Sucampo Pharmaceuticals 10-Q 2 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 26, 2017
Document Information [Line Items]
Entity Registrant Name	Sucampo Pharmaceuticals, Inc.
Entity Central Index Key	1,365,216
Trading Symbol	scmp
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		46,552,462
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 84,734	$ 198,308
Product royalties receivable	20,552	26,261
Accounts receivable, net	19,812	42,998
Restricted cash	213	213
Inventories, net	23,098	23,468
Prepaid expenses and other current assets	16,726	15,984
Total current assets	165,135	307,232
Investments, non-current	5,619	5,495
Property and equipment, net	5,880	6,216
Intangible assets, net	114,629	128,134
Goodwill	73,022	73,022
Other assets	798	752
Total assets	365,083	520,851
Current liabilities:
Accounts payable	11,171	9,190
Accrued expenses	12,265	12,389
Accrued interest	425	129
Deferred revenue, current	177	1,315
Income tax payable	4,381	7,153
Other current liabilities	3,692	2,175
Total current liabilities	32,111	32,351
Notes payable, non-current	291,456	290,516
Deferred revenue, non-current	2,783	805
Deferred tax liability, net	2,995	21,289
Other liabilities	9,390	8,791
Total liabilities	338,735	353,752
Commitments and contingencies (note 14)
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized at June 30, 2017 and December 31, 2016; no shares issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Additional paid-in capital	127,208	120,251
Accumulated other comprehensive income	54,434	54,527
Treasury stock, at cost; 227,266 and 3,009,942 shares at June 30, 2017 and December 31, 2016, respectively	(4,018)	(46,269)
(Accumulated deficit) retained earnings	(151,740)	38,126
Total stockholders' equity	26,348	167,099
Total liabilities and stockholders' equity	365,083	520,851
Common Class A [Member]
Stockholders' equity:
Common stock value	464	464
Common Class B [Member]
Stockholders' equity:
Common stock value	$ 0	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	227,266	3,009,942
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	270,000,000	270,000,000
Common stock, shares issued (in shares)	46,552,462	46,415,749
Common stock, shares outstanding (in shares)	46,552,462	46,415,749
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Product royalty revenue	$ 20,562	$ 18,735	$ 38,997	$ 35,451
Product sales revenue	34,237	28,389	68,391	54,984
Research and development revenue	5,051	3,369	8,499	6,799
Contract and collaboration revenue	46	1,458	292	1,925
Total revenues	59,896	51,951	116,179	99,159
Costs and expenses:
Costs of goods sold	17,035	20,354	33,918	43,692
Research and development	19,099	10,933	29,432	25,604
Acquired in-process research and development	186,603		186,603
General and administrative	11,583	12,423	29,274	21,350
Selling and marketing	1,411	623	1,927	1,398
Total costs and expenses	235,731	44,333	281,154	92,044
(Loss) income from operations	(175,835)	7,618	(164,975)	7,115
Non-operating income (expense):
Interest income		10	28	35
Interest expense	(2,916)	(5,972)	(5,806)	(12,242)
Other expense, net	(476)	(2,539)	(265)	(2,886)
Total non-operating expense, net	(3,392)	(8,501)	(6,043)	(15,093)
Loss before income taxes	(179,227)	(883)	(171,018)	(7,978)
Income tax (provision) benefit	(1,940)	51	(5,525)	3,089
Net loss	$ (181,167)	$ (832)	$ (176,543)	$ (4,889)
Net loss per share:
Basic and diluted (in dollars per share)	$ (3.92)	$ (0.02)	$ (3.94)	$ (0.11)
Weighted average common shares outstanding:
Basic and diluted (in shares)	46,195	42,759	44,826	42,649
Comprehensive (loss) income:
Net loss	$ (181,167)	$ (832)	$ (176,543)	$ (4,889)
Other comprehensive income (expense):
Unrealized loss on pension benefit obligation, net of tax	(16)	33	(16)	25
Foreign currency translation, net of tax		20,700	(77)	36,255
Comprehensive (loss) income	$ (181,183)	$ 19,901	$ (176,636)	$ 31,391

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]Common Class A [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2015			$ 13,412
Unrealized loss on pension benefit obligation, net of tax						$ 25
Foreign currency translation, net of tax						36,255
Net loss						(4,889)
Balance at Jun. 30, 2016			49,692
Balance (in shares) at Dec. 31, 2016	46,415,749			3,009,942
Balance at Dec. 31, 2016	$ 464	$ 120,251	54,527	$ (46,269)	$ 38,126	167,099
Stock-based compensation expense		5,566				5,566
Stock issued in connection with employee stock plan (in shares)	120,224
Stock issued in connection with employee stock plan		283				283
Stock issued under employee stock purchase plan (in shares)	16,489
Stock issued under employee stock purchase plan		150				150
Stock withheld to cover employee taxes		(114)				(114)
Treasury stock issued for Vtesse acquisition (in shares)				(2,782,676)
Treasury stock issued for Vtesse acquisition				$ 42,251	(12,251)	30,000
Unrealized loss on pension benefit obligation, net of tax			(16)			(16)
Foreign currency translation, net of tax			(77)			(77)
Net loss					(176,543)	(176,543)
Balance (in shares) at Jun. 30, 2017	46,552,462			227,266
Balance at Jun. 30, 2017	$ 464	127,208	$ 54,434	$ (4,018)	(151,740)	26,348
Cumulative-effect adjustment from adoption of ASU 2016-09		$ 1,072			$ (1,072)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (176,543)	$ (4,889)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	14,880	30,098
Loss on disposal of property and equipment		533
Deferred tax (benefit) provision	(4,681)	4,960
Stock-based compensation	5,566	3,723
Acquired in-process research and development	186,603
Unrealized currency translations	221	9,123
Shortfall from stock-based compensation	143	(25)
Windfall benefit from stock-based compensation	(151)	(455)
Changes in operating assets and liabilities:
Product royalties receivable	5,709	4,048
Accounts receivable	23,443	5,866
Inventory	370	309
Prepaid and income taxes receivable and payable, net	(2,764)	(18,221)
Accounts payable	458	(5,296)
Accrued expenses	49	(3,466)
Accrued interest payable	296	(70)
Deferred revenue	840	119
Collaboration obligation		(1,826)
Other assets and liabilities, net	1,753	1,754
Net cash provided by operating activities	56,192	26,285
Cash flows from investing activities:
Convertible note receivable		(5,000)
Changes in restricted cash		10,598
Payment of squeeze-out liability for non-tendering R-Tech shareholders		(7,668)
Purchase of in-process research and development, net of cash acquired	(169,665)
Purchases of property and equipment	(354)	(823)
Net cash used in investing activities	(170,019)	(2,893)
Cash flows from financing activities:
Payments of notes payable		(30,082)
Changes in restricted cash		17,676
Proceeds from exercise of stock options	283	1,643
Proceeds from employee stock purchase plan	150	128
Tax payment upon settlement of stock awards	(114)
Net cash provided by (used in) financing activities	319	(10,635)
Effect of exchange rates on cash and cash equivalents	(66)	6,940
Net (decrease) increase in cash and cash equivalents	(113,574)	19,697
Cash and cash equivalents at beginning of period	198,308	108,284
Cash and cash equivalents at end of period	$ 84,734	$ 127,981

Note 1 - Business Organization

Note 1 - Business Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Description of the Business Sucampo Pharmaceuticals, Inc., (Company) is a global biopharmaceutical company focused on developing, identifying, acquiring and bringing to market innovative medicines that meet unmet medical needs. The Company’s primary focus areas are medicines that treat gastrointestinal, ophthalmic, neurological, and oncology disorders. The Company currently generates revenue mainly from product royalties, upfront and milestone payments, product sales and reimbursements for development activities. The Company expects to continue to incur significant expenses for the next several years as it continues its research and development activities, seeks additional regulatory approvals and additional indications for approved products and other compounds, and seeks strategic opportunities for acquiring new products and product candidates. AMITIZA ® three October 2014, April 2006, May 2008 May 2013. may October 2015, October 2014, December 2020. January 2021, The Company has also partnered with Par Pharmaceuticals, Inc. (Par) and Dr. Reddy’s Laboratories, Ltd. (Dr. Reddy’s) in connection with the settlement of patent litigation in the U.S. related to the Company’s AMITIZA 8 24 8 24 January 1, 2021, January 1, 2021, 8 24 not six November 9, 2016, In Japan, AMITIZA is marketed under a license, commercialization and supply agreement (the Japan Mylan Agreement) that was transferred to Mylan, Inc. (Mylan) from Abbott Laboratories, Inc. (Abbott), as of February 2015, June 2012 November 2012. not In May 2015, $1.0 June 2015, $500,000 $1.5 June 2015, $1.5 In October 2014, April 2015, 2016. Before the execution of the Global Takeda Agreement, the Company retained full rights to develop and commercialize AMITIZA for the rest of the world’s markets outside of the U.S., Canada and Japan. In the U.K., the Company received approval in September 2012 fourth 2013. July 2014, January 2015, In Switzerland, AMITIZA was approved to treat CIC in 2009. 2012, first 2013. February 2014, first two nine July 2014, October 2015, In October 2015, June 2015. December 2015, 3 March 2016 May 2016. June 2015, July 2016. December 2015. May 2016, June 2016, 2017 In the U.S., the Company ceased marketing RESCULA (unoprostone isopropyl), an ophthalmology product, in the fourth 2014 no March 2015 May 2015, October 2015, The Company’s clinical development programs include the following: Lubiprostone Alternate Formulation The Company has been developing an alternate formulation of lubiprostone for both adult and pediatric patients who are unable to take or tolerate capsules and for naso-gastric tube fed patients. Takeda has agreed to fund 100% 3 second 2016 second 2017. Lubiprostone for Pediatric Functional Constipation A Phase 3 four first two one 2016, 6 17 first 12 December 2013 April 2016. second March 2014. November 2016, 3 6 17 July 28, 2017. 3 2018 3 6 6 70% 50% CPP 1 In January 2016, 1X/sulindac 3 no 3 310, 150 three On June 7, 2017, no 3 310, 1X/sulindac 2018. $4.5 second July 2017, three six June 30, 2017. VTS- 270 C1 1 On March 31, 2017, 270, April 3, 2017. 270 2 270 may 1, 270, 2b/3 1 no 2018. The Company accounted for the transaction as an asset acquisition and incurred an acquired in-process research and development charge of $186.6 no second 2017. $13.6 Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not December 31, 2016 10 March 8, 2017. June 30, 2017 three six June 30, 2017 2016 not not may The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries: Sucampo AG (SAG) and Sucampo Acquisitions GmbH (SAQ) based in Zug, Switzerland and Vtesse Europe Ltd., based in the United Kingdom, through which the Company conducts certain of its worldwide and European operations; Sucampo Pharma, LLC (SPL) based in Tokyo, Japan, through which the Company conducts its Asian operations, manufacturing and certain development operations; and Sucampo Pharma Americas LLC (SPA) and Vtesse Inc., based in Rockville, Maryland, through which the Company conducts its North American operations. All inter-company balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Certain Risks, Concentrations and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents, restricted cash and receivables. The Company places its cash, cash equivalents and restricted cash with highly rated financial institutions. As of June 30, 2017 December 31, 2016, $1.3 1%, $1.2 1%, not Revenues from Takeda, an unrelated party, accounted for 65.4% 69.3% three June 30, 2017 2016, 62.3% 65.5% six June 30, 2017 2016, 80.9% 69.6% June 30, 2017 December 31, 2016, Revenues from another unrelated party, Mylan, accounted for 31.1% 28.2% three June 30, 2017 2016, 33.3% 29.3% six June 30, 2017 2016, 14.5% 30.1% June 30, 2017 December 31, 2016, The Company depends significantly upon collaborations with Takeda and Mylan, and its activities may Fair Value of Financial Instruments The carrying values of the Company’s financial instruments approximate their fair values due to their short maturities, independent valuations or internal assessments. The Company’s financial instruments include cash and cash equivalents, restricted cash, receivables, accounts payable and other accrued liabilities. The Company’s investment in CPP is measured at fair value on a recurring basis, and the Company estimated the fair value of its long-term debt as of June 30, 2017 June 30, 2017. Variable Interest Entities The Company performs initial and on-going evaluations of the entities with which it has variable interests, such as equity ownership, in order to identify entities (i) that do not June 30, 2017 December 31, 2016, not not not Recently Adopted Accounting Pronouncements In July 2015, No. 2015 11, 330 No. 2015 11 first first first January 1, 2017. no In March 2016, No. 2016 09, no January 1, 2017. January 1, 2017, No. 2016 09, $1.1 six June 30, 2016 $455,000 $455,000 In January 2017, No. 2017 01, 805, not not December 31, 2016, In January 2017, No. 2017 04, 350 No. 2017 04 2 2017 04 December 15, 2019. 2021 fourth January 1, 2017. No. 2017 04 January 1, 2017. no three six June 30, 2017. Accounting Pronouncements Not In May 2014, No. 2014 09, five No. 2014 09 December 15, 2017 one two The Company has established a project team in order to analyze the effect of the standard on its revenue streams by reviewing its current accounting policies and practices to identify potential differences which would result from applying the requirements of the new standard to its revenue contracts. The Company has identified each revenue stream and is nearing the completion of its assessment of all potential effects of the standard. The Company continues to evaluate the impact of adoption, the implementation approach to be used and the applicable disclosure requirements, which the Company expects will be significant and comprehensive. The Company plans to adopt the new standard effective January 1, 2018, may In February 2016, No. 2016 02, 840 840 December 15, 2018 No. 2016 02 may In March 2017, No. 2017 07, 715 No. 2017 07 one No. 2017 07 No. 2017 07 December 15, 2017 not No. 2017 07, In May 2017, No. 2017 09, 718 2017 09 718. 1 2 3 No. 2017 09 December 15, 2017 No. 2017 09 July 1, 2017.

Note 3 - Net Loss Per Share

Note 3 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	3. Basic net loss per share is computed by dividing net loss by the weighted average common shares outstanding. Diluted net loss per share is computed by dividing net loss by the weighted average common shares outstanding without the impact of potential dilutive common shares outstanding because they would have an anti-dilutive impact on diluted net loss per share. The treasury-stock method is used to determine the dilutive effect of the Company’s stock option grants, and the if-converted method is used to determine the dilutive effect of the Company’s convertible notes. The computation of net loss per share for the three six June 30, 2017 2016 Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2017 2016 2017 2016 Basic net loss per share: Net loss $ (181,167 ) $ (832 ) $ (176,543 ) $ (4,889 ) Weighted-average number of common shares-basic and diluted 46,195 42,759 44,826 42,649 Basic and diluted net loss per share $ (3.92 ) $ (0.02 ) $ (3.94 ) $ (0.11 ) The Company is excluding both the shares from the convertible note under the if-converted method and the outstanding options to purchase common stock from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Employee stock options 6,579 5,382 6,579 5,382 Convertible note, assumed shares if-converted 18,079 - 18,079 -

Note 4 - Segment Information

Note 4 - Segment Information	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	4. The Company has one Product Category Information Revenues for product categories are attributed based on the following categories. Product royalty revenue represents royalty revenue earned on the net sales of AMITIZA in North America. Product sales revenue represents drug product net sales of AMITIZA in North America, Japan and Europe and drug product net sales of RESCULA in Japan. Research and development revenue represents funded development work primarily related to AMITIZA. Contract and collaboration revenue represents the amortization of up-front payments under the North America Takeda Agreement and release of the collaboration obligation under the Global Takeda Agreement. Company revenues by product category for the three six June 30, 2017 2016 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Product royalty revenue $ 20,562 $ 18,735 $ 38,997 $ 35,451 Product sales revenue - AMITIZA 32,131 27,001 63,471 50,121 Product sales revenue - RESCULA 2,106 1,388 4,920 4,863 Research and development revenue 5,051 3,369 8,499 6,799 Contract and collaboration revenue 46 1,458 292 1,925 Total $ 59,896 $ 51,951 $ 116,179 $ 99,159 Geographical Information Revenues are attributable to countries based on the location of the customer. The Company operates a manufacturing facility in Japan that supplies products to customers as well as the Company’s subsidiaries in other countries. The sales from the manufacturing operations to other countries are included in the net sales of the country in which the manufacturing location is based. All intercompany sales are excluded to derive consolidated revenues. The Company’s country of domicile is the United States. Company revenues by geographic location for the three six June 30, 2017 2016 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 United States $ 39,133 $ 34,529 $ 72,331 $ 63,162 Japan 20,730 16,011 43,615 34,165 Rest of the world 33 1,411 233 1,832 Total $ 59,896 $ 51,951 $ 116,179 $ 99,159 The Company’s property and equipment, net by geographic location where located on June 30, 2017 December 31, 2016 (In thousands) June 30, December 31, United States $ 2,768 $ 3,065 Japan 3,086 3,119 Rest of the world 26 32 Total $ 5,880 $ 6,216

Note 5 - Asset Acquisition

Note 5 - Asset Acquisition	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	5. The following table and narrative summarizes the Company’s asset acquisition during the three June 30, 2017. Counterparty Compound(s) or Therapy Acquisition Phase of Development (1) Acquired IPR&D Expense (In thousands) Vtesse Inc VTS-270 - 2-hydroxypropyl-ß-cyclodextrins (HPßCD) April 2017 Phase 2b / 3 $ 186,603 ( 1 The phase of development presented is as of the date of the arrangement. In April 2017, 2b/3 270 1, $212.0 may $212.0 $182.0 $30.0 2,782,678 $10.78 April 3, 2017, The preliminary purchase price allocation was determined as follows: April 3, Total purchase price $ 211,996 (In thousands) Total fair value of tangible assets acquired and liabilities assumed Deferred Tax Assets (13,613 ) Net Assets (11,780 ) Total IPR&D asset $ 186,603 Vtesse did not 805 270 $186.6 no not

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	6. The Company performs fair value measurements in accordance with the FASB’s guidance for fair value measurements and disclosures, which defines fair value as the exchange price that would be received for selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy is established which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company classifies its assets and liabilities into the following categories based on the three Level 1 Level 2 not Level 3 no The carrying values of cash and cash equivalents, restricted cash, accounts receivable, product royalties receivable, accounts payable and other accrued liabilities, approximate their fair values due to their short maturities. The Company has elected the fair value option on its investment in CPP; as such, it is measured at fair value on a recurring basis and was classified as Level 2. June 30, 2017, $5.4 three June 30, 2017, $0.1 The estimated fair value of long term debt at June 30, 2017 $292.1 2, June 30, 2017. The estimated fair values may not June 30, 2017 December 31, 2016, no

Note 7 - Inventory

Note 7 - Inventory	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	7. Inventories are valued under a standard costing method and are stated at the lower of cost or net realizable value. Inventories consist of raw materials, work-in-process and finished goods. The Company’s inventories include the direct purchase cost of materials and supplies and manufacturing overhead costs. Inventory consisted of the following at June 30, 2017 December 31, 2016: (In thousands) June 30, December 31, Raw materials $ 3,658 $ 1,414 Work in process 19,405 18,045 Finished goods 35 4,009 Total $ 23,098 $ 23,468

Note 8 - Investments, Non-curre

Note 8 - Investments, Non-current	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Investment [Text Block]	8. Investment in CPP In 2016, 1X/sulindac Under the terms of the CPP Securities Agreement, the Company provided $5.0 5% January 31, 2019 1X/sulindac Under the terms of an Option and Collaboration Agreement, CPP granted the Company the sole option to acquire an exclusive license to commercialize CPP- 1X/Sulindac 1X/Sulindac third 1X/Sulindac 3 April 2016 2018. $7.5 two first $3.0 January 2016 June 7, 2017, no 3 310, 1X/sulindac Pursuant to the Company’s $4.5 second three six June 30, 2017. 3 CPP is considered to be a VIE with respect to the Company and, as a result of the $4.5 not not not not The Company’s maximum exposure to loss as a result of its involvement with CPP was $5.4 $5.2 June 30, 2017, December 31, 2016, The Company has elected the fair value option on the convertible note received from CPP due to the nature of the financial characteristics of the investment. As of June 30, 2017 December 31, 2016, $5.4 $5.2

Note 9 - Intangible Assets and

Note 9 - Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	9. Intangible assets by major class consisted of the following as of June 30, 2017 December 31, 2016: June 30, 2017 December 31, 2016 (In thousands) Weighted Carrying Weighted Carrying Amortized intangible assets Patent and license rights 54 $ 10,513 60 $ 10,513 Manufacturing know-how 61 134,600 65 134,600 Accumulated amortization (47,647 ) (34,142 ) Impairment losses (5,651 ) (5,651 ) Foreign currency translation adjustments 22,814 22,814 Total amortized intangible assets $ 114,629 $ 128,134 Unamortized intangible assets Goodwill $ 73,022 $ 73,022 Total unamortized intangible assets $ 73,022 $ 73,022 Total intangible assets $ 187,651 $ 201,156 The changes in intangible assets for the six June 30, 2017 (In thousands) Amortized intangibles Goodwill Balance at December 31, 2016 $ 128,134 $ 73,022 Amortization (13,505 ) - Balance at June 30, 2017 $ 114,629 $ 73,022

Note 10 - Accrued Expenses and

Note 10 - Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	10. Accrued expenses consisted of the following at June 30, 2017 December 31, 2016: (In thousands) June 30, December 31, Research and development costs $ 4,605 $ 3,030 Employee compensation 5,123 7,513 Legal and accounting fees 1,091 622 Consulting fees - - Restructuring 187 163 Other accrued expenses 1,259 1,061 Total $ 12,265 $ 12,389 Other current liabilities consisted of the following at June 30, 2017 December 31, 2016: (In thousands) June 30, December 31, Indirect taxes payable $ 3,267 $ 1,756 Squeeze out liability for non-tendering R-Tech shareholders 150 155 Other current liabilities 275 264 Total $ 3,692 $ 2,175

Note 11 - Restructuring

Note 11 - Restructuring	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	11. In December 2015, $0.4 $1.7 six June 30, 2017 2016, No three June 30, 2017, not $3.7 June 30, 2017. In June 2017, 1 1096 1 009 As of June 30, 2017, $0.2 The changes in accrued restructuring costs for the six June 30, 2017 (In thousands) Accrued Balance at December 31, 2016 $ 163 Expenses incurred 552 Amounts paid (528 ) Balance at June 30, 2017 $ 187

Note 12 - Other Liabilities

Note 12 - Other Liabilities	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	12. Other liabilities consisted of the following at June 30, 2017 December 31, 2016: (In thousands) June 30, December 31, Deferred grants $ 750 $ 750 Unrecognized tax benefits 4,261 4,060 Deferred leasehold incentive 1,500 1,582 Defined benefit obligation 870 818 Lease liability 1,591 1,183 Other 418 398 Total $ 9,390 $ 8,791

Note 13 - Convertible Notes Pay

Note 13 - Convertible Notes Payable	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	13. On December 27, 2016, $300.0 3.25% 2021 June 15 December 15 June 15, 2017, 3.25% December 15, 2021 not no As of June 30, 2017, The Convertible Notes are subject to the fair value disclosure requirements as discussed in Note 6 2 June 30, 2017 December 31, 2016 $292.1 $319.5 Total future interest and debt repayment obligations related to the Convertible Notes were as follows as of June 30, 2017: (In thousands) June 30, 2017 $ 4,915 2018 9,750 2019 9,750 2020 9,752 2021 309,323 Total minimum interest and debt payments $ 343,490

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	14. Operating Leases The Company leases office space in the United States, Switzerland and Japan under operating leases through 2027. (In thousands) June 30, 2017 $ 1,161 2018 2,043 2019 1,516 2020 1,103 2021 997 Total minimum lease payments $ 6,820 Rent expense for all operating leases was $0.4 $0.7 three June 30, 2017 June 30, 2016, $0.8 $1.3 six June 30, 2017 2016, CPP Under the terms of an Option and Collaboration Agreement, CPP granted the Company the sole option to acquire an exclusive license to commercialize CPP- 1X/Sulindac 3 April 2016 2018. $7.5 two first $3.0 January 2016 June 7, 2017, no 3 310, 1X/sulindac Pursuant to the Company’s $4.5 second three six June 30, 2017. 3 Upon exercise of its exclusive option, the Company would acquire the rights to negotiate an exclusive license to develop and commercialize the product in North America for all indications. In connection with the exercise and finalization of the license right, the Company would be obligated to pay CPP up to an aggregate of $190.0 Under the CPP Securities Agreement, the successful completion of the Phase 3 $5.0

Note 15 - Stock Option Plans

Note 15 - Stock Option Plans	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	15. A summary of employee stock option activity for the six June 30, 2017 2006 2006 Stock Incentive Plan Shares Weighted Weighted Aggregate Options outstanding, December 31, 2016 4,648,549 $ 10.86 Options granted - - Options exercised (49,147 ) $ 5.78 Options forfeited (310,094 ) $ 11.26 Options expired (12,599 ) $ 9.60 Options outstanding, June 30, 2017 4,276,709 $ 10.90 7.3 $ 6,805,827 Options exercisable, June 30, 2017 2,387,102 $ 9.96 6.6 $ 5,031,285 Options vested and expected to vest, June 30, 2017 4,276,709 $ 10.90 7.3 $ 6,805,827 A summary of employee stock option activity for the six June 30, 2017 2016 “2016 The weighted average grant date fair value of options granted during the six June 30, 2017 $5.28. 2016 Equity Incentive Plan Shares Weighted Weighted Aggregate Options outstanding, December 31, 2016 74,750 $ 12.66 Options granted 1,857,844 $ 11.38 Options exercised - - Options forfeited (63,000 ) $ 11.85 Options expired (36,700 ) $ 13.97 Options outstanding, June 30, 2017 1,832,894 $ 11.37 7.9 $ 340,600 Options exercisable, June 30, 2017 364,275 $ 11.39 0.5 $ 325,500 Options vested and expected to vest, June 30, 2017 1,832,894 $ 11.37 7.9 $ 340,600 A summary of employee restricted stock units activity for the six June 30, 2017 2016 2016 Equity Incentive Plan Shares Weighted Outstanding Restricted Stock Units, December 31, 2016 63,700 $ 12.29 Restricted Stock Units granted 487,454 $ 11.66 Restricted Stock Units vested (82,000 ) $ 11.47 Restricted Stock Units forfeited - - Outstanding Restricted Stock Units, June 30, 2017 469,154 $ 11.77 Employee Stock Purchase Plan The following table summarizes the Company’s 2006 six June 30, 2017 2016: Six Months Ended June 30, (In thousands, except share amounts) 2017 2016 Shares issued under the ESPP 16,489 7,502 Cash received under the ESPP $ 150,283 $ 69,919 Accumulated Other Comprehensive Income The following table details the accumulated other comprehensive income (loss) activity for the six June 30, 2017 2016: (In thousands) Foreign Currency Translation Adjustments Unrealized Income on Investments, Net of Tax Effect Unrealized Gain (Loss) on Pension Benefit Obligation Accumulated Other Comprehensive Income Balance January 1, 2016 $ 14,243 $ 42 $ (873 ) $ 13,412 Other comprehensive income (loss) before reclassifications 36,255 - 25 36,280 Amounts reclassified from accumulated other comprehensive loss - - - - Balance June 30, 2016 $ 50,498 $ 42 $ (848 ) $ 49,692 Balance January 1, 2017 $ 55,119 $ 42 $ (634 ) $ 54,527 Other comprehensive loss before reclassifications (77 ) - (27 ) (104 ) Amounts reclassified from accumulated other comprehensive loss - - 11 11 Balance June 30, 2017 $ 55,042 $ 42 $ (650 ) $ 54,434

Note 16 - Income Taxes

Note 16 - Income Taxes	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	16. The provision for income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income before tax plus the tax effect of any significant unusual items, discrete events or changes in tax law. The Company’s operating subsidiaries are exposed to effective tax rates ranging from zero 40%. three June 30, 2017 2016, 1.1% 5.8%, six June 30, 2017 2016, 3.2% 38.7%, three six June 30, 2017 June 30, 2016 2017. three six June 30, 2017 three six June 30, 2016 no 2017 The Company assesses uncertain tax positions in accordance with ASC 740 740 10 June 30, 2017, $3.2 $1.7 not 12 The Company conducts business globally and, as a result, files numerous consolidated and separate income tax returns in the U.S., Switzerland and Japan, as well as in various other state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. Currently tax years 2012 2016 2009 2011 no

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Certain Risks, Concentrations and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents, restricted cash and receivables. The Company places its cash, cash equivalents and restricted cash with highly rated financial institutions. As of June 30, 2017 December 31, 2016, $1.3 1%, $1.2 1%, not Revenues from Takeda, an unrelated party, accounted for 65.4% 69.3% three June 30, 2017 2016, 62.3% 65.5% six June 30, 2017 2016, 80.9% 69.6% June 30, 2017 December 31, 2016, Revenues from another unrelated party, Mylan, accounted for 31.1% 28.2% three June 30, 2017 2016, 33.3% 29.3% six June 30, 2017 2016, 14.5% 30.1% June 30, 2017 December 31, 2016, The Company depends significantly upon collaborations with Takeda and Mylan, and its activities may
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying values of the Company’s financial instruments approximate their fair values due to their short maturities, independent valuations or internal assessments. The Company’s financial instruments include cash and cash equivalents, restricted cash, receivables, accounts payable and other accrued liabilities. The Company’s investment in CPP is measured at fair value on a recurring basis, and the Company estimated the fair value of its long-term debt as of June 30, 2017 June 30, 2017.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities The Company performs initial and on-going evaluations of the entities with which it has variable interests, such as equity ownership, in order to identify entities (i) that do not June 30, 2017 December 31, 2016, not not not
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In July 2015, No. 2015 11, 330 No. 2015 11 first first first January 1, 2017. no In March 2016, No. 2016 09, no January 1, 2017. January 1, 2017, No. 2016 09, $1.1 six June 30, 2016 $455,000 $455,000 In January 2017, No. 2017 01, 805, not not December 31, 2016, In January 2017, No. 2017 04, 350 No. 2017 04 2 2017 04 December 15, 2019. 2021 fourth January 1, 2017. No. 2017 04 January 1, 2017. no three six June 30, 2017. Accounting Pronouncements Not In May 2014, No. 2014 09, five No. 2014 09 December 15, 2017 one two The Company has established a project team in order to analyze the effect of the standard on its revenue streams by reviewing its current accounting policies and practices to identify potential differences which would result from applying the requirements of the new standard to its revenue contracts. The Company has identified each revenue stream and is nearing the completion of its assessment of all potential effects of the standard. The Company continues to evaluate the impact of adoption, the implementation approach to be used and the applicable disclosure requirements, which the Company expects will be significant and comprehensive. The Company plans to adopt the new standard effective January 1, 2018, may In February 2016, No. 2016 02, 840 840 December 15, 2018 No. 2016 02 may In March 2017, No. 2017 07, 715 No. 2017 07 one No. 2017 07 No. 2017 07 December 15, 2017 not No. 2017 07, In May 2017, No. 2017 09, 718 2017 09 718. 1 2 3 No. 2017 09 December 15, 2017 No. 2017 09 July 1, 2017.

Note 3 - Net Loss Per Share (Ta

Note 3 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2017 2016 2017 2016 Basic net loss per share: Net loss $ (181,167 ) $ (832 ) $ (176,543 ) $ (4,889 ) Weighted-average number of common shares-basic and diluted 46,195 42,759 44,826 42,649 Basic and diluted net loss per share $ (3.92 ) $ (0.02 ) $ (3.94 ) $ (0.11 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Employee stock options 6,579 5,382 6,579 5,382 Convertible note, assumed shares if-converted 18,079 - 18,079 -

Note 4 - Segment Information (T

Note 4 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Product royalty revenue $ 20,562 $ 18,735 $ 38,997 $ 35,451 Product sales revenue - AMITIZA 32,131 27,001 63,471 50,121 Product sales revenue - RESCULA 2,106 1,388 4,920 4,863 Research and development revenue 5,051 3,369 8,499 6,799 Contract and collaboration revenue 46 1,458 292 1,925 Total $ 59,896 $ 51,951 $ 116,179 $ 99,159
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 United States $ 39,133 $ 34,529 $ 72,331 $ 63,162 Japan 20,730 16,011 43,615 34,165 Rest of the world 33 1,411 233 1,832 Total $ 59,896 $ 51,951 $ 116,179 $ 99,159
Long-lived Assets by Geographic Areas [Table Text Block]	(In thousands) June 30, December 31, United States $ 2,768 $ 3,065 Japan 3,086 3,119 Rest of the world 26 32 Total $ 5,880 $ 6,216

Note 5 - Asset Acquisition (Tab

Note 5 - Asset Acquisition (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Counterparty Compound(s) or Therapy Acquisition Phase of Development (1) Acquired IPR&D Expense (In thousands) Vtesse Inc VTS-270 - 2-hydroxypropyl-ß-cyclodextrins (HPßCD) April 2017 Phase 2b / 3 $ 186,603 April 3, Total purchase price $ 211,996 (In thousands) Total fair value of tangible assets acquired and liabilities assumed Deferred Tax Assets (13,613 ) Net Assets (11,780 ) Total IPR&D asset $ 186,603

Note 7 - Inventory (Tables)

Note 7 - Inventory (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(In thousands) June 30, December 31, Raw materials $ 3,658 $ 1,414 Work in process 19,405 18,045 Finished goods 35 4,009 Total $ 23,098 $ 23,468

Note 9 - Intangible Assets an28

Note 9 - Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	June 30, 2017 December 31, 2016 (In thousands) Weighted Carrying Weighted Carrying Amortized intangible assets Patent and license rights 54 $ 10,513 60 $ 10,513 Manufacturing know-how 61 134,600 65 134,600 Accumulated amortization (47,647 ) (34,142 ) Impairment losses (5,651 ) (5,651 ) Foreign currency translation adjustments 22,814 22,814 Total amortized intangible assets $ 114,629 $ 128,134 Unamortized intangible assets Goodwill $ 73,022 $ 73,022 Total unamortized intangible assets $ 73,022 $ 73,022 Total intangible assets $ 187,651 $ 201,156
Schedule of Changes in Intangible Assets and Goodwill [Table Text Block]	(In thousands) Amortized intangibles Goodwill Balance at December 31, 2016 $ 128,134 $ 73,022 Amortization (13,505 ) - Balance at June 30, 2017 $ 114,629 $ 73,022

Note 10 - Accrued Expenses an29

Note 10 - Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(In thousands) June 30, December 31, Research and development costs $ 4,605 $ 3,030 Employee compensation 5,123 7,513 Legal and accounting fees 1,091 622 Consulting fees - - Restructuring 187 163 Other accrued expenses 1,259 1,061 Total $ 12,265 $ 12,389 (In thousands) June 30, December 31, Indirect taxes payable $ 3,267 $ 1,756 Squeeze out liability for non-tendering R-Tech shareholders 150 155 Other current liabilities 275 264 Total $ 3,692 $ 2,175

Note 11 - Restructuring (Tables

Note 11 - Restructuring (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	(In thousands) Accrued Balance at December 31, 2016 $ 163 Expenses incurred 552 Amounts paid (528 ) Balance at June 30, 2017 $ 187

Note 12 - Other Liabilities (Ta

Note 12 - Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Other Noncurrent Liabilities [Table Text Block]	(In thousands) June 30, December 31, Deferred grants $ 750 $ 750 Unrecognized tax benefits 4,261 4,060 Deferred leasehold incentive 1,500 1,582 Defined benefit obligation 870 818 Lease liability 1,591 1,183 Other 418 398 Total $ 9,390 $ 8,791

Note 13 - Convertible Notes P32

Note 13 - Convertible Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	(In thousands) June 30, 2017 $ 4,915 2018 9,750 2019 9,750 2020 9,752 2021 309,323 Total minimum interest and debt payments $ 343,490

Note 14 - Commitments and Con33

Note 14 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	(In thousands) June 30, 2017 $ 1,161 2018 2,043 2019 1,516 2020 1,103 2021 997 Total minimum lease payments $ 6,820

Note 15 - Stock Option Plans (T

Note 15 - Stock Option Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	2006 Stock Incentive Plan Shares Weighted Weighted Aggregate Options outstanding, December 31, 2016 4,648,549 $ 10.86 Options granted - - Options exercised (49,147 ) $ 5.78 Options forfeited (310,094 ) $ 11.26 Options expired (12,599 ) $ 9.60 Options outstanding, June 30, 2017 4,276,709 $ 10.90 7.3 $ 6,805,827 Options exercisable, June 30, 2017 2,387,102 $ 9.96 6.6 $ 5,031,285 Options vested and expected to vest, June 30, 2017 4,276,709 $ 10.90 7.3 $ 6,805,827 2016 Equity Incentive Plan Shares Weighted Weighted Aggregate Options outstanding, December 31, 2016 74,750 $ 12.66 Options granted 1,857,844 $ 11.38 Options exercised - - Options forfeited (63,000 ) $ 11.85 Options expired (36,700 ) $ 13.97 Options outstanding, June 30, 2017 1,832,894 $ 11.37 7.9 $ 340,600 Options exercisable, June 30, 2017 364,275 $ 11.39 0.5 $ 325,500 Options vested and expected to vest, June 30, 2017 1,832,894 $ 11.37 7.9 $ 340,600
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	2016 Equity Incentive Plan Shares Weighted Outstanding Restricted Stock Units, December 31, 2016 63,700 $ 12.29 Restricted Stock Units granted 487,454 $ 11.66 Restricted Stock Units vested (82,000 ) $ 11.47 Restricted Stock Units forfeited - - Outstanding Restricted Stock Units, June 30, 2017 469,154 $ 11.77
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block]	Six Months Ended June 30, (In thousands, except share amounts) 2017 2016 Shares issued under the ESPP 16,489 7,502 Cash received under the ESPP $ 150,283 $ 69,919
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	(In thousands) Foreign Currency Translation Adjustments Unrealized Income on Investments, Net of Tax Effect Unrealized Gain (Loss) on Pension Benefit Obligation Accumulated Other Comprehensive Income Balance January 1, 2016 $ 14,243 $ 42 $ (873 ) $ 13,412 Other comprehensive income (loss) before reclassifications 36,255 - 25 36,280 Amounts reclassified from accumulated other comprehensive loss - - - - Balance June 30, 2016 $ 50,498 $ 42 $ (848 ) $ 49,692 Balance January 1, 2017 $ 55,119 $ 42 $ (634 ) $ 54,527 Other comprehensive loss before reclassifications (77 ) - (27 ) (104 ) Amounts reclassified from accumulated other comprehensive loss - - 11 11 Balance June 30, 2017 $ 55,042 $ 42 $ (650 ) $ 54,434

Note 1 - Business Organizatio35

Note 1 - Business Organization and Basis of Presentation (Details Textual) - USD ($)	1 Months Ended				2 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Apr. 30, 2017	Jun. 30, 2015	May 31, 2015	Jun. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Apr. 03, 2017
Research and Development in Process						$ 186,603,000			$ 186,603,000
Vtesse Inc. [Member]
Research and Development in Process		$ 186,600,000				186,603,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets						$ 13,600,000			$ 13,600,000		$ 13,613,000
Subsequent Event [Member] | Research and Development Expense [Member]
Research and Development Option Expense	$ 4,500,000
Takeda [Member] | Lubiprostone Alternate Formulation [Member]
Additional Reformulation Costs Funded, Percentage									100.00%
Takeda [Member] | Lubiprostone for Pediatric Functional Constipation [Member]
Additional Reformulation Costs Funded, Percentage									70.00%
Scenario, Forecast [Member] | Takeda [Member] | Lubiprostone for Pediatric Functional Constipation [Member]
Additional Reformulation Costs Funded, Percentage								50.00%
Gloria [Member] | China Gloria Agreement [Member]
Collaboration Revenue from Upfront Payment					$ 1,500,000				$ 1,500,000
Gloria [Member] | First Tranche [Member] | China Gloria Agreement [Member]
Collaboration Revenue from Upfront Payment				$ 1,000,000
Gloria [Member] | Second Tranche [Member] | China Gloria Agreement [Member]
Collaboration Revenue from Upfront Payment			$ 500,000

Note 2 - Summary of Significa36

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Jan. 01, 2017
Percentage of Deposit within Federally Insured Limits	1.00%		1.00%		1.00%
Cash, FDIC Insured Amount	$ 1,300,000		$ 1,300,000		$ 1,200,000
Cumulative Effect of New Accounting Principle in Period of Adoption
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	1,072,000		1,072,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (1,072,000)		$ (1,072,000)
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption						$ 1,100,000
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption						$ (1,100,000)
Reclassification of Cash Flow Related to Excess Tax Benefits from Financing Activities to Operating Activities [Member] | Six Months Ended June 30, 2016 [Member]
Prior Period Reclassification Adjustment				$ 455,000
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Takeda [Member]
Concentration Risk, Percentage	65.40%	69.30%	62.30%	65.50%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Mylan [Member]
Concentration Risk, Percentage	31.10%	28.20%	33.30%	29.30%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Takeda [Member]
Concentration Risk, Percentage			80.90%		69.60%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Mylan [Member]
Concentration Risk, Percentage			14.50%		30.10%

Note 3 - Net Loss Per Share - C

Note 3 - Net Loss Per Share - Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Basic net loss per share:
Net loss	$ (181,167)	$ (832)	$ (176,543)	$ (4,889)
Weighted-average number of common shares-basic and diluted (in shares)	46,195	42,759	44,826	42,649
Basic and diluted net loss per share (in dollars per share)	$ (3.92)	$ (0.02)	$ (3.94)	$ (0.11)

Note 3 - Net Loss Per Share - A

Note 3 - Net Loss Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Stock Option [Member]
Antidilutive securities (in shares)	6,579	5,382	6,579	5,382
Convertible Debt Securities [Member]
Antidilutive securities (in shares)	18,079		18,079

Note 4 - Segment Information (D

Note 4 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2017
Number of Operating Segments	1

Note 4 - Segment Information -

Note 4 - Segment Information - Revenues by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Product royalty revenue	$ 20,562	$ 18,735	$ 38,997	$ 35,451
Product sales revenue	34,237	28,389	68,391	54,984
Research and development revenue	5,051	3,369	8,499	6,799
Contract and collaboration revenue	46	1,458	292	1,925
Total	59,896	51,951	116,179	99,159
Product - Amitiza [Member]
Product sales revenue	32,131	27,001	63,471	50,121
Product - Rescula [Member]
Product sales revenue	$ 2,106	$ 1,388	$ 4,920	$ 4,863

Note 4 - Segment Information 41

Note 4 - Segment Information - Revenues by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 59,896	$ 51,951	$ 116,179	$ 99,159
UNITED STATES
Revenues	39,133	34,529	72,331	63,162
JAPAN
Revenues	20,730	16,011	43,615	34,165
Rest of the World [Member]
Revenues	$ 33	$ 1,411	$ 233	$ 1,832

Note 4 - Segment Information 42

Note 4 - Segment Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Long-lived assets	$ 5,880	$ 6,216
UNITED STATES
Long-lived assets	2,768	3,065
JAPAN
Long-lived assets	3,086	3,119
Rest of the World [Member]
Long-lived assets	$ 26	$ 32

Note 5 - Asset Acquisition (Det

Note 5 - Asset Acquisition (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Apr. 03, 2017	Apr. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock Issued During Period, Value, Acquisitions					$ 30,000
Research and Development in Process			$ 186,603		186,603
Treasury Stock [Member]
Stock Issued During Period, Value, Acquisitions					$ 42,251
Vtesse Inc. [Member]
Business Combination, Consideration Transferred	$ 211,996	$ 212,000
Payments to Acquire Businesses, Gross		182,000
Research and Development in Process		$ 186,600	$ 186,603
Vtesse Inc. [Member] | Common Class A [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		2,782,678
Share Price	$ 10.78
Vtesse Inc. [Member] | Treasury Stock [Member]
Stock Issued During Period, Value, Acquisitions		$ 30,000

Note 5 - Asset Acquisition - Bu

Note 5 - Asset Acquisition - Business Acquisition (Details) - USD ($)	Apr. 03, 2017	Apr. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Acquired IPR&D Expense			$ 186,603,000		$ 186,603,000
Vtesse Inc. [Member]
Acquired IPR&D Expense		$ 186,600,000	186,603,000
Total purchase price	$ 211,996,000	$ 212,000,000
Deferred Tax Assets	(13,613,000)		$ (13,600,000)		$ (13,600,000)
Net Assets	(11,780,000)
Total IPR&D asset	$ 186,603,000

Note 6 - Fair Value Measureme45

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 2 [Member]
Notes Payable, Fair Value Disclosure	$ 292.1	$ 319.5
CPP [Member] | Other Income [Member]
Notes Receivable, Fair Value Disclosure, Increase (Decrease) in Fair Value	0.1
CPP [Member] | Fair Value, Inputs, Level 3 [Member]
Notes Receivable, Fair Value Disclosure	$ 5.4	$ 5.2

Note 7 - Inventory - Summary of

Note 7 - Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Raw materials	$ 3,658	$ 1,414
Work in process	19,405	18,045
Finished goods	35	4,009
Total	$ 23,098	$ 23,468

Note 8 - Investments, Non-cur47

Note 8 - Investments, Non-current (Details Textual) - USD ($)	Jan. 09, 2016	Jul. 31, 2017	Jan. 31, 2016	Jun. 30, 2017	Dec. 31, 2016
Subsequent Event [Member] | Research and Development Expense [Member]
Research and Development Option Expense		$ 4,500,000
Convertible Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
CPP [Member]
Collaboration Agreement, Amount of Investment	$ 5,000,000
Option Fee, Maximum	7,500,000
Payment of Option Fee	$ 3,000,000		$ 3,000,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount				$ 5,400,000	$ 5,200,000
CPP [Member] | Fair Value, Inputs, Level 3 [Member]
Notes Receivable, Fair Value Disclosure				$ 5,400,000	$ 5,200,000

Note 9 - Intangible Assets an48

Note 9 - Intangible Assets and Goodwill - Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accumulated amortization	$ (47,647)	$ (34,142)
Impairment losses	(5,651)	(5,651)
Foreign currency translation adjustments	22,814	22,814
Intangible assets, net	114,629	128,134
Goodwill	73,022	73,022
Total unamortized intangible assets	73,022	73,022
Total intangible assets	$ 187,651	$ 201,156
Patent and License Rights [Member]
Amortized intangible assets, weighted average life (Month)	4 years 180 days	5 years
Amortized intangible assets, carrying amount	$ 10,513	$ 10,513
Manufacturing Know How [Member]
Amortized intangible assets, weighted average life (Month)	5 years 30 days	5 years 150 days
Amortized intangible assets, carrying amount	$ 134,600	$ 134,600

Note 9 - Intangible Assets an49

Note 9 - Intangible Assets and Goodwill - Changes in Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Finite-lived intangible assets, balance	$ 128,134
Finite-lived intangible assets, amortization	(13,505)
Finite-lived intangible assets, balance	114,629
Goodwill, balance	$ 73,022	$ 73,022

Note 10 - Accrued Expenses an50

Note 10 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Research and development costs	$ 4,605	$ 3,030
Employee compensation	5,123	7,513
Legal and accounting fees	1,091	622
Restructuring	187	163
Other accrued expenses	1,259	1,061
Total	12,265	12,389
Indirect taxes payable	3,267	1,756
Squeeze out liability for non-tendering R-Tech shareholders	150	155
Other current liabilities	275	264
Total	$ 3,692	$ 2,175

Note 11 - Restructuring (Detail

Note 11 - Restructuring (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		19 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Restructuring Charges	$ 0	$ 552	$ 1,700	$ 3,700
Restructuring Reserve	$ 187	$ 187		$ 187	$ 163

Note 11 - Restructuring - Cash

Note 11 - Restructuring - Cash Components of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		19 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Balance		$ 163
Expenses incurred	$ 0	552	$ 1,700	$ 3,700
Amounts paid		(528)
Balance	$ 187	$ 187		$ 187

Note 12 - Other Liabilities - S

Note 12 - Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred grants	$ 750	$ 750
Unrecognized tax benefits	4,261	4,060
Deferred leasehold incentive	1,500	1,582
Defined benefit obligation	870	818
Lease liability	1,591	1,183
Other	418	398
Total	$ 9,390	$ 8,791

Note 13 - Convertible Notes P54

Note 13 - Convertible Notes Payable (Details Textual) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Dec. 27, 2016
Fair Value, Inputs, Level 2 [Member]
Notes Payable, Fair Value Disclosure	$ 292.1	$ 319.5
The 3.25% Convertible Senior Notes [Member]
Debt Instrument, Face Amount			$ 300
Debt Instrument, Interest Rate, Stated Percentage			3.25%

Note 13 - Convertible Notes P55

Note 13 - Convertible Notes Payable - Debt Repayment Obligations (Details) - The 3.25% Convertible Senior Notes [Member] $ in Thousands	Jun. 30, 2017USD ($)
2,017	$ 4,915
2,018	9,750
2,019	9,750
2,020	9,752
2,021	309,323
Total minimum interest and debt payments	$ 343,490

Note 14 - Commitments and Con56

Note 14 - Commitments and Contingencies (Details Textual) - USD ($)	Jan. 09, 2016	Jul. 31, 2017	Jan. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating Leases, Rent Expense				$ 400,000	$ 700,000	$ 800,000	$ 1,300,000
Subsequent Event [Member] | Research and Development Expense [Member]
Research and Development Option Expense		$ 4,500,000
CPP [Member]
Option Fee, Maximum	$ 7,500,000
Payment of Option Fee	3,000,000		$ 3,000,000
Maximum Aggregate License Fees and Milestone Payments						$ 190,000,000
Collaboration Agreement, Amount of Investment	$ 5,000,000

Note 14 - Commitments and Con57

Note 14 - Commitments and Contingencies - Future Minimum, Non-cancelable Lease Payments (Details) $ in Thousands	Jun. 30, 2017USD ($)
2,017	$ 1,161
2,018	2,043
2,019	1,516
2,020	1,103
2,021	997
Total minimum lease payments	$ 6,820

Note 15 - Stock Option Plans (D

Note 15 - Stock Option Plans (Details Textual)	6 Months Ended
	Jun. 30, 2017$ / shares
Stock Incentive Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 5.28

Note 15 - Stock Option Plans -

Note 15 - Stock Option Plans - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Stock Incentive Plan 2006 [Member]
Options outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 10.90
Options outstanding, weighted average remaining contractual term (Year)	7 years 109 days
Options outstanding, aggregate intrinsic value | $	$ 6,805,827
Options exercisable, shares (in shares) | shares	2,387,102
Options exercisable, weighted average exercise price per share (in dollars per share) | $ / shares	$ 9.96
Options exercisable, weighted average remaining contractual term (Year)	6 years 219 days
Options exercisable, aggregate intrinsic value | $	$ 5,031,285
Options vested and expected to vest, shares (in shares) | shares	4,276,709
Options vested and expected to vest, weighted average exercise price per share (in dollars per share) | $ / shares	$ 10.90
Options vested and expected to vest, weighted average remaining contractual term (Year)	7 years 109 days
Options vested and expected to vest, aggregate intrinsic value | $	$ 6,805,827
Options outstanding, shares (in shares) | shares	4,648,549
Options outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 10.86
Options granted, shares (in shares) | shares
Options granted, weighted average exercise price per share (in dollars per share) | $ / shares
Options exercised, shares (in shares) | shares	(49,147)
Options exercised, weighted average exercise price per share (in dollars per share) | $ / shares	$ 5.78
Options forfeited, shares (in shares) | shares	(310,094)
Options forfeited, weighted average exercise price per share (in dollars per share) | $ / shares	$ 11.26
Options expired, shares (in shares) | shares	(12,599)
Options expired, weighted average exercise price per share (in dollars per share) | $ / shares	$ 9.60
Options outstanding, shares (in shares) | shares	4,276,709
Stock Incentive Plan 2016 [Member]
Options outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 11.37
Options outstanding, weighted average remaining contractual term (Year)	7 years 328 days
Options outstanding, aggregate intrinsic value | $	$ 340,600
Options exercisable, shares (in shares) | shares	364,275
Options exercisable, weighted average exercise price per share (in dollars per share) | $ / shares	$ 11.39
Options exercisable, weighted average remaining contractual term (Year)	182 days
Options exercisable, aggregate intrinsic value | $	$ 325,500
Options vested and expected to vest, shares (in shares) | shares	1,832,894
Options vested and expected to vest, weighted average exercise price per share (in dollars per share) | $ / shares	$ 11.37
Options vested and expected to vest, weighted average remaining contractual term (Year)	7 years 328 days
Options vested and expected to vest, aggregate intrinsic value | $	$ 340,600
Options outstanding, shares (in shares) | shares	74,750
Options outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 12.66
Options granted, shares (in shares) | shares	1,857,844
Options granted, weighted average exercise price per share (in dollars per share) | $ / shares	$ 11.38
Options exercised, shares (in shares) | shares
Options exercised, weighted average exercise price per share (in dollars per share) | $ / shares
Options forfeited, shares (in shares) | shares	(63,000)
Options forfeited, weighted average exercise price per share (in dollars per share) | $ / shares	$ 11.85
Options expired, shares (in shares) | shares	(36,700)
Options expired, weighted average exercise price per share (in dollars per share) | $ / shares	$ 13.97
Options outstanding, shares (in shares) | shares	1,832,894

Note 15 - Stock Option Plans 60

Note 15 - Stock Option Plans - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Outstanding Restricted Stock Units (in shares) | shares	63,700
Outstanding Restricted Stock Units, weighted average fair value (in dollars per share) | $ / shares	$ 12.29
Restricted stock units granted, shares (in shares) | shares	487,454
Restricted stock units granted, weighted average fair value (in dollars per share) | $ / shares	$ 11.66
Restricted stock units vested, shares (in shares) | shares	(82,000)
Restricted stock units vested, weighted average fair value (in dollars per share) | $ / shares	$ 11.47
Outstanding Restricted Stock Units, weighted average fair value (in dollars per share) | $ / shares	$ 11.77
Restricted stock units forfeited, shares (in shares) | shares
Restricted stock units forfeited, weighted average fair value (in dollars per share) | $ / shares
Outstanding Restricted Stock Units (in shares) | shares	469,154

Note 15 - Stock Option Plans 61

Note 15 - Stock Option Plans - Summary of Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash received under the ESPP	$ 150
2006 Employee Stock Purchase Plan [Member]
Shares issued under the ESPP (in shares)	16,489	7,502
Cash received under the ESPP	$ 150,283	$ 69,919

Note 15 - Stock Options Plans -

Note 15 - Stock Options Plans - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Balance	$ 26,348
Balance	167,099
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	55,042	$ 50,498
Balance	55,119	14,243
Other comprehensive income (loss) before reclassifications	(77)	36,255
Amounts reclassified from accumulated other comprehensive loss
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance	42	42
Balance	42	42
Other comprehensive income (loss) before reclassifications
Amounts reclassified from accumulated other comprehensive loss
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(650)	(848)
Balance	(634)	(873)
Other comprehensive income (loss) before reclassifications	(27)	25
Amounts reclassified from accumulated other comprehensive loss	11
AOCI Attributable to Parent [Member]
Balance	54,434	49,692
Balance	54,527	13,412
Other comprehensive income (loss) before reclassifications	(104)	36,280
Amounts reclassified from accumulated other comprehensive loss	$ 11

Note 16 - Income Taxes (Details

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Effective Income Tax Rate Reconciliation, Percent	(1.10%)	5.80%	(3.20%)	38.70%
Unrecognized Tax Benefits	$ 3.2		$ 3.2
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 1.7		$ 1.7
Earliest Tax Year [Member]
Open Tax Year			2,012
Earliest Tax Year [Member] | Domestic Tax Authority [Member]
Income Tax Examination, Year under Examination			2,009
Latest Tax Year [Member]
Open Tax Year			2,016
Latest Tax Year [Member] | Domestic Tax Authority [Member]
Income Tax Examination, Year under Examination			2,011
Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent			0.00%
Maximum [Member]
Effective Income Tax Rate Reconciliation, Percent			40.00%