Radius Recycling 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document and Entity Information
Entity Registrant Name	Radius Health, Inc.
Entity Central Index Key	1,428,522
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		43,037,677
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 104,414	$ 159,678
Marketable securities	332,894	313,661
Prepaid expenses and other current assets	2,755	6,969
Total current assets	440,063	480,308
Property and equipment, net	2,180	1,897
Marketable securities, long-term	2,510
Other assets	338	260
Total assets	445,091	482,465
Current liabilities:
Accounts payable	3,808	6,228
Accrued expenses and other current liabilities	15,107	14,952
Total current liabilities	18,915	21,180
Total liabilities	$ 18,915	$ 21,180
Commitments and contingencies
Stockholders' equity:
Common stock, $.0001 par value; 200,000,000 shares authorized, 43,014,243 shares and 42,984,243 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 4	$ 4
Additional paid-in-capital	912,161	907,040
Accumulated other comprehensive income (loss)	237	5
Accumulated deficit	(486,226)	(445,764)
Total stockholders' equity	426,176	461,285
Total liabilities and stockholders' equity	$ 445,091	$ 482,465

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Balance Sheets
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	43,014,243	42,984,243
Common stock, shares outstanding	43,014,243	42,984,243

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING EXPENSES:
Research and development	$ 27,483	$ 11,559
General and administrative	13,646	4,756
Loss from operations	(41,129)	(16,315)
OTHER (EXPENSE) INCOME :
Other (expense) income, net	(1)	(50)
Interest income	667	105
Interest expense		(797)
NET LOSS	(40,463)	(17,057)
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Unrealized gain from available-for-sale securities	232	62
COMPREHENSIVE LOSS	(40,231)	(16,995)
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS - BASIC AND DILUTED (Note 10)	$ (40,463)	$ (17,057)
LOSS PER SHARE:
Basic and diluted (in dollars per share)	$ (0.94)	$ (0.47)
WEIGHTED AVERAGE SHARES:
Basic and diluted (in shares)	43,012,924	36,268,975

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net loss	$ (40,463)	$ (17,057)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	96	36
Amortization of premium (accretion of discount) marketable securities, net	566	290
Stock-based compensation	4,192	2,061
Non-cash interest		78
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	4,214	(428)
Other long-term assets	(78)	(31)
Accounts payable	(2,420)	881
Accrued expenses and other current liabilities	155	(6,159)
Net cash used in operating activities	(33,738)	(20,329)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment	(379)	(56)
Purchases of marketable securities	(157,922)	(170,088)
Sales and maturities of marketable securities	135,846	38,351
Net cash used in investing activities	(22,455)	(131,793)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Proceeds from exercise of stock options	929
Proceeds from issuance of common stock		158,414
Net cash provided by financing activities	929	158,414
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(55,264)	6,292
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	159,678	28,518
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 104,414	34,810
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		$ 626

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization
Organization	1. Organization Radius Health, Inc. (“Radius” or the “Company”) is a science-driven biopharmaceutical company that is committed to developing innovative therapeutics in the areas of osteoporosis, oncology and endocrine diseases. Radius’ lead product candidate, the investigational drug abaloparatide for subcutaneous injection (“abaloparatide-SC”), has completed Phase 3 development for potential use in the reduction of fracture risk in postmenopausal women with osteoporosis. Radius’ Marketing Authorisation Application for abaloparatide-SC for the treatment of postmenopausal women with osteoporosis is under regulatory review in Europe and a New Drug Application (“NDA”) was submitted in the U.S. at the end of the first quarter of 2016. The Radius clinical pipeline also includes an investigational abaloparatide transdermal patch for potential use in osteoporosis and the investigational drug RAD1901 for potential use in hormone-driven and/or hormone-resistant breast cancer, and vasomotor symptoms in postmenopausal women. Radius’ preclinical pipeline includes RAD140, a non-steroidal, selective androgen receptor modulator under investigation for potential use in multiple applications including cancer. The Company is subject to the risks associated with emerging companies with a limited operating history, including dependence on key individuals, a developing business model, the necessity of securing regulatory approval to market its investigational product candidates, market acceptance of the Company’s investigational product candidates following receipt of regulatory approval, competition for its investigational product candidates following receipt of regulatory approval, and the continued ability to obtain adequate financing to fund the Company’s future operations. The Company has incurred losses and expects to continue to incur additional losses for the foreseeable future. As of March 31, 2016, the Company had an accumulated deficit of $486.2 million, and total cash, cash equivalents and marketable securities of $439.8 million. Based upon its cash, cash equivalents and marketable securities balance as of March 31, 2016, the Company believes that, prior to the consideration of revenue from the potential future sales of any of its investigational products that may receive regulatory approval or proceeds from collaboration activities, it has sufficient capital to fund its development plans, U.S. commercial scale-up and other operational activities into 2018. The Company expects to finance the future development costs of its clinical product portfolio with its existing cash and cash equivalents and marketable securities, or through strategic financing opportunities that could include, but are not limited to partnering or other collaboration agreements, future offerings of its equity, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or executed on favorable terms, and some could be dilutive to existing stockholders. If the Company fails to obtain additional future capital, it may be unable to complete its planned preclinical and clinical trials and obtain approval of certain investigational product candidates from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory authorities.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Presentation —The accompanying unaudited condensed consolidated financial statements and the related disclosures of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2016. Subsequent events have been evaluated up to the date of issuance of these financials. For further information, refer to the financial statements and footnotes included in the Company’s audited financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 25, 2016. Significant Accounting Policies —The significant accounting policies identified in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 that require the Company to make estimates and assumptions include: research and development costs, stock-based compensation and fair value measures. There were no changes to significant accounting policies during the three months ended March 31, 2016. Accounting Standards Updates — In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments under ASU 2014-15 are effective for interim and annual fiscal periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its results of operations, financial position or cash flows. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Statements—Overall (Subtopics 825-10) (“ASU 2016-01”). ASU 2016-01 provides updated guidance on the recognition and measurement of financial assets and financial liabilities that will supersede most current guidance. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The amendments in ASU 2016-01 supersede the guidance to classify equity securities with readily determinable fair values into different categories and require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments under ASU 2016-01 are effective, for public business entities, for periods beginning after December 15, 2017, including interim periods within those fiscal years, and with early adoption permitted. The Company does not expect the adoption of ASU 2016-01 to have a material impact on its results of operations, financial position or cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 supersedes the lease guidance under FASB Accounting Standards Codification (“ASC”) Topic 840, Leases , resulting in the creation of FASB ASC Topic 842, Leases . ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-02 on its financial statements and related disclosures. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-09 on its financial statements and related disclosures.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2016
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	3. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2016 2015 Research costs - Nordic(1) $ $ Research costs - other Payroll and employee benefits Professional fees Total accrued expenses and other current liabilties $ $ (1) Includes amounts accrued ratably over the estimated per patient treatment period under the Work Statement NB-3 with Nordic Bioscience Clinical Development VII A/S (“Nordic”). Amounts do not include pass-through costs which are expensed as incurred or upon delivery. See note 8 for additional information.

Loan and Security Agreement

Loan and Security Agreement	3 Months Ended
	Mar. 31, 2016
Loan and Security Agreement
Loan and Security Agreement	4. Loan and Security Agreement On May 30, 2014, the Company entered into a Loan and Security Agreement (the “Credit Facility”), with Solar Capital Ltd. (“Solar”), as collateral agent and a lender, and Oxford Finance LLC (“Oxford”), as a lender (the “Lenders”), pursuant to which Solar and Oxford agreed to make available to the Company $30.0 million in the aggregate subject to certain conditions to funding. An initial term loan was made on May 30, 2014 in an aggregate principal amount equal to $21.0 million (the “Initial Term Loan”). On July 10, 2014, the Company entered into a first amendment to the Credit Facility (the “First Amendment”). The terms of the First Amendment, among other things, provided the Company with, subject to certain customary funding conditions, additional term loans in an aggregate principal amount of $4.0 million upon the closing of the First Amendment. The Company borrowed the additional $4.0 million on July 10, 2014. The Initial Term Loan bore interest per annum at 9.85% plus one-month LIBOR (customarily defined). On August 4, 2015, the Company prepaid all amounts owed under the Credit Facility and the First Amendment. After consideration of relevant fees required under the Credit Facility and the First Amendment, the total payment amounted to $26.5 million, which resulted in a loss on retirement of $1.6 million during the third quarter of 2015.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2016
Marketable Securities.
Marketable Securities	5. Marketable Securities Available-for-sale marketable securities and cash and cash equivalents consist of the following (in thousands): March 31, 2016 Amortized Cost Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ $ — $ — $ Money market — — Domestic corporate commercial paper — — Domestic corporate debt securities — — Total $ $ — $ — $ Marketable securities: Domestic corporate debt securities $ $ $ ) $ Domestic corporate commercial paper — Asset-backed securities ) Total $ $ $ ) $ December 31, 2015 Amortized Cost Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ $ — $ — $ Money market — — Domestic corporate commercial paper — — Government-sponsored enterprise debt securities — — Domestic corporate debt securities — — Asset-backed securities — — Total $ $ — $ — $ Marketable securities: Domestic corporate debt securities $ $ — $ ) $ Domestic corporate commercial paper — Asset-backed securities ) Total $ $ $ ) $ There were no debt securities that had been in an unrealized loss position for more than 12 months as of March 31, 2016 or December 31, 2015. There were 22 debt securities in an unrealized loss position for less than 12 months at March 31, 2016 and there were 57 debt securities that had been in an unrealized loss position for less than 12 months at December 31, 2015. The aggregate unrealized loss on these securities as of March 31, 2016 and December 31, 2015 was less than $28 thousand and $150 thousand, respectively, and the fair value was $96.1 million and $225.7 million, respectively. The Company considered the decline in market value for these securities to be primarily attributable to current economic conditions. As it was not more likely than not that the Company would be required to sell these securities before the recovery of their amortized cost basis, which may be maturity, the Company did not consider these investments to be other-than-temporarily impaired as of March 31, 2016. As of March 31, 2016, marketable securities consisted of investments that mature within one year, with the exception of certain asset-backed securities, which have maturities within two years and an aggregate fair value of $2.5 million.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements
Fair Value Measurements	6. Fair Value Measurements The Company determines the fair values of its financial instruments based upon the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Below are the three levels of inputs that may be used to measure fair value: · Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. · Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table summarizes the financial instruments measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 (in thousands): As of March 31, 2016 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ $ — $ — $ Money market funds (1) — — Domestic corporate commercial paper (2) — — Domestic corporate debt securities (2) — — Total $ $ $ — $ Marketable Securities Domestic corporate debt securities (2) $ — $ $ — $ Domestic corporate commercial paper (2) — — Asset-backed securities (2) — — Total $ — $ $ — $ As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ $ — $ — $ Money market funds (1) — — Domestic corporate commercial paper (2) — — Government-sponsored enterprise debt securities (2) — — Domestic corporate debt securities (2) — — Asset-backed securities (2) — — Total $ $ $ — $ Marketable Securities Domestic corporate debt securities (2) $ — $ $ — $ Domestic corporate commercial paper (2) — — Asset-backed securities (2) — — Total $ — $ $ — $ (1) Fair value is based upon quoted market prices. (2) Fair value is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Inputs are obtained from various sources, including market participants, dealers and brokers.

License Agreements

License Agreements	3 Months Ended
	Mar. 31, 2016
License Agreements
License Agreements	7. License Agreements Ipsen On September 27, 2005, the Company entered into a license agreement (the “Ipsen Agreement”), as amended, with SCRAS S.A.S, a French corporation on behalf of itself and its affiliates (collectively, “Ipsen”). Under the Ipsen Agreement, Ipsen granted to the Company an exclusive right and license under certain Ipsen compound technology and related patents to research, develop, manufacture and commercialize certain compounds and related products, including abaloparatide, in all countries, except Japan (where the Company does not hold development and commercialization rights) and France (where the Company’s commercialization rights are subject to certain co-marketing and co-promotion rights exercisable by Ipsen, provided that certain conditions included in the Ipsen Agreement have been met). With respect to France, if Ipsen exercises its co-marketing and co-promotion rights, then Ipsen may elect to receive a percentage of the net sales of the products by both parties in France (subject to a mid-double digit percentage cap), and Ipsen shall bear a corresponding percentage of the costs and expenses incurred by both parties with respect to such marketing and promotion efforts in France. Ipsen shall also pay the Company a mid-single digit royalty on Ipsen’s allocable portion of net sales of the product by both parties in France. Ipsen also granted the Company an exclusive right and license under the Ipsen compound technology and related patents to make and have made compounds or product in Japan. Ipsen also granted the Company an exclusive right and license under certain Ipsen formulation technology and related patents solely for purposes of enabling the Company to develop, manufacture and commercialize compounds and products covered by the compound technology license in all countries, except Japan (where the Company does not hold commercialization rights) and France (where the Company’s commercialization rights are subject to certain co-marketing and co-promotion rights exercisable by Ipsen, provided that certain conditions included in the Ipsen Agreement have been met). In consideration for these licenses, the Company made a nonrefundable, non-creditable payment of $0.25 million to Ipsen, which was expensed during 2005. The Ipsen Agreement provides for further payments upon the achievement of certain future regulatory and commercial milestones, including upon acceptance of an NDA submission for review by the FDA. The range of milestone payments that could be paid under the agreement is €10.0 million to €36.0 million ($11.4 million to $41.0 million). Should abaloparatide be approved and subsequently commercialized, the Company will be obligated to pay to Ipsen a fixed five percent royalty based on net sales of the product by the Company or its sublicensees on a country-by-country basis until the later of the last to expire of the licensed patents or for a period of 10 years after the first commercial sale in such country. If the Company sublicenses the rights licensed from Ipsen, then the Company will also be required to pay Ipsen a percentage of certain payments received from such sublicensee (in lieu of milestone payments not achieved at the time of such sublicense). The applicable percentage is in the low double digit range. In addition, if the Company or its sublicensees commercialize a product that includes a compound discovered by it based on or derived from confidential Ipsen know-how, it will be obligated to pay to Ipsen a fixed low single digit royalty on net sales of such product on a country-by-country basis until the later of the last to expire of licensed patents that cover such product or for a period of 10 years after the first commercial sale of such product in such country. Eisai Co. Ltd. In June 2006, the Company entered into a license agreement (the “Eisai Agreement”), with Eisai Co. Ltd., (“Eisai”). Under the Eisai Agreement, Eisai granted to the Company an exclusive right and license to research, develop, manufacture and commercialize RAD1901 and related products from Eisai in all countries, except Japan. In consideration for the rights to RAD1901, the Company paid Eisai an initial license fee of $0.5 million, which was expensed during 2006. The Eisai Agreement provides for further payments in the range of $1.0 million to $20.0 million (inclusive of the $0.5 million initial license fee), payable upon the achievement of certain clinical and regulatory milestones. On March 9, 2015, the Company entered into an amendment to the Eisai Agreement (the “Eisai Amendment”) in which Eisai granted to the Company the exclusive right and license to research, develop, manufacture and commercialize RAD1901 in Japan. In consideration for the rights to RAD1901 in Japan, the Company paid Eisai an initial license fee of $0.4 million upon execution of the Eisai Amendment, which was recognized as research and development expense in 2015. The Eisai Amendment also provides for additional payments, payable upon the achievement of certain clinical and regulatory milestones in Japan. Under the Eisai Agreement, as amended, should a product covered by the licensed technology be commercialized, the Company will be obligated to pay to Eisai royalties in a variable mid-single digit range based on net sales of the product on a country-by-country basis. The royalty rate will be reduced, on a country-by-country basis, at such time as the last remaining valid claim in the licensed patents expires, lapses or is invalidated and the product is not covered by data protection clauses. In addition, the royalty rate will be reduced further, on a country-by-country basis, at such time as sales of lawful generic versions of the product account for more than a specified minimum percentage of the total sales of all products that contain the licensed compound. The latest valid claim to expire, barring any extension thereof, is expected on August 18, 2026. The Eisai Agreement, as amended, also grants the Company the right to grant sublicenses with prior written approval from Eisai. If the Company sublicenses the licensed technology to a third party, the Company will be obligated to pay Eisai, in addition to the milestones referenced above, a fixed low double digit percentage of certain fees received from such sublicensee and royalties in the low single digit range based on net sales of the sublicensee. The license agreement expires on a country-by-country basis on the later of (1) the date the last remaining valid claim in the licensed patents expires, lapses or is invalidated in that country, the product is not covered by data protection clauses, and the sales of a lawful generic version of the product account for more than a specified percentage of the total sales of all pharmaceutical products containing the licensed compound in that country; or (2) a period of 10 years after the first commercial sale of the licensed products in such country, unless it is sooner terminated.

Research Agreements

Research Agreements	3 Months Ended
	Mar. 31, 2016
Research Agreements
Research Agreements	8. Research Agreements Abaloparatide-SC Phase 3 Clinical Extension Study The Company has entered into agreements with Nordic to conduct its Phase 3 clinical trial of abaloparatide-SC, or the Phase 3 Clinical Trial. On February 21, 2013, the Company entered into a Work Statement NB-3 with Nordic, as amended on February 28, 2014, March 23, 2015, July 8, 2015, October 21, 2015 and January 15, 2016 (the “Work Statement NB-3”). Pursuant to the Work Statement NB-3, Nordic performed an extension study to evaluate six months of standard-of-care osteoporosis management following the completion of the Phase 3 Clinical Trial (the “Extension Study”), and, upon completion of the Extension Study, an additional period of 18 months of standard-of-care osteoporosis management (the “Second Extension Period”). In April 2015, the Company entered into an amendment to the Work Statement NB-3 (the “NB-3 Amendment”). The NB-3 Amendment was effective as of March 23, 2015 and provides that Nordic will perform additional services, including additional monitoring of patients enrolled in the Second Extension Period. Payments in cash to be made to Nordic under the NB-3 Amendment are denominated in euros and total up to approximately €4.1 million ($4.7 million). Payments in cash to be made to Nordic under the Work Statement NB-3 are denominated in both euros and U.S. dollars and total up to €11.9 million ($13.5 million) and $1.1 million, respectively. In addition, payments were due to Nordic in connection with the Work Statement NB-3 pursuant to the Stock Issuance Agreement entered into between the Company and Nordic, as amended and restated on May 16, 2011, and as further amended on February 21, 2013, March 28, 2014, and May 19, 2014 (the “Stock Issuance Agreement”). As of March 31, 2016, services related to the Second Extension are ongoing and all obligations due to Nordic in relation to the Extension Study had been paid as of September 30, 2015. The Company recognizes research and development expense for the amounts due to Nordic under the Extension Study and the Second Extension Period ratably over the estimated per patient treatment periods beginning upon enrollment, or over a nine-month and nineteen-month period, respectively. The Company recorded $1.0 million and $1.4 million for the three months ended March 31, 2016 and 2015, respectively, for per patient costs incurred. As of March 31, 2016, the Company had a liability of $2.7 million reflected in accrued expenses and other current liabilities on the condensed consolidated balance sheet resulting from services provided by Nordic under the Second Extension Period, which are payable in cash.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Stock-Based Compensation
Stock-Based Compensation	9. Stock-Based Compensation Stock Options A summary of stock option activity during the three months ended March 31, 2016 is as follows (in thousands, except for per share amounts): Weighted- Average Weighted- Exercise Average Price (in Contractual Aggregate dollars per Life (In Intrinsic Shares share) Years) Value Options outstanding at December 31, 2015 $ Granted Exercised Cancelled Expired — — Options outstanding at March 31, 2016 $ $ Options exercisable at March 31, 2016 $ $ Options vested or expected to vest at March 31, 2016 $ $ The weighted-average grant-date fair value per share of options granted during the three months ended March 31, 2016 was $17.67. As of March 31, 2016, there was approximately $67.1 million of total unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 3 years.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2016
Net Loss Per Share
Net Loss Per Share	10. Net Loss Per Share Basic and diluted net loss per share is calculated as follows (in thousands, except share and per share numbers): Three Months Ended March 31, 2016 2015 Numerator: Net loss $ ) $ ) Loss attributable to common stockholders - basic and diluted $ ) $ ) Denominator: Weighted-average number of common shares used in loss per share - basic and diluted Loss per share - basic and diluted $ ) $ ) The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. For the three months ended March 31, 2016 and 2015, all of the Company’s options to purchase common stock, warrants and performance units outstanding were assumed to be anti-dilutive as earnings attributable to common stockholders was in a loss position. Three Months Ended March 31, 2016 2015 Options to purchase common stock Warrants Performance units — —

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies The Company may be exposed, individually or in the aggregate, to certain claims or assessments in the ordinary course of business. In the opinion of management, the outcome of these matters is not likely to have any material effect on the financial statements of the Company.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity
Stockholders' Equity	12. Stockholders’ Equity On January 28, 2015, the Company completed an additional public offering of 4,000,000 shares of its common stock at a price of $36.75 per share, for aggregate estimated proceeds, net of underwriting discounts, commissions and offering costs, of approximately $137.8 million. Also, on January 28, 2015, the underwriters purchased an additional 600,000 shares in the aggregate by exercising an option to purchase additional shares that was granted to them in connection with the offering. As a result of the public offering and subsequent exercise of the underwriters’ option, the Company received aggregate proceeds, net of underwriting discounts, commissions and offering costs of approximately $158.4 million. On July 28, 2015, the Company completed an additional public offering of 4,054,054 shares of its common stock at a price of $74.00 per share, for aggregate proceeds, net of underwriting discounts, commissions and offering costs, of approximately $281.5 million. Also, on July 28, 2015, the underwriters purchased an additional 608,108 shares by exercising an option to purchase additional shares that was granted to them in connection with the offering. As a result of the public offering and subsequent exercise of the underwriters’ option, the Company received aggregate proceeds, net of underwriting discounts, commissions and estimated offering costs of approximately $323.8 million .

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation —The accompanying unaudited condensed consolidated financial statements and the related disclosures of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2016. Subsequent events have been evaluated up to the date of issuance of these financials. For further information, refer to the financial statements and footnotes included in the Company’s audited financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 25, 2016.
Significant Accounting Policies	Significant Accounting Policies —The significant accounting policies identified in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 that require the Company to make estimates and assumptions include: research and development costs, stock-based compensation and fair value measures. There were no changes to significant accounting policies during the three months ended March 31, 2016.
Accounting Standards Updates	Accounting Standards Updates — In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments under ASU 2014-15 are effective for interim and annual fiscal periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its results of operations, financial position or cash flows. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Statements—Overall (Subtopics 825-10) (“ASU 2016-01”). ASU 2016-01 provides updated guidance on the recognition and measurement of financial assets and financial liabilities that will supersede most current guidance. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The amendments in ASU 2016-01 supersede the guidance to classify equity securities with readily determinable fair values into different categories and require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments under ASU 2016-01 are effective, for public business entities, for periods beginning after December 15, 2017, including interim periods within those fiscal years, and with early adoption permitted. The Company does not expect the adoption of ASU 2016-01 to have a material impact on its results of operations, financial position or cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 supersedes the lease guidance under FASB Accounting Standards Codification (“ASC”) Topic 840, Leases , resulting in the creation of FASB ASC Topic 842, Leases . ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-02 on its financial statements and related disclosures. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2016-09 on its financial statements and related disclosures.

Accrued Expenses and Other Cu19

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2016 2015 Research costs - Nordic(1) $ $ Research costs - other Payroll and employee benefits Professional fees Total accrued expenses and other current liabilties $ $ (1) Includes amounts accrued ratably over the estimated per patient treatment period under the Work Statement NB-3 with Nordic Bioscience Clinical Development VII A/S (“Nordic”). Amounts do not include pass-through costs which are expensed as incurred or upon delivery. See note 8 for additional information.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Marketable Securities.
Schedule of available-for-sale marketable securities and cash and cash equivalents	Available-for-sale marketable securities and cash and cash equivalents consist of the following (in thousands): March 31, 2016 Amortized Cost Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ $ — $ — $ Money market — — Domestic corporate commercial paper — — Domestic corporate debt securities — — Total $ $ — $ — $ Marketable securities: Domestic corporate debt securities $ $ $ ) $ Domestic corporate commercial paper — Asset-backed securities ) Total $ $ $ ) $ December 31, 2015 Amortized Cost Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ $ — $ — $ Money market — — Domestic corporate commercial paper — — Government-sponsored enterprise debt securities — — Domestic corporate debt securities — — Asset-backed securities — — Total $ $ — $ — $ Marketable securities: Domestic corporate debt securities $ $ — $ ) $ Domestic corporate commercial paper — Asset-backed securities ) Total $ $ $ ) $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements
Summary of financial instruments measured at fair value on a recurring basis	The following table summarizes the financial instruments measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 (in thousands): As of March 31, 2016 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ $ — $ — $ Money market funds (1) — — Domestic corporate commercial paper (2) — — Domestic corporate debt securities (2) — — Total $ $ $ — $ Marketable Securities Domestic corporate debt securities (2) $ — $ $ — $ Domestic corporate commercial paper (2) — — Asset-backed securities (2) — — Total $ — $ $ — $ As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ $ — $ — $ Money market funds (1) — — Domestic corporate commercial paper (2) — — Government-sponsored enterprise debt securities (2) — — Domestic corporate debt securities (2) — — Asset-backed securities (2) — — Total $ $ $ — $ Marketable Securities Domestic corporate debt securities (2) $ — $ $ — $ Domestic corporate commercial paper (2) — — Asset-backed securities (2) — — Total $ — $ $ — $ (1) Fair value is based upon quoted market prices. (2) Fair value is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Inputs are obtained from various sources, including market participants, dealers and brokers.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Stock-Based Compensation
Summary of stock option activity	A summary of stock option activity during the three months ended March 31, 2016 is as follows (in thousands, except for per share amounts): Weighted- Average Weighted- Exercise Average Price (in Contractual Aggregate dollars per Life (In Intrinsic Shares share) Years) Value Options outstanding at December 31, 2015 $ Granted Exercised Cancelled Expired — — Options outstanding at March 31, 2016 $ $ Options exercisable at March 31, 2016 $ $ Options vested or expected to vest at March 31, 2016 $ $

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Net Loss Per Share
Schedule of basic and diluted net loss per share	Basic and diluted net loss per share is calculated as follows (in thousands, except share and per share numbers): Three Months Ended March 31, 2016 2015 Numerator: Net loss $ ) $ ) Loss attributable to common stockholders - basic and diluted $ ) $ ) Denominator: Weighted-average number of common shares used in loss per share - basic and diluted Loss per share - basic and diluted $ ) $ )
Schedule of potentially dilutive securities excluded from the computation of diluted weighted-average shares outstanding	Three Months Ended March 31, 2016 2015 Options to purchase common stock Warrants Performance units — —

Organization (Details)

Organization (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Organization
Accumulated deficit	$ 486,226	$ 445,764
Cash, cash equivalents and marketable securities	$ 439,800

Accrued Expenses and Other Cu25

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Expenses and Other Current Liabilities
Research costs - Nordic	$ 2,663	$ 2,898
Research costs - other	5,753	5,178
Payroll and employee benefits	1,815	3,330
Professional fees	4,876	3,546
Total accrued expenses and other current liabilities	$ 15,107	$ 14,952

Loan and Security Agreement (De

Loan and Security Agreement (Details) - USD ($) $ in Thousands	Aug. 04, 2015	May. 30, 2014	Sep. 30, 2015	Jul. 10, 2014
Loan and Security Agreement
Maximum borrowing limit		$ 30,000
Credit Facility member
Loan and Security Agreement
Loss on retirement of Credit Facility			$ (1,600)
Initial Term Loan member
Loan and Security Agreement
Aggregate principal amount		$ 21,000
Basis spread (as a percent)		9.85%
First Amendment member
Loan and Security Agreement
Aggregate principal amount				$ 4,000
First Amendment member | Credit Facility member
Loan and Security Agreement
Amount prepaid for relevant fees and remaining debt owed under the Credit Facility and the First Amendment	$ 26,500

Marketable Securities (Details)

Marketable Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Available-for-sale marketable securities and cash and cash equivalents
Cash and cash equivalents, Amortized Cost Value	$ 104,414	$ 159,678	$ 34,810	$ 28,518
Cash and cash equivalents, Fair Value	104,414	159,678
Marketable securities, Amortized Cost	335,167	313,656
Marketable securities, Gross Unrealized Gains	264	155
Marketable securities, Gross Unrealized Losses	(27)	(150)
Marketable securities, Fair Value	$ 335,404	$ 313,661
Debt securities held in an unrealized loss position for more than 12 months | item	0	0
Debt securities held in an unrealized loss position for less than 12 months | item	22	57
Unrealized loss on debt securities in an unrealized loss position for less than 12 months	$ 28	$ 150
Fair value of debt securities in an unrealized loss position for less than 12 months	96,100	225,700
Marketable securities, long-term	2,510
Asset backed securities, maturities within two years	$ 2,510
Maximum
Available-for-sale marketable securities and cash and cash equivalents
Marketable securities, contractual term to maturity	1 year
Domestic corporate debt securities
Available-for-sale marketable securities and cash and cash equivalents
Marketable securities, Amortized Cost	$ 127,902	173,142
Marketable securities, Gross Unrealized Gains	21
Marketable securities, Gross Unrealized Losses	(6)	(107)
Marketable securities, Fair Value	127,917	173,035
Domestic corporate commercial paper
Available-for-sale marketable securities and cash and cash equivalents
Marketable securities, Amortized Cost	136,568	84,004
Marketable securities, Gross Unrealized Gains	239	154
Marketable securities, Fair Value	136,807	84,158
Asset-backed Securities
Available-for-sale marketable securities and cash and cash equivalents
Marketable securities, Amortized Cost	70,697	56,510
Marketable securities, Gross Unrealized Gains	4	1
Marketable securities, Gross Unrealized Losses	(21)	(43)
Marketable securities, Fair Value	70,680	56,468
Cash
Available-for-sale marketable securities and cash and cash equivalents
Cash and cash equivalents, Amortized Cost Value	2,935	2,934
Cash and cash equivalents, Fair Value	2,935	2,934
Money market
Available-for-sale marketable securities and cash and cash equivalents
Cash and cash equivalents, Amortized Cost Value	71,948	83,257
Cash and cash equivalents, Fair Value	71,948	83,257
Domestic corporate commercial paper
Available-for-sale marketable securities and cash and cash equivalents
Cash and cash equivalents, Amortized Cost Value	12,246	39,984
Cash and cash equivalents, Fair Value	12,246	39,984
Government-sponsored enterprise debt securities
Available-for-sale marketable securities and cash and cash equivalents
Cash and cash equivalents, Amortized Cost Value		15,996
Cash and cash equivalents, Fair Value		15,996
Domestic corporate debt securities
Available-for-sale marketable securities and cash and cash equivalents
Cash and cash equivalents, Amortized Cost Value	17,285	10,007
Cash and cash equivalents, Fair Value	$ 17,285	10,007
Asset-backed Securities
Available-for-sale marketable securities and cash and cash equivalents
Cash and cash equivalents, Amortized Cost Value		7,500
Cash and cash equivalents, Fair Value		$ 7,500

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash	$ 104,414	$ 159,678
Cash
Assets
Cash	2,935	2,934
Money market
Assets
Cash	71,948	83,257
Domestic corporate commercial paper
Assets
Cash	12,246	39,984
Government-sponsored enterprise debt securities
Assets
Cash		15,996
Domestic corporate debt securities
Assets
Cash	17,285	10,007
Asset-backed Securities
Assets
Cash		7,500
Recurring basis
Assets
Cash	104,414	159,678
Marketable securities	335,404	313,661
Recurring basis | Cash
Assets
Cash	2,935	2,934
Recurring basis | Money market
Assets
Cash	71,948	83,257
Recurring basis | Domestic corporate commercial paper
Assets
Cash	12,246	39,984
Recurring basis | Government-sponsored enterprise debt securities
Assets
Cash		15,996
Recurring basis | Domestic corporate debt securities
Assets
Cash	17,285	10,007
Recurring basis | Asset-backed Securities
Assets
Cash		7,500
Recurring basis | Domestic corporate debt securities
Assets
Marketable securities	127,917	173,035
Recurring basis | Domestic corporate commercial paper
Assets
Marketable securities	136,807	84,158
Recurring basis | Asset-backed Securities
Assets
Marketable securities	70,680	56,468
Recurring basis | Level 1
Assets
Cash	74,883	86,191
Recurring basis | Level 1 | Cash
Assets
Cash	2,935	2,934
Recurring basis | Level 1 | Money market
Assets
Cash	71,948	83,257
Recurring basis | Level 2
Assets
Cash	29,531	73,487
Marketable securities	335,404	313,661
Recurring basis | Level 2 | Domestic corporate commercial paper
Assets
Cash	12,246	39,984
Recurring basis | Level 2 | Government-sponsored enterprise debt securities
Assets
Cash		15,996
Recurring basis | Level 2 | Domestic corporate debt securities
Assets
Cash	17,285	10,007
Recurring basis | Level 2 | Asset-backed Securities
Assets
Cash		7,500
Recurring basis | Level 2 | Domestic corporate debt securities
Assets
Marketable securities	127,917	173,035
Recurring basis | Level 2 | Domestic corporate commercial paper
Assets
Marketable securities	136,807	84,158
Recurring basis | Level 2 | Asset-backed Securities
Assets
Marketable securities	$ 70,680	$ 56,468

License Agreements (Details)

License Agreements (Details) $ in Thousands, € in Millions	Mar. 09, 2015USD ($)	Jun. 30, 2006USD ($)	Mar. 31, 2016EUR (€)	Mar. 31, 2016USD ($)	Dec. 31, 2005USD ($)
Eisai | License Agreement
License Agreements
Period after the date of the first commercial sale of the product for license expiration			10 years	10 years
Initial license fee paid	$ 400	$ 500
Eisai | License Agreement | Minimum
License Agreements
Payments to be made upon achievement of certain clinical and regulatory milestones				$ 1,000
Eisai | License Agreement | Maximum
License Agreements
Payments to be made upon achievement of certain clinical and regulatory milestones				$ 20,000
Clinical Trial Services Agreement | Ipsen
License Agreements
Nonrefundable, non-creditable payment					$ 250
Royalty rate (as a percent)			5.00%	5.00%
Clinical Trial Services Agreement | Ipsen | Minimum
License Agreements
Additional payments to be made upon achievement of certain development and commercialization milestones			€ 10	$ 11,400
Period after the date of the first commercial sale of the product for license expiration			10 years	10 years
Clinical Trial Services Agreement | Ipsen | Maximum
License Agreements
Additional payments to be made upon achievement of certain development and commercialization milestones			€ 36	$ 41,000
Clinical Trial Services Agreement | Ipsen | Sublicense Agreement
License Agreements
Period after the date of the first commercial sale of the product for license expiration			10 years	10 years

Research Agreements (Details)

Research Agreements (Details) $ in Thousands, € in Millions	Feb. 21, 2013	Apr. 30, 2015EUR (€)	Apr. 30, 2015USD ($)	Feb. 28, 2013EUR (€)	Feb. 28, 2013USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Research Agreements
Research and development expense						$ 27,483	$ 11,559
Clinical Trial Services Agreement | Abaloparatide-SC Phase 3 Extension Clinical Study | Nordic
Research Agreements
Amount reflected in accrued expenses and other current liabilities resulting from services payable in cash						2,700
Clinical Trial Services Agreement | Clinical Trial Services Agreement | Abaloparatide-SC Phase 3 Extension Clinical Study | Per patient costs for enrolled patients
Research Agreements
Research and development expense						$ 1,000	$ 1,400
Clinical Trial Services Agreement | Clinical Trial Services Agreement | Abaloparatide-SC Phase 3 Extension Clinical Study | Maximum | Per patient costs for enrolled patients
Research Agreements
Period for which research and development expense is recognized						19 months
Clinical Trial Services Agreement | Clinical Trial Services Agreement | Abaloparatide-SC Phase 3 Extension Clinical Study | Minimum | Per patient costs for enrolled patients
Research Agreements
Period for which research and development expense is recognized						9 months
Clinical Trial Services Agreement | Clinical Trial Services Agreement | Abaloparatide-SC Phase 3 Extension Clinical Study | Nordic | Maximum
Research Agreements
Amount of euro-denominated payments required over the course of Clinical Trial				€ 11.9	$ 13,500
Amount of U.S. dollar-denominated payments required over the course of Clinical Trial					$ 1,100
Clinical Trial Services Agreement | NB-3 Amendment | Abaloparatide-SC Phase 3 Extension Clinical Study | Nordic | Maximum
Research Agreements
Amount of euro-denominated payments required over the course of Clinical Trial		€ 4.1	$ 4,700
Clinical Trial Services Agreement | Letter of Intent | Abaloparatide-SC Phase 3 Extension Clinical Study | Nordic
Research Agreements
Additional term provided for standard-of-care treatment	18 months

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Options to purchase common stock $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Summary of stock option activity - Shares
Options outstanding at the beginning of the period (in shares) | shares	4,408
Granted (in shares) | shares	1,280
Exercised (in shares) | shares	30
Cancelled (in shares) | shares	14
Options outstanding at the end of the period (in shares) | shares	5,644
Options exercisable at the end of the period (in shares) | shares	1,912
Options vested and expected to vest at the end of the period (in shares) | shares	5,507
Summary of stock option activity - Weighted-Average Exercise Price (in dollars per share)
Options outstanding at the beginning of the period (in dollars per share)	$ 28.75
Granted (in dollars per share)	32.89
Exercised (in dollars per share)	30.97
Cancelled (in dollars per share)	26.38
Options outstanding at the end of the period (in dollars per share)	29.68
Options exercisable at the end of the period (in dollars per share)	13.53
Options vested and expected to vest at the end of the period (in dollars per share)	$ 29.44
Weighted-Average Contractual Life (In Years)
Options outstanding at the end of the period	8 years 4 months 24 days
Options exercisable at the end of the period	6 years 10 months 2 days
Options vested and expected to vest at the end of the period	8 years 4 months 17 days
Aggregate Intrinsic Value
Options outstanding at the end of the period (in dollars) | $	$ 52,173
Options exercisable at the end of the period (in dollars) | $	35,580
Options vested and expected to vest at the end of the period (in dollars) | $	$ 51,730
Additional disclosures
Weighted-average grant-date fair value (in dollars per share)	$ 17.67

Stock-Based Compensation (Det32

Stock-Based Compensation (Details 1) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Stock-Based Compensation
Total unrecognized compensation expense	$ 67.1
Weighted average period over which unrecognized compensation is expected to be recognized	3 years

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net loss	$ (40,463)	$ (17,057)
Loss attributable to common stockholders - basic and diluted	$ (40,463)	$ (17,057)
Denominator:
Basic and diluted (in shares)	43,012,924	36,268,975
Basic and diluted (in dollars per share)	$ (0.94)	$ (0.47)

Net Loss Per Share - Anitdiluti

Net Loss Per Share - Anitdilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Options to purchase common stock
Net Loss Per Share
Potentially dilutive securities, prior to the use of the treasury stock method, excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive	4,973,694	3,376,071
Warrants
Net Loss Per Share
Potentially dilutive securities, prior to the use of the treasury stock method, excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive	631,588	1,113,622

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 28, 2015	Jan. 28, 2015	Mar. 31, 2015
Common stock - public offering
Aggregate proceeds received, net of underwriting discounts and commissions and offering costs			$ 158,414
Common Stock
Common stock - public offering
Shares sold	4,054,054	4,000,000
Share issue price (in dollars per share)	$ 74	$ 36.75
Aggregate proceeds received, net of underwriting discounts and commissions and offering costs	$ 281,500	$ 137,800
Common Stock | Underwriters Over-Allotment Option
Common stock - public offering
Shares sold	608,108	600,000
Common Stock | Total of Public Offering and exercise of Underwriters Over-Allotment Option
Common stock - public offering
Aggregate proceeds received, net of underwriting discounts and commissions and offering costs	$ 323,800	$ 158,400