RVL Pharmaceuticals (RVLPQ) 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 11, 2020
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	Osmotica Pharmaceuticals plc
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,898,708
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001739426
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 125,830	$ 95,865
Trade accounts receivable, net	32,644	43,914
Inventories, net	20,536	21,305
Prepaid expenses and other current assets	10,654	11,546
Total current assets	189,664	172,630
Property, plant and equipment, net	29,987	30,238
Operating lease assets	4,471	4,983
Intangibles, net	149,624	153,986
Goodwill	100,855	100,855
Other non‑current assets	533	563
Total assets	475,134	463,255
Current liabilities:
Trade accounts payable	8,784	8,495
Accrued liabilities	47,256	65,253
Current portion of obligation under finance leases, ASC842	110	127
Current portion of lease liability	2,004	2,062
Total current liabilities	58,154	75,937
Long‑term debt, net of non‑current deferred financing costs	268,236	267,950
Long-term portion of obligation under finance lease, ASC842	29	44
Long-term portion of lease liability	2,646	3,116
Deferred taxes	2,329	1,500
Total liabilities	331,394	348,547
Commitments and contingencies (See Note 11)
Shareholders' Equity
Ordinary shares ($0.01 nominal value 400,000,000 shares authorized, 58,898,708 and 51,845,742 share issued and outstanding at March 31, 2020 and December 31, 2019, respectively	589	518
Additional paid in capital	521,484	489,440
Accumulated deficit	(376,104)	(373,021)
Accumulated other comprehensive loss	(2,229)	(2,229)
Total shareholders' equity	143,740	114,708
Total liabilities and shareholders' equity	$ 475,134	$ 463,255

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals)	Mar. 31, 2020$ / sharesshares	Mar. 31, 2020€ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2019€ / sharesshares
CONSOLIDATED BALANCE SHEETS
Ordinary shares, nominal value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Ordinary shares, number of shares authorized	400,000,000	400,000,000	400,000,000	400,000,000
Ordinary shares, number of shares issued	58,898,708	58,898,708	51,845,742	51,845,742
Ordinary shares, number of shares outstanding	58,898,708	58,898,708	51,845,742	51,845,742
Preferred shares, nominal value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Preferred shares, number of shares authorized	40,000,000	40,000,000	40,000,000	40,000,000
Preferred shares, number of shares issued	0	0	0	0
Preferred shares, number of shares outstanding	0	0	0	0
Euro deferred shares, nominal value (in euros per share) | € / shares		€ 1		€ 1
Euro deferred shares, number of shares authorized	25,000	25,000	25,000	25,000
Euro deferred shares, number of shares issued	0	0	0	0
Euro deferred shares, number of shares outstanding	0	0	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 48,649	$ 57,126
Cost of goods sold (inclusive of amortization of intangibles)	20,590	29,203
Gross profit	28,059	27,923
Selling, general and administrative expenses	21,176	21,656
Research and development expenses	5,688	9,764
Total operating expenses	26,864	31,420
Operating loss	1,195	(3,497)
Interest expense and amortization of debt discount	4,064	4,501
Other non-operating expense	(746)	(557)
Total other non-operating expense (gain)	(3,318)	(3,944)
Loss before income taxes	(2,123)	(7,441)
Income tax benefit	(960)	754
Net loss	$ (3,083)	(6,687)
Other comprehensive loss, net
Comprehensive loss		$ (6,687)
Income (loss) per share attributable to shareholders
Loss per share attributable to shareholders, basic and diluted	$ (0.05)	$ (0.13)
Partnership income (loss) per unit		$ (0.13)
Weighted average shares basic and diluted
Weighted average shares, basic and diluted	58,257,191	52,518,924
Product Revenue
Revenues	$ 47,308	$ 56,400
Royalty Revenue
Revenues	869	721
Licensing and Contract Revenue
Revenues	$ 472	$ 5

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) $ in Thousands	Ordinary shares	Additional Paid-in Capital [Member]	Accumulated deficit	Accumulated other comprehensive loss	Total
Stockholders' equity, beginning balance at Dec. 31, 2018	$ 525	$ 487,288	$ (102,120)	$ (1,846)	$ 383,847
Shares, Outstanding, Beginning Balance at Dec. 31, 2018	52,518,924
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			(6,687)		(6,687)
Share compensation		1,169			1,169
Stockholders' equity, ending balance at Mar. 31, 2019	$ 525	488,457	(108,807)	(1,846)	378,329
Shares, Outstanding, Ending Balance at Mar. 31, 2019	52,518,924
Stockholders' equity, beginning balance at Dec. 31, 2019	$ 518	489,440	(373,021)	(2,229)	114,708
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	51,845,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			(3,083)		(3,083)
Share compensation, value	$ 2	1,107			1,109
Share compensation, shares	181,966
Payments for taxes related to the net share settlement of equity awards		(616)			(616)
Issuance of ordinary shares in initial public offering and private placement, net of offering costs	$ 69	31,720			31,789
Issuance of ordinary shares in initial public offering and private placement, shares	6,900,000
Repurchase of ordinary shares, value		(167)			$ (167)
Repurchase of ordinary shares, shares	(29,000)				(29,000)
Stockholders' equity, ending balance at Mar. 31, 2020	$ 589	$ 521,484	$ (376,104)	$ (2,229)	$ 143,740
Shares, Outstanding, Ending Balance at Mar. 31, 2020	58,898,708

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,083)	$ (6,687)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,562	17,993
Share compensation	1,107	1,169
Deferred income tax benefit	829	(1,060)
Loss on sale of fixed and leased assets	(3)	53
Bad debt provision	29	(84)
Amortization of deferred financing and loan origination fees	333	323
Change in operating assets and liabilities:
Trade accounts receivable, net	11,242	(378)
Inventories, net	769	(3,432)
Prepaid expenses and other current assets	891	4,691
Other non‑current assets	(18)
Trade accounts payable	289	(4,279)
Accrued and other current liabilities	(18,011)	(14,436)
Net cash used in operating activities	(64)	(6,127)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of fixed and leased assets	4
Payments on disposal of leased assets	(1)
Purchase of property, plant and equipment	(949)	(635)
Net cash used in investing activities	(946)	(635)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance lease obligations, ASC842	(33)	(31)
Proceeds from public offering, net of issuance costs	31,791
Repurchases of ordinary shares	(167)
Payments for taxes related to net share settlement of equity awards	(616)
Repayment of insurance financing loan		(979)
Net cash provided by (used in) financing activities	30,975	(1,010)
Net change in cash and cash equivalents	29,965	(7,772)
Cash and cash equivalents, beginning of period	95,865	70,834
Cash and cash equivalents, end of period	125,830	63,062
Supplemental disclosure of cash and non‑cash transactions:
Cash paid for interest	5,375	4,069
Cash paid for taxes	$ 474	$ 215

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2020
Organization and Nature of Operations
Organization and Nature of Operations	Note 1. Organization and Nature of Operations Osmotica Pharmaceuticals plc, together with its subsidiaries, is a fully integrated biopharmaceutical company focused on the development and commercialization of specialty products that target markets with underserved patient populations. The Company generates revenues across an existing portfolio of promoted specialty neurology and women’s health products, as well as non-promoted products, many of which are primarily complex formulations of generic drugs. Osmotica Pharmaceuticals plc (formerly known as Lilydale Limited and Osmotica Pharmaceuticals Limited) is an Irish public limited company. Osmotica Holdings S.C.Sp. acquired Osmotica Pharmaceuticals plc on April 30, 2018 for the purpose of facilitating an offering of ordinary shares in an initial public offering (“IPO”). On October 22, 2018, Osmotica Pharmaceuticals plc completed its IPO, in which it issued and allotted 7,647,500 ordinary shares at a public offering price of $7.00 per share. The number of shares issued in the IPO reflected the exercise in full of the underwriters’ option to purchase 997,500 additional ordinary shares. In addition, the Company issued and allotted 2,014,285 ordinary shares at the public offering price in a private placement to investment funds affiliated with Avista Capital Partners, Altchem Limited and an entity controlled by the Company’s Chief Financial Officer. The aggregate net proceeds from the IPO and the private placement were approximately $58.1 million after deducting underwriting discounts and commissions and estimated offering expenses. Immediately prior to the IPO and prior to the commencement of trading of Osmotica Pharmaceuticals plc’s ordinary shares on the Nasdaq Global Select Market, Osmotica Holdings S.C.Sp. undertook a series of restructuring transactions that resulted in Osmotica Pharmaceuticals plc being the direct parent of Osmotica Holdings S.C.Sp with each holder of common units of Osmotica Holdings S.C.Sp. receiving approximately 42.84 ordinary shares of Osmotica Pharmaceuticals plc in exchange for each such common unit. In addition, each holder of an option to purchase common units of Osmotica Holdings S.C.Sp. received an option to purchase the number of ordinary shares of Osmotica Pharmaceuticals plc determined by multiplying the number of units underlying such option by approximately 42.84 (rounded down to the nearest whole share) and dividing the exercise price per unit for such option by approximately 42.84 (rounded up to the nearest whole cent). These transactions are referred to as the “Reorganization”. Accordingly, all share and share amounts for all periods presented in the accompanying financial statements have been adjusted retroactively, where applicable, to reflect the Reorganization. Until the Reorganization, Osmotica Pharmaceuticals plc did not conduct any operations (other than activities incidental to its formation, the Reorganization and the pursuit of an IPO). Upon the completion of the Reorganization, the historical consolidated financial statements of Osmotica Holdings S.C.Sp. became the historical financial statements of Osmotica Pharmaceuticals plc. Accordingly, the accompanying unaudited condensed consolidated financial information as of and for the three months ended March 31, 2020 included herein reflect the financial information of Osmotica Holdings S.C.Sp. Osmotica Holdings S.C.Sp.is a Luxembourg special limited partnership, formed on December 3, 2015 in connection with a business combination (the “Merger”), effective February 3, 2016, pursuant to a definitive agreement among Osmotica Holdings S.C.Sp., Vertical/Trigen Holdings, LLC (“Vertical/Trigen”) and its members, and Osmotica Holdings Corp Limited and its shareholders, among others. Osmotica Holdings S.C.Sp. and several other holding companies and partnerships were formed as a result of the Merger. Pursuant to the Merger, Vertical/Trigen was deemed to be the accounting acquirer. Unless otherwise indicated or required by the context, references throughout to “Osmotica,” or the “Company”, refer to (i) prior to the completion of the Reorganization, Osmotica Holdings S.C.Sp. and its consolidated subsidiaries, including, from and after April 30, 2018, Osmotica Pharmaceuticals plc, and (ii) following the completion of the Reorganization, Osmotica Pharmaceuticals plc and its consolidated subsidiaries, including Osmotica Holdings S.C.Sp.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation —The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and under the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim reporting. In management’s opinion, the interim financial data presented includes all adjustments (consisting solely of normal recurring items) necessary for fair presentation. All intercompany accounts and transactions have been eliminated. Certain information required by GAAP has been condensed or omitted in accordance with rules and regulations of the SEC. Operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2020 or any period thereafter. The accompanying Condensed Consolidated Balance Sheet data as of December 31, 2019 was derived from the audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2019. Basic and Diluted Loss per Share —Basic and diluted net loss per share is determined by dividing net loss by the weighted average ordinary shares outstanding during the period. For all periods presented with a net loss, the shares underlying the ordinary share options and restricted stock units have been excluded from the calculation because their effect would be anti‑dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share are the same for periods with a net loss. The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as they would be anti‑dilutive as of March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Restricted stock units 1,165,364 1,374,335 Options to purchase ordinary shares 3,046,086 3,187,872 Fair Value of Financial Instrument s—The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and short and long‑term debt. The fair values of cash and cash equivalents, accounts receivable, accounts payable and debt approximate book value because of the short maturity of these financial instruments. The valuation hierarchy is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels within the valuation hierarchy are described below: Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. Segment Reporting —The Company operates in one business segment which focuses on developing and commercializing pharmaceutical products that target markets with underserved patient populations. The Company’s business offerings have similar economic and other characteristics, including the nature of products, manufacturing and acquiring processes, types of customers, distribution methods and regulatory environment. The chief operating decision maker (“CODM”) reviews profit and loss information on a consolidated basis to assess performance and make overall operating decisions. The condensed consolidated financial statements reflect the financial results of the Company’s one reportable operating segment. The Company has no significant revenues or tangible assets outside of the United States. Correction of Immaterial Errors In connection with the preparation of the Company’s unaudited condensed consolidated financial statements as of and for the period ended September 30, 2019 and 2018 for inclusion in the Company’s Quarterly Report on Form 10-Q, the Company determined that a revision was required to correct misstatement associated with the tax treatment of certain intercompany transactions at the time of the business combination between Osmotica Holdings Limited and subsidiaries and Vertical/Trigen Holdings LLC which occurred on February 3, 2016. Additionally, revisions were necessary to correct misstatements related to uncertain tax provisions and prepaid taxes and certain other previously identified immaterial misstatements. These adjustments and the evaluation of these adjustmens has been previously disclosed in the Company’s Quarterly report on Form 10-Q for the period ended September 30, 2019 and the Company has reflected the corrections in the results for the prior period as detailed below (dollars in thousands). Three months ended March 31, 2019 As Net As Prepaid expenses and other current assets $ 16,199 $ (270) $ 15,929 Total assets 776,147 (270) 775,877 Income taxes payable- current portion 496 (496) - Deferred taxes 24,837 2,397 27,234 Income taxes payable- long term portion 1,804 737 2,541 Total liabilities 394,909 2,638 397,547 Shareholders' equity 381,237 (2,908) 378,329 Total liabilities and shareholders' equity 776,147 (270) 775,877 Income tax benefit (expense) 1,240 (486) 754 Net loss (6,201) (486) (6,687) Comprehensive loss (6,201) (486) (6,687) Loss per share (0.12) (0.01) (0.13) Weighted average share - basic and diluted 52,518,924 - 52,518,924 Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduces a new methodology for accounting for credit losses on financial instruments, including available-for-sale debt securities. The guidance establishes a new “expected loss model ” that requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information. The estimate of credit losses must be based on all relevant information including historical information, current conditions, and reasonable and supportable forecasts that affect the collectability of the amounts. The Company adopted this standard on January 1, 2020, and there was no material impact to the Company’s consolidated financial statements. The Company has provided additional disclosure as required by the standard upon adoption. Refer to Note 4 for additional details. .

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
Revenues Abstract
Revenues	Note 3. Revenues The Company’s performance obligations are to provide its pharmaceutical products based upon purchase orders from distributors. The performance obligation is satisfied at a point in time, typically upon delivery, when the customer obtains control of the pharmaceutical product. The Company invoices its customers after the products have been delivered and invoice payments are generally due within 30 to 60 days of invoice date. The following table disaggregates revenue from contracts with customers by pharmaceutical products (dollars in thousands): Three Months Ended March 31, Pharmaceutical Product 2020 2019 Venlafaxine ER $ 14,118 $ 21,607 Methylphenidate ER 8,396 20,789 Divigel 7,581 5,497 Nitrofurantoin 4,608 — Lorzone 2,428 4,269 OB Complete 1,877 1,931 Other 8,300 2,307 Net product sales 47,308 56,400 Royalty revenue 869 721 License and contract revenue 472 5 Total revenues $ 48,649 $ 57,126 When the Company receives consideration from a customer, or such consideration is unconditionally due from a customer prior to the transfer of products to the customer under the terms of a contract, the Company records a contract liability. The Company classifies contract liabilities as deferred revenue. The Company had no deferred revenue as of March 31, 2020. Upon adoption of ASC Topic 606, the Company did not have any contract assets or liabilities. The Company has elected to apply the exemption under paragraph 606‑10‑50‑14(a) related to remaining performance obligations as all open purchase orders are expected to be satisfied with a period of one year from the date of the purchase order. Contract assets primarily relate to rights to consideration for goods or services transferred to the customer when the right is conditional on something other than the passage of time. Contract assets are transferred to accounts receivable when the rights become unconditional. The Company had no contract assets as of March 31, 2020. The Company has no costs to obtain or fulfill contracts meeting the capitalization criteria under ASC Topic 340, Other Assets and Deferred Costs.

Accounts Receivable, Sales and

Accounts Receivable, Sales and Allowances	3 Months Ended
	Mar. 31, 2020
Accounts Receivable, Sales and Allowances
Accounts Receivable, Sales and Allowances	Note 4. Accounts Receivable, Sales and Allowances The nature of the Company’s business inherently involves, in the ordinary course, significant amounts and substantial volumes of transactions and estimates relating to allowances for product returns, chargebacks, rebates, allowance for credit losses under the new standard and discounts given to customers. This is typical of the pharmaceutical industry and not necessarily specific to the Company. Depending on the product, the end‑user customer, the specific terms of national supply contracts and the particular arrangements with the Company’s wholesale customers, certain rebates, chargebacks and other credits are deducted from the Company’s accounts receivable. The process of claiming these deductions depends on wholesalers reporting to the Company the amount of deductions that were earned under the terms of the respective agreement with the end‑user customer (which in turn depends on the specific end‑user customer, each having its own pricing arrangement, which entitles it to a particular deduction). This process can lead to partial payments against outstanding invoices as the wholesalers take the claimed deductions at the time of payment. Accounts receivable result primarily from sales of pharmaceutical products, amounts due under revenue sharing, license and royalty arrangements, which inherently involves, in the ordinary course of business, estimates relating to allowances for product returns, chargebacks, rebates, credit losses and discounts given to customers. Credit is extended based on the customer’s financial condition, and, generally, collateral is not required. The Company ages its accounts receivable using the corresponding sale date of the transaction and considers accounts past due based on terms agreed upon in the transaction, which is generally 30 to 60 days for branded and generic sales, depending on the customer and the products purchased. The Company is exposed to credit losses primarily through sales of its products. Prior to January 1, 2020, accounts receivable were recorded at cost less an allowance for doubtful accounts. Subsequent to January 1, 2020, accounts receivable are recorded at amortized cost less an allowance for expected credit losses that are not expected to be recovered. The Company’s expected loss methodology for accounts receivable is developed using historical collection experience, a review of the current status of customer’s trade receivables, and current and future market conditions. Due to the short-term nature of such receivables, the estimate of accounts receivable that may not be collected is based on the aging of accounts receivable balances and the financial condition of customers. The Company’s monitoring activities include timely account reconciliations, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written-off when determined to be uncollectible. The Company considered the current and expected future economic and market conditions surrounding a novel strain of the coronavirus, referred to as 2019-ncov, COVID-19 coronavirus epidemic, or COVID-19, and determined that the estimate of credit losses was not significantly impacted. With the exception of the allowance for credit losses, which is reflected as part of selling, general and administrative expense, the provisions for the following customer reserves are reflected as a reduction of revenues in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss. Trade accounts receivable, net consisted of the following (dollars in thousands): March 31, December 31, 2020 2019 Gross trade accounts receivable Trade accounts receivable $ 55,876 $ 70,958 Royalty accounts receivable 686 702 Other receivable 2,141 2,186 Less reserves for: Chargebacks (16,288) (14,624) Commercial rebates (7,917) (13,579) Discounts and allowances (1,687) (1,591) Allowance for credit losses (167) (138) Total trade accounts receivable, net $ 32,644 $ 43,914 The Company recorded the following adjustments to gross product sales (dollars in thousands): Three Months Ended March 31, 2020 2019 Gross product sales $ 109,030 $ 231,548 Less provisions for: Chargebacks (50,173) (101,234) Government and managed care rebates (4,846) (2,523) Commercial rebates (3,220) (64,598) Product returns (309) (1,026) Discounts and allowances (2,380) (4,701) Advertising and promotions (794) (1,066) Net product sales $ 47,308 $ 56,400 The activity in the Company’s allowance for customer deductions against trade accounts receivable was as follows (dollars in thousands): Discounts Commercial and Credit Chargebacks Rebates Allowances Losses Total Balance at December 31, 2018 $ 38,861 $ 49,232 $ 3,510 $ 194 $ 91,797 Provision 345,366 147,173 15,719 (190) 508,068 Charges processed (369,603) (182,826) (17,638) 134 (569,933) Balance at December 31, 2019 $ 14,624 $ 13,579 $ 1,591 $ 138 $ 29,932 Provision 50,173 3,220 2,380 29 55,802 Charges processed (48,509) (8,882) (2,284) — (59,675) Balance at March 31, 2020 $ 16,288 $ 7,917 $ 1,687 $ 167 $ 26,059 The activity in the Company’s accrued liabilities for customer deductions by account was as follows (dollars in thousands): Government and Product Managed Care Returns Rebates Total Balance at December 31, 2018 $ 48,464 $ 9,981 $ 58,445 Provision (3,932) 20,092 16,160 Charges processed (11,075) (25,206) (36,281) Balance at December 31, 2019 $ 33,457 $ 4,867 $ 38,324 Provision 309 4,846 5,155 Charges processed (4,566) (6,131) (10,697) Balance at March 31, 2020 $ 29,200 $ 3,582 $ 32,782 Provisions and utilizations of provisions activity in the current period which relate to the prior period revenues are not provided because to do so would be impracticable. The current systems and processes of the Company do not capture the chargeback and rebate settlements by the period in which the original sales transaction was recorded. The Company uses a combination of factors and applications to estimate the dollar amount of reserves for chargebacks and rebates at each month end. Variable consideration is included in the transaction price only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with the variable consideration is subsequently resolved. The Company regularly monitors the reserves based on an analysis of the Company’s product sales and most recent claims, wholesaler inventory, current pricing, and anticipated future pricing changes. If amounts are different from the estimate due to changes from estimated rates, accrual rate adjustments are considered prospectively when determining provisions in accordance with authoritative GAAP.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventories
Inventories	Note 5. Inventories The components of inventories, net of allowances, were as follows (dollars in thousands): March 31, December 31, 2020 2019 Finished goods $ 14,085 $ 15,319 Work in process 1,128 778 Raw materials and supplies 5,323 5,208 $ 20,536 $ 21,305 The Company maintains an allowance for excess and obsolete inventory, as well as inventory where its cost is in excess of its net realizable value. The activity in the allowance for excess, obsolete, and net realizable value inventory account was as follows (dollars in thousands): March 31, December 31, 2020 2019 Balance at beginning of period $ 1,069 $ 1,561 Provision 314 2,322 Charges processed (29) (2,814) Balance at end of period $ 1,354 $ 1,069

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	Note 6. Goodwill and Other Intangible Assets The Company tests goodwill, definite-lived and indefinite‑lived intangible assets for impairment annually as of October 1 st , or more frequently whenever events or changes in circumstances indicate that the asset might be impaired. There were no events or circumstances since December 31, 2019 requiring the Company to test for impairment of goodwill. The carrying value of goodwill was $100.9 million as of March 31, 2020 and December 31, 2019. The following table sets forth the major categories of the Company’s intangible assets and the weighted‑average remaining amortization period for those assets that were not already fully amortized (dollars in thousands): March 31, 2020 Weighted Average Remaining Gross Net Amortization Carrying Accumulated Carrying Period Amount Amortization Impairment Amount (Years) Distribution Rights $ 33,714 $ (22,691) $ — $ 11,023 9.8 Product Rights 202,567 (155,615) — 46,952 2.8 Tradenames 13,485 (3,212) — 10,273 14.7 Developed Technology 52,466 (35,090) — 17,376 10.7 IPR&D 64,000 — — 64,000 Indefinite Lived $ 366,232 $ (216,608) $ — $ 149,624 The gross carrying amounts and accumulated amortization in the table above is inclusive of $10.4 million and have been fully impaired in the table above and inclusive as of March 31, 2020. December 31, 2019 Weighted Average Gross Net Remaining Carrying Accumulated Carrying Amortization Amount Amortization Impairment Amount Period (Years) Distribution Rights $ 98,433 $ (22,291) $ (64,719) $ 11,423 10.1 Product Rights 348,600 (152,348) (146,033) 50,219 3.1 Tradenames 13,485 (3,035) — 10,450 15.0 Developed Technology 125,461 (34,572) (72,995) 17,894 10.9 IPR&D 64,000 — — 64,000 Indefinite Lived $ 649,979 $ (212,246) $ (283,747) $ 153,986 The gross carrying amounts and accumulated amortization in the table above is inclusive of $10.4 million and have been fully impaired in the table above and inclusive as of December 31, 2019. Changes in the net carrying amount of intangible assets were as follows (dollars in thousands): Distribution Product Developed Rights Rights Tradenames Technology IPR&D Total December 31, 2018 $ 81,204 $ 217,473 $ 11,156 $ 96,857 $ 83,700 $ 490,390 Amortization (5,062) (40,921) (706) (5,968) — (52,657) Impairments (64,719) (146,033) — (72,995) — (283,747) Reclassifications(A) — 19,700 — — (19,700) — December 31, 2019 $ 11,423 $ 50,219 $ 10,450 $ 17,894 $ 64,000 $ 153,986 Amortization (400) (3,267) (177) (518) — (4,362) March 31, 2020 $ 11,023 $ 46,952 $ 10,273 $ 17,376 $ 64,000 $ 149,624 (A) IPR&D in the amount of $19.7 million related to Osmolex ER was reclassified to Product Rights in the first quarter of 2019 when the product was launched. Osmolex ER was fully impaired during the second quarter of 2019. As part of the Company’s goodwill and intangible asset impairment assessments, the Company estimates the fair values of the reporting unit and intangible assets using an income approach that utilizes a discounted cash flow model, or, where appropriate, a market approach. The discounted cash flow models are dependent upon the Company’s estimates of future cash flows and other factors. These estimates of future cash flows involve assumptions concerning (i) future operating performance, including future sales, long‑term growth rates, operating margins, variations in the amounts, allocation and timing of cash flows and the probability of achieving the estimated cash flows and (ii) future economic conditions. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The discount rates applied to estimated cash flows for the Company’s October 1, 2019 annual goodwill and indefinite-lived asset impairment test was 16.5% . The Company believes the discount rates and other inputs and assumptions are consistent with those that a market participant would use. Any impairment charges resulting from annual or interim goodwill and intangible asset impairment assessments are recorded to Impairment of intangible assets in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Amortization expense of $4.4 million and $16.9 million for the three months ended March 31, 2020 and 2019, respectively, was recorded as cost of goods sold. The amortization expense of acquired intangible assets for each of the following periods are expected to be as follows (dollars in thousands): Amortization Years ending December 31 Expense Remainder of 2020 $ 13,088 2021 17,161 2022 12,685 2023 11,805 2024 10,682 Thereafter 20,203 Total $ 85,624

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2020
Accrued Liabilities Abstract
Accrued Liabilities	Note 7. Accrued Liabilities Accrued liabilities consist of the following (dollars in thousands): March 31, December 31, 2020 2019 Accrued product returns $ 29,200 $ 33,457 Accrued royalties 3,434 3,649 Accrued compensation 3,292 10,998 Accrued government and managed care rebates 3,582 4,867 Accrued research and development 1,432 3,028 Accrued expenses and other liabilities 5,841 8,477 Customer coupons 475 777 Total $ 47,256 $ 65,253 In the ordinary course of business, the Company enters into contractual agreements with wholesalers pursuant to which the wholesalers distribute sales of Company products to customers and provide sales data to the Company. In return the wholesalers charge the Company a fee for services and other customary rebates and chargebacks based on distribution sales of Company products through the wholesalers and downstream customers.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2020
Financing Arrangements
Financing Arrangements	Note 8. Financing Arrangements The composition of the Company’s debt and financing obligations is as follows (dollars in thousands): March 31, December 31, 2020 2019 CIT Bank, N.A. Term Loan, net of deferred financing costs of $3.2 million and $3.4 million as of March 31, 2020 and December 31, 2019, respectively $ 268,236 $ 267,950 Total debt 268,236 267,950 Less: current portion — — Long-term debt $ 268,236 $ 267,950 Term Loan As of March 31, 2020, the interest rate was 4.82% for the Company’s Term A Loan and 5.32% for the Term B Loan. As of December 31, 2019, the interest rate was 5.79% for the Term A Loan and 6.29% for the Term B Loan. The Company was in compliance with all covenants of the Term Loan Agreement as of March 31, 2020. Revolving Facility As of March 31, 2020 there were no amounts drawn under the $50 million Revolving Facility with CIT Bank, N.A.

Concentrations and Credit Risk

Concentrations and Credit Risk	3 Months Ended
	Mar. 31, 2020
Concentrations and Credit Risk
Concentrations and Credit Risk	Note 9. Concentrations and Credit Risk In the three months ended March 31, 2020 and 2019, a significant portion of the Company’s gross product sales reported were through three customers, and a significant portion of the Company’s accounts receivable as of March 31, 2020 and December 31, 2019 were due from these customers as well. The following table sets forth the percentage of the Company’s gross sales and accounts receivable attributable to these customers for the periods indicated: Gross Product Three Months Ended March 31, 2020 2019 Amerisource Bergen 31 % 7 % Cardinal Health 22 % 55 % McKesson 43 % 36 % Combined Total 96 % 98 % Gross Account Receivables March 31, December 31, 2020 2019 Amerisource Bergen 30 % 21 % Cardinal Health 24 % 22 % McKesson 39 % 51 % Combined Total 93 % 94 % Purchasing For the three months ended March 31, 2020 and 2019, one supplier accounted for approximately 65% and 76%, respectively, of the Company’s purchases of raw materials for products that are manufactured by the Company. The Company purchases various Active Pharmaceutical Ingredient, (“API”) of finished products at contractual minimum levels through agreements with third parties. Individually, none of these agreements are material to the Company, therefore, the Company does not believe that any of the purchase obligations represent levels above the normal course of business as of March 31, 2020.

Incentive Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2020
Incentive Plans
Incentive Plans	Note 10. Incentive Plans The Company recognized share-based compensation expense of $1.0 million and $1.2 million during the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, the total remaining unrecognized compensation cost related to non-vested share-based compensation awards amounted to $8.9 million. During the three months ended on March 31, 2020 and 2019, the Company granted 0 and 1,374,335, respectively, of restricted stock units. During the three months ended March 31, 2020 and 2019, shares vested were 237,163 and 0, respectively. As of March 31, 2020 there were 1,165,364 restricted stock units outstanding and the weighted-average remaining requisite service period of the non-vested stock options was 1.57 years and for non-vested restricted stock units was 2.96 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 11. Commitments and Contingencies Contingent Milestone Payments The Company has entered into strategic business agreements for the development and marketing of finished dosage form pharmaceutical products with various pharmaceutical development companies. Each strategic business agreement includes a future payment schedule for contingent milestone payments and in certain strategic business agreements, minimum royalty payments. The Company will be responsible for contingent milestone payments and minimum royalty payments to these strategic business partners based upon the occurrence of future events. Each strategic business agreement defines the triggering event of its future payment schedule, such as meeting product development progress timelines, successful product testing and validation, successful clinical studies, and various U.S. Food and Drug Administration and other regulatory approvals. Supply Agreement Obligations The Company is engaged in various supply agreements with third parties which obligate the Company to purchase various API or finished products at contractual minimum levels. None of these agreements are individually or in the aggregate material to the Company. Further, the Company does not believe that any of the purchase obligations represent levels above that of normal business demands as of March 31, 2020. Legal Proceedings The Company is a party in legal proceedings and potential claims arising from time to time in the ordinary course of its business. The amount, if any, of ultimate liability with respect to such matters cannot be determined. Despite the inherent uncertainties of litigation, management of the Company believes that the ultimate disposition of such proceedings and exposures will not have a material adverse impact on the financial condition, results of operations, or cash flows of the Company. On February 16, 2018, the Company received FDA approval for its amantadine extended release tablets under the trade name OSMOLEX ER. On that same date the Company filed in the Federal District Court for the District of Delaware a Complaint for Declaratory Judgment of Noninfringement of certain patents owned by Adamas Pharmaceuticals, Inc. (Osmotica Pharmaceutical US LLC and Vertical Pharmaceuticals, LLC vs. Adamas Pharmaceuticals, Inc. and Adamas Pharma, LLC). Adamas was served with the Complaint on February 21, 2018. Adamas filed an answer on April 13, 2018 denying the allegations in the Complaint and reserving the ability to raise counterclaims as the litigation progresses. On September 20, 2018, Adamas filed an amended answer to the Company’s Complaint for Declaratory Judgment of Noninfringement, with counterclaims alleging infringement of certain patents included in the Company’s Complaint and requesting that the court grant Adamas damages, injunctive relief and attorneys’ fees. The action is ongoing, but was stayed on May 23, 2019 at the parties’ joint request. On April 30, 2019, Osmotica Pharmaceuticals plc was served with a complaint in an action entitled Leo Shumacher, et al., v. Osmotica Pharmaceuticals plc, et al ., Superior Court of New Jersey, Somerset County No. SOM-L-000540-19. On May 10, 2019, a Complaint entitled Jeffrey Tello, et al., v. Osmotica Pharmaceuticals plc, et al., Superior Court of New Jersey, Somerset County No. SOM-L-000617-19 was filed in the same court as the Shumacher action. The complaints name Osmotica Pharmaceuticals plc, certain of its directors and officers and the underwriters of its initial public offering as defendants in putative class actions alleging violations of Sections 11 and 15 of the Securities Act of 1933 related to the disclosures contained in the registration statement and prospectus used for the Company’s initial public offering of ordinary shares. On July 22, 2019, Plaintiffs filed an Amended Complaint consolidating the two actions, reiterating the previously pled allegations and adding an additional individual defendant. The Company disputes the allegations in the complaint and intends to vigorously defend against the action. However, this litigation matter is still in an early stage and there is no assurance that the Company will be successful in its defense or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of the action, which could adversely affect the Company’s results of operations and financial condition. There is no loss that is probable or reasonably estimatable as of March 31, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	Note 12. Income Taxes During the three months ended March 31, 2020, the Company recognized an income tax expense of $1.0 million on $2.1 million of loss before income tax, compared to $0.8 million of income tax benefit on $7.4 million of loss before income tax during the comparable 2019 period. The tax expense resulted from the Company’s foreign entities generating a projected tax liability. Income taxes for the interim periods have been based on an estimated annual worldwide effective tax rate. Income tax (expense) benefit differs from the statutory income tax rate primarily due to the occurrence of orphan drug and research development credits, recording of a valuation allowance and the addition of state and foreign taxes. The Coronavirus Aid Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020 in the United States. The CARES Act and related notices include several significant provisions, including delaying certain payroll tax payments, mandatory transition tax payments under the Tax Cuts and Jobs Act, and estimated income tax payments that we expect to defer to future periods. We do not currently expect the CARES Act to have a material impact on our financial results, including on our annual estimated effective tax rate, or on our liquidity. We will continue to monitor and assess the impact the CARES Act and similar legislation in other countries may have on our business and financial results. The Company provides reserves for potential payments of income tax to various tax authorities or does not recognize income tax benefits related to uncertain tax positions and other issues. Tax benefits for uncertain tax positions are based on a determination of whether a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized, assuming that the matter in question will be decided based on its technical merits. The Company’s policy is to record interest and penalties in the provision for income taxes. Two of the Company’s subsidiaries, Osmotica Pharmaceutical Corp. and Valkyrie Group Holding Inc., are under audit by the Internal Revenue Service for tax years 2016 and 2017. Currently, there are no significant issues to report. Valuation Allowance Net deferred tax assets arise due to the recognition of income and expense items for tax purposes, which differ from those used for financial statement purposes. ASC 740, Income Taxes, provides for the recognition of deferred tax assets if the realization of such assets is more likely than not. In assessing the need for a valuation allowance in the first quarter of year ending 2020, the Company considered all available objective and verifiable evidence both positive and negative, including historical levels of pre-tax income (loss) both on a consolidated basis and tax reporting entity basis, legislative developments, expectations and risks associated with estimates of future pre-tax income, and prudent and feasible tax planning strategies. The Company assesses the realizability of the deferred tax assets at each balance sheet date based on actuals and forecasted operating results in order to determine the proper amount, if any, of a valuation allowance. As a result of this analysis, the Company determined that it is more likely than not that it will not realize the benefits of its net deferred tax assets and therefore has recorded a valuation allowance to reduce the carrying value of its net deferred tax assets. The Company continues to maintain valuation allowances on deferred tax assets applicable to entities in foreign jurisdictions for which separate income tax returns are filed, where realization of the related deferred tax assets from future profitable operations is not reasonably assured.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2020
Related Parties
Related Parties	Note 13. Related Parties Prior to the Company’s initial public offering, it paid quarterly advisory, monitoring fees and any other related expenses to certain shareholders. The Company had accrued less than $0.1 million and $0.1 million as liabilities, as of March 31, 2020 and December 31, 2019, respectively, and had recognized $0.8 million and less than $0.1 million of related expense for the three months ended March 31, 2020 and 2019, respectively. Further, the Company leases its Argentina office and warehouse space facilities through a related party lease. The term of the operating lease is through December 31, 2020. For the three months ended March 31, 2020 and 2019, the Company incurred rent expense under this lease of less than $0.1 million and $0.1 million, respectively. On August 22, 2018, the Company entered into a Master Service Agreement with United Biosource, LLC or (“UBC”), an Avista Capital Partners portfolio company, for prescription processing and patient access services. In November 2018, the Company and UBC entered into a Statement of Work for services valued at approximately $2.4 million. The Company had accrued $0.3 million of liabilities related to this agreement as of March 31, 2020 and had recognized $0.4 million of related expense for the three months ended March 31, 2020.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 14. Shareholders’ Equity Ordinary Share Repurchase Program In September 2019, the Company’s Board of Directors authorized the repurchase of up to 5,251,892 ordinary shares pursuant to a share repurchase program. Purchases under the ordinary share repurchase program can be made on the open market or in privately negotiated transactions, with the size and timing of these purchases based on a number of factors, including the price and business and market conditions. The Company expects to retire ordinary shares acquired under the repurchase program. In the three months ended March 31, 2020, the Company repurchased 29,000 ordinary shares for an aggregate of $0.2 million. 2019 Employee Share Purchase Plan In September 2019, the Company’s board of directors adopted and approved, the Employee Share Purchase Plan (the “ESPP”). The ESPP allows each eligible employee who is participating in the plan to purchase shares by authorizing payroll deductions of up to $2,000 per payroll period. Unless the participating employee has previously withdrawn from the offering, accumulated payroll deductions will be used to purchase shares on the last business day of the offering period at a price equal to 85 percent of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Under applicable tax rules, an employee may purchase no more than $25,000 worth of ordinary shares, valued at the start of the purchase period, under the ESPP in any calendar year. There is no minimum holding period associated with shares purchased pursuant to this plan. An employee’s purchase rights terminate immediately upon termination of employment. The Company accounts for employee stock purchases made under its ESPP using the estimate grant date fair value of accounting in accordance with ASC 718, Stock Compensation. The purchase price discount and the look-back feature cause the ESPP to be compensatory and the Company to recognize compensation expense. The compensation cost is recognized on a straight-line basis over the requisite service period. The Company recognized less than $0.1 million of compensation expense for the three months ended March 31, 2020. The Company values ESPP shares using the Black-Scholes model. As of March 31, 2020, there was less than $0.1 million of unrecognized ordinary share compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 0.50 years. On January 2, 2020, the Company issued 29,351 ordinary shares to the employees who participated in the ESPP during the offering period ended December 31, 2019.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation —The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and under the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim reporting. In management’s opinion, the interim financial data presented includes all adjustments (consisting solely of normal recurring items) necessary for fair presentation. All intercompany accounts and transactions have been eliminated. Certain information required by GAAP has been condensed or omitted in accordance with rules and regulations of the SEC. Operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2020 or any period thereafter. The accompanying Condensed Consolidated Balance Sheet data as of December 31, 2019 was derived from the audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2019.
Fair Value of Financial Instruments	Fair Value of Financial Instrument s—The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and short and long‑term debt. The fair values of cash and cash equivalents, accounts receivable, accounts payable and debt approximate book value because of the short maturity of these financial instruments. The valuation hierarchy is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels within the valuation hierarchy are described below: Level 1 — Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.
Basic and Diluted Loss per Share	Basic and Diluted Loss per Share —Basic and diluted net loss per share is determined by dividing net loss by the weighted average ordinary shares outstanding during the period. For all periods presented with a net loss, the shares underlying the ordinary share options and restricted stock units have been excluded from the calculation because their effect would be anti‑dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share are the same for periods with a net loss. The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as they would be anti‑dilutive as of March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Restricted stock units 1,165,364 1,374,335 Options to purchase ordinary shares 3,046,086 3,187,872
Segment Reporting	Segment Reporting —The Company operates in one business segment which focuses on developing and commercializing pharmaceutical products that target markets with underserved patient populations. The Company’s business offerings have similar economic and other characteristics, including the nature of products, manufacturing and acquiring processes, types of customers, distribution methods and regulatory environment. The chief operating decision maker (“CODM”) reviews profit and loss information on a consolidated basis to assess performance and make overall operating decisions. The condensed consolidated financial statements reflect the financial results of the Company’s one reportable operating segment. The Company has no significant revenues or tangible assets outside of the United States.
Correction of Immaterial Errors	Correction of Immaterial Errors In connection with the preparation of the Company’s unaudited condensed consolidated financial statements as of and for the period ended September 30, 2019 and 2018 for inclusion in the Company’s Quarterly Report on Form 10-Q, the Company determined that a revision was required to correct misstatement associated with the tax treatment of certain intercompany transactions at the time of the business combination between Osmotica Holdings Limited and subsidiaries and Vertical/Trigen Holdings LLC which occurred on February 3, 2016. Additionally, revisions were necessary to correct misstatements related to uncertain tax provisions and prepaid taxes and certain other previously identified immaterial misstatements. These adjustments and the evaluation of these adjustmens has been previously disclosed in the Company’s Quarterly report on Form 10-Q for the period ended September 30, 2019 and the Company has reflected the corrections in the results for the prior period as detailed below (dollars in thousands). Three months ended March 31, 2019 As Net As Prepaid expenses and other current assets $ 16,199 $ (270) $ 15,929 Total assets 776,147 (270) 775,877 Income taxes payable- current portion 496 (496) - Deferred taxes 24,837 2,397 27,234 Income taxes payable- long term portion 1,804 737 2,541 Total liabilities 394,909 2,638 397,547 Shareholders' equity 381,237 (2,908) 378,329 Total liabilities and shareholders' equity 776,147 (270) 775,877 Income tax benefit (expense) 1,240 (486) 754 Net loss (6,201) (486) (6,687) Comprehensive loss (6,201) (486) (6,687) Loss per share (0.12) (0.01) (0.13) Weighted average share - basic and diluted 52,518,924 - 52,518,924
Recently Adopted and Recent Accounting Standards	Three months ended March 31, 2019 As Net As Prepaid expenses and other current assets $ 16,199 $ (270) $ 15,929 Total assets 776,147 (270) 775,877 Income taxes payable- current portion 496 (496) - Deferred taxes 24,837 2,397 27,234 Income taxes payable- long term portion 1,804 737 2,541 Total liabilities 394,909 2,638 397,547 Shareholders' equity 381,237 (2,908) 378,329 Total liabilities and shareholders' equity 776,147 (270) 775,877 Income tax benefit (expense) 1,240 (486) 754 Net loss (6,201) (486) (6,687) Comprehensive loss (6,201) (486) (6,687) Loss per share (0.12) (0.01) (0.13) Weighted average share - basic and diluted 52,518,924 - 52,518,924 Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduces a new methodology for accounting for credit losses on financial instruments, including available-for-sale debt securities. The guidance establishes a new “expected loss model ” that requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information. The estimate of credit losses must be based on all relevant information including historical information, current conditions, and reasonable and supportable forecasts that affect the collectability of the amounts. The Company adopted this standard on January 1, 2020, and there was no material impact to the Company’s consolidated financial statements. The Company has provided additional disclosure as required by the standard upon adoption. Refer to Note 4 for additional details.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended March 31, 2020 2019 Restricted stock units 1,165,364 1,374,335 Options to purchase ordinary shares 3,046,086 3,187,872
Schedule of amounts originally reported, net correction adjustments and corrected amounts for items affected by the restatement	Three months ended March 31, 2019 As Net As Prepaid expenses and other current assets $ 16,199 $ (270) $ 15,929 Total assets 776,147 (270) 775,877 Income taxes payable- current portion 496 (496) - Deferred taxes 24,837 2,397 27,234 Income taxes payable- long term portion 1,804 737 2,541 Total liabilities 394,909 2,638 397,547 Shareholders' equity 381,237 (2,908) 378,329 Total liabilities and shareholders' equity 776,147 (270) 775,877 Income tax benefit (expense) 1,240 (486) 754 Net loss (6,201) (486) (6,687) Comprehensive loss (6,201) (486) (6,687) Loss per share (0.12) (0.01) (0.13) Weighted average share - basic and diluted 52,518,924 - 52,518,924

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenues Abstract
Schedule of disaggregation of revenue from contracts with customers	Three Months Ended March 31, Pharmaceutical Product 2020 2019 Venlafaxine ER $ 14,118 $ 21,607 Methylphenidate ER 8,396 20,789 Divigel 7,581 5,497 Nitrofurantoin 4,608 — Lorzone 2,428 4,269 OB Complete 1,877 1,931 Other 8,300 2,307 Net product sales 47,308 56,400 Royalty revenue 869 721 License and contract revenue 472 5 Total revenues $ 48,649 $ 57,126

Accounts Receivable, Sales an_2

Accounts Receivable, Sales and Allowances (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of components of accounts receivable	March 31, December 31, 2020 2019 Gross trade accounts receivable Trade accounts receivable $ 55,876 $ 70,958 Royalty accounts receivable 686 702 Other receivable 2,141 2,186 Less reserves for: Chargebacks (16,288) (14,624) Commercial rebates (7,917) (13,579) Discounts and allowances (1,687) (1,591) Allowance for credit losses (167) (138) Total trade accounts receivable, net $ 32,644 $ 43,914
Schedule of adjustments to gross product sales	Three Months Ended March 31, 2020 2019 Gross product sales $ 109,030 $ 231,548 Less provisions for: Chargebacks (50,173) (101,234) Government and managed care rebates (4,846) (2,523) Commercial rebates (3,220) (64,598) Product returns (309) (1,026) Discounts and allowances (2,380) (4,701) Advertising and promotions (794) (1,066) Net product sales $ 47,308 $ 56,400
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of activity in allowance/liability for customer deductions	Discounts Commercial and Credit Chargebacks Rebates Allowances Losses Total Balance at December 31, 2018 $ 38,861 $ 49,232 $ 3,510 $ 194 $ 91,797 Provision 345,366 147,173 15,719 (190) 508,068 Charges processed (369,603) (182,826) (17,638) 134 (569,933) Balance at December 31, 2019 $ 14,624 $ 13,579 $ 1,591 $ 138 $ 29,932 Provision 50,173 3,220 2,380 29 55,802 Charges processed (48,509) (8,882) (2,284) — (59,675) Balance at March 31, 2020 $ 16,288 $ 7,917 $ 1,687 $ 167 $ 26,059
Accrued liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of activity in allowance/liability for customer deductions	Government and Product Managed Care Returns Rebates Total Balance at December 31, 2018 $ 48,464 $ 9,981 $ 58,445 Provision (3,932) 20,092 16,160 Charges processed (11,075) (25,206) (36,281) Balance at December 31, 2019 $ 33,457 $ 4,867 $ 38,324 Provision 309 4,846 5,155 Charges processed (4,566) (6,131) (10,697) Balance at March 31, 2020 $ 29,200 $ 3,582 $ 32,782

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory [Line Items]
Summary of components of inventories, net of allowances	March 31, December 31, 2020 2019 Finished goods $ 14,085 $ 15,319 Work in process 1,128 778 Raw materials and supplies 5,323 5,208 $ 20,536 $ 21,305
Allowance for excess and obsolete inventory
Inventory [Line Items]
Schedule of activity in allowance for inventory valuation and obsolescence	March 31, December 31, 2020 2019 Balance at beginning of period $ 1,069 $ 1,561 Provision 314 2,322 Charges processed (29) (2,814) Balance at end of period $ 1,354 $ 1,069

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Other Intangible Assets
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period	March 31, 2020 Weighted Average Remaining Gross Net Amortization Carrying Accumulated Carrying Period Amount Amortization Impairment Amount (Years) Distribution Rights $ 33,714 $ (22,691) $ — $ 11,023 9.8 Product Rights 202,567 (155,615) — 46,952 2.8 Tradenames 13,485 (3,212) — 10,273 14.7 Developed Technology 52,466 (35,090) — 17,376 10.7 IPR&D 64,000 — — 64,000 Indefinite Lived $ 366,232 $ (216,608) $ — $ 149,624 December 31, 2019 Weighted Average Gross Net Remaining Carrying Accumulated Carrying Amortization Amount Amortization Impairment Amount Period (Years) Distribution Rights $ 98,433 $ (22,291) $ (64,719) $ 11,423 10.1 Product Rights 348,600 (152,348) (146,033) 50,219 3.1 Tradenames 13,485 (3,035) — 10,450 15.0 Developed Technology 125,461 (34,572) (72,995) 17,894 10.9 IPR&D 64,000 — — 64,000 Indefinite Lived $ 649,979 $ (212,246) $ (283,747) $ 153,986
Schedule of changes in the net carrying amount of intangible assets	Distribution Product Developed Rights Rights Tradenames Technology IPR&D Total December 31, 2018 $ 81,204 $ 217,473 $ 11,156 $ 96,857 $ 83,700 $ 490,390 Amortization (5,062) (40,921) (706) (5,968) — (52,657) Impairments (64,719) (146,033) — (72,995) — (283,747) Reclassifications(A) — 19,700 — — (19,700) — December 31, 2019 $ 11,423 $ 50,219 $ 10,450 $ 17,894 $ 64,000 $ 153,986 Amortization (400) (3,267) (177) (518) — (4,362) March 31, 2020 $ 11,023 $ 46,952 $ 10,273 $ 17,376 $ 64,000 $ 149,624 (A) IPR&D in the amount of $19.7 million related to Osmolex ER was reclassified to Product Rights in the first quarter of 2019 when the product was launched. Osmolex ER was fully impaired during the second quarter of 2019.
Schedule of expected amortization expense	Amortization Years ending December 31 Expense Remainder of 2020 $ 13,088 2021 17,161 2022 12,685 2023 11,805 2024 10,682 Thereafter 20,203 Total $ 85,624

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Accrued Liabilities Abstract
Schedule of accrued liabilities	March 31, December 31, 2020 2019 Accrued product returns $ 29,200 $ 33,457 Accrued royalties 3,434 3,649 Accrued compensation 3,292 10,998 Accrued government and managed care rebates 3,582 4,867 Accrued research and development 1,432 3,028 Accrued expenses and other liabilities 5,841 8,477 Customer coupons 475 777 Total $ 47,256 $ 65,253

Financing Arrangement (Tables)

Financing Arrangement (Tables)	3 Months Ended
	Mar. 31, 2020
Financing Arrangements
Schedule of Composition of Company’s Debt and Financing Obligations	March 31, December 31, 2020 2019 CIT Bank, N.A. Term Loan, net of deferred financing costs of $3.2 million and $3.4 million as of March 31, 2020 and December 31, 2019, respectively $ 268,236 $ 267,950 Total debt 268,236 267,950 Less: current portion — — Long-term debt $ 268,236 $ 267,950

Concentrations and Credit Risk

Concentrations and Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2020
Gross Product Sales | Customer concentration risk
Concentrations and Credit Risk
Schedule of percentage of Company’s gross sales and accounts receivable attributable to customers	Gross Product Three Months Ended March 31, 2020 2019 Amerisource Bergen 31 % 7 % Cardinal Health 22 % 55 % McKesson 43 % 36 % Combined Total 96 % 98 %
Gross Accounts Receivable | Credit concentration risk
Concentrations and Credit Risk
Schedule of percentage of Company’s gross sales and accounts receivable attributable to customers	Gross Account Receivables March 31, December 31, 2020 2019 Amerisource Bergen 30 % 21 % Cardinal Health 24 % 22 % McKesson 39 % 51 % Combined Total 93 % 94 %

Organization and Nature of Op_2

Organization and Nature of Operations (Details) - USD ($)	Oct. 22, 2018	Oct. 21, 2018
Stock transactions
Aggregate net proceeds	$ 58,100,000
Number of shares per unit		42.84
Option shares multiple		42.84
Option exercise price divisor		$ 42.84
IPO [Member]
Stock transactions
Number of ordinary shares issued	7,647,500
Public offering price per share	$ 7
Over-Allotment Option [Member]
Stock transactions
Number of ordinary shares issued	997,500
Private Placement [Member]
Stock transactions
Number of ordinary shares issued	2,014,285

Basis of Presentation - Anti-di

Basis of Presentation - Anti-dilutive shares (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	1,165,364	1,374,335
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	3,046,086	3,187,872

Basis of Presentation - Segment

Basis of Presentation - Segments (Details)	3 Months Ended
	Mar. 31, 2020segment
Basis of Presentation and Summary of Significant Accounting Policies
Number of operating segments	1
Number of reportable operating segments	1

Basis of Presentation - Error c

Basis of Presentation - Error correction (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 21, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Balance sheet items
Prepaid expenses and other current assets		$ 10,654	$ 15,929	$ 11,546
Assets		475,134	775,877	463,255
Deferred taxes		2,329	27,234	1,500
Income taxes payable - long-term portion			2,541
Liabilities		331,394	397,547	348,547
Additional paid in capital		521,484		489,440
Accumulated deficit		(376,104)		(373,021)
Shareholders' equity		143,740	378,329	114,708	$ 383,847
Liabilities and Equity		475,134	775,877	$ 463,255
Comprehensive income items
Income tax benefit		(960)	754
Net income (loss)		$ (3,083)	(6,687)
Comprehensive loss			$ (6,687)
Loss per share			$ (0.13)
Weighted Average Number of Shares Outstanding, Basic and Diluted		58,257,191	52,518,924
Option shares multiple	42.84
Cost of goods sold (inclusive of amortization of intangibles)		$ 20,590	$ 29,203
Research and development expenses		$ 5,688	9,764
Previously Reported [Member]
Balance sheet items
Prepaid expenses and other current assets			16,199
Assets			776,147
Income taxes payable - current portion			496
Deferred taxes			24,837
Income taxes payable - long-term portion			1,804
Liabilities			394,909
Shareholders' equity			381,237
Liabilities and Equity			776,147
Comprehensive income items
Income tax benefit			1,240
Net income (loss)			(6,201)
Comprehensive loss			$ (6,201)
Loss per share			$ (0.12)
Weighted Average Number of Shares Outstanding, Basic and Diluted			52,518,924
Restatement Adjustment [Member]
Balance sheet items
Prepaid expenses and other current assets			$ (270)
Assets			(270)
Income taxes payable - current portion			(496)
Deferred taxes			2,397
Income taxes payable - long-term portion			737
Liabilities			2,638
Shareholders' equity			(2,908)
Liabilities and Equity			(270)
Comprehensive income items
Income tax benefit			(486)
Net income (loss)			(486)
Comprehensive loss			$ (486)
Loss per share			$ (0.01)

Revenues (Details)

Revenues (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 48,649,000	$ 57,126,000
Contract with customer, asset and liability
Deferred revenue	$ 0
Remaining performance obligations	true
Contract assets	$ 0
Cost to obtain or fulfill contracts	0
Product Revenue
Disaggregation of Revenue [Line Items]
Revenues	47,308,000	56,400,000
Venlafaxine ER/VERT
Disaggregation of Revenue [Line Items]
Revenues	14,118,000	21,607,000
Methylphenidate ER
Disaggregation of Revenue [Line Items]
Revenues	8,396,000	20,789,000
Divigel
Disaggregation of Revenue [Line Items]
Revenues	7,581,000	5,497,000
Nitrofurantoin Product [Member]
Disaggregation of Revenue [Line Items]
Revenues	4,608,000
Lorzone
Disaggregation of Revenue [Line Items]
Revenues	2,428,000	4,269,000
OB Complete
Disaggregation of Revenue [Line Items]
Revenues	1,877,000	1,931,000
Other
Disaggregation of Revenue [Line Items]
Revenues	8,300,000	2,307,000
Royalty Revenue
Disaggregation of Revenue [Line Items]
Revenues	869,000	721,000
License and contract revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 472,000	$ 5,000
Minimum
Disaggregation of Revenue [Line Items]
Invoice payment due period	30 days
Minimum | Product Revenue
Disaggregation of Revenue [Line Items]
Invoice payment due period	30 days
Maximum
Disaggregation of Revenue [Line Items]
Invoice payment due period	60 days
Maximum | Product Revenue
Disaggregation of Revenue [Line Items]
Invoice payment due period	60 days

Accounts Receivable, Sales an_3

Accounts Receivable, Sales and Allowances - Trade accounts receivable, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total trade accounts receivable, net	$ 32,644	$ 43,914
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoice payment due period	30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoice payment due period	60 days
Chargebacks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves	$ (16,288)	(14,624)
Commercial rebates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves	(7,917)	(13,579)
Discounts and allowances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves	(1,687)	(1,591)
Doubtful accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves	(167)	(138)
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross trade accounts receivable	55,876	70,958
Royalty accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross trade accounts receivable	686	702
Other receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross trade accounts receivable	$ 2,141	$ 2,186

Accounts Receivable, Sales an_4

Accounts Receivable, Sales and Allowances - Adjustment to gross product sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 48,649	$ 57,126
Product Revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross product sales	109,030	231,548
Revenues	47,308	56,400
Product Revenue | Chargebacks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adjustments to gross products sales	(50,173)	(101,234)
Product Revenue | Government And Managed Care Rebates [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adjustments to gross products sales	(4,846)	(2,523)
Product Revenue | Commercial rebates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adjustments to gross products sales	(3,220)	(64,598)
Product Revenue | Product returns
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adjustments to gross products sales	(309)	(1,026)
Product Revenue | Discounts and allowances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adjustments to gross products sales	(2,380)	(4,701)
Product Revenue | Advertising and promotions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adjustments to gross products sales	$ (794)	$ (1,066)

Accounts Receivable, Sales an_5

Accounts Receivable, Sales and Allowances - Allowance for customer deduction (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Trade accounts receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 29,932	$ 91,797
Provision	55,802	508,068
Charges processed	(59,675)	(569,933)
Balance at end of period	26,059	29,932
Chargebacks
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	14,624
Balance at end of period	16,288	14,624
Chargebacks | Trade accounts receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	14,624	38,861
Provision	50,173	345,366
Charges processed	(48,509)	(369,603)
Balance at end of period	16,288	14,624
Commercial rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	13,579
Balance at end of period	7,917	13,579
Commercial rebates | Trade accounts receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	13,579	49,232
Provision	3,220	147,173
Charges processed	(8,882)	(182,826)
Balance at end of period	7,917	13,579
Discounts and allowances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	1,591
Balance at end of period	1,687	1,591
Discounts and allowances | Trade accounts receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	1,591	3,510
Provision	2,380	15,719
Charges processed	(2,284)	(17,638)
Balance at end of period	1,687	1,591
Doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	138
Balance at end of period	167	138
Doubtful accounts | Trade accounts receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	138	194
Provision	29	(190)
Charges processed		134
Balance at end of period	$ 167	$ 138

Accounts Receivable, Sales an_6

Accounts Receivable, Sales and Allowances - Accrued liabilities for customer deductions (Details) - Accrued liabilities - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 38,324,000	$ 58,445,000
Provision	5,155,000	16,160,000
Charges processed	(10,697,000)	(36,281,000)
Balance at end of period	32,782	38,324,000
Product returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	33,457,000	48,464,000
Provision	309,000	(3,932,000)
Charges processed	(4,566,000)	(11,075,000)
Balance at end of period	29,200	33,457,000
Government And Managed Care Rebates [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	4,867,000	9,981,000
Provision	4,846,000	20,092,000
Charges processed	(6,131,000)	(25,206,000)
Balance at end of period	$ 3,582	$ 4,867,000

Inventories - Components (Detai

Inventories - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventories
Finished goods	$ 14,085	$ 15,319
Work in process	1,128	778
Raw materials and supplies	5,323	5,208
Total	$ 20,536	$ 21,305

Inventories - Allowance for Exc

Inventories - Allowance for Excess and Obsolete Inventory (Details) - Allowance for excess and obsolete inventory - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Summary of activity in the allowance for excess, obsolete, and net realizable value inventory account
Balance at beginning of period	$ 1,069	$ 1,561
Provision	314	2,322
Charges processed	(29)	(2,814)
Balance at end of period	$ 1,354	$ 1,069

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 100,855
Goodwill, Ending Balance	$ 100,855

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Major Categories (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Accumulated amortization	$ (216,608)	$ (212,246)
Impairment		(283,747)
Net carrying amount, finite-lived	85,624
Gross carrying amount	366,232	649,979
Net carrying amount	149,624	153,986	$ 490,390
Fully impaired intangible assets	10,400	10,400
IPR&D
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Gross carrying amount, Indefinite-lived	64,000	64,000
Indefinite-lived intangible assets	64,000	64,000
Net carrying amount	64,000	64,000	83,700
Distribution Rights
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Gross carrying amount, finite-lived	33,714	98,433
Accumulated amortization	(22,691)	(22,291)
Impairment		(64,719)
Net carrying amount, finite-lived	11,023	11,423
Net carrying amount	$ 11,023	$ 11,423	81,204
Weighted average remaining amortization period (Years)	9 years 9 months 18 days	10 years 1 month 6 days
Product Rights
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Gross carrying amount, finite-lived	$ 202,567	$ 348,600
Accumulated amortization	(155,615)	(152,348)
Impairment		(146,033)
Net carrying amount, finite-lived	46,952	50,219
Net carrying amount	$ 46,952	$ 50,219	217,473
Weighted average remaining amortization period (Years)	2 years 9 months 18 days	3 years 1 month 6 days
Tradenames
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Gross carrying amount, finite-lived	$ 13,485	$ 13,485
Accumulated amortization	(3,212)	(3,035)
Net carrying amount, finite-lived	10,273	10,450
Net carrying amount	$ 10,273	$ 10,450	11,156
Weighted average remaining amortization period (Years)	14 years 8 months 12 days	15 years
Developed Technology
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Gross carrying amount, finite-lived	$ 52,466	$ 125,461
Accumulated amortization	(35,090)	(34,572)
Impairment		(72,995)
Net carrying amount, finite-lived	17,376	17,894
Net carrying amount	$ 17,376	$ 17,894	$ 96,857
Weighted average remaining amortization period (Years)	10 years 8 months 12 days	10 years 10 months 24 days

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Balance at the beginning of the period	$ 153,986	$ 490,390	$ 490,390
Amortization	(4,362)	(16,900)	(52,657)
Impairments			(283,747)
Balance at the end of the period	149,624		153,986
IPR&D
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Balance at the beginning of the period	64,000	83,700	83,700
Reclassifications		(19,700)	(19,700)
Balance at the end of the period	64,000		64,000
Distribution Rights
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Balance at the beginning of the period	11,423	81,204	81,204
Amortization	(400)		(5,062)
Impairments			(64,719)
Balance at the end of the period	11,023		11,423
Product Rights
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Balance at the beginning of the period	50,219	217,473	217,473
Amortization	(3,267)		(40,921)
Impairments			(146,033)
Reclassifications			19,700
Balance at the end of the period	46,952		50,219
Tradenames
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Balance at the beginning of the period	10,450	11,156	11,156
Amortization	(177)		(706)
Balance at the end of the period	10,273		10,450
Developed Technology
Schedule of major categories of the Company’s intangible assets and the weighted average remaining amortization period
Balance at the beginning of the period	17,894	$ 96,857	96,857
Amortization	(518)		(5,968)
Impairments			(72,995)
Balance at the end of the period	$ 17,376		$ 17,894

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Fair value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of intangibles	$ 283,747
Measurement Input, Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate for goodwill and intangible assets		0.165
Product Rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of intangibles	146,033
Distribution Rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of intangibles	64,719
Developed Technology
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of intangibles	$ 72,995

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Goodwill and Other Intangible Assets
Amortization expense	$ 4,362	$ 16,900	$ 52,657
Amortization expense of acquired intangible assets
Remainder of 2020	13,088
2021	17,161
2022	12,685
2023	11,805
2024	10,682
Thereafter	20,203
Net carrying amount, finite-lived	$ 85,624

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Liabilities Abstract
Accrued product returns	$ 29,200	$ 33,457
Accrued royalties	3,434	3,649
Accrued compensation	3,292	10,998
Accrued government and managed care rebates	3,582	4,867
Accrued research and development	1,432	3,028
Accrued expenses and other liabilities	5,841	8,477
Customer coupons	475	777
Accrued Liabilities	$ 47,256	$ 65,253

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Arrangements
Long-term debt	$ 268,236	$ 267,950
Long‑term debt, net of non‑current deferred financing costs	268,236	267,950
Deferred financing costs	3,200	3,400
CIT Bank, N.A. Term Loan
Financing Arrangements
Long-term debt	$ 268,236	$ 267,950

Financing Arrangements - Term l

Financing Arrangements - Term loan (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Financing Arrangements
Deferred financing costs	$ 3.2	$ 3.4
Term A Loan
Financing Arrangements
Effective interest rate (as percent)	4.82%	5.79%
Term B Loan
Financing Arrangements
Effective interest rate (as percent)	5.32%	6.29%

Financing Arrangements - Revolv

Financing Arrangements - Revolving credit facility (Details)	Mar. 31, 2020USD ($)
Financing Arrangements
Amount outstanding	$ 0
Aggregate borrowing capacity	$ 50,000,000

Concentrations and Credit Risks

Concentrations and Credit Risks (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020customeritem	Mar. 31, 2019customeritem	Dec. 31, 2019
Gross Sales | Customer concentration risk
Concentrations and Credit Risk
Number of customers	3	3
Concentration risk (as a percent)	96.00%	98.00%
Gross Sales | Customer concentration risk | Amerisource Bergen
Concentrations and Credit Risk
Concentration risk (as a percent)	31.00%	7.00%
Gross Sales | Customer concentration risk | Cardinal Health
Concentrations and Credit Risk
Concentration risk (as a percent)	22.00%	55.00%
Gross Sales | Customer concentration risk | McKesson
Concentrations and Credit Risk
Concentration risk (as a percent)	43.00%	36.00%
Gross Accounts Receivable | Credit concentration risk
Concentrations and Credit Risk
Number of customers	3	3
Concentration risk (as a percent)	93.00%		94.00%
Gross Accounts Receivable | Credit concentration risk | Amerisource Bergen
Concentrations and Credit Risk
Concentration risk (as a percent)	30.00%		21.00%
Gross Accounts Receivable | Credit concentration risk | Cardinal Health
Concentrations and Credit Risk
Concentration risk (as a percent)	24.00%		22.00%
Gross Accounts Receivable | Credit concentration risk | McKesson
Concentrations and Credit Risk
Concentration risk (as a percent)	39.00%		51.00%
Purchases | Supplier concentration risk
Concentrations and Credit Risk
Concentration risk (as a percent)	65.00%	76.00%
Number of suppliers | item	1	1

Incentive Plans - Expense, Opti

Incentive Plans - Expense, Options (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Incentive plans
Share-based compensation expense	$ 1	$ 1.2
Unrecognized compensation cost related to nonvested options	$ 8.9
Options
Incentive plans
Options outstanding, weighted average contractual term	1 year 6 months 26 days

Incentive Plans - Restricted st

Incentive Plans - Restricted stock units (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted	0	1,374,335
Released	(237,163)	0
Outstanding at end of period, shares	1,165,364
Number of shares that vested during the period	237,163	0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Remaining contractual term	2 years 11 months 16 days

Commitments and Contingencies -

Commitments and Contingencies - Legal (Details)	Jul. 22, 2019item
Commitments and Contingencies
Loss Contingency, Pending Claims, Number	2

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)
Income Taxes
Income tax expense (benefit)	$ 960	$ (754)
Loss before income tax	$ 2,123	$ 7,441
Number of subsidiaries under tax audit | item	2

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Amount per agreement			$ 0.1
Shareholder
Related Party Transaction [Line Items]
Accrued liability				$ 0.1
Related party expenses		$ 0.8
Avista
Related Party Transaction [Line Items]
Accrued liability		0.3
Related party expenses		0.4
Amount per agreement	$ 2.4
Maximum
Related Party Transaction [Line Items]
Amount per agreement		0.1
Maximum | Shareholder
Related Party Transaction [Line Items]
Accrued liability		$ 0.1
Related party expenses			$ 0.1

Shareholders' Equity - Share re

Shareholders' Equity - Share repurchase program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019
Equity, Class of Treasury Stock [Line Items]
Repurchase authorization, number of shares		5,251,892
Shares repurchased, in shares	29,000
Shares repurchased, value	$ 167
Additional Paid-in Capital [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased, value	$ 167

Shareholders' Equity - ESPP (De

Shareholders' Equity - ESPP (Details) - USD ($)	Jan. 02, 2020	Mar. 31, 2020
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Maximum deduction per pay period		$ 2,000
Share price, as percentage of fair market value		85.00%
Unrecognized compensation cost, recognition period		6 months
ESPP, shares issued during the period	0
Maximum
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
ESPP expense recognized		$ 100,000
Unrecognized compensation cost		$ 100,000