Orexigen Therapeutics (OREX) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	OREX
Entity Registrant Name	Orexigen Therapeutics, Inc.
Entity Central Index Key	1,382,911
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		15,430,966

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 36,665	$ 92,494
Accounts receivable, net	7,636	1,102
Investment securities, available-for-sale	49,953	11,499
Restricted cash and investments	0	90,005
Inventory	15,753	23,193
Prepaid expenses and other current assets	4,323	6,168
Total current assets	114,330	224,461
Property and equipment, net	814	1,044
Intangible assets	72,093	76,061
Other long-term assets	2,574	2,835
Restricted cash	188	188
Total assets	189,999	304,589
Current liabilities:
Accounts payable	8,277	15,210
Accrued expenses	30,604	30,412
Contingent consideration		15,000
Deferred revenue, current portion	2,923	4,738
Total current liabilities	41,804	65,360
Long-term contingent consideration	8,900	6,800
Long-term convertible debt	25,029	64,279
Long-term convertible debt, at fair value	146,500	101,900
Deferred revenue, less current portion	6,453	5,863
Commitments and contingencies
Stockholders' equity:
Preferred stock, value
Common stock, $0.001 par value, 300,000,000 shares authorized at June 30, 2017 and December 31, 2016; 15,257,780 and 14,616,751 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	15	15
Additional paid-in capital	706,807	698,229
Accumulated other comprehensive income (loss)	(4,036)	4,011
Accumulated deficit	(744,816)	(645,211)
Total stockholders’ equity (deficit)	(42,030)	57,044
Total liabilities and stockholders’ equity	189,999	304,589
Series Z Preferred Stock
Stockholders' equity:
Preferred stock, value	$ 3,343	$ 3,343

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	219,994	219,994
Preferred stock, shares outstanding	219,994	219,994
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	15,257,780	14,616,751
Common stock, shares outstanding	15,257,780	14,616,751
Series Z Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	219,994	219,994
Preferred stock, shares outstanding	219,994	219,994

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Net product sales	$ 23,232	$ 2,935	$ 42,273	$ 2,935
Collaborative agreement	124	2,403	228	4,794
Royalties		2,453		5,095
Total revenues	23,356	7,791	42,501	12,824
Cost of product sales	6,842	1,784	13,029	1,784
Operating expenses:
Research and development	7,509	14,249	15,682	26,050
Selling, general and administrative	48,311	24,991	103,558	41,542
Amortization expense of intangible assets	1,984		3,968
Change in fair value of contingent consideration	700		2,100
Total operating expenses	58,504	39,240	125,308	67,592
Loss from operations	(41,990)	(33,233)	(95,836)	(56,552)
Other income (expense):
Interest income	117	163	264	286
Interest expense	(863)	(1,954)	(2,036)	(3,890)
Change in fair value of financial instruments	5,966	11,600	(22,040)	11,600
Gain on extinguishment of debt			12,316
Foreign currency gain (loss), net	6,252	(1,806)	7,727	978
Total other income (expense)	11,472	8,003	(3,769)	8,974
Net loss	$ (30,518)	$ (25,230)	$ (99,605)	$ (47,578)
Net loss per share - basic and diluted	$ (2)	$ (1.73)	$ (6.63)	$ (3.27)
Shares used in computing basic and diluted net loss per share	15,237	14,566	15,023	14,561

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (30,518)	$ (25,230)	$ (99,605)	$ (47,578)
Other comprehensive gain (loss)
Foreign currency translation gain (loss)	(6,534)	1,865	(8,051)	(1,154)
Unrealized gain on investment securities, available for sale	5	20	6	58
Other comprehensive gain (loss)	(6,529)	1,885	(8,045)	(1,096)
Comprehensive loss	$ (37,047)	$ (23,345)	$ (107,650)	$ (48,674)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net loss	$ (99,605)	$ (47,578)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of premium on investment securities, available-for-sale	19	104
Accretion of debt discount	964	2,248
Change in fair value of financial instruments	22,040	(11,600)
Gain from extinguishment of debt	(13,869)
Change in fair value of contingent consideration	2,100
Amortization of intangible assets	3,968
Depreciation	232	194
Stock-based compensation	5,837	5,103
Deferred revenue	(1,872)	(5,091)
Unrealized foreign currency gain	(7,690)	(473)
Other non-cash adjustments	20	35
Changes in operating assets and liabilities:
Accounts receivable, net	(6,455)	3,906
Inventory	7,614	(596)
Prepaid expenses and other current assets	1,854	(1,712)
Other assets	250	(208)
Accounts payable and accrued expenses	(5,463)	2,544
Deferred rent and lease incentives		(113)
Net cash used in operating activities	(90,056)	(53,237)
Investing activities
Purchases of investment securities, available-for-sale	(89,962)	(23,600)
Maturities of investment securities, available-for-sale	51,500	61,135
Restricted cash and investments	90,000	(165,179)
Purchase of Contrave - net	(3,414)
Prepaid purchase price - Contrave		(60,000)
Purchase of property and equipment		(286)
Net cash provided by (used) in investing activities	48,124	(187,930)
Financing activities
Payment for conversions of 2017 Exchange Notes	(1,074)
Contingent payment to Takeda	(12,900)
Proceeds from convertible debt issuance		120,000
Proceeds from issuance of warrants		41,000
Proceeds from issuance of Series Z Preferred Stock		3,343
Proceeds from issuance of common stock	47	139
Net cash provided by (used in) financing activities	(13,927)	164,482
Effect of exchange rate changes on cash	30	(564)
Net decrease in cash and cash equivalents	(55,829)	(77,249)
Cash and cash equivalents at beginning of period	92,494	155,422
Cash and cash equivalents at end of period	36,665	$ 78,173
Supplemental disclosure of non-cash financing information:
Interest paid	1,000
Conversions of 2017 Exchange Notes	3,794
Taxes paid	$ 175

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization Orexigen Therapeutics, Inc., or the Company, a Delaware corporation, is a biopharmaceutical company focused on the development and commercialization of pharmaceutical product candidates for the treatment of obesity. The Company was incorporated in September 2002 and commenced operations in 2003. The Company operates in one segment. The Company’s primary activities since incorporation have been organizational activities, including recruiting personnel, conducting research and development, including clinical trials, raising capital, and preparing for the marketing and commercialization of its sole product, Contrave ® Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company follows the provisions of the Financial Accounting Standards Board, or the FASB, Accounting Standard Codification, or ASC, Topic 205-40, Presentation of Financial Statements – Going Concern The Company has a board-approved plan which projects that the Company’s existing working capital can fund its operations for one year after the financial statements are issued. This plan is based on management’s best estimate and assumptions for U.S. sales of Contrave, for which the Company reacquired the rights to sell in August 2016, and sales of Contrave or Mysimba™ outside the U.S. for which there is limited history or no history by the Company. Due to the inherent uncertainty in achieving the forecasted global revenues in the plan, the Company has identified certain forecasted expenses that can be reduced starting in the fourth quarter of 2017 and through August 2018 if revenues are less than forecasted or if the Company is not able to raise additional equity or debt financing during the interim period. The identified cost-cutting actions could include a reduction of certain discretionary sales, general and administrative expenses. Management has evaluated that, if required, the cost cutting measures described above could be effectively implemented during the fourth quarter of 2017 and through August 2018, and that when implemented, would allow the Company to reduce its working capital requirements. There are risks and uncertainties that could significantly impact the Company’s current estimates and assumptions regarding its ability to meet its obligations within the one-year period after the financial statements are issued. One risk relates to the Company’s ability to satisfy a covenant under the indenture for its 0% Convertible Senior Secured Notes due 2020, or the 2016 Notes, that provides note holders with a redemption right after June 30, 2018 if consolidated net product sales (as defined in the indenture) for fiscal 2017 are less than $100 million. While the Company expects, based on current forecasts, that this requirement will be met, there is a risk, given the Company’s and its distribution partners’ limited history of selling and forecasting sales for Contrave/Mysimba in the United States and worldwide, that sales may not be generated at the levels expected. In the event that consolidated net product sales are less than $100 million for fiscal 2017, the Company would pursue a number of potential alternatives, including attempting to negotiate a waiver or amendment with holders of the 2016 Notes, secure financing or recapitalization transactions, or execute various other strategic transactions that could result in repayment of the indebtedness, although the Company cannot guarantee that any of these potential alternatives would be successful. The financial statements of the Company’s foreign subsidiary with a functional currency other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders’ equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses are included in the results of operations in other income (expense). The balance sheet as of December 31, 2016 has been derived from the audited financial statements as of December 31, 2016 but does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For more complete financial information, the accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Research and Development Costs All research and development costs are charged to expense as incurred and consist principally of costs related to clinical trials, license fees and salaries and related benefits. Clinical trial costs are a significant component of research and development expenses. These costs are accrued based on estimates of work performed, and require estimates of total costs incurred based on patients enrolled, progress of clinical studies and other events. Clinical trial costs are subject to revision as the trials progress and revisions are charged to expense in the period in which they become known. Revenue Recognition Collaborative agreement revenue The Company identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting. Analyzing the arrangement to identify deliverables requires the use of judgment, and each deliverable may be an obligation to deliver services, a right or license to use an asset, or another performance obligation. A delivered item is considered a separate unit of accounting when the delivered item has value to the partner on a standalone basis based on the consideration of the relevant facts and circumstances for each arrangement. Factors considered in this determination include the research capabilities of the partner and the availability of research expertise in this field in the general marketplace. Arrangement consideration is allocated at the inception of the agreement to all identified units of accounting based on their relative selling price. The relative selling price for each deliverable is determined using vendor-specific objective evidence, or VSOE, of selling price or third-party evidence of selling price if VSOE does not exist. If neither VSOE nor third-party evidence of selling price exists, the Company uses its best estimate of the selling price for the deliverable. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. The consideration received is allocated among the separate units of accounting, and the applicable revenue recognition criteria are applied to each of the separate units. Changes in the allocation of the sales price between delivered and undelivered elements can impact revenue recognition but do not change the total revenue recognized under any agreement. Upfront license fee payments are recognized upon delivery of the license if facts and circumstances dictate that the license has standalone value from the undelivered items, which generally include research and development services and the manufacture of drug products, the relative selling price allocation of the license is equal to or exceeds the upfront license fee, persuasive evidence of an arrangement exists, the Company’s price to the partner is fixed or determinable, and collectability is reasonably assured. Upfront license fee payments are deferred if facts and circumstances dictate that the license does not have standalone value. The determination of the length of the period over which to defer revenue is subject to judgment and estimation and can have a material impact on the amount of revenue recognized in a given period. The Company accounts for milestone payments under its agreements using the milestone method of accounting. The Company recognizes consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following three criteria: 1) the consideration is commensurate with either the entity’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, 2) the consideration relates solely to past performance, and 3) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity’s performance or on the occurrence of a specific outcome resulting from the entity’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to the Company. Any milestone payments that do not satisfy these revenue recognition criteria are recorded over the remaining life of the agreements with a cumulative catch up adjustment for the portion of the milestone earned from the inception of the agreement to the expected term of the agreement. The excess of the milestone paid and the amount recognized in the cumulative catch up adjustment is recorded as deferred revenue and recognized over the remaining expected term of the agreement. Royalty revenue Royalties to be received based on sales of the Company’s licensed products by partners are recognized as earned. Product Sales, Net The Company’s net product sales consist of U.S. sales of Contrave as well as product sales to its distributors in other countries. The Company recognizes product revenue when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. Effective August 1, 2016, the Company reacquired the commercial rights for Contrave from Takeda and began selling Contrave in the U.S. T he Company commenced shipments of Contrave to its wholesalers in mid-August 2016. The Company has determined it does not currently have the necessary volume of activity to reasonably estimate certain sales allowances at the time title and risk of loss transfers to the wholesalers. Accordingly, the price is not considered fixed or determinable at that time. Therefore, the Company recognizes revenue when the wholesalers sell Contrave to the dispensing institutions (i.e. pharmacies and hospitals) at which point it has developed sufficient historical experience and data to reasonably estimate future returns and chargebacks. As of June 30, 2017, the Company had a deferred revenue balance of $2.4 million related to Contrave net product sales. Upon recognition of revenue from product sales of Contrave in the U.S., the Company records certain sales reserves and allowances as a reduction to gross revenue. These reserves and allowances include: Rebates: The Company records provisions for commercial managed care contract rebates and U.S. Medicaid at the time revenue is recognized based upon its estimated rebate claims attributable to a sale. For commercial managed care contract rebates, the Company considers current contract terms, such as changes in formulary status and agreed-to discount rates, along with historical utilization rates. Orexigen also considers outstanding rebate claims, rebate payments, forecasted sales, and levels of inventory in the distribution channel and adjusts estimates each period to reflect actual experience. There can be a significant time lag between recording estimates and actual payments. U.S Medicaid rebate accruals are generally based on historical payment data and estimates of future Medicaid beneficiary utilization applied to the Medicaid unit rebate formula established by the Center for Medicaid and Medicare Services. Chargebacks: The Company provides predetermined discounts under certain government programs, including the Veterans Administration FSS and Public Health Service 340B Our estimate for these chargeback fees takes into consideration contractual terms, historical utilization rates along with payor mix, and our expectations regarding future utilization rates. Cash Discounts: The Company offers certain wholesalers cash discounts as an incentive for meeting certain payment terms. The Company estimates prompt payment discounts based on contractual terms, historical utilization rates, as available, and our expectations regarding future utilization rates. As the prompt pay discounts are applied against wholesaler purchases of Contrave, the Company records its initial estimate at the point in which that sale occurs. Distribution Fees: The distribution fees, based on contractually determined rates, arise from contractual agreements the Company has with certain wholesalers for distribution services they provide with respect to Contrave. These fees are generally a fixed percentage of the price of the product purchased by the wholesalers. Savings Card Program: The Company offers certain discount programs to patients under which the patient receives a discount on his or her prescription. The Company reimburses pharmacies for this discount through a third-party vendor. The discounts, which are recorded as a reduction of sales at the point of revenue recognition, reflect an estimate based on historical utilization rates, expectations surrounding future utilization, and user mix in relation to the discount offering. Sales Returns: The Company allows the wholesalers to return product that is damaged or received in error. In addition, the Company accepts unused product to be returned beginning six months prior to and ending twelve months following product expiration. Specific rights of return are also extended to certain customers. The Company believes that its estimated product returns for Contrave require a high degree of judgement and are subject to change based on the Company’s experience and certain quantitative and qualitative factors. Because of the shelf life of Contrave and the lengthy return period, there may be a significant period of time between when the product is shipped and when the Company issues credits on returned product. In order to develop a methodology to reliably estimate future returns, the Company analyzes many factors, including, without limitation: (1) actual Contrave product return history, taking into account product expiration dating at the time of shipment, (2) re-order activities of the wholesalers as well as their customers and (3) levels of inventory in the wholesale channel. The Company considers the dating of product at the time of shipment into the distribution channel and changes in the estimated levels of inventory within the distribution channel to estimate its exposure to returned product. The Company also considers current contract prices and projected future prices to estimate the exposure to returned product. Given the exposure to returns and the Company’s limited history of selling Contrave in the U.S., the Company recognizes product sales allowances based on these estimates as a reduction of product sales in the same period the related revenue is recognized upon sale of Contrave from the wholesalers to the pharmacies, hospitals, etc. The Company believes this reduces its exposure to returns and allows the Company to more reasonably justify the estimate. Should actual product return results differ from the Company’s estimates, however, the Company will be required to make adjustments to these allowances in the future, which could have an effect on product sales revenue and earnings in the period of adjustments. Inventory Inventories are stated at the lower of cost (using a first-in, first-out, or FIFO, basis) and net realizable value. Inventory costs including raw materials, work in process and finished goods that may be associated with the Company’s products prior to regulatory approval are charged to research and development expense prior to such approval on a country-specific basis. Fair Value Option The Company has elected the fair value option to account for convertible debt instruments that were issued during both the year ended December 31, 2016 and the six months ended June 30, 2017 and records this convertible debt at fair value with changes in fair value recorded in the statement of operations. As a result of applying the fair value option, direct costs and fees related to the convertible debt were recognized in earnings as incurred and not deferred. Preferred Stock When issued, the Company classifies conditionally redeemable preferred shares, which includes preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as temporary equity. The Company’s Series Z Preferred Stock (see Note 11) features a contingent right to receive payment from the Company in the event of certain fundamental changes, some of which are not within the Company’s control. Accordingly, the Series Z Preferred Stock is presented as a component of temporary equity. Purchased Intangibles Acquired assets and assumed liabilities recognized in an acquisition are recorded on the basis of their estimated fair values determined by management at the date of acquisition. The Company determines the estimated economic lives of the acquired intangible assets for amortization purposes. Intangible assets consist of developed technology and tradenames acquired in the Contrave business combination under the purchase method of accounting and are recorded at fair value net of accumulated amortization since the acquisition date. Amortization is calculated using the straight-line method over the following estimated useful lives: Useful Lives Developed technology 10 years Tradename 10 years The Company reviews its finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of finite-lived intangible asset may not be recoverable. Recoverability of a finite-lived intangible asset is measured by a comparison of its carrying amount to the undiscounted future cash flows expected to be generated by the asset. If the asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There were no indicators of impairment during the period ended June 30, 2017. Contingent Consideration The Company measures contingent consideration liabilities recognized in connection with business combinations at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company uses a probability-weighted discounted cash flow approach as a valuation technique to determine the fair value of the contingent consideration on the acquisition date. The fair value of the Company’s contingent consideration liability is revalued to fair value each period and any increase or decrease is recorded into earnings. Amounts paid in excess of the amount recorded on the acquisition date will be classified as cash flows used in operating activities. Payments not exceeding the acquisition-date fair value of the contingent consideration will be classified as cash flows used in financing activities. Restricted Cash and Investments All cash and investments that are legally restricted from use are recorded in restricted cash and investments on the balance sheet. The 0% Convertible Senior Secured Notes due 2020 issued in March 2016 (see Note 11) require the Company to maintain a minimum account balance which is considered to be restricted cash and investments. The required restricted cash and investment amount was $40.0 million until June 21, 2017, after which such amount was reclassified to Cash and Cash Equivalents on the balance sheet. Recently Adopted Accounting Standards In March 2016, the FASB Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers: Principal vs. Agent Considerations Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash consolidated In January 2017, the FASB issued an ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting consolidated In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception Topic 480, Distinguishing Liabilities from Equity consolidated

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income (Loss) per Share	3. Net Loss per Share Basic earnings per share, or EPS, is calculated by dividing the net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing the net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period and the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method or the if-converted method. For purposes of this calculation, options, warrants and shares underlying convertible notes are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive. (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Net loss $ (30,518 ) $ (25,230 ) $ (99,605 ) $ (47,578 ) Denominator: Weighted average common shares outstanding 15,237 14,566 15,023 14,561 Net loss per share — basic and diluted $ (2.00 ) $ (1.73 ) $ (6.63 ) $ (3.27 ) Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Shares underlying 2013 convertible senior notes 370 1,404 370 1,404 Shares underlying 2016 convertible senior secured notes 22,000 — 22,000 — Shares underlying 2017 exchange notes 2,829 — 2,829 — Common stock warrants outstanding 22,500 500 22,500 500 Common stock options and PSU's outstanding 8,398 2,289 8,398 2,289 56,097 4,193 56,097 4,193

Investment Securities, Availabl

Investment Securities, Available-for-Sale	6 Months Ended
	Jun. 30, 2017
Investments Debt And Equity Securities [Abstract]
Investment Securities, Available-for-Sale	4. Investment Securities, Available-for-Sale The Company invests its excess cash in investment securities, including debt instruments of financial institutions, corporations with investment grade credit ratings and government agencies. Investment securities, available-for-sale, consisted of the following (in thousands): June 30, 2017 Maturity in Unrealized Years Amortized Gains Losses Fair Value U.S. Treasury securities Less than 1 $ 49,968 $ - $ (15 ) $ 49,953 Total investment securities $ 49,968 $ — $ (15 ) $ 49,953 December 31, 2016 Maturity in Unrealized Years Amortized Cost Gains Losses Fair Value U.S. Treasury securities Less than 1 $ 100,026 $ — $ (21 ) $ 100,005 Corporate debt securities Less than 1 1,498 1 — $ 1,499 Total investment securities $ 101,524 $ 1 $ (21 ) $ 101,504 The Company had restricted investments of $0 and $90.0 million at June 30, 2017 and December 31, 2016, respectively, as described in Note 2. Gross realized gains and losses on available-for-sale securities were immaterial during the three and six months ended June 30

Contrave Acquisition

Contrave Acquisition	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Contrave Acquisition	5. Contrave Acquisition In March 2016, the Company entered into a separation agreement with Takeda, or the Separation Agreement, which terminated the amended and restated collaboration agreement between the Company and Takeda, or the Restated Collaboration Agreement, and the manufacturing services agreement between the Company and Takeda (see Note 12). The Separation Agreement provided for the transfer of certain rights and assets to the Company and provided for the transition of activities under the collaboration agreement from Takeda to the Company during the transition period. On August 1, 2016, the transition period under the Separation Agreement between the Company and Takeda terminated and the Company reacquired all commercial rights to Contrave in the United States. The Company made an initial payment of $60.0 million, or the Initial Payment, to Takeda in March 2016 and paid an additional $15.0 million to Takeda in January 2017, or the January 2017 Payment. The source of funds for the Initial Payment and the January 2017 Payment was from the Company’s cash on hand. The Company may also be obligated to pay Takeda milestone payments of $10 million, $20 million, $30 million and $50 million, based on the achievement of annual Contrave net sales milestones of $200 million, $300 million, $400 million and $600 million, respectively, in any future year. Each such milestone payment shall be payable only once but more than one may be payable with respect to net sales in a single year. T he contingent consideration liability will be remeasured to fair value at each reporting date until the contingencies are resolved and any changes in fair value are recognized in earnings. See Footnote 6 for valuation methodology of contingent consideration. As a result of the Contrave acquisition and the resulting settlement of its pre-existing relationship with Takeda, the Company recorded a settlement gain of $80.2 million representing the remaining Contrave deferred revenue on August 1, 2016. Purchase Consideration The estimated fair value of the total consideration at the date of acquisition (August 1, 2016) is as follows (in thousands) Prepaid purchase price payment to Takeda in March 2016 $ 60,000 Fair value of contingent consideration due to Takeda 18,800 Payment due to Takeda for Contrave inventory 7,762 Estimated payment due to Takeda for charge-backs and rebates 823 Cash received from Takeda for estimated returns as of August 1, 2016 (1,667 ) Total Purchase Price $ 85,718 On the acquisition date, the estimated fair value of net assets acquired was $85.7 million. As of June 30, 2017, the Company finalized its purchase price allocation. Developed technology intangible $ 74,967 Tradename 4,400 Inventory 14,261 Assumption of accrued expenses (savings card program) (5,687 ) Assumption of accrued expenses (returns reserve) (2,223 ) Total Fair Value of Assets Acquired and Liabilities Assumed $ 85,718 The fair value of intangible assets (developed technology intangible and tradename) is determined primarily using the “income method,” which starts with a forecast of all expected future cash flows. Some of the more significant assumptions inherent in the intangible asset values, from the perspective of a market participant, include: the amount and timing of projected future cash flows (including net revenue, cost of product sales, research and development costs, sales and marketing expenses, capital expenditures and working capital requirements) as well as estimated contributory asset charges; the discount rate selected to measure the risks inherent in the future cash flows; and the assessment of the asset’s life cycle and the competitive trends impacting the asset, among other factors. The remaining estimated amortization expense related to the intangible assets recorded in connection with the Contrave acquisition for 2017 through 2021 and thereafter is as follows (in thousands): 2017 $ 3,968 2018 7,938 2019 7,938 2020 7,938 2021 7,938 Thereafter 36,373 $ 72,093 Pro forma The following unaudited pro forma financial information presents results as if the acquisition of Contrave had occurred on January 1, 2016 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues $ 23,356 $ 15,878 $ 42,501 $ 29,066 Net loss (30,518 ) (51,596 ) (99,605 ) (108,728 ) Net loss per share - basic and diluted $ (2.00 ) $ (3.54 ) $ (6.63 ) $ (7.47 ) For purposes of the pro forma disclosures above, the primary adjustments for the three and six months ended June 30, 2016 include the amortization of the intangible assets, reversal of collaborative and royalty revenue and the elimination of existing Contrave deferred revenue.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The fair values of the Company’s financial instruments are estimated and classified using a hierarchal disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2017, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. The Company classifies money market funds as Level 1 assets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. The Company classifies commercial paper holdings, U.S. Treasury securities, U.S. government agency securities and asset-backed security holdings as Level 2 assets and its 2017 Exchange Notes (see Note 11) as a Level 3 liability. Level 3 inputs are unobservable inputs for the assets or liabilities, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Assets and liabilities measured at fair value that have recurring measurements are shown below (in thousands): Fair Value Measurement at Reporting Date Using Description Balance as of June 30, 2017 Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 30,460 $ 30,460 $ — $ — U.S. Treasury securities 49,953 — 49,953 — Total assets measured at fair value $ 80,413 $ 30,460 $ 49,953 $ — Liabilities: Contingent consideration - long-term $ 8,900 $ — $ — $ 8,900 Convertible debt - 2017 Exchange Notes 20,500 — — 20,500 Convertible debt - 2016 Notes 126,000 — — 126,000 Total liabilities measured at fair value $ 155,400 $ — $ — $ 155,400 Fair Value Measurement at Reporting Date Using Description Balance as of December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial instruments owned: Money market funds $ 65,081 $ 65,081 $ — $ — U.S. Treasury securities 100,005 — 100,005 — Corporate debt securities 1,499 1,499 Total assets measured at fair value $ 166,585 $ 65,081 $ 101,504 $ — Liabilities: Contingent consideration - current $ 15,000 $ — $ — $ 15,000 Contingent consideration - long-term 6,800 6,800 Convertible debt 101,900 — — 101,900 Total liabilities measured at fair value $ 123,700 $ — $ — $ 123,700 Due to limited trading activity, the 2017 Exchange Notes were transferred from Level 2 to Level 3 during the three months ended June 30, 2017. There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016. The following table presents additional information about Level 3 liabilities measured at fair value. Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the unrealized gains and losses for liabilities within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs. The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2017 Contingent Consideration—December 31, 2016 $ 21,800 Payment to Takeda $ (15,000 ) Change in fair value of contingent consideration (recognized in Net loss) 2,100 Contingent Consideration at fair value – June 30, 2017 $ 8,900 2017 Exchange Notes—December 31, 2016 $ — Transfer from Level 2 to Level 3 - April 1, 2017 21,866 Change in fair value of 2017 Exchange Notes (recognized in Net loss) (1,366 ) 2017 Exchange Notes at fair value – June 30, 2017 $ 20,500 Convertible debt - 2016 Notes—December 31, 2016 $ 101,900 Change in fair value of convertible debt (recognized in Net loss) 24,100 Convertible debt - 2016 Notes at fair value – June 30, 2017 $ 126,000 In March 2016, the Company issued $165.0 million in aggregate principal amount of 2016 Notes (see Note 11), which included the principal amount of the convertible note, a conversion feature, warrant coverage, and preferred shares. To measure the fair value of the principal amount, the Company used an income approach, discounting the principal amount due under the convertible note by market interest rates by potential scenario. To measure the fair value of the conversion feature of the convertible note, a Black-Scholes option pricing model was utilized. The Black-Scholes option pricing model utilized the following assumptions: (i) expected term; (ii) common stock price; (iii) risk-free interest rate; and (iv) expected volatility. Assumptions used in the estimates represent what market participants would use in pricing the liability components, including market interest rates, credit standing, yield curves, volatilities, and risk-free rates, all of which are defined as Level 2 observable inputs. The estimated implied interest rates were applied to the principal amount of the convertible note by scenario and were weighted based on the probability of each scenario occurring. The estimated volatilities and the risk-free rates were incorporated into the Black-Scholes option pricing models for the conversion feature of the convertible note by scenario and were weighted based on the probability of each scenario occurring. Scenarios and probabilities were based on Company management estimates and were incorporated into the determination of the fair values of the principal amount and the conversion feature of the convertible note. A Black-Scholes option pricing model is also utilized to measure the fair value of the warrant coverage component of the 2016 Notes offering. The Black-Scholes option-pricing model utilizes the following assumptions: (i) expected term; (ii) common stock price; (iii) risk-free interest rate; and (iv) expected volatility. Assumptions used in the estimates represent what market participants would use in pricing the component, including volatilities and risk-free rates, which are defined as Level 2 observable inputs. The estimated volatilities and the risk-free rates are incorporated into the Black-Scholes option pricing models for the warrants by scenario and are weighted based on the probability of each scenario occurring. Scenarios and probabilities are based on Company management estimates and are incorporated into the determination of the fair value of the warrant coverage. The fair values of the principal amount of the 2016 Notes, the conversion feature of the convertible note and the warrant coverage are impacted by certain unobservable inputs, most significantly with regards to the discount rates, probabilities of certain scenarios occurring, expected volatility, share price performance, and expected scenario timing. Significant changes to these inputs in isolation could result in a significantly different fair value measurement. The fair value of the Company’s 2017 Exchange Notes is estimated using certain market data by reference to prices observed for recent trading activity in the 2017 Exchange Notes, adjusted for changes in the yield curve index of similar credit-quality borrowers, between the date of the observed price and the measurement date. As part of the Separation Agreement between the Company and Takeda, the Company recorded a current contingent consideration liability and a long-term contingent consideration liability that have been classified as Level 3 inputs in the fair value hierarchy. The contingent consideration represents the estimated fair value of future payments due to Takeda based on: (i) Orexigen achieving annual net sales targets in certain years and (ii) Takeda performing certain obligations, as outlined in the Separation Agreement. The initial fair value of the long-term portion of the contingent consideration based on net sales was estimated through the use of a Monte Carlo simulation model. The Monte Carlo simulation model utilized the following assumptions: (i) expected term; (ii) risk-adjusted net sales; (iii) risk-free interest rate; and (iv) expected volatility. The initial fair value of the current portion of the contingent consideration based on Takeda performing certain obligations was estimated using a probability weighted approach. The probability was applied to the contingent consideration based on Takeda performing certain obligations and discounted to present value. The fair value of the Company’s contingent consideration liability is revalued to fair value each period and any increase or decrease is recorded into earnings. The fair value of the contingent consideration was impacted by certain unobservable inputs, most significantly with regards to the discount rates, probability of scenario occurrence, expected volatility, historical and projected net sales performance, and expected scenario timing. Significant changes to these inputs in isolation could result in a significantly different fair value measurement. The potential contingent consideration payments required upon achievement of sales-based milestones related to the Company’s acquisition of Contrave range from zero if none of the milestones are achieved to a maximum of $110.0 million (undiscounted)(see Note 5).

Inventory

Inventory	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory	7. Inventory Inventory consists of the following (in thousands): June 30, 2017 December 31, 2016 Raw materials $ 7,960 $ 6,678 Work in process 2,722 1,036 Finished goods 5,071 15,479 $ 15,753 $ 23,193

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2017
Property Plant And Equipment [Abstract]
Property and Equipment	8. Property and Equipment Property and equipment consist of the following (in thousands): Useful Life In Years June 30, 2017 December 31, 2016 Furniture and fixtures 5 $ 1,209 $ 1,209 Computer equipment and software 3 to 5 1,161 1,157 Leasehold improvements 5 663 644 Manufacturing equipment 5 644 664 3,677 3,674 Less accumulated depreciation and amortization (2,863 ) (2,630 ) $ 814 $ 1,044

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2017
Payables And Accruals [Abstract]
Accrued Expenses	9. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, 2017 December 31, 2016 Product sales reserves and allowances $ 13,930 $ 9,998 Accrued compensation related expenses 5,105 7,169 Inventory received, not invoiced 536 5,398 Accrued income taxes — 133 Accrued marketing and market research expenses 7,845 5,201 Accrued research and development expenses 998 864 Accrued interest on convertible notes 167 184 Accrued legal and professional expenses 1,634 984 Other accrued expenses 389 481 $ 30,604 $ 30,412

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation Total stock-based compensation expense recognized during the three and six months ended June 30, 2017 and 2016 was comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of goods sold $ 292 $ 51 $ 449 $ 51 Selling, general and administrative 2,253 1,652 4,493 3,474 Research and development 301 608 895 1,578 $ 2,846 $ 2,311 $ 5,837 $ 5,103 The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following weighted-average assumptions were utilized for the calculations during each period: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Expected life (in years) 5.9 5.8 5.9 5.8 Expected volatility 79.9 % 94.7 % 79.9 % 94.7 % Risk-free interest rate 1.9 % 1.4 % 2.1 % 1.5 % Expected dividend yield — — — —

Convertible Debt

Convertible Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Convertible Debt	11. Convertible Debt 0% Convertible Senior Secured Notes due 2020 – 2016 Notes On March 21, 2016, the Company closed an offering, or the Offering, of $165.0 million aggregate principal amount of 0% Convertible Senior Secured Notes due 2020, or the 2016 Notes, related warrants, or the Warrants, to purchase up to 21,999,999 shares of the Company’s common stock, and 219,994 shares of Series Z Non-Convertible Non-Voting Preferred Stock, or the Series Z Preferred Stock, to qualified institutional buyers and accredited investors, or the Purchasers, pursuant to a securities purchase agreement, dated March 15, 2016, or the Securities Purchase Agreement, by and among the Company and the Purchasers. The Offering was led by funds managed by The Baupost Group, L.L.C., collectively, Baupost, which, prior to the Offering, was the holder of approximately 18.1% of the Company’s outstanding common stock. The 2016 Notes will mature on July 1, 2020, unless earlier repurchased, redeemed or converted in accordance with the indenture entered into in connection with the issuance of the 2016 Notes, or the 2016 Indenture. The 2016 Notes shall only be convertible into shares of common stock of the Company at the conversion rate. In the event of a change of control transaction at any time, the 2016 Notes will be convertible for a period beginning on the closing of such change of control transaction and ending 35 trading days after the closing of such transaction. The conversion rate is 133.333 shares of common stock for each $1,000 principal amount of 2016 Notes, which represents a conversion price of $7.50 per share of common stock. The conversion rate and the corresponding conversion price will be subject to adjustment for certain events, but will not be adjusted for accrued and unpaid interest. If one or more events of default occurs, then unless the principal of all of the 2016 Notes shall have already become due and payable, either the trustee or the holders of at least 25% in aggregate principal amount of the 2016 Notes then outstanding, by notice in writing to the Company (and to the trustee if given by holders), may declare 100% of the principal of, and accrued and unpaid interest, if any, on, all the 2016 Notes to be due and payable immediately, and upon any such declaration the same will become and will automatically be immediately due and payable. If an event of default resulting from a voluntary or involuntary liquidation, reorganization, or other relief occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all 2016 Notes shall become and shall automatically be immediately due and payable. Upon the occurrence of certain fundamental changes or adverse events related to the regulatory approval for and commercialization of Contrave, and net sales of the Company, as described in the indenture for the 2016 Notes, holders of the 2016 Notes will, at their option, have the right to require the Company to repurchase for cash all or a portion of their 2016 Notes at a repurchase price equal to 100% of the aggregate principal amount of 2016 Notes. In particular, under the indenture an adverse event is deemed to occur if consolidated net product sales (defined as the Company’s net sales plus aggregate net sales by the Company’s distributors outside the United States) are less than $100 million for fiscal 2017, provided that the effective date of such adverse event would not be deemed to occur until June 30, 2018. The 2016 Notes were not redeemable by the Company, in whole or in part, prior to the receipt of the required stockholder approvals, or the Stockholder Approval, which the Company obtained at its 2016 annual meeting of stockholders in July 2016. From and after the receipt of the Stockholder Approval, the 2016 Notes are not redeemable, in whole or in part, without the consent of the holders of not less than 70% in aggregate principal amount of the 2016 Notes at the time outstanding. In March 2016, the Company entered into a Security Agreement by and among the Company, the guarantors party thereto from time to time and U.S. Bank National Association, as the collateral agent, pursuant to which the Company granted a first-priority security interest in substantially all of the Company’s current and future assets, subject to customary exclusions, to secure the Company’s obligations under the indenture. The security interests shall be released once less than 25% of the original principal amount of 2016 Notes issued on the date of the indenture remains outstanding. The Purchasers received Warrants exercisable for a number of shares of common stock equal to the aggregate principal amount of the 2016 Notes acquired by the Purchasers, multiplied by the conversion rate. The exercise price of the Warrants is $15.00 per share and the Warrants expire on September 21, 2026. From and after the Stockholder Approval, the Warrants became only exercisable for a number of shares of common stock of the Company at the exercise price. In the event of a change of control transaction at any time, the Warrants will be exercisable for a period beginning on closing of such change of control transaction and ending 35 days after such transaction. Due to the complexity and number of embedded features within the 2016 Notes and as permitted under accounting guidance, the Company elected to account for the notes and all the embedded features (which we refer to collectively as, a “hybrid instrument”) under the fair value option. The Company recognizes the convertible debt at fair value rather than at historical cost with changes in fair value recorded in the consolidated statements of operations. Direct costs and fees incurred to issue the convertible notes were recognized in earnings as incurred and not deferred. On the initial measurement date of March 21, 2016, the fair value of the hybrid instrument was estimated at $120.0 million, which was $45.0 million lower than the principal amount of $165.0 million. Upfront costs and fees related to items for which the fair value option is elected was $5.3 million and was recorded as a component of selling, general and administrative expense for the year ended December 31, 2016. On June 30, 2017, the aggregate fair value of the 2016 Notes was estimated at approximately $126.0 million. In connection with the Offering the Company issued 219,994 shares of Series Z Preferred Stock. The Series Z Preferred Stock is not convertible and does not pay or accrete dividends. The Series Z Preferred Stock is entitled to a liquidation preference upon a fundamental change, which includes a change of control. Upon a fundamental change, the Company must pay each holder an amount equal to the lesser of (i) the amount by which $975 exceeds the amount received by holders of each 100 shares of common stock and (ii) $225; provided however that, if $975 does not exceed the amount received by holders of each 100 shares of common stock, then the fundamental change amount will be $0. The Series Z Preferred Stock expires on the earlier to occur of (a) December 31, 2020 or (b) upon receipt of the consent of the holders of at least seventy percent (70%) of the outstanding shares of Series Z Preferred Stock, voting as a separate class. Expiration requires no cash outlay by the Company. The Series Z Preferred Stock is classified outside of permanent equity, since all of the contingent events requiring payment are not solely within the Company’s control. The gross proceeds received on March 21, 2016, in the Offering, net of fees paid directly to the note holders, were allocated to the initial fair value of the Warrants and 2016 Notes with the residual amount of approximately $3.3 million allocated to the Series Z Preferred Stock. 2.75% Convertible Senior Notes due 2020 – 2013 Notes In December 2013, the Company issued $115.0 million in aggregate principal amount of 2.75% Convertible Senior Notes due 2020, or the 2013 Notes, in an offering to qualified institutional buyers conducted in accordance with Rule 144A under the Securities Act of 1933, as amended. Debt issuance costs of approximately $488,000 were primarily comprised of legal, accounting and other professional fees, the majority of which were recorded as a reduction to the 2013 Notes on the consolidated balance sheet and are being amortized to interest expense over the seven-year term of the 2013 Notes. The Company has the option to settle the 2013 Notes through payment or delivery, as the case may be, of cash, shares of the Company’s common stock or a combination thereof, at the Company’s election. The conversion rate for the 2013 Notes is 12.21225 shares per $1,000 principal amount, which is equivalent to a conversion price of approximately $81.88 per share of common stock, and is subject to adjustment under the terms of the 2013 Notes. The 2013 Notes will mature on December 1, 2020, unless earlier repurchased or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding September 1, 2020, holders may convert all or a portion of their 2013 Notes only under the following circumstances: (1) during any fiscal quarter commencing after March 31, 2014, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of the Company’s common stock on such trading day is greater than or equal to 130% of the applicable conversion price on such trading day; (2) during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which, for each trading day of that measurement period, the trading price per $1,000 principal amount of notes for such trading day was less than 98% of the product of the last reported sale price of the Company’s common stock on such trading day and the applicable conversion rate on such trading day; or (3) upon the occurrence of specified corporate transactions. On and after September 1, 2020 until the close of business on the business day immediately preceding the maturity date, holders may convert all or a portion of their 2013 Notes at any time, regardless of the foregoing circumstances. Holders of the 2013 Notes will have the right to require the Company to repurchase all or some of their Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of certain events. The Company pays 2.75% interest per annum on the principal amount of the 2013 Notes semi-annually in arrears in cash on June 1 and December 1 of each year. If a designated event, as defined in the indenture for the 2013 Notes, including, but not limited to, a change in control, certain mergers or liquidation, occurs prior to the maturity date, subject to certain limitations, holders of the 2013 Notes may require the Company to repurchase all or a portion of their 2013 Notes for cash at a repurchase price equal to 100% of the principal amount of the 2013 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. The Company accounts separately for the liability and equity components of the 2013 Notes in accordance with authoritative guidance for convertible debt instruments that may be settled in cash upon conversion. The guidance requires the carrying amount of the liability component to be estimated by measuring the fair value of a similar liability that does not have an associated conversion feature. Because the Company has no outstanding non-convertible public debt, the Company determined that senior, unsecured corporate bonds traded on the market represent a similar liability to the 2013 Notes without the conversion option. The Company estimated the implied interest rate of its 2013 Notes to be 8.69%, assuming no conversion option. Assumptions used in the estimate represent what market participants would use in pricing the liability component, including market interest rates, credit standing, and yield curves, all of which are defined as Level 2 observable inputs. The estimated implied interest rate was applied to the 2013 Notes, which resulted in a fair value of the liability component of $79.7 million upon issuance, calculated as the present value of implied future payments based on the $115.0 million in aggregate principal amount. The $31.3 million difference between the cash proceeds and the estimated fair value of the liability component was recorded in additional paid-in capital as the 2013 Notes were not considered redeemable. The estimated fair value of the 2013 Notes, considering Level 2 inputs, approximates their carrying value based upon the borrowing terms and conditions currently available to the Company. In December 2016, the Company purchased approximately $35.0 million in face value of the outstanding 2013 Notes for approximately $10 million. As a result of the note repurchase, the Company recorded a gain on extinguishment of debt of approximately $18.3 million during the year ended December 31, 2016, determined as the difference between the purchase price and the net carrying value of the 2013 Notes that were purchased. No portion of the purchase price was ascribed to the equity component of the 2013 Notes as the purchase price was equal to the then fair value of the liability component of the 2013 Notes. In February 2017, the Company exchanged approximately $49.6 million in aggregate principal amount of the 2013 Notes for an equal principal amount of 2017 Exchange Notes. A summary of the liability and equity components of the 2013 Notes is as follows at June 30, 2017 and December 31, 2016 (in thousands): June 30, December 31, 2017 2016 Principal amount of senior convertible notes outstanding $ 30,303 $ 79,903 Unamortized discount of liability component (5,225 ) (15,477 ) Unamortized debt issuance costs (49 ) (147 ) Long term convertible debt $ 25,029 $ 64,279 Carrying value of equity component, net of issuance costs $ 31,178 $ 31,178 Remaining amortization period of discount on the liability component 3.5 years 4.0 years 2.75% Convertible Exchange Senior Notes due 2020 - 2017 Exchange Notes In February 2017, the Company entered into an indenture, dated as of February 23, 2017, or the 2017 Indenture, between the Company and U.S. Bank National Association, as trustee, governing the Company’s new 2.75% Convertible Exchange Senior Notes due 2020, or the 2017 Exchange Notes. Approximately $49.6 million in aggregate principal amount of the 2013 Notes were exchanged for an equal principal amount of 2017 Exchange Notes. The 2017 Exchange 2017 Exchange The 2017 Exchange Exchange Exchange The 2017 Exchange Exchange Exchange Exchange Exchange Exchange Exchange The conversion rate for the 2017 Exchange Note is initially approximately 66.6667 shares of Common Stock per $1,000 principal amount of 2017 Exchange The Company may redeem for cash all or any portion of the 2017 Exchange redemption price equal to 100% of the principal amount of the 2017 Exchange Notes to be redeemed, plus accrued and Exchange Exchange Exchange Exchange Exchange The exchange of approximately $49.6 million in aggregate principal amount of the 2013 Notes for an equal principal amount of 2017 Exchange Notes, with an initial fair value of $26.4 million, was recognized as an extinguishment of the 2013 Notes. As a result of the exchange, the Company recorded a net gain on extinguishment of debt of approximately $12.3 million during the six months ended June 30, 2017, determined as the difference between the initial fair value of the 2017 Exchange Notes given in exchange for 2013 Notes with a net carrying value of approximately $40.2 million, net of transaction costs. No portion of the exchange consideration was ascribed to the equity component of the 2013 Notes, as the exchange consideration was equal to the then fair value of the liability component of the 2013 Notes. Due to the complexity and number of embedded features within the 2017 Exchange Notes and as permitted under accounting guidance, the Company elected to account for the 2017 Exchange Notes and all the embedded features, (which we refer to collectively as, a “hybrid instrument”), under the fair value option. The Company recognizes the 2017 Exchange Notes at fair value with changes in fair value recognized in the consolidated statements of operations. Approximately $1.5 million in direct costs and fees incurred to issue the 2017 Exchange Notes were recognized in earnings as incurred and are presented net of the gain on extinguishment of debt. On the closing of the exchange transaction, February 23, 2017, the aggregate fair value of the 2017 Exchange Notes was estimated at approximately $26.4 million. On June 30, 2017, the aggregate fair value of the 2017 Exchange Notes was estimated at approximately $20.5 million. During the six months ended June 30, 2017, holders of the 2017 Exchange Notes converted notes with an aggregate principal balance of $7.2 million into 611,051 shares of the Company’s common stock, including 133,851 shares of common stock issued for the Interest Make-Whole Payment, and $1.1 million representing the aggregate Additional Conversion Payment made to the note holders.

Technology, License and Distrib

Technology, License and Distribution Agreements	6 Months Ended
	Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Technology, License and Distribution Agreements	12. Technology, License and Distribution Agreements Takeda Pharmaceutical Company Limited In September 2010, the Company entered into a collaboration agreement with Takeda to develop and commercialize Contrave in the United States, Canada and Mexico. Effective September 2013, the Company and Takeda entered into an amendment to the collaboration agreement pursuant to which Takeda assumed from the Company the responsibility to package Contrave for commercial sale in the United States, Canada and Mexico. Under the terms of the original collaboration agreement, the Company received from Takeda a nonrefundable upfront cash payment of $50.0 million and additional payments totaling $100.0 million that were achieved between the execution of the collaboration agreement and the first commercial sale of Contrave in the United States. The Company was eligible to receive additional payments of over $1.0 billion upon achieving certain anniversary, regulatory/development and sales-based milestones. The Company was also eligible to receive tiered royalty payments ranging from a minimum of 20% to a maximum of 35%, subject to customary reductions, on increasing levels of net sales in the United States. In July 2015, the Company entered into the Restated Collaboration Agreement, which amended and restated the original agreement that the parties entered into in September 2010. The Restated Collaboration Agreement was substantially the same as the prior agreement subject to the following key changes: (a) The territory covered by the collaboration was revised to only include the United States, returning all rights for the countries of Mexico and Canada to the Company. (b) The responsibilities for the costs of development activities for Contrave from and after August 1, 2015 were restructured. (i) The Company was responsible for the cost of the randomized, double-blind, placebo-controlled cardiovascular outcomes clinical trial, or the CVOT, to be conducted by Takeda up to the currently-projected total cost of such CVOT, above which the parties would generally share the costs of such CVOT equally, with certain exceptions. (ii) Takeda would be responsible for 100% of remaining costs for the terminated CVOT study the Company initiated in June 2012, or the Light Study. (iii) Takeda and the Company would be responsible for 75% and 25% of expenses, respectively, of any other post-approval development costs, including all other post-marketing requirement studies other than the CVOT. (c) The Company would be eligible to receive up to an additional $105 million of potential milestone payments upon achievement of a combination of factors related to superiority claims reflected in approved labeling for Contrave, a lack of generic competition and net sales. The termination provisions of the Restated Agreement were not changed from the prior agreement. In addition to the Restated Collaboration Agreement, the parties also simultaneously agreed to a mutual release to, among other things, any claims or potential claims related to the prior dispute among the parties. In March 2016, the Company entered into a Separation Agreement with Takeda (see Note 5), which terminated the Restated Collaboration Agreement between the Company and Takeda, and the manufacturing services agreement between the Company and Takeda. The termination was effective on August 1, 2016. The Separation Agreement provided for the transfer of certain rights and assets to the Company and provided for the transition of activities under the collaboration agreement from Takeda to the Company during the transition period. In connection with the Separation Agreement, the Company made a $60.0 million payment for the acquisition of the Contrave business and paid an additional $15.0 million in January 2017. The Company may also be obligated to pay Takeda milestone payments of $10 million, $20 million, $30 million and $50 million, based on the achievement of annual Contrave net sales milestones of $200 million, $300 million, $400 million and $600 million, respectively, in any year following the end of the transition period. Each such milestone payment shall be payable only once but more than one may be payable with respect to net sales in a single year. The acquisition date was August 1, 2016. As a result of the Separation Agreement and the settlement of a pre-existing relationship with Takeda, the Company recorded a settlement gain of $80.2 million representing the existing Contrave deferred revenue in 2016. Kwang Dong Pharmaceutical Company, Ltd. In July 2015, the Company’s wholly owned subsidiary, Orexigen Therapeutics Ireland, Ltd., or Orexigen Ireland, and Kwang Dong Pharmaceutical Company, Ltd., or Kwang Dong, entered into a distributorship agreement for South Korea for Contrave. to Kwang Dong. Laboratorios Farmacéuticos Rovi, S.A. In August 2016, Orexigen Ireland and Laboratorios Farmacéuticos Rovi, S.A., or Rovi, entered into a commercialization and distributorship agreement for Mysimba in Spain. Under the terms of the agreement, Rovi is responsible for all commercialization activity and expenses. Orexigen supplies Mysimba tablets to Rovi for an upfront payment, a transfer price, and various potential commercial milestone payments. Rovi began marketing Mysimba in January 2017. For the six months ended June 30, 2017, the Company recorded net product sales of approximately $1.8 million of Mysimba to Rovi . Valeant Pharmaceuticals Ireland In March 2016, Orexigen Ireland and Valeant Pharmaceuticals Ireland, or Valeant, entered into a commercialization and distributorship agreement for Mysimba in Central and Eastern Europe. Under the terms of the agreement, Valeant is responsible for commercialization activities in 19 Central and Eastern European countries and for obtaining regulatory approvals in the non-EU countries. Orexigen retains regulatory affairs responsibilities in EU countries. Orexigen supplies Mysimba tablets to Valeant at an agreed transfer price. For the six months ended June 30, 2017, the Company recorded net product sales of approximately $1.0 million of Mysimba to Valeant .

Litigation

Litigation	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Litigation	13. Litigation In May 2013, the Company received a shareholder demand alleging that certain option grants to the President and Chief Executive Officer, Michael A. Narachi, the then-current Chief Business Officer and acting-Chief Financial Officer, Joseph P. Hagan, and the then-current Senior Vice President, General Counsel and Secretary, Heather D. Turner, in 2011 were granted in excess of the 1,500,000 share limit set forth in Section 3.3 of the Orexigen Therapeutics, Inc. 2007 Equity Incentive Award Plan, or Plan, as to the number of shares of the Company’s common stock with respect to which one or more stock awards may be granted to any one eligible participant during any of the Company’s fiscal years. The Company refers to this limit as the 162(m) Award Limit. The Company’s board of directors established a demand review committee composed of independent directors to conduct an investigation with respect to the shareholder demand and to make recommendations to the board of directors. The demand review committee engaged independent counsel as part of its investigation and evaluated (1) the terms of the Plan, (2) the initial issuance procedures for the option grants to Mr. Narachi, Mr. Hagan and Ms. Turner during 2011, (3) the authority available to the compensation committee of the board of directors under its charter and the Plan, (4) the expectations of the award recipients and (5) the intent of the board of directors and the compensation committee regarding the availability of an exemption from the deductibility limitations of Section 162(m) of the Internal Revenue Code for such option grants. Following its investigation, the demand review committee determined that the 162(m) Award Limit first became effective as of June 2, 2011, and that, therefore, awards granted under the Plan prior to June 2, 2011, did not count toward the 162(m) Award Limit. The demand review committee determined that the awards granted to Mr. Hagan between June 2, 2011 and December 31, 2011 did not exceed the 162(m) Award Limit. The demand review committee further determined that the options granted to Mr. Narachi and Ms. Turner, including the portion of such awards in excess of the 162(m) Award Limit, were validly approved under the Plan, although the portion of those awards in excess of the 162(m) Award Limit does not qualify as performance-based compensation under Section 162(m). In September 2013, the compensation committee amended the Plan, with the approval of the Company’s board of directors, to take the following actions: (1) to clarify that the 162(m) Award Limit only applies to awards or the portion thereof intended to qualify as performance-based compensation under Section 162(m); and (2) to confirm that the compensation committee has the authority to make awards in excess of the 162(m) Award Limit, which board action the Company refers to as the Plan Amendment. The Plan Amendment is deemed effective as of June 10, 2011, consistent with the authority of the compensation committee as administrator of the Plan as of that date. Any grants under the Plan in excess of the 162(m) Award Limit are not intended to qualify as performance-based compensation under Section 162(m). On December 9, 2013, the same shareholder who made a demand on the board in May 2013 filed a derivative lawsuit purportedly on behalf of the Company against certain of the officers and current and former members of the board of directors in the United States District Court for the Southern District of California, captioned Turgeman v. Narachi, et al Turgeman On March 10, 2015, a purported class action lawsuit was filed against the Company and certain of the Company’s officers in the United States District Court for the Southern District of California, captioned Colley v. Orexigen, et al Stefanko v. Orexigen, et al., Yantz v. Orexigen, et al The appeal has been fully briefed. No hearing date has been set. On June 3, 2016, plaintiff Ben Wilkin, a shareholder who had previously made a shareholder demand to inspect certain books and records of the Company, filed a derivative lawsuit purportedly on behalf of the Company against certain of the Company’s current and former officers and members of the board of directors in the Delaware Chancery Court, captioned Wilkin v. Narachi, et al Colley, Stefanko Yantz It is possible that additional securities class action litigation may be brought against the Company following stock price declines related to the release of information regarding Contrave or clinical trial results, including the Light Study or related to the matters alleged in the May 2013 shareholder demand and/or the Plan Amendment. Any adverse determination in such litigation could subject the Company to significant liabilities. In April 2015, the Company and Takeda received a Paragraph IV certification notice letter regarding an abbreviated new drug application, or ANDA, submitted to the FDA by Actavis Laboratories FL, Inc., or Actavis, requesting approval to market, sell, and use a generic version of Contrave. In its notice letter, Actavis alleges that U.S. Patent Nos. 7,375,111, 7,462,626, 8,088,786, 8,318,788, 8,722,085, 8,815,889, and 8,916,195, which are listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations, or the Orange Book, for Contrave, are invalid, unenforceable and/or will not be infringed by Actavis’ manufacture, use or sale of the product described in its ANDA. In June 2015, the Company and Takeda filed a patent infringement lawsuit in the U.S. District Court for the District of Delaware against Actavis and certain of its affiliates related to the ANDA previously filed by Actavis and described above. The lawsuit claims infringement of the seven patents that were the subject of Actavis’ notice letter, as described above. In accordance with the Drug Price Competition and Patent Term Restoration Act of 1984, known as the Hatch-Waxman Act, as a result of having filed a patent infringement lawsuit within 45 days of receipt of Actavis’ notice letter, FDA approval of the ANDA will be stayed until the earlier of (i) 30 months from the date of receipt of the notice letter or (ii) a District Court decision finding that the identified patents are invalid, unenforceable or not infringed. In July 2015, Actavis filed an answer, affirmative defenses and counterclaim to the Company’s and Takeda’s complaint, and the Company and Takeda filed an answer to Actavis’ counterclaim in August 2015. Moreover, in July 2015, the court ordered a stipulation between the Company, Takeda and Actavis in which Orexigen and Takeda agreed to dismiss all defendants except Actavis without prejudice, and Actavis agreed that the related Actavis entities will be bound to judgments and orders of the court against Actavis and will be subject to discovery as if they were parties. In September 2015, the court entered a scheduling order, setting a claim construction hearing for May 2016 and a three-day bench trial to begin in June 2017. After reviewing Actavis’ ANDA, the Company and Takeda subsequently dropped U.S. Patent Nos. 8,088,786, 8,318,788, 8,722,085 and 8,916,195 from the lawsuit. In April 2016, the Company and Takeda filed an amended complaint against Actavis asserting newly issued U.S. Patent No. 9,125,868. In June 2016, in response to the May 2016 claim construction hearing, the court adopted the Company’s proposed constructions for the majority of the disputed claim terms. In August 2016, in connection with the end of the transition period associated with the Separation Agreement entered into between the Company and Takeda, Takeda transferred responsibility for management of this patent infringement lawsuit to the Company. The bench trial for this matter commenced on June 5, 2017, in connection with which the Company agreed to drop U.S. Patent No. 9,125,868 from the lawsuit. The bench trial concluded on June 7, 2017, and the parties are currently waiting the District Court’s decision. Although the Company plans to vigorously enforce Contrave intellectual property rights, there are uncertainties inherent in any litigation and the Company cannot predict the outcome.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Organization	Organization Orexigen Therapeutics, Inc., or the Company, a Delaware corporation, is a biopharmaceutical company focused on the development and commercialization of pharmaceutical product candidates for the treatment of obesity. The Company was incorporated in September 2002 and commenced operations in 2003. The Company operates in one segment. The Company’s primary activities since incorporation have been organizational activities, including recruiting personnel, conducting research and development, including clinical trials, raising capital, and preparing for the marketing and commercialization of its sole product, Contrave ®
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company follows the provisions of the Financial Accounting Standards Board, or the FASB, Accounting Standard Codification, or ASC, Topic 205-40, Presentation of Financial Statements – Going Concern The Company has a board-approved plan which projects that the Company’s existing working capital can fund its operations for one year after the financial statements are issued. This plan is based on management’s best estimate and assumptions for U.S. sales of Contrave, for which the Company reacquired the rights to sell in August 2016, and sales of Contrave or Mysimba™ outside the U.S. for which there is limited history or no history by the Company. Due to the inherent uncertainty in achieving the forecasted global revenues in the plan, the Company has identified certain forecasted expenses that can be reduced starting in the fourth quarter of 2017 and through August 2018 if revenues are less than forecasted or if the Company is not able to raise additional equity or debt financing during the interim period. The identified cost-cutting actions could include a reduction of certain discretionary sales, general and administrative expenses. Management has evaluated that, if required, the cost cutting measures described above could be effectively implemented during the fourth quarter of 2017 and through August 2018, and that when implemented, would allow the Company to reduce its working capital requirements. There are risks and uncertainties that could significantly impact the Company’s current estimates and assumptions regarding its ability to meet its obligations within the one-year period after the financial statements are issued. One risk relates to the Company’s ability to satisfy a covenant under the indenture for its 0% Convertible Senior Secured Notes due 2020, or the 2016 Notes, that provides note holders with a redemption right after June 30, 2018 if consolidated net product sales (as defined in the indenture) for fiscal 2017 are less than $100 million. While the Company expects, based on current forecasts, that this requirement will be met, there is a risk, given the Company’s and its distribution partners’ limited history of selling and forecasting sales for Contrave/Mysimba in the United States and worldwide, that sales may not be generated at the levels expected. In the event that consolidated net product sales are less than $100 million for fiscal 2017, the Company would pursue a number of potential alternatives, including attempting to negotiate a waiver or amendment with holders of the 2016 Notes, secure financing or recapitalization transactions, or execute various other strategic transactions that could result in repayment of the indebtedness, although the Company cannot guarantee that any of these potential alternatives would be successful. The financial statements of the Company’s foreign subsidiary with a functional currency other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders’ equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses are included in the results of operations in other income (expense). The balance sheet as of December 31, 2016 has been derived from the audited financial statements as of December 31, 2016 but does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For more complete financial information, the accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
Research and Development Costs	Research and Development Costs All research and development costs are charged to expense as incurred and consist principally of costs related to clinical trials, license fees and salaries and related benefits. Clinical trial costs are a significant component of research and development expenses. These costs are accrued based on estimates of work performed, and require estimates of total costs incurred based on patients enrolled, progress of clinical studies and other events. Clinical trial costs are subject to revision as the trials progress and revisions are charged to expense in the period in which they become known.
Revenue Recognition	Revenue Recognition Collaborative agreement revenue The Company identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting. Analyzing the arrangement to identify deliverables requires the use of judgment, and each deliverable may be an obligation to deliver services, a right or license to use an asset, or another performance obligation. A delivered item is considered a separate unit of accounting when the delivered item has value to the partner on a standalone basis based on the consideration of the relevant facts and circumstances for each arrangement. Factors considered in this determination include the research capabilities of the partner and the availability of research expertise in this field in the general marketplace. Arrangement consideration is allocated at the inception of the agreement to all identified units of accounting based on their relative selling price. The relative selling price for each deliverable is determined using vendor-specific objective evidence, or VSOE, of selling price or third-party evidence of selling price if VSOE does not exist. If neither VSOE nor third-party evidence of selling price exists, the Company uses its best estimate of the selling price for the deliverable. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. The consideration received is allocated among the separate units of accounting, and the applicable revenue recognition criteria are applied to each of the separate units. Changes in the allocation of the sales price between delivered and undelivered elements can impact revenue recognition but do not change the total revenue recognized under any agreement. Upfront license fee payments are recognized upon delivery of the license if facts and circumstances dictate that the license has standalone value from the undelivered items, which generally include research and development services and the manufacture of drug products, the relative selling price allocation of the license is equal to or exceeds the upfront license fee, persuasive evidence of an arrangement exists, the Company’s price to the partner is fixed or determinable, and collectability is reasonably assured. Upfront license fee payments are deferred if facts and circumstances dictate that the license does not have standalone value. The determination of the length of the period over which to defer revenue is subject to judgment and estimation and can have a material impact on the amount of revenue recognized in a given period. The Company accounts for milestone payments under its agreements using the milestone method of accounting. The Company recognizes consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following three criteria: 1) the consideration is commensurate with either the entity’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, 2) the consideration relates solely to past performance, and 3) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity’s performance or on the occurrence of a specific outcome resulting from the entity’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to the Company. Any milestone payments that do not satisfy these revenue recognition criteria are recorded over the remaining life of the agreements with a cumulative catch up adjustment for the portion of the milestone earned from the inception of the agreement to the expected term of the agreement. The excess of the milestone paid and the amount recognized in the cumulative catch up adjustment is recorded as deferred revenue and recognized over the remaining expected term of the agreement. Royalty revenue Royalties to be received based on sales of the Company’s licensed products by partners are recognized as earned. Product Sales, Net The Company’s net product sales consist of U.S. sales of Contrave as well as product sales to its distributors in other countries. The Company recognizes product revenue when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. Effective August 1, 2016, the Company reacquired the commercial rights for Contrave from Takeda and began selling Contrave in the U.S. T he Company commenced shipments of Contrave to its wholesalers in mid-August 2016. The Company has determined it does not currently have the necessary volume of activity to reasonably estimate certain sales allowances at the time title and risk of loss transfers to the wholesalers. Accordingly, the price is not considered fixed or determinable at that time. Therefore, the Company recognizes revenue when the wholesalers sell Contrave to the dispensing institutions (i.e. pharmacies and hospitals) at which point it has developed sufficient historical experience and data to reasonably estimate future returns and chargebacks. As of June 30, 2017, the Company had a deferred revenue balance of $2.4 million related to Contrave net product sales. Upon recognition of revenue from product sales of Contrave in the U.S., the Company records certain sales reserves and allowances as a reduction to gross revenue. These reserves and allowances include: Rebates: The Company records provisions for commercial managed care contract rebates and U.S. Medicaid at the time revenue is recognized based upon its estimated rebate claims attributable to a sale. For commercial managed care contract rebates, the Company considers current contract terms, such as changes in formulary status and agreed-to discount rates, along with historical utilization rates. Orexigen also considers outstanding rebate claims, rebate payments, forecasted sales, and levels of inventory in the distribution channel and adjusts estimates each period to reflect actual experience. There can be a significant time lag between recording estimates and actual payments. U.S Medicaid rebate accruals are generally based on historical payment data and estimates of future Medicaid beneficiary utilization applied to the Medicaid unit rebate formula established by the Center for Medicaid and Medicare Services. Chargebacks: The Company provides predetermined discounts under certain government programs, including the Veterans Administration FSS and Public Health Service 340B Our estimate for these chargeback fees takes into consideration contractual terms, historical utilization rates along with payor mix, and our expectations regarding future utilization rates. Cash Discounts: The Company offers certain wholesalers cash discounts as an incentive for meeting certain payment terms. The Company estimates prompt payment discounts based on contractual terms, historical utilization rates, as available, and our expectations regarding future utilization rates. As the prompt pay discounts are applied against wholesaler purchases of Contrave, the Company records its initial estimate at the point in which that sale occurs. Distribution Fees: The distribution fees, based on contractually determined rates, arise from contractual agreements the Company has with certain wholesalers for distribution services they provide with respect to Contrave. These fees are generally a fixed percentage of the price of the product purchased by the wholesalers. Savings Card Program: The Company offers certain discount programs to patients under which the patient receives a discount on his or her prescription. The Company reimburses pharmacies for this discount through a third-party vendor. The discounts, which are recorded as a reduction of sales at the point of revenue recognition, reflect an estimate based on historical utilization rates, expectations surrounding future utilization, and user mix in relation to the discount offering. Sales Returns: The Company allows the wholesalers to return product that is damaged or received in error. In addition, the Company accepts unused product to be returned beginning six months prior to and ending twelve months following product expiration. Specific rights of return are also extended to certain customers. The Company believes that its estimated product returns for Contrave require a high degree of judgement and are subject to change based on the Company’s experience and certain quantitative and qualitative factors. Because of the shelf life of Contrave and the lengthy return period, there may be a significant period of time between when the product is shipped and when the Company issues credits on returned product. In order to develop a methodology to reliably estimate future returns, the Company analyzes many factors, including, without limitation: (1) actual Contrave product return history, taking into account product expiration dating at the time of shipment, (2) re-order activities of the wholesalers as well as their customers and (3) levels of inventory in the wholesale channel. The Company considers the dating of product at the time of shipment into the distribution channel and changes in the estimated levels of inventory within the distribution channel to estimate its exposure to returned product. The Company also considers current contract prices and projected future prices to estimate the exposure to returned product. Given the exposure to returns and the Company’s limited history of selling Contrave in the U.S., the Company recognizes product sales allowances based on these estimates as a reduction of product sales in the same period the related revenue is recognized upon sale of Contrave from the wholesalers to the pharmacies, hospitals, etc. The Company believes this reduces its exposure to returns and allows the Company to more reasonably justify the estimate. Should actual product return results differ from the Company’s estimates, however, the Company will be required to make adjustments to these allowances in the future, which could have an effect on product sales revenue and earnings in the period of adjustments.
Inventory	Inventory Inventories are stated at the lower of cost (using a first-in, first-out, or FIFO, basis) and net realizable value. Inventory costs including raw materials, work in process and finished goods that may be associated with the Company’s products prior to regulatory approval are charged to research and development expense prior to such approval on a country-specific basis.
Fair Value Option	Fair Value Option The Company has elected the fair value option to account for convertible debt instruments that were issued during both the year ended December 31, 2016 and the six months ended June 30, 2017 and records this convertible debt at fair value with changes in fair value recorded in the statement of operations. As a result of applying the fair value option, direct costs and fees related to the convertible debt were recognized in earnings as incurred and not deferred.
Preferred Stock	Preferred Stock When issued, the Company classifies conditionally redeemable preferred shares, which includes preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as temporary equity. The Company’s Series Z Preferred Stock (see Note 11) features a contingent right to receive payment from the Company in the event of certain fundamental changes, some of which are not within the Company’s control. Accordingly, the Series Z Preferred Stock is presented as a component of temporary equity.
Purchased Intangibles	Purchased Intangibles Acquired assets and assumed liabilities recognized in an acquisition are recorded on the basis of their estimated fair values determined by management at the date of acquisition. The Company determines the estimated economic lives of the acquired intangible assets for amortization purposes. Intangible assets consist of developed technology and tradenames acquired in the Contrave business combination under the purchase method of accounting and are recorded at fair value net of accumulated amortization since the acquisition date. Amortization is calculated using the straight-line method over the following estimated useful lives: Useful Lives Developed technology 10 years Tradename 10 years The Company reviews its finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of finite-lived intangible asset may not be recoverable. Recoverability of a finite-lived intangible asset is measured by a comparison of its carrying amount to the undiscounted future cash flows expected to be generated by the asset. If the asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There were no indicators of impairment during the period ended June 30, 2017.
Contingent Consideration	Contingent Consideration The Company measures contingent consideration liabilities recognized in connection with business combinations at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company uses a probability-weighted discounted cash flow approach as a valuation technique to determine the fair value of the contingent consideration on the acquisition date. The fair value of the Company’s contingent consideration liability is revalued to fair value each period and any increase or decrease is recorded into earnings. Amounts paid in excess of the amount recorded on the acquisition date will be classified as cash flows used in operating activities. Payments not exceeding the acquisition-date fair value of the contingent consideration will be classified as cash flows used in financing activities.
Restricted Cash and Investments	Restricted Cash and Investments All cash and investments that are legally restricted from use are recorded in restricted cash and investments on the balance sheet. The 0% Convertible Senior Secured Notes due 2020 issued in March 2016 (see Note 11) require the Company to maintain a minimum account balance which is considered to be restricted cash and investments. The required restricted cash and investment amount was $40.0 million until June 21, 2017, after which such amount was reclassified to Cash and Cash Equivalents on the balance sheet.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2016, the FASB Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers: Principal vs. Agent Considerations Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash consolidated In January 2017, the FASB issued an ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting consolidated In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception Topic 480, Distinguishing Liabilities from Equity consolidated

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Intangible Assets	Amortization is calculated using the straight-line method over the following estimated useful lives: Useful Lives Developed technology 10 years Tradename 10 years

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	For purposes of this calculation, options, warrants and shares underlying convertible notes are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive. (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Net loss $ (30,518 ) $ (25,230 ) $ (99,605 ) $ (47,578 ) Denominator: Weighted average common shares outstanding 15,237 14,566 15,023 14,561 Net loss per share — basic and diluted $ (2.00 ) $ (1.73 ) $ (6.63 ) $ (3.27 )
Historical Outstanding Anti Dilutive Securities not Included in Diluted Net Loss Per Share Calculation	Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Shares underlying 2013 convertible senior notes 370 1,404 370 1,404 Shares underlying 2016 convertible senior secured notes 22,000 — 22,000 — Shares underlying 2017 exchange notes 2,829 — 2,829 — Common stock warrants outstanding 22,500 500 22,500 500 Common stock options and PSU's outstanding 8,398 2,289 8,398 2,289 56,097 4,193 56,097 4,193

Investment Securities, Availa23

Investment Securities, Available-for-Sale (Tables)	6 Months Ended
	Jun. 30, 2017
Investments Debt And Equity Securities [Abstract]
Investment Securities, Available-for-Sale	Investment securities, available-for-sale, consisted of the following (in thousands): June 30, 2017 Maturity in Unrealized Years Amortized Gains Losses Fair Value U.S. Treasury securities Less than 1 $ 49,968 $ - $ (15 ) $ 49,953 Total investment securities $ 49,968 $ — $ (15 ) $ 49,953 December 31, 2016 Maturity in Unrealized Years Amortized Cost Gains Losses Fair Value U.S. Treasury securities Less than 1 $ 100,026 $ — $ (21 ) $ 100,005 Corporate debt securities Less than 1 1,498 1 — $ 1,499 Total investment securities $ 101,524 $ 1 $ (21 ) $ 101,504

Contrave Acquisition (Table)

Contrave Acquisition (Table)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Estimated Fair Value of Total Consideration	The estimated fair value of the total consideration at the date of acquisition (August 1, 2016) is as follows (in thousands) Prepaid purchase price payment to Takeda in March 2016 $ 60,000 Fair value of contingent consideration due to Takeda 18,800 Payment due to Takeda for Contrave inventory 7,762 Estimated payment due to Takeda for charge-backs and rebates 823 Cash received from Takeda for estimated returns as of August 1, 2016 (1,667 ) Total Purchase Price $ 85,718
Summary of Purchase Price Allocation	The allocation as of the date of the acquisition is as follows (in thousands): Developed technology intangible $ 74,967 Tradename 4,400 Inventory 14,261 Assumption of accrued expenses (savings card program) (5,687 ) Assumption of accrued expenses (returns reserve) (2,223 ) Total Fair Value of Assets Acquired and Liabilities Assumed $ 85,718
Remaining Estimated Amortization Expense Related to Intangible Assets	The remaining estimated amortization expense related to the intangible assets recorded in connection with the Contrave acquisition for 2017 through 2021 and thereafter is as follows (in thousands): 2017 $ 3,968 2018 7,938 2019 7,938 2020 7,938 2021 7,938 Thereafter 36,373 $ 72,093
Unaudited Pro Forma Financial Information	The following unaudited pro forma financial information presents results as if the acquisition of Contrave had occurred on January 1, 2016 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues $ 23,356 $ 15,878 $ 42,501 $ 29,066 Net loss (30,518 ) (51,596 ) (99,605 ) (108,728 ) Net loss per share - basic and diluted $ (2.00 ) $ (3.54 ) $ (6.63 ) $ (7.47 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value that have recurring measurements are shown below (in thousands): Fair Value Measurement at Reporting Date Using Description Balance as of June 30, 2017 Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 30,460 $ 30,460 $ — $ — U.S. Treasury securities 49,953 — 49,953 — Total assets measured at fair value $ 80,413 $ 30,460 $ 49,953 $ — Liabilities: Contingent consideration - long-term $ 8,900 $ — $ — $ 8,900 Convertible debt - 2017 Exchange Notes 20,500 — — 20,500 Convertible debt - 2016 Notes 126,000 — — 126,000 Total liabilities measured at fair value $ 155,400 $ — $ — $ 155,400 Fair Value Measurement at Reporting Date Using Description Balance as of December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial instruments owned: Money market funds $ 65,081 $ 65,081 $ — $ — U.S. Treasury securities 100,005 — 100,005 — Corporate debt securities 1,499 1,499 Total assets measured at fair value $ 166,585 $ 65,081 $ 101,504 $ — Liabilities: Contingent consideration - current $ 15,000 $ — $ — $ 15,000 Contingent consideration - long-term 6,800 6,800 Convertible debt 101,900 — — 101,900 Total liabilities measured at fair value $ 123,700 $ — $ — $ 123,700
Changes in Level 3 Liabilities Measured at Fair Value	The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2017 Contingent Consideration—December 31, 2016 $ 21,800 Payment to Takeda $ (15,000 ) Change in fair value of contingent consideration (recognized in Net loss) 2,100 Contingent Consideration at fair value – June 30, 2017 $ 8,900 2017 Exchange Notes—December 31, 2016 $ — Transfer from Level 2 to Level 3 - April 1, 2017 21,866 Change in fair value of 2017 Exchange Notes (recognized in Net loss) (1,366 ) 2017 Exchange Notes at fair value – June 30, 2017 $ 20,500 Convertible debt - 2016 Notes—December 31, 2016 $ 101,900 Change in fair value of convertible debt (recognized in Net loss) 24,100 Convertible debt - 2016 Notes at fair value – June 30, 2017 $ 126,000

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Components of Inventory	Inventory consists of the following (in thousands): June 30, 2017 December 31, 2016 Raw materials $ 7,960 $ 6,678 Work in process 2,722 1,036 Finished goods 5,071 15,479 $ 15,753 $ 23,193

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following (in thousands): Useful Life In Years June 30, 2017 December 31, 2016 Furniture and fixtures 5 $ 1,209 $ 1,209 Computer equipment and software 3 to 5 1,161 1,157 Leasehold improvements 5 663 644 Manufacturing equipment 5 644 664 3,677 3,674 Less accumulated depreciation and amortization (2,863 ) (2,630 ) $ 814 $ 1,044

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2017
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following (in thousands): June 30, 2017 December 31, 2016 Product sales reserves and allowances $ 13,930 $ 9,998 Accrued compensation related expenses 5,105 7,169 Inventory received, not invoiced 536 5,398 Accrued income taxes — 133 Accrued marketing and market research expenses 7,845 5,201 Accrued research and development expenses 998 864 Accrued interest on convertible notes 167 184 Accrued legal and professional expenses 1,634 984 Other accrued expenses 389 481 $ 30,604 $ 30,412

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation Expense	Total stock-based compensation expense recognized during the three and six months ended June 30, 2017 and 2016 was comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of goods sold $ 292 $ 51 $ 449 $ 51 Selling, general and administrative 2,253 1,652 4,493 3,474 Research and development 301 608 895 1,578 $ 2,846 $ 2,311 $ 5,837 $ 5,103
Fair Value of Each Option Award	The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following weighted-average assumptions were utilized for the calculations during each period: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Expected life (in years) 5.9 5.8 5.9 5.8 Expected volatility 79.9 % 94.7 % 79.9 % 94.7 % Risk-free interest rate 1.9 % 1.4 % 2.1 % 1.5 % Expected dividend yield — — — —

Convertible Debt (Tables)

Convertible Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Liability and Equity Components of Notes	A summary of the liability and equity components of the 2013 Notes is as follows at June 30, 2017 and December 31, 2016 (in thousands): June 30, December 31, 2017 2016 Principal amount of senior convertible notes outstanding $ 30,303 $ 79,903 Unamortized discount of liability component (5,225 ) (15,477 ) Unamortized debt issuance costs (49 ) (147 ) Long term convertible debt $ 25,029 $ 64,279 Carrying value of equity component, net of issuance costs $ 31,178 $ 31,178 Remaining amortization period of discount on the liability component 3.5 years 4.0 years

Organization and Basis of Pre31

Organization and Basis of Presentation - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Segment	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 21, 2016
Organization and Basis of Presentation [Line Items]
Accumulated deficit	$ (744,816,000)		$ (744,816,000)			$ (645,211,000)
Number of operating segment | Segment			1
Substantial doubt about going concern, conditions or events			The Company follows the provisions of the Financial Accounting Standards Board, or the FASB, Accounting Standard Codification, or ASC, Topic 205-40, Presentation of Financial Statements – Going Concern, which requires that management evaluate whether there are relevant conditions and events that in aggregate raise substantial doubt about the entity’s ability to continue as a going concern and to meet its obligations as they become due within one year from the date that the financial statements are issued.
Substantial doubt about going concern, management's plans, substantial doubt alleviated			The Company has a board-approved plan which projects that the Company’s existing working capital can fund its operations for one year after the financial statements are issued. This plan is based on management’s best estimate and assumptions for U.S. sales of Contrave, for which the Company reacquired the rights to sell in August 2016, and sales of Contrave or Mysimba™ outside the U.S. for which there is limited history or no history by the Company. Due to the inherent uncertainty in achieving the forecasted global revenues in the plan, the Company has identified certain forecasted expenses that can be reduced starting in the fourth quarter of 2017 and through August 2018 if revenues are less than forecasted or if the Company is not able to raise additional equity or debt financing during the interim period.
Substantial doubt about going concern, management's plans, substantial doubt not alleviated			The identified cost-cutting actions could include a reduction of certain discretionary sales, general and administrative expenses. Management has evaluated that, if required, the cost cutting measures described above could be effectively implemented during the fourth quarter of 2017 and through August 2018, and that when implemented, would allow the Company to reduce its working capital requirements.
Debt instrument, covenant description			There are risks and uncertainties that could significantly impact the Company’s current estimates and assumptions regarding its ability to meet its obligations within the one-year period after the financial statements are issued. One risk relates to the Company’s ability to satisfy a covenant under the indenture for its 0% Convertible Senior Secured Notes due 2020, or the 2016 Notes, that provides note holders with a redemption right after June 30, 2018 if consolidated net product sales (as defined in the indenture) for fiscal 2017 are less than $100 million. While the Company expects, based on current forecasts, that this requirement will be met, there is a risk, given the Company’s and its distribution partners’ limited history of selling and forecasting sales for Contrave/Mysimba in the United States and worldwide, that sales may not be generated at the levels expected. In the event that consolidated net product sales are less than $100 million for fiscal 2017, the Company would pursue a number of potential alternatives, including attempting to negotiate a waiver or amendment with holders of the 2016 Notes, secure financing or recapitalization transactions, or execute various other strategic transactions that could result in repayment of the indebtedness, although the Company cannot guarantee that any of these potential alternatives would be successful.
Net product sales	$ 23,232,000	$ 2,935,000	$ 42,273,000	$ 2,935,000
0% Convertible Senior Secured Notes due 2020 (2016 Notes)
Organization and Basis of Presentation [Line Items]
Interest rate	0.00%		0.00%				0.00%
Scenario Forecast | 0% Convertible Senior Secured Notes due 2020 (2016 Notes) | Maximum
Organization and Basis of Presentation [Line Items]
Net product sales					$ 100,000,000

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2017	Mar. 21, 2016
Summary Of Significant Accounting Policies [Line Items]
Deferred revenue	$ 2,400,000
Impairment of finite-lived intangible assets	0
Accounting Standards Update 2016-09 - Improvements to Employee Share-Based Payment Accounting
Summary Of Significant Accounting Policies [Line Items]
Additional deferred tax assets offset by valuation allowance	$ 4,600,000
0% Convertible Senior Secured Notes due 2020 (2016 Notes)
Summary Of Significant Accounting Policies [Line Items]
Interest rate	0.00%	0.00%
June 21, 2017
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and investment	$ 40,000,000

Schedule of Estimated Useful Li

Schedule of Estimated Useful Lives of Intangible Assets (Detail)	6 Months Ended
	Jun. 30, 2017
Developed Technology
Finite Lived Intangible Assets [Line Items]
Intangible assets, Useful Lives	10 years
Tradename
Finite Lived Intangible Assets [Line Items]
Intangible assets, Useful Lives	10 years

Earnings Per Share (Detail)

Earnings Per Share (Detail) - 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
Numerator:
Net loss	$ (30,518)	$ (25,230)	$ (99,605)	$ (47,578)
Denominator:
Weighted average common shares outstanding	15,237	14,566	15,023	14,561
Net loss per share - basic and diluted	$ (2)	$ (1.73)	$ (6.63)	$ (3.27)

Historical Outstanding Anti Dil

Historical Outstanding Anti Dilutive Securities not Included in Diluted Net Loss Per Share Calculation (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock warrants/ options outstanding	56,097	4,193	56,097	4,193
2013 Convertible Senior Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock warrants/ options outstanding	370	1,404	370	1,404
2016 Convertible Senior Secured Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock warrants/ options outstanding	22,000		22,000
2017 Exchange Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock warrants/ options outstanding	2,829		2,829
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock warrants/ options outstanding	22,500	500	22,500	500
Stock Options and PSU's
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock warrants/ options outstanding	8,398	2,289	8,398	2,289

Investment Securities, Availa36

Investment Securities, Available-for-Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 49,968	$ 101,524
Unrealized Gains		1
Unrealized Losses	(15)	(21)
Fair Value	49,953	101,504
U.S. Treasury Securities | Mature in Less than One Year
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	49,968	100,026
Unrealized Losses	(15)	(21)
Fair Value	$ 49,953	100,005
Corporate Debt Securities | Mature in Less than One Year
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,498
Unrealized Gains		1
Fair Value		$ 1,499

Investment Securities, Availa37

Investment Securities, Available-for-Sale - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]
Restricted investments	$ 0	$ 90,005

Contrave Acquisition - Addition

Contrave Acquisition - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 01, 2016	Jan. 31, 2017
Takeda Pharmaceutical Company Limited
Business Acquisition [Line Items]
Potential milestone payment, one	$ 10,000
Potential milestone payment, two	20,000
Potential milestone payment, three	30,000
Potential milestone payment, four	50,000
Annual net sales milestones, one	200,000
Annual net sales milestones, two	300,000
Annual net sales milestones, three	400,000
Annual net sales milestones, four	600,000
Pre-existing relationship, settlement gain	80,200
Contrave
Business Acquisition [Line Items]
Payment for acquisition	60,000	$ 15,000
Estimated fair value of net assets acquired	$ 85,718

Estimated Fair Value of Total C

Estimated Fair Value of Total Consideration (Detail) - Contrave - USD ($) $ in Thousands	Aug. 01, 2016	Jan. 31, 2017
Business Acquisition [Line Items]
Prepaid purchase price payment to Takeda in March 2016	$ 60,000	$ 15,000
Fair value of contingent consideration due to Takeda	18,800
Payment due to Takeda for Contrave inventory	7,762
Estimated payment due to Takeda for charge-backs and rebates	823
Cash received from Takeda for estimated returns as of August 1, 2016	(1,667)
Total Purchase Price	$ 85,718

Summary of Purchase Price Alloc

Summary of Purchase Price Allocation (Detail) - Contrave $ in Thousands	Aug. 01, 2016USD ($)
Business Acquisition [Line Items]
Inventory	$ 14,261
Total Fair Value of Assets Acquired and Liabilities Assumed	85,718
Developed Technology
Business Acquisition [Line Items]
Intangible assets	74,967
Tradename
Business Acquisition [Line Items]
Intangible assets	4,400
Returns Reserve
Business Acquisition [Line Items]
Assumption of accrued expenses	(2,223)
Savings Card Program
Business Acquisition [Line Items]
Assumption of accrued expenses	$ (5,687)

Remaining Estimated Amortizatio

Remaining Estimated Amortization Expense Related to Intangible Assets (Detail) - Contrave $ in Thousands	Aug. 01, 2016USD ($)
Finite Lived Intangible Assets [Line Items]
2,017	$ 3,968
2,018	7,938
2,019	7,938
2,020	7,938
2,021	7,938
Thereafter	36,373
Estimated amortization expense, Total	$ 72,093

Unaudited Pro Forma Financial I

Unaudited Pro Forma Financial Information (Detail) - Contrave - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition [Line Items]
Revenues	$ 23,356	$ 15,878	$ 42,501	$ 29,066
Net loss	$ (30,518)	$ (51,596)	$ (99,605)	$ (108,728)
Net loss per share - basic and diluted	$ (2)	$ (3.54)	$ (6.63)	$ (7.47)

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 80,413	$ 166,585
Total liabilities measured at fair value	155,400	123,700
Convertible debt - 2017 Exchange Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	20,500
Contingent Consideration - Long-Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	8,900	6,800
Convertible debt - 2016 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	126,000
Contingent Consideration - Current
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value		15,000
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value		101,900
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	30,460	65,081
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	49,953	100,005
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		1,499
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	30,460	65,081
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	30,460	65,081
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	49,953	101,504
Significant Other Observable Inputs (Level 2) | U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	49,953	100,005
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		1,499
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	155,400	123,700
Significant Unobservable Inputs (Level 3) | Convertible debt - 2017 Exchange Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	20,500
Significant Unobservable Inputs (Level 3) | Contingent Consideration - Long-Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	8,900	6,800
Significant Unobservable Inputs (Level 3) | Convertible debt - 2016 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	$ 126,000
Significant Unobservable Inputs (Level 3) | Contingent Consideration - Current
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value		15,000
Significant Unobservable Inputs (Level 3) | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value		$ 101,900

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2017	Mar. 21, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, transfers, net	$ 0
Change in fair value of liability	0
Contrave | Sales-Based Milestones
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Potential contingent consideration payments required upon achievement of sales-based milestones, minimum		$ 0
Potential contingent consideration payments required upon achievement of sales-based milestones, maximum		110,000,000
0% Convertible Senior Secured Notes due 2020 (2016 Notes)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, principal amount		$ 1,000	$ 165,000,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 1 to level 2 transfers, amount	0
Fair value, assets, level 2 to level 1 transfers, amount	0
Fair value, liabilities, level 1 to level 2 transfers, amount	0
Fair value, liabilities, level 2 to level 1 transfers, amount	$ 0

Changes in Level 3 Liabilities

Changes in Level 3 Liabilities Measured at Fair Value (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment to Takeda	$ (15,000,000)
Change in fair value of liability (recognized in Net loss)		$ 0
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Liabilities - Beginning Balance	21,800,000
Change in fair value of liability (recognized in Net loss)	2,100,000
Fair Value of Liabilities - Beginning Balance	8,900,000	21,800,000
2017 Exchange Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfer from Level 2 to Level 3 - April 1, 2017	21,866,000
Change in fair value of liability (recognized in Net loss)	(1,366,000)
Fair Value of Liabilities - Beginning Balance	20,500,000
Convertible debt - 2016 Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Liabilities - Beginning Balance	101,900,000
Change in fair value of liability (recognized in Net loss)	24,100,000
Fair Value of Liabilities - Beginning Balance	$ 126,000,000	$ 101,900,000

Components of Inventory (Detail

Components of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 7,960	$ 6,678
Work in process	2,722	1,036
Finished goods	5,071	15,479
Inventory	$ 15,753	$ 23,193

Property and Equipment (Detail)

Property and Equipment (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Gross total	$ 3,677	$ 3,674
Less accumulated depreciation and amortization	(2,863)	(2,630)
Property and equipment, net	$ 814	1,044
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful Life In Years	5 years
Gross total	$ 1,209	1,209
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Gross total	$ 1,161	1,157
Computer Equipment and Software | Minimum
Property, Plant and Equipment [Line Items]
Useful Life In Years	3 years
Computer Equipment and Software | Maximum
Property, Plant and Equipment [Line Items]
Useful Life In Years	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Useful Life In Years	5 years
Gross total	$ 663	644
Manufacturing Equipment
Property, Plant and Equipment [Line Items]
Useful Life In Years	5 years
Gross total	$ 644	$ 664

Accrued Expenses (Detail)

Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables And Accruals [Abstract]
Product sales reserves and allowances	$ 13,930	$ 9,998
Accrued compensation related expenses	5,105	7,169
Inventory received, not invoiced	536	5,398
Accrued income taxes		133
Accrued marketing and market research expenses	7,845	5,201
Accrued research and development expenses	998	864
Accrued interest on convertible notes	167	184
Accrued legal and professional expenses	1,634	984
Other accrued expenses	389	481
Accrued expenses	$ 30,604	$ 30,412

Stock- Based Compensation Expen

Stock- Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Stock-Based Compensation Expense	$ 2,846	$ 2,311	$ 5,837	$ 5,103
Cost of Goods Sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Stock-Based Compensation Expense	292	51	449	51
Selling, General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Stock-Based Compensation Expense	2,253	1,652	4,493	3,474
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Stock-Based Compensation Expense	$ 301	$ 608	$ 895	$ 1,578

Weighted Average Assumptions of

Weighted Average Assumptions of Options Granted (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected life (in years)	5 years 10 months 24 days	5 years 9 months 18 days	5 years 10 months 24 days	5 years 9 months 18 days
Expected volatility	79.90%	94.70%	79.90%	94.70%
Risk-free interest rate	1.90%	1.40%	2.10%	1.50%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Convertible Debt - Additional I

Convertible Debt - Additional Information (Detail)

Feb. 23, 2017USD ($)d$ / shares

Mar. 21, 2016USD ($)dshares

Mar. 31, 2016

Dec. 31, 2013USD ($)d

Jun. 30, 2017USD ($)$ / sharesshares

Jun. 30, 2016USD ($)

Mar. 31, 2016USD ($)

Jun. 30, 2017USD ($)$ / sharesshares

Jun. 30, 2016USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)shares

Jul. 31, 2016$ / shares

Debt Instrument [Line Items]

Net product sales

$ 23,232,000

$ 2,935,000

$ 42,273,000

$ 2,935,000

Preferred stock, shares issued | shares

219,994

219,994

219,994

Fundamental change amount

$ 0

Proceeds from issuance of Series Z Preferred

$ 3,300,000

$ 3,343,000

Gain on extinguishment of debt

$ 12,316,000

Baupost

Debt Instrument [Line Items]

Noncontrolling interest, ownership percentage by noncontrolling owners

18.10%

Series Z Preferred Stock

Debt Instrument [Line Items]

Preferred stock, shares issued | shares

219,994

219,994

219,994

Liquidation preference threshold exceeds amount received by holder of common stock

$ 975,000

Liquidation preference does not exceeds amount received by holder of common stock

225,000

Liquidation preference threshold does not exceeds amount received by holder of common stock

$ 975,000

Preferred stock, expires, outstanding shares voted as a separate class, percentage

70.00%

0% Convertible Senior Secured Notes due 2020 (2016 Notes)

Debt Instrument [Line Items]

Debt instrument, principal amount

$ 165,000,000

$ 1,000

$ 1,000

Interest rate

0.00%

0.00%

0.00%

Warrants to purchase | shares

21,999,999

Debt instrument, maturity date

Jul. 1, 2020

Threshold trading days | d

35

Debt instrument, convertible, terms of conversion feature

The 2016 Notes shall only be convertible into shares of common stock of the Company at the conversion rate. In the event of a change of control transaction at any time, the 2016 Notes will be convertible for a period beginning on the closing of such change of control transaction and ending 35 trading days after the closing of such transaction.

Debt instrument, convertible, conversion rate

133.333

Debt instrument, convertible, conversion price | $ / shares

$ 7.50

$ 7.50

Minimum aggregate principal amount outstanding for declaration notice

25.00%

Debt instrument, redemption price, percentage

100.00%

Debt instrument, redemption, description

the Company to repurchase for cash all or a portion of their 2016 Notes at a repurchase price equal to 100% of the aggregate principal amount of 2016 Notes. In particular, under the indenture an adverse event is deemed to occur if consolidated net product sales (defined as the Company’s net sales plus aggregate net sales by the Company’s distributors outside the United States) are less than $100 million for fiscal 2017, provided that the effective date of such adverse event would not be deemed to occur until June 30, 2018. The 2016 Notes were not redeemable by the Company, in whole or in part, prior to the receipt of the required stockholder approvals, or the Stockholder Approval, which the Company obtained at its 2016 annual meeting of stockholders in July 2016. From and after the receipt of the Stockholder Approval, the 2016 Notes are not redeemable, in whole or in part, without the consent of the holders of not less than 70% in aggregate principal amount of the 2016 Notes at the time outstanding.

Exercise price of warrants | $ / shares

$ 15

Warrants expiration date

Sep. 21, 2026

Hybrid instrument, fair value

$ 120,000,000

Unrealized loss on hybrid instrument, net

$ (45,000,000)

Fair value of liability component upon issuance

$ 126,000,000

$ 126,000,000

0% Convertible Senior Secured Notes due 2020 (2016 Notes) | Selling, General and Administrative

Debt Instrument [Line Items]

Upfront costs and fees

$ 5,300,000

0% Convertible Senior Secured Notes due 2020 (2016 Notes) | Maximum

Debt Instrument [Line Items]

Debt instrument, redemption price, percentage

70.00%

Debt instrument, threshold percentage, principal amount outstanding

25.00%

0% Convertible Senior Secured Notes due 2020 (2016 Notes) | Debt Conversion Description 1

Debt Instrument [Line Items]

Debt instrument, redemption price, percentage

100.00%

0% Convertible Senior Secured Notes due 2020 (2016 Notes) | Debt Conversion Description 2

Debt Instrument [Line Items]

Debt instrument, redemption price, percentage

100.00%

0% Convertible Senior Secured Notes due 2020 (2016 Notes) | Scenario Forecast | Maximum

Debt Instrument [Line Items]

Net product sales

$ 100,000,000

0% Convertible Senior Secured Notes due 2020 (2016 Notes) | Series Z Preferred Stock

Debt Instrument [Line Items]

Warrants to purchase | shares

219,994

2.75% Convertible Senior Notes due 2020 (2013 Notes)

Debt Instrument [Line Items]

Debt instrument, principal amount

$ 49,600,000

$ 115,000,000

$ 1,000

$ 1,000

Interest rate

2.75%

Debt instrument, maturity date

Dec. 1, 2020

Debt instrument, convertible, conversion rate

12.21225

Debt instrument, convertible, conversion price | $ / shares

$ 81.88

$ 81.88

Debt issuance cost

$ 488,000

Debt instrument, term

7 years

Repurchase of notes description

On and after September 1, 2020 until the close of business on the business day immediately preceding the maturity date, holders may convert all or a portion of their 2013 Notes at any time, regardless of the foregoing circumstances.

Debt instrument, interest payment terms

The Company pays 2.75% interest per annum on the principal amount of the 2013 Notes semi-annually in arrears in cash on June 1 and December 1 of each year.

Carrying value of equity component of convertible debt - not including deduction for issuance costs

$ 31,300,000

$ 31,300,000

Debt instrument, repurchased face amount

35,000,000

Debt instrument, repurchase amount

10,000,000

Gain on extinguishment of debt

$ 18,300,000

2.75% Convertible Senior Notes due 2020 (2013 Notes) | Significant Other Observable Inputs (Level 2)

Debt Instrument [Line Items]

Fair value of liability component upon issuance

$ 79,700,000

$ 79,700,000

Debt instrument, principal amount

8.69%

8.69%

2.75% Convertible Senior Notes due 2020 (2013 Notes) | During Any Fiscal Quarter Commencing After March 31, 2014

Debt Instrument [Line Items]

Debt instrument, convertible, terms of conversion feature

During any fiscal quarter commencing after March 31, 2014, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of the Company’s common stock on such trading day is greater than or equal to 130% of the applicable conversion price on such trading day

Threshold consecutive trading days

30 days

2.75% Convertible Senior Notes due 2020 (2013 Notes) | During The Five Consecutive Business Day Period

Debt Instrument [Line Items]

Debt instrument, convertible, terms of conversion feature

During the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which, for each trading day of that measurement period, the trading price per $1,000 principal amount of notes for such trading day was less than 98% of the product of the last reported sale price of the Company’s common stock on such trading day and the applicable conversion rate on such trading day

Debt instrument, redemption price, percentage

100.00%

Threshold consecutive trading days

10 days

Number of business day period

5 days

2.75% Convertible Senior Notes due 2020 (2013 Notes) | On and after September 1, 2020 until the close of business

Debt Instrument [Line Items]

Debt instrument, convertible, terms of conversion feature

Upon the occurrence of specified corporate transactions.

2.75% Convertible Senior Notes due 2020 (2013 Notes) | Maximum | During The Five Consecutive Business Day Period

Debt Instrument [Line Items]

Convertible, threshold percentage of stock price trigger

98.00%

2.75% Convertible Senior Notes due 2020 (2013 Notes) | Minimum | During Any Fiscal Quarter Commencing After March 31, 2014

Debt Instrument [Line Items]

Threshold trading days | d

20

Convertible, threshold percentage of stock price trigger

130.00%

2.75% Convertible Senior Unsecured Exchange Notes Due 2020 (2017 Exchange Notes)

Debt Instrument [Line Items]

Debt instrument, principal amount

$ 1,000

Interest rate

2.75%

Debt instrument, maturity date

Dec. 1, 2020

Debt instrument, convertible, terms of conversion feature

If Company elects, or is deemed to have elected, to pay any Interest Make-Whole Payment by delivering shares of Common Stock, the number of shares of common stock a converting holder of 2017 Exchange Notes will receive for each $1,000 principal amount of 2017 Exchange Notes will be the number of shares equal to the amount of the Interest Make-Whole Payment to be paid to such holder, divided by the product of (x) 98% and (y) the simple average of the daily volume-weighted average price of the Common Stock for the five trading days ending on and including the trading day immediately preceding the conversion date. Subject to compliance with certain conditions, the Company has the right, or the Mandatory Conversion Right, to, at its option, mandatorily convert all of the 2017 Exchange Notes if the daily volume-weighted average price of the common stock is equal to or greater than 60.0% of the applicable conversion price of the 2017 Exchange Notes for at least 20 Daily VWAP Trading Days (as defined in the 2017 Indenture) (whether or not consecutive) during any 30 consecutive Daily VWAP Trading Day period (including the last trading day of such period).

Debt instrument, convertible, conversion rate

66.6667

Debt instrument, convertible, conversion price | $ / shares

$ 15

Debt instrument, redemption price, percentage

100.00%

Repurchase of notes description

The 2017 Exchange Notes are convertible at any time prior to the close of business on the business day immediately preceding the maturity date, at the option of the holders, into (i) shares of the Company’s common stock, plus (ii) a cash payment equal to $150 for each $1,000 principal amount of 2017 Exchange Notes converted, or the Additional Conversion Payment, subject to certain adjustments. For conversions prior to September 1, 2018 and prior to the Company’s election to exercise its Mandatory Conversion Right (as defined in the 2017 Indenture), the Company will make an interest make-whole payment to a converting holder for each $1,000 principal amount of 2017 Exchange Notes being converted, or the Interest Make-Whole Payment. The Company may pay any Interest Make-Whole Payment either in cash or in shares of common stock, at the Company’s election. If the Company elects to pay any Interest Make-Whole Payment in cash it will pay cash in an amount equal to the Interest Make-Whole Payment.

Debt instrument, interest payment terms

The 2017 Exchange Notes bear interest at a fixed rate of 2.75% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning June 1, 2017. Interest on the 2017 Exchange Notes accrues from December 1, 2016. The 2017 Exchange Notes will mature on December 1, 2020, unless earlier repurchased, redeemed or converted.

Gain on extinguishment of debt

$ 12,300,000

Debt instrument convertible cash payment for each $1000 principal amount

$ 150,000

Debt instrument redemption period start date

Dec. 1, 2019

Net carrying value, net of transaction costs

$ 40,200,000

Direct costs and fees incurred to issue notes

1,500,000

Aggregate fair value of notes

$ 26,400,000

$ 20,500,000

20,500,000

Debt instrument, principal balance converted into common stock

$ 7,200,000

Debt instrument, principal balance converted into common stock, shares | shares

611,051

Common stock issued for interest make-whole payment | shares

133,851

Aggregate additional conversion payment

$ 1,100,000

2.75% Convertible Senior Unsecured Exchange Notes Due 2020 (2017 Exchange Notes) | During Five Trading Days

Debt Instrument [Line Items]

Threshold trading days | d

5

Convertible, threshold percentage of stock price trigger

98.00%

2.75% Convertible Senior Unsecured Exchange Notes Due 2020 (2017 Exchange Notes) | During Thirty Consecutive Trading Days

Debt Instrument [Line Items]

Threshold consecutive trading days

30 days

2.75% Convertible Senior Unsecured Exchange Notes Due 2020 (2017 Exchange Notes) | Minimum | During Twenty Trading Days

Debt Instrument [Line Items]

Threshold trading days | d

20

Convertible, threshold percentage of stock price trigger

60.00%

Summary of Liability and Equity

Summary of Liability and Equity Components of Notes (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long term convertible debt	$ 25,029	$ 64,279
2.75% Convertible Senior Notes due 2020 (2013 Notes)
Debt Instrument [Line Items]
Principal amount of senior convertible notes outstanding	30,303	79,903
Unamortized discount of liability component	(5,225)	(15,477)
Unamortized debt issuance costs	(49)	(147)
Long term convertible debt	25,029	64,279
Carrying value of equity component, net of issuance costs	$ 31,178	$ 31,178
Remaining amortization period of discount on the liability component	3 years 6 months	4 years

Technology, License and Distr53

Technology, License and Distribution Agreements - Additional Information (Detail) $ in Thousands	Aug. 01, 2016USD ($)	Jan. 31, 2017USD ($)	Jul. 31, 2015USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Country	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2010USD ($)
Long-term Purchase Commitment [Line Items]
Net product sales				$ 23,232	$ 2,935	$ 42,273	$ 2,935
Contrave
Long-term Purchase Commitment [Line Items]
Payment for acquisition	$ 60,000	$ 15,000
Takeda Pharmaceutical Company Limited
Long-term Purchase Commitment [Line Items]
Potential milestone payment, one	10,000
Potential milestone payment, two	20,000
Potential milestone payment, three	30,000
Potential milestone payment, four	50,000
Annual net sales milestones, one	200,000
Annual net sales milestones, two	300,000
Annual net sales milestones, three	400,000
Annual net sales milestones, four	600,000
Pre-existing relationship, settlement gain	$ 80,200
Collaborative Arrangement
Long-term Purchase Commitment [Line Items]
Percentage of expenses responsible			25.00%
Collaborative Arrangement | Takeda Pharmaceutical Company Limited
Long-term Purchase Commitment [Line Items]
Upfront payment received									$ 50,000
Additional payments eligible			$ 1,000,000
Amount achievable between execution of collaboration agreement and first commercial sale						100,000
Tiered royalty payments, Minimum			20.00%
Tiered royalty payments, Maximum			35.00%
Percentage of responsible costs for the terminated Light Study			100.00%
Percentage of expenses responsible			75.00%
Additional payments eligible			$ 105,000
Pre-existing relationship, settlement gain								$ 80,200
Distribution Agreement | Kwang Dong Pharmaceutical Company Limited
Long-term Purchase Commitment [Line Items]
Net product sales						3,300
Commercialization and Distributorship Agreement | Laboratorios Farmaceuticos Rovi, S.A.
Long-term Purchase Commitment [Line Items]
Net product sales						1,800
Commercialization and Distributorship Agreement | Valeant Pharmaceuticals Ireland
Long-term Purchase Commitment [Line Items]
Net product sales						$ 1,000
Commercialization and Distributorship Agreement | Valeant Pharmaceuticals Ireland | Central and Eastern Europe
Long-term Purchase Commitment [Line Items]
Number of countries for commercialization activities | Country						19

Litigation - Additional Informa

Litigation - Additional Information (Detail)	1 Months Ended	6 Months Ended
	Jun. 30, 2015Patent	Jun. 30, 2017shares
Litigation [Line Items]
Share based compensation plan award maximum number of shares granted per eligible participant | shares		1,500,000
Actavis
Litigation [Line Items]
Number of patents claimed to be infringed | Patent	7