Novelion Therapeutics (NVLN) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	NOVELION THERAPEUTICS INC.
Entity Central Index Key	0000827809
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		19,043,618

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 51,919	$ 45,154
Accounts receivable, net	26,875	28,912
Inventories - current	13,407	12,745
Prepaid expenses and other current assets	14,018	15,732
Total current assets	106,219	102,543
Inventories - non-current	38,082	36,202
Property and equipment, net	1,209	1,585
Intangible assets, net	193,903	200,176
Other non-current assets	2,707	1,209
Total assets	342,120	341,715
Current liabilities:
Accounts payable	6,168	6,012
Accrued liabilities	40,455	44,195
Deferred revenue	24,167	0
Short-term debt	73,928	73,677
Convertible notes, net	285,525	274,815
Provision for legal settlements - current	13,216	11,689
Total current liabilities	443,459	410,388
Provision for legal settlements - non-current	16,103	19,391
Other non-current liabilities	1,507	796
Total liabilities	461,069	430,575
Commitments and contingencies (Note 14)
Shareholders’ deficit:
Common shares, without par value, 100,000 shares authorized; 19,043 and 19,017 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	552,506	552,506
Additional paid-in-capital	79,931	79,295
Accumulated deficit	(854,148)	(822,301)
Accumulated other comprehensive income	102,762	101,640
Total shareholders’ deficit	(118,949)	(88,860)
Total liabilities and shareholders’ deficit	$ 342,120	$ 341,715

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,043,000	19,017,000
Common stock, shares outstanding (in shares)	19,043,000	19,017,000

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net revenues	$ 32,200	$ 27,484
Cost of product sales	15,219	13,505
Operating expenses:
Selling, general and administrative	26,035	23,689
Research and development	6,934	11,766
Total operating expenses	32,969	35,455
Loss from operations	(15,988)	(21,476)
Interest expense, net	(15,510)	(10,886)
Other expense, net	(560)	(307)
Loss before provision for income taxes	(32,058)	(32,669)
Benefit from (Provision for) income taxes	211	(159)
Net loss	$ (31,847)	$ (32,828)
Net loss per common share—basic and diluted (in usd per share)	$ (1.67)	$ (1.76)
Weighted-average shares outstanding—basic and diluted (in shares)	19,022	18,703

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (31,847)	$ (32,828)
Other comprehensive income:
Foreign currency translation, net of tax	1,122	655
Other comprehensive income	1,122	655
Comprehensive loss	$ (30,725)	$ (32,173)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Changes in Shareholders Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2017		18,701,935
Beginning balance at Dec. 31, 2017	$ 14,938	$ 551,925	$ 73,185	$ (713,974)	$ 103,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(32,828)			(32,828)
Foreign currency translation adjustment	655				655
Stock-based compensation expense	906		906
Vesting of restricted stock, net of shares withheld for taxes (in shares)		1,276
Vesting of restricted stock, net of shares withheld for taxes	(3)		(3)
Fair value allocated to warrants	3,277		3,277
Ending balance (in shares) at Mar. 31, 2018		18,703,211
Ending balance at Mar. 31, 2018	(13,055)	$ 551,925	77,365	(746,802)	104,457
Beginning balance (in shares) at Dec. 31, 2018		19,017,089
Beginning balance at Dec. 31, 2018	(88,860)	$ 552,506	79,295	(822,301)	101,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(31,847)			(31,847)
Foreign currency translation adjustment	1,122				1,122
Stock-based compensation expense	645		645
Vesting of restricted stock, net of shares withheld for taxes (in shares)		26,309
Vesting of restricted stock, net of shares withheld for taxes	(9)		(9)
Ending balance (in shares) at Mar. 31, 2019		19,043,398
Ending balance at Mar. 31, 2019	$ (118,949)	$ 552,506	$ 79,931	$ (854,148)	$ 102,762

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash used in operating activities
Net loss	$ (31,847)	$ (32,828)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	361	475
Non-cash lease expense	610
Amortization of intangible assets	6,256	6,274
Stock-based compensation	645	906
Non-cash interest expense	12,205	9,193
Unrealized foreign exchange loss	530	438
Amortization of debt issuance costs and debt discount	1,752	18
Deferred income taxes	0	6
Other non-cash operating activities	(8)	5
Changes in assets and liabilities:
Accounts receivable	1,924	6,126
Inventories	(1,679)	(2,255)
Prepaid expenses and other assets	1,514	(2,908)
Accounts payable	(901)	454
Accrued liabilities and other liabilities	(7,379)	(8,635)
Deferred revenue	24,167	0
Net cash provided by (used in) operating activities	8,150	(22,731)
Cash used in investing activities
Purchases of property and equipment	0	(208)
Net cash used in investing activities	0	(208)
Cash provided by financing activities
Net proceeds from Shareholder Term Loan, net of debt discount	0	19,977
Issuance of common shares	(9)	(3)
Payment of Shareholder Term Loan issuance costs	0	(698)
Repayment of Bridge Loans	(2,996)	0
Net cash (used in) provided by financing activities	(3,005)	19,276
Exchange rate effect on cash	1,620	216
Net increase (decrease) in cash and cash equivalents	6,765	(3,447)
Cash and cash equivalents, beginning of period	45,154	55,430
Cash and cash equivalents, end of period	51,919	51,983
Supplemental disclosures of cash flow information
Cash paid for interest	3,264	3,262
Cash paid for taxes, net	350	57
Non-cash investing activities and financing activities:
Purchases of property and equipment included in accounts payable	0	$ 113
Right-of-use assets obtained in exchange for operating lease obligation	1,943
Lease liabilities arising in exchange for right of use assets	$ 1,945

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Organization Novelion Therapeutics Inc. (“Novelion” or the “Company”) is a rare disease biopharmaceutical company dedicated to developing new standards of care for individuals living with rare diseases. Novelion has international operations and two commercial products, metreleptin and lomitapide, which are commercialized and developed through its indirect, wholly-owned subsidiary, Aegerion Pharmaceuticals, Inc. (“Aegerion”). Metreleptin, a recombinant analog of human leptin, is currently marketed in the U.S. under the brand name MYALEPT (metreleptin for injection). MYALEPT is approved in the U.S. as an adjunct to diet as replacement therapy to treat the complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy (“GL”). In July 2018, metreleptin, under the brand name MYALEPTA, was approved in the EU as a treatment for the complications of leptin deficiency in patients with congenital or acquired GL in adults and children two years of age and above and familial or acquired Partial Lipodystrophy (“PL”) in adults and children 12 years of age and above. Lomitapide, which is marketed in the U.S. under the brand name JUXTAPID (lomitapide) capsules (“JUXTAPID”), is approved in the U.S. as an adjunct to a low-fat diet and other lipid-lowering treatments, including low-density lipoprotein (“LDL”) apheresis where available, to reduce low-density lipoprotein cholesterol (“LDL-C”), total cholesterol (“TC”), apolipoprotein B (“apo B”) and non-high-density lipoprotein cholesterol (“non-HDL-C”) in adult patients with homozygous familial hypercholesterolemia (“HoFH”). Lomitapide is approved in the European Union (“EU”), under the brand name LOJUXTA (lomitapide) hard capsules (“LOJUXTA”) for the treatment of adult patients with HoFH, where it is commercialized by Aegerion’s licensee, Amryt Pharma plc (“Amryt”). In December 2016, Aegerion launched JUXTAPID as a treatment for HoFH in Japan and on February 5, 2019, Aegerion entered into a license agreement with Recordati Rare Diseases Inc. (“Recordati”) for the commercialization of JUXTAPID in Japan. Additionally, both metreleptin and lomitapide are sold, on a named patient basis, in certain countries outside of the U.S., such as Brazil, where such sales are permitted based on the approval of metreleptin and lomitapide in the U.S. or EU. Basis of Presentation and Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments (including normal recurring accruals) considered necessary for fair presentation of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. Operating results for the current interim period are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019 . This Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in the Company’s Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”). The accompanying Unaudited Condensed Consolidated Financial Statements include operations of Novelion and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Going Concern The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As presented in the Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2019 , the Company incurred a net loss of $31.8 million . Aegerion has a significant level of indebtedness, consisting as of March 31, 2019 of (1) $302.5 million principal amount of 2% convertible notes due August 15, 2019 (the “Convertible Notes”), as described in Note 9, Convertible Notes, net , (2) $74.4 million in outstanding principal (including paid in kind fees and interest) under Aegerion’s secured term loans (the “Bridge Loans”), as described in Note 8, Loan Facilities , which will mature on June 30, 2019, and (3) approximately $35.7 million principal amount of existing secured term loan owed by Aegerion to Novelion (the “Intercompany Loan”), which is also described in more detail in Note 8. The secured term loan owed to Novelion by Aegerion has been eliminated in consolidation. These loan arrangements involve certain restrictions, including with respect to cash usage, which are described in Note 8. The Company’s anticipated operating cash usage and maturities of outstanding debt, and restrictions on intercompany cash payments, as described in Note 8, Loan Facilities , raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Unaudited Condensed Consolidated Financial Statements are issued. In an effort to mitigate some of the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, the Company committed to a cost-reduction plan, including the reduction in workforce announced and implemented in August 2018. In November 2018, the Company announced that Aegerion had engaged advisors (who advised on the Bridge Credit Agreement, as defined later) to, among other things, undertake a comprehensive review of Aegerion’s capital structure, and that Novelion and Aegerion have engaged advisors, respectively, to independently explore and advise each respective company on all available financial and strategic options available to it, such as a restructuring of Aegerion’s Convertible Notes (including a restructuring that would likely involve a debt for equity exchange, which may be highly dilutive to existing Novelion shareholders), a sale or merger of Novelion or Aegerion, or the sale or other disposition of certain businesses or assets (any of which, along with the failure to execute one or more transactions, is likely to cause Aegerion, and may cause Novelion, to seek the protections of applicable bankruptcy laws allowing for corporations to seek to restructure their debts and other affairs under a reorganization) (which collective review we refer to as our review of “strategic alternatives”). Although the Company believes its cost-reduction plan, together with the funds from the Bridge Loans and the proceeds from the License Agreement with Recordati (defined later), will provide the Company and Aegerion with sufficient financing to meet its immediate operational needs and obligations into June 2019, there is no guarantee that Aegerion will be able to successfully refinance or restructure its Convertible Notes, the Bridge Loans, or the Intercompany Loan, or that either Novelion or Aegerion will be able to otherwise raise capital or receive funding to continue to operate as a standalone business beyond June 30, 2019, the maturity date of the Bridge Loans. The Company cannot provide any assurance that the ongoing financial and strategic alternatives review will result in any particular alternative or transaction or funding. Further, effecting such a refinancing, or other wholesale recapitalization or other strategic alternative, if available, will be critical for the Company to continue to execute on its commercial strategy and pursue its goals and objectives, but will require considerable resources to consummate, which the Company may not have available. The forward-looking statements in this Form 10-Q assume that the Company is able to receive additional funding as a result of the financial and strategic review process, which is highly speculative. As such, the Company cannot conclude that such plans will be effectively implemented, or that such financing or strategic alternatives will be available. Should the Company be unable to execute its plans on an effective and timely basis, the Company’s business, results of operations, liquidity and financial condition would be materially and negatively affected, and the Company would be unable to continue as a going concern. Further, given the quantum and near-term maturity of Aegerion’s outstanding debt obligations, the implementation of one or more transactions to effect a comprehensive refinancing, wholesale recapitalization or other strategic alternatives, if available, or the failure to complete any such transaction or transactions on a timely basis or at all, will likely require Aegerion, and could require Novelion, to seek the protections of applicable bankruptcy laws allowing for corporations to seek to restructure their debts and other affairs under a reorganization. The Unaudited Condensed Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. In addition, the NASDAQ Global Select Market (“NASDAQ”), on which the Company’s common shares are listed and traded, has listing requirements that include a $1.00 minimum closing bid price requirement and a minimum public float requirement of $15.0 million. NASDAQ will issue a deficiency notice if an issuer is in violation of a listing standard for a period of 30 consecutive days. The Company’s common shares have from time to time traded below $1.00 and its public float has from time to time fallen below $15.0 million during the three months ended March 31, 2019 . If its stock trades below $1.00, or its public float stays below the minimum public float, for 30 consecutive days, or if the Company fails to satisfy other listing requirements, NASDAQ may elect, subject to any potential cure periods, to initiate a process that could delist the Company’s common shares from trading on NASDAQ. Use of Estimates The preparation of Unaudited Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Unaudited Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting periods presented. The Company’s estimates often are based on complex judgments, probabilities and assumptions that we believe to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by us, there may also be other estimates or assumptions that are reasonable. Actual results may differ from estimates made by management. Changes in estimates are reflected in reported results in the period in which they become known. Recently Adopted Accounting Standards In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), which amends a number of aspects of lease accounting and requires entities to recognize right-of-use assets and liabilities on the balance sheet for leases with lease terms of more than 12 months. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”), which offers a transition option to entities adopting Accounting Standards Codification (“ASC”) 842. Under ASU 2018-11, entities can elect to apply ASC 842 using a modified retrospective adoption approach resulting in a cumulative effect adjustment to retained earnings/(accumulated deficit) at the beginning of the year in which the new lease standard is adopted, rather than adjustments to the earliest comparative period presented in their financial statements. The Company adopted ASU 2016-02 effective January 1, 2019, using the modified retrospective method permitted. As such, the adoption of ASU 2016-02 will not change the classification of any of the existing leases as of the transition date, and the prior period results are not adjusted or restated and continue to be reported in accordance with ASC Topic 840: Leases (“Topic 840”). In addition, the Company elected the package of practical expedients permitted under the transition guidance, which, among other things, allowed the Company to combine lease and non-lease components for all of the leases. The Company also elected not to record leases with an initial term of 12 months or less on the Unaudited Condensed Consolidated Balance Sheet and has recognized the associated lease payments in the Unaudited Condensed Consolidated Statement of Operation on a straight-line basis over the lease term. Upon the adoption of this standard, the Company recorded operating lease right-of-use assets and corresponding operating lease liabilities, each of approximately $1.8 million as of January 1, 2019, which are included in the Unaudited Condensed Consolidated Balance Sheet. The adoption of this standard did not materially impact the Company’s Unaudited Condensed Consolidated Statement of Operation and Unaudited Condensed Consolidated Statement of Cash Flows as of the adoption date and for the periods presented. Refer to Note 7, Leases

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company applies the revenue recognition guidance in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company’s net revenues are primarily derived from product sales; the Company’s remaining revenues are derived from the royalties on product sales made by its sublicensees in the EU, Japan and other territories. The following summarizes the revenue recognition for the respective revenue streams. Product Sales Revenues The Company recognizes revenue from sales of metreleptin and lomitapide at the point in time when control transfers, typically upon transfer of product to the carrier or delivery of product to customers. Revenue is recognized net of estimated discounts, rebates, and any taxes collected from customers which are subsequently remitted to governmental authorities. Payment terms vary by contract, but payment is typically due within 30 to 120 days of delivery to the customer. Generally, the period between when the Company transfers or delivers the products and when payments are received is in one year or less; as such, the Company deems it unnecessary to assess whether a significant financing component exists and does not adjust the transaction price for the time value of money. Variable Consideration Product sales revenues are recognized at the net sales price (“transaction price”) which includes estimated reserves for variable consideration, upon the transfer of control of the Company’s products. Variable consideration primarily includes government rebates, prompt payment discounts and distribution service fees. Estimates of variable consideration are made at contract inception and historical experience, market trends, industry data, and statutory requirements are considered when determining such estimates. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of revenue will not occur. The Company reassesses variable consideration at the end of each reporting period as additional information becomes available with the variance recorded to product sales revenue. Government Rebates : The Company is subject to government mandated rebates for Medicare, Medicaid, Tricare and other government programs in the U.S. and other countries. These rebates are estimated based on actual payer information. The Company records an accrued liability for unpaid rebates related to products for which control has been transferred to distributors. The following table summarizes combined activity for the government rebates incurred in connection with the product sales of MYALEPT and JUXTAPID for the period indicated: Amount (in thousands) Balance as of December 31, 2018 $ 19,637 Provision 7,494 Payments (11,637 ) Balance as of March 31, 2019 $ 15,494 Prompt Payment Discounts : The Company provides discounts to certain distributors if they pay for product within a defined period of time after title transfers, which terms are explicitly stated in the contract. These discounts are recorded as a reduction of revenue upon receipt of full payment from such distributors. Distributor Service Fees : Certain distributors provide distribution services to the Company for a fee, and the costs associated with these services are generally recorded as a reduction of revenue. Other Incentives : The Company offers other incentives that vary by contract; these incentives take into account specific relevant factors and are analyzed for revenue recognition purposes on a case by case basis. Other Revenues The Company has entered into agreements where the Company licenses certain rights to its products to sublicensees and earns royalties from product sales made by the sublicensees and milestone payments upon the achievement of certain levels of sales. Under ASC Topic 606, the Company recognizes royalty revenue and sales-related milestone payments, when applicable, at the later of (1) the time that the subsequent sale or usage occurs, or (2) the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). On February 5, 2019, Aegerion entered into a license agreement with Recordati for the commercialization of JUXTAPID ® in Japan. Refer to Note 3, License Agreement

License Agreement

License Agreement	3 Months Ended
	Mar. 31, 2019
License Agreement [Abstract]
License Agreement	License Agreement On February 5, 2019 (the “Effective Date”), Aegerion entered into a license agreement (the “License Agreement”) with Recordati for the commercialization of JUXTAPID in Japan. Under the terms of the License Agreement, and subject to the conditions set forth therein, Aegerion granted to Recordati an exclusive license in Japan, for the current marketed indication for HoFH. During the term of the License Agreement, Recordati also has an exclusive right of first negotiation to any new indications for JUXTAPID in Japan that may be developed by Aegerion and the right to grant sub-licenses and to manufacture and commercialize JUXTAPID, under specific circumstances. Pursuant to the terms of the License Agreement, and subject to the conditions set forth therein, Recordati is required to make the following payments to Aegerion: (i) $25.0 million as a one-time upfront payment on the Effective Date (which was paid to Aegerion in the first quarter of 2019), (ii) $5.0 million as a one-time payment within 45 days following the date on which the Japan marketing authorization for JUXTAPID is successfully transferred to Recordati (the “Completion Date”), (iii) quarterly royalty payments, during the term of the License Agreement, equal to 22.5% of all net sales of JUXTAPID in Japan, and (iv) 20% of all other sublicense revenues received by Recordati or any of its affiliates. In addition, pursuant to the terms of the License Agreement, Aegerion may receive from Recordati commercial milestone payments (up to a total of $80.0 million ) for net sales in Japan, conditioned and based upon the achievement of certain net sales levels in Japan, the first $12.5 million installment of which becomes payable at the end of the first quarter in which cumulative net sales in Japan reach $70.0 million , and which are payable in incremental installments thereafter at the end of each quarter in which cumulative net sales in Japan increase by $70.0 million (in incremental payments of $12.5 million until cumulative net sales reach $280.0 million and then in incremental installments of $5.0 million for each incremental $70.0 million of revenues until cumulative net sales reach $700.0 million ). Further, pursuant to Aegerion’s current license agreement with UPenn, UPenn is entitled to receive 15% of the $25 million upfront payment, 15% of the marketing authorization transfer milestone and any subsequent sales milestone payments received from Recordati and 25% of royalty payments received by Aegerion from Recordati under the License Agreement. A portion of the upfront payment and the entire marketing authorization transfer fee was and/or will be used to repay the outstanding debt Aegerion has. Refer to Note 8, Loan Facilities , for further information. Aegerion and Recordati have also entered into a customary supply agreement under which Aegerion will supply JUXTAPID to Recordati (or its affiliate) at cost plus an agreed upon markup for an initial term of two years with automatic renewal for successive two year terms, and a customary transitional services agreement under which Aegerion will continue to perform certain commercialization and administrative services on Recordati’s behalf until the Completion Date (during which time, in lieu of paying royalties and cost-plus supply and transitional services during this period, Aegerion will retain 40% of the net sales of JUXTAPID in Japan and remit the remaining 60% of net sales to Recordati) and certain other customary transitional services (if so requested by Recordati) at mutually agreed hourly rates for a term not to exceed six months from the Completion Date. Aegerion and Recordati have made customary representations and warranties and have agreed to certain other customary covenants, including confidentiality, limitation of liability and indemnity provisions. The initial term of the License Agreement continues until the latest of: (i) expiration of the last valid claim of the licensed patents covering JUXTAPID in Japan, (ii) expiration of data or regulatory exclusivity in relation to JUXTAPID in Japan, or (c) ten years from the Completion Date. Thereafter the term of the License Agreement will automatically renew for a single five-year term, and then thereafter for successive five-year terms unless either party provides written notice at least 18 months prior to the end of the then current renewal term. Either party may terminate the License Agreement for cause if the other party materially breaches or defaults in the performance of its obligations, and, if curable, such material breach remains uncured for 90 days (15 days for non-payment). The Company assessed the License Agreement in accordance with ASC Topic 606 and concluded that this agreement is within the scope of ASC Topic 606. At the date of agreement inception, three performance obligations, consisting of (1) the license (inclusive of the Japan marketing authorization for JUXTAPID and other related intellectual property), (2) the anticipated JUXTAPID supply on hand at the Completion Date, and (3) the supply of JUXTAPID to Recordati, were identified. Revenue for each of the performance obligations will be recognized at a point in time, as further discussed below: • License: The consideration for the license performance obligation consists of the $30.0 million in one-time, fixed payments as well as a reduction related to the 60% of net sales benefit to Recordati during the transition period, from the Effective Date through the Completion Date (“the Transition Period”). Revenue allocated to the license will be recognized at the later of the delivery of the license or the Japan marketing authorization for JUXTAPID, and the 60% of net sales benefit to Recordati are accounted for as a reduction of revenue as Recordati does not transfer a distinct good or service to Aegerion during the Transition Period. As of March 31, 2019, the $25.0 million received from Recordati was recognized as deferred revenue as the Japan marketing authorization for JUXTAPID has not yet been delivered. The deferred revenue has been reduced by $0.8 million , which represents the 60% of net sales benefit owed to Recordati for the period ended March 31, 2019. • JUXTAPID supply on hand at the Completion Date: The consideration for JUXTAPID supply on hand at the Completion Date, pursuant to the transitional services agreement, will be variable consideration dependent on the inventory on hand at the Completion Date multiplied by the cost plus markup. Revenue allocated to the JUXTAPID supply on hand at the Completion Date will be recognized when such supply is made available to Recordati at the manufacturing facility engaged by Aegerion. •

Inventories

Inventories	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories are as follows: March 31, December 31, (in thousands) Work-in-process $ 28,527 $ 26,676 Finished goods 22,962 22,271 Total 51,489 48,947 Less: Inventories - current (13,407 ) (12,745 ) Inventories - non-current $ 38,082 $ 36,202 Non-current inventories primarily consist of the active pharmaceutical ingredients on hand and work-in-process. Additionally, a portion of finished goods is classified as non-current as of March 31, 2019 and December 31, 2018 based on forecasted consumption exceeding one year. There was no charge for excess or obsolete inventory during the three months ended March 31, 2019 and an immaterial charge for excess or obsolete inventory in the Unaudited Condensed Consolidated Statement of Operations during the three months ended March 31, 2018

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The intangible assets are amortized over their estimated useful lives, which are the remaining patent lives of approximately 7 - 9 years, and reviewed for impairment when events and changes in circumstances indicate that the carrying amount may not be recoverable. During the three months ended March 31, 2019 and 2018 , there were no impairment charges recorded. Additionally, the Company reviewed the useful lives of the intangibles as of March 31, 2019 and believes the useful lives are still reasonable. Intangible asset balances as of March 31, 2019 and December 31, 2018 are as follows: March 31, 2019 Gross Carrying Value Accumulated Amortization Effect of Currency Translation Net Carrying Value (in thousands) Developed technology - metreleptin $ 210,158 $ (49,357 ) $ (17 ) $ 160,784 Developed technology - lomitapide 42,300 (9,181 ) — 33,119 Total intangible assets $ 252,458 $ (58,538 ) $ (17 ) $ 193,903 December 31, 2018 Gross Carrying Value Accumulated Amortization Net Carrying Value (in thousands) Developed technology - metreleptin $ 210,158 $ (44,084 ) $ 166,074 Developed technology - lomitapide 42,300 (8,198 ) 34,102 Total intangible assets $ 252,458 $ (52,282 ) $ 200,176 Amortization expense was $6.3 million for each of the three months ended March 31, 2019 and 2018 . As of March 31, 2019 , the estimated amortization expense related to intangibles for future periods is as follows: Amount Years Ending December 31, (in thousands) 2019 (remaining 9 months) $ 18,823 2020 25,095 2021 25,095 2022 25,095 2023 25,095 Thereafter 74,700 Total intangible assets subject to amortization $ 193,903

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following: March 31, December 31, (in thousands) Accrued employee compensation and related costs $ 2,585 $ 2,166 Accrued professional fees 3,217 2,071 Accrued sales allowances 15,494 19,637 Accrued royalties 4,683 5,112 Other accrued liabilities 14,476 15,209 Total $ 40,455 $ 44,195

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases The Company leases office space in the U.S. and foreign countries for its headquarters and operational offices. The Company’s U.S. operational office, which was located in Cambridge, Massachusetts, expired April 30, 2019. In April 2019, the Company entered two 12 -month term leases for its U.S. operational offices, one located in Cambridge, Massachusetts, and one located in Boston, Massachusetts. The aggregate lease payment amounts for these two leases over the lease term are approximately $0.4 million . The international lease agreements expire at various dates through the year 2025. In addition, the Company leases certain office facilities, office equipment as well as vehicles on behalf of certain employees in the European regions. As of March 31, 2019 , the right-of-use assets associated with the Company’s operating leases were $1.3 million , which were recorded in other non-current assets as reflected on the Company’s Unaudited Condensed Consolidated Balance Sheet. The corresponding lease liabilities for the operating leases were $1.3 million as of March 31, 2019 , of which $0.6 million represents as short-term lease liability and $0.7 million represents as long-term lease liability, and they were recorded in accrued liabilities and other non-current liabilities, respectively, as reflected on the Company’s Unaudited Condensed Consolidated Balance Sheet as of March 31, 2019 . The right-of-use assets represent the Company’s right to use an underlying asset during the lease term and the related lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Both the right-of-use assets and the corresponding liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, when determining the lease liabilities, the Company estimated the incremental borrowing rate based on the interest rate from the Bridge Loans entered in November 2018. The discount rate is calculated as the midpoint between the incremental borrowing rate and the implied yields available from U.S. Treasury securities equal to the original lease term. The Company’s lease agreements generally do not contain purchase options. Certain leases have renewal options that can be exercised at the discretion of the Company, and the Company only includes renewal option in the lease term when it is reasonably certain to exercise such option. As of March 31, 2019 , the weighted average remaining lease term on the Company’s existing leases was 2.8 years , and the weighted average discount rate used to calculate the lease liabilities was 6.0% . The non-cash lease expense for the Company’s leases totaled $0.6 million for the three months ended March 31, 2019 . The following table summarizes the components of the lease expenses for the three months ended March 31, 2019 . The variable lease expenses generally include common area maintenance, rent adjustment based on index and real estate taxes. All the lease expenses are recorded as operating expenses in the Unaudited Condensed Consolidated Statement of Operations as of March 31, 2019 . Cash paid for amounts included in the measurement of the operating lease liabilities for the three months ended March 31, 2019 was $0.6 million . Three Months Ended March 31, 2019 (in thousands) Operating lease expense $ 661 Variable lease expense 83 Total lease expense $ 744 As of March 31, 2019 , the estimated minimum lease payments for the next five years and thereafter is as follows: Amount Year Ending December 31, (in thousands) 2019 (remaining 9 months) 545 2020 450 2021 209 2022 136 2023 96 Thereafter 40 Total lease payments 1,476 Less: Present value adjustment using incremental borrowing rate 141 Present value of operating lease liabilities 1,335 As of December 31, 2018 , prior to the adoption of ASU 2016-02, the estimated minimum lease payments for the next five years and thereafter is as follows: Amount Years Ending December 31,: (in thousands) 2019 $ 1,246 2020 432 2021 190 2022 134 2023 97 Thereafter 41 Total $ 2,140

Loan Facilities

Loan Facilities	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Loan Facilities	Loan Facilities Short-term debt consists of the following as of March 31, 2019 and December 31, 2018 : March 31, 2019 New Money Loans Roll Up Loans Total (in thousands) Short-term principal and commitment fee $ 51,000 $ 22,500 $ 73,500 Exit fee payable 1,500 — 1,500 Accrued unpaid interest 2,207 179 2,386 Unamortized debt issuance costs (220 ) — (220 ) Debt discount (242 ) — (242 ) Repayment of short-term principal, including exit fee (2,996 ) — (2,996 ) Total short-term debt $ 51,249 $ 22,679 $ 73,928 December 31, 2018 New Money Loans Roll Up Loans Total (in thousands) Short-term principal and commitment fee $ 51,000 $ 22,500 $ 73,500 Exit fee payable 1,500 — 1,500 Accrued unpaid interest 826 66 892 Unamortized debt issuance costs (1,054 ) — (1,054 ) Debt discount (1,161 ) — (1,161 ) Total short-term debt $ 51,111 $ 22,566 $ 73,677 Bridge Loans On November 8, 2018, Aegerion entered into a bridge credit agreement (the “Bridge Credit Agreement”) with certain funds managed by Highbridge Capital Management, who are investors in the Company’s common shares, and Athyrium Capital Management, as lenders (the “Bridge Lenders”), and Cantor Fitzgerald Securities, as agent (the “Bridge Agent”), under which Aegerion borrowed from the Bridge Lenders new secured first lien term loans in cash in an original aggregate principal amount of $50.0 million (“New Money Loans”) and $22.5 million of new secured term loans that were funded, on behalf of Aegerion, to repurchase and retire an equal amount of Convertible Notes, at par, held by certain funds managed by the Bridge Lenders (the “Roll Up Loans”). The Roll Up Loans and the New Money Loans comprise the Bridge Loans referenced above. The Bridge Loans mature on the earliest to occur of (i) certain restructuring or bankruptcy events, (ii) June 30, 2019, and (iii) the acceleration after occurrence of an event of default. In January 2019, the maturity date of the Bridge Loans was extended to June 30, 2019, upon the exercise of Aegerion’s option and the satisfaction by Aegerion of the conditions stated in the Bridge Credit Agreement. In connection with the extension of the maturity date, Aegerion repaid $3.0 million of New Money Loans principal, including exit fee, and paid an extension fee in the amount of $1.5 million to the Bridge Lenders. The New Money Loans accrue interest at the rate of 11.00% per annum and the Roll Up Loans accrue interest at the rate of 2.00% per annum. Following an event of default and so long as an event of default is continuing, the interest rate on each of the New Money Loans and the Roll Up Loans would increase by 2.00% per annum. Interest on the New Money Loans and the Roll Up Loans accrue and compound quarterly in arrears and will not be payable in cash until the maturity date or any earlier time that the Bridge Loans become due and payable under the Bridge Credit Agreement. Aegerion incurred a commitment fee equal to 2.00% of the New Money Loans, which will be paid in kind and is included in the outstanding principal amount of the New Money Loans. The New Money Loans may be prepaid, in whole or in part, by Aegerion at any time subject to payment of an exit fee (including at maturity) equal to 3.00% of the commitments with respect to New Money Loans. As of March 31, 2019 , the aggregate principal amount outstanding of the New Money Loans was $51.7 million , including $1.0 million of commitment fee, $1.4 million of exit fee and $2.2 million of the accrued unpaid interest. The aggregate principal amount outstanding of the Roll Up Loans was $22.7 million , with $0.2 million of accrued unpaid interest. In connection with the issuance of the Bridge Loans, the Company incurred approximately $3.2 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees. Of the total $3.2 million of debt issuance costs, $1.0 million is the pro-rata portion associated with the Roll Up Loans, and it was expensed upon the consummation of the transaction. The remaining $2.2 million is associated with the New Money Loans and is being amortized over the expected life of the New Money Loans using the effective interest method. Aegerion’s obligations under the Bridge Credit Agreement are guaranteed by each domestic subsidiary of Aegerion other than Aegerion Securities Corporation, a Massachusetts corporation (the “Guarantors”), and secured by a lien on substantially all of the assets of Aegerion and the Guarantors, including a pledge of 65% of Aegerion’s and the Guarantors’ first-tier foreign subsidiaries’ equity interests and substantially all of the intellectual property and related rights in respect of MYALEPT and JUXTAPID, subject to certain contractual limitations and exclusions set forth in the Bridge Credit Agreement and related documentation. The liens on the assets of Aegerion and the Guarantors granted to secure Aegerion’s obligations to the Bridge Lenders with respect to New Money Loans are senior to the liens granted to secure Aegerion’s obligations to Novelion with respect to the Intercompany Loan. The liens on the assets of Aegerion and the Guarantors granted to secure Aegerion’s obligations to the Bridge Lenders with respect to Roll Up Loans are junior to the liens granted to secure Aegerion’s obligations to Novelion with respect to the Intercompany Loan. Upon consummation of certain restructuring transactions consented to by the Bridge Lenders in their discretion, the liens securing the Roll Up Loans will be terminated and released, and the Roll Up Loans will be treated as unsecured obligations of Aegerion, pari passu with the other obligations of Aegerion with respect to the Convertible Notes. The Bridge Credit Agreement includes affirmative and negative covenants binding on Aegerion and its subsidiaries, including prohibitions on the incurrence of additional indebtedness, granting of liens, certain asset dispositions, investments and restricted payments, in each case, subject to certain exceptions set forth in the Bridge Credit Agreement. The Bridge Credit Agreement also includes customary events of default for a transaction of this type, and includes (i) a cross-default to the occurrence of any event of default under material indebtedness of Aegerion, including the Convertible Notes or the Intercompany Loan, and (ii) Novelion or any of its subsidiaries being subject to bankruptcy or other insolvency proceedings. Upon the occurrence of an event of default, the Bridge Lenders may declare all of the outstanding Bridge Loans and other obligations under the Bridge Credit Agreement to be immediately due and payable and exercise all rights and remedies available to the Bridge Lenders under the Bridge Credit Agreement and related documentation. Pursuant to the terms of the Bridge Credit Agreement and after taking into account amounts payable to UPenn, as discussed in Note 3, License Agreement , Aegerion retained $15.0 million of the remaining upfront payment, of which $12.0 million is to be used in accordance with a proceeds reinvestment budget (which primarily relates to the development activities related to MYALEPT as a potential treatment for PL in the U.S.), and the balance is to be used in accordance with a general budget of Aegerion, in each case, subject to certain restrictions. Forty-two percent of the remaining net cash proceeds (less amounts owed to UPenn and amounts paid as transaction costs) was paid to Novelion to repay a portion of the outstanding Intercompany Loan comprising the portion of the loan that the Bridge Lenders agreed would not be contested and 58% was paid to the Bridge Lenders to repay a portion of the outstanding Bridge Loans. In addition, the $5.0 million marketing authorization transfer fee and royalty payments, less amounts owed to UPenn, will be paid to Novelion to repay a portion of the outstanding Intercompany Loan comprising the portion of the loan that the Bridge Lenders agreed would not be contested and the Bridge Lenders to repay a portion of the outstanding Bridge Loans, on a 42% and 58% basis, respectively. In connection with the Amended and Restated Intercompany Loan Agreement (defined below) and the Bridge Credit Agreement, Aegerion was required to enter into separate deposit account control agreements with each of the lenders in order to perfect each lender’s security interest in the cash collateral in Aegerion’s operating account. In the event of a default under either loan agreement, subject to the terms of the subordination agreement with the Bridge Lenders and Bridge Agent (the “Bridge Intercreditor Agreement”), the respective lender would have the right to take control of the operating account and restrict Aegerion’s access to the operating account and the funds therein. In addition to the repurchase and cancellation of certain Convertible Notes with the proceeds of the Roll Up Loans, Aegerion used proceeds of the New Money Loans to repay, at par, (a) the amounts outstanding under the Shareholder Term Loan Agreement described below, in an aggregate principal amount of approximately $21.2 million , and (b) principal prepayments of the Intercompany Loan in an amount of $3.5 million , in 2018. The Intercompany Loan has been eliminated in the Unaudited Condensed Consolidated Financial Statements. Shareholder Term Loan Agreement On March 15, 2018, Aegerion entered into a loan and security agreement with affiliates of Broadfin Capital, LLC and Sarissa Capital Management LP (the “Shareholder Term Loan Agreement”), pursuant to which the lenders made a single-draw term loan to Aegerion in an aggregate amount of $ 20.0 million (the “Shareholder Term Loans”), and secured by substantially all of Aegerion’s assets. The lenders or their affiliates were also investors in the Company’s common shares, and two members of our Board of Directors at that time were affiliates of the lenders. In connection with the Shareholder Term Loan Agreement, the lenders of the Shareholder Term Loans were issued warrants (“Warrants”) to purchase approximately 1.8 million Novelion common shares. The Warrants have an exercise price equal to $4.40 per share, representing the volume weighted average price of Novelion common shares for the 20 trading days ended March 14, 2018, and have a term of four years . The Company applied the Black-Scholes option pricing model to estimate the fair value of the Warrants, with the following assumptions: (a) the risk-free rates based on the U.S. Treasury yield curve, for a term of four years; (b) the volatility based on the historical and implied volatility of the Company's publicly traded common shares as of March 15, 2018; and (c) no dividend would be payable. The Company allocated the proceeds received from the Shareholder Term Loans between the Shareholder Term Loans and the Warrants on a relative fair value basis at the time of the Shareholder Term Loans’ issuance. The relative fair value of the Shareholder Term Loans was determined to be $16.6 million , using the Black-Derman-Toy interest rate lattice model. The remainder of the proceeds, or $3.4 million , was allocated to the Warrants, which was accounted for as additional paid-in-capital. The Company accrued unpaid interest and recorded amortization of debt issuance costs, which was recognized as interest expense, in the Unaudited Condensed Consolidated Statement of Operations during the three months ended March 31, 2018 . The Company determined that the acceleration of the maturity date upon the occurrence of a Convertible Notes restructuring was an embedded derivative, which required bifurcation and was separately ascribed with a fair value. The fair value of the embedded derivative liability on the Shareholder Term Loans issuance date was calculated by determining the fair value of the Shareholder Term Loans with and without the acceleration of the maturity date upon an occurrence of a Convertible Notes restructuring, using the same methodology and inputs in determining the fair value of the Shareholder Term Loans. The difference between the two fair values was determined to be the fair value of the embedded derivative liability. Accordingly, the Company initially recorded a derivative liability of $0.9 million as a reduction to debt payable, and the derivative liability was revalued on each reporting date, prior to the repayment of the Shareholder Term Loans in November 2018. In connection with the entry into the Bridge Loans in November 2018, as discussed above, the Shareholder Term Loans were paid in full in 2018. At the time of repayment, the outstanding principal of the Shareholder Term Loans totaled approximately $21.2 million , including paid in kind interest that had been added to the principal of the Shareholder Term Loans. There were no other penalties associated with the repayments. Intercompany Loan In connection with the entry into the Shareholder Term Loan Agreement, on March 15, 2018 Aegerion and Novelion entered into an amended and restated senior secured term loan agreement, which has a maturity date of July 1, 2019 (the “Amended and Restated Intercompany Loan Agreement”), which amends and restates the secured loan facility between Aegerion and Novelion that was first entered into in connection with the Intercompany Loan prior to the acquisition of Aegerion. As of March 31, 2019 , the principal amount owing from Aegerion to Novelion under the Intercompany Loan was approximately $35.7 million . The Intercompany Loan has been eliminated in the Unaudited Condensed Consolidated Financial Statements. The Intercompany Loan is not subordinated to the Roll Up Loans and the Bridge Lenders have agreed not to challenge $19.4 million of the Intercompany Loan amount outstanding as of March 31, 2019 The Convertible Notes are senior unsecured obligations of Aegerion. The Convertible Notes bear interest at a rate of 2.0% per year, payable semi-annually in arrears on February 15 and August 15, and had an effective interest rate of 16.42% , established as of the consummation of the Company’s acquisition of Aegerion until the effective interest rate became 17.56% as a result of the retirement of a portion of the Convertible Notes in November 2018, as discussed in Note 8, Loan Facilities . The Convertible Notes will mature on August 15, 2019, unless earlier repurchased, converted or renegotiated. As of March 31, 2019 , at least one shareholder of the Company holds Convertible Notes. The outstanding Convertible Notes balances as of March 31, 2019 and December 31, 2018 consist of the following: March 31, 2019 December 31, 2018 (in thousands) Principal $ 302,498 $ 302,498 Less: debt discount (16,973 ) (27,683 ) Net carrying amount $ 285,525 $ 274,815 The following table sets forth total interest expense recognized related to the Convertible Notes during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (in thousands) Contractual interest expense $ 1,512 $ 1,625 Amortization of debt discount 10,710 9,113 Total $ 12,222 $ 10,738 Future minimum payments under the Convertible Notes are as follows: Amount (in thousands) Principal $ 302,498 Interest 3,025 Total Due on August 15, 2019 $ 305,523

Convertible Notes, net

Convertible Notes, net	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Convertible Notes, net	Loan Facilities Short-term debt consists of the following as of March 31, 2019 and December 31, 2018 : March 31, 2019 New Money Loans Roll Up Loans Total (in thousands) Short-term principal and commitment fee $ 51,000 $ 22,500 $ 73,500 Exit fee payable 1,500 — 1,500 Accrued unpaid interest 2,207 179 2,386 Unamortized debt issuance costs (220 ) — (220 ) Debt discount (242 ) — (242 ) Repayment of short-term principal, including exit fee (2,996 ) — (2,996 ) Total short-term debt $ 51,249 $ 22,679 $ 73,928 December 31, 2018 New Money Loans Roll Up Loans Total (in thousands) Short-term principal and commitment fee $ 51,000 $ 22,500 $ 73,500 Exit fee payable 1,500 — 1,500 Accrued unpaid interest 826 66 892 Unamortized debt issuance costs (1,054 ) — (1,054 ) Debt discount (1,161 ) — (1,161 ) Total short-term debt $ 51,111 $ 22,566 $ 73,677 Bridge Loans On November 8, 2018, Aegerion entered into a bridge credit agreement (the “Bridge Credit Agreement”) with certain funds managed by Highbridge Capital Management, who are investors in the Company’s common shares, and Athyrium Capital Management, as lenders (the “Bridge Lenders”), and Cantor Fitzgerald Securities, as agent (the “Bridge Agent”), under which Aegerion borrowed from the Bridge Lenders new secured first lien term loans in cash in an original aggregate principal amount of $50.0 million (“New Money Loans”) and $22.5 million of new secured term loans that were funded, on behalf of Aegerion, to repurchase and retire an equal amount of Convertible Notes, at par, held by certain funds managed by the Bridge Lenders (the “Roll Up Loans”). The Roll Up Loans and the New Money Loans comprise the Bridge Loans referenced above. The Bridge Loans mature on the earliest to occur of (i) certain restructuring or bankruptcy events, (ii) June 30, 2019, and (iii) the acceleration after occurrence of an event of default. In January 2019, the maturity date of the Bridge Loans was extended to June 30, 2019, upon the exercise of Aegerion’s option and the satisfaction by Aegerion of the conditions stated in the Bridge Credit Agreement. In connection with the extension of the maturity date, Aegerion repaid $3.0 million of New Money Loans principal, including exit fee, and paid an extension fee in the amount of $1.5 million to the Bridge Lenders. The New Money Loans accrue interest at the rate of 11.00% per annum and the Roll Up Loans accrue interest at the rate of 2.00% per annum. Following an event of default and so long as an event of default is continuing, the interest rate on each of the New Money Loans and the Roll Up Loans would increase by 2.00% per annum. Interest on the New Money Loans and the Roll Up Loans accrue and compound quarterly in arrears and will not be payable in cash until the maturity date or any earlier time that the Bridge Loans become due and payable under the Bridge Credit Agreement. Aegerion incurred a commitment fee equal to 2.00% of the New Money Loans, which will be paid in kind and is included in the outstanding principal amount of the New Money Loans. The New Money Loans may be prepaid, in whole or in part, by Aegerion at any time subject to payment of an exit fee (including at maturity) equal to 3.00% of the commitments with respect to New Money Loans. As of March 31, 2019 , the aggregate principal amount outstanding of the New Money Loans was $51.7 million , including $1.0 million of commitment fee, $1.4 million of exit fee and $2.2 million of the accrued unpaid interest. The aggregate principal amount outstanding of the Roll Up Loans was $22.7 million , with $0.2 million of accrued unpaid interest. In connection with the issuance of the Bridge Loans, the Company incurred approximately $3.2 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees. Of the total $3.2 million of debt issuance costs, $1.0 million is the pro-rata portion associated with the Roll Up Loans, and it was expensed upon the consummation of the transaction. The remaining $2.2 million is associated with the New Money Loans and is being amortized over the expected life of the New Money Loans using the effective interest method. Aegerion’s obligations under the Bridge Credit Agreement are guaranteed by each domestic subsidiary of Aegerion other than Aegerion Securities Corporation, a Massachusetts corporation (the “Guarantors”), and secured by a lien on substantially all of the assets of Aegerion and the Guarantors, including a pledge of 65% of Aegerion’s and the Guarantors’ first-tier foreign subsidiaries’ equity interests and substantially all of the intellectual property and related rights in respect of MYALEPT and JUXTAPID, subject to certain contractual limitations and exclusions set forth in the Bridge Credit Agreement and related documentation. The liens on the assets of Aegerion and the Guarantors granted to secure Aegerion’s obligations to the Bridge Lenders with respect to New Money Loans are senior to the liens granted to secure Aegerion’s obligations to Novelion with respect to the Intercompany Loan. The liens on the assets of Aegerion and the Guarantors granted to secure Aegerion’s obligations to the Bridge Lenders with respect to Roll Up Loans are junior to the liens granted to secure Aegerion’s obligations to Novelion with respect to the Intercompany Loan. Upon consummation of certain restructuring transactions consented to by the Bridge Lenders in their discretion, the liens securing the Roll Up Loans will be terminated and released, and the Roll Up Loans will be treated as unsecured obligations of Aegerion, pari passu with the other obligations of Aegerion with respect to the Convertible Notes. The Bridge Credit Agreement includes affirmative and negative covenants binding on Aegerion and its subsidiaries, including prohibitions on the incurrence of additional indebtedness, granting of liens, certain asset dispositions, investments and restricted payments, in each case, subject to certain exceptions set forth in the Bridge Credit Agreement. The Bridge Credit Agreement also includes customary events of default for a transaction of this type, and includes (i) a cross-default to the occurrence of any event of default under material indebtedness of Aegerion, including the Convertible Notes or the Intercompany Loan, and (ii) Novelion or any of its subsidiaries being subject to bankruptcy or other insolvency proceedings. Upon the occurrence of an event of default, the Bridge Lenders may declare all of the outstanding Bridge Loans and other obligations under the Bridge Credit Agreement to be immediately due and payable and exercise all rights and remedies available to the Bridge Lenders under the Bridge Credit Agreement and related documentation. Pursuant to the terms of the Bridge Credit Agreement and after taking into account amounts payable to UPenn, as discussed in Note 3, License Agreement , Aegerion retained $15.0 million of the remaining upfront payment, of which $12.0 million is to be used in accordance with a proceeds reinvestment budget (which primarily relates to the development activities related to MYALEPT as a potential treatment for PL in the U.S.), and the balance is to be used in accordance with a general budget of Aegerion, in each case, subject to certain restrictions. Forty-two percent of the remaining net cash proceeds (less amounts owed to UPenn and amounts paid as transaction costs) was paid to Novelion to repay a portion of the outstanding Intercompany Loan comprising the portion of the loan that the Bridge Lenders agreed would not be contested and 58% was paid to the Bridge Lenders to repay a portion of the outstanding Bridge Loans. In addition, the $5.0 million marketing authorization transfer fee and royalty payments, less amounts owed to UPenn, will be paid to Novelion to repay a portion of the outstanding Intercompany Loan comprising the portion of the loan that the Bridge Lenders agreed would not be contested and the Bridge Lenders to repay a portion of the outstanding Bridge Loans, on a 42% and 58% basis, respectively. In connection with the Amended and Restated Intercompany Loan Agreement (defined below) and the Bridge Credit Agreement, Aegerion was required to enter into separate deposit account control agreements with each of the lenders in order to perfect each lender’s security interest in the cash collateral in Aegerion’s operating account. In the event of a default under either loan agreement, subject to the terms of the subordination agreement with the Bridge Lenders and Bridge Agent (the “Bridge Intercreditor Agreement”), the respective lender would have the right to take control of the operating account and restrict Aegerion’s access to the operating account and the funds therein. In addition to the repurchase and cancellation of certain Convertible Notes with the proceeds of the Roll Up Loans, Aegerion used proceeds of the New Money Loans to repay, at par, (a) the amounts outstanding under the Shareholder Term Loan Agreement described below, in an aggregate principal amount of approximately $21.2 million , and (b) principal prepayments of the Intercompany Loan in an amount of $3.5 million , in 2018. The Intercompany Loan has been eliminated in the Unaudited Condensed Consolidated Financial Statements. Shareholder Term Loan Agreement On March 15, 2018, Aegerion entered into a loan and security agreement with affiliates of Broadfin Capital, LLC and Sarissa Capital Management LP (the “Shareholder Term Loan Agreement”), pursuant to which the lenders made a single-draw term loan to Aegerion in an aggregate amount of $ 20.0 million (the “Shareholder Term Loans”), and secured by substantially all of Aegerion’s assets. The lenders or their affiliates were also investors in the Company’s common shares, and two members of our Board of Directors at that time were affiliates of the lenders. In connection with the Shareholder Term Loan Agreement, the lenders of the Shareholder Term Loans were issued warrants (“Warrants”) to purchase approximately 1.8 million Novelion common shares. The Warrants have an exercise price equal to $4.40 per share, representing the volume weighted average price of Novelion common shares for the 20 trading days ended March 14, 2018, and have a term of four years . The Company applied the Black-Scholes option pricing model to estimate the fair value of the Warrants, with the following assumptions: (a) the risk-free rates based on the U.S. Treasury yield curve, for a term of four years; (b) the volatility based on the historical and implied volatility of the Company's publicly traded common shares as of March 15, 2018; and (c) no dividend would be payable. The Company allocated the proceeds received from the Shareholder Term Loans between the Shareholder Term Loans and the Warrants on a relative fair value basis at the time of the Shareholder Term Loans’ issuance. The relative fair value of the Shareholder Term Loans was determined to be $16.6 million , using the Black-Derman-Toy interest rate lattice model. The remainder of the proceeds, or $3.4 million , was allocated to the Warrants, which was accounted for as additional paid-in-capital. The Company accrued unpaid interest and recorded amortization of debt issuance costs, which was recognized as interest expense, in the Unaudited Condensed Consolidated Statement of Operations during the three months ended March 31, 2018 . The Company determined that the acceleration of the maturity date upon the occurrence of a Convertible Notes restructuring was an embedded derivative, which required bifurcation and was separately ascribed with a fair value. The fair value of the embedded derivative liability on the Shareholder Term Loans issuance date was calculated by determining the fair value of the Shareholder Term Loans with and without the acceleration of the maturity date upon an occurrence of a Convertible Notes restructuring, using the same methodology and inputs in determining the fair value of the Shareholder Term Loans. The difference between the two fair values was determined to be the fair value of the embedded derivative liability. Accordingly, the Company initially recorded a derivative liability of $0.9 million as a reduction to debt payable, and the derivative liability was revalued on each reporting date, prior to the repayment of the Shareholder Term Loans in November 2018. In connection with the entry into the Bridge Loans in November 2018, as discussed above, the Shareholder Term Loans were paid in full in 2018. At the time of repayment, the outstanding principal of the Shareholder Term Loans totaled approximately $21.2 million , including paid in kind interest that had been added to the principal of the Shareholder Term Loans. There were no other penalties associated with the repayments. Intercompany Loan In connection with the entry into the Shareholder Term Loan Agreement, on March 15, 2018 Aegerion and Novelion entered into an amended and restated senior secured term loan agreement, which has a maturity date of July 1, 2019 (the “Amended and Restated Intercompany Loan Agreement”), which amends and restates the secured loan facility between Aegerion and Novelion that was first entered into in connection with the Intercompany Loan prior to the acquisition of Aegerion. As of March 31, 2019 , the principal amount owing from Aegerion to Novelion under the Intercompany Loan was approximately $35.7 million . The Intercompany Loan has been eliminated in the Unaudited Condensed Consolidated Financial Statements. The Intercompany Loan is not subordinated to the Roll Up Loans and the Bridge Lenders have agreed not to challenge $19.4 million of the Intercompany Loan amount outstanding as of March 31, 2019 The Convertible Notes are senior unsecured obligations of Aegerion. The Convertible Notes bear interest at a rate of 2.0% per year, payable semi-annually in arrears on February 15 and August 15, and had an effective interest rate of 16.42% , established as of the consummation of the Company’s acquisition of Aegerion until the effective interest rate became 17.56% as a result of the retirement of a portion of the Convertible Notes in November 2018, as discussed in Note 8, Loan Facilities . The Convertible Notes will mature on August 15, 2019, unless earlier repurchased, converted or renegotiated. As of March 31, 2019 , at least one shareholder of the Company holds Convertible Notes. The outstanding Convertible Notes balances as of March 31, 2019 and December 31, 2018 consist of the following: March 31, 2019 December 31, 2018 (in thousands) Principal $ 302,498 $ 302,498 Less: debt discount (16,973 ) (27,683 ) Net carrying amount $ 285,525 $ 274,815 The following table sets forth total interest expense recognized related to the Convertible Notes during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (in thousands) Contractual interest expense $ 1,512 $ 1,625 Amortization of debt discount 10,710 9,113 Total $ 12,222 $ 10,738 Future minimum payments under the Convertible Notes are as follows: Amount (in thousands) Principal $ 302,498 Interest 3,025 Total Due on August 15, 2019 $ 305,523

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy for those instruments measured at fair value is established that distinguishes between fair value measurements based on market data (observable inputs) and those based on the Company’s own assumptions (unobservable inputs). This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 — Inputs that are unobservable for the asset or liability. The fair value measurements of the Company’s financial instruments as of March 31, 2019 are summarized in the table below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2019 (in thousands) Assets: Money market funds $ 4,997 $ — $ — $ 4,997 The fair value measurements of the Company’s financial instruments as of December 31, 2018 are summarized in the table below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2018 (in thousands) Assets: Money market funds $ 6,998 $ — $ — $ 6,998 The fair value of the Convertible Notes, which differs from their carrying values, is influenced by interest rates, the Company’s share price and share price volatility and is determined by prices for the Convertible Notes observed in market trading which are Level 2 inputs. The estimated fair value of the Convertible Notes at March 31, 2019 and December 31, 2018 was $206.3 million and $250.7 million , respectively. See Note 9, Convertible Notes, net , for further information. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, the Bridge Loans and the Intercompany Loan, as mentioned in Note 8, Loan Facilities . The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, the Bridge Loans and the Intercompany Loan approximate fair value due to their immediate or short-term maturities. These financial instruments are also exposed to credit risks. To limit the Company’s credit exposure, cash and cash equivalents are deposited with high-quality financial institutions in accordance with its treasury policy goal to preserve capital and maintain liquidity. The Company’s treasury policy limits investments to certain money market securities issued by governments, financial institutions and corporations with investment-grade credit ratings, and places restrictions on maturities and concentration by issuer. The Company maintains its cash, cash equivalents and restricted cash in bank accounts, which, at times, exceeds federally insured limits. The Company has not experienced any credit losses in these accounts and does not believe it is exposed to any significant credit risk on these funds.

Basic and Diluted Net Loss per

Basic and Diluted Net Loss per Common Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing the net loss by the weighted-average number of unrestricted common shares and dilutive common share equivalents outstanding for the period, determined using the treasury-stock and if-converted methods. Since the Company has had net losses for all periods presented, all potentially dilutive securities were determined to be anti-dilutive. Accordingly, basic and diluted net loss per common share are equal. The following table sets forth potential common shares issuable upon the exercise of outstanding options, warrants, the vesting of restricted stock units and the conversion of the Convertible Notes (prior to consideration of the treasury stock and if-converted methods), which were excluded from the computation of diluted net loss per common share because such instruments were anti-dilutive: As of March 31, 2019 2018 (in thousands) Stock options 2,060 2,066 Unvested restricted stock units 93 610 Warrants 1,819 1,819 Convertible notes 1,507 1,619 Total 5,479 6,114 The outstanding warrants as of March 31, 2019 and 2018 were issued in connection with the Shareholder Term Loan Agreement entered on March 15, 2018, as described in Note 8, Loan Facilities

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax basis of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. The Company provides a valuation allowance when it is more likely than not that deferred tax assets will not be realized . The Company recorded a benefit from income taxes of $0.2 million for the three months ended March 31, 2019 and a provision for income taxes of $0.2 million for the three months ended March 31, 2018 . The benefit from income taxes for the three months ended March 31, 2019 consists of current tax expense, which relates primarily to the Company’s profitable operations in its foreign tax jurisdictions, and deferred tax benefit, which relates to the cumulative effect of foreign currency translation. The provision for income taxes for the three months ended March 31, 2018 consists of current tax expense, which relates primarily to the Company’s profitable operations in its foreign tax jurisdictions, and deferred tax expense. The realization of deferred income tax assets is dependent on the generation of sufficient taxable income during future periods in which temporary differences are expected to reverse. Where the realization of such assets does not meet the more likely than not criterion, the Company applies a valuation allowance against the deferred income tax asset under consideration. The valuation allowance is reviewed periodically and if the assessment of the more-likely-than-not criterion changes, the valuation allowance is adjusted accordingly. As of March 31, 2019

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment information	Segment information The Company currently operates in one business segment, pharmaceuticals, and is focused on the development and commercialization of two commercial products. The Company’s interim Chief Executive Officer is currently the Company’s chief operating decision maker (“CODM”). The Company does not operate any separate lines of business or separate business entities with respect to its products. Accordingly, the Company does not accumulate discrete financial information with respect to separate service lines and does not have separately reportable segments. Enterprise-wide disclosures about net revenues and long-lived assets by geographic area and information relating to major customers are presented below. Net Revenues The following table summarizes total net revenues from external customers by product and by geographic region, based on the location of the customer, for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 U.S. Japan Germany Brazil Other Foreign Countries Total (in thousands) Metreleptin $ 11,434 $ 39 $ 3,232 $ — $ 3,274 $ 17,979 Lomitapide 9,092 2,122 51 — 2,956 14,221 Total $ 20,526 $ 2,161 $ 3,283 $ — $ 6,230 $ 32,200 Three Months Ended March 31, 2018 U.S. Japan Germany Brazil Other Foreign Countries Total (in thousands) Metreleptin $ 9,768 $ — $ 454 $ 1,170 $ 2,702 $ 14,094 Lomitapide 8,624 1,852 32 — 2,882 13,390 Total $ 18,392 $ 1,852 $ 486 $ 1,170 $ 5,584 $ 27,484 Net revenues generated from customers outside of the U.S., Japan, Germany and Brazil, as listed in the column “Other Foreign Countries,” were primarily derived from Colombia and France during the three months ended March 31, 2019 and from Colombia and Turkey during the three months ended March 31, 2018 . Significant Customers For the three months ended March 31, 2019 , one customer accounted for 64% of the Company’s net revenues and accounted for 44% of the Company’s March 31, 2019 accounts receivable balance. For the three months ended March 31, 2018 , one customer accounted for 67% of the Company’s net revenues and 57% of the Company’s March 31, 2018 accounts receivable balance. Long-lived Assets The Company’s long-lived assets are primarily comprised of intangible assets and property and equipment. As of March 31, 2019 and December 31, 2018 , 100% of the Company’s intangible assets were held by the Company’s indirect wholly owned subsidiary, Aegerion. Of that, 64% and 65% of the intangible assets were attributable to Aegerion’s U.S. business, with the remaining intangible assets attributable to Aegerion’s European holding company, as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 and December 31, 2018 , 60% and 66%

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the Company’s views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company’s loss contingency accrual would be recorded in the period in which such determination is made. DOJ/SEC Investigations In late 2013, Aegerion received a subpoena from the Department of Justice (the “DOJ”), represented by the U.S. Attorney’s Office in Boston, requesting documents regarding its marketing and sale of JUXTAPID in the U.S., as well as related public disclosures (the “DOJ investigation”). In late 2014, Aegerion received a subpoena from the Securities and Exchange Commission (“SEC”) requesting certain information related to Aegerion’s sales activities and disclosures related to JUXTAPID. The SEC also requested documents and information on a number of other topics, including documents related to the investigations by government authorities in Brazil into whether Aegerion’s activities in Brazil violated Brazilian anti-corruption laws, and whether Aegerion’s activities in Brazil violated the Foreign Corrupt Practices Act (“FCPA”). As a result of the SEC’s investigation, Aegerion consented to the entry of a final judgment, on September 25, 2017, in connection with a complaint filed by the SEC without admitting or denying the allegations set forth in the complaint (“the SEC Judgment”). The complaint alleged negligent violations of Sections 17(a)(2) and (3) of the Securities Act of 1933, as amended, related to certain statements made by Aegerion in 2013 regarding the conversion rate for JUXTAPID prescriptions. The SEC Judgment, which was approved by a U.S. District Court judge on September 25, 2017, provides that Aegerion must pay a civil penalty in the amount of $4.1 million , to be paid in installments over three years , plus interest on any unpaid balance at a rate of 1.75% per annum. As of March 31, 2019 , $0.9 million remains due as a current liability, and $0.5 million remains due as a non-current liability. Aegerion’s payment of this civil penalty is subject to acceleration in the event of certain change of control transactions or certain transfers of Aegerion’s rights in MYALEPT or JUXTAPID. Aegerion’s payment schedule is also subject to acceleration in the event that Aegerion fails to satisfy its payment obligations under the SEC Judgment. In connection with the DOJ investigation, Aegerion entered into a Plea Agreement, a Deferred Prosecution Agreement (“DPA”), a Civil Settlement, certain State Settlement Agreements, and a Consent Decree of Permanent Injunction (“FDA Consent Decree”). Under the Court-approved DOJ Plea Agreement, Aegerion pled guilty to two misdemeanor misbranding violations of the Federal Food, Drug, and Cosmetic Act (“FDCA”) and on January 30, 2018, a U.S. District Court Judge sentenced Aegerion. The Court did not impose a criminal fine and instead ordered Aegerion to pay restitution, in the amount of $7.2 million payable over three years , plus interest on any unpaid balance at a rate of 1.75% per annum, into a fund managed by an independent claims administrator. As of March 31, 2019 , $1.9 million remains due as a current liability, and $1.8 million remains due as a non-current liability. As contemplated by the Plea Agreement, Aegerion was further sentenced to a three -year term of probation. Among the terms of probation, Aegerion must (i) comply with federal, state and local laws, (ii) notify its probation officer of any prosecution, major civil litigation or administrative proceeding, (iii) seek permission of its probation officer prior to selling, assigning or transferring assets, (iv) notify its probation officer of any material change in its economic circumstances, (v) forbear from disparaging the factual basis of Aegerion’s plea or denying that Aegerion itself is guilty, and (vi) comply with the DPA and Corporate Integrity Agreement (“CIA”) (and submit certain reports prepared thereunder to its probation officer). Under the terms of the DPA, Aegerion admitted it engaged in conduct that constituted a conspiracy to violate the Health Insurance Portability and Accountability Act (“HIPAA”). The DPA provides that Aegerion must continue to cooperate fully with the DOJ concerning its investigation into other individuals or entities. The DPA provides that Aegerion must maintain a robust compliance and ethics program that includes significant certification, training, monitoring, and other requirements. Aegerion, as well as the Board of Directors of the Company (or a designated committee thereof), must also conduct regular reviews of its compliance and ethics program, provide certifications to the DOJ that the program is believed to be effective and notify the DOJ of any probable violations of HIPAA. In the event Aegerion breaches the DPA, there is a risk the government would seek to impose remedies provided for in the DPA, including instituting criminal prosecution against Aegerion and/or seeking to impose stipulated penalties against Aegerion. The DPA is subject to supervision by a U.S. District Court judge. Aegerion also entered into the DOJ Civil Settlement Agreement to resolve allegations by the DOJ that false claims for JUXTAPID were submitted to governmental healthcare programs. The DOJ Civil Settlement Agreement requires Aegerion to pay a civil settlement in the amount of $28.8 million , which includes up to $2.7 million designated for certain U.S. states relating to Medicaid expenditures for JUXTAPID, to be paid in installments over three years . As of March 31, 2019 , $10.4 million remains due as a current liability, and $13.8 million remains due as a non-current liability. Aegerion’s payment of this civil settlement amount is subject to acceleration in the event of certain change of control transactions or certain transfers of Aegerion’s rights in MYALEPT or JUXTAPID. In the event that Aegerion fails to satisfy its obligations under the DOJ Civil Settlement Agreement, Aegerion could be subject to additional penalties or litigation. Aegerion also agreed to enter into the State Settlement Agreements to resolve claims under state law analogues to the federal False Claims Act. The terms of the State Settlement Agreements are substantially similar to those set forth in the DOJ Civil Settlement Agreement. As noted above, participating states will receive up to $2.7 million in the aggregate from the $28.8 million amount to be paid pursuant to the DOJ Civil Settlement Agreement. Aegerion also agreed to the FDA Consent Decree with the DOJ and the FDA to resolve a separate civil complaint alleging that Aegerion violated the FDCA by failing to comply with the JUXTAPID REMS program and the requirement to provide adequate directions for all of the uses for which it distributed JUXTAPID. The FDA Consent Decree requires Aegerion, among other things, to comply with the JUXTAPID REMS program; retain a qualified independent auditor to conduct annual audits of its compliance with the JUXTAPID REMS program; and remediate any noncompliance identified by the auditor within specified timeframes. In the event Aegerion fails to comply with the JUXTAPID REMS program or any other provisions of the FDA Consent Decree, Aegerion could be subject to additional administrative remedies, civil or criminal penalties and/or stipulated damages. Aegerion is required to notify the FDA in advance of certain changes in control, or changes in its business that may affect its operations, assets, rights or liabilities in the United States. On March 20, 2019, the Court entered the FDA Consent Decree. Separately, Aegerion entered into a CIA with the Department of Human Services Office of the Inspector General (“OIG”). The CIA requires Aegerion, among other things, to maintain a compliance program with significant requirements relating to, among other things, training, monitoring, annual risk assessment and mitigation processes, independent review of Aegerion’s compliance and other activities, a disclosure program, and an executive financial recoupment program. Under the CIA, Aegerion, as well as the Board of Directors of the Company (or a designated committee thereof), must also conduct regular reviews of Aegerion’s compliance program and provide an annual resolution or certification to OIG that the program is believed to be effective. Additionally, Aegerion has certain certification and reporting obligations under the CIA. In the event Aegerion breaches the CIA, there is a risk the government would seek to impose remedies provided for in the CIA, including seeking to impose stipulated penalties against Aegerion and/or seeking to exclude Aegerion from participation in federal healthcare programs. Investigations in Brazil Federal prosecutors in Brazil are conducting an investigation to determine whether there have been violations of Brazilian laws related to the sales of JUXTAPID in Brazil. In July 2016, the Ethics Council of Interfarma fined Aegerion’s subsidiary in Brazil (“Aegerion Brazil”) approximately $0.5 million for violations to its Code of Conduct, to which Aegerion Brazil is bound due to its affiliation with Interfarma. Also, the Board of Directors of Interfarma imposed an additional penalty of suspension of Aegerion Brazil’s membership, without suspension of Aegerion Brazil’s membership contribution, for a period of 180 days for Aegerion Brazil to demonstrate the implementation of effective measures to cease alleged irregular conduct, or exclusion of the Company’s membership in Interfarma if such measures are not implemented. Aegerion Brazil paid the fine of approximately $0.5 million during the third quarter of 2016. In March 2017, after the suspension period ended, Interfarma’s Board of Directors decided to reintegrate Aegerion Brazil, enabling it to participate regularly in Interfarma activities, subject to meeting certain obligations. In April 2019, the Board of Directors of Interfarma agreed that Aegerion Brazil has successfully met all of the requirements imposed by the association, and the investigation was closed. Also, in July 2016, Aegerion Brazil received an inquiry from a Public Prosecutor Office of the Brazilian State of Paraná asking it to respond to questions related to media coverage regarding JUXTAPID and its relationship with a patient association to which Aegerion made donations for patient support. This preliminary inquiry was later reclassified as a civil inquiry, which is a preliminary procedure by the Public Prosecutor’s Office that aims to verify if there are enough elements for it to file a formal lawsuit or to dismiss the inquiry. In March 2018, the Paraná State Public Prosecutor’s Office sent the civil inquiry to the Federal Public Prosecutor’s Office, after deciding that the potential case should be subject to federal jurisdiction. The Federal Public Prosecutor dismissed the case in January 2019. In June 2017, the Federal Public Prosecutor of the City of São José dos Campos, State of São Paulo, in connection with its criminal investigation into former employees of Aegerion Brazil, requested that a Brazilian federal court provide federal investigators with access to the bank records of certain individuals and entities, including Aegerion Brazil, certain former Aegerion Brazil employees, a Brazilian patient association, and certain Brazilian physicians. The Federal Trial Court Judge issued a decision on July 12, 2018 authorizing the access to the banking records on the terms that the Federal Public Prosecutor of the City of São José dos Campos had requested. On July 16, 2018, Aegerion Brazil filed an appeal of the decision that authorized the breach of the banking secrecy, which was denied by the Federal Court Judge. The Public Prosecutor in São José dos Campos continues to gather information in connection with this investigation. At this time, the Company does not know whether the inquiry of the Public Prosecutor in São José dos Campos will result in the commencement of any formal proceeding against Aegerion, but if Aegerion’s activities in Brazil are found to violate any laws or governmental regulations, Aegerion may be subject to significant civil lawsuits to be filed by the Public Prosecution office, and administrative penalties imposed by Brazilian regulatory authorities and additional damages and fines. Under certain circumstances, Aegerion could be barred from further sales to federal and/or state governments in Brazil, including sales of JUXTAPID and/or MYALEPT, due to penalties imposed by Brazilian regulatory authorities or through civil actions initiated by federal or state public prosecutors. Additionally, Aegerion continues to respond to inquiries from the SEC concerning the investigations by Brazilian authorities, and, in November 2018 and January 2019, entered into tolling agreements with the SEC with respect to this matter. The Company cannot determine if a loss is probable as a result of the investigations and inquiry in Brazil and whether the outcome will have a material adverse effect on the Company’s business and, as a result, no amounts have been recorded for a loss contingency. Qui Tam Litigation In March 2014, an amended qui tam complaint was filed under seal in the District of Massachusetts against Aegerion, two former executive officers and a former employee. On September 22, 2017, the U.S. filed a notice of intervention as to Aegerion. On September 27, 2017, the qui tam relators filed a second amended complaint naming additional parties, including a former board member, former executives, and former employees of Aegerion, as well as other third parties. The second amended complaint noted that the relators would file a joint stipulation of dismissal with respect to Aegerion upon the completion of certain conditions set forth in the Civil Settlement Agreement. On October 27, 2017, the court granted Aegerion and relators’ joint motion to stay proceedings until sentencing in the criminal matter is complete. On February 20, 2018, Aegerion was dismissed from the qui tam lawsuit. On June 5, 2018, two of the remaining defendants were dismissed from the lawsuit and on June 19, 2018, the remaining individual defendants filed a motion to dismiss the qui tam lawsuit. On March 31, 2019, the Court granted the Motion to Dismiss with respect to one defendant, and denied the motion with respect to the other remaining defendants. On April 17, 2019, the remaining defendants filed a motion to dismiss for lack of jurisdiction. Although Aegerion is not a party to the lawsuit, it could be liable for certain defense costs and damages for defendants remaining in the lawsuit. Although the Company does not believe the outcome of the lawsuit will have a material adverse effect on the Company, the Company cannot determine if a loss is probable as a result of the lawsuit and, as a result, no

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Organization	Organization Novelion Therapeutics Inc. (“Novelion” or the “Company”) is a rare disease biopharmaceutical company dedicated to developing new standards of care for individuals living with rare diseases. Novelion has international operations and two
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments (including normal recurring accruals) considered necessary for fair presentation of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. Operating results for the current interim period are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019 . This Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in the Company’s Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”).
Use of Estimates	Use of Estimates
Recently Adopted Accounting Standards and New Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), which amends a number of aspects of lease accounting and requires entities to recognize right-of-use assets and liabilities on the balance sheet for leases with lease terms of more than 12 months. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”), which offers a transition option to entities adopting Accounting Standards Codification (“ASC”) 842. Under ASU 2018-11, entities can elect to apply ASC 842 using a modified retrospective adoption approach resulting in a cumulative effect adjustment to retained earnings/(accumulated deficit) at the beginning of the year in which the new lease standard is adopted, rather than adjustments to the earliest comparative period presented in their financial statements. The Company adopted ASU 2016-02 effective January 1, 2019, using the modified retrospective method permitted. As such, the adoption of ASU 2016-02 will not change the classification of any of the existing leases as of the transition date, and the prior period results are not adjusted or restated and continue to be reported in accordance with ASC Topic 840: Leases (“Topic 840”). In addition, the Company elected the package of practical expedients permitted under the transition guidance, which, among other things, allowed the Company to combine lease and non-lease components for all of the leases. The Company also elected not to record leases with an initial term of 12 months or less on the Unaudited Condensed Consolidated Balance Sheet and has recognized the associated lease payments in the Unaudited Condensed Consolidated Statement of Operation on a straight-line basis over the lease term. Upon the adoption of this standard, the Company recorded operating lease right-of-use assets and corresponding operating lease liabilities, each of approximately $1.8 million as of January 1, 2019, which are included in the Unaudited Condensed Consolidated Balance Sheet. The adoption of this standard did not materially impact the Company’s Unaudited Condensed Consolidated Statement of Operation and Unaudited Condensed Consolidated Statement of Cash Flows as of the adoption date and for the periods presented. Refer to Note 7, Leases
Revenue Recognition	The Company applies the revenue recognition guidance in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company’s net revenues are primarily derived from product sales; the Company’s remaining revenues are derived from the royalties on product sales made by its sublicensees in the EU, Japan and other territories. The following summarizes the revenue recognition for the respective revenue streams. Product Sales Revenues The Company recognizes revenue from sales of metreleptin and lomitapide at the point in time when control transfers, typically upon transfer of product to the carrier or delivery of product to customers. Revenue is recognized net of estimated discounts, rebates, and any taxes collected from customers which are subsequently remitted to governmental authorities. Payment terms vary by contract, but payment is typically due within 30 to 120 days of delivery to the customer. Generally, the period between when the Company transfers or delivers the products and when payments are received is in one year or less; as such, the Company deems it unnecessary to assess whether a significant financing component exists and does not adjust the transaction price for the time value of money. Variable Consideration Product sales revenues are recognized at the net sales price (“transaction price”) which includes estimated reserves for variable consideration, upon the transfer of control of the Company’s products. Variable consideration primarily includes government rebates, prompt payment discounts and distribution service fees. Estimates of variable consideration are made at contract inception and historical experience, market trends, industry data, and statutory requirements are considered when determining such estimates. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of revenue will not occur. The Company reassesses variable consideration at the end of each reporting period as additional information becomes available with the variance recorded to product sales revenue. Government Rebates : The Company is subject to government mandated rebates for Medicare, Medicaid, Tricare and other government programs in the U.S. and other countries. These rebates are estimated based on actual payer information. The Company records an accrued liability for unpaid rebates related to products for which control has been transferred to distributors. The following table summarizes combined activity for the government rebates incurred in connection with the product sales of MYALEPT and JUXTAPID for the period indicated: Amount (in thousands) Balance as of December 31, 2018 $ 19,637 Provision 7,494 Payments (11,637 ) Balance as of March 31, 2019 $ 15,494 Prompt Payment Discounts : The Company provides discounts to certain distributors if they pay for product within a defined period of time after title transfers, which terms are explicitly stated in the contract. These discounts are recorded as a reduction of revenue upon receipt of full payment from such distributors. Distributor Service Fees : Certain distributors provide distribution services to the Company for a fee, and the costs associated with these services are generally recorded as a reduction of revenue. Other Incentives : The Company offers other incentives that vary by contract; these incentives take into account specific relevant factors and are analyzed for revenue recognition purposes on a case by case basis. Other Revenues
Fair Value of Financial Instruments	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy for those instruments measured at fair value is established that distinguishes between fair value measurements based on market data (observable inputs) and those based on the Company’s own assumptions (unobservable inputs). This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Change in Sales Allowance and Reserve	The following table summarizes combined activity for the government rebates incurred in connection with the product sales of MYALEPT and JUXTAPID for the period indicated: Amount (in thousands) Balance as of December 31, 2018 $ 19,637 Provision 7,494 Payments (11,637 ) Balance as of March 31, 2019 $ 15,494

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Components of Inventory	The components of inventories are as follows: March 31, December 31, (in thousands) Work-in-process $ 28,527 $ 26,676 Finished goods 22,962 22,271 Total 51,489 48,947 Less: Inventories - current (13,407 ) (12,745 ) Inventories - non-current $ 38,082 $ 36,202

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible asset balances as of March 31, 2019 and December 31, 2018 are as follows: March 31, 2019 Gross Carrying Value Accumulated Amortization Effect of Currency Translation Net Carrying Value (in thousands) Developed technology - metreleptin $ 210,158 $ (49,357 ) $ (17 ) $ 160,784 Developed technology - lomitapide 42,300 (9,181 ) — 33,119 Total intangible assets $ 252,458 $ (58,538 ) $ (17 ) $ 193,903 December 31, 2018 Gross Carrying Value Accumulated Amortization Net Carrying Value (in thousands) Developed technology - metreleptin $ 210,158 $ (44,084 ) $ 166,074 Developed technology - lomitapide 42,300 (8,198 ) 34,102 Total intangible assets $ 252,458 $ (52,282 ) $ 200,176
Estimated Future Amortization Expense of Acquired Intangibles	As of March 31, 2019 , the estimated amortization expense related to intangibles for future periods is as follows: Amount Years Ending December 31, (in thousands) 2019 (remaining 9 months) $ 18,823 2020 25,095 2021 25,095 2022 25,095 2023 25,095 Thereafter 74,700 Total intangible assets subject to amortization $ 193,903

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Components of Accrued Liabilities	Accrued liabilities consist of the following: March 31, December 31, (in thousands) Accrued employee compensation and related costs $ 2,585 $ 2,166 Accrued professional fees 3,217 2,071 Accrued sales allowances 15,494 19,637 Accrued royalties 4,683 5,112 Other accrued liabilities 14,476 15,209 Total $ 40,455 $ 44,195

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Summary of Lease Expense	The following table summarizes the components of the lease expenses for the three months ended March 31, 2019 . The variable lease expenses generally include common area maintenance, rent adjustment based on index and real estate taxes. All the lease expenses are recorded as operating expenses in the Unaudited Condensed Consolidated Statement of Operations as of March 31, 2019 . Cash paid for amounts included in the measurement of the operating lease liabilities for the three months ended March 31, 2019 was $0.6 million . Three Months Ended March 31, 2019 (in thousands) Operating lease expense $ 661 Variable lease expense 83 Total lease expense $ 744
Schedule of Estimated Minimum Lease Payments	As of March 31, 2019 , the estimated minimum lease payments for the next five years and thereafter is as follows: Amount Year Ending December 31, (in thousands) 2019 (remaining 9 months) 545 2020 450 2021 209 2022 136 2023 96 Thereafter 40 Total lease payments 1,476 Less: Present value adjustment using incremental borrowing rate 141 Present value of operating lease liabilities 1,335
Lessee, Operating Lease, Disclosure [Table Text Block]	As of December 31, 2018 , prior to the adoption of ASU 2016-02, the estimated minimum lease payments for the next five years and thereafter is as follows: Amount Years Ending December 31,: (in thousands) 2019 $ 1,246 2020 432 2021 190 2022 134 2023 97 Thereafter 41 Total $ 2,140

Loan Facilities (Tables)

Loan Facilities (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Short-term debt consists of the following as of March 31, 2019 and December 31, 2018 : March 31, 2019 New Money Loans Roll Up Loans Total (in thousands) Short-term principal and commitment fee $ 51,000 $ 22,500 $ 73,500 Exit fee payable 1,500 — 1,500 Accrued unpaid interest 2,207 179 2,386 Unamortized debt issuance costs (220 ) — (220 ) Debt discount (242 ) — (242 ) Repayment of short-term principal, including exit fee (2,996 ) — (2,996 ) Total short-term debt $ 51,249 $ 22,679 $ 73,928 December 31, 2018 New Money Loans Roll Up Loans Total (in thousands) Short-term principal and commitment fee $ 51,000 $ 22,500 $ 73,500 Exit fee payable 1,500 — 1,500 Accrued unpaid interest 826 66 892 Unamortized debt issuance costs (1,054 ) — (1,054 ) Debt discount (1,161 ) — (1,161 ) Total short-term debt $ 51,111 $ 22,566 $ 73,677

Convertible Notes, net (Tables)

Convertible Notes, net (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Outstanding Convertible Note Balances	The outstanding Convertible Notes balances as of March 31, 2019 and December 31, 2018 consist of the following: March 31, 2019 December 31, 2018 (in thousands) Principal $ 302,498 $ 302,498 Less: debt discount (16,973 ) (27,683 ) Net carrying amount $ 285,525 $ 274,815
Schedule of Total Interest Expense Recognized Related to Convertible Notes	The following table sets forth total interest expense recognized related to the Convertible Notes during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (in thousands) Contractual interest expense $ 1,512 $ 1,625 Amortization of debt discount 10,710 9,113 Total $ 12,222 $ 10,738
Summary of Future Minimum Payments	Future minimum payments under the Convertible Notes are as follows: Amount (in thousands) Principal $ 302,498 Interest 3,025 Total Due on August 15, 2019 $ 305,523

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements of Financial Instruments	The fair value measurements of the Company’s financial instruments as of March 31, 2019 are summarized in the table below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2019 (in thousands) Assets: Money market funds $ 4,997 $ — $ — $ 4,997 The fair value measurements of the Company’s financial instruments as of December 31, 2018 are summarized in the table below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2018 (in thousands) Assets: Money market funds $ 6,998 $ — $ — $ 6,998

Basic and Diluted Net Loss pe_2

Basic and Diluted Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Anti-Dilutive Securities Excluded from Computation	The following table sets forth potential common shares issuable upon the exercise of outstanding options, warrants, the vesting of restricted stock units and the conversion of the Convertible Notes (prior to consideration of the treasury stock and if-converted methods), which were excluded from the computation of diluted net loss per common share because such instruments were anti-dilutive: As of March 31, 2019 2018 (in thousands) Stock options 2,060 2,066 Unvested restricted stock units 93 610 Warrants 1,819 1,819 Convertible notes 1,507 1,619 Total 5,479 6,114

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Net Product Sales from External Customers	The following table summarizes total net revenues from external customers by product and by geographic region, based on the location of the customer, for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 U.S. Japan Germany Brazil Other Foreign Countries Total (in thousands) Metreleptin $ 11,434 $ 39 $ 3,232 $ — $ 3,274 $ 17,979 Lomitapide 9,092 2,122 51 — 2,956 14,221 Total $ 20,526 $ 2,161 $ 3,283 $ — $ 6,230 $ 32,200 Three Months Ended March 31, 2018 U.S. Japan Germany Brazil Other Foreign Countries Total (in thousands) Metreleptin $ 9,768 $ — $ 454 $ 1,170 $ 2,702 $ 14,094 Lomitapide 8,624 1,852 32 — 2,882 13,390 Total $ 18,392 $ 1,852 $ 486 $ 1,170 $ 5,584 $ 27,484

Description of Business and B_3

Description of Business and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2019USD ($)product	Mar. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)	Nov. 08, 2018USD ($)
Debt Instrument [Line Items]
Number of commercial products | product	2
Net loss	$ 31,847,000	$ 32,828,000
Net cash inflow from operating activities	8,150,000	$ (22,731,000)
Short-term debt	73,928,000			$ 73,677,000
Operating lease right-of-use asset	1,300,000
Operating lease liability	1,335,000
Intercompany Loan
Debt Instrument [Line Items]
Short-term debt					$ 3,500,000
Secured Debt | Bridge Credit Agreement
Debt Instrument [Line Items]
Loan aggregate amount	74,400,000
Secured Debt | Intercompany Loan
Debt Instrument [Line Items]
Short-term debt	35,700,000
Convertible Notes
Debt Instrument [Line Items]
Principal amount of convertible notes	$ 302,500,000
Debt instrument, stated interest rate percentage	2.00%
Loan aggregate amount	$ 302,498,000			$ 302,498,000
ASU 2016-02
Debt Instrument [Line Items]
Operating lease right-of-use asset			$ 1,800,000
Operating lease liability			$ 1,800,000

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 19,637
Provision	7,494
Payments	(11,637)
Ending balance	$ 15,494

License Agreement (Details)

License Agreement (Details) - USD ($)	Feb. 05, 2019	Mar. 31, 2019	Mar. 31, 2018
License Agreement [Line Items]
Customary supply agreement, initial term (in years)	2 years
Customary supply agreement, automatic renewal term (in years)	2 years
Term from Completion Date (in years)	10 years
Renewal term (in years)	5 years
Written notice period (in months)	18 months
Termination from breach uncured (in days)	90 days
Termination from breach uncured, non-payment (in days)	15 days
Deferred revenue		$ 24,167,000	$ 0
Aegerion
License Agreement [Line Items]
One-time upfront payment	$ 25,000,000
One-time payment due within 45 days	$ 5,000,000
Number of days following the Completion Date	45 days
Percentage of net sales	22.50%
Percentage of all other sublicense revenues	20.00%
Commercial milestone payments receivable (up to)	$ 80,000,000
First installment payable	12,500,000
Cumulative net sales, first threshold	70,000,000
Cumulative net sales, second threshold	280,000,000
Cumulative net sales, second threshold, incremental installments	5,000,000
Cumulative net sales, maximum	$ 700,000,000
Percentage of upfront payment due to UPenn	15.00%
Percentage of net sales retained	40.00%
Percentage of net sales remitted	60.00%
Transitional services at hourly rate, term (in years)	6 months
Proceeds from upfront payment	$ 15,000,000
JUXTAPID
License Agreement [Line Items]
Consideration for license performance obligation		30,000,000
Proceeds from upfront payment		25,000,000
Deferred revenue		$ 800,000
JUXTAPID | Aegerion
License Agreement [Line Items]
Percentage of net sales remitted	60.00%
JUXTAPID | UPenn
License Agreement [Line Items]
Percentage of milestone payment due to UPenn	15.00%
Percentage of royalty payments received	25.00%

Inventories - Components of Inv

Inventories - Components of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Work-in-process	$ 28,527	$ 26,676
Finished goods	22,962	22,271
Total	51,489	48,947
Less: Inventories - current	(13,407)	(12,745)
Inventories - non-current	$ 38,082	$ 36,202

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Inventory Disclosure [Abstract]
Charges for excess or obsolete inventory	$ 0	$ 0

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Impairment of purchased intangibles	$ 0	$ 0
Amortization of expense of intangibles	$ 6,256,000	$ 6,274,000
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets remaining estimated useful lives (in years)	7 years
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets remaining estimated useful lives (in years)	9 years

Intangible Assets - Carrying Va

Intangible Assets - Carrying Value and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 252,458	$ 252,458
Accumulated Amortization	(58,538)	(52,282)
Effect of Currency Translation	(17)
Net Carrying Value	193,903	200,176
Developed Technology Rights | Metreleptin
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	210,158	210,158
Accumulated Amortization	(49,357)	(44,084)
Effect of Currency Translation	(17)
Net Carrying Value	160,784	166,074
Developed Technology Rights | Lomitapide
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	42,300	42,300
Accumulated Amortization	(9,181)	(8,198)
Effect of Currency Translation	0
Net Carrying Value	$ 33,119	$ 34,102

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2019 (remaining 9 months)	$ 18,823
2020	25,095
2021	25,095
2022	25,095
2023	25,095
Thereafter	74,700
Net Carrying Value	$ 193,903	$ 200,176

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued employee compensation and related costs	$ 2,585	$ 2,166
Accrued professional fees	3,217	2,071
Accrued sales allowances	15,494	19,637
Accrued royalties	4,683	5,112
Other accrued liabilities	14,476	15,209
Total	$ 40,455	$ 44,195

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)lease
Lessee, Lease, Description [Line Items]
Lease payments	$ 1,476
Right-of-use assets	1,300
Lease liabilities	1,335
Short-term lease liability	600
Long-term lease liability	$ 700
Weighted average remaining lease term (in years)	2 years 9 months 18 days
Weighted average discount rate (as a percentage)	6.00%
Non-cash lease expense	$ 610
Cash paid for amounts included in the measurement of the operating lease liabilities	$ 600
U.S.
Lessee, Lease, Description [Line Items]
Number of leases | lease	2
Lease term (in months)	12 months
Lease payments	$ 400

Leases - Summary of Lease Expen

Leases - Summary of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease expense	$ 661
Variable lease expense	83
Total lease expense	$ 744

Leases - Summary of Estimated M

Leases - Summary of Estimated Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019 (remaining 9 months)	$ 545
2020	450
2021	209
2022	136
2023	96
Thereafter	40
Total lease payments	1,476
Less: Present value adjustment using incremental borrowing rate	141
Present value of operating lease liabilities	$ 1,335

Leases - Summary of Estimated_2

Leases - Summary of Estimated Minimum Lease Payments Prior to Adoption of ASU 2016-02 (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 1,246
2020	432
2021	190
2022	134
2023	97
Thereafter	41
Total	$ 2,140

Loan Facilities - Schedule of S

Loan Facilities - Schedule of Short-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Short-term principal and commitment fee	$ 73,500	$ 73,500
Exit fee payable	1,500	1,500
Accrued unpaid interest	2,386	892
Unamortized debt issuance costs	(220)	(1,054)
Debt discount	(242)	(1,161)
Repayment of short-term principal, including exit fee	(2,996)
Total short-term debt	73,928	73,677
New Money Loans
Debt Instrument [Line Items]
Short-term principal and commitment fee	51,000	51,000
Exit fee payable	1,500	1,500
Accrued unpaid interest	2,207	826
Unamortized debt issuance costs	(220)	(1,054)
Debt discount	(242)	(1,161)
Repayment of short-term principal, including exit fee	(2,996)
Total short-term debt	51,249	51,111
Roll Up Loans
Debt Instrument [Line Items]
Short-term principal and commitment fee	22,500	22,500
Exit fee payable	0	0
Accrued unpaid interest	179	66
Unamortized debt issuance costs	0	0
Debt discount	0	0
Repayment of short-term principal, including exit fee	0
Total short-term debt	$ 22,679	$ 22,566

Loan Facilities - Bridge Loans

Loan Facilities - Bridge Loans (Details) - USD ($)	Feb. 05, 2019	Nov. 08, 2018	Jan. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 15, 2018
Debt Instrument [Line Items]
Short-term debt				$ 73,928,000	$ 73,677,000
Accrued unpaid interest				2,386,000	892,000
New Money Loans
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage		11.00%
Commitment fee (as a percentage)		2.00%
Exit fee (as a percentage)		3.00%
Short-term debt				51,249,000	51,111,000
Accrued unpaid interest				2,207,000	826,000
Roll Up Loans
Debt Instrument [Line Items]
Short-term debt				22,679,000	22,566,000
Accrued unpaid interest				179,000	$ 66,000
Bridge Credit Agreement
Debt Instrument [Line Items]
Increase in interest rate in the event of default		2.00%
Repayment pro rate basis (as a percentage)	58.00%
Intercompany Loan
Debt Instrument [Line Items]
Short-term debt		$ 3,500,000
Repayment pro rate basis (as a percentage)	42.00%
Secured Debt | New Money Loans
Debt Instrument [Line Items]
Loan aggregate amount		50,000,000
Repayments of debt principal			$ 3,000,000
Payment of debt extension fee			$ 1,500,000
Short-term debt				51,700,000
Commitment fee				1,000,000
Exit fee				1,400,000
Accrued unpaid interest				2,200,000
Debt issuance costs		2,200,000
Secured Debt | Roll Up Loans
Debt Instrument [Line Items]
Loan aggregate amount		$ 22,500,000
Debt instrument, stated interest rate percentage		2.00%
Short-term debt				22,700,000
Accrued unpaid interest				200,000
Debt issuance costs		$ 1,000,000
Secured Debt | Bridge Credit Agreement
Debt Instrument [Line Items]
Loan aggregate amount				74,400,000
Debt issuance costs		$ 3,200,000
Pledge of first-tier leverage capital to average assets		65.00%
Secured Debt | New Loan Agreement
Debt Instrument [Line Items]
Loan aggregate amount						$ 20,000,000
Short-term debt		$ 21,200,000
Secured Debt | Intercompany Loan
Debt Instrument [Line Items]
Short-term debt				$ 35,700,000
Aegerion
Debt Instrument [Line Items]
Proceeds from upfront payment	$ 15,000,000
One-time upfront payment	25,000,000
Proceeds from upfront payment reinvested	12,000,000
Marketing authorization transfer fee and royalty payments receivable	$ 5,000,000
Secured Debt | Roll Up Loans
Debt Instrument [Line Items]
Increase in interest rate in the event of default		2.00%

Loan Facilities - Shareholder T

Loan Facilities - Shareholder Term Loan Agreement (Details) - USD ($) $ / shares in Units, shares in Millions	Mar. 15, 2018	Mar. 31, 2019	Dec. 31, 2018	Nov. 08, 2018
Debt Instrument [Line Items]
Short-term debt		$ 73,928,000	$ 73,677,000
Embedded derivative liability	$ 900,000
Secured Debt | New Loan Agreement
Debt Instrument [Line Items]
Short-term debt				$ 21,200,000
Loan aggregate amount	20,000,000
Fair value of loans	$ 16,600,000
Common Stock | Secured Debt | New Loan Agreement
Debt Instrument [Line Items]
Warrants issued to purchase common shares (in shares)	1.8
Exercise price of warrants (in dollars per share)	$ 4.40
Common shares trading days	20 days
Term of warrants (in years)	4 years
Relative fair value attributable to warrants	$ 3,400,000

Loan Facilities - Intercompany

Loan Facilities - Intercompany Loan (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Nov. 08, 2018
Debt Instrument [Line Items]
Short-term debt	$ 73,928	$ 73,677
Intercompany Loan
Debt Instrument [Line Items]
Short-term debt			$ 3,500
Secured Debt | Intercompany Loan
Debt Instrument [Line Items]
Short-term debt	35,700
Debt not challenged by Bridge Lenders	$ 19,400

Convertible Notes, net - Additi

Convertible Notes, net - Additional Information (Details) - Convertible Notes - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Aug. 31, 2014
Debt Instrument [Line Items]
Loan aggregate amount	$ 302,498	$ 302,498
Debt instrument, stated interest rate percentage	2.00%
Debt instrument, effective interest rate percentage			17.56%	16.42%

Convertible Notes, net - Schedu

Convertible Notes, net - Schedule of Outstanding Convertible Note Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Liability component:
Debt discount	$ (242)	$ (1,161)
Convertible notes, net	285,525	274,815
Convertible Notes
Liability component:
Principal	302,498	302,498
Debt discount	(16,973)	(27,683)
Convertible notes, net	$ 285,525	$ 274,815

Convertible Notes, net - Intere

Convertible Notes, net - Interest Expense Related to Convertible Notes (Details) - Convertible Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Contractual interest expense	$ 1,512	$ 1,625
Amortization of debt discount	10,710	9,113
Total	$ 12,222	$ 10,738

Convertible Notes, net - Future

Convertible Notes, net - Future Minimum Payments under Convertible Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest	$ 2,386	$ 892
Convertible Notes
Debt Instrument [Line Items]
Principal	302,498	$ 302,498
Interest	3,025
Total Due on August 15, 2019	$ 305,523

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Measurement of the Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Money market funds	$ 4,997	$ 6,998
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Money market funds	4,997	6,998
Significant Other Observable Inputs (Level 2)
Assets:
Money market funds	0	0
Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Convertible Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of loans	$ 206.3	$ 250.7

Basic and Diluted Net Loss pe_3

Basic and Diluted Net Loss per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded because such instruments were anti-dilutive (in shares)	5,479	6,114
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded because such instruments were anti-dilutive (in shares)	2,060	2,066
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded because such instruments were anti-dilutive (in shares)	93	610
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded because such instruments were anti-dilutive (in shares)	1,819	1,819
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded because such instruments were anti-dilutive (in shares)	1,507	1,619

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (211)	$ 159

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019customersegmentproduct	Mar. 31, 2018customer	Dec. 31, 2018
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Number of commercial products | product	2
Customer Concentration Risk | Sales Revenue, Net
Segment Reporting Information [Line Items]
Number of major customers		1
Customer concentration risk, percentage	64.00%	67.00%
Customer Concentration Risk | Accounts Receivable
Segment Reporting Information [Line Items]
Number of major customers	1
Customer concentration risk, percentage	44.00%	57.00%
Geographic Concentration Risk | Intangible Assets | Aegerion
Segment Reporting Information [Line Items]
Customer concentration risk, percentage	100.00%		100.00%
U.S. | Geographic Concentration Risk | Intangible Assets | Aegerion
Segment Reporting Information [Line Items]
Customer concentration risk, percentage	64.00%		65.00%
U.S. | Geographic Concentration Risk | Property and Equipment
Segment Reporting Information [Line Items]
Customer concentration risk, percentage	60.00%		66.00%

Segment Information - Summary o

Segment Information - Summary of Total Net Product Sale Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Net revenues	$ 32,200	$ 27,484
Lomitapide
Segment Reporting Information [Line Items]
Net revenues	14,221	13,390
Metreleptin
Segment Reporting Information [Line Items]
Net revenues	17,979	14,094
Total Products
Segment Reporting Information [Line Items]
Net revenues	32,200	27,484
U.S. | Lomitapide
Segment Reporting Information [Line Items]
Net revenues	9,092	8,624
U.S. | Metreleptin
Segment Reporting Information [Line Items]
Net revenues	11,434	9,768
U.S. | Total Products
Segment Reporting Information [Line Items]
Net revenues	20,526	18,392
Japan | Lomitapide
Segment Reporting Information [Line Items]
Net revenues	2,122	1,852
Japan | Metreleptin
Segment Reporting Information [Line Items]
Net revenues	39	0
Japan | Total Products
Segment Reporting Information [Line Items]
Net revenues	2,161	1,852
Germany | Lomitapide
Segment Reporting Information [Line Items]
Net revenues	51	32
Germany | Metreleptin
Segment Reporting Information [Line Items]
Net revenues	3,232	454
Germany | Total Products
Segment Reporting Information [Line Items]
Net revenues	3,283	486
Brazil | Lomitapide
Segment Reporting Information [Line Items]
Net revenues	0	0
Brazil | Metreleptin
Segment Reporting Information [Line Items]
Net revenues	0	1,170
Brazil | Total Products
Segment Reporting Information [Line Items]
Net revenues	0	1,170
Other Foreign Countries | Lomitapide
Segment Reporting Information [Line Items]
Net revenues	2,956	2,882
Other Foreign Countries | Metreleptin
Segment Reporting Information [Line Items]
Net revenues	3,274	2,702
Other Foreign Countries | Total Products
Segment Reporting Information [Line Items]
Net revenues	$ 6,230	$ 5,584

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Jun. 05, 2018plaintiff	Jan. 30, 2018USD ($)	Sep. 25, 2017USD ($)claim	Sep. 22, 2017USD ($)	Jul. 31, 2016USD ($)	Mar. 31, 2014plaintiff	Mar. 31, 2019USD ($)	Sep. 30, 2016USD ($)
JUXTAPID | Illegal Promotion and Violation of Code of Conduct | Brazil
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party					$ 500,000
Payments for legal settlements								$ 500,000
Suspension of membership period (in days)					180 days
Loss contingency recognized in period							$ 0
Qui Tam Litigation
Loss Contingencies [Line Items]
Loss contingency recognized in period							0
Loss contingency, number of plaintiffs | plaintiff	2
Aegerion | SEC litigation | JUXTAPID
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party			$ 4,100,000
Litigation settlement, payable period (in years)			3 years
Litigation settlement, interest rate over unpaid balance percentage			1.75%
Current liability							900,000
Non-current liability							500,000
Aegerion | DOJ Plea Agreement
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party		$ 7,200,000
Litigation settlement, payable period (in years)		3 years
Litigation settlement, interest rate over unpaid balance percentage		1.75%
Current liability							1,900,000
Non-current liability							1,800,000
Litigation settlement, probation period (in years)		3 years
Loss contingency, number of misdemeanors | claim			2
Aegerion | DOJ Plea Agreement | JUXTAPID
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party				$ 28,800,000
Litigation settlement, payable period (in years)				3 years
Current liability							10,400,000
Non-current liability							$ 13,800,000
Aegerion | DOJ Plea Agreement | JUXTAPID | Medicaid Expenses
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party				$ 2,700,000
Aegerion | State Settlement Agreement | Medicaid Expenses
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party				2,700,000
Aegerion | State Settlement Agreement | JUXTAPID
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party				$ 28,800,000
Former Executive Officer | Qui Tam Litigation
Loss Contingencies [Line Items]
Loss contingency, number of plaintiffs | plaintiff						2