Acorda Therapeutics (ACORQ) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 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	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	ACOR
Entity Common Stock, Shares Outstanding		48,108,022
Entity File Number	001-31938
Entity Tax Identification Number	133831168
Entity Address, Address Line One	420 Saw Mill River Road
Entity Address, City or Town	Ardsley
Entity Address, State or Province	New York
Entity Address, Postal Zip Code	10502
City Area Code	914
Local Phone Number	347-4300

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 147,648	$ 293,564
Restricted cash	192	532
Short term investments	149,242	151,989
Trade accounts receivable, net of allowances of $1,206 and $2,681, as of June 30, 2019 and December 31, 2018, respectively	21,010	23,430
Prepaid expenses	9,850	19,384
Inventory, net	28,086	29,014
Other current assets	2,342	10,194
Total current assets	358,370	528,107
Property and equipment, net of accumulated depreciation	113,455	60,519
Goodwill	281,467	282,059
Intangible assets, net of accumulated amortization	418,000	428,570
Right of use assets	25,876
Other assets	294	411
Total assets	1,197,462	1,299,666
Current liabilities:
Accounts payable	26,724	48,859
Accrued expenses and other current liabilities	44,594	76,882
Current portion of acquired contingent consideration	4,993	4,914
Current portion of lease liabilities	7,644
Current portion of loans payable	612	616
Current portion of liability related to sale of future royalties	9,384	8,985
Total current liabilities	93,951	140,256
Convertible senior notes (due 2021)	323,780	318,670
Non-current portion of acquired contingent consideration	157,544	163,086
Non-current portion of lease liabilities	25,766
Non-current portion of loans payable	25,237	24,470
Deferred tax liability	3,069	7,483
Non-current portion of liability related to sale of future royalties	18,491	21,731
Other non-current liabilities	4,787	11,987
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value. Authorized 20,000,000 shares at June 30, 2019 and December 31, 2018; no shares issued as of June 30, 2019 and December 31, 2018, respectively
Common stock, $0.001 par value. Authorized 80,000,000 shares at June 30, 2019 and December 31, 2018; issued 47,534,910 and 47,508,505 shares, including those held in treasury, as of June 30, 2019 and December 31, 2018, respectively	48	48
Treasury stock at cost (29,304 shares at June 30, 2019 and 87,737 shares at December 31, 2018)	(638)	(2,133)
Additional paid-in capital	1,011,744	1,005,105
Accumulated deficit	(468,934)	(393,843)
Accumulated other comprehensive income	2,617	2,806
Total stockholders’ equity	544,837	611,983
Total liabilities and stockholders’ equity	$ 1,197,462	$ 1,299,666

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Trade accounts receivable, allowances (in dollars)	$ 1,206	$ 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	47,534,910	47,508,505
Treasury stock, shares	29,304	87,737

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total net revenues	$ 50,053	$ 153,302	$ 94,190	$ 259,467
Costs and expenses:
Cost of sales	9,397	30,378	18,196	51,012
Research and development	18,959	25,910	34,987	56,470
Selling, general and administrative	50,195	44,263	102,921	91,864
Amortization of intangible assets	7,691	716	10,255	1,432
Changes in fair value of acquired contingent consideration	(12,800)	(7,000)	(5,400)	(800)
Total operating expenses	73,442	94,267	160,959	199,978
Operating (loss) income	(23,389)	59,035	(66,769)	59,489
Other (expense) income, net:
Interest and amortization of debt discount expense	(5,378)	(5,414)	(11,801)	(10,911)
Interest income	1,498	910	2,994	1,236
Realized loss on foreign currency transactions	(3)	(2)	(16)	(7)
Other income		24		24
Total other expense, net	(3,883)	(4,482)	(8,823)	(9,658)
(Loss) income before taxes	(27,272)	54,553	(75,592)	49,831
Benefit from (Provision for) income taxes	(214)	(8,356)	501	(11,833)
Net (loss) income	$ (27,486)	$ 46,197	$ (75,091)	$ 37,998
Net (loss) income per share—basic	$ (0.58)	$ 0.99	$ (1.58)	$ 0.82
Net (loss) income per share—diluted	$ (0.58)	$ 0.98	$ (1.58)	$ 0.81
Weighted average common shares outstanding used in computing net (loss) income per share—basic	47,486	46,799	47,480	46,546
Weighted average common shares outstanding used in computing net (loss) income per share—diluted	47,486	47,201	47,480	46,974
Net Product Revenues
Revenues:
Total net revenues	$ 47,191	$ 150,412	$ 88,525	$ 253,415
Royalty Revenues
Revenues:
Total net revenues	$ 2,862	$ 2,890	$ 5,665	$ 6,052

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (27,486)	$ 46,197	$ (75,091)	$ 37,998
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	1,128	(4,529)	(481)	(1,982)
Unrealized income (loss) on available for sale debt securities	114	15	292	(77)
Other comprehensive income (loss), net of tax	1,242	(4,514)	(189)	(2,059)
Comprehensive (loss) income	$ (26,244)	$ 41,683	$ (75,280)	$ 35,939

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 of ASU 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) income	(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, 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
Net (loss) income	37,998
Balance at Jun. 30, 2018	606,634	$ 47	(1,976)	993,292	(389,528)	4,799
Balance (in shares) at Jun. 30, 2018		47,223,000
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
Increase (Decrease) in Stockholders' Equity
Compensation expense for issuance of stock options to employees	3,797			3,797
Compensation expense for issuance of restricted stock to employees	1,457			1,457
Compensation expense for issuance of restricted stock to employees (in shares)		16,000
Exercise of stock options	10,157			10,157
Exercise of stock options (in shares)		458,000
Purchase of Treasury Stock	(385)		(385)
Purchase of Treasury Stock ,Shares		24,000
Other comprehensive (loss) income, net of tax	(4,514)					(4,514)
Net (loss) income	46,197				46,197
Balance at Jun. 30, 2018	606,634	$ 47	(1,976)	993,292	(389,528)	4,799
Balance (in shares) at Jun. 30, 2018		47,223,000
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
Purchase of Treasury Stock	(52)		(52)
Purchase of Treasury Stock ,Shares		4,000
Other comprehensive (loss) income, net of tax	(1,431)					(1,431)
Net (loss) income	(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
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
Exercise of stock options (in shares)	2,000
Purchase of Treasury Stock	$ (91)
Purchase of Treasury Stock ,Shares	(7,360)
Net (loss) income	$ (75,091)
Balance at Jun. 30, 2019	544,837	$ 48	(638)	1,011,744	(468,934)	2,617
Balance (in shares) at Jun. 30, 2019		47,535,000
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
Increase (Decrease) in Stockholders' Equity
Compensation expense for issuance of stock options to employees	3,180			3,180
Compensation expense for issuance of restricted stock to employees	1,354			1,354
Compensation expense for issuance of restricted stock to employees (in shares)		34,000
Adjustments to Treasury Stock			1,586	(1,586)
Adjustments to Treasury Stock, Shares		(65,000)
Purchase of Treasury Stock	$ (39)		(39)
Purchase of Treasury Stock ,Shares	(3,503)	3,000
Other comprehensive (loss) income, net of tax	$ 1,242					1,242
Net (loss) income	(27,486)				(27,486)
Balance at Jun. 30, 2019	$ 544,837	$ 48	$ (638)	$ 1,011,744	$ (468,934)	$ 2,617
Balance (in shares) at Jun. 30, 2019		47,535,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Cash flows from operating activities:
Net (loss) income	$ (75,091)	$ 37,998
Adjustments to reconcile (net loss) income to net cash (used in) provided by operating activities:
Share-based compensation expense	8,201	11,112
Amortization of net premiums and discounts on investments	(1,001)	(78)
Amortization of debt discount and debt issuance costs	8,497	7,973
Depreciation and amortization expense	14,878	6,648
Change in acquired contingent consideration obligation	(5,400)	(800)
Non-cash royalty revenue	(4,985)	(5,326)
Deferred tax (benefit) provision	(3,551)	12,633
Changes in assets and liabilities:
Decrease in accounts receivable	2,420	17,042
Decrease (increase) in prepaid expenses and other current assets	17,383	(1,640)
Decrease in inventory	929	16,355
Decrease in other assets		17
Decrease in accounts payable, accrued expenses and other current liabilities	(54,583)	(17,036)
(Decrease) increase in other non-current liabilities	(84)	61
Net cash (used in) provided by operating activities	(92,387)	84,959
Cash flows from investing activities:
Purchases of property and equipment	(57,270)	(10,793)
Purchases of intangible assets		(162)
Purchases of investments	(107,899)	(148,371)
Proceeds from maturities of investments	111,942
Net cash used in investing activities	(53,227)	(159,326)
Cash flows from financing activities:
Proceeds from issuance of common stock and option exercises	24	12,727
Purchase of treasury stock	(91)	(1,587)
Repayment of loans payable	(614)	(656)
Net cash (used in) provided by financing activities	(681)	10,484
Effect of exchange rate changes on cash, cash equivalents and restricted cash	40	(84)
Net decrease in cash, cash equivalents and restricted cash	(146,255)	(63,967)
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	148,096	244,072	$ 294,351
Supplemental disclosure:
Cash paid for interest	3,037	3,045
Cash paid for taxes	$ 1,025	$ 13,554

Organization and Business Activ

Organization and Business Activities	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 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	6 Months Ended
	Jun. 30, 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: Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 293,564 $ 147,648 $ 307,068 $ 243,345 Restricted cash 532 192 410 221 Restricted cash included in Other assets 255 256 561 506 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 294,351 $ 148,096 $ 308,039 $ 244,072 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) June 30, 2019 December 31, 2018 Raw materials $ 680 $ — Work-in-progress 10,147 — Finished goods 17,259 29,014 Total $ 28,086 $ 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. 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 and six-month periods ended June 30, 2019 and from the sales of Ampyra in the U.S. for the three and six-month periods ended June 30, 2019 and 2018. Goodwill Goodwill represents the amount of consideration paid in excess of the fair value of net assets acquired in a business combination accounted for using the acquisition method of accounting. Goodwill is not amortized and is subject to impairment testing on an annual basis or when a triggering event occurs that may indicate the carrying value of the goodwill is impaired. We perform our impairment testing at the reporting level where we have determined that we have a single reporting unit and operating segment. The impairment test for goodwill uses an approach which compares the estimated fair value of the reporting unit including goodwill to its carrying value. If the carrying value of the reporting unit exceeds the estimated fair value of the reporting unit, an impairment loss is recognized in an amount equal to the excess of the carrying value over the estimated fair value. During the second quarter of 2019, we experienced a significant decline in our stock price that reduced the market capitalization below the carrying value of the Company. This circumstance required the Company to perform a quantitative assessment to assess the value of the goodwill for impairment. The Company performed an assessment of the goodwill and concluded that there was no impairment. The Company utilized the income approach in the goodwill assessment process. The determination of the fair value of the reporting unit and assets and liabilities within the reporting unit requires us to make significant estimates and assumptions. This valuation approach considers a number of factors that include, but are not limited to, prospective financial information, growth rates, terminal value, and discount rates and require us to make certain assumptions and estimates. When performing our income approach, we incorporate the use of projected financial information and a discount rate that are developed based on certain assumptions. Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. Changes in these assumptions and resulting valuations or further declines in our stock price could result in future goodwill impairment charges. Management will continue to monitor any changes in circumstances for indicators of impairment. After completing our impairment assessment during the second quarter of 2019, we concluded that the carrying value of the Company did not exceed its estimated fair value as of June 30, 2019 and therefore, the goodwill was not impaired. Due to the impairment assessment trigger for the Company’s goodwill during the second quarter of 2019, we concluded that this factor could be a potential indicator of impairment with respect to our long-lived assets and we performed an impairment analysis. The Company compared the undiscounted cash flows, which are the sum of the future undiscounted cash flows expected to be derived from the direct use of the long-lived assets to the carrying value of the long-lived assets. Estimates of future cash flows were based on the Company’s own assumptions about its own use of long lived assets. The cash flow estimation period was based on the long-lived assets’ remaining useful life to the Company. After performing the recoverability test, the Company determined that the undiscounted cash flows 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 that 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 retrospective transition approach, applying the new standard to all of its leases existing at the date of initial application which is the effective date of adoption. 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. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported consolidated statements of operations and did not result in a cumulative catch-up adjustment to opening equity. See Note 11 for further information. 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 adopted the rule in the three-month period ended March 31, 2019 and 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. 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 adopted this guidance on April 1, 2019. The ASU did not have an impact on its consolidated financial statements. The following table represents a summary of activities in goodwill from December 31, 2018 through June 30, 2019: (In thousands) Balance at December 31, 2018 $ 282,059 Foreign currency translation adjustment (592 ) Balance at June 30, 2019 $ 281,467 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 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.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenues	(3) Revenues 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 June 30, 2019. The following table disaggregates our revenue by major source: (In thousands) Three-month period ended June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Revenues: Net product revenues: Ampyra $ 44,183 $ 150,265 $ 84,250 $ 253,084 Inbrija 3,008 — 4,275 — Other — 147 — 331 Total net product revenues 47,191 150,412 88,525 253,415 Royalty revenues 2,862 2,890 5,665 6,052 Total net revenues $ 50,053 $ 153,302 $ 94,190 $ 259,467

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation	(4) Share-based Compensation During the three‑month periods ended June 30, 2019 and 2018, the Company recognized share-based compensation expense of $4.5 million and $5.2 million, respectively. During the six-month periods ended June 30, 2019 and 2018, the Company recognized share-based compensation expense of $8.2 and $11.1 million, respectively. Activity in options and restricted stock during the six-month period ended June 30, 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 June 30, 2019 and 2018 were approximately $4.71 and $14.32, respectively. The weighted average fair value per share of options granted to employees for the six-month periods ended June 30, 2019 and 2018 were approximately $6.64 and $12.84, respectively. The following table summarizes share-based compensation expense included within the consolidated statements of operations: For the three-month period ended June 30, For the six-month period ended June 30, (In thousands) 2019 2018 2019 2018 Research and development expense $ 783 $ 1,519 $ 1,483 $ 3,225 Selling, general and administrative expense 3,544 3,725 6,361 7,887 Cost of Sales 207 — 357 — Total $ 4,534 $ 5,244 $ 8,201 $ 11,112 A summary of share-based compensation activity for the six-month period ended June 30, 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 615 12.46 Cancelled (384 ) 23.83 Exercised (2 ) 16.00 Balance at June 30, 2019 8,424 $ 28.82 5.1 $ 15,237 Vested and expected to vest at June 30, 2019 8,386 $ 28.88 5.1 $ 14,871 Vested and exercisable at June 30, 2019 7,075 $ 30.40 4.4 $ — 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 628 Vested (91 ) Forfeited (40 ) Nonvested at June 30, 2019 728 Unrecognized compensation cost for unvested stock options, restricted stock awards and performance stock units as of June 30, 2019 totaled $20.7 million and is expected to be recognized over a weighted average period of approximately 2.2 years. During the three‑month period ended June 30, 2019, the Company repurchased 3,503 shares of common stock at an average price of $11.14 per share or approximately $39 thousand. During the six‑month period ended June 30, 2019, the Company repurchased 7,360 shares of common stock at an average price of $12.31 per share or approximately $91 thousand. The share repurchase consists primarily of common stock tendered to cover tax liabilities in connection with the vesting of restricted stock awards in the three-month period ended June 30, 2019. The share repurchase consists primarily of common stock tendered to cover tax liabilities in connection with the vesting of restricted stock awards and common stock withheld to cover tax liabilities in connection with the settlement of vested restricted stock units in the six-month period ended June 30, 2019.

(Loss) Income Per Share

(Loss) Income Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
(Loss) Income Per Share	(5) (Loss) Income Per Share The following table sets forth the computation of basic and diluted loss per share for the three and six-month periods ended June 30, 2019 and 2018: (In thousands, except per share data) Three-month period ended June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Basic and diluted Net (loss) income $ (27,486 ) $ 46,197 $ (75,091 ) $ 37,998 Weighted average common shares outstanding used in computing net (loss) income per share—basic 47,486 46,799 47,480 46,546 Plus: net effect of dilutive stock options and restricted common shares — 402 — 428 Weighted average common shares outstanding used in computing net (loss) income per share—diluted 47,486 47,201 47,480 46,974 Net (loss) income per share—basic $ (0.58 ) $ 0.99 $ (1.58 ) $ 0.82 Net (loss) income per share—diluted $ (0.58 ) $ 0.98 $ (1.58 ) $ 0.81 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 June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Denominator Stock options and restricted common shares 9,050 7,356 9,050 7,660 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 and six-month periods ended June 30, 2019.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	(6) 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 June 30, 2019 and 2018, the Company recorded a provision of $(0.2) million and $(8.4) million for income taxes, respectively. The effective income tax rates for the Company for the three-month periods ended June 30, 2019 and 2018 were (0.8%) and (15.3%), respectively. The variance in the effective tax rates for the three-month period ended June 30, 2019 as compared to the three-month period ended June 30, 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. For the six-month periods ended June 30, 2019 and 2018, the Company recorded a benefit of $0.5 million and a provision of $(11.8) million for income taxes, respectively. The effective income tax rates for the Company for the six-month periods ended June 30, 2019 and 2018 were 0.7% and (23.9%), respectively. The variance in the effective tax rates for the six-month period ended June 30, 2019 as compared to the six-month period ended June 30, 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 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. The audit has been substantially completed, and the IRS has proposed an adjustment that we do not believe would have a material impact on the tax provision. 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	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) 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 June 30, 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 investments in a Treasury money market fund. The Company’s level 2 assets consist of investments in corporate bonds, commercial paper and U.S. government securities 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 or six-month periods ended June 30, 2019. The estimated fair values of all of our financial instruments approximate their carrying values at June 30, 2019, except for the fair value of the Company’s convertible senior notes, which was approximately $292.4 million as of June 30, 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 June 30, 2019 Assets Carried at Fair Value: Money market funds $ 14,751 $ — $ — Commercial paper — 51,967 — Corporate bonds — 79,766 — U.S. government securities — 17,509 — Liabilities Carried at Fair Value: Acquired contingent consideration — — 162,537 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 June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Acquired contingent consideration: Balance, beginning of period $ 175,400 $ 119,200 $ 168,000 $ 113,000 Fair value change to contingent consideration included in the statement of operations (12,800 ) (7,000 ) (5,400 ) (800 ) Royalty payments (63 ) — (63 ) — Balance, end of period $ 162,537 $ 112,200 $ 162,537 $ 112,200 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 treatment of migraine. the estimated revenue forecasts for Inbrija and our ARCUS program for acute treatment of migraine Inbrija our ARCUS program for acute treatment of migraine 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 treatment of migraine

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]
Investments	(8) 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 June 30, 2019 and December 31, 2018, respectively: Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value June 30, 2019 Commercial Paper $ 51,907 $ 60 $ — $ 51,967 Corporate Bonds 79,667 104 (5 ) 79,766 U.S. government securities 17,501 8 — 17,509 Total Short-term investments $ 149,075 $ 172 $ (5 ) $ 149,242 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 $14.8 million and $9.6 million as of June 30, 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 $149.2 million and $152.0 million as of June 30, 2019 and December 31, 2018, respectively. The aggregate fair value of short-term investments in an unrealized loss position amounted to approximately $5.9 million as of June 30, 2019. Short-term investments at June 30, 2019 primarily consisted of high-grade commercial paper, corporate bonds and U.S. government securities. Long-term investments have original maturities of greater than 1 year. There were no investments classified as long-term at June 30, 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 June 30, 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 six-month period ended June 30, 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 292 Amounts reclassified from accumulated other comprehensive income — Net current period other comprehensive income 292 Balance at June 30, 2019 $ 167

Liability Related to Sale of Fu

Liability Related to Sale of Future Royalties	6 Months Ended
	Jun. 30, 2019
Deferred Revenue Disclosure [Abstract]
Liability Related to Sale of Future Royalties	(9) 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 June 30, 2019 and December 31, 2018, respectively: (In thousands) June 30, 2019 December 31, 2018 Liability related to sale of future royalties - beginning balance $ 30,716 $ 35,788 Deferred transaction costs recognized 341 784 Non-cash royalty revenue payable to HCRP (4,985 ) (10,291 ) Non-cash interest expense recognized 1,803 4,435 Liability related to sale of future royalties - ending balance $ 27,875 $ 30,716

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Convertible Senior Notes	(10) 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, 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 June 30, 2019 and December 31, 2018 consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Liability component: Principal $ 345,000 $ 345,000 Less: debt discount and debt issuance costs, net (21,220 ) (26,330 ) Net carrying amount $ 323,780 $ 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 June 30, 2019, the remaining contractual life of the Notes is approximately 2 years. The effective interest rate on the liability component was approximately 4.8% for the period from the date of issuance through June 30, 2019. The following table sets forth total interest expense recognized related to the Notes for the three and six-month periods ended June 30, 2019 and 2018: (In thousands) Three-month period ended June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Contractual interest expense $ 1,509 $ 1,509 $ 3,019 $ 3,019 Amortization of debt issuance costs 238 227 473 451 Amortization of debt discount 2,332 2,225 4,637 4,423 Total interest expense $ 4,079 $ 3,961 $ 8,129 $ 7,893

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	(11) Leases 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 at January 1, 2019. 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 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 June 30, 2019. The weighted-average discount rate was 7.13% at June 30, 2019. ROU assets and lease liabilities related to our operating leases are as follows: (In thousands) Balance Sheet Classification June 30, 2019 Right-of-use assets Right of use assets $ 25,876 Current lease liabilities Current portion of lease liabilities 7,644 Non-current lease liabilities Non-current portion of lease liabilities 25,766 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 June 30, 2019 Six-month period ended June 30, 2019 Operating lease cost $ 1,736 $ 3,517 Variable lease cost 1,761 2,425 Short-term lease cost 333 654 Total lease cost $ 3,830 $ 6,596 Future minimum commitments under all non-cancelable operating leases are as follows: (In thousands) 2019 (excluding the six months ended June 30, 2019) $ 3,799 2020 7,746 2021 7,935 2022 9,972 2023 3,043 Later years 7,666 Total lease payments 40,161 Less: Imputed interest (6,751 ) Present value of lease liabilities $ 33,410 Supplemental cash flow information and non-cash activity related to our operating leases are as follows: (In thousands) Six-month period ended June 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,708 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 770

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(12) 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)	6 Months Ended
	Jun. 30, 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: Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 293,564 $ 147,648 $ 307,068 $ 243,345 Restricted cash 532 192 410 221 Restricted cash included in Other assets 255 256 561 506 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 294,351 $ 148,096 $ 308,039 $ 244,072 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) June 30, 2019 December 31, 2018 Raw materials $ 680 $ — Work-in-progress 10,147 — Finished goods 17,259 29,014 Total $ 28,086 $ 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.
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 and six-month periods ended June 30, 2019 and from the sales of Ampyra in the U.S. for the three and six-month periods ended June 30, 2019 and 2018.
Goodwill	Goodwill Goodwill represents the amount of consideration paid in excess of the fair value of net assets acquired in a business combination accounted for using the acquisition method of accounting. Goodwill is not amortized and is subject to impairment testing on an annual basis or when a triggering event occurs that may indicate the carrying value of the goodwill is impaired. We perform our impairment testing at the reporting level where we have determined that we have a single reporting unit and operating segment. The impairment test for goodwill uses an approach which compares the estimated fair value of the reporting unit including goodwill to its carrying value. If the carrying value of the reporting unit exceeds the estimated fair value of the reporting unit, an impairment loss is recognized in an amount equal to the excess of the carrying value over the estimated fair value. During the second quarter of 2019, we experienced a significant decline in our stock price that reduced the market capitalization below the carrying value of the Company. This circumstance required the Company to perform a quantitative assessment to assess the value of the goodwill for impairment. The Company performed an assessment of the goodwill and concluded that there was no impairment. The Company utilized the income approach in the goodwill assessment process. The determination of the fair value of the reporting unit and assets and liabilities within the reporting unit requires us to make significant estimates and assumptions. This valuation approach considers a number of factors that include, but are not limited to, prospective financial information, growth rates, terminal value, and discount rates and require us to make certain assumptions and estimates. When performing our income approach, we incorporate the use of projected financial information and a discount rate that are developed based on certain assumptions. Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. Changes in these assumptions and resulting valuations or further declines in our stock price could result in future goodwill impairment charges. Management will continue to monitor any changes in circumstances for indicators of impairment. After completing our impairment assessment during the second quarter of 2019, we concluded that the carrying value of the Company did not exceed its estimated fair value as of June 30, 2019 and therefore, the goodwill was not impaired. Due to the impairment assessment trigger for the Company’s goodwill during the second quarter of 2019, we concluded that this factor could be a potential indicator of impairment with respect to our long-lived assets and we performed an impairment analysis. The Company compared the undiscounted cash flows, which are the sum of the future undiscounted cash flows expected to be derived from the direct use of the long-lived assets to the carrying value of the long-lived assets. Estimates of future cash flows were based on the Company’s own assumptions about its own use of long lived assets. The cash flow estimation period was based on the long-lived assets’ remaining useful life to the Company. After performing the recoverability test, the Company determined that the undiscounted cash flows
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 that 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 retrospective transition approach, applying the new standard to all of its leases existing at the date of initial application which is the effective date of adoption. 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. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported consolidated statements of operations and did not result in a cumulative catch-up adjustment to opening equity. See Note 11 for further information. 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 adopted the rule in the three-month period ended March 31, 2019 and 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. 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 adopted this guidance on April 1, 2019. The ASU did not have an impact on its consolidated financial statements. The following table represents a summary of activities in goodwill from December 31, 2018 through June 30, 2019: (In thousands) Balance at December 31, 2018 $ 282,059 Foreign currency translation adjustment (592 ) Balance at June 30, 2019 $ 281,467
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 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)	6 Months Ended
	Jun. 30, 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: Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 293,564 $ 147,648 $ 307,068 $ 243,345 Restricted cash 532 192 410 221 Restricted cash included in Other assets 255 256 561 506 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 294,351 $ 148,096 $ 308,039 $ 244,072
Schedule of Major Classes of Inventory	Inventory The major classes of inventory were as follows: (In thousands) June 30, 2019 December 31, 2018 Raw materials $ 680 $ — Work-in-progress 10,147 — Finished goods 17,259 29,014 Total $ 28,086 $ 29,014
Summary of Activities in Goodwill	The following table represents a summary of activities in goodwill from December 31, 2018 through June 30, 2019: (In thousands) Balance at December 31, 2018 $ 282,059 Foreign currency translation adjustment (592 ) Balance at June 30, 2019 $ 281,467

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue by major source: (In thousands) Three-month period ended June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Revenues: Net product revenues: Ampyra $ 44,183 $ 150,265 $ 84,250 $ 253,084 Inbrija 3,008 — 4,275 — Other — 147 — 331 Total net product revenues 47,191 150,412 88,525 253,415 Royalty revenues 2,862 2,890 5,665 6,052 Total net revenues $ 50,053 $ 153,302 $ 94,190 $ 259,467

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the six-month period ended June 30, (In thousands) 2019 2018 2019 2018 Research and development expense $ 783 $ 1,519 $ 1,483 $ 3,225 Selling, general and administrative expense 3,544 3,725 6,361 7,887 Cost of Sales 207 — 357 — Total $ 4,534 $ 5,244 $ 8,201 $ 11,112
Schedule of Stock Option Activity	A summary of share-based compensation activity for the six-month period ended June 30, 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 615 12.46 Cancelled (384 ) 23.83 Exercised (2 ) 16.00 Balance at June 30, 2019 8,424 $ 28.82 5.1 $ 15,237 Vested and expected to vest at June 30, 2019 8,386 $ 28.88 5.1 $ 14,871 Vested and exercisable at June 30, 2019 7,075 $ 30.40 4.4 $ —
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 628 Vested (91 ) Forfeited (40 ) Nonvested at June 30, 2019 728

(Loss) Income Per Share (Tables

(Loss) Income Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2019 and 2018: (In thousands, except per share data) Three-month period ended June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Basic and diluted Net (loss) income $ (27,486 ) $ 46,197 $ (75,091 ) $ 37,998 Weighted average common shares outstanding used in computing net (loss) income per share—basic 47,486 46,799 47,480 46,546 Plus: net effect of dilutive stock options and restricted common shares — 402 — 428 Weighted average common shares outstanding used in computing net (loss) income per share—diluted 47,486 47,201 47,480 46,974 Net (loss) income per share—basic $ (0.58 ) $ 0.99 $ (1.58 ) $ 0.82 Net (loss) income per share—diluted $ (0.58 ) $ 0.98 $ (1.58 ) $ 0.81
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 June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Denominator Stock options and restricted common shares 9,050 7,356 9,050 7,660

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	(In thousands) Level 1 Level 2 Level 3 June 30, 2019 Assets Carried at Fair Value: Money market funds $ 14,751 $ — $ — Commercial paper — 51,967 — Corporate bonds — 79,766 — U.S. government securities — 17,509 — Liabilities Carried at Fair Value: Acquired contingent consideration — — 162,537 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 June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Acquired contingent consideration: Balance, beginning of period $ 175,400 $ 119,200 $ 168,000 $ 113,000 Fair value change to contingent consideration included in the statement of operations (12,800 ) (7,000 ) (5,400 ) (800 ) Royalty payments (63 ) — (63 ) — Balance, end of period $ 162,537 $ 112,200 $ 162,537 $ 112,200

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]
Schedule of Available-for-Sale Securities	Available-for-sale investments consisted of the following at June 30, 2019 and December 31, 2018, respectively: Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value June 30, 2019 Commercial Paper $ 51,907 $ 60 $ — $ 51,967 Corporate Bonds 79,667 104 (5 ) 79,766 U.S. government securities 17,501 8 — 17,509 Total Short-term investments $ 149,075 $ 172 $ (5 ) $ 149,242 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 six-month period ended June 30, 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 292 Amounts reclassified from accumulated other comprehensive income — Net current period other comprehensive income 292 Balance at June 30, 2019 $ 167

Liability Related to Sale of _2

Liability Related to Sale of Future Royalties (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018, respectively: (In thousands) June 30, 2019 December 31, 2018 Liability related to sale of future royalties - beginning balance $ 30,716 $ 35,788 Deferred transaction costs recognized 341 784 Non-cash royalty revenue payable to HCRP (4,985 ) (10,291 ) Non-cash interest expense recognized 1,803 4,435 Liability related to sale of future royalties - ending balance $ 27,875 $ 30,716

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Outstanding Note Balances	The outstanding note balance as of June 30, 2019 and December 31, 2018 consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Liability component: Principal $ 345,000 $ 345,000 Less: debt discount and debt issuance costs, net (21,220 ) (26,330 ) Net carrying amount $ 323,780 $ 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 and six-month periods ended June 30, 2019 and 2018: (In thousands) Three-month period ended June 30, 2019 Three-month period ended June 30, 2018 Six-month period ended June 30, 2019 Six-month period ended June 30, 2018 Contractual interest expense $ 1,509 $ 1,509 $ 3,019 $ 3,019 Amortization of debt issuance costs 238 227 473 451 Amortization of debt discount 2,332 2,225 4,637 4,423 Total interest expense $ 4,079 $ 3,961 $ 8,129 $ 7,893

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
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 June 30, 2019 Right-of-use assets Right of use assets $ 25,876 Current lease liabilities Current portion of lease liabilities 7,644 Non-current lease liabilities Non-current portion of lease liabilities 25,766
Components of Lease Costs	The components of lease costs were as follows: (In thousands) Three-month period ended June 30, 2019 Six-month period ended June 30, 2019 Operating lease cost $ 1,736 $ 3,517 Variable lease cost 1,761 2,425 Short-term lease cost 333 654 Total lease cost $ 3,830 $ 6,596
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 six months ended June 30, 2019) $ 3,799 2020 7,746 2021 7,935 2022 9,972 2023 3,043 Later years 7,666 Total lease payments 40,161 Less: Imputed interest (6,751 ) Present value of lease liabilities $ 33,410
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) Six-month period ended June 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,708 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 770

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 147,648	$ 293,564	$ 243,345	$ 307,068
Restricted cash	192	532	221	410
Restricted cash included in Other assets	$ 256	$ 255	$ 506	$ 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	$ 148,096	$ 294,351	$ 244,072	$ 308,039

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Major Classes of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 680
Work-in-progress	10,147
Finished goods	17,259	$ 29,014
Total	$ 28,086	$ 29,014

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019Segment
Segment and Geographic Information
Number of operating segments		1
Number of reportable operating segments		1
Goodwill impairment | $	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Activities in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Accounting Policies [Abstract]
Balance at December 31, 2018	$ 282,059
Foreign currency translation adjustment	(592)
Balance at June 30, 2019	$ 281,467

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 50,053	$ 153,302	$ 94,190	$ 259,467
Ampyra
Disaggregation Of Revenue [Line Items]
Total net revenues	44,183	150,265	84,250	253,084
Inbrija
Disaggregation Of Revenue [Line Items]
Total net revenues	3,008		4,275
Other
Disaggregation Of Revenue [Line Items]
Total net revenues		147		331
Net Product Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	47,191	150,412	88,525	253,415
Royalty Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 2,862	$ 2,890	$ 5,665	$ 6,052

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense recognized	$ 4,534		$ 5,244		$ 8,201	$ 11,112
Weighted average fair value of options granted (in dollars per share)	$ 4.71		$ 14.32		$ 6.64	$ 12.84
Unrecognized compensation costs for unvested stock options, restricted stock awards and performance stock units	$ 20,700				$ 20,700
Unrecognized compensation costs, weighted average period					2 years 2 months 12 days
Repurchases of common stock, shares	3,503				7,360
Average price of common stock per share	$ 11.14				$ 12.31
Repurchases of common stock	$ 39	$ 52	$ 385	$ 1,202	$ 91

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 4,534	$ 5,244	$ 8,201	$ 11,112
Research and development expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	783	1,519	1,483	3,225
Selling, general, and administrative expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	3,544	$ 3,725	6,361	$ 7,887
Cost of sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 207		$ 357

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Stock Option Activity
Beginning balance (in shares) | shares	8,194
Granted (in shares) | shares	615
Cancelled (in shares) | shares	(384)
Exercised (in shares) | shares	(2)
Ending balance (in shares) | shares	8,424
Vested and expected to vest at the end of the period | shares	8,386
Vested and exercisable at the end of the period | shares	7,075
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 29.81
Granted (in dollars per share) | $ / shares	12.46
Cancelled (in dollars per share) | $ / shares	23.83
Exercised (in dollars per share) | $ / shares	16
Balance at the end of the period (in dollars per share) | $ / shares	28.82
Vested and expected to vest at the end of the period (in dollars per share) | $ / shares	28.88
Vested and exercisable at the end of the period (in dollars per share) | $ / shares	$ 30.40
Weighted Average Remaining Contractual Term
Balance at the end of the period	5 years 1 month 6 days
Vested and expected to vest at the end of the period	5 years 1 month 6 days
Vested and exercisable at the end of the period	4 years 4 months 24 days
Intrinsic Value
Balance at the end of the period | $	$ 15,237
Vested and expected to vest at the end of the period | $	$ 14,871

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	6 Months Ended
	Jun. 30, 2019shares
Restricted Stock and Performance Stock Units
Nonvested at the beginning of the period (in shares)	231
Granted (in shares)	628
Vested (in shares)	(91)
Forfeited (in shares)	(40)
Nonvested at the end of the period (in shares)	728

(Loss) Income Per Share - Sched

(Loss) Income 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				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic and diluted
Net (loss) income	$ (27,486)	$ (47,605)	$ 46,197	$ (8,199)	$ (75,091)	$ 37,998
Weighted average common shares outstanding used in computing net (loss) income per share—basic	47,486		46,799		47,480	46,546
Plus: net effect of dilutive stock options and restricted common shares			402			428
Weighted average common shares outstanding used in computing net (loss) income per share—diluted	47,486		47,201		47,480	46,974
Net (loss) income per share—basic	$ (0.58)		$ 0.99		$ (1.58)	$ 0.82
Net (loss) income per share—diluted	$ (0.58)		$ 0.98		$ (1.58)	$ 0.81

(Loss) Income Per Share - Sch_2

(Loss) Income Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Net Loss Per Diluted Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock options and restricted common shares
Antidilutive Securities
Anti-dilutive securities excluded from computation of loss per share (in shares)	9,050	7,356	9,050	7,660

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of statutory federal income tax rate to effective income tax rate
Benefit from (Provision for) income taxes	$ (214)	$ (8,356)	$ 501	$ (11,833)
Effective income tax rate (as a percent)	(0.80%)	(15.30%)	0.70%	(23.90%)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Jun. 30, 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	59,000,000
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Convertible senior notes	$ 292,400,000

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	Jun. 30, 2019	Dec. 31, 2018
Level 1 | Money Market Funds
Assets Carried at Fair Value:
Assets, Fair Value	$ 14,751	$ 9,586
Level 2 | Commercial Paper
Assets Carried at Fair Value:
Assets, Fair Value	51,967	47,108
Level 2 | Corporate Bonds
Assets Carried at Fair Value:
Assets, Fair Value	79,766	104,881
Level 2 | U.S. Government Securities
Assets Carried at Fair Value:
Assets, Fair Value	17,509
Level 3
Liabilities Carried at Fair Value:
Acquired contingent consideration	$ 162,537	$ 168,000

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Assets and liabilities measured at fair value on a recurring basis utilizing Level 3 inputs
Balance, beginning of period	$ 175,400	$ 119,200	$ 168,000	$ 113,000
Fair value change to contingent consideration included in the statement of operations	(12,800)	(7,000)	(5,400)	(800)
Royalty payments	(63)		(63)
Balance, end of period	$ 162,537	$ 112,200	$ 162,537	$ 112,200

Investments - Schedule of Avail

Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 149,075	$ 152,114
Gross Unrealized Gains	172	6
Gross Unrealized Losses	(5)	(131)
Estimated Fair Value	149,242	151,989
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	51,907	47,149
Gross Unrealized Gains	60
Gross Unrealized Losses		(41)
Estimated Fair Value	51,967	47,108
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	79,667	104,965
Gross Unrealized Gains	104	6
Gross Unrealized Losses	(5)	(90)
Estimated Fair Value	79,766	$ 104,881
U.S. Government Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,501
Gross Unrealized Gains	8
Estimated Fair Value	$ 17,509

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Long-term investments	$ 0	$ 0
Short-term investments	149,242,000	151,989,000
Short-term investments classified as cash equivalents	14,800,000	$ 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	$ 5,900,000

Investments - Schedule of Chang

Investments - Schedule of Changes in Accumulated Other Comprehensive (loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2018			$ 2,806
Other comprehensive income (loss), net of tax	$ 1,242	$ (4,514)	(189)	$ (2,059)
Balance at June 30, 2019	2,617		2,617
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			292
Other comprehensive income (loss), net of tax			292
Balance at June 30, 2019	$ 167		$ 167

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	Jun. 30, 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	$ (341)	$ (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	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Liability Related To Sale Of Future Royalties [Line Items]
Non-cash royalty revenue payable to HCRP		$ (4,985)	$ (5,326)
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)	341		784
Non-cash royalty revenue payable to HCRP		(4,985)		(10,291)
Non-cash interest expense recognized		1,803		4,435
Liability related to sale of future royalties - ending balance		$ 27,875		$ 30,716

Convertible Senior Notes - Addi

Convertible Senior Notes - Additional Information (Details) - Notes $ / shares in Units, $ in Thousands	Jun. 17, 2014USD ($)	Jun. 30, 2019USD ($)$ / 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
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	Jun. 30, 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	(21,220)	(26,330)
Net carrying amount	323,780	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Total interest expense	$ 5,378	$ 5,414	$ 11,801	$ 10,911
Notes
Debt Instrument [Line Items]
Contractual interest expense	1,509	1,509	3,019	3,019
Amortization of debt issuance costs	238	227	473	451
Amortization of debt discount	2,332	2,225	4,637	4,423
Total interest expense	$ 4,079	$ 3,961	$ 8,129	$ 7,893

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)ft²Item	Dec. 31, 2018USD ($)ft²	Jan. 01, 2019USD ($)	Dec. 31, 2017USD ($)	Oct. 31, 2016USD ($)ft²	Dec. 31, 2014ft²	Jun. 30, 2011ft²
Operating Lease Information
ROU assets	$ 25,876
Lease liabilities	$ 33,410
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 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 option	true
Operating lease termination option	true
Termination option period	3 years
Operating lease renewal term, description	one or more options to renew, with renewal options ranging from 5 to 15 years
Operating lease termination option	One of our leases also includes an option to early terminate the lease within 3 years
Operating lease weighted-average remaining lease term	5 years
Operating lease weighted-average discount rate	7.13%
Ardsley, New York | Office and Laboratory Space
Operating Lease Information
Operating lease renewal option	true
Lease option to extend term	5 years
Operating lease termination option	true
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
Operating lease termination option	Company has an option to terminate the lease after 10 years subject to payment of an early termination fee
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
Additional lease option rights (in square feet) | ft²	95,000
Base rent	$ 4,700
Annual rent increase percentage	2.50%
Chelsea, Massachusetts | Manufacturing Facility
Operating Lease Information
Area of leased property | ft²		95,000
Annual rent		$ 1,700
Chelsea, Massachusetts | Manufacturing Facility | Civitas Therapeutics
Operating Lease Information
Lease option to extend term	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
Waltham, MA | Office and Laboratory Space
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 option to extend term	15 years
Termination option period	3 years
Operating lease renewal term	15 years
ASU 2016-02, ''Leases'' Topic 842
Operating Lease Information
ROU assets			$ 28,000
Lease liabilities			$ 35,100

Leases - Schedule of ROU Assets

Leases - Schedule of ROU Assets and Lease Liabilities Related to Operating Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Right-of-use assets	$ 25,876
Current lease liabilities	7,644
Non-current lease liabilities	$ 25,766

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 1,736	$ 3,517
Variable lease cost	1,761	2,425
Short-term lease cost	333	654
Total lease cost	$ 3,830	$ 6,596

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019 (excluding the six months ended June 30, 2019)	$ 3,799
2020	7,746
2021	7,935
2022	9,972
2023	3,043
Later years	7,666
Total lease payments	40,161
Less: Imputed interest	(6,751)
Present value of lease liabilities	$ 33,410

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 3,708
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$ 770