Supernus Pharmaceuticals (SUPN) 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	4-May-15
Document and Entity Information
Entity Registrant Name	SUPERNUS PHARMACEUTICALS INC
Entity Central Index Key	1356576
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		47,762,504
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$25,810	$36,396
Marketable securities	39,026	37,940
Accounts receivable, net	19,271	17,270
Inventories, net	13,702	13,441
Prepaid expenses and other current assets	3,696	3,845
Total current assets	101,505	108,892
Long term marketable securities	27,315	19,816
Property and equipment, net	2,481	2,448
Intangible assets, net	7,839	5,434
Other non-current assets	497	918
Total assets	139,637	137,508
Current liabilities:
Accounts payable	859	1,863
Accrued expenses	25,853	25,487
Deferred licensing revenue	143	143
Total current liabilities	26,855	27,493
Deferred licensing revenue, net of current portion	1,238	1,274
Convertible notes, net of discount	11,708	26,947
Other non-current liabilities	2,561	3,876
Derivative liabilities	2,691	6,564
Total liabilities	45,053	66,154
Stockholders' equity:
Common stock, $0.001 par value, 130,000,000 shares authorized at March 31, 2015 and December 31, 2014; 47,513,429 and 42,974,463 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	48	43
Additional paid-in capital	252,341	230,122
Accumulated other comprehensive loss	-65	-154
Accumulated deficit	-157,740	-158,657
Total stockholders' equity	94,584	71,354
Total liabilities and stockholders' equity	$139,637	$137,508

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	130,000,000	130,000,000
Common stock, shares issued	47,513,429	42,974,463
Common stock, shares outstanding	47,513,429	42,974,463

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue
Net product sales	$28,097	$8,995
Licensing revenue	36	86
Total revenue	28,133	9,081
Costs and expenses
Cost of product sales	1,618	494
Research and development	3,683	4,482
Selling, general and administrative	19,402	17,527
Total costs and expenses	24,703	22,503
Operating income (loss)	3,430	-13,422
Other income (expense)
Interest income	113	102
Interest expense	-381	-1,207
Changes in fair value of derivative liabilities	-49	677
Loss on extinguishment of debt	-2,134	-1,693
Total other income (expense)	-2,451	-2,121
Earnings (loss) before income taxes	979	-15,543
Income tax expense	62
Net income (loss)	$917	($15,543)
Income (loss) per common share:
Basic	$0.02	($0.38)
Diluted	$0.02	($0.38)
Weighted-average number of common shares:
Basic (in shares)	44,563,299	41,129,055
Diluted (in shares)	44,901,298	41,129,055

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$917	($15,543)
Other comprehensive income:
Unrealized net gain on marketable securities	89	1
Other comprehensive income:	89	1
Comprehensive income (loss)	$1,006	($15,542)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net income (loss)	$917	($15,543)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	2,134	1,693
Change in fair value of derivative liability	49	-677
Unrealized gain on marketable securities	89	1
Depreciation and amortization	214	227
Amortization of deferred financing costs and debt discount	374	574
Share-based compensation expense	901	667
Changes in operating assets and liabilities:
Accounts receivable	-2,001	-4,671
Inventories	-261	-805
Prepaid expenses and other assets	38	-660
Accounts payable	-1,004	-975
Accrued expenses	366	-2,681
Deferred product revenue, net		4,389
Deferred licensing revenue	-36	-67
Other non-current liabilities	-1,277	-576
Net cash provided by (used in) operating activities	503	-19,104
Cash flows from investing activities
Purchases of marketable securities	-17,315	-9,406
Sales and maturities of marketable securities	8,731	9,096
Purchases of property and equipment, net	-189	-263
Deferred legal fees	-2,463	-1,056
Net cash used in investing activities	-11,236	-1,629
Cash flows from financing activities
Proceeds from issuance of common stock	147	6
Cash settlement of debt to equity conversion		-1
Net cash provided by financing activities	147	5
Net change in cash and cash equivalents	-10,586	-20,728
Cash and cash equivalents at beginning of period	36,396	32,980
Cash and cash equivalents at end of period	25,810	12,252
Noncash financial activity:
Conversion of convertible notes and interest make-whole	$21,176	$10,418

Organization_and_Business

Organization and Business	3 Months Ended
	Mar. 31, 2015
Organization and Business
Organization and Business
	1.  Organization and Business
	Supernus Pharmaceuticals, Inc. (the Company) is a specialty pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, including neurological and psychiatric disorders.  The Company markets two epilepsy products, Oxtellar XR and Trokendi XR, and has several proprietary product candidates in clinical development that address the psychiatry market.
	The Company commenced the commercialization of Oxtellar XR and Trokendi XR in 2013.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
	2.  Summary of Significant Accounting Policies
	Basis of Presentation
	The Company’s unaudited consolidated financial statements include the accounts of Supernus Pharmaceuticals, Inc. and Supernus Europe Ltd. These are collectively referred to herein as “Supernus” or “the Company.” All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (SEC) for interim financial information.
	As permitted under Generally Accepted Accounting Principles in the United States (U.S. GAAP), certain notes and other information have been omitted from the interim unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	In the opinion of management, the consolidated financial statements reflect all adjustments necessary to fairly present the Company’s financial position, results of operations, and cash flows for the periods presented. These adjustments are of a normal recurring nature.  The Company currently operates in one business segment.
	The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the Company’s future financial results.
	Accounts Receivable, net
	Accounts receivable are reported in the consolidated balance sheets at outstanding amounts, less an allowance for doubtful accounts and discounts. The Company extends credit without requiring collateral. The Company writes off uncollectible receivables when the likelihood of collection is remote. The Company evaluates the collectability of accounts receivable on a regular basis. An allowance, when needed, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts, and economic factors or events expected to affect future collections experience. No accounts have been written off in 2015 and 2014. The Company recorded an allowance of approximately $3.4 million and $4.1 million for expected sales discounts as of March 31, 2015 and December 31, 2014, respectively.
	Revenue Recognition
	Revenue from product sales is recognized when persuasive evidence of an arrangement exists; delivery has occurred and title to the product and associated risk of loss has passed to the customer; the price is fixed or determinable; collection from the customer has been reasonably assured; all performance obligations have been met; and returns and allowances can be reasonably estimated.  Product sales are recorded net of estimated rebates, chargebacks, discounts, co-pay assistance and other deductions as well as estimated product returns (collectively, “sales deductions”).Our products are distributed through wholesalers and pharmaceutical distributors. Each of these wholesalers and distributors will take title and ownership to the product upon physical receipt of the product and then distribute our products to pharmacies. For the three months ended March 31, 2015, the revenue for Oxtellar XR and Trokendi XR was recognized contemporaneously upon shipment of finished product to wholesalers, net of allowances for estimated sales deductions and returns.  For the three months ended March 31, 2014, Oxtellar XR revenue was recognized contemporaneously upon shipment of finished product to wholesalers, net of allowances for estimated sales deductions and returns. The Trokendi XR revenue for the three months ended March 31, 2014 was recognized for prescriptions filled during the fourth quarter of 2013.   During the three month period ended March 31, 2014, the Company recorded shipments of Trokendi XR to wholesalers as deferred revenue i.e., sales price net of known sales deductions (e.g. prompt pay discounts and other similar charges defined below). At the time, we lacked the experiential data which would allow us to estimate all remaining sales rebates, allowances and returns. The Company moved to contemporaneous revenue recognition for Trokendi XR in the second quarter of 2014.
	Sales Deductions
	Allowances for estimated sales deductions are provided for the following:
		·	Rebates.  Rebates include mandated discounts under the Medicaid Drug Rebate Program, the Medicare coverage gap program, as well as negotiated discounts with commercial health-care providers. Rebates are amounts owed after the final dispensing of products to a benefit plan participant and are based upon contractual agreements or legal requirements with the public sector (e.g. Medicaid) and with private sector benefit providers. The allowance for rebates is based on statutory and contractual discount rates and expected claimed rebates paid based on a plan provider’s utilization. Rebates are generally invoiced and paid quarterly in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment.
		·	Chargebacks.  Chargebacks are discounts that occur when contracted customers purchase directly from an intermediary distributor or wholesaler. Contracted customers, which currently consist primarily of Public Health Service institutions and Federal government entities purchasing via the Federal Supply Schedule, generally purchase the product at a discounted price. The distributor or wholesaler, in turn, charges back the difference between the price initially paid by the distributor or wholesaler and the discounted price paid to the distributor or wholesaler by the customer. The allowance for distributor/wholesaler chargebacks is based on known sales to contracted customers.
		·	Distributor/Wholesaler deductions and discounts.  U.S. specialty distributors and wholesalers are offered various forms of consideration including allowances, service fees and prompt payment discounts as consideration for distributing our products. Distributor allowances and service fees arise from contractual agreements with distributors and are generally a percentage of the purchase price paid by the distributors and wholesalers. Wholesale customers are offered a prompt pay discount for payment within a specified period.
		·	Co-pay assistance.  Patients who pay in cash or have commercial insurance and meet certain eligibility requirements may receive co-pay assistance from the Company. The intent of this program is to reduce the patient’s out of pocket costs. Liabilities for co-pay assistance are based on actual program participation and estimates of program redemption using data provided by third-party administrators.
		·	Returns.  Sales of our products are not subject to a general right of return; however, the Company will accept product that is damaged or defective when shipped directly from our warehouse or for expired product up to 12 months subsequent to its expiry date. Product that has been used to fill patient prescriptions is no longer subject to any right of return.
	Milestone Payments
	Milestone payments on licensing agreements are recognized as revenue when the collaborative partner acknowledges completion of the milestone and substantive effort was necessary to achieve the milestone. Management may recognize revenue contingent upon the achievement of a milestone in its entirety in the period in which the milestone is achieved only if the milestone meets all the criteria to be considered substantive.  The Company recorded no milestone revenue during the three months ended March 31, 2015 and 2014.
	Cost of Product Sales
	The cost of product sales consist primarily of materials, third-party manufacturing costs, freight and distribution costs, allocation of labor, quality control and assurance, and other manufacturing overhead costs.
	Income Taxes
	The Company utilizes the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amounts expected to be realized.
	The Company accounts for uncertain tax positions in its consolidated financial statements when it is more-likely-than-not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to income taxes in income tax expense.
	During the three months ended March 31, 2015, the Company had pre-tax income of $1.0 million. The provision for Federal and state income taxes related to such pre-tax income has been largely offset by the utilization of available net operating loss carryforwards (“NOL’s”). Accordingly, the Company reduced its valuation allowance against its deferred tax assets and recognized an income tax expense for the jurisdictions that did not have sufficient NOL’s to offset the expected tax expense.
	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on our consolidated financial statements and accompanying notes.
	In August 2014, the FASB issued Accounting Standards Update 2014-15 “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). The new standard requires management to perform interim and annual assessments of an entity’s ability to continue to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not believe the adoption of the new standard will have a significant impact on our operations.
	The Company has evaluated all other ASUs issued through the date the consolidated financials were issued and believes that the adoption of these will not have a material impact on the Company’s consolidated financial statements.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value of Financial Instruments
Fair Value of Financial Instruments
	3.  Fair Value of Financial Instruments
	The fair value of an asset or liability should represent the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Such transactions to sell an asset or transfer a liability are assumed to occur in the principal or most advantageous market for the asset or liability. Accordingly, fair value is determined based on a hypothetical transaction at the measurement date, considered from the perspective of a market participant rather than from a reporting entity’s perspective.
	The Company reports assets and liabilities that are measured at fair value using a three level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
		·		Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
		·		Level 2—Inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
		·		Level 3—Unobservable inputs that reflect the Company’s own assumptions, based on the best information available, including the Company’s own data.
	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value, in thousands:
			Fair Value Measurements at
			March 31, 2015
			(unaudited)
								Significant
			Total Carrying			Quoted Prices		Other			Significant
			Value at			in Active		Observable			Unobservable
			March 31,			Markets		Inputs			Inputs
			2015			(Level 1)		(Level 2)			(Level 3)
	Assets:
	Cash and cash equivalents		$	25,810		$	25,810	$	—		$	—
	Marketable securities		39,026			—		39,026			—
	Long term marketable securities		27,315			—		27,315			—
	Marketable securities - restricted (SERP)		267			—		267			—
	Total assets at fair value		$	92,418		$	25,810	$	66,608		$	—
	Liabilities:
	Derivative liabilities		$	2,691		$	—	$	—		$	2,691
			Fair Value Measurements at
			December 31, 2014
								Significant
			Total Carrying			Quoted Prices		Other			Significant
			Value at			in Active		Observable			Unobservable
			December 31,			Markets		Inputs			Inputs
			2014			(Level 1)		(Level 2)			(Level 3)
	Assets:
	Cash and cash equivalents		$	36,396		$	36,396	$	—		$	—
	Marketable securities		37,940			—		37,940			—
	Long term marketable securities		19,816			—		19,816			—
	Marketable securities - restricted (SERP)		305			—		305			—
	Total assets at fair value		$	94,457		$	36,396	$	58,061		$	—
	Liabilities:
	Derivative liabilities		$	6,564		$	—	$	—		$	6,564
	The fair value of the restricted marketable securities is included within other non-current assets in the consolidated balance sheets.
	The Company’s Level 1 assets include money market funds and U.S. Treasury and government agency debt securities with quoted prices in active markets.
	Level 2 assets include mutual funds in which the SERP (Supplemental Executive Retirement Plan) assets are invested, commercial paper and investment grade corporate bonds and other fixed income securities. Level 2 securities are valued using third-party pricing sources that apply applicable inputs and other relevant data into their models to estimate fair value.
	Level 3 liabilities include the estimated fair value of the interest make-whole liability associated with the Company’s 7.50% Convertible Senior Secured Notes due 2019 (the Notes) and the outstanding warrants to purchase Common Stock, which are recorded as derivative liabilities.
	The fair value of the interest make-whole liability of the Notes was calculated using a binomial-lattice model with the following key assumptions as of March 31, 2015, unaudited:
	Volatility		45%
	Stock Price as of March 31, 2015		$12.09 per share
	Credit Spread		1388 bps
	Term		2.1 years
	Dividend Yield		0.00%
	The fair value of the common stock warrant liability was calculated using a Black-Scholes model with the following assumptions as of March 31, 2015, unaudited:
	Exercise Price		$4.00 - $5.00 per share
	Volatility		65%
	Stock Price as of March 31, 2015		$12.09 per share
	Term		5.8 - 6.8 years
	Dividend Yield		0.00%
	Risk-Free Rate		1.5% -1.7%
	Significant changes to these assumptions could result in increases/decreases to the fair value of the derivative liabilities.
	Changes in the fair value of the warrants and the interest make-whole liability are recognized as a component of Other Income (Expense) in the Consolidated Statements of Operations. The following table presents information about the Company’s Level 3 liabilities as of December 31, 2014 and March 31, 2015 that are included in the Non-Current Liabilities section of the Consolidated Balance Sheets, in thousands:
			Three Months ended
			March 31,
			2015
			(unaudited)
	Balance at December 31, 2014		$	6,564
	Changes in fair value of derivative liabilities included in earnings		49
Reduction due to conversion of debt to equity		(3,922		)
Balance at March 31, 2015		$	2,691
The carrying value, face value and estimated fair value of the Notes was approximately $11.7 million, $14.7 million and $35.8 million, respectively, as of March 31, 2015. The fair value was estimated based on actual trade information as well as quoted prices provided by bond traders, which would be characterized within Level 2 of the fair value hierarchy. This fair value amount gives recognition to the value of the interest make-whole liability and the value of the conversion option. These items have been accounted for as derivative liabilities and additional paid-in-capital, respectively.
The carrying amounts of other financial instruments, including accounts receivable, accounts payable and accrued expenses approximate fair value due to their short-term maturities.
Unrestricted marketable securities held by the Company were as follows, in thousands:
At March 31, 2015 (unaudited):
Available for Sale		Amortized			Gross		Gross			Fair Value
		Cost			Unrealized		Unrealized
					Gains		Losses
Corporate debt securities		$	66,406		$	15	$	(80	)	$	66,341
At December 31, 2014:
Available for Sale		Amortized			Gross		Gross			Fair Value
		Cost			Unrealized		Unrealized
					Gains		Losses
Corporate debt securities		$	57,910		$	4	$	(158	)	$	57,756
The contractual maturities of the unrestricted available for sale marketable securities held by the Company were as follows, in thousands:
		March 31,
		2015
		(unaudited)
Less Than 1 Year		$	39,026
1-5 years		27,315
Greater Than 5 Years		—
Total		$	66,341
The Company has not experienced any other-than-temporary losses on its marketable securities and restricted marketable securities. The cost of securities sold is calculated using the specific identification method.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories
Inventories
	4.  Inventories
	Inventories consist of the following, in thousands:
		March 31,		December 31,
		2015		2014
		(unaudited)
	Raw materials	$	3,132	$	2,491
	Work in process	6,328		6,328
	Finished goods	4,242		4,622
		$	13,702	$	13,441

Property_and_Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2015
Property and Equipment
Property and Equipment
	5.  Property and Equipment
	Property and equipment consist of the following, in thousands:
		March 31,			December 31,
		2015			2014
		(unaudited)
	Computer equipment	$	932		$	862
	Software	314			254
	Lab equipment and furniture	5,235			5,194
	Leasehold improvements	2,446			2,428
		8,927			8,738
	Less accumulated depreciation and amortization	(6,446		)	(6,290		)
		$	2,481		$	2,448
	Depreciation expense on property and equipment was approximately $156,000 for the three months ended March 31, 2015 and $169,000 for the three months ended March 31, 2014.

Intangible_Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2015
Intangible Assets
Intangible Assets
	6.  Intangible Assets
	The Company purchased certain patents from Shire Laboratories, Inc. pursuant to a 2005 purchase agreement. These patents are being amortized over the weighted average life of the patents purchased in that transaction. Deferred legal fees have been incurred in connection with complaints related to patents for Oxtellar XR and Trokendi XR (see Part II, Item I—Legal Proceedings in this Quarterly Report on Form 10-Q). The following sets forth the gross carrying amount and related accumulated amortization of these intangible assets, in thousands:
			March 31, 2015
			(unaudited)				December 31, 2014
		Weighted-	Gross Carrying		Accumulated		Gross Carrying		Accumulated
		Average Life	Amount		Amortization		Amount		Amortization
	Purchased patents	10.0	$	2,292	$	2,125	$	2,292	$	2,067
	Deferred legal fees		$	7,672	$	—	$	5,209	$	—
	Deferred legal fees will be capitalized as part of the patents upon successful outcome of the on-going litigation related to these patents, at which point amortization of those costs will begin. If the Company is unsuccessful, the deferred legal fees will be expensed at that time. Four U.S. patents have been issued covering Oxtellar XR and six U.S. patents have been issued covering Trokendi XR, providing patent protection through at least 2027.
	Amortization expense associated with purchased patents was approximately $57,000 for each of the three months ended March 31, 2015 and 2014. The estimated annual aggregate amortization expense through December 31, 2015 is $229,000. The net book value of intangible assets as of March 31, 2015 was approximately $7.8 million and December 31, 2014 was approximately $5.4 million.
	There were no indicators of impairment identified at March 31, 2015 or December 31, 2014.

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2015
Accrued Liabilities
Accrued Liabilities
	7.  Accrued Liabilities
	Accrued Liabilities are comprised of the following, in thousands:
		March 31,		December 31,
		2015		2014
		(unaudited)
	Accrued sales deductions	$	10,025	$	8,461
	Accrued compensation	7,334		5,829
	Accrued professional fees	3,546		2,049
	Accrued clinical trial and clinical supply costs	1,698		2,942
	Accrued sales and marketing expenses	1,051		1,017
	Accrued interest expense	646		639
	Accrued product costs	131		3,014
	Other accrued liabilities	1,422		1,536
		$	25,853	$	25,487

Convertible_Senior_Secured_Not

Convertible Senior Secured Notes	3 Months Ended
	Mar. 31, 2015
Convertible Senior Secured Notes
Convertible Senior Secured Notes
	8.  Convertible Senior Secured Notes
	The table below summarizes activity related to the Notes from issuance on May 3, 2013 through March 31, 2015, in thousands:
	Gross proceeds	$	90,000
	Initial value of interest make-whole derivative reported as debt discount	(9,270		)
	Conversion option reported as debt discount and APIC	(22,336		)
	Conversion of debt to equity - principal	(53,941		)
	Conversion of debt to equity - accretion of debt discount	17,926
	Accretion of debt discount	4,568
	December 31, 2014 carrying value	26,947
	Conversion of debt to equity - principal	(21,407		)
	Conversion of debt to equity - accretion of debt discount	5,826
	Accretion of debt discount	342
	March 31, 2015 carrying value, unaudited	$	11,708
	During the three month period ended March 31, 2015, approximately $21.4 million of the Notes were presented to the Company for conversion. Accordingly, the Company issued approximately 4.0 million shares of common stock in conversion of the principal amount of the Notes.  The Company issued an additional 0.4 million shares of common stock in settlement of the interest make-whole provision related to the converted Notes.  As a result of the conversions, the Company incurred a loss of approximately $2.1 million on extinguishment of debt during the three months ended March 31, 2015, which is included as a separate component of other income (expense) on the consolidated statement of operations.   During the three month period ended March 31, 2014, as a result of approximately $9.5 million in note conversions, the Company incurred a loss of approximately $1.7 million on extinguishment of debt.

ShareBased_Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2015
Share-Based Payments
Share-Based Payments
	9.  Share-Based Payments
	The Company has adopted the Supernus Pharmaceuticals, Inc. 2012 Equity Incentive Plan (the 2012 Plan), which is stockholder approved, and provides for the grant of stock options and certain other awards, including stock appreciation rights (SAR), restricted and unrestricted stock, stock units, performance awards, cash awards and other awards that are convertible into or otherwise based on the Company’s common stock, to the Company’s key employees, directors, and consultants and advisors. The 2012 Plan is administered by the Company’s Board of Directors and provides for the issuance of up to 4,000,000 shares of the Company’s Common Stock upon the exercise of stock options. Option awards are granted with an exercise price equal to the estimated fair value of the Company’s Common Stock at the grant date; those option awards generally vest in four annual installments, starting on the first anniversary of the date of grant and have ten year contractual terms. Share-based compensation recognized related to the grant of employee and non-employee stock options, SAR, potential Employee Stock Purchase Plan (ESPP) awards and non-vested stock was as follows, in thousands:
		March 31,
		2015			2014
		(unaudited)
	Research and development	$	204		$	184
	Selling, general and administrative	697			483
	Total	$	901		$	667
	The following table summarizes stock option and SAR activity:
		Number of		Weighted-			Weighted-
		Options		Average			Average
				Exercise Price			Remaining
							Contractual
							Term (in years)
	Outstanding, December 31, 2014	2,080,749		$	7.93		8.04
	Granted (unaudited)	866,300		$	9.22
	Exercised (unaudited)	(68,896	)	$	2.13
	Forfeited or expired (unaudited)	(11,656	)	$	7.95
	Outstanding, March 31, 2015 (unaudited)	2,866,497		$	8.46		8.51
	As of December 31, 2014:
	Vested and expected to vest	2,041,026		$	7.91		8.03
	Exercisable	626,548		$	6.4		6.91
	As of March 31, 2015:
	Vested and expected to vest (unaudited)	2,793,934		$	8.45		8.49
	Exercisable (unaudited)	913,327		$	7.54		7.42

Earnings_per_Share

Earnings per Share	3 Months Ended
	Mar. 31, 2015
Earnings per Share
Earnings per Share
	10.  Earnings per Share
	Basic income (loss) per common share is determined by dividing income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted income (loss) per share is computed by dividing the income (loss) attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants, SARs, potential ESPP awards and warrants, and the if-converted method is used to determine the dilutive effect of the Company’s Notes.  The assumed conversion of the Notes would result in a loss on extinguishment which would cause a net loss in 2015; thus, the effect would be anti-dilutive.  The following common stock equivalents were excluded in the calculation of diluted income (loss) per share because their effect would be anti-dilutive as applied to the income (loss) from continuing operations applicable to common stockholders for the three months ended March 31, 2015 and 2014:
		Three Months ended March 31,
		2015		2014
		(unaudited)
	Shares underlying Convertible Senior Secured Notes	6,071,894		7,556,001
	Warrants to purchase common stock	21,800		21,273
	Stock options, stock appreciation rights, non-vested stock options, and ESPP awards	—		356,364
	The following table sets forth the computation of basic and diluted net income per share for the three months ended March 31, 2015 and 2014, in thousands, except share and per share amounts:
		Three Months ended March 31,
		2015			2014
		(unaudited)
	Numerator, in thousands:
	Net income (loss) used for calculation of basic and diluted EPS	$	917		$	(15,543	)
	Denominator:
	Weighted average shares outstanding, basic	44,563,299			41,129,055
	Stock options, stock appreciation rights, non-vested stock options, and ESPP awards	337,999			—
	Total potential dilutive common shares	337,999			—
	Weighted average shares outstanding, diluted	44,901,298			41,129,055
	Net income (loss) per share, basic	$	0.02		$	(0.38	)
	Net income (loss) per share, diluted	$	0.02		$	(0.38	)

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies
	11.  Commitments and Contingencies
	The Company has concurrent leases for office and lab space that extend through April 2020. The Company may elect to extend the term of the leases for an additional five-year term. The leases provide for a tenant improvement allowance of approximately $2.1 million in aggregate. During the three months ended March 31, 2015 and 2014, none of the allowance was utilized.  As of March 31, 2015, $0.7 million is available for tenant improvements. Rent expense for the leased facilities and leased vehicles for the three months ended March 31, 2015 and 2014 was approximately, $0.7 million, and $0.5 million, respectively.
	Future minimum lease payments under non-cancelable operating leases as of March 31, 2015 are as follows, in thousands:
	Year ending December 31:
	2015 (remaining)	$	1,311
	2016	1,287
	2017	1,291
	2018	1,314
	Thereafter	1,795
		$	6,998
	The Company has obtained exclusive licenses from third parties for proprietary rights to support the product candidates in the Company’s psychiatry portfolio. Under license agreements with Afecta Pharmaceuticals, Inc. (“Afecta”), the Company has an exclusive option to evaluate Afecta’s CNS pipeline and to obtain exclusive worldwide rights to selected product candidates, including an exclusive license to SPN-810. The Company does not owe any future milestone payments for SPN-810. The Company is obligated to pay royalties to Afecta based on worldwide net sales of each of these products in the low-single digits.
	The Company has also entered into a purchase and sale agreement with Rune Healthcare Limited (“Rune”), where the Company obtained the exclusive worldwide rights to a product concept from Rune. There are no future milestone payments due to Rune under this agreement. If the Company receives approval to market and sell any products based on the Rune product concept for SPN-809, the Company is obligated to pay royalties to Rune based on net sales worldwide in the low single digits.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events
Subsequent Events
	12.  Subsequent Events
	Subsequent to March 31, 2015, holders of the Notes converted approximately $1.2 million of the Notes and we issued a total of approximately 0.2 million shares of common stock in conversion of the principal amount of the Notes and accrued interest thereon, and issued an additional 20,000 shares of common stock in settlement of the interest make-whole provision related to the converted Notes.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Basis of Presentation
	Basis of Presentation
	The Company’s unaudited consolidated financial statements include the accounts of Supernus Pharmaceuticals, Inc. and Supernus Europe Ltd. These are collectively referred to herein as “Supernus” or “the Company.” All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s unaudited consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (SEC) for interim financial information.
	As permitted under Generally Accepted Accounting Principles in the United States (U.S. GAAP), certain notes and other information have been omitted from the interim unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	In the opinion of management, the consolidated financial statements reflect all adjustments necessary to fairly present the Company’s financial position, results of operations, and cash flows for the periods presented. These adjustments are of a normal recurring nature.  The Company currently operates in one business segment.
	The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the Company’s future financial results.
Accounts Receivable, net
	Accounts Receivable, net
	Accounts receivable are reported in the consolidated balance sheets at outstanding amounts, less an allowance for doubtful accounts and discounts. The Company extends credit without requiring collateral. The Company writes off uncollectible receivables when the likelihood of collection is remote. The Company evaluates the collectability of accounts receivable on a regular basis. An allowance, when needed, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts, and economic factors or events expected to affect future collections experience. No accounts have been written off in 2015 and 2014. The Company recorded an allowance of approximately $3.4 million and $4.1 million for expected sales discounts as of March 31, 2015 and December 31, 2014, respectively.
Revenue Recognition
	Revenue Recognition
	Revenue from product sales is recognized when persuasive evidence of an arrangement exists; delivery has occurred and title to the product and associated risk of loss has passed to the customer; the price is fixed or determinable; collection from the customer has been reasonably assured; all performance obligations have been met; and returns and allowances can be reasonably estimated.  Product sales are recorded net of estimated rebates, chargebacks, discounts, co-pay assistance and other deductions as well as estimated product returns (collectively, “sales deductions”).Our products are distributed through wholesalers and pharmaceutical distributors. Each of these wholesalers and distributors will take title and ownership to the product upon physical receipt of the product and then distribute our products to pharmacies. For the three months ended March 31, 2015, the revenue for Oxtellar XR and Trokendi XR was recognized contemporaneously upon shipment of finished product to wholesalers, net of allowances for estimated sales deductions and returns.  For the three months ended March 31, 2014, Oxtellar XR revenue was recognized contemporaneously upon shipment of finished product to wholesalers, net of allowances for estimated sales deductions and returns. The Trokendi XR revenue for the three months ended March 31, 2014 was recognized for prescriptions filled during the fourth quarter of 2013.   During the three month period ended March 31, 2014, the Company recorded shipments of Trokendi XR to wholesalers as deferred revenue i.e., sales price net of known sales deductions (e.g. prompt pay discounts and other similar charges defined below). At the time, we lacked the experiential data which would allow us to estimate all remaining sales rebates, allowances and returns. The Company moved to contemporaneous revenue recognition for Trokendi XR in the second quarter of 2014.
	Sales Deductions
	Allowances for estimated sales deductions are provided for the following:
		·	Rebates.  Rebates include mandated discounts under the Medicaid Drug Rebate Program, the Medicare coverage gap program, as well as negotiated discounts with commercial health-care providers. Rebates are amounts owed after the final dispensing of products to a benefit plan participant and are based upon contractual agreements or legal requirements with the public sector (e.g. Medicaid) and with private sector benefit providers. The allowance for rebates is based on statutory and contractual discount rates and expected claimed rebates paid based on a plan provider’s utilization. Rebates are generally invoiced and paid quarterly in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment.
		·	Chargebacks.  Chargebacks are discounts that occur when contracted customers purchase directly from an intermediary distributor or wholesaler. Contracted customers, which currently consist primarily of Public Health Service institutions and Federal government entities purchasing via the Federal Supply Schedule, generally purchase the product at a discounted price. The distributor or wholesaler, in turn, charges back the difference between the price initially paid by the distributor or wholesaler and the discounted price paid to the distributor or wholesaler by the customer. The allowance for distributor/wholesaler chargebacks is based on known sales to contracted customers.
		·	Distributor/Wholesaler deductions and discounts.  U.S. specialty distributors and wholesalers are offered various forms of consideration including allowances, service fees and prompt payment discounts as consideration for distributing our products. Distributor allowances and service fees arise from contractual agreements with distributors and are generally a percentage of the purchase price paid by the distributors and wholesalers. Wholesale customers are offered a prompt pay discount for payment within a specified period.
		·	Co-pay assistance.  Patients who pay in cash or have commercial insurance and meet certain eligibility requirements may receive co-pay assistance from the Company. The intent of this program is to reduce the patient’s out of pocket costs. Liabilities for co-pay assistance are based on actual program participation and estimates of program redemption using data provided by third-party administrators.
		·	Returns.  Sales of our products are not subject to a general right of return; however, the Company will accept product that is damaged or defective when shipped directly from our warehouse or for expired product up to 12 months subsequent to its expiry date. Product that has been used to fill patient prescriptions is no longer subject to any right of return.
	Milestone Payments
	Milestone payments on licensing agreements are recognized as revenue when the collaborative partner acknowledges completion of the milestone and substantive effort was necessary to achieve the milestone. Management may recognize revenue contingent upon the achievement of a milestone in its entirety in the period in which the milestone is achieved only if the milestone meets all the criteria to be considered substantive.  The Company recorded no milestone revenue during the three months ended March 31, 2015 and 2014.
Cost of Product Sales
	Cost of Product Sales
	The cost of product sales consist primarily of materials, third-party manufacturing costs, freight and distribution costs, allocation of labor, quality control and assurance, and other manufacturing overhead costs.
Income Taxes
	Income Taxes
	The Company utilizes the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amounts expected to be realized.
	The Company accounts for uncertain tax positions in its consolidated financial statements when it is more-likely-than-not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to income taxes in income tax expense.
	During the three months ended March 31, 2015, the Company had pre-tax income of $1.0 million. The provision for Federal and state income taxes related to such pre-tax income has been largely offset by the utilization of available net operating loss carryforwards (“NOL’s”). Accordingly, the Company reduced its valuation allowance against its deferred tax assets and recognized an income tax expense for the jurisdictions that did not have sufficient NOL’s to offset the expected tax expense.
Recently Issued Accounting Pronouncements
	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on our consolidated financial statements and accompanying notes.
	In August 2014, the FASB issued Accounting Standards Update 2014-15 “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). The new standard requires management to perform interim and annual assessments of an entity’s ability to continue to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not believe the adoption of the new standard will have a significant impact on our operations.
	The Company has evaluated all other ASUs issued through the date the consolidated financials were issued and believes that the adoption of these will not have a material impact on the Company’s consolidated financial statements.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value of Financial Instruments
Schedule of fair value of the financial assets and liabilities
	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value, in thousands:
		Fair Value Measurements at
		March 31, 2015
		(unaudited)
							Significant
		Total Carrying			Quoted Prices		Other			Significant
		Value at			in Active		Observable			Unobservable
		March 31,			Markets		Inputs			Inputs
		2015			(Level 1)		(Level 2)			(Level 3)
	Assets:
	Cash and cash equivalents	$	25,810		$	25,810	$	—		$	—
	Marketable securities	39,026			—		39,026			—
	Long term marketable securities	27,315			—		27,315			—
	Marketable securities - restricted (SERP)	267			—		267			—
	Total assets at fair value	$	92,418		$	25,810	$	66,608		$	—
	Liabilities:
	Derivative liabilities	$	2,691		$	—	$	—		$	2,691
		Fair Value Measurements at
		December 31, 2014
							Significant
		Total Carrying			Quoted Prices		Other			Significant
		Value at			in Active		Observable			Unobservable
		December 31,			Markets		Inputs			Inputs
		2014			(Level 1)		(Level 2)			(Level 3)
	Assets:
	Cash and cash equivalents	$	36,396		$	36,396	$	—		$	—
	Marketable securities	37,940			—		37,940			—
	Long term marketable securities	19,816			—		19,816			—
	Marketable securities - restricted (SERP)	305			—		305			—
	Total assets at fair value	$	94,457		$	36,396	$	58,061		$	—
	Liabilities:
	Derivative liabilities	$	6,564		$	—	$	—		$	6,564
Schedule of Level 3 liabilities included in Non-current Liabilities on the Balance Sheet	The following table presents information about the Company’s Level 3 liabilities as of December 31, 2014 and March 31, 2015 that are included in the Non-Current Liabilities section of the Consolidated Balance Sheets, in thousands:
		Three Months ended
		March 31,
		2015
		(unaudited)
	Balance at December 31, 2014	$	6,564
	Changes in fair value of derivative liabilities included in earnings	49
	Reduction due to conversion of debt to equity	(3,922		)
	Balance at March 31, 2015	$	2,691
Schedule of unrestricted marketable securities
	Unrestricted marketable securities held by the Company were as follows, in thousands:
	At March 31, 2015 (unaudited):
	Available for Sale	Amortized			Gross		Gross			Fair Value
		Cost			Unrealized		Unrealized
					Gains		Losses
	Corporate debt securities	$	66,406		$	15	$	(80	)	$	66,341
	At December 31, 2014:
	Available for Sale	Amortized			Gross		Gross			Fair Value
		Cost			Unrealized		Unrealized
					Gains		Losses
	Corporate debt securities	$	57,910		$	4	$	(158	)	$	57,756
Schedule of contractual maturities of the unrestricted available for sale marketable securities held
	The contractual maturities of the unrestricted available for sale marketable securities held by the Company were as follows, in thousands:
		March 31,
		2015
		(unaudited)
	Less Than 1 Year	$	39,026
	1-5 years	27,315
	Greater Than 5 Years	—
	Total	$	66,341
Interest make-whole liability
Fair value of financial instruments
Schedule of assumptions used to calculate fair value of liabilities
	Volatility	45%
	Stock Price as of March 31, 2015	$12.09 per share
	Credit Spread	1388 bps
	Term	2.1 years
	Dividend Yield	0.00%
Warrant to purchase common stock
Fair value of financial instruments
Schedule of assumptions used to calculate fair value of liabilities
	Exercise Price	$4.00 - $5.00 per share
	Volatility	65%
	Stock Price as of March 31, 2015	$12.09 per share
	Term	5.8 - 6.8 years
	Dividend Yield	0.00%
	Risk-Free Rate	1.5% -1.7%

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventories
Schedule of inventories
	Inventories consist of the following, in thousands:
		March 31,		December 31,
		2015		2014
		(unaudited)
	Raw materials	$	3,132	$	2,491
	Work in process	6,328		6,328
	Finished goods	4,242		4,622
		$	13,702	$	13,441

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2015
Property and Equipment
Schedule of property and equipment
	Property and equipment consist of the following, in thousands:
		March 31,			December 31,
		2015			2014
		(unaudited)
	Computer equipment	$	932		$	862
	Software	314			254
	Lab equipment and furniture	5,235			5,194
	Leasehold improvements	2,446			2,428
		8,927			8,738
	Less accumulated depreciation and amortization	(6,446		)	(6,290		)
		$	2,481		$	2,448

Intangible_Assets_Tables

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Intangible Assets
Schedule of gross carrying amount and related accumulated amortization of the intangible assets	The following sets forth the gross carrying amount and related accumulated amortization of these intangible assets, in thousands:
			March 31, 2015
			(unaudited)				December 31, 2014
		Weighted-	Gross Carrying		Accumulated		Gross Carrying		Accumulated
		Average Life	Amount		Amortization		Amount		Amortization
	Purchased patents	10.0	$	2,292	$	2,125	$	2,292	$	2,067
	Deferred legal fees		$	7,672	$	—	$	5,209	$	—

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Accrued Liabilities
Schedule of accrued liabilities
	Accrued Liabilities are comprised of the following, in thousands:
		March 31,		December 31,
		2015		2014
		(unaudited)
	Accrued sales deductions	$	10,025	$	8,461
	Accrued compensation	7,334		5,829
	Accrued professional fees	3,546		2,049
	Accrued clinical trial and clinical supply costs	1,698		2,942
	Accrued sales and marketing expenses	1,051		1,017
	Accrued interest expense	646		639
	Accrued product costs	131		3,014
	Other accrued liabilities	1,422		1,536
		$	25,853	$	25,487

Convertible_Senior_Secured_Not1

Convertible Senior Secured Notes (Tables)	3 Months Ended
	Mar. 31, 2015
Convertible Senior Secured Notes
Summary of issuance of Notes reflected in balance sheet
	The table below summarizes activity related to the Notes from issuance on May 3, 2013 through March 31, 2015, in thousands:
	Gross proceeds	$	90,000
	Initial value of interest make-whole derivative reported as debt discount	(9,270		)
	Conversion option reported as debt discount and APIC	(22,336		)
	Conversion of debt to equity - principal	(53,941		)
	Conversion of debt to equity - accretion of debt discount	17,926
	Accretion of debt discount	4,568
	December 31, 2014 carrying value	26,947
	Conversion of debt to equity - principal	(21,407		)
	Conversion of debt to equity - accretion of debt discount	5,826
	Accretion of debt discount	342
	March 31, 2015 carrying value, unaudited	$	11,708

ShareBased_Payments_Tables

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2015
Share-Based Payments
Schedule of share-based compensation recognized related to the grant of employee and non-employee stock options, SARS and non-vested stock	Share-based compensation recognized related to the grant of employee and non-employee stock options, SAR, potential Employee Stock Purchase Plan (ESPP) awards and non-vested stock was as follows, in thousands:
		March 31,
		2015			2014
		(unaudited)
	Research and development	$	204		$	184
	Selling, general and administrative	697			483
	Total	$	901		$	667
Summary of stock option and SAR activity
		Number of		Weighted-			Weighted-
		Options		Average			Average
				Exercise Price			Remaining
							Contractual
							Term (in years)
	Outstanding, December 31, 2014	2,080,749		$	7.93		8.04
	Granted (unaudited)	866,300		$	9.22
	Exercised (unaudited)	(68,896	)	$	2.13
	Forfeited or expired (unaudited)	(11,656	)	$	7.95
	Outstanding, March 31, 2015 (unaudited)	2,866,497		$	8.46		8.51
	As of December 31, 2014:
	Vested and expected to vest	2,041,026		$	7.91		8.03
	Exercisable	626,548		$	6.4		6.91
	As of March 31, 2015:
	Vested and expected to vest (unaudited)	2,793,934		$	8.45		8.49
	Exercisable (unaudited)	913,327		$	7.54		7.42

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings per Share
Schedule of common stock equivalents excluded in the calculation of diluted loss per share
		Three Months ended March 31,
		2015		2014
		(unaudited)
	Shares underlying Convertible Senior Secured Notes	6,071,894		7,556,001
	Warrants to purchase common stock	21,800		21,273
	Stock options, stock appreciation rights, non-vested stock options, and ESPP awards	—		356,364
Schedule of computation of basic and diluted net income per share
	The following table sets forth the computation of basic and diluted net income per share for the three months ended March 31, 2015 and 2014, in thousands, except share and per share amounts:
		Three Months ended March 31,
		2015			2014
		(unaudited)
	Numerator, in thousands:
	Net income (loss) used for calculation of basic and diluted EPS	$	917		$	(15,543	)
	Denominator:
	Weighted average shares outstanding, basic	44,563,299			41,129,055
	Stock options, stock appreciation rights, non-vested stock options, and ESPP awards	337,999			—
	Total potential dilutive common shares	337,999			—
	Weighted average shares outstanding, diluted	44,901,298			41,129,055
	Net income (loss) per share, basic	$	0.02		$	(0.38	)
	Net income (loss) per share, diluted	$	0.02		$	(0.38	)

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Schedule of future minimum lease payments under non-cancelable operating leases
	Future minimum lease payments under non-cancelable operating leases as of March 31, 2015 are as follows, in thousands:
	Year ending December 31:
	2015 (remaining)	$	1,311
	2016	1,287
	2017	1,291
	2018	1,314
	Thereafter	1,795
		$	6,998

Organization_and_Business_Deta

Organization and Business (Details)	3 Months Ended
	Mar. 31, 2015
	product
Organization and Business
Number of proprietary products in clinical development	2

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2015
	segment
Basis of Presentation
Number of business segments	1

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounts Receivable, net
Accounts receivable written off	$0	$0
Allowance for expected prompt-pay discounts	$3.40		$4.10

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue Recognition on Product Sales
Milestone revenues recorded	$0	$0
Sales return period	12 months
Income Taxes
Net income (loss)	$917,000	($15,543,000)

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Marketable securities	$39,026	$37,940
Long term marketable securities	27,315	19,816
Liabilities:
Derivative liabilities	2,691	6,564
Quoted Prices in Active Markets (Level 1)
Assets:
Cash and cash equivalents	25,810	36,396
Total assets at fair value	25,810	36,396
Significant Other Observable Inputs (Level 2)
Assets:
Marketable securities	39,026	37,940
Long term marketable securities	27,315	19,816
Marketable securities - restricted (SERP)	267	305
Total assets at fair value	66,608	58,061
Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative liabilities	2,691	6,564
Total Carrying Value
Assets:
Cash and cash equivalents	25,810	36,396
Marketable securities	39,026	37,940
Long term marketable securities	27,315	19,816
Marketable securities - restricted (SERP)	267	305
Total assets at fair value	92,418	94,457
Liabilities:
Derivative liabilities	$2,691	$6,564

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015
Fair Value of Financial Instruments
Interest rate (as a percent)	7.50%
Interest make-whole liability
Assumptions used to calculate fair value of common stock warrant liability using Monte-Carlo simulation with a Black-Scholes lattice model
Volatility (as a percent)	45.00%
Stock Price (in dollars per share)	$12.09
Credit Spread (as a percent)	13.88%
Term	2 years 1 month 6 days
Dividend Yield (as a percent)	0.00%
Warrant to purchase common stock
Assumptions used to calculate fair value of common stock warrant liability using Monte-Carlo simulation with a Black-Scholes lattice model
Volatility (as a percent)	65.00%
Stock Price (in dollars per share)	$12.09
Dividend Yield (as a percent)	0.00%
Warrant to purchase common stock | Minimum
Assumptions used to calculate fair value of common stock warrant liability using Monte-Carlo simulation with a Black-Scholes lattice model
Exercise Price (in dollars per share)	$4
Term	5 years 9 months 18 days
Risk-Free Rate (as a percent)	1.50%
Warrant to purchase common stock | Maximum
Assumptions used to calculate fair value of common stock warrant liability using Monte-Carlo simulation with a Black-Scholes lattice model
Exercise Price (in dollars per share)	$5
Term	6 years 9 months 18 days
Risk-Free Rate (as a percent)	1.70%

Fair_Value_of_Financial_Instru4

Fair Value of Financial Instruments (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Warrant and Interest Make-Whole Liability
Reduction due to conversion of debt to equity	$21,176,000	$10,418,000
Note Liability
Carrying value of the convertible notes	11,708,000		26,947,000
Amount issued	14,700,000
Estimated fair value of the convertible notes	35,800,000
Significant Unobservable Inputs (Level 3) | Derivative Financial Instruments, Liabilities
Warrant and Interest Make-Whole Liability
Balance at the beginning of the period	6,564,000
Changes in fair value of derivative liabilities included in earnings	49,000
Reduction due to conversion of debt to equity	-3,922,000
Balance at the end of the period	$2,691,000

Fair_Value_of_Financial_Instru5

Fair Value of Financial Instruments (Details 4) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value of Financial Instruments
Corporate debt securities, Amortized Cost	$66,406	$57,910
Corporate debt securities, Gross Unrealized Gains	15	4
Corporate debt securities, Gross Unrealized Losses	-80	-158
Corporate debt securities, Fair Value	66,341	57,756
Contractual maturities of the unrestricted marketable securities held
Less Than 1 Year	39,026
1-5 years	27,315
Corporate debt securities, Fair Value	$66,341	$57,756

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventories
Raw materials	$3,132	$2,491
Work in process	6,328	6,328
Finished goods	4,242	4,622
Total inventories	$13,702	$13,441

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property and equipment
Property and equipment, gross	$8,927,000		$8,738,000
Less accumulated depreciation and amortization	-6,446,000		-6,290,000
Property and equipment, net	2,481,000		2,448,000
Depreciation expense	156,000	169,000
Computer Equipment
Property and equipment
Property and equipment, gross	932,000		862,000
Software
Property and equipment
Property and equipment, gross	314,000		254,000
Lab Equipment and Furniture
Property and equipment
Property and equipment, gross	5,235,000		5,194,000
Leasehold Improvements
Property and equipment
Property and equipment, gross	$2,446,000		$2,428,000

Intangible_Assets_Details

Intangible Assets (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Additional disclosures
Amortization expense	$57,000	$57,000
Estimated annual aggregate amortization expense through December 31, 2015	229,000
Net book value of intangible assets	7,839,000		5,434,000
Purchased Patents
Finite lived intangible assets disclosures
Weighted-Average Life	10 years		10 years
Gross Carrying Amount	2,292,000		2,292,000
Accumulated Amortization	2,125,000		2,067,000
Oxtellar XR
Finite lived intangible assets disclosures
Number of U.S. patents issued	4
Trokendi XR
Finite lived intangible assets disclosures
Number of U.S. patents issued	6
Deferred Legal Fees
Finite lived intangible assets disclosures
Gross Carrying Amount	$7,672,000		$5,209,000

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accrued Liabilities
Accrued sales deductions	$10,025	$8,461
Accrued compensation	7,334	5,829
Accrued professional fees	3,546	2,049
Accrued clinical trial and clinical supply costs	1,698	2,942
Accrued sales and marketing expenses	1,051	1,017
Accrued interest expense	646	639
Accrued product costs	131	3,014
Other accrued liabilities	1,422	1,536
Total	$25,853	$25,487

Convertible_Senior_Secured_Not2

Convertible Senior Secured Notes (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Details of Notes reflected in balance sheet
Carrying value	$11,708		$26,947
Loss on extinguishment of debt	2,134	1,693
7.50% Convertible Senior Secured Notes due 2019
Details of Notes reflected in balance sheet
Gross proceeds			90,000
Initial value of interest make-whole derivative reported as debt discount			-9,270
Conversion option reported as debt discount and APIC			-22,336
Conversion of debt to equity - principal	-21,407	-9,500	-53,941
Conversion of debt to equity - accretion of debt discount	5,826		17,926
Accretion of debt discount	342		4,568
Carrying value	11,708		26,947
Shares of common stock issued in conversion of Notes	4,000,000
Shares of common stock issued in settlement of the interest make-whole provision	400,000
Loss on extinguishment of debt	$2,100	$1,700

ShareBased_Payments_Details

Share-Based Payments (Details) (2012 Plan)	3 Months Ended
	Mar. 31, 2015
	installment
Share-based payments
Maximum number of shares of common stock provided for issuance	4,000,000
Stock Option
Share-based payments
Number of annual installments in which the awards would generally vest starting on the first anniversary of the date of grant	4
Contractual term	10 years

ShareBased_Payments_Details_2

Share-Based Payments (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Payments
Share-based compensation recognized	$901	$667
Research and Development
Share-based Payments
Share-based compensation recognized	204	184
Selling, General and Administrative
Share-based Payments
Share-based compensation recognized	$697	$483

ShareBased_Payments_Details_3

Share-Based Payments (Details 3) (Stock Option Stock Appreciation Rights, USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Stock Option Stock Appreciation Rights
Number of Options and SAR
Outstanding at the beginning of the period (in shares)	2,080,749
Granted (in shares)	866,300
Exercised (in shares)	-68,896
Forfeited or expired (in shares)	-11,656
Outstanding at the end of the period (in shares)	2,866,497	2,080,749
Vested and expected to vest (in shares)	2,793,934	2,041,026
Exercisable (in shares)	913,327	626,548
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$7.93
Granted (in dollars per share)	$9.22
Exercised (in dollars per share)	$2.13
Forfeited or expired (in dollars per share)	$7.95
Outstanding at the end of the period (in dollars per share)	$8.46	$7.93
Vested and expected to vest (in dollars per share)	$8.45	$7.91
Exercisable (in dollars per share)	$7.54	$6.40
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period	8 years 6 months 4 days	8 years 15 days
Vested and expected to vest	8 years 5 months 27 days	8 years 11 days
Exercisable	7 years 5 months 1 day	6 years 10 months 28 days

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator, in thousands
Net income (loss) used for calculation of basic and diluted EPS	$917	($15,543)
Denominator
Weighted average shares outstanding, basic	44,563,299	41,129,055
Effect of dilutive potential common shares
Stock options, stock appreciation rights, non-vested stock options, and ESPP awards	337,999
Total potential dilutive common shares	337,999
Weighted average shares outstanding, diluted	44,901,298	41,129,055
Net income (loss) per share, basic	$0.02	($0.38)
Net income (loss) per share, diluted	$0.02	($0.38)
7.50% Convertible Senior Secured Notes due 2019
Loss Per Share
Common stock equivalents excluded in the calculation of diluted loss per share	6,071,894	7,556,001
Warrant to purchase common stock
Loss Per Share
Common stock equivalents excluded in the calculation of diluted loss per share	21,800	21,273
Stock Options, Stock Appreciation Rights, Non-Vested Stock Options and ESPP Awards
Loss Per Share
Common stock equivalents excluded in the calculation of diluted loss per share		356,364

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Commitments and Contingencies
Additional period for which the entity may elect to extend the term of the lease	5 years
Additional tenant improvement allowance	$2,100,000
Tenant improvement allowance utilized and included in fixed assets and deferred rent	0	0
Amount available for tenant improvements	700,000
Rent expense	700,000	500,000
Future minimum lease payments under non-cancelable operating leases
2015 (remaining)	1,311,000
2016	1,287,000
2017	1,291,000
2018	1,314,000
Thereafter	1,795,000
Total	$6,998,000

Subsequent_Events_Details

Subsequent Events (Details) (7.50% Convertible Senior Secured Notes due 2019, USD $)	3 Months Ended		12 Months Ended	1 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	6-May-15
Subsequent events
Principal amount of the Notes converted	$21,407	$9,500	$53,941
Shares of common stock issued in conversion of Notes and accrued interest thereon	4,000,000
Shares of common stock issued in settlement of the interest make-whole provision	400,000
Subsequent Event
Subsequent events
Principal amount of the Notes converted				$1,200
Shares of common stock issued in conversion of Notes and accrued interest thereon				200,000
Shares of common stock issued in settlement of the interest make-whole provision				20,000