Radius Recycling 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-35726
Entity Registrant Name	Radius Health, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0145732
Entity Address, Address Line One	950 Winter Street
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	617
Local Phone Number	551-4000
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RDUS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		46,472,327
Entity Central Index Key	0001428522
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 56,239	$ 69,886
Restricted cash	567	567
Marketable securities	69,495	91,015
Accounts receivable, net	17,899	23,289
Inventory	5,906	5,323
Prepaid expenses	7,921	12,131
Other current assets	1,838	846
Total current assets	159,865	203,057
Property and equipment, net	1,747	2,293
Intangible assets	6,184	6,583
Right of use assets - operating leases	6,787	6,704
Other assets	514	514
Total assets	175,097	219,151
Current liabilities:
Accounts payable	11,718	6,030
Accrued expenses and other current liabilities	51,756	53,030
Operating lease liability, current	2,180	2,198
Total current liabilities	65,654	61,258
Convertible notes payable	204,315	195,591
Term loan	9,940	0
Operating lease liability, long term	4,607	4,581
Total liabilities	284,516	261,430
Commitments and contingencies
Stockholders’ equity (deficit):
Common stock, 0.0001 par value; 200,000,000 shares authorized, 46,448,491 shares and 46,189,870 shares issued and outstanding at June 30, 2020 and December 31, 2019	5	5
Additional paid-in-capital	1,208,616	1,194,327
Accumulated other comprehensive income	108	3
Accumulated deficit	(1,318,148)	(1,236,614)
Total stockholders’ equity (deficit)	(109,419)	(42,279)
Total liabilities and stockholders’ equity (deficit)	$ 175,097	$ 219,151

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	46,448,491	46,189,870
Common stock, shares outstanding (in shares)	46,448,491	46,189,870

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES:
Product revenue, net	$ 50,113	$ 41,042	$ 98,037	$ 70,886
OPERATING EXPENSES:
Cost of sales - product	4,070	3,808	7,931	6,838
Cost of sales - intangible amortization	200	200	399	399
Research and development	44,881	27,179	83,890	50,439
Selling, general and administrative	38,231	40,115	74,664	81,301
Loss from operations	(37,269)	(30,260)	(68,847)	(68,091)
OTHER INCOME (EXPENSE):
Other income (expense)	(68)	(42)	(59)	(38)
Interest expense	(6,922)	(6,165)	(13,678)	(12,202)
Interest income	379	993	1,050	2,097
NET LOSS	(43,880)	(35,474)	(81,534)	(78,234)
OTHER COMPREHENSIVE LOSS:
Unrealized gain from available-for-sale debt securities	774	236	105	710
COMPREHENSIVE LOSS	(43,106)	(35,238)	(81,429)	(77,524)
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS - BASIC AND DILUTED (Note 8)	$ (43,880)	$ (35,474)	$ (81,534)	$ (78,234)
LOSS PER SHARE:
Basic and diluted (in dollars per share)	$ (0.95)	$ (0.77)	$ (1.76)	$ (1.70)
WEIGHTED AVERAGE SHARES:
Basic and diluted (in shares)	46,420,046	46,109,193	46,345,585	45,891,557

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net loss	$ (81,534)	$ (78,234)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	945	1,219
Amortization of discount on marketable securities, net	132	(132)
Amortization of debt discount and debt issuance costs	8,725	7,628
Impairment loss on operating lease right of use assets	0	339
Stock-based compensation	13,299	11,863
(Gain)/Loss on property and equipment disposals	0	201
Changes in operating assets and liabilities:
Inventory	(583)	1,053
Accounts receivable, net	5,390	(6,891)
Prepaid expenses	4,210	5,656
Other current assets	(992)	329
Operating lease right of use assets	1,027	1,010
Other long-term assets	0	58
Accounts payable	5,688	1,815
Accrued expenses and other current liabilities	(1,274)	1,556
Lease liability, operating leases	(1,102)	(1,140)
Other non-current liabilities	0	(48)
Net cash used in operating activities	(46,069)	(53,718)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Purchases of marketable securities	(39,907)	(33,595)
Sales and maturities of marketable securities	61,400	90,000
Net cash provided by investing activities	21,493	56,405
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Proceeds from exercise of stock options and warrant exercises	0	3,869
Proceeds from issuance of term loan, net	9,939	0
Proceeds from issuance of shares under employee stock purchase plan	990	1,027
Net cash provided by financing activities	10,929	4,896
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(13,647)	7,583
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR	70,453	59,881
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	56,806	67,464
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	4,818	4,575
Cash paid for amounts included in the measurement of operating lease liabilities	1,175	685
Right of use assets obtained in exchange for operating lease liability	$ 1,110	$ 8,289

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2018		45,563,693
Beginning balance at Dec. 31, 2018	$ 60,632	$ 5	$ 1,165,003	$ (755)	$ (1,103,621)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(78,234)				(78,234)
Unrealized gain (loss) from available-for-sale debt securities	710			710
Vesting of restricted shares (in shares)		75,331
Vesting of restricted shares	0
Exercise of options (in shares)		341,337
Exercise of options	2,869		2,869
Exercise of warrants (in shares)		81,104
Exercise of warrants	1,000		1,000
Issuance of common stock upon purchase by employee stock purchase plan (in shares)		63,732
Issuance of common stock upon purchase by employee stock purchase plan	1,027		1,027
Share-based compensation expense	11,862		11,862
Ending balance (in shares) at Jun. 30, 2019		46,125,197
Ending balance at Jun. 30, 2019	(134)	$ 5	1,181,761	(45)	(1,181,855)
Beginning balance (in shares) at Mar. 31, 2019		45,967,080
Beginning balance at Mar. 31, 2019	28,004	$ 5	1,174,661	(281)	(1,146,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(35,474)				(35,474)
Unrealized gain (loss) from available-for-sale debt securities	236			236
Vesting of restricted shares (in shares)		2,218
Vesting of restricted shares	0
Exercise of options (in shares)		155,899
Exercise of options	1,352		1,352
Share-based compensation expense related to share-based awards for employee stock purchase plan	255		255
Share-based compensation expense	5,493		5,493
Ending balance (in shares) at Jun. 30, 2019		46,125,197
Ending balance at Jun. 30, 2019	(134)	$ 5	1,181,761	(45)	(1,181,855)
Beginning balance (in shares) at Dec. 31, 2019		46,189,870
Beginning balance at Dec. 31, 2019	(42,279)	$ 5	1,194,327	3	(1,236,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(81,534)				(81,534)
Unrealized gain (loss) from available-for-sale debt securities	105			105
Vesting of restricted shares (in shares)		203,324
Vesting of restricted shares	0
Issuance of common stock upon purchase by employee stock purchase plan (in shares)		55,297
Issuance of common stock upon purchase by employee stock purchase plan	990		990
Share-based compensation expense	13,299		13,299
Ending balance (in shares) at Jun. 30, 2020		46,448,491
Ending balance at Jun. 30, 2020	(109,419)	$ 5	1,208,616	108	(1,318,148)
Beginning balance (in shares) at Mar. 31, 2020		46,387,437
Beginning balance at Mar. 31, 2020	(74,153)	$ 5	1,200,776	(666)	(1,274,268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(43,880)				(43,880)
Unrealized gain (loss) from available-for-sale debt securities	774			774
Vesting of restricted shares (in shares)		61,054
Vesting of restricted shares	0
Share-based compensation expense	7,840		7,840
Ending balance (in shares) at Jun. 30, 2020		46,448,491
Ending balance at Jun. 30, 2020	$ (109,419)	$ 5	$ 1,208,616	$ 108	$ (1,318,148)

Organization

Organization	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Radius Health, Inc. (“Radius” or the “Company”) is a science-driven fully integrated biopharmaceutical company that is committed to developing and commercializing innovative endocrine therapeutics. In April 2017, the Company’s first commercial product, TYMLOS ® (abaloparatide) injection, was approved by the U.S. Food and Drug Administration (“FDA”) for the treatment of postmenopausal women with osteoporosis at high risk for fracture defined as history of osteoporotic fracture, multiple risk factors for fracture, or patients who have failed or are intolerant to other available osteoporosis therapy. In January 2019, the European Commission adopted a decision refusing approval of the Company’s European Marketing Authorisation Application (“MAA”) for abaloparatide-SC. In July 2017, the Company entered into a license and development agreement with Teijin Limited (“Teijin”) for abaloparatide for subcutaneous injection (“abaloparatide-SC”) in Japan, under which the Company received an upfront payment and is entitled to receive milestone payments upon the achievement of certain regulatory and sales milestones, and a fixed low double-digit royalty based on net sales of abaloparatide-SC in Japan during the royalty term. The Company is developing an abaloparatide transdermal patch, or abaloparatide-patch, for potential use in the treatment of postmenopausal women with osteoporosis. In connection with its strategic plans to focus on bone health and targeted endocrine diseases, the Company entered into a license agreement with Berlin-Chemie AG, a company of the Menarini Group (“Berlin-Chemie”) under which the Company granted Berlin-Chemie an exclusive license to develop and commercialize products containing elacestrant (RAD1901), a selective estrogen receptor degrader (“SERD”), worldwide. Elacestrant is being developed for potential use in the treatment of hormone receptor-positive breast cancer. The Company is exploring all strategic options for its other oncology program, RAD140, its internally discovered non-steroidal selective androgen receptor modulator (“SARM”) it was developing for potential use in the treatment of hormone receptor-positive breast cancer. The Company is subject to the risks associated with biopharmaceutical companies with a limited operating history, including dependence on key individuals, a developing business model, the necessity of securing regulatory approvals 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, including as a result of the impacts from the coronavirus disease 2019 (“COVID-19”) pandemic. The Company has incurred losses and expects to continue to incur additional losses for the foreseeable future. As of June 30, 2020, the Company had an accumulated deficit of $1,318.1 million, and total cash, cash equivalents, marketable securities, and investments of $125.7 million. Pursuant to the terms of the license agreement with Berlin-Chemie, the Company received an initial license fee payment of $30.0 million from Berlin-Chemie in the third quarter of 2020. The ongoing global COVID-19 pandemic has resulted in significant governmental measures being implemented to control the spread of the virus and while the Company cannot predict their scope and severity, these developments and measures have adversely affected its business, results of operations and financial condition and will likely continue to do so. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and is taking steps to minimize its impact on its business. However, the full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the outbreak, new information that may emerge concerning the severity of COVID-19 pandemic or the effectiveness of actions taken to contain the pandemic or minimize its impact, among others. Furthermore, if the Company or any of the third parties with whom it engages were to experience additional or prolonged shutdowns or other business disruptions, the Company’s ability to conduct its business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on its business, results of operation and financial condition. Based upon its cash, cash equivalents, marketable securities, and investments balance as of June 30, 2020, the Company believes that, prior to the consideration of revenue from the potential future sales of any of its investigational product candidates that may receive regulatory approval or proceeds from partnering and/or collaboration activities, it has sufficient capital as well as access to other capital discussed in Note 7, “Term Loan and Credit Facility to fund its development plans, U.S. commercial scale-up and other operational activities, for at least one year from the date of this filing. The Company expects to finance the future development costs of its clinical product portfolio with its existing cash and cash equivalents, marketable securities, and investments, or through strategic financing opportunities that could include, but are not limited to collaboration or partnership 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

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	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 (“U.S. GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all the information and footnotes required by U.S. 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 U.S. GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. Subsequent events have been evaluated up to the date of issuance of these financial statements. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes, which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on February 27, 2020. Significant Accounting Policies —The significant accounting policies identified in the Company’s 2019 Form 10-K that require the Company to make estimates and assumptions include: revenue recognition, inventory obsolescence, long-lived assets and intangible assets, accounting for stock-based compensation, contingencies, tax valuation reserves, fair value measures, and accrued expenses. There were no changes to significant accounting policies during the six months ended June 30, 2020, except for the adoption of the Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) detailed below. Accounting Standards Updates—Recently Adopted— In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ”). Certain amendments thereto were also issued by the FASB. ASU 2016-13 and the related amendments require that credit losses be reported using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The previous accounting guidance, as applied by the Company through December 31, 2019, was based on an incurred losses model. The standard replaces the incurred loss impairment methodology under current U.S. GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. For available-for-sale debt securities with unrealized losses, ASU 2016-13 and the related amendments now requires allowances to be recorded instead of reducing the amortized cost of the investment. These amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2019. The Company adopted ASU 2016-13 as of January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement , or (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments under ASU 2018-13 are effective for interim and annual fiscal periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-13 on January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangible-Goodwill and Other Internal-Use Software (Subtopic 350-40 (“ASU 2018-15”). ASU 2018-15 updates guidance regarding accounting for a cloud computing arrangement that is a service contract. The amendments under ASU 2018-15 are effective for interim and annual fiscal periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-15 on January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. Other - In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy. The business tax provisions of the CARES Act include temporary changes to income and non-income-based tax laws. Some of the key income tax provisions include eliminating the 80% of taxable income limitations by allowing corporate entities to fully utilize net operating loss (NOL) carryforwards to offset taxable income in 2018, 2019, or 2020 and reinstating it for tax years after 2020; allowing NOLs generated in 2018, 2019, or 2020 to be carried back five years; increasing the net interest expense deduction limit to 50% of adjusted taxable income from 30% for the 2019 and 2020 tax years; allowing taxpayers with alternative minimum tax credits to claim a refund for the entire amount of the credit instead of recovering the credit through refunds over a period of years, as required by the 2017 Tax Cut and Jobs Act; and allowing entities to deduct more of their charitable cash contributions made during calendar year 2020 by increasing the taxable income limitation to 25% from 10%. Companies are required to account for these provisions in the period that includes the March 2020 enactment date (i.e., the first quarter for calendar year-end entities). The Company has assessed the impact of these provisions and they are not material to the Company’s condensed consolidated financial statements or related disclosures. Measures of the CARES Act not related to income-based taxes include allowing an employer to pay its share of Social Security payroll taxes that would otherwise be due from the date of enactment through December 31, 2020 over the following two years and allowing eligible employers subject to closure due to the COVID-19 pandemic to receive a 50% credit on qualified wages against their employment taxes each quarter, with any excess credits eligible for refunds. These measures of the CARES Act are also not material to the Company’s condensed consolidated financial statements as the Company did not apply for any credit during the period. Accounting Standards Updates, Recently Issued— In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interest period and the recognition of deferred tax liabilities for outside basis differences, and also clarifies and simplifies other aspects of the accounting for income taxes. The amendments under ASU 2010-12 are effective for interim and annual fiscal periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the effects the adoption of ASU 2019-12 will have on its consolidated financial statements and related disclosures.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities Available-for-sale marketable securities and cash and cash equivalents as of June 30, 2020 and December 31, 2019 consist of the following (in thousands): June 30, 2020 Amortized Cost Value Gross Gross Fair Value Cash and cash equivalents: Cash $ 8,616 $ — $ — $ 8,616 Money market funds 47,623 — — 47,623 Total $ 56,239 $ — $ — $ 56,239 Marketable securities: Domestic corporate debt securities $ 64,443 $ 203 $ (29) $ 64,617 Domestic corporate commercial paper 4,944 — (66) 4,878 Total $ 69,387 $ 203 $ (95) $ 69,495 December 31, 2019 Amortized Cost Value Gross Gross Fair Value Cash and cash equivalents: Cash $ 34,726 $ — $ — $ 34,726 Money market funds 35,160 — — 35,160 Total $ 69,886 $ — $ — $ 69,886 Marketable securities: Domestic corporate debt securities $ 41,229 $ 3 $ (3) $ 41,229 Domestic corporate commercial paper 24,900 5 — 24,905 Agency bonds 12,391 1 (3) 12,389 US treasury bonds 12,492 — — 12,492 Total $ 91,012 $ 9 $ (6) $ 91,015 The Company reviews marketable securities whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. We evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense on the condensed consolidated statement of operations. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The unrealized losses at June 30, 2020 and December 31, 2019 are attributable to changes in interest rates and the Company does not believe any unrealized losses represent credit losses. As of June 30, 2020 and December 31, 2019, the Company had 4 and 8 available-for-sale debt securities in an unrealized loss position, respectively, for which an allowance for credit losses has not been recorded. The following table summarizes such investments by major security type and length of time in a continuous unrealized loss position as of June 30, 2020 (in thousands). Less than 12 Months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale debt securities Corporate debt securities $ 10,600 $ (29) — — $ 10,600 $ (29) Corporate commercial paper 4,878 (66) — — 4,878 (66) Total available-for-sale debt securities $ 15,478 $ (95) — — $ 15,478 $ (95)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company determines the fair value 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. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no material transfers between any levels during the six months ended June 30, 2020. There were no material transfers between any levels during 2019. The following table summarizes the financial instruments measured at fair value on a recurring basis in the Company’s accompanying condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 (in thousands): As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ 8,616 $ — $ — $ 8,616 Money market funds (1) 47,623 — — 47,623 Total $ 56,239 $ — $ — $ 56,239 Marketable Securities Domestic corporate debt securities (2) $ — $ 64,617 $ — $ 64,617 Domestic corporate commercial paper (2) — 4,878 — 4,878 Total $ — $ 69,495 $ — $ 69,495 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ 34,726 $ — $ — $ 34,726 Money market funds (1) 35,160 — — 35,160 Total $ 69,886 $ — $ — $ 69,886 Marketable Securities Domestic corporate debt securities (2) $ — $ 41,229 $ — $ 41,229 Domestic corporate commercial paper (2) — 24,905 — 24,905 Agency bonds (2) — 12,389 — 12,389 US treasury bonds (2) $ — $ 12,492 $ — $ 12,492 Total $ — $ 91,015 $ — $ 91,015 (1) Fair value is based upon quoted market prices. (2)

Inventory

Inventory	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, December 31, Raw materials $ 3,456 $ 4,093 Work in process 649 — Finished goods 1,801 1,230 Total inventories $ 5,906 $ 5,323 Finished goods manufactured by the Company have a 36-month shelf life from date of manufacture.

Convertible Notes Payable

Convertible Notes Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Convertible Notes Payable	Convertible Notes PayableOn August 14, 2017, in a registered underwritten public offering, the Company issued $300 million aggregate principal amount of 3% Convertible Senior Notes due September 1, 2024 (the “Convertible Notes”). In addition, on September 12, 2017, the Company issued an additional $5.0 million principal amount of Convertible Notes pursuant to the exercise of an over-allotment option granted to the underwriters in the offering. In accordance with accounting guidance for debt with conversion and other options, the Company separately accounted for the liability component (“Liability Component”) and embedded conversion option (the “Equity Component”) of the Convertible Notes by allocating the proceeds between the Liability Component and the Equity Component, due to the Company’s ability to settle the Convertible Notes in cash, common stock or a combination of cash and common stock, at its option. In connection with the issuance of the Convertible Notes, the Company incurred approximately $9.4 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated these costs to the Liability and Equity Components based on the allocation of the proceeds. Of the total $9.4 million of debt issuance costs, $4.3 million was allocated to the Equity Component and recorded as a reduction to additional paid-in capital and $5.1 million was allocated to the liability component and is now recorded as a reduction of the Convertible Notes in the Company’s condensed consolidated balance sheet. The portion allocated to the liability component is amortized to interest expense using the effective interest method over seven years. The Convertible Notes are senior unsecured obligations of the Company and bear interest at a rate of 3.00% per annum, payable semi-annually in arrears on March 1 and September 1, beginning on March 1, 2018. Upon conversion, the Convertible Notes will be convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. Prior to December 31, 2017, the Convertible Notes were not convertible except in connection with a make whole fundamental change, as defined in the respective indentures. The Convertible Notes will be subject to redemption at the Company’s option, under certain restrictions as noted below, on or after September 1, 2021, in whole or in part, if the conditions described below are satisfied. The redemption of the Convertible Notes may also be subject to certain restrictions included in Note 7, “Term Loan and Credit Facility”. The Convertible Notes will mature on September 1, 2024, unless earlier converted, redeemed or repurchased in accordance with their terms. Subject to satisfaction of certain conditions and during the periods described below, the Convertible Notes may be converted at an initial conversion rate of 20.4891 shares of common stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $48.81 per share of common stock). Holders of the Convertible Notes may convert all or any portion of their notes, in multiples of $1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding June 1, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2017 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether consecutive or not) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business day period after any five-consecutive trading day period (the “measurement period”) in which the “trading price” per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (3) if the Company calls the Convertible Notes for redemption, until the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. As of June 30, 2020, none of the above circumstances had occurred and, as such, the Convertible Notes were not convertible. Prior to September 1, 2021, the Company may not redeem the Convertible Notes. On or after September 1, 2021, the Company may redeem for cash all or part of the Convertible Notes if the last reported sale price of the Company’s common stock equals or exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30-consecutive trading day period ending within five trading days prior to the date on which the Company provides notice of the redemption. The redemption price will be the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, calling any Convertible Note for redemption will constitute a make-whole fundamental change with respect to that Convertible Note, in which case the conversion rate applicable to the conversion of that Convertible Note, if it is converted in connection with the redemption, will be increased in certain circumstances. The initial carrying amount of the Liability Component of $166.3 million was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected the Company’s non-convertible debt borrowing rate for similar debt. The Equity Component of the Convertible Notes of $138.7 million was recognized as a debt discount and represents the difference between the proceeds from the issuance of the Convertible Notes of $305.0 million and the fair value of the Liability of the Convertible Notes of approximately $166.3 million on their respective dates of issuance. The excess of the principal amount of the Liability Component over its carrying amount (the “Debt Discount”) is amortized to interest expense using the effective interest method over seven years. The Equity Component is not remeasured as long as it continues to meet the conditions for equity classification. In connection with issuance of the Convertible Notes, the Company also incurred certain offering costs directly attributable to the offering. Such costs are deferred and amortized over the term of the debt to interest expense using the effective interest method. A portion of the deferred financing costs incurred in connection with the Convertible Notes was deemed to relate to the Equity Component and was allocated to additional paid-in capital. The outstanding balances of the Convertible Notes as of June 30, 2020 consisted of the following (in thousands): 2024 Convertible Notes Liability component: Principal $ 305,000 Less: debt discount and issuance costs, net (100,685) Net carrying amount $ 204,315 Equity component: $ 134,450 The Company determined the expected life of the Convertible Notes was equal to its seven The following table sets forth total interest expense recognized related to the Convertible Notes during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 2,288 $ 2,288 $ 4,575 $ 4,575 Amortization of debt discount 4,275 3,737 8,409 7,351 Amortization of debt issuance costs 160 140 315 276 Total interest expense $ 6,723 $ 6,165 $ 13,299 $ 12,202 Future minimum payments on the Company’s long-term debt as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 4,575 2021 9,150 2022 9,150 2023 9,150 2024 314,150 Total minimum payments $ 346,175 Less: interest (41,175) Less: unamortized discount (100,685) Less: current portion — Long Term Debt $ 204,315 Credit Agreement”, together with the Term Credit Agreement, the “Credit Agreements”), with the Agent, and the financial institutions or other entities from time to time parties thereto. The Credit Agreements consist of a secured term loan facility (the “Term Facility”) in an aggregate amount of $55.0 million, which will be made available to the Borrowers under the following four tranches: (i) Tranche 1 - $10.0 million, available at closing; (ii) Tranche 2 - $15.0 million, available no earlier than June 25, 2020, but no later than December 31, 2020; (iii) Tranche 3 - $15.0 million, available no later than December 31, 2021, subject to the Company’s satisfaction of certain conditions described in the Term Credit Agreement; and (iv) Tranche 4 - $15.0 million, available no later than December 31, 2021, subject to the Company’s satisfaction of certain conditions described in the Term Credit Agreement. The Credit Agreements also consist of a secured revolving credit facility (the “Revolving Facility”, together with the Term Facility, the “Facilities”) under which the Borrowers may borrow up to $20.0 million, the availability of which is determined based on a borrowing base as follows: (i) up to 85% of the net collectible value of the Borrowers’ domestic accounts receivable due from eligible direct and third-party payors, plus (ii) up to 40% of the Borrowers’ domestic eligible inventory, provided that the availability from eligible inventory may not exceed 20% of the total availability at any time. The Borrowers also have the right, subject to certain customary conditions, to increase the Revolving Facility by $20.0 million. The Facilities have a maturity date of June 1, 2024. The Borrowers guarantee their obligations under the Credit Agreements. The obligations are secured by first priority liens on substantially all of the assets of the Borrowers, including, with certain exceptions, all of the capital stock of the Borrowers’ subsidiaries. The proceeds of the Term Facility may be used for (i) transaction fees in connection with the transactions contemplated by the Credit Agreements, (ii) the payment in full on the closing date of certain existing debt, and (iii) working capital needs and general corporate purposes of the Borrowers and their subsidiaries. The proceeds of the Revolving Facility may be used for (i) transaction fees in connection with the transactions contemplated by the Credit Agreements and (ii) working capital needs and general corporate purposes of the Borrowers and their subsidiaries. Borrowings under the Term Facility will bear interest through maturity at a variable rate based upon the LIBOR rate plus 5.75%, subject to a LIBOR floor of 2.00%. Borrowings under the Revolving Facility will bear interest through maturity at a variable rate based upon the LIBOR rate plus 3.50%, subject to a LIBOR floor of 2.00%. Subject to the terms and conditions set forth in the Credit Agreements, the Borrowers may be required to make certain mandatory prepayments prior to maturity. The Credit Agreements contain affirmative and negative covenants customarily applicable to senior secured credit facilities, including covenants that, among other things, will limit or restrict the ability of the Borrowers, subject to negotiated exceptions, to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions or dispose of assets, pay dividends or make other distributions, voluntarily prepay other indebtedness as noted above in Note 6, “Convertible Notes Payable,” enter into transactions with affiliated persons, make investments, and change the nature of their businesses. The Credit Agreements also contains customary events of default, including subject to thresholds and grace periods, among others, payment default, covenant default, cross default to other material indebtedness, and judgment default. In addition, the Credit Agreements require the Borrowers to maintain a minimum level of net revenue, or in the case where the Borrowers fail to maintain a minimum level of net revenue, certain levels of market capitalization and unrestricted cash. As of June 30, 2020, the Company was not in violation of any covenants contained in the Credit Agreements. As of June 30, 2020, the Company received net proceeds of approximately $9.8 million from the term loan, net of fees and expenses of $0.2 million. The estimated fair value of the Term Facility as of June 30, 2020 was approximately $7.3 million. The outstanding balance of the Term Loan as of June 30, 2020 was (in thousands): Term loan Principal $ 10,000 Less: debt issuance costs, net (60) Net carrying amount $ 9,940 The following table sets forth total interest expense recognized related to the Term Facility during the three and six months ended June 30, 2020 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 196 $ — $ 375 $ — Amortization of debt discount 1 — 2 — Total interest expense $ 197 $ — $ 377 $ — Future minimum payments on the Term Facility as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 394 2021 786 2022 786 2023 7,044 2024 3,611 Total minimum payments $ 12,621 Less: interest (2,621) Less: unamortized issuance (60) Less: current portion — Long Term Debt $ 9,940

Term Loan and Credit Facility

Term Loan and Credit Facility	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Term Loan and Credit Facility	Convertible Notes PayableOn August 14, 2017, in a registered underwritten public offering, the Company issued $300 million aggregate principal amount of 3% Convertible Senior Notes due September 1, 2024 (the “Convertible Notes”). In addition, on September 12, 2017, the Company issued an additional $5.0 million principal amount of Convertible Notes pursuant to the exercise of an over-allotment option granted to the underwriters in the offering. In accordance with accounting guidance for debt with conversion and other options, the Company separately accounted for the liability component (“Liability Component”) and embedded conversion option (the “Equity Component”) of the Convertible Notes by allocating the proceeds between the Liability Component and the Equity Component, due to the Company’s ability to settle the Convertible Notes in cash, common stock or a combination of cash and common stock, at its option. In connection with the issuance of the Convertible Notes, the Company incurred approximately $9.4 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated these costs to the Liability and Equity Components based on the allocation of the proceeds. Of the total $9.4 million of debt issuance costs, $4.3 million was allocated to the Equity Component and recorded as a reduction to additional paid-in capital and $5.1 million was allocated to the liability component and is now recorded as a reduction of the Convertible Notes in the Company’s condensed consolidated balance sheet. The portion allocated to the liability component is amortized to interest expense using the effective interest method over seven years. The Convertible Notes are senior unsecured obligations of the Company and bear interest at a rate of 3.00% per annum, payable semi-annually in arrears on March 1 and September 1, beginning on March 1, 2018. Upon conversion, the Convertible Notes will be convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. Prior to December 31, 2017, the Convertible Notes were not convertible except in connection with a make whole fundamental change, as defined in the respective indentures. The Convertible Notes will be subject to redemption at the Company’s option, under certain restrictions as noted below, on or after September 1, 2021, in whole or in part, if the conditions described below are satisfied. The redemption of the Convertible Notes may also be subject to certain restrictions included in Note 7, “Term Loan and Credit Facility”. The Convertible Notes will mature on September 1, 2024, unless earlier converted, redeemed or repurchased in accordance with their terms. Subject to satisfaction of certain conditions and during the periods described below, the Convertible Notes may be converted at an initial conversion rate of 20.4891 shares of common stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $48.81 per share of common stock). Holders of the Convertible Notes may convert all or any portion of their notes, in multiples of $1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding June 1, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2017 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether consecutive or not) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business day period after any five-consecutive trading day period (the “measurement period”) in which the “trading price” per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (3) if the Company calls the Convertible Notes for redemption, until the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. As of June 30, 2020, none of the above circumstances had occurred and, as such, the Convertible Notes were not convertible. Prior to September 1, 2021, the Company may not redeem the Convertible Notes. On or after September 1, 2021, the Company may redeem for cash all or part of the Convertible Notes if the last reported sale price of the Company’s common stock equals or exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30-consecutive trading day period ending within five trading days prior to the date on which the Company provides notice of the redemption. The redemption price will be the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, calling any Convertible Note for redemption will constitute a make-whole fundamental change with respect to that Convertible Note, in which case the conversion rate applicable to the conversion of that Convertible Note, if it is converted in connection with the redemption, will be increased in certain circumstances. The initial carrying amount of the Liability Component of $166.3 million was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected the Company’s non-convertible debt borrowing rate for similar debt. The Equity Component of the Convertible Notes of $138.7 million was recognized as a debt discount and represents the difference between the proceeds from the issuance of the Convertible Notes of $305.0 million and the fair value of the Liability of the Convertible Notes of approximately $166.3 million on their respective dates of issuance. The excess of the principal amount of the Liability Component over its carrying amount (the “Debt Discount”) is amortized to interest expense using the effective interest method over seven years. The Equity Component is not remeasured as long as it continues to meet the conditions for equity classification. In connection with issuance of the Convertible Notes, the Company also incurred certain offering costs directly attributable to the offering. Such costs are deferred and amortized over the term of the debt to interest expense using the effective interest method. A portion of the deferred financing costs incurred in connection with the Convertible Notes was deemed to relate to the Equity Component and was allocated to additional paid-in capital. The outstanding balances of the Convertible Notes as of June 30, 2020 consisted of the following (in thousands): 2024 Convertible Notes Liability component: Principal $ 305,000 Less: debt discount and issuance costs, net (100,685) Net carrying amount $ 204,315 Equity component: $ 134,450 The Company determined the expected life of the Convertible Notes was equal to its seven The following table sets forth total interest expense recognized related to the Convertible Notes during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 2,288 $ 2,288 $ 4,575 $ 4,575 Amortization of debt discount 4,275 3,737 8,409 7,351 Amortization of debt issuance costs 160 140 315 276 Total interest expense $ 6,723 $ 6,165 $ 13,299 $ 12,202 Future minimum payments on the Company’s long-term debt as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 4,575 2021 9,150 2022 9,150 2023 9,150 2024 314,150 Total minimum payments $ 346,175 Less: interest (41,175) Less: unamortized discount (100,685) Less: current portion — Long Term Debt $ 204,315 Credit Agreement”, together with the Term Credit Agreement, the “Credit Agreements”), with the Agent, and the financial institutions or other entities from time to time parties thereto. The Credit Agreements consist of a secured term loan facility (the “Term Facility”) in an aggregate amount of $55.0 million, which will be made available to the Borrowers under the following four tranches: (i) Tranche 1 - $10.0 million, available at closing; (ii) Tranche 2 - $15.0 million, available no earlier than June 25, 2020, but no later than December 31, 2020; (iii) Tranche 3 - $15.0 million, available no later than December 31, 2021, subject to the Company’s satisfaction of certain conditions described in the Term Credit Agreement; and (iv) Tranche 4 - $15.0 million, available no later than December 31, 2021, subject to the Company’s satisfaction of certain conditions described in the Term Credit Agreement. The Credit Agreements also consist of a secured revolving credit facility (the “Revolving Facility”, together with the Term Facility, the “Facilities”) under which the Borrowers may borrow up to $20.0 million, the availability of which is determined based on a borrowing base as follows: (i) up to 85% of the net collectible value of the Borrowers’ domestic accounts receivable due from eligible direct and third-party payors, plus (ii) up to 40% of the Borrowers’ domestic eligible inventory, provided that the availability from eligible inventory may not exceed 20% of the total availability at any time. The Borrowers also have the right, subject to certain customary conditions, to increase the Revolving Facility by $20.0 million. The Facilities have a maturity date of June 1, 2024. The Borrowers guarantee their obligations under the Credit Agreements. The obligations are secured by first priority liens on substantially all of the assets of the Borrowers, including, with certain exceptions, all of the capital stock of the Borrowers’ subsidiaries. The proceeds of the Term Facility may be used for (i) transaction fees in connection with the transactions contemplated by the Credit Agreements, (ii) the payment in full on the closing date of certain existing debt, and (iii) working capital needs and general corporate purposes of the Borrowers and their subsidiaries. The proceeds of the Revolving Facility may be used for (i) transaction fees in connection with the transactions contemplated by the Credit Agreements and (ii) working capital needs and general corporate purposes of the Borrowers and their subsidiaries. Borrowings under the Term Facility will bear interest through maturity at a variable rate based upon the LIBOR rate plus 5.75%, subject to a LIBOR floor of 2.00%. Borrowings under the Revolving Facility will bear interest through maturity at a variable rate based upon the LIBOR rate plus 3.50%, subject to a LIBOR floor of 2.00%. Subject to the terms and conditions set forth in the Credit Agreements, the Borrowers may be required to make certain mandatory prepayments prior to maturity. The Credit Agreements contain affirmative and negative covenants customarily applicable to senior secured credit facilities, including covenants that, among other things, will limit or restrict the ability of the Borrowers, subject to negotiated exceptions, to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions or dispose of assets, pay dividends or make other distributions, voluntarily prepay other indebtedness as noted above in Note 6, “Convertible Notes Payable,” enter into transactions with affiliated persons, make investments, and change the nature of their businesses. The Credit Agreements also contains customary events of default, including subject to thresholds and grace periods, among others, payment default, covenant default, cross default to other material indebtedness, and judgment default. In addition, the Credit Agreements require the Borrowers to maintain a minimum level of net revenue, or in the case where the Borrowers fail to maintain a minimum level of net revenue, certain levels of market capitalization and unrestricted cash. As of June 30, 2020, the Company was not in violation of any covenants contained in the Credit Agreements. As of June 30, 2020, the Company received net proceeds of approximately $9.8 million from the term loan, net of fees and expenses of $0.2 million. The estimated fair value of the Term Facility as of June 30, 2020 was approximately $7.3 million. The outstanding balance of the Term Loan as of June 30, 2020 was (in thousands): Term loan Principal $ 10,000 Less: debt issuance costs, net (60) Net carrying amount $ 9,940 The following table sets forth total interest expense recognized related to the Term Facility during the three and six months ended June 30, 2020 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 196 $ — $ 375 $ — Amortization of debt discount 1 — 2 — Total interest expense $ 197 $ — $ 377 $ — Future minimum payments on the Term Facility as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 394 2021 786 2022 786 2023 7,044 2024 3,611 Total minimum payments $ 12,621 Less: interest (2,621) Less: unamortized issuance (60) Less: current portion — Long Term Debt $ 9,940

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic and diluted net loss per share for the periods set forth below is calculated as follows (in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator: Net loss $ (43,880) $ (35,474) $ (81,534) $ (78,234) Denominator: Weighted-average number of common shares used in loss per share - basic and diluted 46,420,046 46,109,193 46,345,585 45,891,557 Loss per share - basic and diluted $ (0.95) $ (0.77) $ (1.76) $ (1.70) 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 and six months ended June 30, 2020 and 2019, respectively, all the Company’s options to purchase common stock and restricted stock units outstanding were assumed to be anti-dilutive as earnings attributable to common stockholders was in a loss position. Three and Six Months Ended June 30, 2020 2019 Options to purchase common stock 6,194,931 5,163,480 Restricted stock units 835,972 648,148 Performance units 70,000 79,000 The Company has the option to settle the conversion obligation for the Convertible Notes in cash, shares or any combination of the two. As the Convertible Notes are not convertible as of June 30, 2020, they are not participating securities and they will not

Product Revenue Reserves and Al

Product Revenue Reserves and Allowances	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Product Revenue Reserves and Allowances	Product Revenue Reserves and Allowances To date, the Company’s only source of product revenue has been from the U.S. sales of TYMLOS, which it began shipping to customers in May 2017. The following table summarizes activity in each of the product revenue allowance and reserve categories for the six months ended June 30, 2020 and 2019 (in thousands): Chargebacks, Discounts, and Fees Government and other rebates Returns Total Ending balance at December 31, 2018 $ 3,198 $ 7,620 $ 411 $ 11,229 Provision related to sales in the current year 13,034 30,294 493 43,821 Adjustments related to prior period sales (16) (183) (141) (340) Credits and payments made (11,971) (23,690) (268) (35,929) Ending balance at June 30, 2019 4,245 14,041 495 18,781 Ending balance at December 31, 2019 $ 5,739 $ 17,280 $ 1,583 $ 24,602 Provision related to sales in the current year 12,129 34,448 3,888 50,465 Adjustments related to prior period sales (294) (826) (1,449) (2,569) Credits and payments made (15,390) (36,805) (679) (52,874) Ending balance at June 30, 2020 $ 2,184 $ 14,097 $ 3,343 $ 19,624 Chargebacks, discounts, fees, and returns are recorded as reductions of trade receivables, net on the condensed consolidated balance sheets. Government and other rebates are recorded as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. To date, the Company has no bad debt write-offs and the Company does not currently have credit issues with any customers. There were no credit losses associated with the Company’s trade receivables as of June 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may become subject to legal proceedings and claims which arise in the ordinary course of its business. The Company records a liability in its condensed consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the condensed consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. As of June 30, 2020, the Company was not party to any significant litigation. Manufacturing Agreements In June 2016, the Company entered into a Supply Agreement with Ypsomed AG (“Ypsomed”), as amended, pursuant to which Ypsomed agreed to supply commercial and clinical supplies of a disposable pen injection device customized for subcutaneous injection of abaloparatide. The Company has agreed to purchase a minimum number of devices at prices per device that decrease with an increase in quantity supplied. In addition, the Company has agreed to make milestone payments for Ypsomed’s capital developments in connection with the initiation of the commercial supply of the device and to pay a one-time capacity fee. All costs and payments under the agreement are delineated in Swiss Francs. The agreement has an initial term of three years, which began on June 1, 2017, after which it automatically renews for two two In June 2016, the Company entered into a Commercial Supply Agreement with Vetter Pharma International GmbH (“Vetter”), as amended, pursuant to which Vetter agreed to formulate the finished abaloparatide-SC drug product containing abaloparatide active pharmaceutical ingredient fill cartridges with the drug product, assemble the pen delivery device, and package the pen for commercial distribution. The Company agreed to purchase the cartridges and pens in specified batch sizes at a price per unit. For labeling and packaging services, the Company agreed to pay a per unit price dependent upon the number of pens loaded with cartridges that are labeled and packaged. These prices are subject to an annual price adjustment. The agreement has an initial term of five years, which began on January 1, 2016, after which, it automatically renews for two In July 2016, the Company entered into a Manufacturing Services Agreement with Polypeptide Laboratories Holding AB (“PPL”), as amended, as successor-in-interest to Lonza Group Ltd., pursuant to which PPL agreed to manufacture the commercial and clinical supplies of abaloparatide API. The Company agreed to purchase the API in batches at a price per gram in euros, subject to an annual increase by PPL. The agreement has an initial term of six years, which began on June 28, 2016, after which, it automatically renews for three Related Party Transactions Since December 2019, an immediate family member of Jessica Hopfield (a member of the Company’s Board of Directors) has been an executive officer of one of the Company’s customers, AmerisourceBergen Corporation (“ABC”). The activities with ABC and its affiliates are in the ordinary course of business and were primarily for commercial distribution of TMYLOS and service fees. As of June 30, 2020, the Company recognized net revenues of approximately $23.7 million in connection with product sales of TYMLOS and paid ABC and its affiliates approximately $1.0 million for services under various commercial and services agreements. In addition, no accounts receivable were recorded within the Company’s consolidated balance sheets as of June 30, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company did not record a federal or state income tax provision or benefit for each of the six months ended June 30, 2020 and 2019 due to the expected loss before income taxes to be incurred for the years ended December 31, 2020 and 2019, as well as the Company’s continued maintenance of a full valuation allowance against its net deferred tax assets.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 23, 2020, the Company entered into a license agreement (“License Agreement”) with Berlin-Chemie AG, a company of the Menarini Group (“Berlin-Chemie”) under which the Company granted Berlin-Chemie an exclusive license to develop and commercialize products containing elacestrant (RAD1901) worldwide. The Company and Berlin-Chemie simultaneously entered into a Transition Services Agreement (the “TSA”), pursuant to which the Company will perform certain services for Berlin-Chemie related to the EMERALD Phase 3 monotherapy study until the earlier of the completion of the contemplated services or the filing with the FDA of a New Drug Application for elacestrant. Pursuant to the TSA, Berlin-Chemie will reimburse the Company for all out-of-pocket and full-time employee costs in performing the services. The Company will continue to incur research and development expenses in support of scale up costs under the TSA. Pursuant to the terms of the License Agreement, Berlin-Chemie is required to make an initial license fee payment to the Company of $30.0 million. The Company is also eligible to receive up to $20.0 million in development and regulatory milestone payments and up to $300.0 million in sales milestone payments, with such payments contingent on the achievement of specified milestones with respect to the licensed products. The Company is also eligible to receive tiered royalties on sales of licensed products at percentages ranging from low to mid-teens, subject to certain reductions. Royalties on net sales will be payable on a product-by-product and country-by-country basis until the latest of the expiration date of the last to expire of the relevant patent rights, the expiration of regulatory exclusivity, or ten years from such first commercial sale. The License Agreement will continue on a licensed product-by-licensed product and country-by-country basis until the last to expire royalty term. Either party may terminate the License Agreement for an uncured material breach by the other party or upon the bankruptcy or insolvency of the other party. The Company may terminate the License Agreement for certain patent challenges or if no development, manufacture or commercialization activity occurs in any given 24-month period. Berlin-Chemie may terminate the License Agreement at its discretion for any reason by delivering written notice to the Company with 180 days written notice; provided that such termination will not be effective for a period of time after the effective date.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
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 (“U.S. GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all the information and footnotes required by U.S. 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 U.S. GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2020. Subsequent events have been evaluated up to the date of issuance of these financial statements. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes, which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on February 27, 2020. Significant Accounting Policies —The significant accounting policies identified in the Company’s 2019 Form 10-K that require the Company to make estimates and assumptions include: revenue recognition, inventory obsolescence, long-lived assets and intangible assets, accounting for stock-based compensation, contingencies, tax valuation reserves, fair value measures, and accrued expenses. There were no changes to significant accounting policies during the six months ended June 30, 2020, except for the adoption of the Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) detailed below.
Accounting standards updates, recently adopted	Accounting Standards Updates—Recently Adopted— In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ”). Certain amendments thereto were also issued by the FASB. ASU 2016-13 and the related amendments require that credit losses be reported using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The previous accounting guidance, as applied by the Company through December 31, 2019, was based on an incurred losses model. The standard replaces the incurred loss impairment methodology under current U.S. GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. For available-for-sale debt securities with unrealized losses, ASU 2016-13 and the related amendments now requires allowances to be recorded instead of reducing the amortized cost of the investment. These amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2019. The Company adopted ASU 2016-13 as of January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement , or (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments under ASU 2018-13 are effective for interim and annual fiscal periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-13 on January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangible-Goodwill and Other Internal-Use Software (Subtopic 350-40 (“ASU 2018-15”). ASU 2018-15 updates guidance regarding accounting for a cloud computing arrangement that is a service contract. The amendments under ASU 2018-15 are effective for interim and annual fiscal periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2018-15 on January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. Other - In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy. The business tax provisions of the CARES Act include temporary changes to income and non-income-based tax laws. Some of the key income tax provisions include eliminating the 80% of taxable income limitations by allowing corporate entities to fully utilize net operating loss (NOL) carryforwards to offset taxable income in 2018, 2019, or 2020 and reinstating it for tax years after 2020; allowing NOLs generated in 2018, 2019, or 2020 to be carried back five years; increasing the net interest expense deduction limit to 50% of adjusted taxable income from 30% for the 2019 and 2020 tax years; allowing taxpayers with alternative minimum tax credits to claim a refund for the entire amount of the credit instead of recovering the credit through refunds over a period of years, as required by the 2017 Tax Cut and Jobs Act; and allowing entities to deduct more of their charitable cash contributions made during calendar year 2020 by increasing the taxable income limitation to 25% from 10%. Companies are required to account for these provisions in the period that includes the March 2020 enactment date (i.e., the first quarter for calendar year-end entities). The Company has assessed the impact of these provisions and they are not material to the Company’s condensed consolidated financial statements or related disclosures. Measures of the CARES Act not related to income-based taxes include allowing an employer to pay its share of Social Security payroll taxes that would otherwise be due from the date of enactment through December 31, 2020 over the following two years and allowing eligible employers subject to closure due to the COVID-19 pandemic to receive a 50% credit on qualified wages against their employment taxes each quarter, with any excess credits eligible for refunds. These measures of the CARES Act are also not material to the Company’s condensed consolidated financial statements as the Company did not apply for any credit during the period. Accounting Standards Updates, Recently Issued— In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interest period and the recognition of deferred tax liabilities for outside basis differences, and also clarifies and simplifies other aspects of the accounting for income taxes. The amendments under ASU 2010-12 are effective for interim and annual fiscal periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the effects the adoption of ASU 2019-12 will have on its consolidated financial statements and related disclosures.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of available-for-sale marketable securities and cash and cash equivalents	Available-for-sale marketable securities and cash and cash equivalents as of June 30, 2020 and December 31, 2019 consist of the following (in thousands): June 30, 2020 Amortized Cost Value Gross Gross Fair Value Cash and cash equivalents: Cash $ 8,616 $ — $ — $ 8,616 Money market funds 47,623 — — 47,623 Total $ 56,239 $ — $ — $ 56,239 Marketable securities: Domestic corporate debt securities $ 64,443 $ 203 $ (29) $ 64,617 Domestic corporate commercial paper 4,944 — (66) 4,878 Total $ 69,387 $ 203 $ (95) $ 69,495 December 31, 2019 Amortized Cost Value Gross Gross Fair Value Cash and cash equivalents: Cash $ 34,726 $ — $ — $ 34,726 Money market funds 35,160 — — 35,160 Total $ 69,886 $ — $ — $ 69,886 Marketable securities: Domestic corporate debt securities $ 41,229 $ 3 $ (3) $ 41,229 Domestic corporate commercial paper 24,900 5 — 24,905 Agency bonds 12,391 1 (3) 12,389 US treasury bonds 12,492 — — 12,492 Total $ 91,012 $ 9 $ (6) $ 91,015
Schedule of debt securities, available for sale, unrealized loss position	The following table summarizes such investments by major security type and length of time in a continuous unrealized loss position as of June 30, 2020 (in thousands). Less than 12 Months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale debt securities Corporate debt securities $ 10,600 $ (29) — — $ 10,600 $ (29) Corporate commercial paper 4,878 (66) — — 4,878 (66) Total available-for-sale debt securities $ 15,478 $ (95) — — $ 15,478 $ (95)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
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 Company’s accompanying condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 (in thousands): As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ 8,616 $ — $ — $ 8,616 Money market funds (1) 47,623 — — 47,623 Total $ 56,239 $ — $ — $ 56,239 Marketable Securities Domestic corporate debt securities (2) $ — $ 64,617 $ — $ 64,617 Domestic corporate commercial paper (2) — 4,878 — 4,878 Total $ — $ 69,495 $ — $ 69,495 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents: Cash $ 34,726 $ — $ — $ 34,726 Money market funds (1) 35,160 — — 35,160 Total $ 69,886 $ — $ — $ 69,886 Marketable Securities Domestic corporate debt securities (2) $ — $ 41,229 $ — $ 41,229 Domestic corporate commercial paper (2) — 24,905 — 24,905 Agency bonds (2) — 12,389 — 12,389 US treasury bonds (2) $ — $ 12,492 $ — $ 12,492 Total $ — $ 91,015 $ — $ 91,015 (1) Fair value is based upon quoted market prices. (2)

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventory	Inventory consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, December 31, Raw materials $ 3,456 $ 4,093 Work in process 649 — Finished goods 1,801 1,230 Total inventories $ 5,906 $ 5,323

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of outstanding balances of convertible notes	The outstanding balances of the Convertible Notes as of June 30, 2020 consisted of the following (in thousands): 2024 Convertible Notes Liability component: Principal $ 305,000 Less: debt discount and issuance costs, net (100,685) Net carrying amount $ 204,315 Equity component: $ 134,450
Schedule of interest expense recognized related to debt	The following table sets forth total interest expense recognized related to the Convertible Notes during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 2,288 $ 2,288 $ 4,575 $ 4,575 Amortization of debt discount 4,275 3,737 8,409 7,351 Amortization of debt issuance costs 160 140 315 276 Total interest expense $ 6,723 $ 6,165 $ 13,299 $ 12,202 Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 196 $ — $ 375 $ — Amortization of debt discount 1 — 2 — Total interest expense $ 197 $ — $ 377 $ —
Schedule of future minimum payments on long-term debt	Future minimum payments on the Company’s long-term debt as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 4,575 2021 9,150 2022 9,150 2023 9,150 2024 314,150 Total minimum payments $ 346,175 Less: interest (41,175) Less: unamortized discount (100,685) Less: current portion — Long Term Debt $ 204,315 Future minimum payments on the Term Facility as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 394 2021 786 2022 786 2023 7,044 2024 3,611 Total minimum payments $ 12,621 Less: interest (2,621) Less: unamortized issuance (60) Less: current portion — Long Term Debt $ 9,940

Term Loan and Credit Facility (

Term Loan and Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of carrying values of debt instruments	The outstanding balance of the Term Loan as of June 30, 2020 was (in thousands): Term loan Principal $ 10,000 Less: debt issuance costs, net (60) Net carrying amount $ 9,940
Schedule of interest expense recognized related to debt	The following table sets forth total interest expense recognized related to the Convertible Notes during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 2,288 $ 2,288 $ 4,575 $ 4,575 Amortization of debt discount 4,275 3,737 8,409 7,351 Amortization of debt issuance costs 160 140 315 276 Total interest expense $ 6,723 $ 6,165 $ 13,299 $ 12,202 Three Months Ended Six Months Ended 2020 2019 2020 2019 Contractual interest expense $ 196 $ — $ 375 $ — Amortization of debt discount 1 — 2 — Total interest expense $ 197 $ — $ 377 $ —
Schedule of future minimum payments on long-term debt	Future minimum payments on the Company’s long-term debt as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 4,575 2021 9,150 2022 9,150 2023 9,150 2024 314,150 Total minimum payments $ 346,175 Less: interest (41,175) Less: unamortized discount (100,685) Less: current portion — Long Term Debt $ 204,315 Future minimum payments on the Term Facility as of June 30, 2020 are as follows (in thousands): Years ended December 31, Future Minimum Payments 2020 $ 394 2021 786 2022 786 2023 7,044 2024 3,611 Total minimum payments $ 12,621 Less: interest (2,621) Less: unamortized issuance (60) Less: current portion — Long Term Debt $ 9,940

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share	Basic and diluted net loss per share for the periods set forth below is calculated as follows (in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator: Net loss $ (43,880) $ (35,474) $ (81,534) $ (78,234) Denominator: Weighted-average number of common shares used in loss per share - basic and diluted 46,420,046 46,109,193 46,345,585 45,891,557 Loss per share - basic and diluted $ (0.95) $ (0.77) $ (1.76) $ (1.70)
Schedule of potentially dilutive securities excluded from the computation of diluted weighted-average shares outstanding	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 and six months ended June 30, 2020 and 2019, respectively, all the Company’s options to purchase common stock and restricted stock units outstanding were assumed to be anti-dilutive as earnings attributable to common stockholders was in a loss position. Three and Six Months Ended June 30, 2020 2019 Options to purchase common stock 6,194,931 5,163,480 Restricted stock units 835,972 648,148 Performance units 70,000 79,000

Product Revenue Reserves and _2

Product Revenue Reserves and Allowances (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of product revenue allowance and reserve categories	The following table summarizes activity in each of the product revenue allowance and reserve categories for the six months ended June 30, 2020 and 2019 (in thousands): Chargebacks, Discounts, and Fees Government and other rebates Returns Total Ending balance at December 31, 2018 $ 3,198 $ 7,620 $ 411 $ 11,229 Provision related to sales in the current year 13,034 30,294 493 43,821 Adjustments related to prior period sales (16) (183) (141) (340) Credits and payments made (11,971) (23,690) (268) (35,929) Ending balance at June 30, 2019 4,245 14,041 495 18,781 Ending balance at December 31, 2019 $ 5,739 $ 17,280 $ 1,583 $ 24,602 Provision related to sales in the current year 12,129 34,448 3,888 50,465 Adjustments related to prior period sales (294) (826) (1,449) (2,569) Credits and payments made (15,390) (36,805) (679) (52,874) Ending balance at June 30, 2020 $ 2,184 $ 14,097 $ 3,343 $ 19,624

Organization (Details)

Organization (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accumulated deficit		$ 1,318,148	$ 1,236,614
Cash, cash equivalents, marketable securities, and investments		$ 125,700
Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License fee	$ 30,000

Marketable Securities - Schedul

Marketable Securities - Schedule of Available-for-sale Marketable Securities and Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Cash and cash equivalents:
Amortized Cost Value	$ 56,239	$ 69,886
Fair Value	56,239	69,886
Marketable securities:
Amortized Cost Value	69,387	91,012
Gross  Unrealized  Gains	203	9
Gross  Unrealized  Losses	(95)	(6)
Fair Value	69,495	91,015
Cash
Cash and cash equivalents:
Amortized Cost Value	8,616	34,726
Fair Value	8,616	34,726
Money market funds
Cash and cash equivalents:
Amortized Cost Value	47,623	35,160
Fair Value	47,623	35,160
Domestic corporate debt securities
Marketable securities:
Amortized Cost Value	64,443	41,229
Gross  Unrealized  Gains	203	3
Gross  Unrealized  Losses	(29)	(3)
Fair Value	64,617	41,229
Domestic corporate commercial paper
Marketable securities:
Amortized Cost Value	4,944	24,900
Gross  Unrealized  Gains	0	5
Gross  Unrealized  Losses	(66)	0
Fair Value	$ 4,878	24,905
Agency bonds
Marketable securities:
Amortized Cost Value		12,391
Gross  Unrealized  Gains		1
Gross  Unrealized  Losses		(3)
Fair Value		12,389
US treasury bonds
Marketable securities:
Amortized Cost Value		12,492
Gross  Unrealized  Gains		0
Gross  Unrealized  Losses		0
Fair Value		$ 12,492

Marketable Securities - Narrati

Marketable Securities - Narrative (Details) - security	Jun. 30, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Debt securities held in an unrealized loss position for less than 12 months	4	8

Marketable Securities - Sched_2

Marketable Securities - Schedule of Debt Securities in an Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available for sale, in an unrealized loss positon for less than 12 months, fair value	$ 15,478
Debt securities, available for sale, held in an unrealized loss position for less than 12 months, unrealized losses	(95)
Debt securities, available for sale, held in an unrealized loss position for more than 12 months, fair value	0
Debt securities, available for sale, held in an unrealized loss position for more than 12 months, unrealized losses	0
Debt securities, available for sale, unrealized loss position, fair value	15,478
Debt securities, available for sale, unrealized loss position, unrealized losses	(95)
Corporate debt securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available for sale, in an unrealized loss positon for less than 12 months, fair value	10,600
Debt securities, available for sale, held in an unrealized loss position for less than 12 months, unrealized losses	(29)
Debt securities, available for sale, held in an unrealized loss position for more than 12 months, fair value	0
Debt securities, available for sale, held in an unrealized loss position for more than 12 months, unrealized losses	0
Debt securities, available for sale, unrealized loss position, fair value	10,600
Debt securities, available for sale, unrealized loss position, unrealized losses	(29)
Corporate commercial paper
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available for sale, in an unrealized loss positon for less than 12 months, fair value	4,878
Debt securities, available for sale, held in an unrealized loss position for less than 12 months, unrealized losses	(66)
Debt securities, available for sale, held in an unrealized loss position for more than 12 months, fair value	0
Debt securities, available for sale, held in an unrealized loss position for more than 12 months, unrealized losses	0
Debt securities, available for sale, unrealized loss position, fair value	4,878
Debt securities, available for sale, unrealized loss position, unrealized losses	$ (66)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 56,239	$ 69,886
Marketable Securities	69,495	91,015
Cash
Assets
Cash and cash equivalents	8,616	34,726
Money market funds
Assets
Cash and cash equivalents	47,623	35,160
Domestic corporate debt securities
Assets
Marketable Securities	64,617	41,229
Domestic corporate commercial paper
Assets
Marketable Securities	4,878	24,905
Agency bonds
Assets
Marketable Securities		12,389
US treasury bonds
Assets
Marketable Securities		12,492
Recurring basis
Assets
Cash and cash equivalents	56,239	69,886
Marketable Securities	69,495	91,015
Recurring basis | Cash
Assets
Cash and cash equivalents	8,616	34,726
Recurring basis | Money market funds
Assets
Cash and cash equivalents	47,623	35,160
Recurring basis | Domestic corporate debt securities
Assets
Marketable Securities	64,617	41,229
Recurring basis | Domestic corporate commercial paper
Assets
Marketable Securities	4,878	24,905
Recurring basis | Agency bonds
Assets
Marketable Securities		12,389
Recurring basis | US treasury bonds
Assets
Marketable Securities		12,492
Recurring basis | Level 1
Assets
Cash and cash equivalents	56,239	69,886
Marketable Securities	0	0
Recurring basis | Level 1 | Cash
Assets
Cash and cash equivalents	8,616	34,726
Recurring basis | Level 1 | Money market funds
Assets
Cash and cash equivalents	47,623	35,160
Recurring basis | Level 1 | Domestic corporate debt securities
Assets
Marketable Securities	0	0
Recurring basis | Level 1 | Domestic corporate commercial paper
Assets
Marketable Securities	0	0
Recurring basis | Level 1 | Agency bonds
Assets
Marketable Securities		0
Recurring basis | Level 1 | US treasury bonds
Assets
Marketable Securities		0
Recurring basis | Level 2
Assets
Cash and cash equivalents	0	0
Marketable Securities	69,495	91,015
Recurring basis | Level 2 | Cash
Assets
Cash and cash equivalents	0	0
Recurring basis | Level 2 | Money market funds
Assets
Cash and cash equivalents	0	0
Recurring basis | Level 2 | Domestic corporate debt securities
Assets
Marketable Securities	64,617	41,229
Recurring basis | Level 2 | Domestic corporate commercial paper
Assets
Marketable Securities	4,878	24,905
Recurring basis | Level 2 | Agency bonds
Assets
Marketable Securities		12,389
Recurring basis | Level 2 | US treasury bonds
Assets
Marketable Securities		12,492
Recurring basis | Level 3
Assets
Cash and cash equivalents	0	0
Marketable Securities	0	0
Recurring basis | Level 3 | Cash
Assets
Cash and cash equivalents	0	0
Recurring basis | Level 3 | Money market funds
Assets
Cash and cash equivalents	0	0
Recurring basis | Level 3 | Domestic corporate debt securities
Assets
Marketable Securities	0	0
Recurring basis | Level 3 | Domestic corporate commercial paper
Assets
Marketable Securities	$ 0	0
Recurring basis | Level 3 | Agency bonds
Assets
Marketable Securities		0
Recurring basis | Level 3 | US treasury bonds
Assets
Marketable Securities		$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 3,456	$ 4,093
Work in process	649	0
Finished goods	1,801	1,230
Total inventories	$ 5,906	$ 5,323
Finished goods shelf life	36 months

Convertible Notes Payable - Nar

Convertible Notes Payable - Narrative (Details) - Convertible debt - 3.00% Convertible notes	1 Months Ended
	Sep. 12, 2017USD ($)daybusiness_day$ / shares	Jun. 30, 2020USD ($)	Sep. 17, 2019USD ($)	Aug. 14, 2017USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 5,000,000			$ 300,000,000
Debt instrument stated rate	3.00%			3.00%
Debt issuance costs	$ 9,400,000
Debt instrument term	7 years
Conversion ratio	0.0204891
Initial conversion price (in dollars per share) | $ / shares	$ 48.81
Initial carrying amount		$ 204,315,000	$ 166,300,000
Equity component		134,450,000	138,700,000
Proceeds from the issuance of debt		$ 305,000,000	$ 305,000,000
Debt discount, remaining discount amortization period	7 years
Effective interest rate		13.04%
Estimated fair value		$ 223,900,000
Stock price trigger at greater than or equal to 130%
Debt Instrument [Line Items]
Consecutive or non-consecutive trading days	20 days
Consecutive trading days | day	30
Percentage of stock price trigger	130.00%
Stock price trigger less than 98%
Debt Instrument [Line Items]
Consecutive trading days | day	5
Percentage of stock price trigger	98.00%
Trading days | business_day	5
Stock price trigger at greater than or equal to 130%, on or after September 1, 2021
Debt Instrument [Line Items]
Consecutive or non-consecutive trading days	20 days
Consecutive trading days | day	30
Percentage of stock price trigger	130.00%
Consecutive trading days, redemption notice period | day	5
Additional Paid-In Capital
Debt Instrument [Line Items]
Debt issuance costs	$ 4,300,000
Convertible notes
Debt Instrument [Line Items]
Debt issuance costs	$ 5,100,000

Convertible Notes Payable - Sum

Convertible Notes Payable - Summary of Outstanding Balances of Convertible Notes (Details) - Convertible debt - 3.00% Convertible notes - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 17, 2019
Debt Instrument [Line Items]
Principal	$ 305,000	$ 305,000
Less: debt discount and issuance costs, net	(100,685)
Net carrying amount	204,315	166,300
Equity component	$ 134,450	$ 138,700

Convertible Notes Payable - S_2

Convertible Notes Payable - Summary of Total Interest Expense Recognized Related to the Convertible Notes (Details) - Convertible debt - 3.00% Convertible notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Contractual interest expense	$ 2,288	$ 2,288	$ 4,575	$ 4,575
Amortization of debt discount	4,275	3,737	8,409	7,351
Amortization of debt issuance costs	160	140	315	276
Total interest expense	$ 6,723	$ 6,165	$ 13,299	$ 12,202

Convertible Notes Payable - Sch

Convertible Notes Payable - Schedule of Future Minimum Payments on Long-Term Debt (Details) - Convertible debt - 3.00% Convertible notes - USD ($) $ in Thousands	Jun. 30, 2020	Sep. 17, 2019
Future Minimum Payments
2020	$ 4,575
2021	9,150
2022	9,150
2023	9,150
2024	314,150
Total minimum payments	346,175
Less: interest	(41,175)
Less: unamortized discount	(100,685)
Less: current portion	0
Net carrying amount	$ 204,315	$ 166,300

Term Loan and Credit Facility -

Term Loan and Credit Facility - Narrative (Details) - USD ($)	Jan. 10, 2020	Jun. 30, 2020	Dec. 31, 2021	Jun. 26, 2020
Medium-term Notes | Term Facility
Debt Instrument [Line Items]
Aggregate principal amount	$ 55,000,000
Debt instrument, LIBOR floor	2.00%
Medium-term Notes | Term Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread (as a percent)	5.75%
Medium-term Notes | Term Facility | Debt Instrument, Tranche One
Debt Instrument [Line Items]
Aggregate principal amount	$ 10,000,000	$ 10,000,000
Proceeds from issuance of long-term debt		9,800,000
Debt issuance costs		200,000
Estimated fair value		$ 7,300,000
Medium-term Notes | Term Facility | Debt Instrument, Tranche Two
Debt Instrument [Line Items]
Aggregate principal amount				$ 15,000,000
Medium-term Notes | Term Facility | Debt Instrument, Tranche Three | Forecast
Debt Instrument [Line Items]
Aggregate principal amount			$ 15,000,000
Medium-term Notes | Term Facility | Debt Instrument, Tranche Four | Forecast
Debt Instrument [Line Items]
Aggregate principal amount			$ 15,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000,000
Debt instrument, covenant, percent net collectible value of accounts receivable	85.00%
Debt instrument, covenant, percent of eligible inventory	40.00%
Debt instrument, covenant, inventory percentage of availability	20.00%
Potential increase in maximum borrowing capacity	$ 20,000,000
Debt instrument, LIBOR floor	2.00%
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread (as a percent)	3.50%

Term Loan and Credit Facility_2

Term Loan and Credit Facility - Carrying Value (Details) - Medium-term Notes - Term Facility - USD ($)	Jun. 30, 2020	Jan. 10, 2020
Debt Instrument [Line Items]
Principal		$ 55,000,000
Debt Instrument, Tranche One
Debt Instrument [Line Items]
Principal	$ 10,000,000	$ 10,000,000
Less: debt issuance costs, net	(60,000)
Net carrying amount	$ 9,940,000

Term Loan and Credit Facility_3

Term Loan and Credit Facility - Interest Expense (Details) - Debt Instrument, Tranche One - Medium-term Notes - Term Facility - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Contractual interest expense	$ 196	$ 0	$ 375	$ 0
Amortization of debt discount	1	0	2	0
Total interest expense	$ 197	$ 0	$ 377	$ 0

Term Loan and Credit Facility_4

Term Loan and Credit Facility - Future Minimum Payments (Details) - Debt Instrument, Tranche One - Medium-term Notes - Term Facility $ in Thousands	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
2020	$ 394
2021	786
2022	786
2023	7,044
2024	3,611
Total minimum payments	12,621
Less: interest	(2,621)
Less: debt issuance costs, net	(60)
Less: current portion	0
Net carrying amount	$ 9,940

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net loss	$ (43,880)	$ (35,474)	$ (81,534)	$ (78,234)
Denominator:
Weighted-average number of common shares used in loss per share - basic and diluted (in shares)	46,420,046	46,109,193	46,345,585	45,891,557
Loss per share - basic and diluted (in dollars per share)	$ (0.95)	$ (0.77)	$ (1.76)	$ (1.70)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
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 (in shares)	6,194,931	5,163,480	6,194,931	5,163,480
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
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 (in shares)	835,972	648,148	835,972	648,148
Performance units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
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 (in shares)	70,000	79,000	70,000	79,000

Product Revenue Reserves and _3

Product Revenue Reserves and Allowances (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Summary of Activity of Product Revenue Allowance and Reserves
Bad debt write-offs	$ 0
Trade receivables, credit losses	0
Product Revenue Allowance and Reserves
Summary of Activity of Product Revenue Allowance and Reserves
Beginning balance	24,602,000	$ 11,229,000
Provision related to sales in the current year	50,465,000	43,821,000
Adjustments related to prior period sales	(2,569,000)	(340,000)
Credits and payments made	(52,874,000)	(35,929,000)
Ending balance	19,624,000	18,781,000
Chargebacks, Discounts, and Fees
Summary of Activity of Product Revenue Allowance and Reserves
Beginning balance	5,739,000	3,198,000
Provision related to sales in the current year	12,129,000	13,034,000
Adjustments related to prior period sales	(294,000)	(16,000)
Credits and payments made	(15,390,000)	(11,971,000)
Ending balance	2,184,000	4,245,000
Government and other rebates
Summary of Activity of Product Revenue Allowance and Reserves
Beginning balance	17,280,000	7,620,000
Provision related to sales in the current year	34,448,000	30,294,000
Adjustments related to prior period sales	(826,000)	(183,000)
Credits and payments made	(36,805,000)	(23,690,000)
Ending balance	14,097,000	14,041,000
Returns
Summary of Activity of Product Revenue Allowance and Reserves
Beginning balance	1,583,000	411,000
Provision related to sales in the current year	3,888,000	493,000
Adjustments related to prior period sales	(1,449,000)	(141,000)
Credits and payments made	(679,000)	(268,000)
Ending balance	$ 3,343,000	$ 495,000

Commitments and Contingencies -

Commitments and Contingencies - Manufacturing Agreements (Details) € in Millions, SFr in Millions, $ in Millions	1 Months Ended					6 Months Ended
	May 31, 2020CHF (SFr)	May 31, 2020USD ($)	Jul. 31, 2016USD ($)	Jul. 31, 2016EUR (€)	Jun. 30, 2016	Jun. 30, 2020USD ($)
Affiliated Entity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from related parties						$ 23.7
Due to related parties						$ 1
Ypsomed Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Services agreement, term	2 years	2 years			3 years
Services agreement, renewal term					2 years
Service agreement, period required for notice of non-renewal					18 months
Total minimum payments inclusive of milestone payments and one-time capacity fee	SFr 1.9	$ 2.1
Vetter Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Services agreement, term					5 years
Services agreement, renewal term					2 years
Service agreement, period required for notice of non-renewal					2 years
Lonza Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Services agreement, term			6 years	6 years
Services agreement, renewal term			3 years	3 years
Service agreement, period required for notice of non-renewal			24 months	24 months
Annual minimum batches			$ 3.3	€ 2.9

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Menarini Group $ in Millions	Jul. 23, 2020USD ($)
Subsequent Event [Line Items]
License fee	$ 30
Maximum
Subsequent Event [Line Items]
Development and regulatory milestone payments receivable	20
Sales milestone payments receivable	$ 300