Acura Pharmaceuticals (ACUR) 10-Q 2 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	ACURA PHARMACEUTICALS, INC
Entity Central Index Key	786,947
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	ACUR
Entity Common Stock, Shares Outstanding		11,833,801

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 3,282	$ 2,485
Marketable securities (Note 7)	7,687	10,837
Accounts receivable, net of allowances of $5 and $91	140	83
Accrued investment income	25	37
Inventories, net (Note 8)	202	276
Prepaid expenses and other current assets	296	417
Total current assets	11,632	14,135
Property, plant and equipment, net (Note 9)	1,028	1,013
Intangible asset, net of accumulated amortization of $414 and $362 (Note 4)	1,586	1,638
Other assets	175	175
Total assets	14,421	16,961
Current liabilities
Accounts payable	375	110
Accrued expenses (Note 10)	1,155	564
Accrued interest	53	0
Other current liabilities	28	45
Sales returns liability	242	205
Debt - current (Note 11)	2,575	2,320
Total current liabilities	4,428	3,244
Debt - non-current portion, net of discount of $167 and $193, and debt issuance costs of $83 and $97 (Note 11)	4,806	5,430
Accrued interest - non-current portion	433	387
Total liabilities	$ 9,667	$ 9,061
Commitments and contingencies (Note 17)
Stockholders’ equity
Common stock - $.01 par value per share; 100,000 shares authorized, 11,834 and 11,801 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 118	$ 118
Additional paid-in capital	375,325	375,157
Accumulated deficit	(370,694)	(367,310)
Accumulated other comprehensive income (loss)	5	(65)
Total stockholders’ equity	4,754	7,900
Total liabilities and stockholders’ equity	$ 14,421	$ 16,961

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable, net of allowances	$ 5	$ 91
Finite-lived intangible assets accumulated amortization	414	362
Long-term debt, net of debt discount	167	193
Debt Instrument Issuance Cost	$ 83	$ 97
Common stock, par value	$ 0.1	$ 0.1
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	11,834	11,801
Common stock, shares outstanding	11,834	11,801

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
License fee revenue	$ 0	$ 5,000
Collaboration revenue	100	0
Royalty revenue	17	0
Product sales, net	107	357
Total revenues, net	224	5,357
Cost and expenses
Cost of sales (excluding inventory write-down)	102	324
Inventory write-down (Note 8)	0	260
Research and development	1,014	964
Sales, marketing, general and administrative	2,246	2,297
Total costs and expenses	3,362	3,845
Operating (loss) income	(3,138)	1,512
Non-Operating income (expense):
Investment income	27	35
Interest expense (Note 11)	(249)	(308)
Other expense	(24)	0
Total other expense, net	(246)	(273)
(Loss) income before provision for income taxes	(3,384)	1,239
Provision for income taxes	0	0
Net (loss) income	(3,384)	1,239
Other comprehensive income:
Unrealized gains on securities	70	31
Comprehensive (loss) income	$ (3,314)	$ 1,270
Loss (income) per share:
Basic	$ (0.28)	$ 0.13
Diluted	$ (0.28)	$ 0.13
Weighted average shares outstanding:
Basic	11,968	9,793
Diluted	11,968	9,869

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2015	$ 7,900	$ 118	$ 375,157	$ (367,310)	$ (65)
Balance (in shares) at Dec. 31, 2015		11,801
Net loss	(3,384)	$ 0	0	(3,384)	0
Other comprehensive income	70	0	0	0	70
Share-based compensation	150	0	150	0	0
Net distribution of common stock pursuant to restricted stock unit award plan	18	$ 0	18	0	0
Net distribution of common stock pursuant to restricted stock unit award plan (in shares)		33
Balance at Mar. 31, 2016	$ 4,754	$ 118	$ 375,325	$ (370,694)	$ 5
Balance (in shares) at Mar. 31, 2016		11,834

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net (loss) income	$ (3,384)	$ 1,239
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	34	30
Provision to reduce inventory to net realizable value	0	260
Provision for sales returns	37	153
Share-based compensation	150	151
Amortization of debt discount and deferred debt issue costs	40	48
Amortization of bond premium in marketable securities	19	41
Amortization of intangible asset	52	52
Loss on sales of marketable securities	24	0
Changes in assets and liabilities:
Accounts receivable	(57)	(11)
Accrued investment income	12	3
Inventories	74	(238)
Prepaid expenses and other current assets	121	159
Other current deferred assets	0	214
Accounts payable	265	(56)
Accrued expenses	591	428
Deferred revenue	0	(353)
Accrued interest - current and long term	99	51
Other current liabilities	1	(4)
Net cash (used in) provided by operating activities	(1,922)	2,167
Cash Flows from Investing Activities:
Proceeds from sale and maturities of marketable securities	3,177	925
Additions to property, plant and equipment	(49)	(46)
Net cash provided by investing activities	3,128	879
Cash Flows from Financing Activities:
Proceeds from distribution of restricted stock units	0	1
Principal payments on debt	(409)	0
Net cash (used in) provided by financing activities	(409)	1
Net increase in cash and cash equivalents	797	3,047
Cash and cash equivalents at beginning of year	2,485	774
Cash and cash equivalents at end of period	3,282	3,821
Cash paid during the year for:
Interest	$ 110	$ 209

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Disclosure of Noncash Financing Activities:
Class of Warrant or Right, Outstanding		60
Additions To Debt Instrument Unamortized Discount	$ 0	$ 33
Maximum [Member]
Supplemental Disclosure of Noncash Financing Activities:
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 7.98
Minimum [Member]
Supplemental Disclosure of Noncash Financing Activities:
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.52

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2016
Description Of Business Disclosure [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 - DESCRIPTION OF BUSINESS Acura Pharmaceuticals, Inc., a New York corporation, and its subsidiary (the “Company”, “We”, “Us” or “Our”) is a specialty pharmaceutical company engaged in the research, development and commercialization of technologies and products intended to address medication abuse and misuse. We have discovered and developed three proprietary platform technologies which can be used to develop multiple products. Our Aversion® and Limitx™ Technologies are intended to address methods of product tampering associated with opioid abuse while our Impede® Technology is directed at minimizing the extraction and conversion of pseudoephedrine into methamphetamine. ⋅ Oxaydo® Tablets (oxycodone HCl, CII), which utilizes the Aversion Technology, is the first and only approved immediate-release oxycodone product in the United States with abuse deterrent labeling. On January 7, 2015, we entered into a Collaboration and License Agreement with Egalet US, Inc. and Egalet Ltd., each a subsidiary of Egalet Corporation (collectively, “Egalet”) pursuant to which we exclusively licensed to Egalet worldwide rights to manufacture and commercialize Oxaydo®. Oxaydo is currently approved by the FDA for marketing in the United States in 5mg and 7.5mg strengths. Egalet launched Oxaydo in the United States late in the third quarter of 2015. ⋅ Nexafed® Tablets (30mg pseudoephedrine) and Nexafed® Sinus Pressure + Pain Tablets (30/325mg pseudoephedrine and acetaminophen), utilizing the Impede Technology, were launched by us into the United States market in December 2012 and February 2015, respectively. We have multiple pseudoephedrine products in development utilizing our Impede Technology. On June 15, 2015, we and Bayer Healthcare LLC entered into a License and Development Agreement pursuant to which we granted Bayer an exclusive worldwide license to our Impede Technology for use in an undisclosed methamphetamine resistant pseudoephedrine – containing product and providing for the joint development of such product using our Impede Technology for the U.S. market. ⋅ Our third abuse deterrent technology, Limitx, is designed to retard the release of active drug ingredients when too many tablets are accidently or purposefully ingested. We are conducting our first clinical study, Study AP-LTX-400, of our lead Limitx immediate release oral abuse deterrent drug candidate using the opioid hydromorphone HCI (LTX-04). Study AP-LTX-400, or Study 400, is a two cohort, open label, crossover design pharmacokinetic study in healthy adult subjects. The FDA has designated the development program for LTX-04 as Fast Track, which is designed to facilitate the development, and expedite the review of drugs to treat serious conditions and fill an unmet medical need. On April 13, 2016 we announced that topline interim results from Cohort 1 of Study 400 for one test formulation of LTX-04 successfully demonstrated the release of the active opioid ingredient was reduced when three intact tablets were ingested, but that additional formulation development will be required for LTX-04 to deliver a sufficient amount of the active ingredient when one or two tablets are administered. We are also developing an immediate-release hydrocodone bitartrate with acetaminophen product utilizing our Limitx Technology. Amounts presented have been rounded to the nearest thousand, where indicated, except share and per share data. The equity amounts and all share and per share data of the Company have been retroactively adjusted to reflect a one-for-five reverse stock split effected by us on August 28, 2015.

LIQUIDITY MATTERS

LIQUIDITY MATTERS	3 Months Ended
	Mar. 31, 2016
LIQUIDITY MATTERS [Abstract]
LIQUIDITY MATTERS	NOTE 2 – LIQUIDITY MATTERS The accompanying financial statements have been prepared assuming the Company will continue as a going concern. At March 31, 2016, we had unrestricted cash, cash equivalents and marketable securities (after deduction of a $ 2.5 8.5 4.7 370.7 3.1 3.4 We estimate that our current unrestricted cash, cash equivalent and marketable securities will be sufficient to fund the development of our products utilizing our Limitx and Impede Technologies, the commercialization of our Nexafed products and our related operating expenses through the first quarter of 2017. To fund further operations and product development activities, we must raise additional financing or enter into license or collaboration agreements with third parties relating to our technologies. No assurance can be given that we will be successful in obtaining any such financing or in securing license or collaboration agreements with third parties on acceptable terms, if at all, or if secured, that such financing or license or collaboration agreements will provide payments to the Company sufficient to fund continued operations. In the absence of such financing or third-party license or collaboration agreements, the Company will be required to scale back or terminate operations and/or seek protection under applicable bankruptcy laws. An extended delay or cessation of the Company’s continuing product development efforts will have a material adverse effect on the Company’s financial condition and results of operations. In view of the matters described above, recoverability of a major portion of the recorded asset amounts shown in the Company’s accompanying balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financing requirements on a continuous basis, to maintain existing financing and to succeed in its future operations. The Company’s financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
ACCOUNTING PRONOUNCEMENTS	NOTE 3 – ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the transition method we will utilize to adopt the standard for use in 2018. In August 2014, the FASB issued ASU No. 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In July 2015, the FASB issued ASU No. 2015-11, which amended Accounting Standards Codification (“ASC”) Topic 330 Inventory. The amendment simplifies the measurement of inventory, applying to inventories for which cost is determined by methods other than last-in first-out (LIFO) and the retail inventory method (RIM), specifying that an entity should measure inventory at the lower of cost and net realizable value instead of at the lower of cost or market. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and interim periods therein. The Company is currently assessing the impact the adoption of the amendment will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting

LICENSE, DEVELOPMENT, AND COMME

LICENSE, DEVELOPMENT, AND COMMERCIALIZATION AGREEMENTS	3 Months Ended
	Mar. 31, 2016
Research and Development Disclosure [Abstract]
LICENSE, DEVELOPMENT, AND COMMERCIALIZATION AGREEMENT	NOTE 4 - LICENSE, DEVELOPMENT, AND COMMERCIALIZATION AGREEMENTS Egalet Agreement On January 7, 2015, we and Egalet entered into a Collaboration and License Agreement (the “Egalet Agreement”) to commercialize Aversion Oxycodone (formerly known as Oxecta®) under the tradename Oxaydo. Oxaydo is approved by the FDA for marketing in the United States in 5 mg and 7.5 mg strengths. Under the terms of the Egalet Agreement, we transferred the approved New Drug Application, or NDA, for Oxaydo to Egalet and Egalet is granted an exclusive license under our intellectual property rights for development and commercialization of Oxaydo worldwide (the “Territory”) in all strengths, subject to our right to co-promote Oxaydo in the United States. Eaglet launched Oxaydo in the United States late in the third quarter of 2015. In accordance with the Egalet Agreement, we and Egalet have formed a joint steering committee to coordinate commercialization strategies and the development of product line extensions. Egalet will pay a significant portion of the expenses relating to (i) annual NDA PDUFA product fees, (ii) expenses of the FDA required post-marketing study for Oxaydo and (iii) expenses of clinical studies for product line extensions (additional strengths) of Oxaydo for the United States and will bear all of the expenses of development and regulatory approval of Oxaydo for sale outside the United States. Egalet is responsible for all manufacturing and commercialization activities in the Territory for Oxaydo. Subject to certain exceptions, Egalet will have final decision making authority with respect to all development and commercialization activities for Oxaydo, including pricing, subject to our co-promotion right. Egalet may develop Oxaydo for other countries and in additional strengths, in its discretion. Egalet paid us a $ 5.0 2.5 one-time $12.5 million milestone payment when worldwide Oxaydo net sales reach $150 million in a calendar year The Egalet Agreement expires upon the expiration of Egalet’s royalty payment obligations in all countries. Either party may terminate the Egalet Agreement in its entirety if the other party breaches a payment obligation, or otherwise materially breaches the Egalet Agreement, subject to applicable cure periods, or in the event the other party makes an assignment for the benefit of creditors, files a petition in bankruptcy or otherwise seeks relief under applicable bankruptcy laws. We also may terminate the Egalet Agreement with respect to the U.S. and other countries if Egalet materially breaches its commercialization obligations. Egalet may terminate the Egalet Agreement for convenience on 120 days prior written notice, which termination may not occur prior to the second anniversary of Egalet’s launch of Oxaydo. Termination does not affect a party’s rights accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations (but not expiration), the Egalet Agreement provides for the transition of development and marketing of Oxaydo from Egalet to us, including the conveyance by Egalet to us of the trademarks and all regulatory filings and approvals relating to Oxaydo, and for Egalet’s supply of Oxaydo for a transition period. Bayer Agreement On June 15, 2015, we and Bayer entered into a License and Development Agreement (the “Bayer Agreement”) granting Bayer an exclusive worldwide license to our Impede Technology for use in an undisclosed methamphetamine resistant pseudoephedrine–containing product (the “Bayer Licensed Product”) and providing for the joint development of such product utilizing our Impede Technology for the U.S. market. The Bayer Agreement also grants Bayer first right to negotiate a license to the Impede technology for certain other products. We and Bayer have formed a joint development committee to coordinate development of the Bayer Licensed Product. We will be eligible to receive reimbursement of certain of our development costs, success-based development and regulatory milestones payments, and low mid-single digit royalties on net sales of the Bayer Licensed Product in countries with patent coverage and a reduced royalty elsewhere. The term of the Bayer Agreement with respect to each country expires when royalties are no longer payable with respect to such country. After expiration of the term Bayer retains a license to sell the Bayer Licensed Product on a royalty free basis. Either party may terminate the Bayer Agreement in its entirety if the other party materially breaches the Bayer Agreement, subject to an applicable cure period, or in the event the other party makes an assignment for the benefit of creditors, files a petition in bankruptcy or otherwise seeks relief under applicable bankruptcy laws. Bayer may terminate the Bayer Agreement immediately prior to completion of our development obligations or at any time upon six (6) months prior written notice thereafter. We may terminate the Bayer Agreement with respect to the U.S. if Bayer ceases or suspends development or commercialization of the Bayer Licensed Product for a certain period of time. Terminated Pfizer Agreement In 2007, we entered into License, Development and Commercialization Agreement for Oxaydo (named Oxecta® under a Pfizer trademark) and other Aversion opioid development products with King Pharmaceuticals Research and Development, Inc., which became a subsidiary of Pfizer in 2011 (the “Pfizer Agreement”). In April 2014, we entered into a letter agreement with Pfizer providing for the termination of the Pfizer Agreement and the return to us of Oxaydo and all Aversion product rights in exchange for a one-time termination payment of $2.0 million. Our termination payment of $ 2.0 52 260 260

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2016
Revenue Recognition [Abstract]
REVENUE RECOGNITION	NOTE 5 - REVENUE RECOGNITION License Fee Revenue On January 7, 2015, we and Egalet entered into a Collaboration and License Agreement to commercialize Oxaydo tablets (formerly known as Oxecta) utilizing our Aversion® Technology. Egalet paid us $ 5.0 Collaboration Revenue Collaboration revenue is derived from reimbursement of development expenses, such as under the Bayer Agreement, and are recognized when costs are incurred pursuant to the agreement. The ongoing research and development services being provided under the collaboration are priced at fair value based upon the reimbursement of labor and expenses incurred pursuant to the collaboration agreements. During the three month period ended March 31, 2016, we recognized collaboration revenue of $ 100 Royalty Revenue In connection with our Collaboration and License Agreement with Egalet to commercialize Oxaydo tablets we will receive a stepped royalty at percentage rates ranging from mid-single digits to double-digits based on Oxaydo net sales during each calendar year over the term of the agreement (excluding net sales resulting from any co-promotion efforts by us). We recognize royalty revenue each calendar quarter based on net sales reported to us by Egalet in accordance with the agreement. Egalet’s first commercial sale of Oxaydo occurred in October 2015. We recognized royalty revenue of $ 17 Product Sales Nexafed was launched in mid-December 2012 and Nexafed Sinus Pressure + Pain was launched in February 2015. We sell our Nexafed products in the United States to wholesale pharmaceutical distributors as well as directly to chain drug stores. Our Nexafed products are sold subject to the right of return usually for a period of up to twelve months after the product expiration. The Nexafed products currently have a shelf life of twenty-four months from the date of manufacture. Given the limited sales history of our Nexafed products, we could not reliably estimate expected returns of the product at the time of shipment to certain customers. During the first quarter of 2015, we determined we had obtained sufficient sales returns history to reasonably estimate future product returns from those customers. We recorded a one-time adjustment in the first quarter of 2015 to recognize revenue that had previously been deferred, resulting in additional net revenues of $ 314 120 255 242 205 Shipping and Handling Costs We record shipping and handling costs in selling expenses. The amounts recorded to selling expenses from the shipments of the Nexafed product line during each of the three month periods ended March 31, 2016 and 2015 were not material.

RESEARCH AND DEVELOPMENT ACTIVI

RESEARCH AND DEVELOPMENT ACTIVITIES	3 Months Ended
	Mar. 31, 2016
Research and Development [Abstract]
RESEARCH AND DEVELOPMENT ACTIVITIES	NOTE 6 - RESEARCH AND DEVELOPMENT ACTIVITIES Research and Development (“R&D”) expenses include internal R&D activities, external Contract Research Organization (“CRO”) services and their clinical research sites, and other activities. Internal R&D activity expenses include facility overhead, equipment and facility maintenance and repairs, laboratory supplies, pre-clinical laboratory experiments, depreciation, salaries, benefits, and share-based compensation expenses. CRO activity expenses include preclinical laboratory experiments and clinical trial studies. Other activity expenses include regulatory consulting, and regulatory legal counsel. Internal R&D activities and other activity expenses are charged to operations as incurred. We make payments to the CRO's based on agreed upon terms and may include payments in advance of a study starting date. We review and accrue CRO expenses and clinical trial study expenses based on services performed and rely on estimates of those costs applicable to the stage of completion of a study as provided by the CRO. Accrued CRO costs are subject to revisions as such studies progress to completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. During 2015, we entered into a $ 200 148 200 22

INVESTMENTS IN MARKETABLE SECUR

INVESTMENTS IN MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN MARKETABLE SECURITIES	NOTE 7 - INVESTMENTS IN MARKETABLE SECURITIES March 31, 2016 December 31, 2015 (in millions) (in millions) Marketable securities: Corporate bonds - maturing within 1 year $ 2.9 $ 3.1 Corporate bonds - maturing after 1 year and through March 2017 - 0.4 Exchange-traded funds 4.8 7.3 Total marketable securities $ 7.7 $ 10.8 The Company’s marketable securities are classified as available-for-sale and are recorded at fair value based on quoted market prices or net asset value using the specific identification method. The purchase cost of corporate bonds may include a purchase price premium or discount which will be amortized or accreted against earned interest income to the maturity date of the bond. Our investments are classified as current in the Company’s Consolidated Balance Sheets as they may be sold within one year in response to changes in market prices or interest rates, to realign our investment concentrations or to meet our working capital needs. March 31, 2016 (in millions) Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale: Corporate bonds $ 2.9 $ - $ - $ 2.9 Exchange-traded funds 4.8 - - 4.8 Total - Current $ 7.7 $ - $ - $ 7.7 December 31, 2015 (in millions) Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale: Corporate bonds $ 3.6 $ - $ (0.1) $ 3.5 Exchange-traded funds 7.3 - - 7.3 Total - Current $ 10.9 $ - $ (0.1) $ 10.8 Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. Fair values determined based on Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined based on Level 2 inputs utilize observable quoted prices for similar assets and liabilities in active markets and observable quoted prices for identical or similar assets in markets that are not very active. Fair values determined based on Level 3 inputs utilize unobservable inputs and include valuations of assets or liabilities for which there is little, if any, market activity. A financial asset or liability’s classification within the above hierarchy is determined based on the lowest level input that is significant to the fair value measurement. March 31, 2016 (in millions) Total Level 1 Level 2 Level 3 Assets: Corporate bonds $ 2.9 $ - $ 2.9 $ - Exchange-traded funds 4.8 4.8 - - Total $ 7.7 $ 4.8 $ 2.9 $ - December 31, 2015 (in millions) Total Level 1 Level 2 Level 3 Assets: Corporate bonds $ 3.5 $ - $ 3.5 $ - Exchange-traded funds 7.3 7.3 - - Total $ 10.8 $ 7.3 $ 3.5 $ - Accumulated Other Comprehensive Income (Loss) Unrealized gains or losses on marketable securities are recorded in accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) at March 31, 2016 consisted of unrealized gains on securities of $ 5 65

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 8 – INVENTORIES Inventories consist of raw materials and finished goods on our Nexafed product at March 31, 2016. Inventories are stated at the lower of cost (first-in, first-out method) or market (net realizable value). We write down inventories to net realizable value based on forecasted demand and market conditions, which may differ from actual results. During the quarter ended March 31, 2015, we recorded a $ 260 March 31, December 31, 2016 2015 (in thousands) Raw and packaging materials $ 15 $ - Finished goods 193 346 Total 208 346 Less: reserve for finished goods (6) (70) Net $ 202 $ 276 2016 2015 (in thousands) Balance at beginning of year $ 70 $ - Reserve expense - raw and packaging - 260 70 260 Inventory write-offs - finished goods (64) - Balance at March 31 $ 6 $ 260

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 9 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost of $ 2,802 2,754 (1,774) (1,741) Our depreciation expense was $ 34 30 Building and improvements 10 - 40 years Land and improvements 20 - 40 years Machinery and equipment 7 - 10 years Scientific equipment 5 - 10 years Computer hardware and software 3 - 10 years

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 10 - ACCRUED EXPENSES March 31, December 31, 2016 2015 (in thousands) Payroll, payroll taxes, and benefits $ 167 $ 101 Professional services 576 171 Franchise taxes 7 6 Property taxes 17 15 Marketing and promotion 56 115 Clinical, non-clinical and regulatory services 206 92 Other fees and services 126 64 Total $ 1,155 $ 564

DEBT

DEBT	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT	NOTE 11 – DEBT On December 27, 2013, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Oxford Finance LLC (“Oxford” or the “Lender”), for a term loan to the Company in the principal amount of $ 10.0 8.35 13.35 monthly interest-only payments until April 1, 2015 (“Amortization Date”) and on the Amortization Date, the Company began to make payments of principal and accrued interest in equal monthly installments of $ 260 December 1, 2018 2.4 after-acquired assets, exclusive of its intellectual property assets. Pursuant to the Loan Agreement, the Company is not allowed to pledge its intellectual property assets to others. Upon the execution of the Loan Agreement, we issued to the Lender warrants to purchase an aggregate of up to 60 7.98 400 December 27, 2020 Expected dividend yield 0.0 % Risk-free interest rate 2.4 % Expected volatility 92 % Expected term (years) 7 On January 7, 2015, we and Oxford entered into an amendment to the Loan Agreement. Pursuant to the amendment, (i) the exercise price of the Warrants was lowered from $ 7.98 2.52 33 2.5 5.0 The Company may voluntarily prepay the Term Loan in full, but not in part, and any prepayment is subject to a prepayment premium equal to 1 795 433 The Company was obligated to pay customary lender fees and expenses, including a one-time facility fee of $ 50 100 231 10.16 The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among others, limits or restrictions on the Company’s ability to incur liens, incur indebtedness, pay dividends, redeem stock, and merge or consolidate and dispose of assets. In addition, it contains customary events of default that entitles the Lender to cause any or all of the Company’s indebtedness under the Loan Agreement to become immediately due and payable. The events of default (some of which are subject to applicable grace or cure periods), include, among other things, non-payment defaults, covenant defaults, a material adverse change in the Company, bankruptcy and insolvency defaults and material judgment defaults. Long-term Debt Current Long-term Total Balance at Dec 31, 2015 $ 2,320 $ 5,720 $ 8,040 Principal payments (409) - (409) Classification 664 (664) - Balance at Mar 31, 2016 $ 2,575 $ 5,056 $ 7,631 Debt Discount Current Long-term Total Balance at Dec 31, 2015 $ - $ (193) $ (193) Modification of warrants - - - Amortization expense - 26 26 Balance at Mar 31, 2016 $ - $ (167) $ (167) Deferred Debt Issuance Costs Current Long-term Total Balance at Dec 31, 2015 $ - $ (97) $ (97) Amortization expense - 14 14 Balance at Mar 31, 2016 $ - $ (83) $ (83) Long-term Debt, net at Mar 31, 2016 $ 2,575 $ 4,806 $ 7,381 2016 2015 Interest expense: Term loan $ 209 $ 260 Debt discount 26 31 Debt issue costs 14 17 Total interest expense $ 249 $ 308 Annual Principal Payments Year (in thousands) 2016 $ 1,911 2017 2,741 2018 2,979 Total $ 7,631

EQUITY FINANCING

EQUITY FINANCING	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
EQUITY FINANCING	NOTE 12 – EQUITY FINANCING Our universal shelf registration statement on Form S-3 was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 30, 2016. We may file with the SEC a prospectus supplement to our S-3 registration statement to sell common stock or other equity or debt securities, from time to time, in “at the market” offerings and certain other transactions. In the event we file a prospectus supplement with the SEC and engage in the sale of our equity or debt securities under the S-3 registration statement, we expect that the net proceeds from any such transactions will be used for general corporate purposes, including working capital, research, development and marketing expenses, clinical trial expenditures and capital expenditures.

COMMON STOCK WARRANTS

COMMON STOCK WARRANTS	3 Months Ended
	Mar. 31, 2016
Stockholders Equity Note [Abstract]
COMMON STOCK WARRANTS	NOTE 13 - COMMON STOCK WARRANTS We have outstanding common stock purchase warrants (“warrants”) exercisable for 60 2.52 2.52 10.0 March 31, 2016 2015 WAvg WAvg Exercise Exercise Number Price Number Price Outstanding, beginning 60 $ 2.52 60 $ 7.98 Issued - - - - Exercised - - - - Expired - - - - Modification - - - (5.46) Outstanding, ending 60 $ 2.52 60 $ 2.52

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 14 - SHARE-BASED COMPENSATION Share-based Compensation We have four share-based compensation plans covering stock options and RSUs for our employees and directors. We measure our compensation cost related to share-based payment transactions based on fair value of the equity or liability instrument issued. For purposes of estimating the fair value of each stock option unit on the date of grant, we utilize the Black-Scholes option-pricing model. Option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of our common stock (as determined by reviewing our historical public market closing prices). Our accounting for share-based compensation for RSUs is based on the market price of our common stock on the date of grant, less its exercise cost. Three Months Ended March 31, 2016 2015 Research and development expense: Stock options $ 43 $ 39 Restricted stock units - - Subtotal $ 43 $ 39 General and administrative expense: Stock options 77 98 Restricted stock units 30 14 Subtotal $ 107 $ 112 Total $ 150 $ 151 Stock Option Award Plans We have two stock option plans in effect, and one stock option plan has expired by its terms, but pursuant to which stock options have been granted and remain outstanding. Three months Ended March 31, 2016 2015 Number Weighted Weighted of Average Number of Average Options Exercise Options Exercise (000’s) Price (000’s) Price Outstanding, beginning 1,198 $ 15.67 911 $ 20.70 Granted - - - - Exercised - - - - Forfeited or expired - - (15) 26.25 Outstanding, ending 1,198 $ 15.67 896 $ 20.65 Options exercisable 876 $ 20.64 715 $ 25.00 The intrinsic value of the option awards which were vested and outstanding at March 31, 2016 and December 31, 2015 was $ 70 6 591 Restricted Stock Unit Award Plan We have a Restricted Stock Unit Award Plan (the “2014 RSU Plan”) for our employees and non-employee directors. Vesting of an RSU entitles the holder to receive a share of our common stock on a distribution date. The share-based compensation cost to be incurred on a granted RSU is the RSU’s fair value, which is the market price of our common stock on the date of grant, less its exercise cost. The compensation cost is amortized to expense over the vesting period of the RSU award. Three months Ended March 31, 2016 2015 (in thousands) Number of Number of Number Vested Number of Vested of RSUs RSUs RSUs RSUs Outstanding, beginning 45 45 30 30 Granted 88 - 41 - Distributed (42) (42) (26) (26) Vested - 22 - 10 Forfeited or expired - - - - Outstanding, ending 91 25 45 14 Our 2014 RSU Plan was approved by shareholders on May 1, 2014 and permits the grant of up to 400 242 Information about the RSU grants under the 2014 RSU Plan is as follows: · On January 2, 2015, we awarded approximately 10.3 25 22 · On January 4, 2016, we awarded approximately 22.0 25 28 Information about the distribution of shares under the 2014 RSU Plan is as follows: · On January 2, 2015, 25.8 3.6 25.8 19.8 6 · On January 4, 2016, 41.2 1.2 2.4 32.8 9.6 23.8

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 15 – INCOME TAXES We account for income taxes under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and income tax basis of assets and liabilities and are accounted for using the enacted income tax rates and laws that will be in effect when the differences are expected to reverse. Additionally, net operating loss and tax credit carryforwards are reported as deferred income tax assets. The realization of deferred income tax assets is dependent upon future earnings. A valuation allowance is required against deferred income tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax assets may not be realized. At both March 31, 2016 and December 31, 2015, all our remaining net deferred income tax assets were offset by a valuation allowance due to uncertainties with respect to future utilization of net operating loss (“NOL”) carryforwards. If in the future it is determined that additional amounts of our deferred income tax assets would likely be realized, the valuation allowance would be reduced in the period in which such determination is made and an additional benefit from income taxes in such period would be recognized. We have approximately $ 52.8 155.2 34 2.0 1.2 0.2

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE ("EPS")	NOTE 16 – EARNINGS PER SHARE (“EPS”) Basic EPS is computed by dividing net income or loss by the weighted average common shares outstanding during a period, including shares weighted related to vested Restricted Stock Units (“RSUs”) (see Note 14). Diluted EPS is based on the treasury stock method and computed based on the same number of shares used in the basic share calculation and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options and stock warrants, assuming the exercise of all in-the-money stock options and warrants. Common stock equivalents are excluded from the computation where their inclusion would be anti-dilutive. No such adjustments were made for 2016 as the Company reported a net loss for the three month period, and including the effects of 1.3 716 Three months Ended March 31, 2016 2015 (in thousands except per share data) EPS - basic Numerator: net income (loss) $ (3,384) $ 1,239 Denominator: Common shares 11,963 9,789 Vested RSUs 5 4 Basic weighted average shares outstanding 11,968 9,793 EPS - basic $ (0.28) $ 0.13 EPS – assuming dilution Numerator: net income (loss) $ (3,384) $ 1,239 Denominator: Common shares 11,963 9,789 Vested RSUs 5 34 Stock options - 33 Common stock warrants - 13 Diluted weighted average shares outstanding 11,968 9,869 EPS - diluted $ (0.28) $ 0.13 Excluded securities: Common stock issuable: Stock options 1,198 716 Common stock warrants 60 - Non-vested RSUs 66 - Total excluded potentially dilutive shares 1,324 716

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 17 – COMMITMENTS AND CONTINGENCIES Purdue Pharma Complaints In April 2015, Purdue Pharma L.P., Purdue Pharmaceuticals L.P. and The P.F. Laboratories, Inc. (collectively, “Purdue”) commenced a patent infringement lawsuit against us and our Oxaydo product licensee Egalet US, Inc. and its parent Egalet Corporation in the United States District Court for the District of Delaware alleging our Oxaydo product infringes Purdue’s U.S. Patent No. 8,389,007 (the “ 007 patent”). The complaint seeks injunctive relief as well as awards of damages and attorneys’ fees. In January 2016, the District Court issued a claim construction order in the patent infringement action. The order stated that the term polyvinylpyrrolidone as that term is defined in the claims of the Purdue patent covers all polymeric forms of vinylpyrrolidone, including crospovidone used in Oxaydo. We deny the allegations in the complaint, believe they are without merit and are defending the action vigorously. In April 2016, Purdue commenced a second patent infringement lawsuit against us and Egalet in the United States District Court for the District of Delaware alleging our Oxaydo product infringes Purdue’s newly issued U.S. Patent No. 9,308,171 (the “ 171 Patent”). The complaint seeks injunctive relief as well as awards of damages and attorneys’ fees. We deny the allegations in the complaint, believe they are without merit and will defend the action vigorously. As is the case with patent litigation, there is a risk that the Court may enjoin the making, using, selling and offering for sale Oxaydo and/or may find that Oxaydo infringes the 007 patent and/or the 171 patent. As any potential loss is neither probable nor estimable, we have not accrued for any potential loss related to the Purdue infringement matters as of March 31, 2016. In December 2014, the Company entered into an agreement with Purdue Pharma L.P. to settle a patent interference action regarding certain intellectual property held by Acura (U.S. Patent No. 8,101,630). The dispute centered upon the issue of which company has priority in developing the invention. The parties agreed to forgo protracted litigation and the uncertainties arising therefrom by entering an agreement whereby the Company conceded Purdue Pharma’s claim of priority in exchange for certain financial consideration to us including an immediate non-refundable payment of $ 500 250 Reglan ® /Metoclopramide Litigation Halsey Drug Company, as predecessor to us, has been named along with numerous other companies as a defendant in cases filed in three separate state coordinated litigations pending in Pennsylvania, New Jersey and California, respectively captioned In re: Reglan®/Metoclopramide Mass Tort Litigation, Philadelphia County Court of Common Pleas, January Term, 2010, No. 01997; In re: Reglan Litigation, Superior Court of New Jersey, Law Division, Atlantic County, Case No. 289, Master Docket No. ATL-L-3865-10; and Reglan/Metoclopramide Cases, Superior Court of California, San Francisco County, Judicial Council Coordination Proceeding No. 4631, Superior Court No.: CJC-10-004631. In addition, Acura was served with a similar complaint by two individual plaintiffs in Nebraska federal court, which plaintiffs voluntarily dismissed in December 2014. In this product liability litigation against numerous pharmaceutical product manufacturers and distributors, including Acura, plaintiffs claim injuries from their use of the Reglan brand of metoclopramide and generic metoclopramide. In the Pennsylvania action, over 200 150 50 445 In the lawsuits filed to date, plaintiffs have not confirmed they ingested any of the generic metoclopramide manufactured by Acura. We discontinued manufacture and distribution of generic metoclopramide more than 19 years ago. In addition, we believe the June 23, 2011 decision by the U.S. Supreme Court in PLIVA v. Mensing (“Mensing In New Jersey, Generic Defendants, including Acura, filed dispositive motions based on the Mensing In Pennsylvania, and California, Generic Defendants, including Acura, also filed dispositive motions based on the Mensing In Pennsylvania, on November 18, 2011, the trial court denied Generic Defendants’ dispositive preemption motions, without prejudice. In July 2013, the Pennsylvania Superior Court issued an adverse decision, and a subsequent appeal to the Pennsylvania Supreme Court was denied. On December 16, 2014, the Generic Defendants filed a Joint Petition for Certiorari with the United States Supreme Court captioned Teva Pharmaceuticals USA, Inc. et al. v. Dorothy Bentley, et al. In California, the trial court entered a May 25, 2012 Order denying Generic Defendants’ dispositive preemption motions. The Generic Defendants’ appeals from this order were denied by the California appellate courts. In May 2014, the California Court denied a subsequent demurrer and motion to strike seeking dismissal of plaintiffs’ manufacturing defect and defective product claims to the extent that they are barred by federal preemption based upon the June 2013 Bartlett Mensing As any potential loss is neither probable nor estimable, we have not accrued for any potential loss related to these matters as of March 31, 2016 and we are presently unable to determine if any potential loss would be covered by our insurance carrier. Facility Lease The Company leases administrative office space in Palatine, Illinois under a lease expiring March 31, 2017 25

INVESTMENTS IN MARKETABLE SEC25

INVESTMENTS IN MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable securities	Investments in marketable securities consisted of the following: March 31, 2016 December 31, 2015 (in millions) (in millions) Marketable securities: Corporate bonds - maturing within 1 year $ 2.9 $ 3.1 Corporate bonds - maturing after 1 year and through March 2017 - 0.4 Exchange-traded funds 4.8 7.3 Total marketable securities $ 7.7 $ 10.8
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following tables provide a summary of the fair value and unrealized gains (losses) related to the Company’s available-for-sale securities: March 31, 2016 (in millions) Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale: Corporate bonds $ 2.9 $ - $ - $ 2.9 Exchange-traded funds 4.8 - - 4.8 Total - Current $ 7.7 $ - $ - $ 7.7 December 31, 2015 (in millions) Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale: Corporate bonds $ 3.6 $ - $ (0.1) $ 3.5 Exchange-traded funds 7.3 - - 7.3 Total - Current $ 10.9 $ - $ (0.1) $ 10.8
Fair Value, Assets Measured on Recurring Basis	Our assets measured at fair value or disclosed at fair value on a recurring basis as at March 31, 2016 and December 31, 2015 consisted of the following: March 31, 2016 (in millions) Total Level 1 Level 2 Level 3 Assets: Corporate bonds $ 2.9 $ - $ 2.9 $ - Exchange-traded funds 4.8 4.8 - - Total $ 7.7 $ 4.8 $ 2.9 $ - December 31, 2015 (in millions) Total Level 1 Level 2 Level 3 Assets: Corporate bonds $ 3.5 $ - $ 3.5 $ - Exchange-traded funds 7.3 7.3 - - Total $ 10.8 $ 7.3 $ 3.5 $ -

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories are summarized as follows: March 31, December 31, 2016 2015 (in thousands) Raw and packaging materials $ 15 $ - Finished goods 193 346 Total 208 346 Less: reserve for finished goods (6) (70) Net $ 202 $ 276
Inventory Reserve	Inventory reserve activity during the three months ended March 31, 2016 and 2015 was as follows: 2016 2015 (in thousands) Balance at beginning of year $ 70 $ - Reserve expense - raw and packaging - 260 70 260 Inventory write-offs - finished goods (64) - Balance at March 31 $ 6 $ 260

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property Plant and Equipment	Building and improvements 10 - 40 years Land and improvements 20 - 40 years Machinery and equipment 7 - 10 years Scientific equipment 5 - 10 years Computer hardware and software 3 - 10 years

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Accurued Expenses	Accrued expenses are summarized as follows: March 31, December 31, 2016 2015 (in thousands) Payroll, payroll taxes, and benefits $ 167 $ 101 Professional services 576 171 Franchise taxes 7 6 Property taxes 17 15 Marketing and promotion 56 115 Clinical, non-clinical and regulatory services 206 92 Other fees and services 126 64 Total $ 1,155 $ 564

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule Of Fair Value Of Warrants	The fair value of the warrants was determined using the Black-Scholes option-pricing model. Significant assumptions used in the Black-Scholes model were: Expected dividend yield 0.0 % Risk-free interest rate 2.4 % Expected volatility 92 % Expected term (years) 7
Schedule of Debt	Our debt is summarized below (in thousands): Long-term Debt Current Long-term Total Balance at Dec 31, 2015 $ 2,320 $ 5,720 $ 8,040 Principal payments (409) - (409) Classification 664 (664) - Balance at Mar 31, 2016 $ 2,575 $ 5,056 $ 7,631 Debt Discount Current Long-term Total Balance at Dec 31, 2015 $ - $ (193) $ (193) Modification of warrants - - - Amortization expense - 26 26 Balance at Mar 31, 2016 $ - $ (167) $ (167) Deferred Debt Issuance Costs Current Long-term Total Balance at Dec 31, 2015 $ - $ (97) $ (97) Amortization expense - 14 14 Balance at Mar 31, 2016 $ - $ (83) $ (83) Long-term Debt, net at Mar 31, 2016 $ 2,575 $ 4,806 $ 7,381
Schedule of Interest Expense	Our interest expense for the three months ended March 31, 2016 and 2015 consisted of the following (in thousands): 2016 2015 Interest expense: Term loan $ 209 $ 260 Debt discount 26 31 Debt issue costs 14 17 Total interest expense $ 249 $ 308
Schedule Of Long Term Debt Future Principal Payments Year	The annual principal payments of the debt at March 31, 2016 are as follows: Annual Principal Payments Year (in thousands) 2016 $ 1,911 2017 2,741 2018 2,979 Total $ 7,631

COMMON STOCK WARRANTS (Tables)

COMMON STOCK WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders Equity Note [Abstract]
Schedule Of Common Stock Warrant Activity	Our warrant activity during the three month periods ended March 31, 2016 and 2015 is shown below (in thousands except price data): March 31, 2016 2015 WAvg WAvg Exercise Exercise Number Price Number Price Outstanding, beginning 60 $ 2.52 60 $ 7.98 Issued - - - - Exercised - - - - Expired - - - - Modification - - - (5.46) Outstanding, ending 60 $ 2.52 60 $ 2.52

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
Summary Of Information About Non Vested Stock Options Disclosure Abstract [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Our share-based compensation expense recognized in the Company’s results of operations from all types of issued instruments comprised the following (in thousands): Three Months Ended March 31, 2016 2015 Research and development expense: Stock options $ 43 $ 39 Restricted stock units - - Subtotal $ 43 $ 39 General and administrative expense: Stock options 77 98 Restricted stock units 30 14 Subtotal $ 107 $ 112 Total $ 150 $ 151
Schedule of Share-based Compensation, Stock Options, Activity	Our stock option award activity during the three month periods ended March 31, 2016 and 2015 is shown below: Three months Ended March 31, 2016 2015 Number Weighted Weighted of Average Number of Average Options Exercise Options Exercise (000’s) Price (000’s) Price Outstanding, beginning 1,198 $ 15.67 911 $ 20.70 Granted - - - - Exercised - - - - Forfeited or expired - - (15) 26.25 Outstanding, ending 1,198 $ 15.67 896 $ 20.65 Options exercisable 876 $ 20.64 715 $ 25.00
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	A summary of the grants under the RSU Plans consisted of the following: Three months Ended March 31, 2016 2015 (in thousands) Number of Number of Number Vested Number of Vested of RSUs RSUs RSUs RSUs Outstanding, beginning 45 45 30 30 Granted 88 - 41 - Distributed (42) (42) (26) (26) Vested - 22 - 10 Forfeited or expired - - - - Outstanding, ending 91 25 45 14

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the numerators and denominators of basic and diluted EPS consisted of the following: Three months Ended March 31, 2016 2015 (in thousands except per share data) EPS - basic Numerator: net income (loss) $ (3,384) $ 1,239 Denominator: Common shares 11,963 9,789 Vested RSUs 5 4 Basic weighted average shares outstanding 11,968 9,793 EPS - basic $ (0.28) $ 0.13 EPS – assuming dilution Numerator: net income (loss) $ (3,384) $ 1,239 Denominator: Common shares 11,963 9,789 Vested RSUs 5 34 Stock options - 33 Common stock warrants - 13 Diluted weighted average shares outstanding 11,968 9,869 EPS - diluted $ (0.28) $ 0.13 Excluded securities: Common stock issuable: Stock options 1,198 716 Common stock warrants 60 - Non-vested RSUs 66 - Total excluded potentially dilutive shares 1,324 716

LIQUIDITY MATTERS - Additional

LIQUIDITY MATTERS - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Restricted Cash and Investments, Total	$ 2,500
Cash, Cash Equivalent And Marketable Securities	8,500
Working Capital	4,700
Retained Earnings (Accumulated Deficit), Total	(370,694)		$ (367,310)
Operating Income (Loss), Total	(3,138)	$ 1,512
Net Income (Loss) Attributable to Parent, Total	$ (3,384)	$ 1,239

LICENSE, DEVELOPMENT, AND COM34

LICENSE, DEVELOPMENT, AND COMMERCIALIZATION AGREEMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 09, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Apr. 30, 2014
License Development and Commercialization Agreement [Line Items]
Agreement Termination Notice Description		Egalet may terminate the Egalet Agreement for convenience on 120 days prior written notice, which termination may not occur prior to the second anniversary of Egalet’s launch of Oxaydo. Termination does not affect a party’s rights accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations (but not expiration), the Egalet Agreement provides for the transition of development and marketing of Oxaydo from Egalet to us, including the conveyance by Egalet to us of the trademarks and all regulatory filings and approvals relating to Oxaydo, and for Egalet’s supply of Oxaydo for a transition period.
Retail Related Inventory, Total			$ 260		$ 260
Amortization of Intangible Assets		$ 52	$ 52
Pfizer Agreement
License Development and Commercialization Agreement [Line Items]
Payment for Termination		$ 2,000		$ 2,000
Egalet Agreement
License Development and Commercialization Agreement [Line Items]
Minimum Net Sales Reaching Description		one-time $12.5 million milestone payment when worldwide Oxaydo net sales reach $150 million in a calendar year.
Licenses Revenue	$ 5,000
Proceeds from Milestone Payment On Agreement	$ 2,500

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Deferred Sales Inducements, Additions		$ 314
Sales Returns Liability	$ 242		$ 205
Other Revenue, Net	100	0
Royalty Revenue, Total	17	0
Cost of Revenue, Total		255
License and Services Revenue	$ 0	5,000
Allowance for Sales Returns [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Sales Returns and Allowances, Goods		$ 120

RESEARCH AND DEVELOPMENT ACTI36

RESEARCH AND DEVELOPMENT ACTIVITIES - Additional Information (Detail) - Contract Research Organization [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Contract Manufacturing Services Value		$ 200
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross	$ 148	$ 200
Prepaid Expense, Current, Total	$ 22

INVESTMENTS IN MARKETABLE SEC37

INVESTMENTS IN MARKETABLE SECURITIES - Summary of Investments in Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Marketable securities:
Corporate bonds - maturing within 1 year	$ 2,900	$ 3,100
Corporate bonds - maturing after 1 year and through March 2017	0	400
Total marketable securities	7,687	10,837
Exchange-traded funds
Marketable securities:
Total marketable securities	$ 4,800	$ 7,300

INVESTMENTS IN MARKETABLE SEC38

INVESTMENTS IN MARKETABLE SECURITIES - Fair Value and Unrealized Gains (Losses) related to the Company's Available-For-Sale Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available-for-sale:
Cost	$ 7,700	$ 10,900
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(100)
Marketable securities (Note 7)	7,687	10,837
Corporate Bonds
Available-for-sale:
Cost	2,900	3,600
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(100)
Marketable securities (Note 7)	2,900	3,500
Exchange-traded funds
Available-for-sale:
Cost	4,800	7,300
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Marketable securities (Note 7)	$ 4,800	$ 7,300

INVESTMENTS IN MARKETABLE SEC39

INVESTMENTS IN MARKETABLE SECURITIES - Assets Measured at Fair Value or Disclosed at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Total marketable securities	$ 7,687	$ 10,837
Corporate bonds
Assets:
Total marketable securities	2,900	3,500
Exchange-traded funds
Assets:
Total marketable securities	4,800	7,300
Fair Value, Inputs, Level 1
Assets:
Total marketable securities	4,800	7,300
Fair Value, Inputs, Level 1 | Corporate bonds
Assets:
Total marketable securities	0	0
Fair Value, Inputs, Level 1 | Exchange-traded funds
Assets:
Total marketable securities	4,800	7,300
Fair Value, Inputs, Level 2
Assets:
Total marketable securities	2,900	3,500
Fair Value, Inputs, Level 2 | Corporate bonds
Assets:
Total marketable securities	2,900	3,500
Fair Value, Inputs, Level 2 | Exchange-traded funds
Assets:
Total marketable securities	0	0
Fair Value, Inputs, Level 3
Assets:
Total marketable securities	0	0
Fair Value, Inputs, Level 3 | Corporate bonds
Assets:
Total marketable securities	0	0
Fair Value, Inputs, Level 3 | Exchange-traded funds
Assets:
Total marketable securities	$ 0	$ 0

INVESTMENTS IN MARKETABLE SEC40

INVESTMENTS IN MARKETABLE SECURITIES - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss)
Investment In Marketable Securities [Line Items]
Unrealized losses on securities	$ 5	$ 65

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Raw and packaging materials	$ 15	$ 0	$ 260
Finished goods	193	346
Total	208	346
Less: reserve for finished goods	(6)	(70)	$ (260)	$ 0
Net	$ 202	$ 276

INVENTORIES - Inventory Reserve

INVENTORIES - Inventory Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Inventory [Line Items]
Balance at beginning of year	$ 70	$ 0
Reserve expense - raw and packaging	0	260
Inventory Reserve Expense	70	260
Inventory write-offs - finished goods	(64)	0
End of year	$ 6	$ 260

INVENTORIES - Additional Inform

INVENTORIES - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Inventory [Line Items]
Inventory, Raw Materials and Supplies, Gross	$ 15	$ 0	$ 260

PROPERTY, PLANT AND EQUIPMENT44

PROPERTY, PLANT AND EQUIPMENT (Detail)	3 Months Ended
	Mar. 31, 2016
Building and improvements | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building and improvements | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Scientific equipment | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Scientific equipment | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Computer hardware and software | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer hardware and software | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Machinery and equipment | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Machinery and equipment | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Land and improvements | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Land and improvements | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 34	$ 30
Property, Plant and Equipment, Gross	2,802		$ 2,754
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ (1,774)		$ (1,741)

ACCRUED EXPENSES (Detail)

ACCRUED EXPENSES (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Line Items]
Payroll, payroll taxes, and benefits	$ 167	$ 101
Professional services	576	171
Franchise taxes	7	6
Property taxes	17	15
Marketing and promotion	56	115
Clinical, non-clinical and regulatory services	206	92
Other fees and services	126	64
Total	$ 1,155	$ 564

DEBT - Fair Value of Warrants u

DEBT - Fair Value of Warrants using the Black-Scholes option-pricing model - (Detail)	3 Months Ended
	Mar. 31, 2016
Fair Value Of Warrants [Line Items]
Expected dividend yield	0.00%
Risk-free interest rates	2.40%
Expected volatility	92.00%
Expected term (years)	7 years

DEBT - Summary of Debt (Detail)

DEBT - Summary of Debt (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Long-term Debt
Balance at Dec 31, 2015	$ 8,040
Classification	0
Balance at Mar 31, 2016	7,631
Debt Discount
Balance at Dec 31, 2015	(193)
Modification of warrants	0	$ 33
Amortization expense	26
Balance at Mar 31, 2016	(167)
Deferred Debt Issuance Costs
Balance at Dec 31, 2015	(97)
Amortization expense	14
Balance at Mar 31, 2016	(83)
Long-term Debt, net at Mar 31, 2016	7,381
Loan Agreement [Member]
Long-term Debt
Principal payments	(409)
Long-term [Member]
Long-term Debt
Balance at Dec 31, 2015	5,720
Classification	(664)
Balance at Mar 31, 2016	5,056
Debt Discount
Balance at Dec 31, 2015	(193)
Modification of warrants	0
Amortization expense	26
Balance at Mar 31, 2016	(167)
Deferred Debt Issuance Costs
Balance at Dec 31, 2015	(97)
Amortization expense	14
Balance at Mar 31, 2016	(83)
Long-term Debt, net at Mar 31, 2016	4,806
Long-term [Member] | Loan Agreement [Member]
Long-term Debt
Principal payments	0
Current [Member]
Long-term Debt
Balance at Dec 31, 2015	2,320
Classification	664
Balance at Mar 31, 2016	2,575
Debt Discount
Balance at Dec 31, 2015	0
Modification of warrants	0
Amortization expense	0
Balance at Mar 31, 2016	0
Deferred Debt Issuance Costs
Balance at Dec 31, 2015	0
Amortization expense	0
Balance at Mar 31, 2016	0
Long-term Debt, net at Mar 31, 2016	2,575
Current [Member] | Loan Agreement [Member]
Long-term Debt
Principal payments	$ (409)

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest expense:
Term Loan	$ 209	$ 260
Debt discount	26	31
Debt issue costs	14	17
Total interest expense	$ 249	$ 308

DEBT - Long-Term Debt (Detail)

DEBT - Long-Term Debt (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
2,016	$ 1,911
2,017	2,741
2,018	2,979
Total	$ 7,381

DEBT - Additional Information (

DEBT - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jan. 07, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2013	Dec. 27, 2013
Debt Instrument [Line Items]
Debt instrument principal amount						$ 10,000
Debt default long term debt percentage						13.35%
Debt instrument, fee amount		$ 50
Debt consulting placement fee		100
Debt related commitment fees and debt issuance costs		231
Debt instrument unamortized discount		167		$ 193
Warrants to purchase common stock			60
Debt instrument Cash Maintenance	$ 2,500
Repayments of Debt	$ 5,000	409	$ 0
Additions To Debt Instrument Unamortized Discount		0	$ 33
Interest Payable, Current		$ 53		$ 0
Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						8.35%
Debt Instrument, Maturity Date		Dec. 1, 2018
Debt Instrument, Periodic Payment		$ 260
Debt instrument, periodic payment, principal		$ 409
Debt Instrument, Interest Rate, Effective Percentage		10.16%
Term Loan [Member]
Debt Instrument [Line Items]
Interest Payable, Current		$ 433
Maximum [Member]
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 7.98
Maximum [Member] | Loan Agreement [Member]
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 7.98
Minimum [Member]
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2.52
Minimum [Member] | Loan Agreement [Member]
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.52
Warrant
Debt Instrument [Line Items]
Debt instrument unamortized discount		$ 400
Warrants to purchase common stock		60
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.52			$ 2.52
Warrants, expiry date		December 2,020
Additions To Debt Instrument Unamortized Discount	$ 33
Warrant | Loan Agreement [Member]
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 7.98
Warrants, expiry date		December 27, 2020
First Revenue Event Occurs
Debt Instrument [Line Items]
Debt instrument periodic payment terms balloon payment to be paid		$ 795
Prior To December 27 2015
Debt Instrument [Line Items]
Debt instrument prepayment percentage		1.00%
Oxford Finance LLC [Member] | Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal		$ 2,400

COMMON STOCK WARRANTS - Schedul

COMMON STOCK WARRANTS - Schedule Of Common Stock Warrant Activity (Detail) - Warrant [Member] - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Number of Options
Number of Options Outstanding, beginning	60	60
Number of Options, Issued	0	0
Number of Options, Exercised	0	0
Number of Options, Expired	0	0
Number of Options, Modification	0	0
Number of Options Outstanding, ending	60	60
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning	$ 2.52	$ 7.98
Weighted Average Exercise Price, Issued	0	0
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Exercise Price, Expired	0	0
Weighted Average Exercise Price, Modification	0	(5.46)
Weighted Average Exercise Price, ending	$ 2.52	$ 2.52

COMMON STOCK WARRANTS - Additio

COMMON STOCK WARRANTS - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2013
Class of Warrant or Right [Line Items]
Common stock warrant exercisable outstanding, shares		60
Secured Debt			$ 10
Warrant
Class of Warrant or Right [Line Items]
Common stock warrant exercisable outstanding, shares	60
Common stock Warrant expiration date	December 2,020
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.52		$ 2.52

SHARE-BASED COMPENSATION - Reco

SHARE-BASED COMPENSATION - Recognition of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
SHARE-BASED COMPENSATION - Recognition of Share-Based Compensation Expense [Line Items]
Research and Development Expense, Total	$ 1,014	$ 964
General and Administrative Expense, Total	107	112
Share Based Compensation Expense Recognized In Operations	150	151
Employee Stock Option [Member]
SHARE-BASED COMPENSATION - Recognition of Share-Based Compensation Expense [Line Items]
Research and Development Expense, Total	43	39
General and Administrative Expense, Total	77	98
Restricted Stock Units (RSUs) [Member]
SHARE-BASED COMPENSATION - Recognition of Share-Based Compensation Expense [Line Items]
Research and Development Expense, Total	0	0
General and Administrative Expense, Total	$ 30	$ 14

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Option Award Activity (Detail) - Employee Stock Option [Member] - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
SHARE-BASED COMPENSATION - Stock Option Award Activity [Line Items]
Number of Options Outstanding, beginning	1,198	911
Number of Options, Issued	0	0
Number of Options Outstanding, Exercised	0	0
Number of Options Outstanding, Forfeited or expired	0	(15)
Number of Options Outstanding, ending	1,198	896
Number of Options exercisable	876	715
Weighted Average Exercise Price, beginning	$ 15.67	$ 20.70
Weighted Average Exercise Price, Granted	0	0
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Exercise Price, Forfeited or expired	0	26.25
Weighted Average Exercise Price, ending	15.67	20.65
Weighted Average Exercise Price, Options exercisable	$ 20.64	$ 25

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of RSU Plan (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock Units [Member]
Share Based Compensations Summary Of Rsu Plan [Line Items]
Outstanding, beginning	45	30
Granted	88	41
Distributed	(42)	(26)
Vested	0	0
Forfeited or expired	0	0
Outstanding, ending	91	45
Vested Restricted Stock Units [Member]
Share Based Compensations Summary Of Rsu Plan [Line Items]
Outstanding, beginning	45	30
Granted	0	0
Distributed	(42)	(26)
Vested	22	10
Forfeited or expired	0	0
Outstanding, ending	25	14

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($)	Jan. 04, 2016	Jan. 02, 2015	Mar. 31, 2016	Mar. 31, 2015	Jan. 02, 2015	Jan. 04, 2016	Jan. 04, 2016	Dec. 31, 2015	May. 01, 2014
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value			$ 70,000					$ 6,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 591,000
Share Based Compensation Arrangement Share Based Payment Shares Reserved For Future Distribution							2,400
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 23,800
Total Restricted Stock Unit Award Plan [Member]
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	42,400
2014 Restricted Stock Unit Award Plan [Member]
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant									400,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award			242,000
Share Based Compensation Arrangement Share Based Payment Shares Reserved For Future Distribution					3,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period					25,800	41,200	1,200
2014 Restricted Stock Unit Award Plan [Member] | Settled In Cash [Member]
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	9,600				6,000
2014 Restricted Stock Unit Award Plan [Member] | Convertible Common Stock [Member]
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	32,800				19,800
2014 Restricted Stock Unit Award Plan [Member] | Four Non Employee Directors [Member]
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	22,000	10,300
Deferred Compensation Arrangement with Individual, Recorded Liability			$ 28,000	$ 22,000
Share-based Compensation Arrangement by Share-based Payment Award, Description					stock, for up to 40%	stock, for up to 40%
2014 Restricted Stock Unit Award Plan [Member] | Four Non Employee Directors [Member] | Share-based Compensation Award, Tranche One [Member]
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%	25.00%

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Line Items]
Federal income tax benefits		$ 52.8
Federal NOLs		$ 155.2
U.S. statutory tax rate		34.00%
State income tax benefits		$ 2
Federal Research and Development
Income Tax Disclosure [Line Items]
Research and development tax credits		1.2
Research and development expiration period	which expire in the years 2024 through 2034
Indiana State Research and Development
Income Tax Disclosure [Line Items]
Research and development tax credits		$ 0.2
Research and development expiration period	which expire in the years 2016 and 2017
Maximum
Income Tax Disclosure [Line Items]
NOL expiration year		2,035
Minimum
Income Tax Disclosure [Line Items]
NOL expiration year		2,016

EARNINGS PER SHARE ("EPS") - Re

EARNINGS PER SHARE ("EPS") - Reconciliation of Numerators and Denominators of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
EPS - basic
Numerator: net income (loss)	$ (3,384)	$ 1,239
Denominator:
Common shares	11,963	9,789
Vested RSUs	5	4
Basic weighted average shares outstanding	11,968	9,793
EPS - basic	$ (0.28)	$ 0.13
EPS - assuming dilution
Numerator: net income (loss)	$ (3,384)	$ 1,239
Denominator:
Common shares	11,963	9,789
Vested RSUs	5	34
Stock options	0	33
Common stock warrants	0	13
Diluted weighted average shares outstanding	11,968	9,869
EPS - diluted	$ (0.28)	$ 0.13
Common stock issuable:
Total excluded common shares	1,324	716
Stock options
Common stock issuable:
Total excluded common shares	1,198	716
Nonvested RSUs
Common stock issuable:
Total excluded common shares	66	0
Common stock warrants
Common stock issuable:
Total excluded common shares	60	0

EARNINGS PER SHARE ("EPS") - Ad

EARNINGS PER SHARE ("EPS") - Additional Information (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount	1,324	716

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Purdue Pharma [Member]
Commitments and Contingencies Disclosure [Line Items]
Litigation Settlement, Expense	$ 250		$ 500
Pennsylvania State
Commitments and Contingencies Disclosure [Line Items]
Number of lawsuits filed		200
New Jersey State
Commitments and Contingencies Disclosure [Line Items]
Number of lawsuits filed		150
Number of lawsuits served		50
California State
Commitments and Contingencies Disclosure [Line Items]
Number of plaintiffs served in a single complaint		445
Palatine Lllinois
Commitments and Contingencies Disclosure [Line Items]
Leases administrative office space		$ 25
Lease expiring date		March 31, 2017