Travere Therapeutics (TVTX) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 12, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Retrophin, Inc.	'
Entity Central Index Key	'0001438533	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	26,681,514
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash	$39,880,286	$5,997,307
Marketable securities	3,563,914	132,994
Accounts receivable	1,600,769	'
Other Receivable	5,963,889	'
Inventory	496,685	'
Prepaid expenses and other current assets	1,891,433	1,370,943
Total current assets	53,396,976	7,501,244
Property and equipment, net	511,275	127,427
Security deposits	288,997	244,058
Restricted cash	40,000	40,000
Other asset	1,927,757	'
Investment	400,000	'
Intangible assets, net	98,034,363	12,586,150
Goodwill	935,935	'
Total Assets	155,535,303	20,498,879
Current liabilities:	'	'
Deferred technology purchase liability, current portion	1,500,000	1,634,630
Accounts payable	10,625,117	3,553,567
Accrued expenses	7,233,493	3,526,434
Securities sold, not yet purchased	144,850	1,457,901
Other Liability	588,601	'
Contingent consideration, current portion	3,053,486	'
Derivative financial instruments, warrants	24,839,144	25,037,346
Total current liabilities	47,984,691	35,209,878
Note payable	39,834,960	'
Convertible debt	42,978,042	'
Other liability	12,783,110	'
Contingent consideration	9,746,515	'
Deferred technology purchase liability	1,000,000	1,000,000
Deferred income tax liability, net	141,151	2,600,899
Total liabilities	154,468,469	38,810,777
Commitments and contingencies	'	'
Stockholders' Equity (Deficit):	'	'
Preferred stock Series A $0.001 par value; 20,000,000 shares authorized; 0 issued and outstanding	'	'
Common stock $0.0001 par value; 100,000,000 shares authorized; 26,681,514 and 18,546,363 issued and 26,301,923 and 18,415,573 outstanding, respectively	2,668	1,855
Additional paid-in capital	133,448,275	50,189,127
Treasury stock, at cost, 379,591 and 130,790, respectively	-3,214,608	-957,272
Accumulated deficit	-129,578,400	-67,435,621
Accumulated other comprehensive income (loss)	408,899	-109,987
Total stockholders' equity (deficit)	1,066,834	-18,311,898
Total liabilities and stockholders' equity (deficit)	$155,535,303	$20,498,879

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
STOCKHOLDERS' EQUITY ( DEFICIT )	'	'
Preferred Series A, Par Value	$0.00	$0.00
Preferred Series A,Authorized	20,000,000	20,000,000
Preferred Stock Shares A, Issued	0	0
Preferred Stock Shares A, Outstanding	0	0
Common Stock Par Value	$0.00	$0.00
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Shares Issued	26,681,514	18,546,363
Common Stock Shares Outstanding	26,301,923	18,415,573

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Net product sales	$5,741,734	'	$5,769,634	'
Operating expenses:	'	'	'	'
Cost of goods sold	1,207,395	'	1,208,295	'
Research and development	13,697,991	605,203	20,584,717	713,937
Selling, general and administrative	11,340,071	4,494,699	21,432,093	6,636,449
Total operating expenses	26,245,457	5,099,902	43,225,105	7,350,386
Operating loss	-20,503,723	-5,099,902	-37,455,471	-7,350,386
Other income (expenses):	'	'	'	'
Interest income (expense), net	-2,178,937	5	-2,178,401	-41,558
Finance expense	-4,708,280	'	-4,708,280	'
Realized gain on sale of marketable securities, net	370,177	'	374,841	'
Change in fair value of derivative instruments - gain (loss)	32,978,586	56,041	-20,635,216	-2,395,618
Loss on transaction denominated in foreign currencies	'	-4,657	'	-3,873
Total other income (expense), net	26,461,546	51,389	-27,147,056	-2,441,049
Income (loss) before provision for income taxes	5,957,823	-5,048,513	-64,602,527	-9,791,435
Income tax benefit	2,525,124	'	2,459,748	'
Net income (loss)	8,482,947	-5,048,513	-62,142,779	-9,791,435
Net income (loss) per common share, basic	$0.33	($0.41)	($2.54)	($0.85)
Net loss per common share, diluted	($0.90)	($0.41)	($2.54)	($0.85)
Weighted average common shares outstanding, basic	25,635,277	12,253,599	24,491,477	11,492,475
Weighted average common shares outstanding, diluted	27,326,442	12,253,599	24,491,477	11,492,475
Comprehensive Income (Loss):	'	'	'	'
Net income (loss)	8,482,947	-5,048,513	-62,142,779	-9,791,435
Unrealized gain (loss)	-103,190	'	518,886	'
Comprehensive income (loss)	$8,379,757	($5,048,513)	($61,623,893)	($9,791,435)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) (USD $)	Common Stock	Common Stock In Treasury	Additional Paid-In Capital	Accumulated other comprehensive loss	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2013	$1,855	($957,272)	$50,189,127	($109,987)	($67,435,621)	($18,311,898)
Beginning Balance, Shares at Dec. 31, 2013	18,546,363	-130,790	'	'	'	'
Share based compensation	106	'	10,014,520	'	'	10,014,626
Share based compensation, shares	1,065,845	'	'	'	'	'
Issuance of common stock in connection with January 2014 public offering	471	'	36,834,536	'	'	36,835,007
Issuance of common stock in connection with January 2014 public offering, shares	4,705,882	'	'	'	'	'
Exercise of warrants and reclassification of the derivative liability	196	'	31,701,852	'	'	31,702,048
Exercise of warrants and reclassification of the derivative liability, shares	1,962,377	'	'	'	'	'
Treasury stock	'	-2,257,336	'	'	'	-2,257,336
Treasury stock, shares	'	-248,801	'	'	'	'
Issuance of common stock to convertible debt holders	40	'	4,708,240	'	'	4,708,280
Issuance of common stock to convertible debt holders, shares	401,047	'	'	'	'	'
Unrealized gain	'	'	'	518,886	'	518,886
Net loss	'	'	'	'	-62,142,779	-62,142,779
Ending Balance, Amount at Jun. 30, 2014	$2,668	($3,214,608)	$133,448,275	$408,899	($129,578,400)	$1,066,834
Ending Balance, Shares at Jun. 30, 2014	26,681,514	-379,591	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Cash Flows From Operating Activities:	'	'	'
Net loss	($62,142,779)	($9,791,435)	'
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation and amortization	1,692,606	105,307	'
Amortization of deferred financing costs	3,503	'	'
Amortization of debt discount	53,873	'	'
Realized gain on marketable securities	-374,841	'	'
Share based compensation	10,014,626	287,592	'
Change in estimated fair value of liability classified warrants	20,635,216	2,395,618	10,099,926
Non-cash financing cost	4,708,280	'	'
Changes in operating assets and liabilities:	'	'	'
Accounts receivable	-1,600,769	'	'
Inventory	21,320	'	'
Prepaid expenses and other assets	-814,204	-96,065	'
Accounts payable and accrued expenses	6,547,781	312,001	'
Net cash used in operating activities	-21,255,388	-6,786,982	'
Cash Flows From Investing Activities:	'	'	'
Purchase of fixed assets	-423,482	-9,693	'
Purchase of intangible asset	-3,301,534	-5,700	'
Repayment of technology license liability	'	-1,300,000	'
Security deposits	-44,939	'	'
Proceeds from the sale of marketable securities	1,884,584	'	'
Purchase of marketable securities	-4,887,184	'	'
Proceeds from securities sold, not yet purchased	4,462,144	'	'
Cover securities sold, not yet purchased	-5,309,791	'	'
Cash paid for investment	-400,000	'	'
Cash paid upon acquisition, net of cash acquired	-29,150,000	'	'
Net cash used in investing activities	-37,170,202	-1,315,393	'
Cash Flows From Financing Activities:	'	'	'
Repayment of net amounts due to related parties	'	-13,200	'
Repayment of note payable - related party	'	-884,764	'
Proceeds from Credit Agreement	38,752,321	'	'
Proceeds from Note Purchase Agreement	41,924,169	'	'
Proceeds from the exercise of warrants	8,337,380	'	'
Proceeds received from issuance of common stock, net	36,835,007	9,275,465	'
Repayment of Manchester Note payable	-31,282,972	'	'
Purchase of treasury stock, at cost	-2,257,336	'	'
Net cash provided by financing activities	92,308,569	8,377,501	'
Net (decrease) increase in cash	33,882,979	275,126	'
Cash, beginning of year	5,997,307	11,388	11,388
Cash, end of period	39,880,286	286,514	5,997,307
Supplemental Disclosure of Cash Flow Information:	'	'	'
Cash paid for interest	1,832,984	28,263	'
Non-cash investing and financing activities:	'	'	'
Reclassification of derivative liability to equity due to exercise of warrants	23,364,668	'	'
Present value of contingent consideration payable to sellers of Manchester Pharmaceuticals LLC	12,800,000	'	'
Present value of guaranteed minimum royalty payable to sellers of Thiola	11,849,648	'	'
Note payable entered into upon consummation of Manchester Pharmaceuticals LLC	31,282,972	'	'
Unrealized gain on marketable securities	1,858,744	'	'
Unrealized loss on securities sold, not yet purchased	-1,339,858	'	'
Allocation of proceeds from issuance of common stock to registration payment obligation	'	360,000	'
Shares issued on behalf of related party	'	44,400	'
Cost incurred related to debt financing not yet paid	$1,882,128	'	'

1_DESCRIPTION_OF_BUSINESS

1. DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
1. DESCRIPTION OF BUSINESS	'
	NOTE 1.  DESCRIPTION OF BUSINESS
	Organization and Description of Business
	Retrophin, Inc. and its subsidiaries (the “Company”) is a fully integrated biopharmaceutical company focused on the development, acquisition and commercialization of therapies for the treatment of serious, catastrophic or rare diseases.
	Acquisition of Manchester Pharmaceuticals LLC
	On March 26, 2014, the Company completed its acquisition of all of the membership interests of Manchester Pharmaceuticals LLC, a privately-held specialty pharmaceutical company that focuses on treatments for rare diseases. The acquisition expands the Company’s ability to address the special needs of patients with rare diseases.
	Thiola® License
	On May 29, 2014, the Company entered into a license agreement with Mission Pharmacal Company (“Mission”), a privately-held healthcare medications and treatments provider, for the U.S. marketing rights to Thiola. The license adds Thiola to the Company’s product line. In July 2014, the Company amended the license agreement with Mission to secure the Canadian marketing rights to the product.
	The Company currently sells the three following products:
	·	Chenodal®, which is available in the United States for the treatment of patients suffering from gallstones in whom surgery poses an unacceptable health risk due to disease or advanced age.
	·	Vecamyl®, which is available in the United States for the treatment of moderately severe to severe essential hypertension and uncomplicated cases of malignant hypertension.
	·	Thiola, which is available in the United States for the prevention of cysteine (kidney) stone formation in patients with severe homozygous cystinuria.
	The Company is developing RE-024, a novel small molecule, as a potential treatment for pantothenate kinase-associated neurodegeneration, or PKAN. Also, the Company is developing sparsentan, formerly known as RE-021, a dual acting receptor antagonist of angiotensin and endothelin receptors, for the treatment of focal segmental glomerulosclerosis, or FSGS. The Company is developing SyntocinonTM Nasal Spray in the United States to assist initial postpartum milk ejection, and for the treatment of Schizophrenia. Syntocinon Nasal Spray is currently marketed by Novartis and Sigma-Tau in Europe and other countries for aiding milk let-down. In addition, the Company is developing RE-034, a synthetic hormone analogue that is composed of the first 24 amino acids of the 39 amino acids contained in ACTH for the treatment of Infantile Spasms, or IS, and Nephrotic Syndrome, or NS. The Company also has several additional programs in preclinical development, including RE-001, a therapy for the treatment of Duchenne muscular dystrophy, or DMD.

2_BASIS_OF_PRESENTATION

2. BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
2. BASIS OF PRESENTATION	'
	NOTE 2.  BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements of the Company should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 10-K”) filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2014. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Form 10-Q and the rules and regulations of the SEC. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements, but reflect all adjustments consisting of normal, recurring adjustments, that are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year.  The December 31, 2013 balance sheet information was derived from the audited financial statements as of that date.

3_LIQUIDITY_AND_FINANCIAL_COND

3. LIQUIDITY AND FINANCIAL CONDITION AND MANAGEMENT'S PLANS	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
3. LIQUIDITY AND FINANCIAL CONDITION AND MANAGEMENT'S PLANS	'
	NOTE 3.  LIQUIDITY AND FINANCIAL CONDITION AND MANAGEMENT’S PLANS
	The Company incurred a net loss of approximately $62.1 million, which includes a charge for the change in fair value of derivative instruments in the amount of $20.6 million, for the six months ended June 30, 2014.  At June 30, 2014, the Company had a cash balance of approximately $39.9 million and working capital of approximately $5.4 million. The Company’s accumulated deficit amounted to approximately $129.6 million as of June 30, 2014.
	The Company has principally financed its operations from inception using proceeds from sales of its equity securities in a series of private placement transactions and the issuance of debt. On January 9, 2014, the Company completed a public offering of 4,705,882 shares of common stock at a price of $8.50 per share. The Company received net proceeds from the offering of approximately $36.8 million, after deducting the underwriting fees and other offering costs.
	On May 29, 2014, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) relating to the private placement of $46 million aggregate principal senior convertible notes with an interest rate of 4.50% due 2019 (the “Notes”). The Company received net funds from the Note Purchase Agreement of approximately $42.9 million.  As of June 30, 2014, the Company has recorded $1 million as other receivable related to the Note Purchase Agreement due to a principal amount an investor agreed to purchase. As of the date of this filing, the $1 million has not been received, but the Company expects to receive such payment in the third quarter.
	On June 30, 2014, the Company entered into a $45 million Credit Agreement (the “Credit Agreement”) which matures on June 30, 2018 and bears interest at an annual rate of (i) the Adjusted LIBOR Rate plus 10% or (ii) in certain circumstances, the Base Rate (as such term defined in the Credit Agreement) plus 9.00%. The Company received net funds from the Credit Agreement of approximately $38.8 million. As of June 30, 2014, the Company recorded approximately $5 million as other receivable related to the Credit Agreement due to funding received in July 2014.
	On June 30, 2014, the Company made the final payment of $33 million to the sellers of Manchester Pharmaceuticals LLC (“Manchester”) in full satisfaction of the outstanding amount owed (see Note 5).
	Management believes the Company’s ability to continue its operations depends on its ability to raise capital. The Company’s future depends on the costs, timing, and outcome of regulatory reviews of its product candidates, ongoing research and development, the funding of planned or potential acquisitions, other planned operating activities, and the costs of commercialization activities, including ongoing, product marketing, sales and distribution. The Company expects to continue to finance its cash needs through additional private and public equity offerings and debt financings, corporate collaboration and licensing arrangements and grants from patient advocacy groups, foundations and government agencies. Although management believes that the Company has access to capital resources, there are no commitments for financing in place at this time, nor can management provide any assurance that such financing will be available on commercially acceptable terms, if at all.
	These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of assets or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

4_SUMMARY_OF_SIGNIFICANT_ACCOU

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 4.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	A summary of the significant accounting policies applied in the preparation of the accompanying condensed consolidated financial statements follows:
	Principles of Consolidation
	The unaudited condensed consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with GAAP. All intercompany accounts and transactions have been eliminated in consolidation.
	Accounts Receivable – Trade
	The Company's trade accounts receivable represents amounts due from customers. The Company monitors the financial performance and credit worthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company provides reserves against trade receivables for estimated losses that may result from a customer's inability to pay. Amounts determined to be uncollectible are written-off against the reserve.
	Inventory
	Inventories are stated at the lower of cost or estimated realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and write down such inventories as appropriate. In addition, the Company's products are subject to strict quality control and monitoring which the Company’s manufacturers perform throughout their manufacturing process.
	Inventory consists of the following at June 30, 2014:
		30-Jun-14
	Raw material	$	375,875
	Finished goods		120,810
	Total inventory	$	496,685
	Income Taxes
	The Company follows FASB ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
	The standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FASB ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2014 and December 31, 2013, the Company has $1,522,063, and $0, respectively, recorded as a liability for unrecognized tax uncertainties, included in other liability-long term in the condensed consolidated balance sheet.
	Revenue Recognition
	Product sales consist of U.S. sales of Chenodal, Vecamyl, and Thiola. Revenue from product sales is recognized when persuasive evidence of an arrangement exists, title to product and associated risk of loss have passed to the customer, the price is fixed or determinable, collection from the customer is reasonably assured, the Company has no further performance obligations, and returns can be reasonably estimated. The Company records revenue from product sales upon delivery to its customers. The Company sells Chenodal and Vecamyl in the United States to a specialty pharmacy. Under this distribution model, the specialty pharmacy takes title of the inventory FOB shipping point and sells directly to patients. The Company sells Thiola in the United States and Canada through a specialty distributor. Under this model, the Company will record revenues once the distributor ships products to customers and such customers take title of the inventory FOB shipping point.
	Government Rebates and Chargebacks: The Company estimates reductions to product sales for Medicaid programs, and for certain other qualifying federal and state government programs. Based upon the Company's contracts with government agencies, statutorily-defined discounts applicable to government-funded programs, historical experience, and estimated payer mix, the Company estimates and records an allowance for rebates and chargebacks as a reduction in sales. The Company's liability for Medicaid rebates consists of estimates for claims that a state will make for a current quarter, claims for prior quarters that have been estimated for which an invoice has not been received, and invoices received for claims from prior quarters that have not been paid. The Company's customers charge the Company for the difference between what they pay for the products and the ultimate selling price.
	Distribution-Related Fees: The Company has written contracts with its customer that include terms for distribution-related fees. The Company estimates and records distribution and related fees due to its customer based on gross sales. Distribution-related fees amounted to $56,912 and $57,191 for the three and six months ended June 30, 2014, respectively, and are recorded as general and administrative expense in our condensed consolidated financial statements. Distribution-related fees were not incurred in 2013.
	Prompt Pay Discounts: The Company offers discounts to its customers for prompt payments. The Company estimates these discounts based on customer terms and historical experience, and expect that its customer will always take advantage of this discount. Therefore, the Company accrues 100% of the prompt pay discount that is based on the gross amount of each invoice, at the time of sale.
	Product Returns: Consistent with industry practice, the Company offers its customers a limited right to return product purchased directly from the Company, which is principally based upon the product's expiration date. Product returned is generally not resalable given the nature of the Company's products and method of administration. The Company develops estimates for product returns based upon historical experience, inventory levels in the distribution channel, shelf life of the product, and other relevant factors. The Company monitors product supply levels in the distribution channel, as well as sales by its customers to patients using product-specific data provided by its customers. If necessary, the Company's estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors.
	During the three and six months ended June 30, 2014, one customer accounted for 99% of the Company’s revenues. As of June 30, 2014, one customer accounted for 98% of accounts receivable.
	Earnings (Loss) per Share
	The Company adopted ASC 260, "Earnings Per Share," ("EPS") which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive.
	The following sets forth the computation of diluted EPS for the three months ended June 30, 2014:
		Three months ended June 30, 2014
		Net income (loss) (Numerator)			Shares (Denominator)		Per Share Amount
	Basic EPS	$	8,482,947			25,635,277	$	0.33
	Change in fair value of derivative instruments		(32,978,586	)		-
	Dilutive shares related to warrants		-			1,691,165
	Dilutive EPS	$	(24,495,639	)		27,326,442	$	(0.90	)
	Basic net income (loss) per share is based on the weighted average number of common and common equivalent shares outstanding. Potential common shares includable in the computation of fully diluted per share results are not presented for the six month ended June 30, 2014 and the periods ended June 30, 2013 in the condensed consolidated financial statements as their effect would be anti-dilutive.  The total number of shares issuable upon exercise of options that were not included in dilutive earnings per share for the three and six months ended June 30, 2014 were 2,852,500. The total number of shares issuable upon conversion of debt that were not included in dilutive earnings per share for the three and six months ended June 30, 2014 were 2,642,160. The total number of shares issuable upon exercise of options that were not included in dilutive earnings per share for the three and six months ended June 30, 2013 were 120,000. The total number of shares issuable upon exercise of warrants that were not included in dilutive earnings per share for the three and six months ended June 30, 2013 were 1,917,792.
	Financial Instruments and Fair Value
	The Company accounts for financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The three levels of the fair value hierarchy under ASC 820 are described below:
	Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
	Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and
	Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
	In estimating the fair value of the Company’s marketable securities available-for-sale and securities sold, not yet purchased, the Company used quoted prices in active markets (see Note 6 and Note 8).
	In estimating the fair value of the Company’s derivative liabilities, the Company used the Binomial Lattice options pricing model at inception and on each subsequent valuation date (see Note 7 and Note 8).
	In estimating the fair value of the Company’s contingent consideration, the Company used the comparable uncontrolled transaction (“CUT”) method for royalty payments based on projected revenues. Based on the fair value hierarchy, the Company classified contingent consideration within Level 3 because valuation inputs are based on projected revenues discounted to a present value (see Note 8).
	Financial instruments with carrying values approximating fair value include cash as well as accounts receivable, deposits on license agreements, and accounts payable.
	New Accounting Standards
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016, and early adoption is not permitted. Companies will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. We are currently evaluating the impact of adopting this guidance.

5_BUSINESS_COMBINATION

5. BUSINESS COMBINATION	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
5. BUSINESS COMBINATION	'
	Note 5.  BUSINESS COMBINATION
	Manchester Pharmaceuticals LLC
	On March 26, 2014 (the “Manchester Closing Date”), the Company acquired 100% of the outstanding membership interests of Manchester. Under the terms of the agreement, the Company paid $29.5 million upon consummation of the transaction, of which $3.2 million was paid by Retrophin Therapeutics International LLC, a newly formed indirect wholly owned subsidiary, for rights of product sales outside of the United States. Acquisition costs amounted to approximately $0.3 million and have been recorded as selling, general, and administrative expense in the accompanying condensed consolidated financial statements. The Company entered into a promissory note with Manchester principals for $33 million which was discounted to $31.3 million to be paid in three equal installments of $11 million within three, six, and nine months after the Manchester Closing Date. On June 30, 2014, the Company paid the sellers of Manchester $33 million in full satisfaction of the outstanding amount owed.
	In addition, the Company agreed to make contractual payments based on 10% of net sales of the products Chenodal and Vecamyl to the former members of Manchester. Additional contingent payments will be made based on 5% of net sales from new products derived from the existing products. Contingent consideration will be revalued at each reporting period and any change in valuation will be recorded in the Company’s statement of operations.
	The acquisition was accounted for under the purchase method of accounting in accordance with ASC 805, with the excess purchase price over the fair market value of the assets acquired and liabilities assumed allocated to goodwill. Based on the preliminary purchase price allocation, the purchase price of $73.23 million has resulted in goodwill of $0.9 million and is primarily attributed to the synergies expected to arise after the acquisition. The $0.9 million of goodwill resulting from the acquisition is deductible for income tax purposes.
	The fair value of assets acquired and liabilities assumed was based upon a preliminary valuation and the Company’s estimates and assumptions are subject to change within the measurement period. Critical estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships and developed technology, present value and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.
	The purchase included $72 million of intangible assets with definite lives related to product rights, trade names, and customer relationships with values of $71.4 million, $0.2 million, and $0.4 million, respectively. The useful lives related to the acquired product rights, trade names, and customer relationships are expected to be approximately 16, 1 and 10 years, respectively. Under the terms of the agreement, the sellers agreed to indemnify the Company for uncertain tax liabilities, any breach of any representation or warranty the sellers made to the purchaser, failure of the sellers to perform any covenants or obligations made to the purchaser, and third party claims relating to the operation of the Company and events occurring prior to the Manchester Closing Date. As of June 30, 2014, the Company has recorded an indemnification asset with a corresponding liability in the amount of $1.5 million related to uncertain tax liabilities.
	The purchase price allocation of $73.23 million was as follows:
		Amount (in thousands)
	Cash paid upon consummation, net	$	29,150
	Secured promissory note		31,283
	Fair value of contingent consideration		12,800
	Total purchase price	$	73,233
	Prepaid expenses		116
	Inventory		517
	Product rights		71,372
	Trade names		175
	Customer relationship		403
	Goodwill		936
	Other asset		1,522
	Accounts payable and accrued expenses		(286	)
	Other liability		(1,522	)
	Total allocation of purchase price consideration	$	73,233
	Pro Forma Operating Results
	The following table provides unaudited pro forma results of operations for the three and six months ended June 30, 2014 and 2013, as if the March 26, 2014 acquisition had occurred on January 1, 2013. The pro forma results of operations were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of January 1, 2013 or of results that may occur in the future.
		Pro Forma (Unaudited)
		Three months ended June 30,						Six months ended June 30,
		(in thousands, except per share data)						(in thousands, except per share data)
		2014			2013			2014			2013
	Net Sales	$	5,742		$	1,098		$	6,988		$	2,197
	Net income (loss)	$	8,483		$	(4,184	)	$	(61,524	)	$	(8,063	)
	Net income (loss) per common share, basic	$	0.33		$	(0.34	)	$	(2.51	)	$	(0.70	)
	Net loss per common share, diluted	$	(0.90	)	$	(0.34	)	$	(2.51	)	$	(0.70	)

6_MARKETABLE_SECURITIES_AND_SE

6. MARKETABLE SECURITIES AND SECURITIES SOLD, NOT YET PURCHASED	6 Months Ended
	Jun. 30, 2014
Marketable Securities [Abstract]	'
6. MARKETABLE SECURITIES	'
	NOTE 6.  MARKETABLE SECURITIES AND SECURITIES SOLD, NOT YET PURCHASED
	The Company measures marketable securities and securities sold, not yet purchased on a recurring basis. Generally, the types of securities the Company invests in are traded on a market such as the NASDAQ Global Market, which the Company considers to be Level 1 measurements.
	Marketable securities and securities sold, not yet purchased at June 30, 2014 consisted of the following:
		Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	Marketable securities	$	3,157,355	$	406,826	$	267	$	3,563,914
	available-for-sale:
	Securities sold, not yet purchased	$	147,190	$	2,340	$	-	$	144,850
	Marketable securities and securities sold, not yet purchased at December 31, 2013 consisted of the following:
		Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	Marketable securities	$	129,702	$	3,292	$	-	$	132,994
	available-for-sale:
	Securities sold, not yet purchased	$	1,344,622	$	13,256	$	126,535	$	1,457,901

7_DERIVATIVE_FINANCIAL_INSTRUM

7. DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2014
Investments, All Other Investments [Abstract]	'
7. DERIVATIVE FINANCIAL INSTRUMENTS	'
	NOTE 7.  DERIVATIVE FINANCIAL INSTRUMENTS
	The Company accounts for derivative financial instruments in accordance with ASC 815-40, “Derivative and Hedging – Contracts in Entity’s Own Equity” (“ASC 815-40”), instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The Company’s warrants are classified as liability instruments due to an anti-dilution provision that provides for a reduction to the exercise price of the warrants if the Company issues additional equity or equity linked instruments in the future at an effective price per share less than the exercise price then in effect.
	The warrants are re-measured at each balance sheet date based on estimated fair value. Changes in estimated fair value are recorded as non-cash valuation adjustments within other income (expense) in the Company’s accompanying condensed consolidated statements of operations.  The Company recorded a gain on a change in the estimated fair value of warrants of $33 million and $0.06 million during the three months ended June 30, 2014 and 2013, respectively. The Company recorded a loss on a change in the estimated fair value of warrants of $20.6 million and $2.4 million during the six months ended June 30, 2014 and 2013, respectively.
	The Company calculated the fair value of the warrants using the Binomial Lattice options pricing model at inception and on each subsequent valuation date.  The assumptions used at June 30, 2014 and December 31, 2013 are as follows:
		As of
			31-Dec-13	30-Jun-14
	Fair market price of common stock		$7.00		$11.74
	Expected life (in years), represents the weighted average period until next liquidity event		4.12-4.62 years	.36 – 3.63 years
	Risk-free interest rate		1.39%		1.11% - 1.62%
	Expected volatility		93-97%		85%
	Dividend yield		0.00%		0.00%
	Expected volatility is based on analysis of the Company’s volatility, as well as the volatilities of guideline companies. The risk free interest rate is based on the U.S. Treasury security rates for the remaining term of the warrants at the measurement date.

8_FAIR_VALUE_MEASUREMENTS

8. FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
8. FAIR VALUE MEASUREMENTS	'
	NOTE 8.  FAIR VALUE MEASUREMENTS
	The following table presents the Company’s asset and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2014:
			As of June 30, 2014		Fair Value Hierarchy at June 30, 2014
			Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	Asset:
	Marketable securities, available-for-sale		$	3,563,914	$	3,563,914	$	-
	Liabilities:
	Derivative liability related to		$	24,839,144	$	-	$	-	$	24,839,144
	warrants
	Securities sold, not yet purchased		$	144,850	$	144,850	$	-	$	-
	Contingent consideration		$	12,800,000	$	-	$	-	$	12,800,000
	The following table presents the Company’s asset and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2013:
			As of December 31, 2013		Fair Value Hierarchy at December 31, 2013
			Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	Asset:
	Marketable securities, available-for-sale		$	132,994	$	132,994	$	-	$	-
	Liability:
	Derivative liability related to warrants		$	25,037,346	$	-	$	-	$	25,037,346
	Securities sold, not yet purchased		$	1,457,901	$	1,457,901	$	-	$	-
	The following table sets forth a summary of changes in the estimated fair value of the Company’s derivative financial instruments, warrants liability for the period from January 1, 2013 through June 30, 2014:
			Fair Value Measurements of Common Stock Warrants Using Significant Unobservable Inputs (Level 3)
	Balance at January 1, 2013	$	-
	Issuance of common stock warrants:
	14-Feb-13		5,407,372
	14-Aug-13		328,561
	15-Aug-13		9,201,487
	Total value upon issuance		14,937,420
	Change in fair value of common stock warrant liability		10,099,926
	Balance at December 31, 2013		25,037,346
	Issuance of common stock warrants, June 30, 2014 (Note 12)		2,531,250
	Reclassification of derivative liability to equity upon exercise of warrants		-23,364,668
	Change in estimated fair value of liability classified warrants		20,635,216
	Balance at June 30, 2014	$	24,839,144
	A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  At each reporting period, the Company performs a detailed analysis of the assets and liabilities that are subject to ASC 820.
	The following table sets forth a summary of changes in the estimated contingent consideration for the period from January 1, 2014 through June 30, 2014:
			Fair Value Measurements of Contingent Consideration
	Balance at January 1, 2014	$	-
	Present value of contractual payments, contingent consideration upon acquisition		12,800,000
	Balance at June 30, 2014	$	12,800,000

9_INTANGIBLE_ASSETS

9. INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
9. INTANGIBLE ASSETS	'
	NOTE 9.  INTANGIBLE ASSETS
	Amortizable intangible assets
	Ligand License Agreement
	On February 16, 2012, the Company entered into an agreement for a worldwide sublicense for $2.5 million to develop, manufacture and commercialize a drug technology which is referred to as DARA (the “Ligand License Agreement”). The cost of the Ligand License Agreement, which is presented net of amortization in the accompanying condensed consolidated balance sheet as other amortizable intangible asset, is being amortized to research and development on a straight-line basis through September 30, 2023.
	Syntocinon License Agreement
	On December 12, 2013, the Company entered into an agreement with Novartis Pharma AG and Novartis AG pursuant to which Novartis Pharma AG and Novartis AG agreed to grant the Company an exclusive, perpetual, and royalty-bearing license for the manufacture, development and commercialization of Syntocinon and related intranasal products in the United States (the “Syntocinon License Agreement”). Under the Syntocinon License Agreement, Novartis Pharma AG and Novartis AG are obligated to transfer to the Company certain information that is necessary for or related to the development or commercialization of Syntocinon. As consideration for the Syntocinon License Agreement, the Company paid to Novartis Pharma AG and Novartis AG, and capitalized, a $5 million upfront fee. The intellectual property underlying the Syntocinon License Agreement is held in perpetuity. The Company has examined the Syntocinon License Agreement and has capitalized the license fee in accordance with ASC 350 due to future alternative uses such as re-licensing of the technology to other third parties, the sale of the licensed technology to other life science companies, and the potential development of various ingestible drug products using the licensed technologies.
	During the quarter ended June 30, 2014, certain key underlying assumptions regarding the estimated useful life of the Syntocinon License Agreement changed resulting in the Company changing the estimated useful life from indefinite-lived to definite lived, starting in the second quarter of 2014. Such changes relate to the regulatory requirements needed to re-introduce the product for the treatment of lactation deficiency. Management determined the development program approximates seven to eight years and the use patent exclusivity and/or commercial viability period upon approval will be eleven to twelve years. Management assigned a life of twenty (20) years to the asset and is being amortized to research and development on a straight-line basis through December 2033.
	Kyalin - Carbetocin Technology Purchase
	On December 23, 2013, the Company entered into a stock purchase agreement with Kyalin to acquire substantially all of Kyalin’s assets which include patents, patent applications, contracts and data related to the intranasal formulation of the compound Carbetocin (collectively, the “Carbetocin Assets”). Carbetocin, similar to Oxytocin, has potential utility for the treatment of milk let-down in post pregnant women, inducing contractions during labor, postpartum hemorrhage, as well as for schizophrenia.
	The Company capitalized $3 million of fixed minimum payments and closing costs. For tax purposes, intangible assets are subject to different amortization allowances than for book purposes. FASB ASC 740-10-55 (“ASC 740”) addresses the accounting treatment when an asset is acquired outside of a business combination, and the tax basis of that asset differs from the amount paid.  For the year ended December 31, 2013, pursuant to the guidance in ASC 740, the Company has stepped-up the basis of its intangible assets by $2.5 million and has recorded a deferred tax liability in the same amount, to account for the book/tax basis difference resulting from the Kyalin acquisition.
	During the quarter ended June 30, 2014, certain underlying assumptions regarding the estimated useful life of the Carbetocin Assets changed resulting in the Company changing the estimated useful life from indefinite-lived to definite lived, starting in the second quarter of 2014. Such changes relate to the regulatory requirements needed to develop the Carbetocin Assets, as well as the departure of key personnel responsible for the development of the Carbetocin Assets. Management determined the development program approximates five to seven years and commercial viability will be five to seven years. Management assigned a life of ten (10) years to the assets and is being amortized to research and development on a straight-line basis through December 2023.
	The change in estimated useful life in the current quarter also resulted in reversal of the deferred tax liability and recording a tax benefit of $2.5 million, as it was no longer necessary to account for the book/tax difference of Kyalin.
	Manchester Pharmaceuticals LLC
	Upon the completion of the Company’s acquisition of Manchester on March 26, 2014, it acquired intangible assets with definite lives related to product rights, trade names, and customer relationships with the values of $71.4 million, $0.2 million, and $0.4 million, respectively. The useful lives related to the acquired product rights, trade names, and customer relationships are expected to be approximately 16, 1 and, 10 years, respectively. Amortization of product rights is being recorded as cost of goods sold and amortization of trade names and customer relationships is being recorded as general and administrative expense over their respective lives.
	Thiola License Agreement
	On May 29, 2014, the Company entered into a license agreement with Mission Pharmacal Company (“Mission”), pursuant to which Mission agreed to grant the Company an exclusive, royalty-bearing license to market, sell and commercialize Thiola in the United States and a non-exclusive license to use know-how relating to Thiola to the extent necessary to market Thiola. In July 2014, the Company amended the license agreement with Mission to secure the Canadian marketing rights to the product for no additional consideration.
	Upon execution of the agreement, the Company paid Mission an up-front license fee of $3 million. In addition, the Company shall pay guaranteed minimum royalties during each calendar year the greater of $2 million or twenty percent (20%) of the Company’s net sales of Thiola through June 30, 2024. As of June 30, 2014, the present value of guaranteed minimum royalties payable is $11.8 million using a discount rate of approximately 11% based on the Company’s current borrowing rate. As of June 30, 2014, the guaranteed minimum royalties’ current and long term liability is approximately $.6 million and $11.2 million, respectively, and is recorded as other liability in the condensed consolidated balance sheet. The Company capitalized $15 million related to the Thiola asset which consists of the up-front license fee, professional fees, and the present value of the guaranteed minimum royalties.
	As of June 30, 2014, amortizable intangible assets were approximately $98 million. Amortization expense recorded as research and development amounted to $255,430 and $305,386 for the three and six months ended June 30, 2014, respectively. Amortization expense recorded as research and development amounted to $0 for the three and six months ended June 30, 2013. Amortization expense recorded as general and administrative amounted to $172,203 and $175,151 for the three and six months ended June 30, 2014, and $50,511 and $100,466 for the three and six months ended June 30, 2013, respectively. Amortization expense recorded as cost of goods sold amounted to $1,111,371 and $1,172,435 for the three and six months ended June 30, 2014, respectively. Amortization expense recorded as cost of goods sold amounted to $0 for each of the three and six months ended June 30, 2013.
	Amortizable intangible assets as of June 30, 2014 and December 31, 2013 consist of the following:
		30-Jun-14
		Gross Carrying Amount		Accumulated Amortization			Net Book Value
	Product Rights	$	71,372,000	$	(1,172,435	)	$	70,199,565
	Thiola License		15,049,647		(118,533	)		14,931,114
	Carbetocin Assets*		5,567,736		(141,074	)		5,426,662
	Syntocinon License*		5,000,000		(62,552	)		4,937,448
	Ligand License		2,300,000		(424,447	)		1,875,553
	Customer Relationships		403,000		(10,591	)		392,409
	Trade Name		175,000		(46,027	)		128,973
	Patent Costs		143,928		(1,289	)		142,639
	Total	$	100,011,311	$	(1,976,948	)	$	98,034,363
	* The Company commenced amortization in the current quarter due to change in estimate.
		31-Dec-13
		Gross Carrying		Accumulated Amortization			Net Book Value
		Amount
	Ligand License	$	2,300,000	$	(323,980	)	$	1,976,020
	Patent Costs		49,775		-			49,775
	Total	$	2,349,775	$	(323,980	)	$	2,025,795
	Amortization expense for the years ended December 31, 2014, 2015, 2016, 2017, and 2018 is expected to be $5,281,810, $7,064,263, $7,042,752, $7,023,509, and $7,023,509 respectively.

10_RESEARCH_AND_DEVELOPMENT

10. RESEARCH AND DEVELOPMENT	6 Months Ended
	Jun. 30, 2014
Research and Development [Abstract]	'
10. RESEARCH AND DEVELOPMENT	'
	NOTE 10.   RESEARCH AND DEVELOPMENT
	Research and development expenses consist of the following for the three and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30				Six Months Ended June 30
		2014		2013		2014		2013
	External service provider costs:
	Sparsentan	$	2,647,735	$	356,238	$	3,577,175	$	464,973
	RE-024		3,745,059		-		6,110,068		-
	Syntocinon		517,899		-		642,765		-
	RE-034		602,129		-		1,177,815		-
	General		2,036,756		-		3,118,476		-
	Other product candidates		312,275		-		610,677		-
	Amortization		255,430		-		305,386		-
	Total external service provider costs:		10,117,283		356,238		15,542,362		464,973
	Internal personnel costs:		3,580,708		248,965		5,042,355		248,964
	Total research and development	$	13,697,991	$	605,203	$	20,584,717	$	713,937

11_SELLING_GENERAL_AND_ADMINIS

11. SELLING, GENERAL, AND ADMINISTRATIVE	6 Months Ended
	Jun. 30, 2014
Selling General And Administrative	'
11. SELLING, GENERAL, AND ADMINISTRATIVE	'
	NOTE 11.  SELLING, GENERAL, AND ADMINISTRATIVE
	Selling, general, and administrative expenses consist of the following for the three and six months ended June 30, 2014 and 2013, respectively:
		Three Months Ended June 30				Six Months Ended June 30
		2014		2013		2014		2013
	Professional fees	$	4,913,393	$	1,595,026	$	11,068,778	$	1,928,868
	Compensation and related costs		3,847,879		358,167		5,931,468		1,288,454
	Depreciation and amortization		198,619		53,139		214,785		105,307
	Other		2,380,180		2,488,367		4,217,062		3,313,820
	Total selling, general, and administrative expenses	$	11,340,071	$	4,494,699	$	21,432,093	$	6,636,449

12_NOTES_PAYABLE

12. NOTES PAYABLE	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
12. NOTES PAYABLE	'
	NOTE 12.    NOTES PAYABLE
	Total interest expense recognized for the three and six months ended June 30, 2014 aggregated to $2,178,937 and $2,178,401, respectively. Total interest income (expense) recognized for the three and six months ended June 30, 2013 aggregated to $5 and ($41,558), respectively.
	Note Payable – Manchester Pharmaceuticals, LLC
	On March 26, 2014, upon the acquisition of Manchester, the Company entered into a note payable in the amount of $33 million. The note is non-interest bearing and therefore the Company recorded the loan at present value of $31.2 million using the effective interest rate of approximately 11%, which is the Company’s current borrowing rate. The note was due and payable in three consecutive payments, each in the amount of $11 million payable on June 26, 2014, September 26, 2014, and December 12, 2014 (the maturity date). On June 30, 2014, the Company paid off the note in its entirety. The Company accelerated interest expense in the amount of $1.7 million for the difference between the present value of the loan and the loan balance paid.
	Convertible Notes Payable
	On May 29, 2014, the Company entered into a Note Purchase Agreement with the investors thereunder (the “Investors”) relating to a private placement by the Company of $46 million aggregate principal senior convertible notes due 2019 (the “Notes”), which are convertible into shares of the Company’s common stock at an initial conversion price of $17.41 per share. The conversion price is subject to customary anti-dilution protection. The Notes bear interest at a rate of 4.5% per annum, payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15. The Notes mature on May 30, 2019 unless earlier converted or repurchased in accordance with the terms. The aggregate carrying value of the Notes on their issuance was $43 million, which was net of the $3 million debt discount. The debt discount is being amortized to interest expense over the term of the Notes under the effective interest method. As of June 30, 2014, accrued interest amounted to $0.2 million related to the convertible notes payable.
	On June 30, 2014, the Company issued 401,047 shares of Common Stock to the Investors and such Investors granted the Company a release of certain claims they may have had in connection with the Company's sale of the Notes or certain statements made by the Company in connection with such sale. The Company recorded finance expense as other expense in the amount of $4,708,280 in relation to the shares issued based on the fair market value of the stock on the date of issuance.
	Note Payable with Detachable Warrants
	On June 30, 2014, the Company entered into a $45 million Credit Agreement which matures on June 30, 2018 and bears interest at an annual rate of (i) the Adjusted LIBOR Rate (as such term is defined in the Credit Agreement) plus 10.00% or (ii) in certain circumstances, the Base Rate (as such term is defined in the Credit Agreement) plus 9.00%. The Credit Agreement contains certain covenants, including those limiting the Company's and its subsidiaries' abilities to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the Credit Agreement requires the Company and its subsidiaries to meet certain financial quarterly requirements commencing in September 2014. Failure by the Company or its subsidiaries to comply with any of these covenants or financial tests could result in the acceleration of the loans under the Credit Agreement. The aggregate carrying value of the convertible notes on their issuance was $39.8 million, which was net of the $5.2 million debt discount. The debt discount is being amortized to interest expense over the term of the notes under the effective interest method. No interest expense was incurred during the quarter ended June 30, 2014 related to the Note Payable.
	In connection with the execution of the Credit Agreement, the Company issued warrants (the "Warrants") to the Lenders under the Credit Agreement, initially exercisable to purchase up to an aggregate of 337,500 shares of common stock of the Company. The Warrants will be exercisable in whole or in part, at an initial exercise price per share of $12.76 per share, which is subject to weighted-average anti-dilution protections. The Warrants may be exercised at any time upon the election of the holder, beginning on the date of issuance and ending on the fifth anniversary of the date of issuance. The issuance of the Warrants was not registered under the Securities Act of 1933, as amended (the "Securities Act") as such issuance was exempt from registration under Section 4(2) of the Securities Act.
	The total grant date fair value of the Warrants is $2.5 million and was recorded as a derivative liability and is included in the debt discount to the Note Payable. The Company calculates the fair value of the warrants using the Binomial Lattice pricing model using the following assumptions:
	Risk free rate	1.62%
	Expected volatility	85%
	Expected life (in years), represents the weighted average period until next liquidity event	0.36
	Expected dividend yield	-
	Exercise Price	$12.76
	Debt Maturities
	The stated maturities of the Company’s long-term debt at December 31 are as follows (in millions):
	2014	$	-
	2015		-
	2016		-
	2017		-
	2018		45
	Thereafter		46
		$	91

13_COMMITMENTS_AND_CONTINGENCI

13. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
13. COMMITMENTS AND CONTINGENCIES	'
	NOTE 13.   COMMITMENTS AND CONTINGENCIES
	Leases and Sublease
	On February 28, 2014, the Company amended its lease agreement for its offices located in Carlsbad, California. The Company increased its Carlsbad office space for approximately $110,000 of additional annual base rent plus rent escalations, common area maintenance, insurance, and real estate taxes under a lease agreement expiring in June 2017.
	On April 10, 2014, the Company entered into an amended lease agreement at its principal offices in New York, New York and is responsible for additional rent of approximately $537,264 annually plus rent escalations through April 2015.
	Research Collaboration and Licensing Agreements
	As part of the Company's research and development efforts, the Company enters into research collaboration and licensing agreements with unrelated companies, scientific collaborators, universities, and consultants. These agreements contain varying terms and provisions which include fees and milestones to be paid by the Company, services to be provided, and ownership rights to certain proprietary technology developed under the agreements. Some of these agreements contain provisions which require the Company to pay royalties, in the event the Company sells or licenses any proprietary products developed under the respective agreements.
	Contract Commitments
	The following table summarizes our principal contractual commitments, excluding open orders that support normal operations, as of June 30, 2014:
	Year Ending December 31,	Research and Development and		Consultants		Operating Leases
		other Charitable Donations
	2014	$	5,332,827	$	220,830	$	1,133,034
	2015		4,941,144		-		1,054,961
	2016		-		-		836,978
	2017		-		-		70,504
	Total	$	10,273,971	$	220,830	$	3,095,477
	Legal Proceedings
	In Charles Schwab & Co., Inc. v. Retrophin, Inc., et. al., Case No. 14 CV 4294 (S.D.N.Y.), the plaintiff, Charles Schwab & Co., Inc. (“Schwab”), asserts that it was misled by two of its customers, Jackson Su (“Su”), and Chun Yi “George” Huang (“Huang”), who are former employees of the Company, and who induced Schwab to wrongfully execute sales of their restricted shares of the Company’s common stock (the “Shares”).  Schwab has also alleged that certain agents of the Company provided incorrect information to Schwab in connection with the sale of the Shares.  Schwab has alleged that as a result of its detrimental reliance on the incorrect information provided to it by the Company’s agents, it has incurred in excess of $2 million in damages.  Su and Huang have asserted “cross-claims” against the Company for alleged fraud and negligent misrepresentation premised upon the Company’s alleged failure to inform them of restrictions on the sale of their Shares.  The Company believes that it has valid defenses against all claims and that it is not responsible for any losses incurred by the other parties. The Company cannot predict the timing or outcome of this litigation.
	From time to time the Company is involved in legal proceedings arising in the ordinary course of business. The Company believes there is no other litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition.

14_STOCKHOLDERS_DEFICIT

14. STOCKHOLDERS DEFICIT	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
14. STOCKHOLDERS DEFICIT	'
	NOTE 14. STOCKHOLDERS’ DEFICIT
	Common Stock
	The Company is currently authorized to issue up to 100,000,000 shares of $0.0001 par value common stock. All issued shares of common stock are entitled to vote on a 1 share/1 vote basis.
	Preferred Stock
	The Company is currently authorized to issue up to 20,000,000 shares of $0.001 preferred stock, of which 1,000 shares are designated Class "A" Preferred shares, $0.001 par value. Class A Preferred Shares are not entitled to interest, have certain liquidation preferences, special voting rights and other provisions.  No Preferred Shares have been issued to date.
	Issuances
	Public Offering - 2014
	On January 9, 2014, the Company completed a public offering of 4,705,882 shares of common stock at a price of $8.50 per share. The Company received net proceeds from the offering of $36,835,007, after deducting the underwriting fees and other offering costs of $3,164,990, which were recorded against additional paid in capital.
	Restricted Shares
	As of June 30, 2014 and December 31, 2013, there was approximately $10,549,613 and $1,105,967 of unrecognized compensation cost related to restricted shares granted.  As of June 30, 2014 and December 31, 2013, these amounts are expected to be recognized over a weighted average period of 2.73 and 2.19 years, respectively. Unvested restricted shares consist of the following as of June 30, 2014 and December 31, 2013.
		Employee - number of shares			Non Employee - number of shares			Total number of shares			Weighted Average Grant Date Fair Value
	Unvested December 31, 2013		130,215			38,427			168,642			6.44
	Granted		630,000			-			630,000			17.08
	Vested		(61,393	)		(28,437	)		(89,830	)		13.85
	Forfeited/cancelled		(4,155	)		-			(4,155	)		3
	Unvested June 30, 2014		694,667			9,990			704,657			15.4
	Stock Options
	The Company uses the Black-Scholes option pricing model to value options granted to employees and directors. Compensation expense is recognized over the period of service, generally the vesting period. Stock-based compensation related to stock options totaled $2,299,505 and $3,501,298 for the three and six months ended June 30, 214, respectively. The Company did not record stock based compensation in 2013 related to options.
	The unamortized amount of stock options expense totaled $31,649,853 as of June 30, 2014 which will be recognized over a weighted-average period of 2.66 years.
	During the six months ended June 30, 2014, 2,686,500 stock options were granted by the Company. The fair values of stock option grants during the six months ended June 30, 2014 were calculated on the date of grant using the Black-Scholes option pricing model, except for options granted for market and revenue performance criteria. The following assumptions were used in the Black-Scholes options pricing model:
		Six months ended June 30, 2014
	Risk free rate	1.55% - 1.57%
	Expected volatility	85%
	Expected life (in years)	5.81
	Expected dividend yield	-
	The risk-free interest rate was based on rates established by the Federal Reserve. The Company’s expected volatility was based on analysis of the Company’s volatility, as well as the volatilities of guideline companies. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield is based upon the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the foreseeable future.
	The fair value of 100,000 stock options granted for achievement of market performance of the Company’s stock price during the six months ended June 30, 2014 was calculated using the Binomial Lattice options pricing model. These options vest upon such time as the trailing twenty day average of the closing price of the Company’s common stock equals or exceeds $25 per share (but no earlier than February 24, 2015). The Company will record stock compensation expense for 100,000 options that vest based on revenue performance conditions when achievement is considered probable. The revenue performance options vest upon such time as the Company’s revenues meet or exceed $50 million in the aggregate over any consecutive four fiscal quarter period (but no earlier than February 24, 2015). No compensation has been recorded for the revenue performance options.
	Options granted during the six months ended June 30, 2014 were as follows:
					Weighted Average
		Shares Underlying Options			Exercise Price			Remaining Contractual Term (in years)			Aggregate Intrinsic Value
	Outstanding at December 31, 2013		1,721,000		$	7.66			9.89		$	172,000
	Granted during 2014		2,686,500			14.57			10			-
	Exercised		-			-			-			-
	Forfeited/cancelled		(12,500	)		6.2			0.08			-
	Outstanding at June 30, 2014		4,395,000		$	11.89			9.65		$	7,297,560
	Exercisable as of June 30, 2014		521,417		$	9.27			9.42		$	1,810,115
	The intrinsic value is calculated as the difference between the closing price of the Company’s common stock as of June 30, 2014, which was $11.74 per share, and the exercise price of the options.
	Share Based Compensation
	Share based compensation expenses consist of the following for the three months and six months ended June 30, 2014 and 2013, respectively:
		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
		2014			2013			2014			2013
	Restricted Shares	$	2,857,681		$	91,705		$	6,513,331		$	250,909
	Stock Options		2,150,591			36,683			3,501,295			36,683
	Total	$	5,008,272		$	128,388		$	10,014,626		$	287,592
	Exercise of Warrants
	During the six months ended June 30, 2014, the Company issued 1,962,377 shares of common stock upon the exercise of warrants for cash received by the Company in the amount of $8,337,380. The Company reclassified $23,364,668 derivative liability as equity for the value of these warrants on the date of exercise. The warrants were revalued immediately prior to exercise and the change in the fair value of the warrants was recorded as other expense in the condensed consolidated financial statements of the Company.
	Stock Repurchases
	During the six months ended June 30, 2014, the Company repurchased 248,801 shares of its common stock for an aggregate purchase price of $2,257,336. The Company currently recognizes such repurchased common stock as treasury stock.

15_SUBSEQUENT_EVENTS

15. SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
15. SUBSEQUENT EVENTS	'
	NOTE 15.  SUBSEQUENT EVENTS
	In July 2014, the Company amended the license agreement with Mission to secure the Canadian marketing rights to the product.
	Stock Option Grants
	Subsequent to year end, the Company granted 311,000 options to employees and consultants.
	Sublease Agreement
	Subsequent to quarter end, the Company entered into a sublease agreement for new office space located in Cambridge, MA. The Company increased its office space for approximately $800,000 of additional rent per annum. The sublease expires on December 31, 2016.
	Clinuvel
	On July 17, 2014, the Company made a proposal to the board of directors of Clinuvel Pharmaceuticals Limited (“Clinuvel”) to acquire all of the outstanding shares of Clinuvel for either 0.175 shares of common stock of the Company or $2.03 in cash per share for an aggregate purchase price of approximately $89 million. As of July 30, 2014, the Company has invested approximately $4.5 million and acquired approximately 6.7% of the outstanding shares of Clinuvel as part of the proposal process. If Clinuvel accepts the Company’s proposal to acquire all of its outstanding shares of common stock, the Company will need to obtain additional equity or debt financing to consummate the acquisition and consolidation (see Note 3).

4_SUMMARY_OF_SIGNIFICANT_ACCOU1

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2014
Summary Of Significant Accounting Policies Policies	'
Principles of Consolidation	'
	The unaudited condensed consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with GAAP. All intercompany accounts and transactions have been eliminated in consolidation.
Accounts Receivable - Trade	'
	The Company's trade accounts receivable represents amounts due from customers. The Company monitors the financial performance and credit worthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company provides reserves against trade receivables for estimated losses that may result from a customer's inability to pay. Amounts determined to be uncollectible are written-off against the reserve.
Inventory	'
	Inventories are stated at the lower of cost or estimated realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and write down such inventories as appropriate. In addition, the Company's products are subject to strict quality control and monitoring which the Company’s manufacturers perform throughout their manufacturing process.
	Inventory consists of the following at June 30, 2014:
		30-Jun-14
	Raw material	$	375,875
	Finished goods		120,810
	Total inventory	$	496,685
Income Taxes	'
	The Company follows FASB ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
	The standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FASB ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2014 and December 31, 2013, the Company has $1,522,063, and $0, respectively, recorded as a liability for unrecognized tax uncertainties, included in other liability-long term in the condensed consolidated balance sheet.
Revenue Recognition	'
	Product sales consist of U.S. sales of Chenodal, Vecamyl, and Thiola. Revenue from product sales is recognized when persuasive evidence of an arrangement exists, title to product and associated risk of loss have passed to the customer, the price is fixed or determinable, collection from the customer is reasonably assured, the Company has no further performance obligations, and returns can be reasonably estimated. The Company records revenue from product sales upon delivery to its customers. The Company sells Chenodal and Vecamyl in the United States to a specialty pharmacy. Under this distribution model, the specialty pharmacy takes title of the inventory FOB shipping point and sells directly to patients. The Company sells Thiola in the United States and Canada through a specialty distributor. Under this model, the Company will record revenues once the distributor ships products to customers and such customers take title of the inventory FOB shipping point.
Government Rebates and Chargebacks	'
	The Company estimates reductions to product sales for Medicaid programs, and for certain other qualifying federal and state government programs. Based upon the Company's contracts with government agencies, statutorily-defined discounts applicable to government-funded programs, historical experience, and estimated payer mix, the Company estimates and records an allowance for rebates and chargebacks as a reduction in sales. The Company's liability for Medicaid rebates consists of estimates for claims that a state will make for a current quarter, claims for prior quarters that have been estimated for which an invoice has not been received, and invoices received for claims from prior quarters that have not been paid. The Company's customers charge the Company for the difference between what they pay for the products and the ultimate selling price.
Distribution-Related Fees	'
	The Company has written contracts with its customer that include terms for distribution-related fees. The Company estimates and records distribution and related fees due to its customer based on gross sales.
Prompt Pay Discounts	'
	The Company offers discounts to one of its customer’s for prompt payments. The Company estimates these discounts based on customer terms and historical experience, and expect that its customer will always take advantage of this discount. Therefore, the Company accrues 100% of the prompt pay discount that is based on the gross amount of each invoice, at the time of sale.
Product Returns	'
	Consistent with industry practice, the Company offers its customers a limited right to return product purchased directly from the Company, which is principally based upon the product's expiration date. Product returned is generally not resalable given the nature of the Company's products and method of administration. The Company develops estimates for product returns based upon historical experience, inventory levels in the distribution channel, shelf life of the product, and other relevant factors. The Company monitors product supply levels in the distribution channel, as well as sales by its customers to patients using product-specific data provided by its customers. If necessary, the Company's estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors.
	During the three and six months ended June 30, 2014, one customer accounted for 99% of the Company’s revenues. As of June 30, 2014, one customer accounted for 98% of accounts receivable.
Earnings (Loss) per Share	'
	The Company adopted ASC 260, "Earnings Per Share," ("EPS") which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive.
	The following sets forth the computation of diluted EPS for the three months ended June 30, 2014:
		Three months ended June 30, 2014
			Net income (loss) (Numerator)	Shares (Denominator)		Per Share Amount
	Basic EPS	$	8,482,947	25,635,277	$	0.33
	Change in fair value of derivative instruments		-32,978,586	-
	Dilutive shares related to warrants		-	1,691,165
	Dilutive EPS	$	-24,495,639	27,326,442	$	-0.9
	Basic net income (loss) per share is based on the weighted average number of common and common equivalent shares outstanding. Potential common shares includable in the computation of fully diluted per share results are not presented for the six month ended June 30, 2014 and the periods ended June 30, 2013 in the condensed consolidated financial statements as their effect would be anti-dilutive.  The total number of shares issuable upon exercise of options that were not included in dilutive earnings per share for the three and six months ended June 30, 2014 were 2,852,500. The total number of shares issuable upon conversion of debt that were not included in dilutive earnings per share for the three and six months ended June 30, 2014 were 2,642,160. The total number of shares issuable upon exercise of options that were not included in dilutive earnings per share for the three and six months ended June 30, 2013 were 120,000. The total number of shares issuable upon exercise of warrants that were not included in dilutive earnings per share for the three and six months ended June 30, 2013 were 1,917,792.
Financial Instruments and Fair Value	'
	The Company accounts for financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  The three levels of the fair value hierarchy under ASC 820 are described below:
	Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
	Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and
	Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
	In estimating the fair value of the Company’s marketable securities available-for-sale and securities sold, not yet purchased, the Company used quoted prices in active markets (see Note 6 and Note 8).
	In estimating the fair value of the Company’s derivative liabilities, the Company used the Binomial Lattice options pricing model at inception and on each subsequent valuation date (see Note 7 and Note 8).
	In estimating the fair value of the Company’s contingent consideration, the Company used the comparable uncontrolled transaction (“CUT”) method for royalty payments based on projected revenues. Based on the fair value hierarchy, the Company classified contingent consideration within Level 3 because valuation inputs are based on projected revenues discounted to a present value (see Note 8).
	Financial instruments with carrying values approximating fair value include cash as well as accounts receivable, deposits on license agreements, and accounts payable.
New Accounting Standards	'
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016, and early adoption is not permitted. Companies will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. We are currently evaluating the impact of adopting this guidance.

4_SUMMARY_OF_SIGNIFICANT_ACCOU2

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Restatement of Prior Quarters	'
		30-Jun-14
	Raw material	$	375,875
	Finished goods		120,810
	Total inventory	$	496,685
Computation of diluted EPS	'
	The following sets forth the computation of diluted EPS for the three months ended June 30, 2014:
		Three months ended June 30, 2014
		Net income (loss) (Numerator)			Shares (Denominator)		Per Share Amount
	Basic EPS	$	8,482,947			25,635,277	$	0.33
	Change in fair value of derivative instruments		(32,978,586	)		-
	Dilutive shares related to warrants		-			1,691,165
	Dilutive EPS	$	(24,495,639	)		27,326,442	$	(0.90	)

5_BUSINESS_COMBINATION_Tables

5. BUSINESS COMBINATION (Tables)	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Purchase price allocation	'
	The purchase price allocation of $73.23 million was as follows:
		Amount (in thousands)
	Cash paid upon consummation, net	$	29,150
	Secured promissory note		31,283
	Fair value of contingent consideration		12,800
	Total purchase price	$	73,233
	Prepaid expenses		116
	Inventory		517
	Product rights		71,372
	Trade names		175
	Customer relationship		403
	Goodwill		936
	Other asset		1,522
	Accounts payable and accrued expenses		(286	)
	Other liability		(1,522	)
	Total allocation of purchase price consideration	$	73,233
Pro Forma Operating Results	'
		Pro Forma (Unaudited)
		Three months ended June 30,						Six months ended June 30,
		(in thousands, except per share data)						(in thousands, except per share data)
		2014			2013			2014			2013
	Net Sales	$	5,742		$	1,098		$	6,988		$	2,197
	Net income (loss)	$	8,483		$	(4,184	)	$	(61,524	)	$	(8,063	)
	Net income (loss) per common share, basic	$	0.33		$	(0.34	)	$	(2.51	)	$	(0.70	)
	Net loss per common share, diluted	$	(0.90	)	$	(0.34	)	$	(2.51	)	$	(0.70	)

6_MARKETABLE_SECURITIES_AND_SE1

6. MARKETABLE SECURITIES AND SECURITIES SOLD, NOT YET PURCHASED (Tables)	6 Months Ended
	Jun. 30, 2014
Marketable Securities And Securities Sold Not Yet Purchased Tables	'
Marketable securities	'
	Marketable securities and securities sold, not yet purchased at June 30, 2014 consisted of the following:
		Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	Marketable securities	$	3,157,355	$	406,826	$	267	$	3,563,914
	available-for-sale:
	Securities sold, not yet purchased	$	147,190	$	2,340	$	-	$	144,850
	Marketable securities and securities sold, not yet purchased at December 31, 2013 consisted of the following:
		Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	Marketable securities	$	129,702	$	3,292	$	-	$	132,994
	available-for-sale:
	Securities sold, not yet purchased	$	1,344,622	$	13,256	$	126,535	$	1,457,901

7_DERIVATIVE_FINANCIAL_INSTRUM1

7. DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2014
Investments, All Other Investments [Abstract]	'
Assumptions for valuation of warrants	'
		As of
			31-Dec-13	30-Jun-14
	Fair market price of common stock		$7.00		$11.74
	Expected life (in years), represents the weighted average period until next liquidity event		4.12-4.62 years	.36 – 3.63 years
	Risk-free interest rate		1.39%		1.11% - 1.62%
	Expected volatility		93-97%		85%
	Dividend yield		0.00%		0.00%

8_FAIR_VALUE_MEASUREMENTS_Tabl

8. FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair value on a recurring basis	'
	The following table presents the Company’s asset and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2014:
			As of June 30, 2014		Fair Value Hierarchy at June 30, 2014
			Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	Asset:
	Marketable securities, available-for-sale		$	3,563,914	$	3,563,914	$	-
	Liabilities:
	Derivative liability related to		$	24,839,144	$	-	$	-	$	24,839,144
	warrants
	Securities sold, not yet purchased		$	144,850	$	144,850	$	-	$	-
	Contingent consideration		$	12,800,000	$	-	$	-	$	12,800,000
	The following table presents the Company’s asset and liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2013:
			As of December 31, 2013		Fair Value Hierarchy at December 31, 2013
			Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	Asset:
	Marketable securities, available-for-sale		$	132,994	$	132,994	$	-	$	-
	Liability:
	Derivative liability related to warrants		$	25,037,346	$	-	$	-	$	25,037,346
	Securities sold, not yet purchased		$	1,457,901	$	1,457,901	$	-	$	-
Summary of changes in the estimated fair value of the Company's Level 3 liability	'
	The following table sets forth a summary of changes in the estimated fair value of the Company’s derivative financial instruments, warrants liability for the period from January 1, 2013 through June 30, 2014:
			Fair Value Measurements of Common Stock Warrants Using Significant Unobservable Inputs (Level 3)
	Balance at January 1, 2013	$	-
	Issuance of common stock warrants:
	14-Feb-13		5,407,372
	14-Aug-13		328,561
	15-Aug-13		9,201,487
	Total value upon issuance		14,937,420
	Change in fair value of common stock warrant liability		10,099,926
	Balance at December 31, 2013		25,037,346
	Issuance of common stock warrants, June 30, 2014 (Note 12)		2,531,250
	Reclassification of derivative liability to equity upon exercise of warrants		-23,364,668
	Change in estimated fair value of liability classified warrants		20,635,216
	Balance at June 30, 2014	$	24,839,144
	A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  At each reporting period, the Company performs a detailed analysis of the assets and liabilities that are subject to ASC 820.
	The following table sets forth a summary of changes in the estimated contingent consideration for the period from January 1, 2014 through June 30, 2014:
			Fair Value Measurements of Contingent Consideration
	Balance at January 1, 2014	$	-
	Present value of contractual payments, contingent consideration upon acquisition		12,800,000
	Balance at June 30, 2014	$	12,800,000

9_INTANGIBLE_ASSETS_Tables

9. INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Indefinite lived intangible asset	'
	Amortizable intangible assets as of June 30, 2014 and December 31, 2013 consist of the following:
		30-Jun-14
		Gross Carrying Amount		Accumulated Amortization			Net Book Value
	Product Rights	$	71,372,000	$	(1,172,435	)	$	70,199,565
	Thiola License		15,049,647		(118,533	)		14,931,114
	Carbetocin Assets*		5,567,736		(141,074	)		5,426,662
	Syntocinon License*		5,000,000		(62,552	)		4,937,448
	Ligand License		2,300,000		(424,447	)		1,875,553
	Customer Relationships		403,000		(10,591	)		392,409
	Trade Name		175,000		(46,027	)		128,973
	Patent Costs		143,928		(1,289	)		142,639
	Total	$	100,011,311	$	(1,976,948	)	$	98,034,363
	* The Company commenced amortization in the current quarter due to change in estimate.
		31-Dec-13
		Gross Carrying		Accumulated Amortization			Net Book Value
		Amount
	Ligand License	$	2,300,000	$	(323,980	)	$	1,976,020
	Patent Costs		49,775		-			49,775
	Total	$	2,349,775	$	(323,980	)	$	2,025,795

10_RESEARCH_AND_DEVELOPMENT_Ta

10. RESEARCH AND DEVELOPMENT (Tables)	6 Months Ended
	Jun. 30, 2014
Research and Development [Abstract]	'
Research and development expenses	'
	Research and development expenses consist of the following for the three and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30				Six Months Ended June 30
		2014		2013		2014		2013
	External service provider costs:
	Sparsentan	$	2,647,735	$	356,238	$	3,577,175	$	464,973
	RE-024		3,745,059		-		6,110,068		-
	Syntocinon		517,899		-		642,765		-
	RE-034		602,129		-		1,177,815		-
	General		2,036,756		-		3,118,476		-
	Other product candidates		312,275		-		610,677		-
	Amortization		255,430		-		305,386		-
	Total external service provider costs:		10,117,283		356,238		15,542,362		464,973
	Internal personnel costs:		3,580,708		248,965		5,042,355		248,964
	Total research and development	$	13,697,991	$	605,203	$	20,584,717	$	713,937

11_SELLING_GENERAL_AND_ADMINIS1

11. SELLING, GENERAL, AND ADMINISTRATIVE (Tables)	6 Months Ended
	Jun. 30, 2014
Selling General And Administrative	'
Selling, general, and administrative expenses	'
	Selling, general, and administrative expenses consist of the following for the three and six months ended June 30, 2014 and 2013, respectively:
		Three Months Ended June 30				Six Months Ended June 30
		2014		2013		2014		2013
	Professional fees	$	4,913,393	$	1,595,026	$	11,068,778	$	1,928,868
	Compensation and related costs		3,847,879		358,167		5,931,468		1,288,454
	Depreciation and amortization		198,619		53,139		214,785		105,307
	Other		2,380,180		2,488,367		4,217,062		3,313,820
	Total selling, general, and administrative expenses	$	11,340,071	$	4,494,699	$	21,432,093	$	6,636,449

12_NOTES_PAYABLE_Tables

12. NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of fair value of warrants	'
	Risk free rate	1.62%
	Expected volatility	85%
	Expected life (in years), represents the weighted average period until next liquidity event	0.36
	Expected dividend yield	-
	Exercise Price	$12.76
Schedule of maturities of long-term debt	'
	The stated maturities of the Company’s long-term debt at December 31 are as follows (in millions):
	2014	$	-
	2015		-
	2016		-
	2017		-
	2018		45
	Thereafter		46
		$	91

13_COMMITMENTS_AND_CONTINGENCI1

13. COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Principal contractual commitments	'
	The following table summarizes our principal contractual commitments, excluding open orders that support normal operations, as of June 30, 2014:
	Year Ending December 31,	Research and Development and		Consultants		Operating Leases
		other Charitable Donations
	2014	$	5,332,827	$	220,830	$	1,133,034
	2015		4,941,144		-		1,054,961
	2016		-		-		836,978
	2017		-		-		70,504
	Total	$	10,273,971	$	220,830	$	3,095,477

14_STOCKHOLDERS_DEFICIT_Tables

14. STOCKHOLDERS' DEFICIT (Tables)	6 Months Ended
	Jun. 30, 2014
Stockholders Deficit Tables	'
Schedule of incentive shares	'
			Employee - number of shares				Non Employee - number of shares			Total number of shares			Weighted Average Grant Date Fair Value
	Unvested December 31, 2013			130,215				38,427			168,642			6.44
	Granted			630,000				-			630,000			17.08
	Vested			(61,393	)			(28,437	)		(89,830	)		13.85
	Forfeited/cancelled			(4,155	)			-			(4,155	)		3
	Unvested June 30, 2014			694,667				9,990			704,657			15.4
Assumptions used in Black-Scholes options pricing model	'
		As of
			31-Dec-13			30-Jun-14
	Fair market price of common stock		$7.00				$11.74
	Expected life (in years), represents the weighted average period until next liquidity event		4.12-4.62 years			.36 – 3.63 years
	Risk-free interest rate		1.39%				1.11% - 1.62%
	Expected volatility		93-97%				85%
	Dividend yield		0.00%				0.00%
Schedule of stock option issuances and balances outstanding	'
	Options granted during the six months ended June 30, 2014 were as follows:
							Weighted Average
			Shares Underlying Options				Exercise Price			Remaining Contractual Term (in years)			Aggregate Intrinsic Value
	Outstanding at December 31, 2013			1,721,000			$	7.66			9.89		$	172,000
	Granted during 2014			2,686,500				14.57			10			-
	Exercised			-				-			-			-
	Forfeited/cancelled			(12,500	)			6.2			0.08			-
	Outstanding at June 30, 2014			4,395,000			$	11.89			9.65		$	7,297,560
	Exercisable as of June 30, 2014			521,417			$	9.27			9.42		$	1,810,115
Share based compensation expenses	'
	Share based compensation expenses consist of the following for the three months and six months ended June 30, 2014 and 2013, respectively:
			Three Months Ended							Six Months Ended
			June 30,				June 30,			June 30,			June 30,
			2014				2013			2014			2013
	Restricted Shares		$	2,857,681			$	91,705		$	6,513,331		$	250,909
	Stock Options			2,150,591				36,683			3,501,295			36,683
	Total		$	5,008,272			$	128,388		$	10,014,626		$	287,592

3_LIQUIDITY_AND_FINANCIAL_COND1

3. LIQUIDITY AND FINANCIAL CONDITION AND MANAGEMENT'S PLANS (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Net loss	($8,482,947)	$5,048,513	$62,142,779	$9,791,435	'
Cash	39,880,286	'	39,880,286	'	5,997,307
Working Capital (Approximately)	5,400,000	'	5,400,000	'	'
Accumulated deficit	129,578,400	'	129,578,400	'	67,435,621
Maturity date of credit agreement	'	'	'2014-06-30	'	'
Other receivable recorded related to Credit Agreement	1,000,000	'	1,000,000	'	'
Charge for change in fair value of derivative instruments	'	'	20,600,000	'	'
Manchester Pharmaceuticals LLC [Member]	'	'	'	'	'
Final payment to sellers	3,300,000	'	3,300,000	'	'
Credit Agreement [Member]	'	'	'	'	'
Credit Agreement amount	4,500,000	'	4,500,000	'	'
Maturity date of credit agreement	'	'	'2018-06-30	'	'
Net funds received from credit agreement	3,880,000	'	3,880,000	'	'
Other receivable recorded related to Credit Agreement	$5,000,000	'	$5,000,000	'	'

4_SUMMARY_OF_SIGNIFICANT_ACCOU3

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accounting Policies [Abstract]	'	'
Raw material	$375,875	'
Finished goods	120,810	'
Total inventory	$496,685	'

4_SUMMARY_OF_SIGNIFICANT_ACCOU4

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accounting Policies [Abstract]	'	'	'	'
Basic EPS, Net income (loss)	$8,482,947	'	'	'
Change in fair value of derivative instruments, Net income (loss)	-32,978,586	'	'	'
Dilutive shares, Net income (loss)	'	'	'	'
Dilutive EPS, Net income (loss)	($24,495,639)	'	'	'
Basic EPS, Shares	25,635,277	'	'	'
Change in fair value of derivative instruments, Shares	'	'	'	'
Dilutive shares, Shares	1,691,165	'	'	'
Dilutive EPS, Shares	27,326,442	'	'	'
Basic EPS	$0.33	($0.41)	($2.54)	($0.85)
Dilutive EPS	($0.90)	($0.41)	($2.54)	($0.85)

4_SUMMARY_OF_SIGNIFICANT_ACCOU5

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies Details Narrative	'	'	'
Unrecognized tax uncertainties	$1,522,063	$1,522,063	$0
Customer accounted for revenues	99.00%	99.00%	'
Customer accounted for revenues and accounts receivable	'	98.00%	'

5_BUSINESS_COMBINATION_Details

5. BUSINESS COMBINATION (Details) (USD $)	Jun. 30, 2014
Business Combinations [Abstract]	'
Cash paid upon consummation, net	$29,150,000
Secured promissory note	31,283,000
Fair value of contingent consideration	12,800,000
Total purchase price	73,233,000
Prepaid expenses	116,000
Inventory	517,000
Product rights	71,372,000
Trade names	175,000
Customer relationship	403,000
Goodwill	936,000
Other asset	1,522,000
Accounts payable and accrued expenses	-286,000
Other liability	-1,522,000
Total allocation of purchase price consideration	$73,233,000

5_BUSINESS_COMBINATION_Details1

5. BUSINESS COMBINATION (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Business Combination Details 1	'	'	'	'
Net sales	$5,742,000	$1,098,000	$6,988,000	$2,197,000
Net income (loss)	$8,483,000	($4,184,000)	($61,524,000)	($8,063,000)
Net income (loss) per common share, basic	$0.33	($0.34)	($2.51)	($0.70)
Net loss per common share, diluted	($0.90)	($0.34)	($2.51)	($0.70)

6_MARKETABLE_SECURITIES_Detail

6. MARKETABLE SECURITIES (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Marketable securities available-for-sale [Member]	'	'
Cost	$3,157,355	$129,702
Unrealized Gains	406,826	3,292
Unrealized Losses	267	'
Estimated Fair Value	3,563,914	132,994
Securities Sold, Not yet Purchased [Member]	'	'
Cost	147,190	1,344,622
Unrealized Gains	2,340	13,256
Unrealized Losses	'	126,535
Estimated Fair Value	$144,850	$1,457,901

7_DERIVATIVE_FINANCIAL_INSTRUM2

7. DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Fair market price of common stock	$11.74	$7
Contractual term	'4 months 10 days	'
Risk-free interest rate	1.62%	13.90%
Expected volatility	85.00%	'
Dividend yield	0.00%	0.00%
Minimum [Member]	'	'
Contractual term	'4 months 10 days	'4 years 1 month 13 days
Risk-free interest rate	1.11%	'
Expected volatility	85.00%	93.00%
Maximum [Member]	'	'
Contractual term	'3 years 7 months 17 days	'4 years 7 months 13 days
Risk-free interest rate	1.62%	'
Expected volatility	85.00%	97.00%

7_DERIVATIVE_FINANCIAL_INSTRUM3

7. DERIVATIVE FINANCIAL INSTRUMENTS (Details Narrative) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Derivative Financial Instruments Details Narrative	'	'
Recorded gain on change in estimated fair value of warrants	$33,000,000	$60,000
Recorded loss on change in estimated fair value of warrants	$20,600,000	$2,400,000

8_FAIR_VALUE_MEASUREMENTS_Deta

8. FAIR VALUE MEASUREMENTS (Details 1) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Marketable securities, available-for-sale	$3,563,914	$132,994
Derivative financial instruments, warrants	24,839,144	25,037,346
Securities sold, not yet purchased	144,850	1,457,901
Contingent consideration	12,800,000	'
Note payable	39,834,960	'
Convertible debt	42,978,042	'
Quoted prices in active markets (Level 1)	'	'
Marketable securities, available-for-sale	3,563,914	132,994
Derivative financial instruments, warrants	'	'
Securities sold, not yet purchased	144,850	1,457,901
Contingent consideration	'	'
Note payable	'	'
Convertible debt	'	'
Significant other observable inputs (Level 2)	'	'
Marketable securities, available-for-sale	'	'
Derivative financial instruments, warrants	'	'
Securities sold, not yet purchased	'	'
Contingent consideration	'	'
Note payable	'	'
Convertible debt	'	'
Significant unobservable inputs (Level 3)	'	'
Marketable securities, available-for-sale	'	'
Derivative financial instruments, warrants	24,839,144	25,037,346
Securities sold, not yet purchased	'	'
Contingent consideration	12,800,000	'
Note payable	39,834,960	'
Convertible debt	$42,978,042	'

8_FAIR_VALUE_MEASUREMENTS_Deta1

8. FAIR VALUE MEASUREMENTS (Details 2) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Fair Value Measurements Details 2	'	'	'	'	'
Balance at Begining	'	'	$25,037,346	'	'
14-Feb-13	'	'	'	5,407,372	5,407,372
14-Aug-13	'	'	'	328,561	328,561
15-Aug-13	'	'	'	9,201,487	9,201,487
Total value upon issuance	'	'	'	14,937,420	14,937,420
Issuance of common stock warrants, June 30, 2014 (Note 12)	'	'	2,531,250	'	'
Change in fair value of common stock warrant liability	-32,978,586	-56,041	20,635,216	2,395,618	10,099,926
Reclassification of derivative liability to equity upon exercise of warrants	'	'	-23,364,668	'	'
Balance at End	$24,839,144	'	$24,839,144	'	$25,037,346

9_INTANGIBLE_ASSETS_Details

9. INTANGIBLE ASSETS (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Gross Carrying Amount	$100,011,311	$2,349,775
Accumulated Amortization	-1,976,948	-323,980
Net Book Value	98,034,363	2,025,795
Product Rights [Member]	'	'
Gross Carrying Amount	71,372,000	'
Accumulated Amortization	-1,172,435	'
Net Book Value	70,199,565	'
Thiola License [Member]	'	'
Gross Carrying Amount	15,049,647	'
Accumulated Amortization	-118,533	'
Net Book Value	14,931,114	'
Carbetocin Assets	'	'
Gross Carrying Amount	5,567,736	'
Accumulated Amortization	-141,074	'
Net Book Value	5,426,662	'
Syntocinon License	'	'
Gross Carrying Amount	5,000,000	'
Accumulated Amortization	-62,552	'
Net Book Value	4,937,448	'
Ligand License [Member]	'	'
Gross Carrying Amount	2,300,000	2,300,000
Accumulated Amortization	-424,447	-323,980
Net Book Value	1,875,553	1,976,020
Customer Relationships [Member]	'	'
Gross Carrying Amount	403,000	'
Accumulated Amortization	-10,591	'
Net Book Value	392,409	'
Trade Name [Member]	'	'
Gross Carrying Amount	175,000	'
Accumulated Amortization	-46,027	'
Net Book Value	128,973	'
Patent Costs [Member]	'	'
Gross Carrying Amount	143,928	49,775
Accumulated Amortization	-1,289	'
Net Book Value	$142,639	$49,775

9_INTANGIBLE_ASSETS_Details_Na

9. INTANGIBLE ASSETS (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Other intangible assets, net	$9,800,000	'	$9,800,000	'
Cost of Sales [Member]	'	'	'	'
Amortization of intangible assets	1,111,371	0	1,172,435	0
Research and Development Expense [Member]	'	'	'	'
Amortization of intangible assets	255,430	0	305,386	0
General and Administrative Expense [Member]	'	'	'	'
Amortization of intangible assets	$172,203	$100,466	$175,151	$50,511

10_RESEARCH_AND_DEVELOPMENT_De

10. RESEARCH AND DEVELOPMENT (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
External service provider costs:	'	'	'	'
Sparsentan	$2,647,735	$356,238	$3,577,175	$464,973
RE-024	3,745,059	'	6,110,068	'
Syntocinon	517,899	'	642,765	'
RE-034	602,129	'	1,177,815	'
General	2,036,756	'	3,118,476	'
Other product candidates	312,275	'	610,677	'
Amortization	255,430	'	305,386	'
Total external service provider costs	10,117,283	356,238	15,542,362	464,973
Internal personnel costs	3,580,708	248,965	5,042,355	248,964
Total research and development	$13,697,991	$605,203	$20,584,717	$713,937

11_SELLING_GENERAL_AND_ADMINIS2

11. SELLING, GENERAL, AND ADMINISTRATIVE (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Selling General And Administrative	'	'	'	'
Professional fees	$4,913,393	$1,595,026	$11,068,778	$1,928,868
Compensation and related costs	3,847,879	358,167	5,931,468	1,288,454
Depreciation and amortization	198,619	53,139	214,785	105,307
Other	2,380,180	2,488,367	4,217,062	3,313,820
Total selling, general, and administrative expenses	$11,340,071	$4,494,699	$21,432,093	$6,636,449

12_NOTES_PAYABLE_Details_1

12. NOTES PAYABLE (Details 1) (USD $)	6 Months Ended
	Jun. 30, 2014
Notes Payable Details 1	'
Risk free rate	1.62%
Expected volatility	85.00%
Expected life (in years), represents the weighted average period until next liquidity event	'4 months 10 days
Expected dividend yield	'
Exercise Price	$12.76

12_NOTES_PAYABLE_Details_2

12. NOTES PAYABLE (Details 2) (USD $)	Jun. 30, 2014
Notes Payable Details 2	'
2014	'
2015	'
2016	'
2017	'
2018	45
Thereafter	46
Long Term Debt, Total	$91

12_NOTES_PAYABLE_Detail_Narrat

12. NOTES PAYABLE (Detail Narrative) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Notes Payable Detail Narrative	'	'	'	'
Interest expense	$2,178,937	$5	$2,178,401	($41,558)
Common shares issued	401,047	'	401,047	'
Accrued interest related to convertible notes payable	'	'	2,000,000	'
Credit agreement	'	'	$45,000,000	'
Maturity date of credit agreement	'	'	'2014-06-30	'

13_COMMITMENTS_AND_CONTINGENCI2

13. COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Jun. 30, 2014
Research and Development and other Charitable Donations	'
2014	$5,332,827
2015	4,941,144
2016	'
2017	'
Total	10,273,971
Consultants	'
2014	220,830
2015	'
2016	'
2017	'
Total	220,830
Operating Leases	'
2014	1,133,034
2015	1,054,961
2016	836,978
2017	70,504
Total	$3,095,477

14_STOCKHOLDERS_DEFICIT_Detail

14. STOCKHOLDERS' DEFICIT (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Number of stock Unvested Outstanding, Beginning	168,642
Number of Options Granted	2,686,500
Stock vested	-89,830
Number of Options Forfeited	'
Number of stock Unvested Outstanding, Ending	704,657
Employee	'
Number of stock Unvested Outstanding, Beginning	130,215
Number of Options Granted	630,000
Stock vested	-61,393
Number of Options Forfeited	-4,155
Number of stock Unvested Outstanding, Ending	694,667
Weighted Average Fair Value Outstanding, Beginning	6.44
Weighted Average Fair Value Granted	17.08
Weighted Average Fair Value, stock vested	13.85
Weighted Average Fair Value Forfeited	3
Weighted Average Fair Value Outstanding, Ending	15.4
Non Employee	'
Number of stock Unvested Outstanding, Beginning	38,427
Number of Options Granted	'
Stock vested	-28,437
Number of Options Forfeited	'
Number of stock Unvested Outstanding, Ending	9,990

14_STOCKHOLDERS_DEFICIT_Detail1

14. STOCKHOLDERS' DEFICIT (Details 1)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Risk free rate	1.62%	'
Expected volatility	85.00%	'
Expected life (in years)	'5 years 9 months 22 days	'
Expected dividend yield	0.00%	0.00%
Minimum [Member]	'	'
Risk free rate	1.55%	'
Maximum [Member]	'	'
Risk free rate	1.57%	'

14_STOCKHOLDERS_DEFICIT_Detail2

14. STOCKHOLDERS' DEFICIT (Details 2) (USD $)	6 Months Ended
	Jun. 30, 2014
Stockholders Deficit Details 2	'
Shares Outstanding, Beginning	1,721,000
Granted during the period, Options	2,686,500
Canceled during the period, Options	'
Exercised during the period, Options	-12,500
Shares Outstanding, Ending	4,395,000
Shares Exercisable, Ending	521,417
Outstanding, Beginning	$7.66
Granted during the period, Weighted-Average Exercise Price	$14.57
Canceled during the period, Weighted-Average Exercise Price	'
Exercised during the period, Weighted-Average Exercise Price	$6.20
Outstanding, Ending	$11.89
Exercisable, Weighted-Average Exercise Price	$9.27
Remaining Contractual Term, Outstanding Beginning	'9 years 10 months 21 days
Remaining Contractual Term, Granted during 2014	'10 years
Remaining Contractual Term, Forfeited/cancelled	'29 days
Remaining Contractual Term, Outstanding Ending	'9 years 7 months 24 days
Remaining Contractual Term, Exercisable Ending	'9 years 5 months 1 day
Aggregate Intrinsic Value, Exercisable Beginning	$172,000
Aggregate Intrinsic Value, Exercisable Ending	7,297,560
Aggregate Intrinsic Value, Exercisable Ending	$1,810,115

14_STOCKHOLDERS_DEFICIT_Detail3

14. STOCKHOLDERS' DEFICIT (Details 3) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stockholders Deficit Details 3	'	'	'	'
Restricted Shares	2,857,681	91,705	6,513,331	250,909
Stock Options	2,150,591	36,683	3,501,295	36,683
Total	$5,008,272	$128,388	$10,014,626	$287,592

14_STOCKHOLDERS_DEFICIT_Detail4

14. STOCKHOLDERS' DEFICIT (Details Narrative) (USD $)	6 Months Ended		12 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013
				Employee	Employee
Stock-based compensation related to stock options granted	$2,686,500	'	'	$2,299,505	$3,501,298
Common shares issued, value	8,337,380	'	'	'	'
Unrecognized compensation cost related to restricted shares issued	10,549,613	'	1,105,967	'	'
Expected weighted average period of amount recognized	'2 years 8 months 23 days	'	'2 years 2 months 9 days	'	'
Unamortized amount of stock options expense	$31,649,853	'	'	'	'
weighted-average period unamortized amount of stock options	'2 years 7 months 28 days	'	'	'	'