Horizon Pharmaceutical 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 22, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Raptor Pharmaceutical Corp
Entity Central Index Key	1,070,698
Trading Symbol	RPTP
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Entity Public Float			$ 1,267
Entity Common Stock, Shares Outstanding		85,243,864

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 157,352	$ 149,613
Restricted cash	1,055	1,562
Accounts receivable	13,267	7,455
Inventories	6,424	9,134
Prepaid expenses and other assets	3,301	3,841
Total current assets	181,399	171,605
Noncurrent assets:
Property and equipment, net	7,644	5,880
Goodwill	12,223	3,275
Intangible assets, net	216,463	2,974
Other assets	5,619	5,332
Total Assets	423,348	189,066
Current liabilities:
Accounts payable	5,423	2,550
Accrued liabilities	22,630	16,859
Common stock warrant liability		711
Note payable, current portion	12,000	9,000
Total current liabilities	40,053	29,120
Noncurrent liabilities:
Contingent consideration liability	166,800
Deferred tax liability	303
Note payable, net of current portion	39,000	51,000
Convertible notes	60,000	60,000
Total liabilities	306,156	140,120
Stockholders' equity:
Preferred stock, $0.001 par value per share, 15,000,000 shares authorized, zero shares issued and outstanding	0	0
Common stock, $0.001 par value per share, 150,000,000 shares authorized, 85,235,591 and 68,861,366 shares issued and outstanding at December 31, 2015 and 2014, respectively	85	69
Additional paid-in capital	441,601	306,832
Accumulated other comprehensive loss	(1,377)	(60)
Accumulated deficit	(323,117)	(257,895)
Total stockholders' equity	117,192	48,946
Total Liabilities and Stockholders' Equity	$ 423,348	$ 189,066

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock issued (in shares)	85,235,591	68,861,366
Common stock, shares outstanding (in shares)	85,235,591	68,861,366

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Product revenue	$ 94,190	$ 69,497	$ 16,872
Collaborative revenue	50
Total revenue	94,240	69,497	16,872
Cost of sales	12,621	9,416	1,653
Gross profit	81,619	60,081	15,219
Operating expenses:
Research and development	58,634	43,477	29,177
Selling, general and administrative	71,443	56,654	37,948
Total operating expenses	130,077	100,131	67,125
Loss from operations	(48,458)	(40,050)	(51,906)
Interest income	255	76	188
Interest expense	(15,793)	(13,971)	(6,832)
Foreign currency transaction gain (loss)	(287)	261	8
Loss on short-term investments			(128)
Adjustment to fair value of common stock warrants	(495)	(1,148)	(10,747)
Other income		2,346
Loss before provision for income taxes	(64,778)	(52,486)	(69,417)
Provision for income taxes	444	54
Net Loss	(65,222)	(52,540)	(69,417)
Other comprehensive income (loss):
Foreign currency translation gain (loss), net of tax	(1,317)	323	(268)
Comprehensive Loss	$ (66,539)	$ (52,217)	$ (69,685)
Net loss per share:
Basic and diluted	$ (0.83)	$ (0.83)	$ (1.20)
Weighted-average shares outstanding:
Basic and diluted	78,878,500	63,213,504	57,860,366

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2012	$ 19,944	$ 52	$ 155,945	$ (115)	$ (135,938)
Balance (in shares) at Dec. 31, 2012		52,425
Net loss	(69,417)	$ 0	0	0	(69,417)
Other comprehensive income (loss)	(268)	0	0	(268)	0
Issuance of common stock:
At-the-market financing facility, net of offering costs	38,394	$ 5	38,389	0	0
At-the-market financing facility, net of offering costs (in shares)		4,939
Exercise of common stock options	$ 2,475	$ 1	2,474	0	0
Exercise of common stock options (in shares)	0	651
Exercise of common stock warrants	$ 10,326	$ 4	10,322	0	0
Exercise of common stock warrants (in shares)		3,600
Reclassification of the fair value of warrant liabilities upon exercise	20,086	$ 0	20,086	0	0
Stock-based compensation	7,030	0	7,030	0	0
Foreign Currency Transaltion loss	(268)
Balance at Dec. 31, 2013	28,570	$ 62	234,246	(383)	(205,355)
Balance (in shares) at Dec. 31, 2013		61,615
Net loss	(52,540)	$ 0	0	0	(52,540)
Other comprehensive income (loss)	323	0	0	323	0
Issuance of common stock:
Employee stock purchase plan	179	$ 0	179	0	0
Employee stock purchase plan (in shares)		21
At-the-market financing facility, net of offering costs	44,463	$ 4	44,459	0	0
At-the-market financing facility, net of offering costs (in shares)		4,970
Exercise of common stock options	6,576	$ 2	6,574	0	0
Exercise of common stock options (in shares)		1,643
Exercise of common stock warrants	$ 1,826	$ 1	1,825	0	0
Exercise of common stock warrants (in shares)	611,606	612
Reclassification of the fair value of warrant liabilities upon exercise	$ 7,503	$ 0	7,503	0	0
Stock-based compensation	12,046	0	12,046	0	0
Foreign Currency Transaltion loss	323
Balance at Dec. 31, 2014	48,946	$ 69	306,832	(60)	(257,895)
Balance (in shares) at Dec. 31, 2014		68,861
Net loss	(65,222)	$ 0	0	0	(65,222)
Other comprehensive income (loss)	(1,317)	0	0	(1,317)	0
Issuance of common stock:
Employee stock purchase plan	938	$ 0	938	0	0
Employee stock purchase plan (in shares)		141
Sale of common stock	92,049	$ 11	92,038	0	0
Sale of common stock (in shares)		10,925
Restricted stock units	0	$ 0	0	0	0
Restricted stock units (in shares)		10
Exercise of common stock options	6,608	$ 2	6,606	0	0
Exercise of common stock options (in shares)		1,567
Exercise of common stock warrants	$ 301	$ 0	301	0	0
Exercise of common stock warrants (in shares)	284,047	284
Consultant stock-based compensation expense	$ 20	$ 0	20	0	0
Restricted stock units	0	$ 0	0	0	0
Restricted stock units (in shares)		10
Common stock issued for QUINSAIR acquisition	20,860	$ 3	20,857	0	0
Common stock issued for QUINSAIR acquisition (in shares)		3,448
Reclassification of the fair value of warrant liabilities upon exercise	1,206	$ 0	1,206	0	0
Stock-based compensation	12,803	0	12,803	0	0
Foreign Currency Transaltion loss	(1,317)
Balance at Dec. 31, 2015	$ 117,192	$ 85	$ 441,601	$ (1,377)	$ (323,117)
Balance (in shares) at Dec. 31, 2015		85,236

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (65,222)	$ (52,540)	$ (69,417)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	12,823	12,046	7,030
Fair value adjustment of common stock warrants	495	1,148	10,747
Amortization of intangible assets	311	239	193
Depreciation of property and equipment	1,310	798	244
Deferred income taxes	303
Realized loss (gain) on disposal/sale of property and equipment		219	(12)
Loss on short-term investments			128
Amortization of debt issuance cost	1,215	1,626	433
Changes in assets and liabilities:
Accounts receivable	(5,973)	(1,274)	(6,181)
Inventories	2,627	(6,134)	(3,000)
Prepaid expenses and other assets	438	572	(2,028)
Deposits	(659)
Accounts payable	2,970	(2,714)	(114)
Accrued liabilities	5,203	3,731	10,683
Deferred revenue		(4,698)	4,698
Net cash used in operating activities	(44,159)	(46,981)	(46,596)
Cash flows from investing activities:
Net purchase of property and equipment	(2,890)	(5,086)	(1,586)
Purchase of short-term investments			(147)
Sale of short-term investments			22,114
Intangible assets			(1,250)
Change in restricted cash	492	(1,062)	(337)
Acquisition of QUINSAIR	(35,370)
Net cash (used in) provided by investing activities	(37,768)	(6,148)	18,794
Cash flows from financing activities:
Proceeds from sale of common stock, net	92,049
Proceeds from sale of common stock under ATM agreement		44,463	38,394
Proceeds from the exercise of common stock warrants	301	1,826	10,326
Proceeds from the exercise of common stock options and ESPP	7,546	6,755	2,475
Proceeds from issuance of debt		70,000	25,000
Debt issuance costs		(3,521)	(1,260)
Principal payments on debt	(9,000)
Offering costs		(156)	(126)
Net cash provided by financing activities	90,896	119,367	74,809
Effect of exchange rates on cash and cash equivalents	(1,230)	323	(268)
Net increase in cash and cash equivalents	7,739	66,561	46,739
Cash and cash equivalents, beginning of period	149,613	83,052	36,313
Cash and Cash Equivalents, End of Period	157,352	149,613	83,052
Supplemental cash flow information:
Interest paid	14,328	11,654	5,412
Income taxes paid	384	176	2
Supplemental disclosure of non-cash investing and financing activities:
Common stock issued in connection with QUINSAIR acquisition	20,860
Contingent consideration recognized in connection with QUINSAIR acquisition	166,800
Reclassification of the fair value of warrant liabilities upon exercise	$ 1,206	$ 7,503	$ 20,086

NATURE OF OPERATIONS AND BUSINE

NATURE OF OPERATIONS AND BUSINESS RISKS	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
NATURE OF OPERATIONS AND BUSINESS RISKS	1. NATURE OF OPERATIONS AND BUSINESS RISKS The accompanying consolidated financial statements reflect the financial position and results of operations of Raptor Pharmaceutical Corp. (the "Company" or "Raptor") and have been prepared in accordance with the accounting principles generally accepted in the United States of America ("GAAP"). Raptor is a biopharmaceutical company focused on developing and commercializing transformative treatments for people affected by rare and debilitating diseases. The Company’s first product, PROCYSBI® (cysteamine bitartrate) delayed-release capsules (“PROCYSBI”), received marketing approval from the U.S. Food and Drug Administration (“FDA”) on April 30, 2013 for the management of nephropathic cystinosis in adults and children six years and older. On August 14, 2015 the Company received FDA approval for the expanded use of PROCYSBI to treat children two to six years of age with nephropathic cystinosis. In Europe, PROCYSBI® gastro-resistant hard capsules of cysteamine (as mercaptamine bitartrate), received marketing authorization on September 6, 2013 from the European Commission (“EC”), for marketing in the European Union (“EU”) as an orphan medicinal product for the management of proven nephropathic cystinosis. PROCYSBI received seven years of market exclusivity, through 2020, as an orphan drug in the United States and ten years of market exclusivity, through 2023, as an orphan drug in Europe. The Company commenced commercial sales of PROCYSBI in the United States in June 2013, and in Europe in April 2014. For at least the near term, the Company’s ability to generate revenue is dependent upon sales of PROCYSBI in the United States for the management of nephropathic cystinosis in adults and children two years and older and in the EU for the management of proven nephropathic cystinosis. In October 2015, we acquired various assets and rights related to levofloxacin solution for inhalation, a pharmaceutical product also known as “MP-376” and commercially as “QUINSAIR,” from Tripex Pharmaceuticals, LLC (“Tripex”). QUINSAIR received marketing authorization by the EC for treating chronic lung infection caused by the bacteria Pseudomonas aeruginosa Pseudomonas aeruginosa Raptor’s development pipeline includes its proprietary delayed-release form of cysteamine, or RP103, the investigational form of PROCYSBI and MP-376, the investigational form of QUINSAIR. Raptor currently has product candidates in clinical development designed to potentially treat Huntington’s disease (“HD”) and Leigh syndrome and other mitochondrial disorders. Raptor’s preclinical programs are based upon bioengineered novel drug candidates that are designed to address rare and orphan indications. Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company’s direct and indirect wholly owned subsidiaries: Raptor Pharmaceuticals Inc., formerly known as Raptor Therapeutics Inc., which merged with Raptor Discoveries Inc. in December 2012 prior to changing its name, and Raptor European Products, LLC, each of which was incorporated in Delaware on August 1, 2007, and February 14, 2012, respectively, and Raptor Pharmaceuticals Europe B.V. (“BV”), Raptor Pharmaceuticals France SAS (“SAS”), Raptor Pharmaceuticals Germany GmbH (“GMBH”) and RPTP European Holdings C.V. (“CV”), domiciled in the Netherlands on December 15, 2009, in France on October 30, 2012, in Germany on October 16, 2013 and in the Cayman Islands on February 16, 2012, respectively. All inter-company accounts have been eliminated. Net assets in foreign countries totaled $ 4.5 million and $5.8 million at December 31, 2015 and 2014, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Functional Currency The Company’s consolidated functional currency is the U.S. dollar. BV, SAS, and GMBH, the Company’s Dutch subsidiary, French subsidiary, and German subsidiary, respectively, use the European Euro as their functional currency. The CV subsidiary, a Cayman-based subsidiary, uses the U.S dollar as its functional currency. At each quarter end, each foreign subsidiary’s balance sheets are translated into U.S. dollars based upon the quarter-end exchange rate, while their statements of operations and comprehensive loss are translated into U.S. dollars based upon an average exchange rate during the period. Segment Information The Company has determined that it operates in only one segment, as it only reports profit and loss information on an aggregate basis to its chief operating decision maker. The Company’s long-lived assets maintained outside the United States are not material. Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments including cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates. The Company previously recorded a common stock warrant liability which was carried at fair value and, determined using the Black-Scholes option valuation model at the end of each reporting period. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. The Company maintains cash and cash equivalents, which consist principally of money market funds, with high credit quality financial institutions. Such amounts exceed Federal Deposit Insurance Corporation insurance limits. As of December 31, 2015, the Company had $157.4 million in cash and cash equivalents, of which $6.9 million was held by its foreign subsidiaries. Restricted Cash Restricted cash represents certificates of deposit and compensating balances required by the Company’s U.S. and European banks as collateral for credit cards and for access to a value-added tax deferral program. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company estimates its allowance for doubtful accounts based upon an assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of customers, current economic conditions, and other factors that may affect customers’ ability to pay. To date, the Company has not experienced significant losses with respect to the collection of accounts receivable. Revenue Recognition and Accounts Receivable The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred and risk of loss has passed; the seller’s price to the buyer is fixed or determinable and collectability is reasonably assured. The Company determines that persuasive evidence of an arrangement exists based on written contracts that define the terms of its revenue arrangements. Pursuant to the contract terms, the Company determines when title to products and associated risk of loss has passed on to the customer. The Company assesses whether the Company’s product and/or revenue fees are fixed or determinable based on the payment terms associated with the corresponding transaction and whether the sales price and/or fees are subject to refund or adjustment. The Company assesses collectability based primarily on the customer’s payment history and creditworthiness, and records a reserve for product returns based upon timing and history of similar product sales and returns in the pharmaceutical industry. PROCYSBI is currently distributed in the U.S. by a specialty pharmacy distributor, the Accredo Health Group, Inc. (“Accredo”) which is currently the Company’s only U.S. customer and which subsequently ships directly to patients. The Company’s distributor in the EU and other territories outside the U.S. is the Almac Group, Ltd., which ships directly to pharmacies after a prescription for PROCYSBI has been received. PROCYSBI is not available in U.S. retail pharmacies. Authorization of coverage by patients’ commercial insurance plans, Raptor’s patient assistance program (“PAP”) or government payors is a prerequisite to the shipment of PROCYSBI to U.S. patients. Prior to the third quarter of 2014, revenue from the sale of PROCYSBI in the U.S. was recognized based on the amount of product sold through to the patients. Beginning July 2014, the Company was able to reasonably estimate and determine sales allowances in the U.S.; therefore the Company began recognizing PROCYSBI revenue in the U.S. at the point of sale to the specialty pharmacy, which resulted in a one-time non-recurring recognition of an additional $4.4 million in net revenues during the three months ended September 30, 2014. Revenue is currently recognized in the EU once confirmed orders from pharmacies have been shipped and invoiced for payment by the distributor on the Company’s behalf. The Company records revenue net of expected discounts, distributor fees, and rebates, including government rebates such as Medicare and Medicaid in the U.S. Allowances are recorded as a reduction of revenue at the time product sales are recognized. Allowances for government rebates and discounts are established based on the actual payor and payor mix information, which is known in the U.S. at the time of shipment to the distributor and in Europe at the time of shipment to pharmacies, and the government-mandated discount rates applicable to government-funded programs. There is a significant time lag in us receiving these rebate notices (generally several months after our sale is made). The Company’s estimates are based on our historical claims from participating state governments, as supplemented by management’s judgment. The allowances are adjusted to reflect known changes in the factors that may impact such allowances in the quarter the changes are known. Inventories and Cost of Sales Inventories are stated at the lower of cost or market price, with cost determined on a first-in, first-out basis. Inventories are reviewed periodically to identify slow-moving inventory based on sales activity, both projected and historical, as well as product shelf-life. Products that have been approved by the FDA or other regulatory authorities are also used in clinical programs, to assess the safety and efficacy of the products for usage in diseases or patients that have not been approved by the FDA or other regulatory authorities. The form of PROCYSBI utilized for both commercial and clinical programs is identical and, as a result, the inventory has an “alternative future use” as defined in authoritative accounting guidance. Raw materials and purchased drug product associated with clinical development programs are included in inventory and charged to research and development expense when the product enters the research and development process and/or no longer can be used for commercial purposes and, therefore, does not have an “alternative future use.” Upon launching PROCYSBI in June 2013 in the United States and in April 2014 in the EU, the Company began recognizing cost of sales. Cost of sales includes the cost of inventory sold or reserved; manufacturing, manufacturing overhead and supply chain costs; inventory variance amortization; product shipping and handling costs; and amortization of licensing approval milestone payments and licensing royalties payable to the University of California, San Diego (“UCSD”). Property and Equipment Property and equipment, which mainly consist of leasehold improvements, office furniture, lab equipment and computer hardware and software, are stated at cost. Depreciation is computed using the straight-line method over the related estimated useful lives, except for leasehold improvements, which are depreciated over the shorter of the useful life of the asset or the lease term. Significant additions and improvements that have useful lives estimated at greater than one year are capitalized, while repairs and maintenance are charged to expense as incurred. Goodwill and Intangible Assets Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets with indefinite useful lives are related to purchased in-process research and development (IPR&D) projects and are measured at their respective fair values as of the acquisition date. The Company does not amortize goodwill and intangible assets with indefinite useful lives. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, which generally occurs if and when marketing approval is obtained, the associated assets are deemed finite-lived and are amortized based on their respective estimated useful lives at that point in time. The Company tests goodwill and other indefinite-lived intangible assets for impairment on an annual basis and in between annual tests if any events or changes occur that would indicate the fair values of the assets are below their carrying amounts. Intangible assets with finite useful lives are amortized over their estimated useful lives on a straight-line basis, and are reviewed for impairment when facts or circumstances suggest that the carrying value of these assets may not be recoverable. Common Stock Warrant Liabilities The Company previously issued common stock warrants that contained conditional obligations that may have required the Company to transfer cash to settle the warrants upon the occurrence of certain fundamental transactions. Therefore, the Company classified such warrants as liabilities. At each reporting period, the Company re-measured the common stock warrant liability at the end of every reporting period with the change in value reported in the Company’s consolidated statements of operations and comprehensive loss. At the exercise date, the fair values of these warrants were re-measured and reclassified to equity. As of December 31, 2015, all common stock warrants had been exercised or expired. Debt Issuance Costs Debt issuance costs are expenses associated with the loan agreements with HC Royalty and the issuance of convertible notes (see Note 8). Debt issuance costs which were capitalized are being amortized over the life of the respective debt to interest expense using the interest method. Debt issuance costs are a component of Other Assets on the Company’s consolidated balance sheets. Other Income In 2014, the Company recorded other income of $2.3 million related to disgorgement of alleged short-swing profits under Section 16(b) of the Securities Exchange Act of 1934 from a stockholder. This amount is recorded as Other Income Net Loss per Share Net loss per share is calculated by dividing net loss by the weighted-average shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing net loss by the weighted-average shares of common stock outstanding and potential shares of common stock during the period. For all periods presented, potentially dilutive securities are excluded from the computation of fully diluted net loss per share as their effect is anti-dilutive. Potentially dilutive securities include: Year Ended December 31, 2015 2014 2013 Warrants to purchase common stock — 334,764 946,370 Options to purchase common stock 8,790,474 8,857,961 8,217,674 Restricted stock unit awards outstanding 448,777 Convertible debt 3,428,571 3,428,571 — Total Potentially Dilutive Securities 12,667,822 12,621,296 9,164,044 Stock-Based Compensation Compensation costs related to the Company’s stock incentive plans are measured at the grant date based on the fair value of the equity instruments awarded and are recognized over the period during which an employee is required to provide service in exchange for the award, or the requisite service period, which is usually the vesting period. Compensation expense for stock-based compensation awards is reduced by an estimate for forfeitures. Research and Development Research and development costs are charged to expense as incurred. Research and development expenses primarily include salaries and benefits for medical, clinical, regulatory, quality, pharmacovigilance, preclinical, and research personnel, costs related to research activities, preclinical and nonclinical studies, clinical trials, and drug manufacturing expenses, including certain commercial drug manufacturing expenses prior to obtaining marketing approval. Advertising Expenses The Company expenses advertising costs, including promotional expenses, as incurred. For the years ended December 31, 2015, and 2014 advertising expenses were $2.9 million and $1.4 million, respectively. Income Taxes Income taxes are recorded under the liability method, under which deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Based on the weight of available evidence, including cumulative losses since inception and expected future losses, the Company has determined that it is more likely than not that the deferred tax asset amount will not be realized and therefore a full valuation allowance has been provided on the Company’s net deferred tax assets. The Company identifies uncertain tax positions and discloses any potential tax liability on its financial statements. The Company recognizes interest and/or penalties related to income tax matters as a component of income tax expense. As of December 31, 2015, there were no accrued uncertain tax positions or interest and penalties related to uncertain tax positions. The Company files U.S. federal, California state, and various other state and foreign country income tax returns. The Company is currently not subject to any income tax examinations. Due to the Company’s net operating losses (“NOLs”), generally all tax years remain open. Reclassifications Certain amounts previously reported under specific financial statement captions have been reclassified to be consistent with the current period presentation. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In applying the revenue model to contracts within its scope, the Company will: identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 by one year for all entities and permits early adoption on a limited basis. ASU 2014-09 will be effective for the Company in the first quarter of 2018, and early adoption permitted in the first quarter of 2017. The Company does not believe the adoption of this ASU will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The ASU requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is “substantial doubt about the entity’s ability to continue as a going concern.” This ASU is effective for the Company in the first quarter of 2018, and early adoption permitted. The Company does not expect the adoption of the amendments to have a material effect on its financial condition and results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which amends the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as a deferred charge as presented under current guidance. ASU 2015-03 is effective for the Company in the first quarter of 2016 and must be applied retrospectively. Early adoption is permitted. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest, to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements given the lack of guidance on this topic in ASU 2015-03. The SEC staff has announced that it would “not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement.” The adoption of this amendment would result in a balance sheet reclassification of the Company’s $3.8 million unamortized debt issuance costs balance of December 31, 2015 to a reduction in the carrying amount of the related debt liability. This amendment will not affect the Company’s results of operations. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, which requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 is effective for the Company in the first quarter of 2017 and is to be applied prospectively. Early adoption is permitted. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments which allows entities to recognize adjustments to provisional amounts in the period adjustment is identified rather than retrospectively. In-period adjustments must be disclosed. This ASU is effective for the Company in the first quarter of 2016. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. Early adoption is permitted for financial statements that have not been issued. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This is part of FASB’s simplification initiative. The amendments in this ASU require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for the Company in the first quarter of 2017. Early adoption is permitted. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	3. FAIR VALUE MEASUREMENT The Company uses a fair value approach to value certain assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: · Level 1 –Quoted market prices in active markets for identical assets or liabilities; · Level 2 –Inputs other than level one inputs that are either directly or indirectly observable; and · Level 3 –Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each reporting period. There were no transfers between Level 1, 2 or 3 of the fair value hierarchy during the years ended December 31, 2015 and 2014. The following table presents the assets and liabilities recorded that are reported at fair value on our consolidated balance sheets on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis (In thousands) December 31, 2015 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 147,007 $ — $ — $ 147,007 Total $ 147,007 $ — $ — $ 147,007 Liabilities Contingent Consideration Liability $ — $ — $ 166,800 $ 166,800 Total $ — $ — $ 166,800 $ 166,800 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 137,938 $ — $ — $ 137,938 Total $ 137,938 $ — $ — $ 137,938 Liabilities Common stock warrants $ — $ — $ 711 $ 711 Total $ — $ — $ 711 $ 711 (1) Cash equivalents represent the fair value of the Company’s investments in money market funds at December 31, 2015 and 2014. The following table presents a reconciliation of the Company’s recurring fair value measurements categorized within Level 3 of the fair value hierarchy (liability-classified common stock warrants). See Note 11 for additional information regarding the fair value of the contingent consideration liability. Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis – Common Stock Warrants Year Ended December 31, (In thousands) 2015 2014 2013 Beginning fair value $ 711 $ 7,066 $ 16,405 Change in fair value recognized in earnings 495 1,148 10,747 Exercises (1,206 ) (7,503 ) (20,086 ) Ending Fair Value $ — $ 711 $ 7,066 Certain of the Company’s previously outstanding common stock warrants were classified as liabilities and were, therefore, re-measured using the Black-Scholes option valuation model at the end of each reporting period with the change in value reported in the Company’s consolidated statements of operations and comprehensive loss. At December 31, 2015, all common stock warrants subject to liability classification had been exercised or expired. Effect of Raptor’s Stock Price and Volatility Assumptions on the Calculation of Fair Value of Warrant Liabilities As discussed above, the Company uses the Black-Scholes option pricing model as its method of valuation for warrants that are subject to warrant liability accounting. The determination of fair value as of the reporting date is affected by Raptor’s stock price as well as assumptions regarding a number of subjective variables. These variables include, but are not limited to, expected stock price volatility over the term of the security and risk-free interest rate. The primary factors affecting the fair value of the warrant liability are the Company’s stock price and volatility. Fair Value of Certain Financial Liabilities The following table presents the carrying value and fair value of certain financial liabilities that are recorded on the Company’s consolidated balance sheets. December 31, 2015 December 31, 2014 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Note payable $ 51,000 $ 63,004 $ 60,000 $ 65,522 Convertible notes 60,000 44,975 60,000 56,760

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consist of raw materials, work-in-process and finished goods related to the manufacture of PROCYSBI. Raw materials include the active pharmaceutical ingredient (“API”), cysteamine bitartrate and materials that may be used for clinical trials, which are charged to research and development expense when consumed. Work-in-process includes third party manufacturing cost and an overhead allocation of the Company’s manufacturing and quality testing expenses. Inventories are summarized as follows: December 31, (In thousands) 2015 2014 Raw materials $ 2,681 $ 6,290 Work-in-process 1,824 721 Finished goods 1,919 2,123 Total Inventories $ 6,424 $ 9,134

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT The following table presents the components of property and equipment and their estimated useful lives. December 31, Estimated (In thousands) 2015 2014 useful lives Manufacturing equipment $ 4,262 $ 2,393 — Office furniture 2,344 2,198 7 years Laboratory equipment 1,721 1,373 5 years Computer hardware and software 1,364 815 3 years Leasehold improvements 583 470 Lease term Total at cost 10,274 7,249 Less: accumulated depreciation (2,630 ) (1,369 ) Total Property and Equipment, Net $ 7,644 $ 5,880 Depreciation expense for the years ended December 31, 2015 and 2014 was $1.3 million and $0.8 million, respectively.

NET PRODUCT REVENUES BY GEOGRAP

NET PRODUCT REVENUES BY GEOGRAPHIC REGION AND NET PRODUCT REVENUES BY SIGNIFICANT CUSTOMERS	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
NET PRODUCT REVENUES BY GEOGRAPHIC REGION AND NET PRODUCT REVENUES BY SIGNIFICANT CUSTOMERS	6. NET PRODUCT REVENUES BY GEOGRAPHIC REGION AND NET PRODUCT REVENUES BY SIGNIFICANT CUSTOMERS Net Product Revenues by Geographic Region For the Year Ended December 31, (In millions) 2015 2014 2013 United States $ 86.5 $ 66.8 $ 16.9 International 7.7 2.7 — Total Net Product Revenues by Geographic Region $ 94.2 $ 69.5 $ 16.9 Net Product Revenues by Significant Customer Sales to our significant customer, Accredo Health Services, totaled $86.5 million, or 91.82% for 2015, $66.8 million, or 96.12% for 2014, and $16.8, or 100% for 2013 of net product revenue.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	7. GOODWILL AND INTANGIBLE ASSETS On December 14, 2007, the Company acquired the intellectual property and other rights to develop RP103 to treat various clinical indications from UCSD by way of a merger with Encode Pharmaceuticals, Inc., a privately held development stage company (“Encode”), which held the intellectual property license with UCSD. The fair value of the intangible assets at the time of acquisition was approximately $2.6 million. Pursuant to the license agreement with UCSD, the Company is obligated to pay an annual maintenance fee until the commencement of commercial sales of any licensed products is developed. The Company is also obligated to pay milestone payments upon the occurrence of certain events, royalties on net sales from products developed pursuant to the license agreement and a percentage of sublicense fees or royalties, if any. The Company is obligated to fulfill predetermined milestones within a specified number of years from the effective date of the license agreement, depending on the indication. To the extent that the Company fails to perform these obligations under the agreement, UCSD may terminate the license or otherwise cause the license to become non-exclusive. In April 2013, the Company announced that the FDA approved PROCYSBI (cysteamine bitartrate) delayed release capsules for the management of nephropathic cystinosis in adults and children six years and older. Subsequently, in September 2013, the Company announced that the EC approved PROCYSBI® gastro-resistant hard capsules of cysteamine (as mercaptamine bitartrate) as an orphan medicinal product for the management of proven nephropathic cystinosis for marketing in the EU. The Company paid milestone payments to UCSD during the second and third quarters of 2013 of $0.8 million and $0.5 million, respectively, in conjunction with these approvals, which were capitalized as intangible assets. In October 2015, the Company acquired the intellectual property and other rights to develop QUINSAIR from Tripex Pharmaceuticals, LLC (“Tripex”) for the management of chronic pulmonary infections due to Pseudomonas aeruginosa A summary of intangibles acquired is as follows: Useful Life December 31, (In thousands) (Years) 2015 2014 IPR&D QUINSAIR Indefinite $ 210,600 $ — Developed technology - QUINSAIR 11.0 3,200 $ — IP license for RP103 related to the Encode merger 20.0 2,620 2,620 UCSD license - FDA and EC approval milestones 14.0 1,250 1,250 Other intangible assets 16.0 240 240 Total intangible assets 217,910 4,110 Less accumulated amortization (1,447 ) (1,136 ) Intangible Assets, Net $ 216,463 $ 2,974 The intangible assets (developed technology) related to the QUINSAIR developed technology are being amortized over an estimated useful life of 11 years, which is the life of the intellectual property patents. The intangible assets related to RP103 are being amortized over an estimated useful life of 20 years, which is the life of the intellectual property patents. The 14 year estimated useful life is also based upon the typical development, approval, marketing and life cycle management timelines of pharmaceutical drug products. Other intangible assets are being amortized using the straight-line method over an estimated useful life of 16 years, which is the life of the intellectual property patents. The above definite-lived intangibles do not have any residual value beyond the assets’ useful lives. During the years ended December 31, 2015 and 2014, there was no intangible asset impairment recognized. During the years ended December 31, 2015 and 2014, the Company amortized $146 thousand, and $146 thousand, respectively, of intangible assets to research and development expense. Amortization expense for intangible assets for each of the next five years is as follows: (In thousands) Amortization Expense 2016 $ 529 2017 529 2018 529 2019 529 2020 529 The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows: (In thousands) Balance as of December 31, 2014 and 2013 $ 3,275 Goodwill acquired 8,948 Goodwill, Net $ 12,223 The Company tested the carrying value of goodwill for impairment as of December 31, 2015 and determined that there was no impairment.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
ACCRUED LIABILITIES	8. ACCRUED LIABILITIES Accrued liabilities consisted of: December 31, (In thousands) 2015 2014 Personnel-related costs $ 7,601 $ 6,879 Rebates and other sales deductions 2,833 3,231 Clinical trials and research and development costs 5,076 2,522 License royalty payable 1,352 972 Royalty-based interest payable 2,008 369 Manufacturing costs 1,577 284 Business development & legal costs 1,030 333 Other 1,153 2,269 Total Accrued Liabilities $ 22,630 $ 16,859 The roll forward of significant estimated accrued rebates, reserve for cash discounts and product returns for the years ended December 31, 2015, and 2014 were as follows: Beginning Balance Provision for Current Period Sales Provision for Prior Period Sales Actual Returns/ Credits Related to Current Period Sales Actual Returns/ Credits Related to Prior Period Sales Outstanding Balance at Year End December 31, 2015 Accrued rebates $ 2,935 $ 6,250 $ 239 $ (3,712 ) $ (3,174 ) $ 2,538 Reserve for cash discounts 215 1,821 41 (1,563 ) (256 ) 258 Product returns 296 — — — — 296 December 31, 2014 Accrued rebates $ 2,029 $ 5,950 $ (1,135 ) $ (3,388 ) $ (521 ) $ 2,935 Reserve for cash discounts 126 1,725 — (1,511 ) (125 ) 215 Product returns 296 — — — — 296 The Company accrued approximately $2.5 million and $2.9 million for estimated rebate payments at December 31, 2015 and 2014, respectively. The Company evaluates its historical rebate payments by product as a percentage of historical sales in order to estimate its accrued rebates in proportion to revenue. Management has determined that a one-year look back represents a reasonable approach for assessing its rebate liabilities, and as of December 31, 2015 believes that it has adequately reserved for known and potentially unknown incurred rebates. The Company accrued approximately $0.3 million and $0.2 million for the estimated cost of prompt-payment discounts at December 31, 2015 and 2014, respectively. These amounts are estimated based upon payment terms with each of the Company’s customers. The Company considered the need for a reserve for possible product returns sold during the years ended December 31, 2015 and 2014 respectively. The Company determined an allowance of $0.3 million at December 31, 2015 and 2014, respectively, was necessary for possible product returns from its distributor. These amounts are estimated based upon the timing and history of similar product sales in the pharmaceutical industry. As of December 31, 2015, no products had been returned.

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
NOTE PAYABLE	9. NOTE PAYABLE On December 20, 2012, the Company entered into a loan agreement with HC Royalty, as lender, under which it agreed to borrow $50.0 million in two $25.0 million tranches. The Company received $23.4 million in net proceeds from the first tranche of the loan at closing in December 2012 and an additional $23.7 million in net proceeds in May 2013 from the second tranche upon FDA approval of PROCYSBI. In July 2014, the Company entered into an amended and restated loan agreement with HC Royalty which revised the terms of the 2012 loan agreement between the Company and HC Royalty, and also provided for an additional $10.0 million in term loan funding. The interest rate was revised to an annual fixed rate of 8.0%, compared to the original interest rate of 10.75%. The loan also contains a synthetic royalty component based on net product revenues, including revenues from the sale of PROCYSBI, in each calendar year, and such royalty is payable quarterly. The variable royalty rate under the amended and restated loan agreement has been revised to 8.0% on the first $50.0 million of revenue and 2.0% on revenue in excess of $50.0 million. The first quarterly principal payment of $3.0 million was paid by the Company in June 2015. All term loans under the amended and restated loan agreement mature on March 31, 2020. The loan and the Company’s obligation to make payments thereunder will terminate immediately when all payments received by HC Royalty equal $120.0 million. Prior to July 1, 2014, with respect to the first $25.0 million tranche, for each calendar year (prorated for any portion thereof), the loan bore a royalty rate of 6.25% of the first $25.0 million of product net revenues, 3.0% of product net revenues for such calendar year in excess of $25.0 million and up to $50.0 million, and 1.0% of product net revenues for such calendar year in excess of $50.0 million, payable quarterly. Prior to July 1, 2014, with respect to the second $25.0 million tranche, for each calendar year (prorated for any portion thereof), the loan bore a variable royalty interest rate of 6.0% of the first $25.0 million of net product revenues for such calendar year, 3.0% of product net revenues for such calendar year in excess of $25.0 million and up to $50.0 million, and 1.0% of product net revenues for such calendar year in excess of $50.0 million, payable quarterly. The Company’s amended and restated loan agreement with HC Royalty includes affirmative and negative covenants, including the use of commercially reasonable efforts to exploit RP103 in specific markets and compliance with laws, as well as restrictions on mergers and sales of assets, incurrence of liens, incurrence of indebtedness and transactions with affiliates and other requirements. To secure the performance of the Company’s obligations under the loan, the Company granted a security interest to HC Royalty in substantially all of its assets, the assets of its domestic subsidiaries and a pledge of stock of certain of its domestic subsidiaries. The Company’s failure to comply with the terms of the loan and related documents, the occurrence of a change of control of the Company or the occurrence of an uncured material adverse effect on the Company or the occurrence of certain other specified events, will result in an event of default under the loan that, if not cured or waived, could result in the acceleration of the payment of all of its indebtedness, as well as prepayment penalties, to HC Royalty and interest thereon. Under the terms of the security agreement, in an event of default, HC Royalty can potentially take possession of, foreclose on, sell, assign or grant a license to use, the Company’s pledged collateral and assign and transfer the pledged stock of certain of its subsidiaries. The Company received marketing approval of PROCYSBI from the FDA on April 30, 2013 and commenced shipment of PROCYSBI during June 2013, and as a result, variable royalty interest became payable to HC Royalty based upon net revenues of PROCYSBI. Interest expense on the loan, excluding amortization of debt issuance costs, for the years ended December 31, 2015, 2014, and 2013 was approximately $9.8 million, $10.6 million, and $6.8 million, respectively. The following table presents contractual principal payments of the note payable at December 31, 2015. (In thousands) Note 2016 $ 12,000 2017 12,000 2018 12,000 2019 12,000 2020 3,000 Total $ 51,000 Unamortized debt issuance costs on the loan agreement totaled $1.5 million and $2.3 million at December 31, 2015 and 2014, respectively. Amortization expense was $0.7 million, $1.0 million and $0.4 million for the years ended December 31, 2015, 2014, and 2013, respectively.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	12 Months Ended
	Dec. 31, 2015
Convertible Notes [Abstract]
CONVERTIBLE NOTES	10. CONVERTIBLE NOTES In July 2014, the Company sold $60.0 million aggregate principal amount of 8.0% convertible senior notes due 2019 to HC Royalty and other purchasers. These convertible notes require quarterly interest distributions at a fixed coupon rate equal to 8.0% until maturity or conversion, which will be no later than August 1, 2019. The convertible senior notes are convertible at the option of the holder at a conversion rate of 57.14 common shares per $1,000 principal amount of convertible senior notes at issuance (equivalent to a conversion price of $17.50 per common share), subject to adjustment in certain events. Upon conversion of these convertible senior notes by a holder, the holder will receive shares of the Company’s common stock. In addition, the Company may elect to exercise the optional redemption, as defined in the note purchase agreement, in which case the convertible senior notes will convert into shares of common stock if the price of the common stock is at or above 175% of the applicable conversion price over a 30 consecutive day period. Upon the occurrence of a “change of control”, as defined in the note purchase agreement, the holders may require the Company to repurchase all or a portion of the notes for cash at 100% of the principal amount of the notes being purchased, plus a repayment premium and any accrued and unpaid interest. To secure the performance of the Company’s obligations under the convertible notes agreement, the Company has assigned certain of its assets as collateral. Interest expense on convertible notes, excluding amortization of debt issuance costs, was $4.8 million and $2.1 million for the years ended December 31, 2015 and 2014, respectively. Unamortized debt issuance costs on these convertible notes totaled $2.3 million and $2.8 million at December 31, 2015 and 2014, respectively. Amortization expense for the years ended December 31, 2015 and 2014 was $0.5 million and $0.2 million, respectively.

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
BUSINESS COMBINATION	11. BUSINESS COMBINATION (a) Acquisition of QUINSAIR Acquisition Overview On October 5, 2015, the Company completed the acquisition of QUINSAIR from Tripex. The Company acquired exclusive global rights and assets to develop, manufacture and commercialize QUINSAIR a levofloxacin solution for inhalation. At closing, the Company paid Tripex approximately $35.4 million in cash consideration, subject to a deduction for payment of costs for representations and warranties insurance, and an amount to be held in escrow, and issued to Tripex 3,448,001 shares of Raptor common stock. In addition, the purchase agreement provides for contingent payments of up to $350 million associated with development, regulatory and commercial milestones, a portion of which is also payable in Raptor common stock at the Company’s election, and a single digit royalty on future global net sales. The Company has single-digit royalty and contingent obligations to two additional parties involved in QUINSAIR’s development. Consideration transferred The acquisition-date fair value of the consideration transferred consisted of the following items: (In thousands) Cash consideration $ 35,370 Stock consideration 20,860 Contingent consideration 166,800 Total purchase consideration $ 223,030 Fair Value Estimate of Assets Acquired and Liability Assumed Property and equipment $ 282 Developed Technology 3,200 In-Process Research and Development 210,600 Goodwill 8,948 $ 223,030 Value of Intangible Assets Acquired Amortization Period* Developed technology $ 3,200 132 months IPR&D 210,600 (1 ) Total identifiable intangible assets $ 213,800 * Recognized on a straight-line basis. (1) IPR&D is an intangible asset classified as indefinite-lived until the completion or abandonment of the associated research and development effort, and will be amortized over an estimated useful life to be determined at the date the project is completed. IPR&D is not amortized during this period, but is periodically tested for impairment. The fair value of the acquired developed technology and IPR&D assets were estimated using the income approach. The income approach uses valuation techniques to convert future amounts to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Direct costs of the QUINSAIR acquisition included consulting, legal, and accounting fees which aggregated to $3.9 million. This amount is included in “selling, general and administrative expenses” within the accompanying Consolidated Statements of Operations for the year ended December 31, 2015. The Company estimated the acquisition date fair value of the contingent consideration payable of $166.8 million on October 5, 2015, which is payable upon the achievement of specified development, regulatory approval, sales-based milestone events or financial results. The model used in valuing this contingent consideration liability requires the use of significant estimates and assumptions including but not limited to: · estimates of revenues and operating profits related to the products or product candidates; · the probability of success for unapproved product candidates considering their stages of development; · the time and resources needed to complete the development and approval of product candidates; · the life of the potential commercialized products and associated risks, including the inherent difficulties and uncertainties in developing a product candidate such as obtaining FDA and other regulatory approvals; and · risks related to the viability of and potential alternative treatments in any future target markets. As of December 31, 2015, the fair value of the contingent consideration liability remained unchanged at $166.8 million due to the limited passage of time from the acquisition date and as there were no changes to the significant estimates and assumptions used in measuring the acquisition date fair value. The contingent consideration liability is recognized on the face of the Company’s consolidated balance sheet. The acquired assets were pre-revenue as of the acquisition date and the expenses incurred, related to the acquired assets, were insignificant for the period January 1, 2014 to the acquisition date. Subsequent to the acquisition date, the Company has not recognized any revenue and has incurred approximately $1.0 million of expenses through December 31, 2015. Goodwill Goodwill presented above of $8.9 million represents the difference of the QUINSAIR total purchase consideration of $223.0 million minus

CAPITAL STRUCTURE

CAPITAL STRUCTURE	12 Months Ended
	Dec. 31, 2015
Stockholders Equity Note [Abstract]
CAPITAL STRUCTURE	12. CAPITAL STRUCTURE Stockholder Rights Plan The Company’s stockholder rights plan entitled the holder of each outstanding share of common stock of the Company to one stock purchase right (a “Right”). Each Right entitled the registered holder to purchase from the Company one thousandth of a share of the Company’s Series A Participating Preferred Stock (the “Preferred Shares”) at a price of $15 per one one-thousandth of a Preferred Share (the “Purchase Price”), once the Rights became exercisable. The Rights were not exercisable until the earlier of either (a) 10 days after the public announcement that a person, together with all affiliates or associates of such person, has become an “Acquiring Person” by obtaining beneficial ownership of 15% or more of the Company’s outstanding common stock, or (b) 10 business days (or a later date determined by the Board before any person or group becomes an Acquiring Person) after a person or group of affiliated or associated persons began a tender or exchange offer which, if completed, would result in that person or group of affiliated or associated persons becoming an Acquiring Person. Each one one-thousandth of a share preferred stock, if issued, would have the same voting power as one one-hundred thirty-sixth (1/136th) of a share of common stock and would have entitled holders to a per share payment equal to the payment made on one one-hundred thirty-sixth (1/136th) of a share of common stock, so that one full share of preferred stock would be entitled to receive a payment one one-hundred thirty-sixth (1/136th) of 1,000 times the per share payment to a share of common stock, provided that shares of the Company’s common stock were exchanged via merger, consolidation or a similar transaction. The Rights expired on May 13, 2015. 2009 Merger and NASDAQ Listing On September 29, 2009, the Company, formerly known as TorreyPines Therapeutics, Inc. (“TorreyPines”) and Raptor Pharmaceutical Corp. (“RPC”) completed a reverse merger. The Company changed its name to “Raptor Pharmaceutical Corp.” and commenced trading on the NASDAQ Global Market. In connection with the merger, the Company assumed all of the TorreyPines stock options and warrants outstanding at the time of the merger. The remaining warrants outstanding expired on September 26, 2015. Common Stock Issuance under At-The-Market (“ATM”) Agreement On April 30, 2012, the Company entered into an “At-the-Market” (“ATM”) sales agreement, with Cowen and Company, LLC (“Cowen”), under which the Company could, at its discretion, sell its common stock with a sales value of up to a maximum of $40.0 million through ATM offerings on the NASDAQ Stock Market (the “2012 Sales Agreement”). On July 3, 2013, the Company and Cowen amended and restated the 2012 Sales Agreement (the “2012 Amended and Restated Sales Agreement”) to increase the aggregate gross sales proceeds that could be raised to $100.0 million. Cowen was the sole sales agent for any sales made under the ATM for a 3.0% commission on gross proceeds. The common stock was sold at prevailing market prices at the time of the sale of common stock, and, as a result, prices varied. Cumulatively through December 31, 2014, we sold 12,569,914 shares under the ATM offerings at a weighted-average selling price of $7.96 per share for net proceeds of approximately $97 million under the 2012 Amended and Restated Sales Agreement. During the years ended December 31, 2014 and 2013, the Company sold approximately 5.0 million and 4.9 million shares, respectively, under ATM offerings at a weighted-average selling price of $9.29 and $8.09 per share, respectively, for proceeds of approximately $45 million and $38.8 million net of commissions, respectively. As of December 31, 2014, the Company did not have any remaining shares available under the ATM for future sales of the Company’s common stock. On September 4, 2015, the Company entered into a new ATM sales agreement, with Cowen, under which the Company may, at its discretion, sell its common stock with a sales value of up to a maximum of $75.0 million through ATM offerings on the NASDAQ Stock Market (the “2015 Sales Agreement”). Cowen is the sole sales agent for any sales made under the 2015 Sales Agreement, and the Company will pay Cowen a commission, or allow a discount, for its services in acting as agent in the sale of our common stock of up to 3.0% of the gross sales price per share of all shares sold through it as agent under the 2015 Sales Agreement. The common stock will be sold at prevailing market prices at the time of the sale of common stock, and, as a result, prices will vary. During the year ended December 31, 2015, there were no shares sold under the 2015 Sales Agreement and $75.0 million was available for issuance under the 2015 Sales Agreement. 2015 Follow-on Public Offering On April 8, 2015, the Company closed an underwritten public offering of shares of the Company’s common stock at a price to the public of $9.00 per share. The shares sold in the offering included 9.5 million shares of common stock plus an additional 1.43 million shares of common stock pursuant to the exercise by the underwriters of the over-allotment option the Company granted to them. Total gross proceeds to the Company in the offering (including in connection with the sale of the shares of common stock pursuant to the exercise of the over-allotment option) totaled $98.3 million, before underwriting discounts and commissions. The offering resulted in net proceeds to the Company of approximately $92.0 million after deduction of underwriting discounts of 6% and other offering expenses paid by the Company. Common Stock Warrants During the years ended December 31, 2015 and 2014, the Company received approximately $0.3 million and $1.8 million from the exercise of warrants in exchange for the issuance of 284,047 and 611,606 shares of the Company’s common stock, respectively. There were no common stock warrants outstanding at December 31, 2015. For the years ended December 31, 2015, 2014 and 2013, the Company recorded losses of approximately $0.5 million, $1.1 million, and $10.7 million, respectively, in its consolidated statements of operations and comprehensive loss from changes in the fair values of liability-classified warrants.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
STOCK-BASED COMPENSATION	13. STOCK-BASED COMPENSATION Stock Incentive Plans The Company’s 2010 Stock Incentive Plan, as amended, provides for stock options, restricted stock or RSUs to be granted to its employees, independent contractors, consultants and non-employee directors. On November 25, 2014, as a key requirement of the Company’s strategy of strengthening its leadership team and employee base, continuing the expansion of its commercial activities into new territories, and increasing the expansion of its product development programs, the Company’s Board of Directors approved the 2014 Commencement Plan. The plan was approved pursuant to Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to enter into employment with the Company. Up to 2,400,000 shares were available to be issued under this plan. On May 19, 2015, at the Company’s Annual Meeting of Stockholders, the stockholders approved amendments to the Company’s 2010 Stock Incentive Plan. These amendments were previously approved by the Company’s Board of Directors in February 2015. Among other things, the 2015 Plan Amendment increased the share reserve available for issuance by 3,456,620 under the 2010 Stock Incentive Plan to an aggregate of approximately 15.4 million shares plus any shares which are subject to awards under the 2014 Commencement Plan which are forfeited or lapse unexercised and which are not issued under the 2014 Commencement Plan, all of which may be used for any form of award under the 2010 Stock Incentive Plan. Following the approval of the 2015 Plan Amendment by the Company’s stockholders, no new equity grants will be made under the 2014 Commencement Plan. During the year ended December 31, 2015, the Company received approximately $6.6 million from the exercise of stock options. As of December 31, 2015, there were 3,906,512 shares remaining available for issuance under the 2010 Stock Incentive Plan, as amended. Stock options are granted to recognize the contributions made by its employees, independent contractors, consultants and directors, to provide those individuals with additional incentive to devote themselves to the Company’s future success and to improve its ability to attract, retain and motivate individuals upon whom its growth and financial success depends. Employee stock options generally vest over four years with a six-month cliff-vesting period. In general, all options are exercisable over a period not to exceed the contractual term of ten years from the date the stock options are granted at prices not less than the fair market value of the Company’s common stock on the grant date. The Company has and may grant options with different vesting terms from time to time. The following table presents components of stock-based compensation recorded in our consolidated statements of operations and comprehensive loss. Year Ended December 31, (In thousands) 2015 2014 2013 Cost of goods sold $ 186 $ 191 $ — Research and development 2,526 2,220 1,550 General and administrative 10,111 9,635 5,480 Total Stock-Based Compensation Expense $ 12,823 $ 12,046 $ 7,030 Stock-based compensation expense was based on the Black-Scholes option-pricing model assuming the following: Period (1) Risk-free interest rate Expected life stock option Annual Volatility Year ended December 31, 2015 1.33% to 2.18% 6 years 67 to 69% Year ended December 31, 2014 0.0025% to 2.13% 6 years 67 to 68% Year ended December 31, 2013 0.71% to 1.51% 5 years 66 to 100% (1) Dividend rate is 0% for all periods presented. The compensation expense for stock-based compensation awards includes an estimate for forfeitures and is recognized over the requisite service period of the options, which is typically the period over which the options vest, using the straight-line method. A summary of the activity in the 2014 Employment Commencement Stock Incentive Plan, the 2010 Equity Incentive Plan, as amended, the 2006 Equity Compensation Plan, as amended, and the Company’s other stock option plans, is as follows: For the Year Ended December 31,2015 December 31,2014 Option Shares Weighted- average Exercise Price Option Shares Weighted- average Exercise Price Beginning balance 8,857,961 $ 7.71 8,217,674 $ 6.05 Granted 2,453,009 9.80 3,356,946 12.03 Exercised (1,542,603 ) 4.28 (1,643,464 ) 4.00 Canceled (977,893 ) 11.33 (1,073,195 ) 14.22 Outstanding Balance at Year End 8,790,474 8.49 8,857,961 7.71 The number of options outstanding, vested and expected to vest as of December 31, 2015 was 8,142,976 and the weighted-average remaining contractual life was 6.9 years. The aggregate intrinsic value and the weighted-average intrinsic value of stock options outstanding, vested and expected to vest as of December 31, 2015 was $2.1 million and $8.37 per option, respectively. The number of options outstanding, vested and expected to vest as of December 31, 2014 was 8,390,147 and the weighted-average remaining contractual life was 6.8 years. The aggregate intrinsic value and the weighted-average intrinsic value of stock options outstanding, vested and expected to vest as of December 31, 2014 was $33.7 million and $7.57 per option, respectively. As of December 31, 2015, the options outstanding under all of the Company’s stock option plans consisted of the following: Options Outstanding Options Vested and Exercisable Range of Exercise Price Number of Options Outstanding Weighted- average Remaining Contractual Life Weighted- average Exercise Price Number of Options Exercisable Weighted- average Remaining Contractual Life Weighted- average Exercise Price $0 to $3.00 319,755 2.10 $ 2.67 319,755 2.10 $ 2.67 $3.01 to $5.00 1,021,578 5.31 4.05 819,757 4.32 3.89 $5.01 to $6.00 2,384,438 5.62 5.27 2,164,305 5.40 5.26 $6.01 to $9.00 1,146,802 7.72 7.62 546,617 6.92 7.45 $9.01 to $10.00 1,690,699 8.94 9.74 446,466 8.68 9.71 $10.01 to $14.00 969,870 8.64 11.86 292,277 7.67 11.93 $14.01 to $18.00 1,239,639 7.21 14.92 754,730 6.48 14.88 $18.01 to $160.00 17,693 1.22 105.16 17,693 1.22 105.16 Total 8,790,474 6.92 8.49 5,361,600 5.73 7.54 The aggregate intrinsic value of stock options outstanding as of December 31, 2015 was $2.2 million. The aggregate intrinsic value of stock options exercisable as of December 31, 2015 was $2.1 million. At December 31, 2015, the total unrecognized compensation cost was approximately $20.2 million. The weighted-average period over which it is expected to be recognized is approximately 2.65 years. The following table presents details on the stock options granted and exercised. Year Ended December 31, 2015 2014 2013 Weighted-average fair value per share of options granted $ 5.95 $ 6.50 $ 5.33 Aggregate intrinsic value of options exercised $ 10,602.00 $ 11,920.00 $ 5,979.00 In the years ended December 31, 2015 and 2014, the Company incurred $1.4 million and $1.3 million, respectively, of incremental stock compensation costs associated with modifications to retiring directors, former directors, and certain employees’ stock option grants. These modifications included the acceleration of unvested shares and an extended period to exercise vested options. Restricted Stock Units At December 31, 2015, there were 448,777 RSUs outstanding, of which none have vested. There were 509,967 RSUs granted and 51,146 RSUs forfeited related to employee departures during the twelve months ended December 31, 2015. During the twelve months ended December 31, 2015, there were 10,044 RSU distributions. Unvested RSUs at December 31, 2015 will vest through 2019. A summary of information related to restricted stock units (“RSUs”) for the year ended December 31, 2015 is presented below: For the Year Ended December 31,2015 Number of Shares Issued Under the 2010 and 2014 Equity Incentive Plan Weighted- average Grant Date Fair Value Per Share Unvested balance - December 31, 2014 - $ - Granted 509,967 9.28 Vested (10,044 ) 9.36 Forfeited (51,146 ) 9.32 Unvested balance - December 31, 2015 448,777 9.28 As of December 31, 2015 there was $3.6 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 3.3 years. The total fair value of awards vested during the year was $0.1 million. Employee Stock Purchase Plan The ESPP allows a maximum of 1,000,000 shares of common stock to be purchased in aggregate for all employees. During the year ended December 31, 2015 and 2014, the Company issued 141,218 and 21,280 shares under the ESPP, respectively. As of December 31, 2015, there were approximately 837,502 shares reserved for future issuance under the ESPP. The assumptions used to estimate the per share fair value of stock purchase rights granted under the ESPP were as follows: Period (1) Risk-free interest rate Expected Annual Volatility Year ended December 31, 2015 0.03% to 0.31% 6 months 53% to 71% Year ended December 31, 2014 0.01% to 0.16% 4 to 6 months 62% to 67% (1) Dividend rate is 0%.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES The Company had losses before income taxes for domestic and foreign operations as follows: Year Ended December 31, (In thousands) 2015 2014 2013 United States $ 15,968 $ 15,463 $ 33,966 International 48,810 37,023 35,451 Loss before Income Taxes $ 64,778 $ 52,486 $ 69,417 The provision for income taxes differs from the amount estimated by applying the statutory federal income tax rate to loss before taxes. The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2015, 2014, and 2013. Reconciliation of Statutory Tax Rate to Effective Tax Rate Year Ended December 31, (In thousands) 2015 2014 2013 Federal tax (benefit) at statutory rate (34.00 ) % (34.00 ) % (34.00 ) % State tax (benefit) at statutory rate, net of federal tax benefit 3.65 % (7.10 ) % 0.72 % Change in valuation allowance 5.37 % 14.51 % 20.86 % Research and development credits (1.68 ) % (2.34 ) % (14.92 ) % Fair market value of warrants — % — % 5.27 % Intangible asset basis allocation — % 2.77 % — % Stock-based compensation - ISO — % — % 1.08 % Tax attributes not benefited — % — % 6.07 % Foreign losses not benefited 24.92 % 27.11 % 14.94 % Other 2.49 % (0.95 ) % (0.02 ) % Effective Tax Rate 0.75 % 0 % (0 ) % Components of our net deferred tax liabilities are presented in the following table. Deferred Tax Assets and Liabilities December 31, (In thousands) 2015 2014 Net operating loss carryforwards $ 23,679 $ 22,480 Capitalized start-up costs 9,595 11,057 Stock option expense 5,397 4,435 Research credits 22,495 20,951 Fixed assets and intangible assets 3,333 1,565 Accruals 1,659 1,434 Inventory 434 1,200 In Process R&D (316 ) Other 161 124 Valuation allowance (66,740 ) (63,246 ) Deferred Tax Assets and Liabilities, Net $ (303 ) $ — As of December 31, 2015, the Company had net operating loss carryforwards for U.S. federal, U.S. state and foreign income tax purposes of approximately $60.6 million, $92.1 million and $4.4 million, respectively, which expire beginning after the year 2022, 2016 and no expiration, respectively. As of December 31, 2015, the Company had federal and state research and development credits of $21.3 million and $1.8 million, respectively. The federal credits expire beginning after the year 2023 and the state credits have no expiration. As of December 31, 2015, the Company’s net operating loss carryforwards for federal and state income tax purposes include approximately $10.3 million on a gross basis, respectively, of losses attributable to stock option tax expense deductions. The valuation allowance increased by approximately $3.5 million during the period ending December 31, 2015, primarily as a result of current year losses and tax credits. Utilization of the Company’s net operating loss may be subject to substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such an annual limitation could result in the expiration of the net operating loss before utilization. The Company has analyzed its tax positions in all of the federal, state and foreign jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. As of December 31, 2015, the Company had no unrecognized tax benefits and has recorded no liability related to uncertain tax positions. The Company did not record a change in its unrecorded tax benefits during the year ended December 31, 2015, and expects no change in its unrecorded tax benefits in the next 12 months. Due to net operating loss and research credit carryforwards, substantially all of the Company’s tax years, from 2001 through 2015, remain open to U.S. federal and state tax examinations. The Company is not aware of any pending income tax audits. Significant components of the Company’s deferred tax assets for income tax purposes are net operating loss carryforwards, capitalized start-up costs, and stock-based compensation and research credits. Due to the Company’s lack of earning history, any deferred assets recorded have been fully offset by a valuation reserve. The Company’s practice is to recognize interest and/or penalties related to income tax matters as a component of income tax expense. As of December 31, 2015, there were no accrued interest and penalties related to uncertain tax positions.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Contractual Obligations with UCSD Relating to the Acquisition of the DR Cysteamine (RP103) License Pursuant to the license agreement with UCSD, the Company is obligated to pay milestone payments upon the occurrence of certain events, royalties on net sales from products developed pursuant to the license agreement and a percentage of sublicense fees or sublicense royalties, if any. The Company is obligated to fulfill predetermined milestones within a specified number of years from the effective date of the license agreement, depending on the indication. Cumulatively, the Company has expensed $2.2 million in milestone payments to UCSD based upon the initiation of clinical trials in cystinosis, Huntington’s disease and NASH and on regulatory filings in cystinosis. To the extent that the Company fails to perform any of its obligations under the license agreement, then UCSD may terminate the license or otherwise cause the license to become non-exclusive. Leases In January 2016, the Company entered into a four-year lease for additional office space in South San Francisco. The Company anticipates taking occupancy of such facilities in March 2016. The Company will record such rent on a straight-line basis. In April 2013, the Company executed a seven-year lease for its corporate office facilities in Novato, California. The Company took occupancy of such facilities at the end of June 2013. On June 10, 2013, the Company amended the lease to add space to accommodate its research laboratory and relocated to this space in July 2014. The Company records such rent on a straight-line basis. In October 2014, the Company executed a three-year lease for its European sales, marketing and administrative headquarters in Utrecht, Netherlands. The Company records such rent on a straight-line basis. Rent expense for the Company’s current and previous facilities was approximately $1.9 million, $1.4 million, and $0.6 million for the years ended December 31, 2015, 2014, and 2013, respectively. Leasehold improvements for our offices are amortized into expense over the lease term. For the years ended December 31, 2015, 2014, and 2013, the Company recognized a negligible amount of leasehold amortization expense. The Company has outstanding standby letters of credit at December 31, 2015 and 2014, totaling $1.0 million and $1.3 million, respectively of which $0.8 million was unused at December 31, 2015 and $1.3 million unused at December 31, 2014, respectively. The following table presents our future lease commitments at December 31, 2015: (In thousands) Future Payments 2016 $ 2,286 2017 2,512 2018 2,564 2019 2,382 2020 1,929 2021 and thereafter 3,329 Total $ 15,002

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLAN	16 . EMPLOYEE BENEFIT PLAN The Company has a 401(k) tax-deferred savings plan (the “401(k) Plan”), which permits participants to make contributions by salary deduction pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. The Company will match pretax employee contributions up to 4% of eligible compensation during each pay period (subject to annual maximums of $10,600, $10,400, $10,200 per employee in 2015, 2014 and 2013, respectively). Matching contributions are immediately vested. The Company’s contributions amounted to $0.7 million, $0.5 million and $0.3 million in 2015, 2014 and 2013, respectively.

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	17. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following table presents selected unaudited quarterly results of operations in conjunction with the consolidated financial statements and related notes contained elsewhere in this Annual Report on Form 10-K. These unaudited results were prepared on the same basis as the Company’s audited consolidated financial statements. The Company’s quarterly operating results have fluctuated in the past and may continue to do so in the future as a result of a number of factors, including, but not limited to, the timing and amounts of its revenues and the timing and nature of research and development activities. Quarterly Data 2015 (In millions, except per share data, unaudited) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Net sales $ 20.5 $ 23.3 $ 25.8 $ 24.7 Gross profit 16.7 20.7 23.2 $ 21.0 Net loss (19.7 ) (13.9 ) (14.6 ) 17.0 Net loss per share, basic and diluted (0.28 ) (0.17 ) (0.18 ) (0.20 ) Quarterly Data 2014 (In millions, except per share data, unaudited) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Net sales $ 12.1 $ 16.3 $ 23.8 $ 17.3 Gross profit 10.8 15.3 19.8 14.0 Net loss (14.9 ) (12.7 ) (6.0 ) (18.9 ) Net loss per share, basic and diluted (0.24 ) (0.20 ) (0.10 ) (0.29 )

Schedule II VALUATION AND QUALI

Schedule II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2015
Valuation And Qualifying Accounts [Abstract]
Schedule II: VALUATION AND QUALIFYING ACCOUNTS	Schedule II: Valuation and Qualifying Accounts Valuation Allowance for Deferred Tax Assets Year Ended December 31, (In millions) 2015 2014 2013 Balance at beginning of year $ 63 $ 58 $ 43 Additions to charged to expenses/other accounts 4 5 15 Balance at end of year $ 67 $ 63 $ 58

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Functional Currency	Functional Currency The Company’s consolidated functional currency is the U.S. dollar. BV, SAS, and GMBH, the Company’s Dutch subsidiary, French subsidiary, and German subsidiary, respectively, use the European Euro as their functional currency. The CV subsidiary, a Cayman-based subsidiary, uses the U.S dollar as its functional currency. At each quarter end, each foreign subsidiary’s balance sheets are translated into U.S. dollars based upon the quarter-end exchange rate, while their statements of operations and comprehensive loss are translated into U.S. dollars based upon an average exchange rate during the period.
Segment Information	Segment Information The Company has determined that it operates in only one segment, as it only reports profit and loss information on an aggregate basis to its chief operating decision maker. The Company’s long-lived assets maintained outside the United States are not material.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments including cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates. The Company previously recorded a common stock warrant liability which was carried at fair value and, determined using the Black-Scholes option valuation model at the end of each reporting period.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. The Company maintains cash and cash equivalents, which consist principally of money market funds, with high credit quality financial institutions. Such amounts exceed Federal Deposit Insurance Corporation insurance limits. As of December 31, 2015, the Company had $157.4 million in cash and cash equivalents, of which $6.9 million was held by its foreign subsidiaries.
Restricted Cash	Restricted Cash Restricted cash represents certificates of deposit and compensating balances required by the Company’s U.S. and European banks as collateral for credit cards and for access to a value-added tax deferral program.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company estimates its allowance for doubtful accounts based upon an assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of customers, current economic conditions, and other factors that may affect customers’ ability to pay. To date, the Company has not experienced significant losses with respect to the collection of accounts receivable.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred and risk of loss has passed; the seller’s price to the buyer is fixed or determinable and collectability is reasonably assured. The Company determines that persuasive evidence of an arrangement exists based on written contracts that define the terms of its revenue arrangements. Pursuant to the contract terms, the Company determines when title to products and associated risk of loss has passed on to the customer. The Company assesses whether the Company’s product and/or revenue fees are fixed or determinable based on the payment terms associated with the corresponding transaction and whether the sales price and/or fees are subject to refund or adjustment. The Company assesses collectability based primarily on the customer’s payment history and creditworthiness, and records a reserve for product returns based upon timing and history of similar product sales and returns in the pharmaceutical industry. PROCYSBI is currently distributed in the U.S. by a specialty pharmacy distributor, the Accredo Health Group, Inc. (“Accredo”) which is currently the Company’s only U.S. customer and which subsequently ships directly to patients. The Company’s distributor in the EU and other territories outside the U.S. is the Almac Group, Ltd., which ships directly to pharmacies after a prescription for PROCYSBI has been received. PROCYSBI is not available in U.S. retail pharmacies. Authorization of coverage by patients’ commercial insurance plans, Raptor’s patient assistance program (“PAP”) or government payors is a prerequisite to the shipment of PROCYSBI to U.S. patients. Prior to the third quarter of 2014, revenue from the sale of PROCYSBI in the U.S. was recognized based on the amount of product sold through to the patients. Beginning July 2014, the Company was able to reasonably estimate and determine sales allowances in the U.S.; therefore the Company began recognizing PROCYSBI revenue in the U.S. at the point of sale to the specialty pharmacy, which resulted in a one-time non-recurring recognition of an additional $4.4 million in net revenues during the three months ended September 30, 2014. Revenue is currently recognized in the EU once confirmed orders from pharmacies have been shipped and invoiced for payment by the distributor on the Company’s behalf. The Company records revenue net of expected discounts, distributor fees, and rebates, including government rebates such as Medicare and Medicaid in the U.S. Allowances are recorded as a reduction of revenue at the time product sales are recognized. Allowances for government rebates and discounts are established based on the actual payor and payor mix information, which is known in the U.S. at the time of shipment to the distributor and in Europe at the time of shipment to pharmacies, and the government-mandated discount rates applicable to government-funded programs. There is a significant time lag in us receiving these rebate notices (generally several months after our sale is made). The Company’s estimates are based on our historical claims from participating state governments, as supplemented by management’s judgment. The allowances are adjusted to reflect known changes in the factors that may impact such allowances in the quarter the changes are known.
Inventories and Cost of Sales	Inventories and Cost of Sales Inventories are stated at the lower of cost or market price, with cost determined on a first-in, first-out basis. Inventories are reviewed periodically to identify slow-moving inventory based on sales activity, both projected and historical, as well as product shelf-life. Products that have been approved by the FDA or other regulatory authorities are also used in clinical programs, to assess the safety and efficacy of the products for usage in diseases or patients that have not been approved by the FDA or other regulatory authorities. The form of PROCYSBI utilized for both commercial and clinical programs is identical and, as a result, the inventory has an “alternative future use” as defined in authoritative accounting guidance. Raw materials and purchased drug product associated with clinical development programs are included in inventory and charged to research and development expense when the product enters the research and development process and/or no longer can be used for commercial purposes and, therefore, does not have an “alternative future use.” Upon launching PROCYSBI in June 2013 in the United States and in April 2014 in the EU, the Company began recognizing cost of sales. Cost of sales includes the cost of inventory sold or reserved; manufacturing, manufacturing overhead and supply chain costs; inventory variance amortization; product shipping and handling costs; and amortization of licensing approval milestone payments and licensing royalties payable to the University of California, San Diego (“UCSD”).
Property and Equipment	Property and Equipment Property and equipment, which mainly consist of leasehold improvements, office furniture, lab equipment and computer hardware and software, are stated at cost. Depreciation is computed using the straight-line method over the related estimated useful lives, except for leasehold improvements, which are depreciated over the shorter of the useful life of the asset or the lease term. Significant additions and improvements that have useful lives estimated at greater than one year are capitalized, while repairs and maintenance are charged to expense as incurred.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets with indefinite useful lives are related to purchased in-process research and development (IPR&D) projects and are measured at their respective fair values as of the acquisition date. The Company does not amortize goodwill and intangible assets with indefinite useful lives. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, which generally occurs if and when marketing approval is obtained, the associated assets are deemed finite-lived and are amortized based on their respective estimated useful lives at that point in time. The Company tests goodwill and other indefinite-lived intangible assets for impairment on an annual basis and in between annual tests if any events or changes occur that would indicate the fair values of the assets are below their carrying amounts. Intangible assets with finite useful lives are amortized over their estimated useful lives on a straight-line basis, and are reviewed for impairment when facts or circumstances suggest that the carrying value of these assets may not be recoverable.
Common Stock Warrant Liabilities	Common Stock Warrant Liabilities The Company previously issued common stock warrants that contained conditional obligations that may have required the Company to transfer cash to settle the warrants upon the occurrence of certain fundamental transactions. Therefore, the Company classified such warrants as liabilities. At each reporting period, the Company re-measured the common stock warrant liability at the end of every reporting period with the change in value reported in the Company’s consolidated statements of operations and comprehensive loss. At the exercise date, the fair values of these warrants were re-measured and reclassified to equity. As of December 31, 2015, all common stock warrants had been exercised or expired.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are expenses associated with the loan agreements with HC Royalty and the issuance of convertible notes (see Note 8). Debt issuance costs which were capitalized are being amortized over the life of the respective debt to interest expense using the interest method. Debt issuance costs are a component of Other Assets on the Company’s consolidated balance sheets.
Other Income	Other Income In 2014, the Company recorded other income of $2.3 million related to disgorgement of alleged short-swing profits under Section 16(b) of the Securities Exchange Act of 1934 from a stockholder. This amount is recorded as Other Income
Net Loss per Share	Net Loss per Share Net loss per share is calculated by dividing net loss by the weighted-average shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing net loss by the weighted-average shares of common stock outstanding and potential shares of common stock during the period. For all periods presented, potentially dilutive securities are excluded from the computation of fully diluted net loss per share as their effect is anti-dilutive. Potentially dilutive securities include: Year Ended December 31, 2015 2014 2013 Warrants to purchase common stock — 334,764 946,370 Options to purchase common stock 8,790,474 8,857,961 8,217,674 Restricted stock unit awards outstanding 448,777 Convertible debt 3,428,571 3,428,571 — Total Potentially Dilutive Securities 12,667,822 12,621,296 9,164,044
Stock-Based Compensation	Stock-Based Compensation Compensation costs related to the Company’s stock incentive plans are measured at the grant date based on the fair value of the equity instruments awarded and are recognized over the period during which an employee is required to provide service in exchange for the award, or the requisite service period, which is usually the vesting period. Compensation expense for stock-based compensation awards is reduced by an estimate for forfeitures.
Research and Development	Research and Development Research and development costs are charged to expense as incurred. Research and development expenses primarily include salaries and benefits for medical, clinical, regulatory, quality, pharmacovigilance, preclinical, and research personnel, costs related to research activities, preclinical and nonclinical studies, clinical trials, and drug manufacturing expenses, including certain commercial drug manufacturing expenses prior to obtaining marketing approval.
Advertising Expenses	Advertising Expenses The Company expenses advertising costs, including promotional expenses, as incurred. For the years ended December 31, 2015, and 2014 advertising expenses were $2.9 million and $1.4 million, respectively.
Income Taxes	Income Taxes Income taxes are recorded under the liability method, under which deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Based on the weight of available evidence, including cumulative losses since inception and expected future losses, the Company has determined that it is more likely than not that the deferred tax asset amount will not be realized and therefore a full valuation allowance has been provided on the Company’s net deferred tax assets. The Company identifies uncertain tax positions and discloses any potential tax liability on its financial statements. The Company recognizes interest and/or penalties related to income tax matters as a component of income tax expense. As of December 31, 2015, there were no accrued uncertain tax positions or interest and penalties related to uncertain tax positions. The Company files U.S. federal, California state, and various other state and foreign country income tax returns. The Company is currently not subject to any income tax examinations. Due to the Company’s net operating losses (“NOLs”), generally all tax years remain open.
Reclassifications	Reclassifications Certain amounts previously reported under specific financial statement captions have been reclassified to be consistent with the current period presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In applying the revenue model to contracts within its scope, the Company will: identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 by one year for all entities and permits early adoption on a limited basis. ASU 2014-09 will be effective for the Company in the first quarter of 2018, and early adoption permitted in the first quarter of 2017. The Company does not believe the adoption of this ASU will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The ASU requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is “substantial doubt about the entity’s ability to continue as a going concern.” This ASU is effective for the Company in the first quarter of 2018, and early adoption permitted. The Company does not expect the adoption of the amendments to have a material effect on its financial condition and results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which amends the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as a deferred charge as presented under current guidance. ASU 2015-03 is effective for the Company in the first quarter of 2016 and must be applied retrospectively. Early adoption is permitted. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest, to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements given the lack of guidance on this topic in ASU 2015-03. The SEC staff has announced that it would “not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement.” The adoption of this amendment would result in a balance sheet reclassification of the Company’s $3.8 million unamortized debt issuance costs balance of December 31, 2015 to a reduction in the carrying amount of the related debt liability. This amendment will not affect the Company’s results of operations. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, which requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 is effective for the Company in the first quarter of 2017 and is to be applied prospectively. Early adoption is permitted. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments which allows entities to recognize adjustments to provisional amounts in the period adjustment is identified rather than retrospectively. In-period adjustments must be disclosed. This ASU is effective for the Company in the first quarter of 2016. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. Early adoption is permitted for financial statements that have not been issued. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This is part of FASB’s simplification initiative. The amendments in this ASU require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for the Company in the first quarter of 2017. Early adoption is permitted. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations.
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company’s direct and indirect wholly owned subsidiaries: Raptor Pharmaceuticals Inc., formerly known as Raptor Therapeutics Inc., which merged with Raptor Discoveries Inc. in December 2012 prior to changing its name, and Raptor European Products, LLC, each of which was incorporated in Delaware on August 1, 2007, and February 14, 2012, respectively, and Raptor Pharmaceuticals Europe B.V. (“BV”), Raptor Pharmaceuticals France SAS (“SAS”), Raptor Pharmaceuticals Germany GmbH (“GMBH”) and RPTP European Holdings C.V. (“CV”), domiciled in the Netherlands on December 15, 2009, in France on October 30, 2012, in Germany on October 16, 2013 and in the Cayman Islands on February 16, 2012, respectively. All inter-company accounts have been eliminated. Net assets in foreign countries totaled $ 4.5 million and $5.8 million at December 31, 2015 and 2014, respectively.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Potentially dilutive securities	Potentially dilutive securities include: Year Ended December 31, 2015 2014 2013 Warrants to purchase common stock — 334,764 946,370 Options to purchase common stock 8,790,474 8,857,961 8,217,674 Restricted stock unit awards outstanding 448,777 Convertible debt 3,428,571 3,428,571 — Total Potentially Dilutive Securities 12,667,822 12,621,296 9,164,044

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis (In thousands) December 31, 2015 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 147,007 $ — $ — $ 147,007 Total $ 147,007 $ — $ — $ 147,007 Liabilities Contingent Consideration Liability $ — $ — $ 166,800 $ 166,800 Total $ — $ — $ 166,800 $ 166,800 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 137,938 $ — $ — $ 137,938 Total $ 137,938 $ — $ — $ 137,938 Liabilities Common stock warrants $ — $ — $ 711 $ 711 Total $ — $ — $ 711 $ 711 (1) Cash equivalents represent the fair value of the Company’s investments in money market funds at December 31, 2015 and 2014.
Activity of the Warrant Liabilities	Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis – Common Stock Warrants Year Ended December 31, (In thousands) 2015 2014 2013 Beginning fair value $ 711 $ 7,066 $ 16,405 Change in fair value recognized in earnings 495 1,148 10,747 Exercises (1,206 ) (7,503 ) (20,086 ) Ending Fair Value $ — $ 711 $ 7,066
Carrying Value and Fair Value of Certain Financial Liabilities	Fair Value of Certain Financial Liabilities The following table presents the carrying value and fair value of certain financial liabilities that are recorded on the Company’s consolidated balance sheets. December 31, 2015 December 31, 2014 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Liabilities Note payable $ 51,000 $ 63,004 $ 60,000 $ 65,522 Convertible notes 60,000 44,975 60,000 56,760

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Components of Inventory	Inventories are summarized as follows: December 31, (In thousands) 2015 2014 Raw materials $ 2,681 $ 6,290 Work-in-process 1,824 721 Finished goods 1,919 2,123 Total Inventories $ 6,424 $ 9,134

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Components of Property and Equipment	The following table presents the components of property and equipment and their estimated useful lives. December 31, Estimated (In thousands) 2015 2014 useful lives Manufacturing equipment $ 4,262 $ 2,393 — Office furniture 2,344 2,198 7 years Laboratory equipment 1,721 1,373 5 years Computer hardware and software 1,364 815 3 years Leasehold improvements 583 470 Lease term Total at cost 10,274 7,249 Less: accumulated depreciation (2,630 ) (1,369 ) Total Property and Equipment, Net $ 7,644 $ 5,880

NET PRODUCT REVENUES BY GEOGR30

NET PRODUCT REVENUES BY GEOGRAPHIC REGION AND NET PRODUCT REVENUES BY SIGNIFICANT CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Summary of Net Product Revenue by Geographic Region	Net Product Revenues by Geographic Region For the Year Ended December 31, (In millions) 2015 2014 2013 United States $ 86.5 $ 66.8 $ 16.9 International 7.7 2.7 — Total Net Product Revenues by Geographic Region $ 94.2 $ 69.5 $ 16.9

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of intangibles acquired	A summary of intangibles acquired is as follows: Useful Life December 31, (In thousands) (Years) 2015 2014 IPR&D QUINSAIR Indefinite $ 210,600 $ — Developed technology - QUINSAIR 11.0 3,200 $ — IP license for RP103 related to the Encode merger 20.0 2,620 2,620 UCSD license - FDA and EC approval milestones 14.0 1,250 1,250 Other intangible assets 16.0 240 240 Total intangible assets 217,910 4,110 Less accumulated amortization (1,447 ) (1,136 ) Intangible Assets, Net $ 216,463 $ 2,974
Estimated amortization expense for intangible assets	Amortization expense for intangible assets for each of the next five years is as follows: (In thousands) Amortization Expense 2016 $ 529 2017 529 2018 529 2019 529 2020 529
Schedule of Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows: (In thousands) Balance as of December 31, 2014 and 2013 $ 3,275 Goodwill acquired 8,948 Goodwill, Net $ 12,223

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Components of Accrued Liabilities	Accrued liabilities consisted of: December 31, (In thousands) 2015 2014 Personnel-related costs $ 7,601 $ 6,879 Rebates and other sales deductions 2,833 3,231 Clinical trials and research and development costs 5,076 2,522 License royalty payable 1,352 972 Royalty-based interest payable 2,008 369 Manufacturing costs 1,577 284 Business development & legal costs 1,030 333 Other 1,153 2,269 Total Accrued Liabilities $ 22,630 $ 16,859
Schedule of Significant Estimated Accrued Rebates Reserve for Cash Discounts and Product Returns	The roll forward of significant estimated accrued rebates, reserve for cash discounts and product returns for the years ended December 31, 2015, and 2014 were as follows: Beginning Balance Provision for Current Period Sales Provision for Prior Period Sales Actual Returns/ Credits Related to Current Period Sales Actual Returns/ Credits Related to Prior Period Sales Outstanding Balance at Year End December 31, 2015 Accrued rebates $ 2,935 $ 6,250 $ 239 $ (3,712 ) $ (3,174 ) $ 2,538 Reserve for cash discounts 215 1,821 41 (1,563 ) (256 ) 258 Product returns 296 — — — — 296 December 31, 2014 Accrued rebates $ 2,029 $ 5,950 $ (1,135 ) $ (3,388 ) $ (521 ) $ 2,935 Reserve for cash discounts 126 1,725 — (1,511 ) (125 ) 215 Product returns 296 — — — — 296

NOTE PAYABLE (Tables)

NOTE PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Contractual principal payments of the note payable	The following table presents contractual principal payments of the note payable at December 31, 2015. (In thousands) Note 2016 $ 12,000 2017 12,000 2018 12,000 2019 12,000 2020 3,000 Total $ 51,000

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of intangibles acquired	A summary of intangibles acquired is as follows: Useful Life December 31, (In thousands) (Years) 2015 2014 IPR&D QUINSAIR Indefinite $ 210,600 $ — Developed technology - QUINSAIR 11.0 3,200 $ — IP license for RP103 related to the Encode merger 20.0 2,620 2,620 UCSD license - FDA and EC approval milestones 14.0 1,250 1,250 Other intangible assets 16.0 240 240 Total intangible assets 217,910 4,110 Less accumulated amortization (1,447 ) (1,136 ) Intangible Assets, Net $ 216,463 $ 2,974
Tripex Pharmaceuticals LLC [Member]
Schedule of Acquisition-Date Fair Value of Consideration Transferred	The acquisition-date fair value of the consideration transferred consisted of the following items: (In thousands) Cash consideration $ 35,370 Stock consideration 20,860 Contingent consideration 166,800 Total purchase consideration $ 223,030
Schedule of Fair Value Estimate of Assets Acquired and Liability Assumed	Fair Value Estimate of Assets Acquired and Liability Assumed Property and equipment $ 282 Developed Technology 3,200 In-Process Research and Development 210,600 Goodwill 8,948 $ 223,030
Summary of intangibles acquired	Value of Intangible Assets Acquired Amortization Period* Developed technology $ 3,200 132 months IPR&D 210,600 (1 ) Total identifiable intangible assets $ 213,800 * Recognized on a straight-line basis. (1) IPR&D is an intangible asset classified as indefinite-lived until the completion or abandonment of the associated research and development effort, and will be amortized over an estimated useful life to be determined at the date the project is completed. IPR&D is not amortized during this period, but is periodically tested for impairment.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee and consultant stock-based compensation expense	The following table presents components of stock-based compensation recorded in our consolidated statements of operations and comprehensive loss. Year Ended December 31, (In thousands) 2015 2014 2013 Cost of goods sold $ 186 $ 191 $ — Research and development 2,526 2,220 1,550 General and administrative 10,111 9,635 5,480 Total Stock-Based Compensation Expense $ 12,823 $ 12,046 $ 7,030
Black-Scholes option-pricing model assumptions	Stock-based compensation expense was based on the Black-Scholes option-pricing model assuming the following: Period (1) Risk-free interest rate Expected life stock option Annual Volatility Year ended December 31, 2015 1.33% to 2.18% 6 years 67 to 69% Year ended December 31, 2014 0.0025% to 2.13% 6 years 67 to 68% Year ended December 31, 2013 0.71% to 1.51% 5 years 66 to 100% (1) Dividend rate is 0% for all periods presented.
Summary of the activity in stock option plan	A summary of the activity in the 2014 Employment Commencement Stock Incentive Plan, the 2010 Equity Incentive Plan, as amended, the 2006 Equity Compensation Plan, as amended, and the Company’s other stock option plans, is as follows: For the Year Ended December 31,2015 December 31,2014 Option Shares Weighted- average Exercise Price Option Shares Weighted- average Exercise Price Beginning balance 8,857,961 $ 7.71 8,217,674 $ 6.05 Granted 2,453,009 9.80 3,356,946 12.03 Exercised (1,542,603 ) 4.28 (1,643,464 ) 4.00 Canceled (977,893 ) 11.33 (1,073,195 ) 14.22 Outstanding Balance at Year End 8,790,474 8.49 8,857,961 7.71
Summary of options outstanding under all of the Company's stock option plans	As of December 31, 2015, the options outstanding under all of the Company’s stock option plans consisted of the following: Options Outstanding Options Vested and Exercisable Range of Exercise Price Number of Options Outstanding Weighted- average Remaining Contractual Life Weighted- average Exercise Price Number of Options Exercisable Weighted- average Remaining Contractual Life Weighted- average Exercise Price $0 to $3.00 319,755 2.10 $ 2.67 319,755 2.10 $ 2.67 $3.01 to $5.00 1,021,578 5.31 4.05 819,757 4.32 3.89 $5.01 to $6.00 2,384,438 5.62 5.27 2,164,305 5.40 5.26 $6.01 to $9.00 1,146,802 7.72 7.62 546,617 6.92 7.45 $9.01 to $10.00 1,690,699 8.94 9.74 446,466 8.68 9.71 $10.01 to $14.00 969,870 8.64 11.86 292,277 7.67 11.93 $14.01 to $18.00 1,239,639 7.21 14.92 754,730 6.48 14.88 $18.01 to $160.00 17,693 1.22 105.16 17,693 1.22 105.16 Total 8,790,474 6.92 8.49 5,361,600 5.73 7.54
Summary of stock options granted and exercised	The following table presents details on the stock options granted and exercised. Year Ended December 31, 2015 2014 2013 Weighted-average fair value per share of options granted $ 5.95 $ 6.50 $ 5.33 Aggregate intrinsic value of options exercised $ 10,602.00 $ 11,920.00 $ 5,979.00
Summary of unvested restricted stock units	A summary of information related to restricted stock units (“RSUs”) for the year ended December 31, 2015 is presented below: For the Year Ended December 31,2015 Number of Shares Issued Under the 2010 and 2014 Equity Incentive Plan Weighted- average Grant Date Fair Value Per Share Unvested balance - December 31, 2014 - $ - Granted 509,967 9.28 Vested (10,044 ) 9.36 Forfeited (51,146 ) 9.32 Unvested balance - December 31, 2015 448,777 9.28
Employee stock purchase plan, assumptions	The assumptions used to estimate the per share fair value of stock purchase rights granted under the ESPP were as follows: Period (1) Risk-free interest rate Expected Annual Volatility Year ended December 31, 2015 0.03% to 0.31% 6 months 53% to 71% Year ended December 31, 2014 0.01% to 0.16% 4 to 6 months 62% to 67% (1) Dividend rate is 0%.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Losses Before Income Taxes for Domestic and Foreign Operations	The Company had losses before income taxes for domestic and foreign operations as follows: Year Ended December 31, (In thousands) 2015 2014 2013 United States $ 15,968 $ 15,463 $ 33,966 International 48,810 37,023 35,451 Loss before Income Taxes $ 64,778 $ 52,486 $ 69,417
Reconciliation of Statutory Tax Rate to Effective Tax Rate	Reconciliation of Statutory Tax Rate to Effective Tax Rate Year Ended December 31, (In thousands) 2015 2014 2013 Federal tax (benefit) at statutory rate (34.00 ) % (34.00 ) % (34.00 ) % State tax (benefit) at statutory rate, net of federal tax benefit 3.65 % (7.10 ) % 0.72 % Change in valuation allowance 5.37 % 14.51 % 20.86 % Research and development credits (1.68 ) % (2.34 ) % (14.92 ) % Fair market value of warrants — % — % 5.27 % Intangible asset basis allocation — % 2.77 % — % Stock-based compensation - ISO — % — % 1.08 % Tax attributes not benefited — % — % 6.07 % Foreign losses not benefited 24.92 % 27.11 % 14.94 % Other 2.49 % (0.95 ) % (0.02 ) % Effective Tax Rate 0.75 % 0 % (0 ) %
Deferred Tax Assets and Liabilities	Components of our net deferred tax liabilities are presented in the following table. Deferred Tax Assets and Liabilities December 31, (In thousands) 2015 2014 Net operating loss carryforwards $ 23,679 $ 22,480 Capitalized start-up costs 9,595 11,057 Stock option expense 5,397 4,435 Research credits 22,495 20,951 Fixed assets and intangible assets 3,333 1,565 Accruals 1,659 1,434 Inventory 434 1,200 In Process R&D (316 ) Other 161 124 Valuation allowance (66,740 ) (63,246 ) Deferred Tax Assets and Liabilities, Net $ (303 ) $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Lease Commitments	The following table presents our future lease commitments at December 31, 2015: (In thousands) Future Payments 2016 $ 2,286 2017 2,512 2018 2,564 2019 2,382 2020 1,929 2021 and thereafter 3,329 Total $ 15,002

QUARTERLY RESULTS OF OPERATIO38

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results of Operations	The following table presents selected unaudited quarterly results of operations in conjunction with the consolidated financial statements and related notes contained elsewhere in this Annual Report on Form 10-K. These unaudited results were prepared on the same basis as the Company’s audited consolidated financial statements. The Company’s quarterly operating results have fluctuated in the past and may continue to do so in the future as a result of a number of factors, including, but not limited to, the timing and amounts of its revenues and the timing and nature of research and development activities. Quarterly Data 2015 (In millions, except per share data, unaudited) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Net sales $ 20.5 $ 23.3 $ 25.8 $ 24.7 Gross profit 16.7 20.7 23.2 $ 21.0 Net loss (19.7 ) (13.9 ) (14.6 ) 17.0 Net loss per share, basic and diluted (0.28 ) (0.17 ) (0.18 ) (0.20 ) Quarterly Data 2014 (In millions, except per share data, unaudited) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Net sales $ 12.1 $ 16.3 $ 23.8 $ 17.3 Gross profit 10.8 15.3 19.8 14.0 Net loss (14.9 ) (12.7 ) (6.0 ) (18.9 ) Net loss per share, basic and diluted (0.24 ) (0.20 ) (0.10 ) (0.29 )

NATURE OF OPERATIONS AND BUSI39

NATURE OF OPERATIONS AND BUSINESS RISKS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Nature of Operations and Business Risks [Line Items]
Minimum age of children for management of nephropathic cystinosis	6 years
Period of orphan drug exclusivity for PROCYSBI in U.S.	7 years
Period of orphan drug exclusivity for PROCYSBI in EU	10 years
Foreign Countries [Member]
Nature of Operations and Business Risks [Line Items]
Net assets	$ 4.5	$ 5.8

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2014USD ($)	Dec. 31, 2015USD ($)Segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Segment Information [Abstract]
Number of segments | Segment		1
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents		$ 157,352,000	$ 149,613,000	$ 83,052,000	$ 36,313,000
Cash and cash equivalents held by foreign subsidiaries		$ 6,900,000
Revenue Recognition and Accounts Receivable [Abstract]
Revenue recognized	$ 4,400,000
Fixed Assets [Abstract]
Useful life of significant additions and improvements in fixed assets for capitalization, minimum		1 year
Other Income [Abstract]
Other Nonoperating Income			2,346,000
Advertising Expense [Abstract]
Advertising expense		$ 2,900,000	$ 1,400,000
Income taxes [Abstract]
Accrued interest or penalties related to uncertain tax positions		0
New Accounting Pronouncement
Recent Accounting Pronouncements [Abstract]
Unamortized debt issuance costs		$ 3,800,000

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Potentially Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	12,667,822	12,621,296	9,164,044
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)		334,764	946,370
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	8,790,474	8,857,961	8,217,674
Restricted stock unit awards outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	448,777
Convertible Debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	3,428,571	3,428,571	0

FAIR VALUE MEASUREMENT - Additi

FAIR VALUE MEASUREMENT - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Transfers between measurement levels	There were no transfers between Level 1, 2 or 3 of the fair value hierarchy during the years ended December 31, 2015 and 2014.

FAIR VALUE MEASUREMENT - Assets

FAIR VALUE MEASUREMENT - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Oct. 05, 2015	Dec. 31, 2014
Liabilities [Abstract]
Contingent Consideration Liability		$ 166,800	$ 166,800
Recurring [Member]
ASSETS
Cash equivalents	[1]	147,007		$ 137,938
Total		147,007		137,938
Liabilities [Abstract]
Common stock warrants				711
Contingent Consideration Liability		166,800
Total		166,800		711
Recurring [Member] | Level 1 [Member]
ASSETS
Cash equivalents	[1]	147,007		137,938
Total		147,007		137,938
Liabilities [Abstract]
Common stock warrants				0
Contingent Consideration Liability		0
Total		0		0
Recurring [Member] | Level 2 [Member]
ASSETS
Cash equivalents	[1]	0		0
Total		0		0
Liabilities [Abstract]
Common stock warrants				0
Contingent Consideration Liability		0
Total		0		0
Recurring [Member] | Level 3 [Member]
ASSETS
Cash equivalents	[1]	0		0
Total		0		0
Liabilities [Abstract]
Common stock warrants				711
Contingent Consideration Liability		166,800
Total		$ 166,800		$ 711
[1]	Cash equivalents represent the fair value of the Company’s investments in money market funds at December 31, 2015 and 2014.

FAIR VALUE MEASUREMENT - Activi

FAIR VALUE MEASUREMENT - Activity of the Warrant Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Warrant liabilities activity [Abstract]
Beginning fair value	$ 711	$ 7,066	$ 16,405
Change in fair value recognized in earnings	495	1,148	10,747
Exercises	(1,206)	(7,503)	(20,086)
Ending Fair Value	$ 0	$ 711	$ 7,066

FAIR VALUE MEASUREMENT - Carryi

FAIR VALUE MEASUREMENT - Carrying Value and Fair Value of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Carrying Value [Member]
Liabilities [Abstract]
Note payable	$ 51,000	$ 60,000
Convertible notes	60,000	60,000
Fair Value [Member]
Liabilities [Abstract]
Note payable	63,004	65,522
Convertible notes	$ 44,975	$ 56,760

INVENTORIES - Components of Inv

INVENTORIES - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 2,681	$ 6,290
Work-in-process	1,824	721
Finished goods	1,919	2,123
Total Inventories	$ 6,424	$ 9,134

PROPERTY AND EQUIPMENT - Compon

PROPERTY AND EQUIPMENT - Components of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property Plant And Equipment [Line Items]
Total property and equipment	$ 10,274	$ 7,249
Less: accumulated depreciation	(2,630)	(1,369)
Total Property and Equipment, Net	7,644	5,880
Manufacturing Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 4,262	2,393
Estimated useful lives	0 years
Office Furniture [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,344	2,198
Estimated useful lives	7 years
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,721	1,373
Estimated useful lives	5 years
Computer Hardware and Software [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,364	815
Estimated useful lives	3 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 583	$ 470
Estimated useful lives	Lease term

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property Plant And Equipment [Abstract]
Depreciation expense excluding foreign exchange	$ 1,261	$ 798

NET PRODUCT REVENUES BY GEOGR49

NET PRODUCT REVENUES BY GEOGRAPHIC REGION AND NET PRODUCT REVENUES BY SIGNIFICANT CUSTOMERS - Summary of Net Product Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Entity Wide Revenue Major Customer [Line Items]
Total Net Product Revenues by Geographic Region	$ 94,240	$ 69,497	$ 16,872
United States [Member]
Entity Wide Revenue Major Customer [Line Items]
Total Net Product Revenues by Geographic Region	86,500	66,800	$ 16,900
International [Member]
Entity Wide Revenue Major Customer [Line Items]
Total Net Product Revenues by Geographic Region	$ 7,700	$ 2,700

NET PRODUCT REVENUES BY GEOGR50

NET PRODUCT REVENUES BY GEOGRAPHIC REGION AND NET PRODUCT REVENUES BY SIGNIFICANT CUSTOMERS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Entity Wide Revenue Major Customer [Line Items]
Revenues	$ 94,240	$ 69,497	$ 16,872
Accredo Health Services [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues	$ 86,500	$ 66,800	$ 16,800
Accredo Health Services [Member] | Sales [Member] | Customer Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Percentage of sales revenue	91.82%	96.12%	100.00%

GOODWILL AND INTANGIBLE ASSET51

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)		Oct. 05, 2015	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 31, 2015	Dec. 14, 2007
Summary of intangible assets [Abstract]
Maximum age of children for management of nephropathic cystinosis					6 years
Intangible asset impairment recognized					$ 0	$ 0
Amortization charged to research and development expense					311,000	239,000	$ 193,000
Goodwill impairment					0
Research and Development Expense [Member]
Summary of intangible assets [Abstract]
Amortization charged to research and development expense					146,000	146,000
Encode Pharmaceuticals, Inc. [Member] | IP license for RP103 [Member]
Summary of intangible assets [Abstract]
Total intangible assets					$ 2,620,000	2,620,000			$ 2,600,000
Useful Life					20 years
Encode Pharmaceuticals, Inc. [Member] | UCSD license FDA and EC approval milestones [Member]
Summary of intangible assets [Abstract]
Total intangible assets					$ 1,250,000	1,250,000
Useful Life					14 years
Milestone payment based on drug approvals			$ 500,000	$ 800,000
Encode Pharmaceuticals, Inc. [Member] | Other Intangible Assets [Member]
Summary of intangible assets [Abstract]
Total intangible assets					$ 240,000	$ 240,000
Useful Life					16 years
Intangible assets, amortization method					Straight-line method
Tripex Pharmaceuticals LLC [Member]
Summary of intangible assets [Abstract]
Useful Life	[1]	132 months
Tripex Pharmaceuticals LLC [Member] | IP license for QUINSAIR [Member]
Summary of intangible assets [Abstract]
Total intangible assets								$ 213,800,000
Tripex Pharmaceuticals LLC [Member] | Developed Technology - QUINSAIR [Member]
Summary of intangible assets [Abstract]
Total intangible assets					$ 3,200,000
Useful Life					11 years
[1]	Recognized on a straight-line basis.

GOODWILL AND INTANGIBLE ASSET52

GOODWILL AND INTANGIBLE ASSETS - Summary of Intangibles Acquired (Details) - USD ($) $ in Thousands		Oct. 05, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 14, 2007
Summary of intangible assets [Abstract]
Total intangible assets			$ 217,910	$ 4,110
Less accumulated amortization			(1,447)	(1,136)
Intangible Assets, Net			$ 216,463	2,974
Tripex Pharmaceuticals LLC [Member]
Summary of intangible assets [Abstract]
Useful Life	[1]	132 months
Tripex Pharmaceuticals LLC [Member] | In Process Research And Development
Summary of intangible assets [Abstract]
Useful Life			Indefinite
Total intangible assets			$ 210,600
Tripex Pharmaceuticals LLC [Member] | Developed Technology - QUINSAIR [Member]
Summary of intangible assets [Abstract]
Useful Life			11 years
Total intangible assets			$ 3,200
Encode Pharmaceuticals, Inc. [Member] | IP license for RP103 [Member]
Summary of intangible assets [Abstract]
Useful Life			20 years
Total intangible assets			$ 2,620	2,620	$ 2,600
Encode Pharmaceuticals, Inc. [Member] | UCSD license FDA and EC approval milestones [Member]
Summary of intangible assets [Abstract]
Useful Life			14 years
Total intangible assets			$ 1,250	1,250
Encode Pharmaceuticals, Inc. [Member] | Other Intangible Assets [Member]
Summary of intangible assets [Abstract]
Useful Life			16 years
Total intangible assets			$ 240	$ 240
[1]	Recognized on a straight-line basis.

GOODWILL AND INTANGIBLE ASSET53

GOODWILL AND INTANGIBLE ASSETS -Estimated Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2015USD ($)
Estimated Amortization Expense for Intangible Assets [Abstract]
2,016	$ 529
2,017	529
2,018	529
2,019	529
2,020	$ 529

GOODWILL AND INTANGIBLE ASSET54

GOODWILL AND INTANGIBLE ASSETS - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Balance as of December 31, 2014 and 2013	$ 3,275
Goodwill acquired	8,948
Goodwill, Net	$ 12,223

ACCRUED LIABILITIES - Component

ACCRUED LIABILITIES - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued liabilities [Abstract]
Personnel-related costs	$ 7,601	$ 6,879
Rebates and other sales deductions	2,833	3,231
Clinical trials and research and development costs	5,076	2,522
License royalty payable	1,352	972
Royalty-based interest payable	2,008	369
Manufacturing costs	1,577	284
Business development & legal costs	1,030	333
Other	1,153	2,269
Total Accrued Liabilities	$ 22,630	$ 16,859

ACCRUED LIABILITIES - Schedule

ACCRUED LIABILITIES - Schedule of Significant Estimated Accrued Rebates Reserve for Cash Discounts and Product Returns (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accrued Rebates [Member]
Accrued Liabilities [Line Items]
Beginning Balance	$ 2,935	$ 2,029
Provision for Current Period Sales	6,250	5,950
Provision for Prior Period Sales	239	(1,135)
Actual Returns/ Credits Related to Current Period Sales	(3,712)	(3,388)
Actual Returns/ Credits Related to Prior Period Sales	(3,174)	(521)
Outstanding Balance at Year End	2,538	2,935
Reserve for Cash Discounts [Member]
Accrued Liabilities [Line Items]
Beginning Balance	215	126
Provision for Current Period Sales	1,821	1,725
Provision for Prior Period Sales	41
Actual Returns/ Credits Related to Current Period Sales	(1,563)	(1,511)
Actual Returns/ Credits Related to Prior Period Sales	(256)	(125)
Outstanding Balance at Year End	258	215
Product returns [Member]
Accrued Liabilities [Line Items]
Beginning Balance	296	296
Outstanding Balance at Year End	$ 296	$ 296

ACCRUED LIABILITIES (Additional

ACCRUED LIABILITIES (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accrual for estimated rebate payments	$ 2,500,000	$ 2,900,000
Accrual for estimated cost of prompt payment	300,000	200,000
Allowance for possible product returns	300,000	$ 300,000
Products returned	$ 0

NOTE PAYABLE - Additional Infor

NOTE PAYABLE - Additional Information (Details) $ in Thousands	1 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Jul. 31, 2014USD ($)	May. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)Tranche	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Interest Expense						$ 15,793	$ 13,971	$ 6,832
Loan Agreement with HC Royalty [Member]
Debt Instrument [Line Items]
Total amount of loan		$ 10,000				$ 50,000
Number of tranches in loan | Tranche						2
Amount of loan per tranche						$ 25,000
Annual fixed interest rate		8.00%
Original interest rate		10.75%
Revised annual interest rate		8.00%
Amount of first net revenues for calendar year		$ 50,000
Excess revenue		2.00%
First payment amount	$ 3,000
Maturity date						Mar. 31, 2020
Total payment required to terminate loan obligation immediately		$ 120,000
Interest Expense						$ 9,800	10,600	6,800
Unamortized debt issuance costs						1,500	2,300
Amortization expense						$ 700	$ 1,000	$ 400
Loan Agreement with HC Royalty [Member] | First Tranche [Member]
Debt Instrument [Line Items]
Draw down on loan				$ 23,400
Royalty rate of first threshold of PROCYSBI and future approved product net revenues for calendar year					6.25%
Amount of first threshold of PROCYSBI and future approved product net revenues for calendar year					$ 25,000
Royalty rate of amount between first and second threshold of PROCYSBI and future approved product net revenues for calendar year					3.00%
Amount of second threshold of PROCYSBI and future approved product net revenues for calendar year					$ 50,000
Royalty rate for amount in excess of second threshold of PROCYSBI and future approved product net revenues for calendar year					1.00%
Loan Agreement with HC Royalty [Member] | Second Tranche [Member]
Debt Instrument [Line Items]
Draw down on loan			$ 23,700
Royalty rate of first threshold of PROCYSBI and future approved product net revenues for calendar year					6.00%
Amount of first threshold of PROCYSBI and future approved product net revenues for calendar year					$ 25,000
Royalty rate of amount between first and second threshold of PROCYSBI and future approved product net revenues for calendar year					3.00%
Amount of second threshold of PROCYSBI and future approved product net revenues for calendar year					$ 50,000
Royalty rate for amount in excess of second threshold of PROCYSBI and future approved product net revenues for calendar year					1.00%

NOTE PAYABLE - Contractual Prin

NOTE PAYABLE - Contractual Principal Payments of the Note Payable (Details) $ in Thousands	Dec. 31, 2015USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	$ 12,000
2,017	12,000
2,018	12,000
2,019	12,000
2,020	3,000
Total	$ 51,000

CONVERTIBLE NOTES - Additional

CONVERTIBLE NOTES - Additional Information (Details) - Convertible Debt [Member]	1 Months Ended	12 Months Ended
	Jul. 31, 2014USD ($)$ / shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 60,000,000
Annual fixed interest rate	8.00%
Maturity Date		Aug. 1, 2019
Convertible senior notes conversion rate	57.14
Debt instrument convertible base principal amount of conversion	$ 1,000
The price per share of the conversion feature embedded in the debt instrument (in dollars per share) | $ / shares	$ 17.50
Percentage of applicable conversion price	175.00%
Applicable conversion price consecutive period, days	30 days
Percentage of principal amount in repayment premium accrued unpaid interest	100.00%
Interest expense excluding amortization of debt issuance costs		$ 4,800,000	$ 2,100,000
Unamortized debt issuance costs		2,300,000	2,800,000
Amortization expense		$ 500,000	$ 200,000

BUSINESS COMBINATION - Addition

BUSINESS COMBINATION - Additional Information (Details) - USD ($)	Oct. 05, 2015	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Contingent Consideration Liability	$ 166,800,000	$ 166,800,000
Revenue and earnings of acquiree		0
Acquisition expenses		1,000,000
Goodwill		$ 12,223,000	$ 3,275,000
Tripex Pharmaceuticals LLC [Member]
Business Acquisition [Line Items]
Cash consideration	$ 35,370,000
Business acquisition, common stock issued (in shares)	3,448,001
Acquisition completed date		Oct. 5, 2015
Business acquisition, contingent payment	$ 350,000,000
Goodwill	8,948,000
Total purchase consideration	223,030,000
Net assets acquired	214,100,000
Tripex Pharmaceuticals LLC [Member] | Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Direct costs acquisition included consulting, legal, and accounting fees	$ 3,900,000

BUSINESS COMBINATION - Schedule

BUSINESS COMBINATION - Schedule of Acquisition-Date Fair Value of Consideration Transferred (Details) - Tripex Pharmaceuticals LLC [Member] $ in Thousands	Oct. 05, 2015USD ($)
Business Acquisition [Line Items]
Cash consideration	$ 35,370
Stock consideration	20,860
Contingent consideration	166,800
Total purchase consideration	$ 223,030

BUSINESS COMBINATION - Schedu63

BUSINESS COMBINATION - Schedule of Fair Value Estimate of Assets Acquired and Liability Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Oct. 05, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 12,223		$ 3,275
Tripex Pharmaceuticals LLC [Member]
Business Acquisition [Line Items]
Property and equipment		$ 282
Developed Technology		3,200
In-Process Research and Development		210,600
Goodwill		8,948
Fair Value Estimate of Assets Acquired and Liability Assumed		$ 223,030

BUSINESS COMBINATION - Schedu64

BUSINESS COMBINATION - Schedule of Identifiable Intangible Assets Acquired Value and Amortization Period (Details) - Tripex Pharmaceuticals LLC [Member] $ in Thousands	Oct. 05, 2015USD ($)
Business Acquisition [Line Items]
Developed Technology	$ 3,200
In-Process Research and Development	210,600
Total identifiable intangible assets	$ 213,800
Developed technology, Amortization Period	132 months	[1]
[1]	Recognized on a straight-line basis.

CAPITAL STRUCTURE - Additional

CAPITAL STRUCTURE - Additional Information (Details) - USD ($)	Sep. 04, 2015	Apr. 08, 2015	Jul. 03, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Apr. 30, 2012
Class Of Stock [Line Items]
Common stock issued (in shares)				85,235,591	68,861,366		68,861,366
Proceeds from the exercise of common stock warrants				$ 301,000	$ 1,826,000	$ 10,326,000
Exercise of common stock warrants (in shares)				284,047	611,606
Common stock warrants outstanding				0
Change in fair value recognized in earnings				$ (500,000)	$ (1,100,000)	$ (10,700,000)
At-the-Market Sales Agreement [Member]
Class Of Stock [Line Items]
Common stock issued (in shares)					5,000,000	4,900,000	5,000,000
Proceeds from the sale of common stock under an ATM agreement					$ 45,000,000	$ 38,800,000
Remaining common stock available for future sales under ATM sales (in shares)					0		0
2015 Follow-on Public Offering [Member]
Class Of Stock [Line Items]
Common stock issued (in shares)		9,500,000
Stock price (in dollars per share)		$ 9
Number of shares issued to underwriters under over-allotment option (in shares)		1,430,000
Gross proceeds from issuance of common stock		$ 98,300,000
Net proceeds from issuance of common stock		$ 92,000,000
Underwriting discount percentage (in hundredths)		6.00%
Shares Issued Under ATM Sales Agreement [Member]
Class Of Stock [Line Items]
Maximum amount of common stock under ATM sales agreement	$ 75,000,000		$ 100,000,000					$ 40,000,000
Sales commission percentage for sales made under ATM	3.00%		3.00%
Common stock issued (in shares)				0
Remaining value of common stock available for future issuance under ATM sales agreement				$ 75,000,000
To date [Member] | At-the-Market Sales Agreement [Member]
Class Of Stock [Line Items]
Common stock issued (in shares)					12,569,914		12,569,914
Stock price (in dollars per share)					$ 7.96		$ 7.96
Proceeds from the sale of common stock under an ATM agreement							$ 97,000,000
Weighted Average [Member] | At-the-Market Sales Agreement [Member]
Class Of Stock [Line Items]
Stock price (in dollars per share)					$ 9.29	$ 8.09	$ 9.29
Series A Participating Preferred Stock [Member]
Class Of Stock [Line Items]
Rights per share of common stock (in shares)				0.001
Exercise price (in dollars per share)				$ 15
Maximum percentage of common stock held for rights become non-exercisable				15.00%
Common share voting power of right (in shares)				0.007352
Common share payment of rights (in shares)				0.007352
Stockholder rights plan expiration, date				May 13, 2015

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	May. 19, 2015	Nov. 25, 2014	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Aggregate intrinsic value			$ 2.2
Weighted average intrinsic values of stock options exercisable			2.1
Total unrecognized compensation cost			$ 20.2
Weighted-average period over which compensation cost expected to be recognized			2 years 7 months 24 days
The total fair value of awards vested during the year			$ 0.1
Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan [Abstract]
Number of shares authorized for repurchase (in shares)			1,000,000
Stock issued under ESPP (in shares)			141,218	21,280
Stock reserved for future issuance under ESPP (in shares)			837,502
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Restricted stock units outstanding (in shares)			448,777
Restricted stock units granted (in shares)			509,967
Restricted stock units forfeited (in shares)			51,146
Restricted stock units distributions (in shares)			10,044
Restricted stock units, vesting year			2,019
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Weighted-average period over which compensation cost expected to be recognized			3 years 3 months 18 days
Unrecognized stock-based compensation expense related to RSUs			$ 3.6
2010 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Options expected to vest (in shares)			8,142,976	8,390,147
Weighted average remaining contractual life			6 years 10 months 24 days	6 years 9 months 18 days
Aggregate intrinsic value			$ 2.1	$ 33.7
Weighted average price of options expected to vest (per share)			$ 8.37	$ 7.57
2010 Equity Incentive Plan [Member] | Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			3,906,512
Proceeds from the exercise of stock options			$ 6.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Incremental stock compensation costs			$ 1.4	$ 1.3
2010 Equity Incentive Plan [Member] | Maximum [Member] | Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)		2,400,000
2015 Plan Amendment [Member] | Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in share reserve available for future issuance (in shares)	3,456,620
Number of shares available for grant (in shares)	15,400,000
2014 Employment Commencement Stock Incentive Plan [Member] | Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in share reserve available for future issuance (in shares)			0

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-Based Compensation Expense	$ 12,823	$ 12,046	$ 7,030
Cost of Goods Sold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-Based Compensation Expense	186	191
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-Based Compensation Expense	2,526	2,220	1,550
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-Based Compensation Expense	$ 10,111	$ 9,635	$ 5,480

STOCK-BASED COMPENSATION - Blac

STOCK-BASED COMPENSATION - Black-Scholes Option-Pricing Model Assumptions (Details)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Risk-free interest rate, minimum	[1]	1.33%	0.0025%	0.71%
Risk-free interest rate, maximum	[1]	2.18%	2.13%	1.51%
Expected life of stock option	[1]	6 years	6 years	5 years
Annual volatility, minimum	[1]	67.00%	67.00%	66.00%
Annual volatility, maximum	[1]	69.00%	68.00%	100.00%
[1]	Dividend rate is 0% for all periods presented.

STOCK-BASED COMPENSATION - Bl69

STOCK-BASED COMPENSATION - Black-Scholes Option-Pricing Model Assumptions (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2015
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Dividend rate (in hundredths)	0.00%

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Stock Option Plan Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Option shares
Exercised (in shares)			0
Stock Options [Member]
Option shares
Outstanding, beginning of period (in shares)	8,857,961	8,217,674
Granted (in shares)	2,453,009	3,356,946
Exercised (in shares)	(1,542,603)	(1,643,464)
Canceled (in shares)	(977,893)	(1,073,195)
Outstanding, end of period (in shares)	8,790,474	8,857,961	8,217,674
Weighted-average exercise price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 7.71	$ 6.05
Granted (in dollars per share)	9.80	12.03
Exercised (in dollars per share)	4.28	4
Canceled (in dollars per share)	11.33	14.22
Outstanding, end of period (in dollars per share)	$ 8.49	$ 7.71	$ 6.05

STOCK-BASED COMPENSATION - Su71

STOCK-BASED COMPENSATION - Summary of Options Outstanding Under All of the Company's Stock Option Plans (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Options outstanding under stock option plans [Abstract]
Options outstanding, number of options outstanding (in shares) | shares	8,790,474
Options outstanding, weighted-average remaining contractual life	6 years 11 months 1 day
Options outstanding, weighted-average exercise price (in dollars per share)	$ 8.49
Options vested and exercisable, number of options exercisable (in shares) | shares	5,361,600
Options vested and exercisable, weighted-average remaining contractual life	5 years 8 months 23 days
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 7.54
$ 0 to $3.00 [Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	0
Range of exercise prices, maximum (in dollars per share)	$ 3
Options outstanding, number of options outstanding (in shares) | shares	319,755
Options outstanding, weighted-average remaining contractual life	2 years 1 month 6 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 2.67
Options vested and exercisable, number of options exercisable (in shares) | shares	319,755
Options vested and exercisable, weighted-average remaining contractual life	2 years 1 month 6 days
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 2.67
$ 3.01 to $5.00 [Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	3.01
Range of exercise prices, maximum (in dollars per share)	$ 5
Options outstanding, number of options outstanding (in shares) | shares	1,021,578
Options outstanding, weighted-average remaining contractual life	5 years 3 months 22 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 4.05
Options vested and exercisable, number of options exercisable (in shares) | shares	819,757
Options vested and exercisable, weighted-average remaining contractual life	4 years 3 months 26 days
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 3.89
$ 5.01 to $6.00 [Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	5.01
Range of exercise prices, maximum (in dollars per share)	$ 6
Options outstanding, number of options outstanding (in shares) | shares	2,384,438
Options outstanding, weighted-average remaining contractual life	5 years 7 months 13 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 5.27
Options vested and exercisable, number of options exercisable (in shares) | shares	2,164,305
Options vested and exercisable, weighted-average remaining contractual life	5 years 4 months 24 days
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 5.26
$6.01 to $9.00 [Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	6.01
Range of exercise prices, maximum (in dollars per share)	$ 9
Options outstanding, number of options outstanding (in shares) | shares	1,146,802
Options outstanding, weighted-average remaining contractual life	7 years 8 months 19 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 7.62
Options vested and exercisable, number of options exercisable (in shares) | shares	546,617
Options vested and exercisable, weighted-average remaining contractual life	6 years 11 months 1 day
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 7.45
$ 9.01 to $10.00 [Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	9.01
Range of exercise prices, maximum (in dollars per share)	$ 10
Options outstanding, number of options outstanding (in shares) | shares	1,690,699
Options outstanding, weighted-average remaining contractual life	8 years 11 months 9 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 9.74
Options vested and exercisable, number of options exercisable (in shares) | shares	446,466
Options vested and exercisable, weighted-average remaining contractual life	8 years 8 months 5 days
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 9.71
$ 10.01 to $14.00 [Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	10.01
Range of exercise prices, maximum (in dollars per share)	$ 14
Options outstanding, number of options outstanding (in shares) | shares	969,870
Options outstanding, weighted-average remaining contractual life	8 years 7 months 21 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 11.86
Options vested and exercisable, number of options exercisable (in shares) | shares	292,277
Options vested and exercisable, weighted-average remaining contractual life	7 years 8 months 1 day
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 11.93
$ 14.01 to $18.00 [Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	14.01
Range of exercise prices, maximum (in dollars per share)	$ 18
Options outstanding, number of options outstanding (in shares) | shares	1,239,639
Options outstanding, weighted-average remaining contractual life	7 years 2 months 16 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 14.92
Options vested and exercisable, number of options exercisable (in shares) | shares	754,730
Options vested and exercisable, weighted-average remaining contractual life	6 years 5 months 23 days
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 14.88
$ 18.01 to $160.00[Member]
Options outstanding under stock option plans [Abstract]
Range of exercise prices, minimum (in dollars per share)	18.01
Range of exercise prices, maximum (in dollars per share)	$ 160
Options outstanding, number of options outstanding (in shares) | shares	17,693
Options outstanding, weighted-average remaining contractual life	1 year 2 months 19 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 105.16
Options vested and exercisable, number of options exercisable (in shares) | shares	17,693
Options vested and exercisable, weighted-average remaining contractual life	1 year 2 months 19 days
Options vested and exercisable, weighted average exercise price (in dollars per share)	$ 105.16

STOCK-BASED COMPENSATION - Su72

STOCK-BASED COMPENSATION - Summary of Stock Options Granted and Exercised (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Options Granted and Exercised [Abstract]
Weighted-average fair value per share of options granted	$ 5.95	$ 6.50	$ 5.33
Aggregate intrinsic value of options exercised	$ 10,602,000	$ 11,920,000	$ 5,979,000

STOCK-BASED COMPENSATION - Su73

STOCK-BASED COMPENSATION - Summary of Unvested Restricted Stock Units (Details) - Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares
2010 and 2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares) | shares	509,967
Number of shares issued, Vested | shares	(10,044)
Number of shares issued, Forfeited | shares	(51,146)
Number of shares issued, Unvested ending balance | shares	448,777
2010 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average Grant Date Fair Value Per Share, Granted | $ / shares	$ 9.28
Weighted-average Grant Date Fair Value Per Share, Vested | $ / shares	9.36
Weighted-average Grant Date Fair Value Per Share, Forfeited | $ / shares	9.32
Weighted-average Grant Date Fair Value Per Share, Unvested Ending balance | $ / shares	$ 9.28

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan, Assumptions (Details)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Risk-free interest rate, minimum	[1]	1.33%	0.0025%	0.71%
Risk-free interest rate, maximum	[1]	2.18%	2.13%	1.51%
Expected life of stock option	[1]	6 years	6 years	5 years
Annual volatility, minimum	[1]	67.00%	67.00%	66.00%
Annual volatility, maximum	[1]	69.00%	68.00%	100.00%
Employee Stock Purchase Plan [Member]
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Risk-free interest rate, minimum	[2]	0.03%	0.01%
Risk-free interest rate, maximum	[2]	0.31%	0.16%
Expected life of stock option	[2]	6 months
Annual volatility, minimum	[2]	53.00%	62.00%
Annual volatility, maximum	[2]	71.00%	67.00%
Employee Stock Purchase Plan [Member] | Minimum [Member]
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Expected life of stock option	[2]		4 months
Employee Stock Purchase Plan [Member] | Maximum [Member]
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Expected life of stock option	[2]		6 months
[1]	Dividend rate is 0% for all periods presented.
[2]	Dividend rate is 0%.

STOCK-BASED COMPENSATION - Em75

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan, Assumptions (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2015
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Dividend rate (in hundredths)	0.00%
Employee Stock Purchase Plan [Member]
Assumptions of Black-Scholes option pricing model for stock-based compensation expense and ESPP [Abstract]
Dividend rate (in hundredths)	0.00%

INCOME TAXES - Losses Before In

INCOME TAXES - Losses Before Income Taxes for Domestic and Foreign Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
United States	$ 15,968	$ 15,463	$ 33,966
International	48,810	37,023	35,451
Loss before Income Taxes	$ 64,778	$ 52,486	$ 69,417

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal tax (benefit) at statutory rate	(34.00%)	(34.00%)	(34.00%)
State tax (benefit) at statutory rate, net of federal tax benefit	3.65%	(7.10%)	0.72%
Change in valuation allowance	5.37%	14.51%	20.86%
Research and development credits	(1.68%)	(2.34%)	(14.92%)
Fair market value of warrants			5.27%
Intangible asset basis allocation		2.77%
Stock-based compensation - ISO			1.08%
Tax attributes not benefited			6.07%
Foreign losses not benefited	24.92%	27.11%	14.94%
Other	2.49%	(0.95%)	(0.02%)
Effective Tax Rate	0.75%	0.00%	0.00%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Oct. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 23,679		$ 22,480
Capitalized start-up costs	9,595		11,057
Stock option expense	5,397		4,435
Research credits	22,495		20,951
Fixed assets and intangible assets	3,333		1,565
Accruals	1,659		1,434
Inventory	434		1,200
In Process R&D	(316)
Other	161		124
Valuation allowance	(66,740)	$ (3,500)	$ (63,246)
Deferred Tax Assets and Liabilities, Net	$ 303

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Oct. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Expiration date for operating loss carryforwards	The federal credits expire beginning after the year 2023 and the state credits have no expiration.
Deferred Tax Assets, Valuation Allowance	$ 66,740,000	$ 3,500,000	$ 63,246,000
Unrecognized tax benefits	0
Liability related to uncertain tax positions	0
Accrued interest or penalties related to uncertain tax positions	0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 60,600,000
Expiration date for operating loss carryforwards	2,022
Research and development credits	$ 21,300,000
Net operating loss carryforwards attributable to stock option	10,300,000
State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 92,100,000
Expiration date for operating loss carryforwards	2,016
Research and development credits	$ 1,800,000
Net operating loss carryforwards attributable to stock option	10,300,000
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 4,400,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Contractual Obligations [Line Items]
Lease term		7 years
Rent expense		$ 1.9	$ 1.4	$ 0.6
Letter of credit		1	1.3
Letter of credit unused		0.8	$ 1.3
South San Francisco [Member] | Subsequent Event [Member]
Contractual Obligations [Line Items]
Lease term	4 years
UCSD [Member] | Milestone One [Member]
Contractual Obligations [Line Items]
Milestone payments based upon initiation of clinical trials		$ 2.2
European sales, marketing and administrative headquarter [Member]
Contractual Obligations [Line Items]
Lease term		3 years

COMMITMENTS AND CONTINGENCIES81

COMMITMENTS AND CONTINGENCIES - Schedule of Future Lease Commitments (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
2,016	$ 2,286
2,017	2,512
2,018	2,564
2,019	2,382
2,020	1,929
2021 and thereafter	3,329
Total	$ 15,002

EMPLOYEE BENEFIT PLAN - Additio

EMPLOYEE BENEFIT PLAN - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Contribution Plan Disclosure [Line Items]
Maximum annual contributions amount per employee	$ 10,600	$ 10,400	$ 10,200
Company's contribution amount	$ 700,000	$ 500,000	$ 300,000
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent	4.00%

QUARTERLY RESULTS OF OPERATIO83

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 24,700	$ 25,800	$ 23,300	$ 20,500	$ 17,300	$ 23,800	$ 16,300	$ 12,100
Gross profit	21,000	23,200	20,700	16,700	14,000	19,800	15,300	10,800	$ 81,619	$ 60,081	$ 15,219
Net loss	$ 17,000	$ (14,600)	$ (13,900)	$ (19,700)	$ (18,900)	$ (6,000)	$ (12,700)	$ (14,900)	$ (65,222)	$ (52,540)	$ (69,417)
Net loss per share, basic and diluted	$ (0.20)	$ (0.18)	$ (0.17)	$ (0.28)	$ (0.29)	$ (0.10)	$ (0.20)	$ (0.24)	$ (0.83)	$ (0.83)	$ (1.20)

Schedule II VALUATION AND QUA84

Schedule II VALUATION AND QUALIFYING ACCOUNTS - Valuation Allowance for Deferred Tax Assets (Details) - Valuation Allowance for Deferred Tax Assets [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year	$ 63	$ 58	$ 43
Additions to charged to expenses/other accounts	4	5	15
Balance at end of year	$ 67	$ 63	$ 58