit can be recognized, changes in the valuation allowance and the effects of share based compensation which are recorded discretely in the quarters in which they occur. For the three-month periods ended March 31, 2019 and 2018, the Company recorded a benefit of $0.7 million and a provision of $(3.5) million for income taxes, respectively. The effective income tax rates for the Company for the three-month periods ended March 31, 2019 and 2018 were 1.5% and (74%), respectively. The variance in the effective tax rates for the three-month period ended March 31, 2019 as compared to the three-month period ended March 31, 2018 was due primarily to differences in pre-tax book income between the periods, the valuation allowance recorded on deferred tax assets for which no tax benefit can be recognized, state taxes, and the reduction in the research & development tax credit. The Company continues to evaluate the realizability of its deferred tax assets and liabilities on a quarterly basis and will adjust such amounts in light of changing facts and circumstances including, but not limited to, future projections of taxable income, tax legislation, rulings by relevant tax authorities, the progress of ongoing tax audits and the regulatory approval of products currently under development. Any changes to the valuation allowance or deferred tax assets and liabilities in the future would impact the Company's income taxes. The Internal Revenue Service commenced its examination of the Company’s wholly-owned subsidiary, Biotie Therapies, Inc.’s, U.S. income tax return for the short period ended December 31, 2016 in the third quarter of 2018. There have been no proposed adjustments at this stage of the examination. The New York State Department of Tax commenced an examination of the Company’s income tax returns for the years 2014-2016 in the third quarter of 2018.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	(6) Fair Value Measurements The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, exchange rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. The Company’s Level 1 assets consist of time deposits and investments in a Treasury money market fund. The Company’s level 2 assets consist of investments in corporate bonds and commercial paper which are categorized as short-term investments for investments with original maturities between three months and one year. The Company’s Level 3 liabilities represent acquired contingent consideration related to the acquisition of Civitas and are valued using a probability weighted discounted cash flow valuation approach. No changes in valuation techniques occurred during the three-month period ended March 31, 2019. The estimated fair values of all of our financial instruments approximate their carrying values at March 31, 2019, except for the fair value of the Company’s convertible senior notes, which was approximately $306.2 million as of March 31, 2019. The Company estimates the fair value of its notes utilizing market quotations for the debt (Level 2). (In thousands) Level 1 Level 2 Level 3 March 31, 2019 Assets Carried at Fair Value: Money market funds $ 16,751 $ — $ — Commercial paper — 54,485 — Corporate bonds — 91,672 — Liabilities Carried at Fair Value: Acquired contingent consideration — — 175,400 December 31, 2018 Assets Carried at Fair Value: Money market funds $ 9,586 $ — $ — Commercial paper — 47,108 — Corporate bonds — 104,881 — Liabilities Carried at Fair Value: Acquired contingent consideration — — 168,000 The following table presents additional information about liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value. Acquired contingent consideration (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Acquired contingent consideration: Balance, beginning of period $ 168,000 $ 113,000 Fair value change to contingent consideration included in the statement of operations 7,400 6,200 Balance, end of period $ 175,400 $ 119,200 The Company estimates the fair value of its acquired contingent consideration using a probability weighted discounted cash flow valuation approach based on estimated future sales expected from Inbrija (levodopa inhalation powder) an FDA approved drug OFF periods in Parkinson’s disease and our ARCUS program for acute migraine. the estimated revenue forecasts for Inbrija and our ARCUS program for acute migraine Inbrija our ARCUS program for acute migraine representing changes in the fair value of the contingent consideration primarily due to The acquired contingent consideration is classified as a Level 3 liability as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for the various inputs to the valuation approach, including but not limited to, assumptions involving probability adjusted sales estimates for Inbrija ARCUS program for acute migraine

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Investments	(7) Investments The Company has determined that all of its investments are classified as available-for-sale. Available-for-sale debt securities are carried at fair value with interest on these investments included in interest income and are recorded based on quoted market prices. Available-for-sale investments consisted of the following at March 31, 2019 and December 31, 2018, respectively: Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value March 31, 2019 Commercial Paper $ 54,446 $ 39 $ — $ 54,485 Corporate Bonds 91,658 24 (10 ) 91,672 Total Short-term investments $ 146,104 $ 63 $ (10 ) $ 146,157 December 31, 2018 Commercial Paper $ 47,149 $ — $ (41 ) $ 47,108 Corporate Bonds 104,965 6 (90 ) 104,881 Total Short-term investments $ 152,114 $ 6 $ (131 ) $ 151,989 Short-term investments with maturities of three months or less from date of purchase have been classified as cash equivalents, and amounted to approximately $16.8 million and $9.6 million as of March 31, 2019 and December 31, 2018, respectively. Short-term investments have original maturities of greater than 3 months but less than 1 year and amounted to approximately $146.2 million and $152.0 million as of March 31, 2019 and December 31, 2018, respectively. The aggregate fair value of short-term investments in an unrealized loss position amounted to approximately $31.8 million as of March 31, 2019. Short-term investments at March 31, 2019 primarily consisted of high-grade commercial paper and corporate bonds. Long-term investments have original maturities of greater than 1 year. There were no investments classified as long-term at March 31, 2019 or December 31, 2018. The Company has determined that there were no other-than-temporary declines in the fair values of its investments as of March 31, 2019 as the Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell its investments prior to the recovery of its amortized cost basis. Unrealized holding gains and losses, which relate to debt instruments, are reported within accumulated other comprehensive income (AOCI) in the statements of comprehensive income. The changes in AOCI associated with the unrealized holding losses on available-for-sale investments during the three-month period ended March 31, 2019, were as follows (in thousands): (In thousands) Net Unrealized Gains (Losses) on Marketable Securities Balance at December 31, 2018 $ (125 ) Other comprehensive income before reclassifications 178 Amounts reclassified from accumulated other comprehensive income — Net current period other comprehensive income 178 Balance at March 31, 2019 $ 53

Liability Related to Sale of Fu

Liability Related to Sale of Future Royalties	3 Months Ended
	Mar. 31, 2019
Deferred Revenue Disclosure [Abstract]
Liability Related to Sale of Future Royalties	(8) Liability Related to Sale of Future Royalties As of October 1, 2017, the Company completed a royalty purchase agreement with HealthCare Royalty Partners The Company maintained the rights under the license and collaboration agreement with Biogen, therefore, the Royalty Agreement has been accounted for as a liability that will be amortized using the effective interest method over the life of the arrangement, in accordance with the relevant accounting guidance. The Company recorded the receipt of the $40 million payment from HCRP and established a corresponding liability in the amount of $40 million, net of transaction costs of approximately $2.2 million. The net liability is classified between the current and non-current portion of liability related to the sale of future royalties in the consolidated balance sheets based on the recognition of the interest and principal payments to be received by HCRP in the next 12 months from the financial statement reporting date. The total net royalties to be paid, less the net proceeds received will be recorded to interest expense using the effective interest method over the life of the Royalty Agreement. The Company will estimate the payments to be made to HCRP over the term of the Agreement based on forecasted royalties and will calculate the interest rate required to discount such payments back to the liability balance. Over the course of the Royalty Agreement, the actual interest rate will be affected by the amount and timing of net royalty revenue recognized and changes in forecasted revenue. On a quarterly basis, the Company will reassess the effective interest rate and adjust the rate prospectively as necessary. The following table shows the activity within the liability account for March 31, 2019 and December 31, 2018, respectively: (In thousands) March 31, 2019 December 31, 2018 Liability related to sale of future royalties - beginning balance $ 30,716 $ 35,788 Deferred transaction costs recognized 174 784 Non-cash royalty revenue payable to HCRP (2,467 ) (10,291 ) Non-cash interest expense recognized 925 4,435 Liability related to sale of future royalties - ending balance $ 29,348 $ 30,716

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Convertible Senior Notes	(9) Convertible Senior Notes On June 17, 2014, the Company issued $345 million aggregate principal amount of 1.75% Convertible Senior Notes due 2021 (the Notes) in an underwritten public offering. The net proceeds from the offering were $337.5 million after deducting the Underwriter’s discount and offering expenses paid by the Company. The Notes are convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, under certain circumstances as outlined in the indenture, based on an initial conversion rate, subject to adjustment, of 23.4968 shares per $1,000 principal amount of Notes (representing an initial conversion price of approximately $42.56 per share). The Company may redeem for cash all or part of the Notes, at the Company’s option, on or after June 20, 2017, under certain circumstances as outlined in the indenture. The Company pays 1.75% interest per annum on the principal amount of the Notes, payable semiannually in arrears in cash on June 15 and December 15 of each year. The Notes will mature on June 15, 2021. If the Company undergoes a “fundamental change” (as defined in the Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or part of their Notes in principal amounts of $1,000 or an integral multiple thereof. The Indenture contains customary terms and covenants and events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the Trustee, may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such a declaration of acceleration, such principal and accrued and unpaid interest, if any, will be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal and accrued and unpaid interest, if any, on all of the Notes will become due and payable automatically. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects and for up to 270 days, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right to receive additional interest on the Notes. The Notes will be senior unsecured obligations and will rank equally with all of the Company’s existing and future senior debt and senior to any of the Company’s subordinated debt. The Notes will be structurally subordinated to all existing or future indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries and will be effectively subordinated to the Company’s existing or future secured indebtedness to the extent of the value of the collateral. The Indenture does not limit the amount of debt that the Company or its subsidiaries may incur. In accounting for the issuance of the Notes, the Company separated the Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the Notes as a whole. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The outstanding note balance as of March 31, 2019 and December 31, 2018 consisted of the following: (In thousands) March 31, 2019 December 31, 2018 Liability component: Principal $ 345,000 $ 345,000 Less: debt discount and debt issuance costs, net (23,790 ) (26,330 ) Net carrying amount $ 321,210 $ 318,670 Equity component $ 61,195 $ 61,195 In connection with the issuance of the Notes, the Company incurred approximately $7.5 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated these costs to the liability and equity components based on the allocation of the proceeds. Of the total $7.5 million of debt issuance costs, $1.3 million were allocated to the equity component and recorded as a reduction to additional paid-in capital and $6.2 million were allocated to the liability component and recorded as a reduction in the carrying amount of the debt liability on the balance sheet. The portion allocated to the liability component is amortized to interest expense over the expected life of the Notes using the effective interest method. As of March 31, 2019, the remaining contractual life of the Notes is approximately 2.25 years. The effective interest rate on the liability component was approximately 4.8% for the period from the date of issuance through March 31, 2019. The following table sets forth total interest expense recognized related to the Notes for the three-month periods ended March 31, 2019 and 2018: (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Contractual interest expense $ 1,509 $ 1,509 Amortization of debt issuance costs 235 224 Amortization of debt discount 2,305 2,199 Total interest expense $ 4,049 $ 3,932

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) Commitments and Contingencies The Company is currently party to various legal proceedings which are principally patent litigation matters. The Company has assessed such legal proceedings and does not believe that it is probable that a liability has been incurred or that the amount of any potential liability or range of losses can be reasonably estimated. As a result, the Company did not record any loss contingencies for any of these matters. Litigation expenses are expensed as incurred.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Restricted Cash	Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows: Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 293,564 $ 197,093 $ 307,068 $ 226,276 Restricted cash 532 567 410 460 Restricted cash included in Other assets 255 255 561 312 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 294,351 $ 197,915 $ 308,039 $ 227,048 Amounts included in restricted cash represent those amounts required to be set aside to cover the Company’s self-funded employee health insurance. Restricted cash included in other assets on the statement of financial position relates to cash collateralized standby letters of credit in connection with obligations under facility leases, which is included with other assets in the consolidated balance sheet due to the long-term nature of the letters of credit.
Inventory	Inventory The major classes of inventory were as follows: (In thousands) March 31, 2019 December 31, 2018 Raw materials $ 548 $ — Work-in-progress 5,913 — Finished goods 25,004 29,014 Total $ 31,465 $ 29,014 The Company reviews inventory, including inventory purchase commitments, for slow moving or obsolete amounts based on expected product sales volume and provides reserves against the carrying amount of inventory as appropriate.
Revenue Recognition	Revenue Recognition In accordance with ASC 606, the Company recognizes revenue when the customer obtains control of a promised good or service, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the good or service. ASC 606 outlines a five-step process for recognizing revenue from contracts with customers: i) identify the contract with the customer, ii) identify the performance obligations in the contract, (iii) determine the transaction price, iv) allocate the transaction price to the separate performance obligations in the contract, and (v) recognize revenue associated with the performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606, the Company determines the performance obligations that are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to each respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon receipt of the product by the customer. ASC 606 requires entities to record a contract asset when a performance obligation has been satisfied or partially satisfied, but the amount of consideration has not yet been received because the receipt of the consideration is conditioned on something other than the passage of time. ASC 606 also requires an entity to present a revenue contract as a contract liability in instances when a customer pays consideration, or an entity has a right to an amount of consideration that is unconditional (e.g. receivable), before the entity transfers a good or service to the customer. We did not have any contract assets or any contract liabilities as of March 31, 2019. The following table disaggregates our revenue by major source (in thousands): (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Revenues: Net product revenues $ 41,334 $ 103,003 Royalty revenues 2,803 3,162 Total net revenues $ 44,137 $ 106,165
Foreign Currency Translation	Foreign Currency Translation The functional currency of operations outside the United States of America is deemed to be the currency of the local country, unless otherwise determined that the United States dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into United States dollars using the period-end exchange rate; income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction losses and gains are recognized in the period incurred and are reported as other (expense) income, net in the statement of operations.
Segment and Geographic Information	Segment and Geographic Information The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer. The Company does not operate separate lines of business with respect to any of its products or product candidates and the Company does not prepare discrete financial information with respect to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported are derived from the sales of Inbrija in the U.S. for the three-month period ended March 31, 2019 and from the sales of Ampyra and Qutenza in the U.S for the three-month periods ended March 31, 2019 and 2018.
Subsequent Events	Subsequent Events Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined there were no subsequent events required disclosure in these financial statements.
Accounting Pronouncements Adopted	Accounting Pronouncements Adopted In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new lease guidance effective January 1, 2019 using the modified retr , applying the new standard to all of its leases existing at the date of initial application Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The adoption of the new guidance resulted in the recognition of ROU assets of $28.0 million and lease liabilities of $35.1 million. The difference between the ROU assets and the lease liabilities is primarily due to unamortized , lease incentives and deferred rent related to the Company’s operating leases at December 31, 2018. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In calculating the present value of the lease payments, the Company elected to utilize its incremental borrowing rate based on the remaining lease terms as of the January 1, 2019 adoption date. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred, if any. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Our leases have remaining lease terms of 3 years to 8 years, some of which include options to extend the lease term for up to 15 years, and some of which include options to terminate the lease within 3 years. The Company has elected the practical expedient The new standard also provides practical expedients and certain exemptions for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases where the initial lease term is one year or less or for which the ROU asset at inception is deemed immaterial, we will not recognize ROU assets or lease liabilities. Those leases are expensed on a straight line basis over the term of the lease. Operating Leases We lease certain office space, manufacturing and warehouse space under arrangements classified as leases under ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal options ranging from 5 to 15 years. The exercise of lease renewal options is at our sole discretion. One of our leases also includes an option to early terminate the lease within 3 years. Ardsley, New York In June 2011, the Company entered into a 15-year lease for an aggregate of approximately 138,000 square feet of office and laboratory space in Ardsley, New York. In 2014, the Company exercised its option to expand into an additional 25,405 square feet of office space, which the Company occupied in January 2015. The Company has options to extend the term of the lease for three additional five-year periods, and the Company has an option to terminate the lease after 10 years subject to payment of an early termination fee. Also, the Company has a right of first refusal until mid-2020 to lease up to approximately 95,000 additional square feet of space in additional buildings at the same location. The Company’s extension, early termination, and expansion rights are subject to specified terms and conditions, including specified time periods when they must be exercised, and are also subject to limitations including that the Company not be in default under the lease. The Ardsley lease provides for monthly payments of rent during the lease term. These payments consist of base rent, which takes into account the costs of the facility improvements funded by the facility owner prior to the Company’s occupancy, and additional rent covering customary items such as charges for utilities, taxes, operating expenses, and other facility fees and charges. The base rent is currently $4.7 million per year, which reflects an annual 2.5% escalation factor. Chelsea, Massachusetts Through our Civitas subsidiary, we lease a manufacturing facility in Chelsea, Massachusetts with commercial-scale capabilities. The approximately 90,000 square foot facility also includes office and laboratory space. Civitas leases this facility from North River Everett Ave, LLC pursuant to a lease with a term that expires on December 31, 2025, and Civitas has two additional extension options of five years each. The base rent under the lease is currently $1.6 million per year, which reflects an annual escalation factor of 2.5% as well as an amendment to the lease to add additional property at the Chelsea, Massachusetts site as further described below. In 2017, the Company’s Civitas subsidiary amended its existing Chelsea, Massachusetts lease. The amendment added expansion property located in Chelsea, includes land being used for parking and a free-standing warehouse building on the same site. In 2018, the Company initiated a renovation and expansion of a building within the Chelsea manufacturing facility that will increase the size of the facility to approximately 95,000 square feet. The project will add a new manufacturing production line for Inbrija and other ARCUS products that has greater capacity than the existing manufacturing line, and it will create additional warehousing space for manufactured product. Pursuant to a 2018 lease amendment that enabled the renovation and expansion, upon completion of the project, annual rent under the lease will increase to $1.7 million. Construction of the project is scheduled for completion in the third quarter of 2019, though we cannot be assured that the project will meet this schedule, and it will take additional time after completion of construction to obtain the FDA approval needed to use the new production line for commercial manufacturing. All costs to renovate and expand the facility are borne by the Company, therefore, the lease for that building is accounted for as a build to suit lease. Additional Facilities In October 2016, we entered into a 10-year lease agreement with a term commencing January 1, 2017, for approximately 26,000 square feet of lab and office space in Waltham, MA. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $1.1 million per year. Our leases have remaining lease terms of 3 years to 8 years which assumes exercise of the early termination of our Ardsley, NY lease. We do not include any renewal options in our lease terms when calculating our lease liabilities as we are not reasonably certain that we will exercise these options. One of our leases includes the early termination option in the lease term when calculating the lease liability. The weighted-average remaining lease term for our operating leases was 5 years at March 31, 2019. The weighted-average discount rate was 7.13% at March 31, 2019. ROU assets and lease liabilities related to our operating leases are as follows: (In thousands) Balance Sheet Classification March 31, 2019 Right-of-use assets Right of use assets $ 26,802 Current lease liabilities Current portion of lease liabilities 7,458 Non-current lease liabilities Non-current portion of lease liabilities 26,455 We have lease agreements that contain both lease and non-lease components. We account for lease components together with non-lease components (e.g., common-area maintenance). The components of lease costs were as follows: (In thousands) Three-month period ended March 31, 2019 Operating lease cost $ 1,781 Variable lease cost 664 Short-term lease cost 322 Total lease cost $ 2,767 Future minimum commitments under all non-cancelable operating leases are as follows: (In thousands) 2019 (excluding the three months ended March 31, 2019) $ 5,572 2020 7,608 2021 7,793 2022 9,825 2023 2,892 Later years 7,357 Total lease payments 41,047 Less: Imputed interest (7,134 ) Present value of lease liabilities $ 33,913 Supplemental cash flow information and non-cash activity related to our operating leases are as follows: (In thousands) Three-month period ended March 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,834 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ — In August 2018, the Securities Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company included its first presentation of changes in stockholders’ equity in its Form 10-Q for the three-month period ended March 31, 2019. In February 2018, the FASB issued ASU 2018-02, ‘Income Statement—Reporting Comprehensive Income’ (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02). This new standard provides entities with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The reclassification is the difference between the amount previously recorded in other comprehensive income at the historical U.S. federal tax rate that remains in accumulated other comprehensive loss at the time the Act was effective and the amount that would have been recorded using the newly enacted rate. This guidance became effective in Q1 2019; however, the Company did not elect to make the optional reclassification. In July 2018, the FASB issued ASU 2018-09, “Codification Improvements.” The ASU’s amendments clarify, correct errors in, or make minor improvements to a variety of ASC topics. The changes in ASU 2018-09 are not expected to have a significant effect on current accounting practices. Some of the amendments in this update do not require transition guidance and will be effective upon issuance of this update. However, many of the amendments in this update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. The ASU became effective in Q1 2019. The ASU did not have a significant impact on its consolidated financial statements.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326): Measurement of Credit Losses on Financial Instruments. This new standard amends the current guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model known as current expected credit loss (CECL) model that is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This new standard simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 allows for prospective application and is effective for fiscal years beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating whether it will adopt this guidance early. The Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13 “Fair Value Measurement (Topic 820): “Disclosure Framework—Changes to the Discl osure Requirements for Fair Value Measurement.” The amendment in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public business entities will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The ASU clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, the ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license).” The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606. ASU 2018-18 clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows: Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 293,564 $ 197,093 $ 307,068 $ 226,276 Restricted cash 532 567 410 460 Restricted cash included in Other assets 255 255 561 312 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 294,351 $ 197,915 $ 308,039 $ 227,048
Schedule of Major Classes of Inventory	Inventory The major classes of inventory were as follows: (In thousands) March 31, 2019 December 31, 2018 Raw materials $ 548 $ — Work-in-progress 5,913 — Finished goods 25,004 29,014 Total $ 31,465 $ 29,014
Disaggregation of Revenue	The following table disaggregates our revenue by major source (in thousands): (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Revenues: Net product revenues $ 41,334 $ 103,003 Royalty revenues 2,803 3,162 Total net revenues $ 44,137 $ 106,165
Schedule of ROU Assets and Lease Liabilities Related to Operating Leases	ROU assets and lease liabilities related to our operating leases are as follows: (In thousands) Balance Sheet Classification March 31, 2019 Right-of-use assets Right of use assets $ 26,802 Current lease liabilities Current portion of lease liabilities 7,458 Non-current lease liabilities Non-current portion of lease liabilities 26,455
Components of Lease Costs	The components of lease costs were as follows: (In thousands) Three-month period ended March 31, 2019 Operating lease cost $ 1,781 Variable lease cost 664 Short-term lease cost 322 Total lease cost $ 2,767
Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases	Future minimum commitments under all non-cancelable operating leases are as follows: (In thousands) 2019 (excluding the three months ended March 31, 2019) $ 5,572 2020 7,608 2021 7,793 2022 9,825 2023 2,892 Later years 7,357 Total lease payments 41,047 Less: Imputed interest (7,134 ) Present value of lease liabilities $ 33,913
Summary of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases	Supplemental cash flow information and non-cash activity related to our operating leases are as follows: (In thousands) Three-month period ended March 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,834 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ —

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Share-based Compensation Expense	The following table summarizes share-based compensation expense included within the consolidated statements of operations: For the three-month period ended March 31, (In millions) 2019 2018 Research and development expense $ 0.7 $ 1.7 Selling, general and administrative expense 2.8 4.2 Cost of Sales 0.2 — Total $ 3.7 $ 5.9
Schedule of Stock Option Activity	A summary of share-based compensation activity for the three-month period ended March 31, 2019 is presented below: Number of Shares (In Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (In Balance at January 1, 2019 8,194 $ 29.81 Granted 440 13.88 Cancelled (202 ) 23.34 Exercised (2 ) 16.00 Balance at March 31, 2019 8,430 $ 29.14 5.5 $ — Vested and expected to vest at March 31, 2019 8,398 $ 29.18 5.5 $ — Vested and exercisable at March 31, 2019 6,905 $ 30.54 4.8 $ —
Restricted Stock and Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Restricted Stock and Performance Stock Unit Activity	(In thousands) Restricted Stock and Performance Stock Units Number of Shares Nonvested at January 1, 2019 231 Granted 576 Vested (53 ) Forfeited (3 ) Nonvested at March 31, 2019 751

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Loss per Share	The following table sets forth the computation of basic and diluted loss per share for the three-month periods ended March 31, 2019 and 2018: (In thousands, except per share data) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Basic and diluted Net loss $ (47,605 ) $ (8,199 ) Weighted average common shares outstanding used in computing net loss per share—basic 47,472 46,529 Plus: net effect of dilutive stock options and restricted common shares — — Weighted average common shares outstanding used in computing net loss per share—diluted 47,472 46,529 Net loss per share—basic $ (1.00 ) $ (0.18 ) Net loss per share—diluted $ (1.00 ) $ (0.18 )
Schedule of Anti-dilutive Securities Excluded from Calculation of Net Loss per Diluted Share	The following amounts were not included in the calculation of net loss per diluted share because their effects were anti-dilutive: (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Denominator Stock options and restricted common shares 8,544 7,504

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	(In thousands) Level 1 Level 2 Level 3 March 31, 2019 Assets Carried at Fair Value: Money market funds $ 16,751 $ — $ — Commercial paper — 54,485 — Corporate bonds — 91,672 — Liabilities Carried at Fair Value: Acquired contingent consideration — — 175,400 December 31, 2018 Assets Carried at Fair Value: Money market funds $ 9,586 $ — $ — Commercial paper — 47,108 — Corporate bonds — 104,881 — Liabilities Carried at Fair Value: Acquired contingent consideration — — 168,000
Contingent Consideration Liability
Schedule of Contingent Liabilities	The following table presents additional information about liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value. (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Acquired contingent consideration: Balance, beginning of period $ 168,000 $ 113,000 Fair value change to contingent consideration included in the statement of operations 7,400 6,200 Balance, end of period $ 175,400 $ 119,200

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Schedule of Available-for-Sale Securities	The Company has determined that all of its investments are classified as available-for-sale. Available-for-sale debt securities are carried at fair value with interest on these investments included in interest income and are recorded based on quoted market prices. Available-for-sale investments consisted of the following at March 31, 2019 and December 31, 2018, respectively: Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value March 31, 2019 Commercial Paper $ 54,446 $ 39 $ — $ 54,485 Corporate Bonds 91,658 24 (10 ) 91,672 Total Short-term investments $ 146,104 $ 63 $ (10 ) $ 146,157 December 31, 2018 Commercial Paper $ 47,149 $ — $ (41 ) $ 47,108 Corporate Bonds 104,965 6 (90 ) 104,881 Total Short-term investments $ 152,114 $ 6 $ (131 ) $ 151,989
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income	The changes in AOCI associated with the unrealized holding losses on available-for-sale investments during the three-month period ended March 31, 2019, were as follows (in thousands): (In thousands) Net Unrealized Gains (Losses) on Marketable Securities Balance at December 31, 2018 $ (125 ) Other comprehensive income before reclassifications 178 Amounts reclassified from accumulated other comprehensive income — Net current period other comprehensive income 178 Balance at March 31, 2019 $ 53

Liability Related to Sale of _2

Liability Related to Sale of Future Royalties (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Revenue Disclosure [Abstract]
Schedule of Activity Within Liability Related to Sale of Future Royalties	The following table shows the activity within the liability account for March 31, 2019 and December 31, 2018, respectively: (In thousands) March 31, 2019 December 31, 2018 Liability related to sale of future royalties - beginning balance $ 30,716 $ 35,788 Deferred transaction costs recognized 174 784 Non-cash royalty revenue payable to HCRP (2,467 ) (10,291 ) Non-cash interest expense recognized 925 4,435 Liability related to sale of future royalties - ending balance $ 29,348 $ 30,716

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Outstanding Note Balances	The outstanding note balance as of March 31, 2019 and December 31, 2018 consisted of the following: (In thousands) March 31, 2019 December 31, 2018 Liability component: Principal $ 345,000 $ 345,000 Less: debt discount and debt issuance costs, net (23,790 ) (26,330 ) Net carrying amount $ 321,210 $ 318,670 Equity component $ 61,195 $ 61,195
Schedule of Interest Expense Recognized Related to the Notes	The following table sets forth total interest expense recognized related to the Notes for the three-month periods ended March 31, 2019 and 2018: (In thousands) Three-month period ended March 31, 2019 Three-month period ended March 31, 2018 Contractual interest expense $ 1,509 $ 1,509 Amortization of debt issuance costs 235 224 Amortization of debt discount 2,305 2,199 Total interest expense $ 4,049 $ 3,932

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 197,093	$ 293,564	$ 226,276	$ 307,068
Restricted cash	567	532	460	410
Restricted cash included in Other assets	$ 255	$ 255	$ 312	$ 561
Restricted cash, noncurrent, statement of financial position [extensible list]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Total Cash, cash equivalents and restricted cash per statement of cash flows	$ 197,915	$ 294,351	$ 227,048	$ 308,039

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Major Classes of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 548
Work-in-progress	5,913
Finished goods	25,004	$ 29,014
Total	$ 31,465	$ 29,014

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 44,137	$ 106,165
Net Product Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	41,334	103,003
Royalty Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 2,803	$ 3,162

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)ft²SegmentItem	Dec. 31, 2018USD ($)ft²	Jan. 01, 2019USD ($)	Dec. 31, 2017USD ($)	Oct. 31, 2016USD ($)ft²	Dec. 31, 2014ft²	Jun. 30, 2011ft²
Segment and Geographic Information
Number of operating segments | Segment	1
Number of reportable operating segments | Segment	1
ROU assets	$ 26,802
Lease liabilities	$ 33,913
Operating Lease Information
Operating lease description	Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred, if any. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Our leases have remaining lease terms of 3 years to 8 years, some of which include options to extend the lease term for up to 15 years, and some of which include options to terminate the lease within 3 years.
Operating lease renewal term	true
Operating lease termination option	true
Operating lease renewal term, description	one or more options to renew, with renewal options ranging from 5 to 15 years
Operating lease weighted-average remaining lease term	5 years
Operating lease weighted-average discount rate	7.13%
Lease for Office and Laboratory Space in Ardsley, New York
Operating Lease Information
Operating lease renewal term	true
Lease options duration	5 years
Operating lease termination option	Company has an option to terminate the lease after 10 years subject to payment of an early termination fee
Termination option period	10 years
Operating lease renewal term, description	The Company has options to extend the term of the lease for three additional five-year periods
Lease term							15 years
Area of leased property | ft²							138,000
Additional Lease Option Rights Exercised (In Square Feet) | ft²						25,405
Number of additional periods | Item	3
Operating lease termination option	true
Additional lease option rights (in square feet) | ft²	95,000
Base rent	$ 4,700
Annual rent increase percentage	2.50%
Lease for Manufacturing Facility in Chelsea, MA
Operating Lease Information
Area of leased property | ft²		95,000
Annual rent		$ 1,700
Lease for Manufacturing Facility in Chelsea, MA | Civitas Therapeutics
Operating Lease Information
Lease options duration	5 years
Area of leased property | ft²	90,000
Number of additional periods | Item	2
Base rent	$ 1,600			$ 500
Annual rent increase percentage	2.50%			3.00%
Lease expiration date	Dec. 31, 2025
Lease for office space in Waltham, MA
Operating Lease Information
Lease term					10 years
Area of leased property | ft²					26,000
Base rent					$ 1,100
Minimum
Operating Lease Information
Operating lease remaining lease term	3 years
Operating lease renewal term	5 years
Maximum
Operating Lease Information
Operating lease remaining lease term	8 years
Lease options duration	15 years
Termination option period	3 years
Operating lease renewal term	15 years
ASU 2016-02, ''Leases'' Topic 842
Segment and Geographic Information
ROU assets			$ 28,000
Lease liabilities			$ 35,100

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of ROU Assets and Lease Liabilities Related to Operating Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Accounting Policies [Abstract]
Right-of-use assets	$ 26,802
Current lease liabilities	7,458
Non-current lease liabilities	$ 26,455

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Components of Lease Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Accounting Policies [Abstract]
Operating lease cost	$ 1,781
Variable lease cost	664
Short-term lease cost	322
Total lease cost	$ 2,767

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Accounting Policies [Abstract]
2019 (excluding the three months ended March 31, 2019)	$ 5,572
2020	7,608
2021	7,793
2022	9,825
2023	2,892
Later years	7,357
Total lease payments	41,047
Less: Imputed interest	(7,134)
Present value of lease liabilities	$ 33,913

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,834

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense recognized	$ 3,700	$ 5,900
Weighted average fair value of options granted (in dollars per share)	$ 7.41	$ 12.37
Unrecognized compensation costs for unvested stock options, restricted stock awards and performance stock units	$ 21,000
Unrecognized compensation costs, weighted average period	2 years 1 month 6 days
Repurchases of common stock, shares	3,857
Average price of common stock per share	$ 13.38
Repurchases of common stock	$ 52	$ 1,202

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 3.7	$ 5.9
Research and development expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	0.7	1.7
Selling, general, and administrative expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	2.8	$ 4.2
Cost of sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 0.2

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of Stock Options Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Stock Option Activity
Beginning balance (in shares) | shares	8,194
Granted (in shares) | shares	440
Cancelled (in shares) | shares	(202)
Exercised (in shares) | shares	(2)
Ending balance (in shares) | shares	8,430
Vested and expected to vest at the end of the period | shares	8,398
Vested and exercisable at the end of the period | shares	6,905
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 29.81
Granted (in dollars per share) | $ / shares	13.88
Cancelled (in dollars per share) | $ / shares	23.34
Exercised (in dollars per share) | $ / shares	16
Balance at the end of the period (in dollars per share) | $ / shares	29.14
Vested and expected to vest at the end of the period (in dollars per share) | $ / shares	29.18
Vested and exercisable at the end of the period (in dollars per share) | $ / shares	$ 30.54
Weighted Average Remaining Contractual Term
Balance at the end of the period	5 years 6 months
Vested and expected to vest at the end of the period	5 years 6 months
Vested and exercisable at the end of the period	4 years 9 months 18 days

Share-based Compensation - Sc_3

Share-based Compensation - Schedule of Restricted Stock and Performance Stock Unit Activity (Details) - Restricted Stock and Performance Stock Unit shares in Thousands	3 Months Ended
	Mar. 31, 2019shares
Restricted Stock and Performance Stock Units
Nonvested at the beginning of the period (in shares)	231
Granted (in shares)	576
Vested (in shares)	(53)
Forfeited (in shares)	(3)
Nonvested at the end of the period (in shares)	751

Loss Per Share - Schedule of Co

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic and diluted
Net loss	$ (47,605)	$ (8,199)
Weighted average common shares outstanding used in computing net loss per share—basic	47,472	46,529
Weighted average common shares outstanding used in computing net loss per share—diluted	47,472	46,529
Net loss per share—basic	$ (1)	$ (0.18)
Net loss per share—diluted	$ (1)	$ (0.18)

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Net Loss Per Diluted Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock options and restricted common shares
Antidilutive Securities
Anti-dilutive securities excluded from computation of loss per share (in shares)	8,544	7,504

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reconciliation of statutory federal income tax rate to effective income tax rate
Benefit from (Provision for) income taxes	$ 715	$ (3,477)
Effective income tax rate (as a percent)	1.50%	(74.00%)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Milestone payment, minimum (as a percent)	26.30%
Milestone payment, maximum (as a percent)	100.00%
Milestone payment, minimum	$ 0
Milestone payment, maximum	70,000,000
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Convertible senior notes	$ 306,200,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Level 1 | Money Market Funds
Assets Carried at Fair Value:
Assets, Fair Value	$ 16,751	$ 9,586
Level 2 | Commercial Paper
Assets Carried at Fair Value:
Assets, Fair Value	54,485	47,108
Level 2 | Corporate Bonds
Assets Carried at Fair Value:
Assets, Fair Value	91,672	104,881
Level 3
Liabilities Carried at Fair Value:
Acquired contingent consideration	$ 175,400	$ 168,000

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Assets and liabilities measured at fair value on a recurring basis utilizing Level 3 inputs
Balance, beginning of period	$ 168,000	$ 113,000
Fair value change to contingent consideration included in the statement of operations	7,400	6,200
Balance, end of period	$ 175,400	$ 119,200

Investments - Schedule of Avail

Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 146,104	$ 152,114
Gross Unrealized Gains	63	6
Gross Unrealized Losses	(10)	(131)
Estimated Fair Value	146,157	151,989
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	54,446	47,149
Gross Unrealized Gains	39
Gross Unrealized Losses		(41)
Estimated Fair Value	54,485	47,108
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	91,658	104,965
Gross Unrealized Gains	24	6
Gross Unrealized Losses	(10)	(90)
Estimated Fair Value	$ 91,672	$ 104,881

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Long-term investments	$ 0	$ 0
Short-term investments	146,157,000	151,989,000
Short-term investments classified as cash equivalents	16,800,000	$ 9,600,000
Short Term Investments
Schedule Of Available For Sale Securities [Line Items]
Fair value of short-term investments in an unrealized loss position	$ 31,800,000

Investments - Schedule of Chang

Investments - Schedule of Changes in Accumulated Other Comprehensive (loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2018	$ 2,806
Other comprehensive (loss) income, net of tax	(1,431)	$ 2,455
Balance at March 31, 2019	1,375
Net Unrealized Gains (Losses) on Marketable Securities
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2018	(125)
Other comprehensive income before reclassifications	178
Other comprehensive (loss) income, net of tax	178
Balance at March 31, 2019	$ 53

Liability Related to Sale of _3

Liability Related to Sale of Future Royalties - Additional Information (Details) - Royalty Purchase Agreement - USD ($) $ in Thousands	Oct. 01, 2017	Mar. 31, 2019	Dec. 31, 2018
Liability Related To Sale Of Future Royalties [Line Items]
Payment from royalties	$ 40,000
Royalty liability	40,000
Net of transaction costs	$ 2,200	$ (174)	$ (784)

Liability Related to Sale of _4

Liability Related to Sale of Future Royalties - Schedule of Activity Within Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands	Oct. 01, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Liability Related To Sale Of Future Royalties [Line Items]
Non-cash royalty revenue payable to HCRP		$ (2,467)	$ (2,782)
Royalty Purchase Agreement
Liability Related To Sale Of Future Royalties [Line Items]
Liability related to sale of future royalties - beginning balance		30,716	$ 35,788	$ 35,788
Deferred transaction costs recognized	$ (2,200)	174		784
Non-cash royalty revenue payable to HCRP		(2,467)		(10,291)
Non-cash interest expense recognized		925		4,435
Liability related to sale of future royalties - ending balance		$ 29,348		$ 30,716

Convertible Senior Notes - Addi

Convertible Senior Notes - Additional Information (Details) - Notes $ / shares in Units, $ in Thousands	Jun. 17, 2014USD ($)	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Interest rate (as a percent)	1.75%
Net proceeds from offering, after deducting Underwriter's discount and estimated offering expenses payable	$ 337,500
Principal	$ 345,000	$ 345,000	$ 345,000
Notes maturity date		Jun. 15, 2021
Notes frequency of periodic payment		semiannually in arrears in cash
Period to comply with covenants		270 days
Debt issuance costs		$ 7,500
Debt issuance costs allocated to equity component		1,300
Debt issuance costs allocated to liability component		$ 6,200
Remaining contractual life		2 years 3 months
Effective interest rate on liability component (as a percent)		4.80%
Debt Conversion Terms upon Occurrence of Certain Fundamental Company Changes
Debt Instrument [Line Items]
Principal amount of Notes or an integral multiple thereof in which holder may repurchase the Notes		$ 1,000
Debt Conversion Event Term
Debt Instrument [Line Items]
Minimum percentage of aggregate principal amount held by bondholders to declare notes due and payable		25.00%
In event of default arising out of certain bankruptcy events, percentage of principal amount due and payable		100.00%
Convertible Debt Holder
Debt Instrument [Line Items]
Initial conversion rate of common stock		23.4968
Initial conversion price of convertible notes into common stock (in dollars per share) | $ / shares		$ 42.56

Convertible Senior Notes - Summ

Convertible Senior Notes - Summary of Outstanding Note Balances (Details) - Notes - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Jun. 17, 2014
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000	$ 345,000
Less: debt discount and debt issuance costs, net	(23,790)	(26,330)
Net carrying amount	321,210	318,670
Equity component	$ 61,195	$ 61,195

Convertible Senior Notes - Sche

Convertible Senior Notes - Schedule of Interest Expense Recognized Related to the Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Total interest expense	$ 6,424	$ 5,497
Notes
Debt Instrument [Line Items]
Contractual interest expense	1,509	1,509
Amortization of debt issuance costs	235	224
Amortization of debt discount	2,305	2,199
Total interest expense	$ 4,049	$ 3,932