Vivus (VVUS) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	VIVUS INC
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,867,697
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000881524
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 32,854	$ 32,649
Accounts receivable, net	24,724	22,338
Inventories, net	33,936	33,679
Prepaid expenses and other current assets	6,340	8,134
Total current assets	97,854	96,800
Fixed assets, net	201	233
Right-of-use assets	930	1,135
Intangible and other non-current assets	116,923	120,140
Total assets	215,908	218,308
Current liabilities:
Accounts payable	11,015	7,726
Accrued and other liabilities	32,912	32,398
Deferred revenue	1,296	1,249
Current portion of lease liability	741	767
Current portion of long-term debt	181,822	183,006
Total current liabilities	227,786	225,146
Long-term debt	58,910	58,721
Deferred revenue, net of current portion	2,769	3,063
Lease liability, net of current portion	399	602
Total liabilities	289,864	287,532
Commitments and contingencies
Stockholders' deficit
Preferred stock; $.001 par value; 5,000 shares authorized; no shares issued and outstanding at March 31, 2020 and December 31, 2019	0	0
Common stock; $.001 par value; 200,000 shares authorized; 10,649 and 10,649 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	11	11
Additional paid-in capital	843,146	842,808
Accumulated other comprehensive income (loss)	108	(35)
Accumulated deficit	(917,221)	(912,008)
Total stockholders' deficit	(73,956)	(69,224)
Total liabilities and stockholders' deficit	$ 215,908	$ 218,308

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	10,649	10,649
Common stock, shares outstanding	10,649	10,649

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Total revenue	$ 19,631	$ 16,146
Operating expenses:
Cost of goods sold (excluding amortization)	4,627	4,308
Amortization of intangible assets	3,638	3,638
Sales and marketing	4,233	4,534
General and administrative	6,727	5,284
Research and development	2,445	2,469
Total operating expenses	21,670	20,233
Loss from operations	(2,039)	(4,087)
Interest and other expense, net	3,219	3,870
Loss before income taxes	(5,258)	(7,957)
Benefit from income taxes	(45)	(8)
Net loss	$ (5,213)	$ (7,949)
Basic and diluted net loss per share:
Basic and diluted net loss per share (in dollars per share)	$ (0.49)	$ (0.75)
Shares used in per share computation:
Basic and diluted (in shares)	10,649	10,637
Net Product Revenue
Revenue:
Total revenue	$ 14,697	$ 13,497
License and Milestone Revenue
Revenue:
Total revenue	2,000
Supply Revenue
Revenue:
Total revenue	1,823	1,604
Royalty Revenue
Revenue:
Total revenue	$ 1,111	$ 1,045

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (5,213)	$ (7,949)
Other comprehensive loss:
Unrealized gain on securities, net of taxes		249
Translation adjustment	143	(1)
Comprehensive loss	$ (5,070)	$ (7,701)

Consolidated Statements Of Stoc

Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balances at Dec. 31, 2018	$ 11	$ 840,751	$ (270)	$ (880,515)	$ (40,023)
Balances (in shares) at Dec. 31, 2018	10,636
Vesting of restricted stock units (in shares)	1
Share-based compensation expense		468			468
Net unrealized (loss) gain on securities			249		249
Cumulative effect of accounting change				10	10
Net income (loss)				(7,949)	(7,949)
Balances at Mar. 31, 2019	$ 11	841,219	(21)	(888,454)	(47,245)
Balances (in shares) at Mar. 31, 2019	10,637
Balances at Dec. 31, 2019	$ 11	842,808	(35)	(912,008)	$ (69,224)
Balances (in shares) at Dec. 31, 2019	10,649				10,649
Share-based compensation expense		338			$ 338
Translation adjustment			143		143
Net income (loss)				(5,213)	(5,213)
Balances at Mar. 31, 2020	$ 11	$ 843,146	$ 108	$ (917,221)	$ (73,956)
Balances (in shares) at Mar. 31, 2020	10,649				10,649

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (5,213)	$ (7,949)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Depreciation and amortization	3,670	3,675
Amortization of debt issuance costs and discounts	(995)	(1,050)
Amortization of discount or premium on available-for-sale securities		(116)
Share-based compensation expense	338	468
Changes in assets and liabilities:
Accounts receivable	(2,807)	1,054
Inventories	(2,034)	1,186
Prepaid expenses and other assets	1,999	1,004
Accounts payable	3,289	(5,306)
Accrued and other liabilities	2,114	389
Deferred revenue	(247)	(295)
Net cash provided by (used for) operating activities	114	(6,940)
Investing activities:
Fixed asset purchases		(21)
Purchases of available-for-sale securities		(13,876)
Proceeds from maturity of available-for-sale securities		12,885
Proceeds from sales of available-for-sale securities		562
Net cash used for investing activities		(450)
Financing activities:
Principal payments of financing leases	(52)
Net cash used for financing activities	(52)
Effect of exchange rates on cash and cash equivalents	143
Net increase (decrease) in cash and cash equivalents	205	(7,390)
Cash and cash equivalents:
Beginning of year	32,649	30,411
End of year	$ 32,854	$ 23,021

Business and Significant Accoun

Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
BASIS OF PRESENTATION
Business and Significant Accounting Policies	1. BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES VIVUS is a specialty pharmaceutical company with three approved therapies (Qsymia®, PANCREAZE®/PANCREASE® MT and STENDRA®/SPEDRA™) and one product candidate in active clinical development (VI-0106). Qsymia (phentermine and topiramate extended release) is approved by the U.S. Food and Drug Administration (“FDA”) for chronic weight management. PANCREAZE/PANCREASE MT (pancrelipase) is indicated for the treatment of exocrine pancreatic insufficiency due to cystic fibrosis or other conditions. STENDRA (avanafil) is approved by FDA for erectile dysfunction (“ED”), and by the European Commission (“EC”) under the trade name SPEDRA, for the treatment of ED. The Company commercializes Qsymia and PANCREAZE in the U.S. through a specialty sales force supported by an internal commercial team. The Company licenses the commercial rights to STENDRA/SPEDRA in the U.S., EU and other countries. VI-0106 (tacrolimus) is in active clinical development and is being studied in patients with pulmonary arterial hypertension (“PAH”). When reference is made to the “Company” or “VIVUS” in these footnotes, it refers to the Delaware corporation, or VIVUS, Inc., and, unless the context otherwise requires, its California predecessor, as well as all of its consolidated subsidiaries. Liquidity and Ability to Continue as a Going Concern At March 31, 2020, the Company’s accumulated deficit was approximately $917.2 million and its cash and cash equivalents were $32.9 million. As of March 31, 2020, the Company had a total of $240.7 million in debt, $181.8 million of which is due May 1, 2020. See Note 13 for additional information regarding the Company’s debt. The Company does not currently have sufficient cash and/or credit facilities in place to pay the debt due May 1, 2020. On April 29, 2020, the Company entered into an agreement with IEH Biopharma LLC (“IEH Biopharma”), which holds a principal amount of approximately $170.2 million of the Company’s 4.50% Convertible Senior Notes due May 1, 2020 (the “Convertible Notes”). Under the terms of the agreement, the Company paid IEH Biopharma $3.8 million in accrued and unpaid interest on the Convertible Notes and IEH Biopharma granted the Company a 30-day grace period (if not terminated sooner pursuant to the terms of the agreement), beginning May 1, for payment of the principal amount of the Convertible Notes during which the two parties will work exclusively to attempt to restructure the outstanding principal amount of the Convertible Notes. As part of the agreement, the Company paid $7.5 million to settle the remaining $11.3 million in principal and $253,000 in accrued and unpaid interest held by other holders. The Company is actively pursuing funding or a restructuring of its outstanding debt, which may come through public or private debt or equity financings, collaborations, sale of assets or other available financing sources. It is substantially uncertain whether any such funding or restructuring will be available on acceptable terms, if at all. If additional funds are raised by issuing equity securities, substantial dilution to existing stockholders may result. As a result of this uncertainly, the Company believes that a strategic transaction that restructures or refinances its debt may be necessary in order for us to service the existing indebtedness. The Company may need to seek relief under the U.S. Bankruptcy Code or otherwise complete a restructuring transaction to address its liquidity needs. If the Company seeks bankruptcy relief, the Company’s common stockholders could receive little or no consideration for their interests. In addition, unsecured creditors would likely realize recoveries significantly less than the principal amount of their claims and, possibly, no recovery at all. Alternatively, the Company will not be able to continue its operations at its current level and may be required to relinquish rights to certain of its technologies, product candidates or products that the Company would otherwise seek to develop on its own. The Company might also be required to delay, reduce the scope of or eliminate one or more of its commercialization or development programs or obtain funds through collaborations with others that are on unfavorable terms or restructure the Company in other ways that may not be favorable. The Company’s independent registered public accounting firm’s audit report on the Company’s consolidated financial statements as of and for the year ended December 31, 2019 included in the Annual Report on Form 10-K includes an explanatory paragraph stating that there is substantial doubt about the Company’s ability to continue as a going concern. If the Company cannot continue as a viable entity, its security holders may lose some or all of their investment in the Company. Even if adequate funds become available, the Company may need to raise additional funds in the near future to finance operations and pursue development and commercial opportunities. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company’s coming debt maturities as well as its negative cash flow from operations and accumulated deficit raise substantial doubt about its ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The COVID-19 pandemic may result in significant adverse impacts to the Company’s business. Although the full impact of the pandemic on the Company’s revenue, financial condition and results of operations for the remainder of the fiscal year remains uncertain and difficult to predict, the spread of the virus and public health measures being undertaken to reduce such transmission have created and will likely continue to create significant disruptions with respect to consumer demand, healthcare providers and healthcare facilities and the reliability of the Company’s supply chain. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company's customers, all of which are uncertain and cannot be predicted. The Company’s future results of operations and liquidity could be adversely impacted by factors including, but not limited to, delays in payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions and uncertain demand. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. Management has evaluated all events and transactions that occurred after March 31, 2020 through the date these unaudited condensed consolidated financial statements were filed. Note 17 details all events and transactions during this period that require recognition or disclosure in these unaudited condensed consolidated financial statements. The condensed consolidated balance sheet data as of December 31, 2019 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed on March 3, 2020 and as amended on April 29, 2020 with the Securities and Exchange Commission (“SEC”). Certain amounts have been reclassified to conform to current year presentation. The unaudited condensed consolidated financial statements include the accounts of VIVUS, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including critical accounting policies or estimates related to available-for-sale securities, debt instruments, research and development expenses, income taxes, inventories, revenues, contingencies and litigation and share-based compensation. The Company bases its estimates on historical experience, information received from third parties and on various market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ significantly from those estimates under different assumptions or conditions. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies since the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Recent Accounting Pronouncement Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , which adds disclosure requirements to Topic 820 for the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments , which requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model, referred to as the current expected credit loss (CECL) model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument. The standard is effective for the Company beginning January 1, 2023. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
REVENUE INFORMATION
Revenue	2. REVENUES For all revenue transactions, the Company evaluates its contracts with its customers to determine revenue recognition using the following five-step model: 1) 2) 3) 4) 5) Product Revenue Product revenue is recognized at the time of shipment at which time the Company has satisfied its performance obligation. Product revenue is recognized net of consideration paid to the Company’s customers, wholesalers and certified pharmacies. Such consideration is for services rendered by the wholesalers and pharmacies in accordance with the wholesalers and certified pharmacy services network agreements, and includes a fixed rate per prescription shipped and monthly program management and data fees. These services are not deemed sufficiently separable from the customers’ purchase of the product; therefore, they are recorded as a reduction of revenue at the time of revenue recognition. Other product revenue allowances include a reserve for estimated product returns, certain prompt pay discounts and allowances offered to the Company’s customers, program rebates and chargebacks. These product revenue allowances are recognized as a reduction of revenue at the date at which the related revenue is recognized. The Company also offers discount programs to patients. Calculating certain of these items involves estimates and judgments based on sales or invoice data, contractual terms, utilization rates, new information regarding changes in these programs’ regulations and guidelines that would impact the amount of the actual rebates or chargebacks. The Company reviews the adequacy of product revenue allowances on a quarterly basis. Amounts accrued for product revenue allowances are adjusted when trends or significant events indicate that adjustment is appropriate and to reflect actual experience. See Note 9 for product reserve balances. Supply Revenue The Company produces STENDRA/SPEDRA through a contract manufacturing partner and then sells it to the Company’s commercialization partners. The Company is the primary responsible party in the commercial supply arrangements and bears significant risk in the fulfillment of the obligations, including risks associated with manufacturing, regulatory compliance and quality assurance, as well as inventory, financial and credit loss. As such, the Company recognizes supply revenue on a gross basis as the principal party in the arrangements. The Company recognizes supply revenue at the time of shipment and, in the unusual case where the product does not meet contractually-specified product dating criteria at the time of shipment to the partner, the Company records a reserve for estimated product returns. There are no such reserves as of March 31, 2020. License and Milestone Revenue License and milestone revenues related to arrangements, usually license and/or supply agreements, entered into by the Company are recognized by following the five-step process outlined above. The allocation and timing of recognition of such revenue will be determined by that process and the amounts recognized and the timing of that recognition may not exactly follow the wording of the agreement as the amount allocated following the accounting analysis of the agreement may differ and the timing of recognition of a significant performance obligation may predate the contractual date. Royalty Revenue The Company relies on data provided by its collaboration partner in determining its contractually-based royalty revenue. Such data includes accounting estimates and reports for various discounts and allowances, including product returns. The Company records royalty revenues based on the best data available and makes any adjustments to such revenues as such information becomes available. Revenue by Source and Geography Revenue disaggregated by revenue source and by geographic region was as follows (in thousands): Three Months Ended March 31, 2020 2019 U.S. ROW Total U.S. ROW Total Qsymia—Net product revenue $ 8,914 $ — $ 8,914 $ 8,423 $ — $ 8,423 Qsymia—License revenue — 2,000 2,000 — — — Qsymia—Royalty revenue — 564 564 — — — PANCREAZE - Net product revenue 5,035 748 5,783 5,074 — 5,074 PANCREAZE - Royalty revenue — — — — 570 570 STENDRA/SPEDRA—Supply revenue — 1,823 1,823 — 1,604 1,604 STENDRA/SPEDRA—Royalty revenue — 547 547 — 475 475 Total revenue $ 13,949 $ 5,682 (1) $ 19,631 $ 13,497 $ 2,649 (2) $ 16,146 (1) $2.4 million of which was attributable to Germany, $2.6 million of which was attributable to South Korea and $0.7 million of which was attributable to Canada. (2) $2.0 million of which was attributable to Germany and $0.6 million of which was attributable to Canada. Revenue and cost of goods sold by source was as follows (in thousands): Three Months Ended March 31, 2020 2019 Qsymia PANCREAZE STENDRA/ SPEDRA Total Qsymia PANCREAZE STENDRA/ SPEDRA Total Net product revenue $ 8,914 $ 5,783 $ — $ 14,697 $ 8,423 $ 5,074 $ — $ 13,497 License 2,000 — — 2,000 — — — — Supply revenue — — 1,823 1,823 — — 1,604 1,604 Royalty revenue 564 — 547 1,111 — 570 475 1,045 Total revenue $ 11,478 $ 5,783 $ 2,370 $ 19,631 $ 8,423 $ 5,644 $ 2,079 $ 16,146 Cost of goods sold (excluding amortization) $ 1,340 $ 1,602 $ 1,685 $ 4,627 $ 1,382 $ 1,461 $ 1,465 $ 4,308 Amortization of intangible assets $ 91 $ 3,547 $ — $ 3,638 $ 91 $ 3,547 $ — $ 3,638

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
SHARE-BASED COMPENSATION.
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	3. SHARE-BASED COMPENSATION Total share-based compensation expense for all of the Company’s share-based awards was as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of goods sold $ 9 $ 14 Selling and marketing 49 70 General and administrative 247 Research and development 33 Total share-based compensation expense $ $ Share-based compensation expense capitalized as part of the cost of inventory $ 30 $ —

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2020
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents	4. The fair value and the amortized cost of cash and cash equivalents by major security type are presented in the tables that follow (in thousands). As of March 31, 2020 Gross Gross Amortized Unrealized Unrealized Estimated Cash and cash equivalents Cost Gains Losses Fair Value Cash and money market funds $ 32,854 $ — $ — $ 32,854 As of December 31, 2019 Gross Gross Amortized Unrealized Unrealized Estimated Cash and cash equivalents Cost Gains Losses Fair Value Cash and money market funds $ 32,649 $ — $ — $ 32,649 As of March 31, 2020 and December 31, 2019, the Company had no available-for-sale securities. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value. The three levels are: · Level 1 — Quoted prices in active markets for identical assets or liabilities. · Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table represents the fair value hierarchy for our cash, cash equivalents and available-for-sale securities by major security type (in thousands): As of March 31, 2020 Level 1 Level 2 Level 3 Total Cash and money market funds $ 32,854 $ — $ — $ 32,854 As of December 31, 2019 Level 1 Level 2 Level 3 Total Cash and money market funds $ 32,649 $ — $ — $ 32,649

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2020
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	5. Accounts receivable consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Qsymia $ 17,648 $ 15,423 PANCREAZE 6,693 6,380 STENDRA/SPEDRA 626 787 24,967 22,590 Allowance for cash discounts (243) (252) Net $ 24,724 $ 22,338

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
INVENTORIES
INVENTORIES	6. Inventories consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Raw materials $ 28,509 $ 26,313 Work-in-process 3,115 2,908 Finished goods 2,312 4,458 Inventories, net $ 33,936 $ 33,679 Raw materials inventories consist primarily of the active pharmaceutical ingredients (“API”) for Qsymia and STENDRA/SPEDRA. Work-in-process and finished goods inventory consist of Qsymia, STENDRA/SPEDRA and PANCREAZE inventory. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for all inventories, which are valued using a weighted-average cost method calculated for each production batch. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over demand using the same lower of cost or net realizable value approach as that used to value the inventory.

Prepaid Expenses And Other Curr

Prepaid Expenses And Other Current Assets	3 Months Ended
	Mar. 31, 2020
OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER ASSETS	7. Prepaid expenses and other current assets consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Prepaid insurance $ 1,771 $ 2,029 Prepaid sales and marketing expenses 1,252 1,806 Taxes receivable 438 1,196 Other prepaid expenses and assets 2,879 3,103 Total $ 6,340 $ 8,134 The amounts included in prepaid expenses and other current assets consist primarily of prepayments for future services, miscellaneous non-trade receivables, prepaid interest and interest income receivable. These costs have been deferred as prepaid expenses and other current assets on the consolidated balance sheets and will be either (i) charged to expense accordingly when the related prepaid services are rendered to the Company, or (ii) converted to cash when the receivable is collected by the Company.

Intangible and Other Non-Curren

Intangible and Other Non-Current Assets	3 Months Ended
	Mar. 31, 2020
NON-CURRENT ASSETS
NON-CURRENT ASSETS	8. Intangible and other non-current assets consist of the following (in thousands): March 31, 2020 December 31, 2019 Cost Accumulated Amortization Net Cost Accumulated Amortization Net PANCREAZE license (1) $ 141,895 $ (26,014) $ 115,881 $ 141,895 $ (22,467) $ 119,428 Janssen patents (2) 3,050 (3,050) — 3,050 (2,959) 91 Long-term receivables (3) 834 — 834 413 — 413 Other non-current assets (4) 208 — 208 208 — 208 Total $ 145,987 $ (29,064) $ 116,923 $ 145,566 $ (25,426) $ 120,140 _________________ (1) In June 2018, the Company acquired the rights to license PANCREAZE in the U.S. and Canada, as described further in Note 12. The rights are being amortized over their estimated useful life of 10 years using the straight-line method. (2) In September 2014, the Company acquired certain patents relating to Qsymia from Janssen Pharmaceuticals, approximately $3.1 million of which was recorded as an intangible asset. The patents were amortized over their estimated useful life of 5.5 years using the straight-line method. (3) Long-term receivables consist of amounts not expected to be collected within a year of the balance sheet date. (4) Other non-current assets primarily consist of real estate deposits. Amortization of intangible assets was $3.6 million for both the three months ended March 31, 2020 and 2019. Future expected amortization expenses for intangible assets as of March 31, 2020 are as follows (in thousands): 2020 (rest of year) $ 10,642 2021 14,190 2022 14,189 2023 14,190 2024 14,189 Thereafter 48,481 Total $ 115,881

Accrued And Other Liabilities

Accrued And Other Liabilities	3 Months Ended
	Mar. 31, 2020
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES	9. Accrued and other liabilities consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Reserve for product returns (see Note 2) $ 15,135 $ 14,874 Product-related accruals (see Note 2) 6,044 6,663 Accrued interest on debt (see Note 13) 3,737 1,351 Accrued manufacturing costs 2,214 3,105 Accrued employee compensation and benefits 2,217 2,777 Other accrued liabilities 3,565 3,628 Total $ 32,912 $ 32,398 The amounts included in other accrued liabilities consist of obligations primarily related to sales, marketing, research, clinical development, corporate activities, the STENDRA license and royalties.

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2020
Change in Contract with Customer, Liability [Abstract]
Deferred Revenue from Contract with Customers	10. Deferred revenue relates to a prepayment for future royalties on sales of SPEDRA. In the three months ended March 31, 2020 and 2019, the Company recorded $0.2 million and $0.3 million, respectively, of revenues which had been deferred as of December 31, 2019 and 2018, respectively. These amounts were applied against the prepayment for future royalties.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Lessee Disclosure [Abstract]
Lease Disclosure	11. LEASES The Company adopted Accounting Standards Update 2016-02, Leases (Topic 842) on January 1, 2019 using the modified retrospective transition method, and as a result did not adjust comparative periods. The Company has an operating lease for its corporate headquarters and several smaller leases, including financing leases for its automobile fleet and copiers. At the time of adoption, the Company recorded the following amounts (in thousands): Right-of-Use Asset Current Portion of Lease Liability Lease Liability, Net of Current Portion Current Portion of Deferred Rent Deferred Rent, Net of Current Portion Accumulated Deficit Operating leases $ 1,201 $ 512 $ 1,017 $ (94) $ (234) $ — Financing leases 329 131 188 — — 10 Total $ 1,530 $ 643 $ 1,205 $ (94) $ (234) $ 10 The Company’s leases have remaining lease terms as of March 31, 2020 of from less than 1 year up to 2.3 years, some of which include options to extend the leases for up to 2 years. The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 2019 Operating lease cost $ 130 $ 130 Finance lease cost: Amortization of right-of-use assets $ 54 $ 53 Interest on lease liabilities 2 3 Total finance lease cost $ 56 $ 56 Supplemental balance sheet information related to leases was as follows: Balance as of March 31, December 31, 2020 2019 Right-of-use assets: Operating leases $ 670 $ 781 Financing leases 260 354 Total right-of-use assets $ 930 $ 1,135 Current portion of lease liability: Operating leases $ 548 $ 551 Financing leases 193 216 Total current portion of lease liability $ 741 $ 767 Lease liability, net of current portion Operating leases $ 331 $ 466 Financing leases 68 136 Total lease liability, net of current portion $ 399 $ 602 The weighted average remaining lease term as of March 31, 2020 was 1.5 years for operating leases and 1.3 years for financing leases. The weighted average discount rate as of March 31, 2020 was 7.8% for operating leases and 2.8% for financing leases. Future payments of lease liabilities are as follows: Operating Leases Finance Leases 2020 (rest of year) $ 454 $ 158 2021 482 101 2022 - 7 Total lease payments 936 266 Less imputed interest (57) (5) Total $ 879 $ 261

License, Commercialization And

License, Commercialization And Supply Agreements	3 Months Ended
	Mar. 31, 2020
LICENSE, COMMERCIALIZATION AND SUPPLY AGREEMENTS
LICENSE, COMMERCIALIZATION AND SUPPLY AGREEMENTS	12. LICENSE, COMMERCIALIZATION AND SUPPLY AGREEMENTS MTPC In January 2001, the Company entered into an exclusive development, license and clinical trial and commercial supply agreement with Tanabe Seiyaku Co., Ltd., now Mitsubishi Tanabe Pharma Corporation (“MTPC”), for the development and commercialization of avanafil. Under the terms of the agreement, MTPC agreed to grant an exclusive license to the Company for products containing avanafil outside of Japan, North Korea, South Korea, China, Taiwan, Singapore, Indonesia, Malaysia, Thailand, Vietnam and the Philippines. The Company agreed to grant MTPC an exclusive, royalty free license within those countries for oral products that we develop containing avanafil. The MTPC agreement contains a number of milestone payments to be made by us based on various triggering events. The term of the MTPC agreement is based on a country by country and on a product by product basis. In August 2012, the Company entered into an amendment to the agreement with MTPC that permitted the Company to manufacture the API and tablets for STENDRA/SPEDRA by itself or through third parties. In 2015, the Company transferred the manufacturing of the API and tablets for STENDRA/SPEDRA to Sanofi. The Company maintains royalty obligations to MTPC which have been passed through to our commercialization partners. Menarini In July 2013, the Company entered into a license and commercialization agreement (the “Menarini License Agreement”) and a supply agreement (the “Menarini Supply Agreement”) with the Menarini Group through its subsidiary Berlin Chemie AG (“Menarini”). Under the terms of the Menarini License Agreement, Menarini received an exclusive license to commercialize and promote SPEDRA for the treatment of ED in over 40 countries, including the EU Member States, plus Australia and New Zealand. Additionally, the Company transferred to Menarini ownership of the marketing authorization for SPEDRA in the EU for the treatment of ED, which was granted by the EC in June 2013. Under the Menarini License Agreement, the Company has and is entitled to receive milestone payments based on certain net sales targets, plus royalties on SPEDRA sales. Under the terms of the Menarini Supply Agreement, the Company supplied Menarini with SPEDRA drug product until December 31, 2018. Under the Menarini Supply Agreement, Menarini also has the right to manufacture SPEDRA independently, provided that it continues to satisfy certain minimum purchase obligations to the Company. Following the expiration of the Menarini Supply Agreement, Menarini would be responsible for its own supply of SPEDRA. Either party may terminate the Menarini Supply Agreement for the other party’s uncured material breach or bankruptcy, or upon the termination of the Menarini License Agreement. In May 2019, the Company entered into Amendment No. 1 to the License and Commercialization Agreement and Commercial Supply Agreement with Menarini effective as of January 1, 2019, pursuant to which certain amendments were made to the Menarini License Agreement and the Menarini Supply Agreement, which include: (i) under the Menarini License Agreement, Menarini’s exclusive license to commercialize and promote the Company’s drug avanafil for the treatment of ED will be limited to over 40 European countries and will no longer include Australia and New Zealand; (ii) under the Menarini License Agreement, the timing requirements of the product launches by Menarini have been adjusted; (iii) under the Menarini License Agreement, the milestone payments have been adjusted to reflect the removal of Australia and New Zealand and will continue to be non-refundable and non-creditable, with one exception added for certain costs and expenses incurred by Menarini for development work related to an avanafil development opportunity in the Menarini territory (“Menarini Development”); (iv) under the Menarini License Agreement, the royalties on avanafil sales payable by Menarini to the Company will be adjusted to allow Menarini to recoup certain Menarini Development costs and expenses but only as to sales of the Menarini Development product unless the Menarini Development product is commercialized by the Company or its sublicensees outside the Menarini territory; (v) under the Menarini Supply Agreement, the minimum purchase obligations for Menarini will be modified and extended, including the ability of Menarini to satisfy its minimum purchase obligations with the purchase of avanafil API and the addition of minimum purchase obligations for the calendar years for the extended term; and (vi) under the Menarini Supply Agreement, the term will be extended to December 31, 2023, unless otherwise agreed by the parties in writing. The Company and Menarini have entered into standalone agreements relating to Australia and New Zealand, including a license with royalties and milestone payments and a supply agreement. Sanofi In July 2013, the Company entered into a Commercial Supply Agreement with Sanofi Chimie to manufacture and supply the API for avanafil on an exclusive basis in the United States and other territories and on a semi-exclusive basis in Europe, including the EU Member States, Latin America and other territories. In December 2018, the Company entered into an amendment to the Commercial Supply Agreement with Sanofi Chimie, pursuant to which certain amendments were made to the Commercial Supply Agreement, which include: (i) beginning January 1, 2019, Sanofi Chimie will manufacture and supply API for avanafil on an exclusive basis in all countries where the Company has the right to sell avanafil; (ii) beginning January 1, 2019, the yearly minimum quantities of API that the Company must purchase from Sanofi Chimie will be adjusted, as well as adjustments to the associated pricing and payment terms; and (iii) with the initial five year term of the Commercial Supply Agreement expiring on December 31, 2018, the Company and Sanofi Chimie have agreed to extend the term of the Commercial Supply Agreement until December 31, 2023 unless either party makes a timely election to terminate the agreement and that thereafter the Commercial Supply Agreement will auto-renew for successive one year terms unless either party makes a timely election not to renew. In November 2013, the Company entered into a Manufacturing and Supply Agreement with Sanofi Winthrop Industrie to manufacture and supply the avanafil tablets on an exclusive basis in the United States and other territories and on a semi exclusive basis in Europe, including the EU Member States, Latin America and other territories. The Company has minimum annual purchase commitments under these agreements for at least the initial five-year term. In May 2019, the Company entered into Amendment N°1 to the Manufacturing and Supply Agreement with Sanofi Winthrop Industrie effective as of March 18, 2019, pursuant to which certain amendments were made to the Manufacturing and Supply Agreement, which include: (i) Sanofi Winthrop Industrie will manufacture and supply the tablets for the Company’s drug avanafil on an exclusive basis in all countries where the Company or its sublicensees and/or Menarini have the right to sell avanafil; (ii) the yearly minimum quantities of tablets that the Company must purchase from Sanofi Winthrop Industrie and the price of such tablets will be adjusted; and (iii) with the initial term of the Manufacturing and Supply Agreement expiring on January 16, 2021, the Company and Sanofi Winthrop Industrie have agreed to extend the term of the Manufacturing and Supply Agreement until December 31, 2023 unless either party makes a timely election to terminate the agreement and that thereafter the Manufacturing and Supply Agreement will auto-renew for successive one year terms unless either party makes a timely election not to renew. Metuchen In September 2016, the Company entered into a license and commercialization agreement (the “Metuchen License Agreement”) and a commercial supply agreement (the “Metuchen Supply Agreement”) with Metuchen Pharmaceuticals LLC (“Metuchen”). Under the terms of the Metuchen License Agreement, Metuchen received an exclusive license to develop, commercialize and promote STENDRA in the United States, Canada, South America and India (the “Metuchen Territory”) effective October 1, 2016. The Company and Metuchen have agreed not to develop, commercialize, or in-license any other product that operates as a PDE-5 inhibitor in the Metuchen Territory for a limited time period, subject to certain exceptions. The Metuchen License Agreement will terminate upon the expiration of the last-to-expire payment obligations under the Metuchen License Agreement; upon expiration of the term of the Metuchen License Agreement, the exclusive license granted under the Metuchen License Agreement shall become fully paid-up, royalty-free, perpetual and irrevocable as to the Company but not certain trademark royalties due to MTPC. Metuchen will obtain STENDRA exclusively from the Company for a mutually agreed term pursuant to the Metuchen Supply Agreement. Metuchen may elect to transfer the control of the supply chain for STENDRA for the Metuchen Territory to itself or its designee by assigning to Metuchen the Company’s agreements with the contract manufacturer. For 2016 and each subsequent calendar year during the term of the Metuchen Supply Agreement, if Metuchen fails to purchase an agreed minimum purchase amount of STENDRA from the Company, it will reimburse the Company for the shortfall as it relates to the Company’s out of pocket costs to acquire the API needed to manufacture the agreed upon minimum purchase amount of STENDRA. Upon the termination of the Metuchen Supply Agreement (other than by Metuchen for the Company’s uncured material breach or upon completion of the transfer of the control of the supply chain), Metuchen’s agreed minimum purchase amount of STENDRA from the Company shall accelerate for the entire then current initial term or renewal term, as applicable. The initial term under the Metuchen Supply Agreement will be for a period of five years, with automatic renewal for successive two-year periods unless either party provides a termination notice to the other party at least two years in advance of the expiration of the then current term. On September 30, 2019, Metuchen provided a written notice of termination of the Metuchen Supply Agreement effective September 30, 2021. Alvogen In September 2017, the Company entered into a license and commercialization agreement (the “Alvogen License Agreement”) and a commercial supply agreement (the “Alvogen Supply Agreement”) with Alvogen Malta Operations (ROW) Ltd (“Alvogen”) which was subsequently assigned to Alvogen South Korea. Under the terms of the Alvogen License Agreement, Alvogen will be solely responsible for obtaining and maintaining regulatory approvals for all sales and marketing activities for Qsymia in South Korea. The Company received an upfront payment of $2.5 million in September 2017, which was recorded in license and milestone revenue in the third quarter of 2017, $2.5 million in the third quarter of 2019 upon Alvogen receiving marketing authorization and $2.0 million in the first quarter of 2020 upon commercial launch. The Company is eligible to receive additional payments upon reaching a sales milestone. Additionally, the Company receives royalties on Alvogen’s Qsymia net sales in South Korea. Under the Alvogen Supply Agreement, the Company will supply product to Alvogen on an exclusive basis. PANCREAZE In June 2018, the Company closed on an Asset Purchase Agreement (the “PANCREAZE Purchase Agreement”) with Janssen Pharmaceuticals, Inc. (“Janssen”) pursuant to which the Company acquired the rights to PANCREAZE and PANCREASE MT in the U.S. and Canada and certain existing inventory for a purchase price of $135.0 million in cash. The Company also acquired all of the outstanding shares of Willow Biopharma Inc. (“Willow”). Willow had no significant assets at the time of acquisition. The Company issued fully-exercisable warrants to the former owners of Willow, including John Amos, M. Scott Oehrlein and Kenneth Suh, the Company’s current Chief Executive Officer, former Chief Operations Officer and former President, respectively, for the purchase of 357,000 shares of the Company’s common stock at an exercise price of $3.70 per share and agreed to assume certain of Willow’s liabilities. The amounts paid to the former owners were accounted for as a fee for the acquisition of PANCREAZE. As all the PANCREAZE assets acquired were a part of one product line, the PANCREAZE Purchase Agreement was accounted for as an asset acquisition, with an intangible asset of $141.9 million for the PANCREAZE license recorded on the consolidated balance sheet, which was comprised of the purchase price of $135.0 million, the fair value of the warrants issued of $0.8 million, the value of liabilities assumed of $0.4 million, the value of the Willow liabilities assumed of $1.5 million and accruals for estimated destruction of future unsalable inventory of $6.3 million, less the net value of PANCREAZE inventory acquired of $2.1 million. The fair value of the warrants issued was recorded in additional paid-in capital and was estimated using the Black-Scholes option pricing model, using a term of 7.0 years, an estimated volatility of 61.6%, a risk-free interest rate of 2.91% and an expected dividend yield of 0%. The intangible asset is being amortized over an expected useful life of 10 years, which corresponds with the expiration of certain significant patent rights related to PANCREAZE. In connection with the PANCREAZE Purchase Agreement, the Company and Janssen also entered into transition services agreements pursuant to which Janssen and a Canadian affiliate of Janssen provided certain transition services to the Company in the U.S. and Canada as the Company transitioned to full control over the PANCREAZE supply chain. The Company and Johnson & Johnson Health Care Systems Inc., a New Jersey corporation and an affiliate of Janssen, also entered into a Long-Term Collaboration Agreement pursuant to which they will cooperate in the reporting and certification of pricing and sales data and the payment of rebates and discounts under certain governmental programs. These agreements terminated in the third quarter of 2019. In conjunction with the PANCREAZE Purchase Agreement, Janssen assigned to the Company the Amended and Restated Know-How License and Supply Agreement (the “Nordmark Supply Agreement”) effective as of November 7, 2017 by and between Nordmark Arzneimittel GmbH & Co. KG (“Nordmark”) and Janssen. In order to extend the term of the Nordmark Supply Agreement and ensure a stable and predictable price of the Product, the Company entered into the First Amendment to the Supply Agreement on June 26, 2019 (the “Amended Nordmark Supply Agreement”). The material terms of the Amended Nordmark Supply Agreement are: (i) the Company shall purchase certain minimum order quantities at the applicable supply prices for the calendar years under the Amended Nordmark Supply Agreement; (ii) in exchange for Nordmark’s obligations under the Amended Nordmark Supply Agreement, the Company shall pay an annual fee to Nordmark; (iii) Nordmark and the Company have agreed to undertake joint efforts to develop new formulations of PANCREAZE; (iv) the term of the Amended Nordmark Supply Agreement begins on June 26, 2019 and will continue through December 31, 2029, unless earlier terminated and may be renewed for additional five year periods unless earlier terminated; and (v) Nordmark shall have the option to terminate the Amended Nordmark Supply Agreement upon certain circumstances related to the launch date in the United States if the Company assigns any or all of its rights under the Amended Nordmark Supply Agreement to certain parties and/or enters into a transaction or series of transactions resulting in a Change of Control, as defined in the Amended Nordmark Supply Agreement.

Long-Term Debt and Commitments

Long-Term Debt and Commitments	3 Months Ended
	Mar. 31, 2020
LONG-TERM DEBT AND COMMITMENTS
LONG-TERM DEBT AND COMMITMENTS	13. LONG-TERM DEBT AND COMMITMENTS The Company’s indebtedness consists of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Convertible Notes $ 181,426 $ 181,426 Unamortized discount and debt issuance costs 396 1,580 Convertible Notes, net 181,822 183,006 2024 Notes 61,351 61,351 Unamortized premium and debt issuance costs, net (2,441) (2,630) 2024 Notes, net 58,910 58,721 Total debt 240,732 241,727 Less current portion 181,822 183,006 Total long-term debt $ 58,910 $ 58,721 Convertible Notes Due 2020 In May 2013, the Company closed offerings of $250.0 million in 4.50% Convertible Senior Notes due May 1, 2020. The Convertible Notes are governed by an indenture, dated May 2013 between the Company and Deutsche Bank National Trust Company, as trustee. Total net proceeds from the Convertible Notes were approximately $241.8 million. The Convertible Notes are convertible at a conversion rate of approximately $148.58 per share at the option of the holders. Subject to certain limitations, the Company will settle conversions of the Convertible Notes by paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. Interest payments are made quarterly. In June 2018, the Company repurchased $60.0 million of face value of the Convertible Notes for $51.0 million in cash plus accrued but unpaid interest using funds received from the issuance of the Company’s 2024 Notes (as defined below.) The gain was accounted for as a debt modification with the gain applied to the modified debt. In October 2018, the Company repurchased $8.6 million of face value of the Convertible Notes for $7.1 million in cash plus accrued but unpaid interest. The gain on this repurchase of $1.4 million was recorded on the statement of operations as a gain on extinguishment of debt and recorded on the income statement. On April 29, 2020, the Company entered into an agreement with IEH Biopharma, which holds a principal amount of approximately $170.2 million of the Company’s Convertible Notes. Under the terms of the agreement, the Company paid IEH Biopharma $3.8 million in accrued and unpaid interest on the Convertible Notes and IEH Biopharma granted the Company a 30-day grace period (if not terminated sooner pursuant to the terms of the agreement), beginning May 1, for payment of the principal amount of the Convertible Notes during which the two parties will work exclusively to attempt to restructure the outstanding principal amount of the Convertible Notes. As part of the agreement, the Company paid $7.5 million to settle the remaining $11.3 million in principal and $253,000 in accrued and unpaid interest held by other holders. See Note 17. 2024 Notes In June 2018, the Company entered into an indenture (the “Indenture”) with U.S. Bank National Association as trustee and collateral agent regarding the purchase agreement entered into with affiliates of Athyrium Capital Management (collectively, the “Purchasers”) for the issuance and sale of (i) $110.0 million of 10.375% senior secured notes due 2024 (the “2024 Notes”), (ii) up to an additional $10.0 million of 10.375% 2024 Notes to be issued subsequently at the Company’s option within 12 months of the issue date of the 2024 Notes, subject to certain conditions, and (iii) a warrant for 330,000 shares issued concurrently with the issuance of the 2024 Notes. The 2024 Notes were issued at a purchase price equal to 99% of the principal amount and contain customary representations, warranties, covenants, conditions and indemnities. The Company used the net proceeds from the issuance of the 2024 Notes to pay (i) certain fees, costs and expenses relating to the issuance and sale of the 2024 Notes, (ii) to finance a portion of the acquisition of PANCREAZE and (iii) to repurchase $60.0 million of the Company’s outstanding Convertible Notes from the Purchasers or their affiliates for a purchase price of $51.0 million (plus accrued but unpaid interest to the repurchase date). The fair value of the warrant issued was estimated using the Black-Scholes option pricing model, using a term of 6.0 years, an estimated volatility of 62.7%, a risk-free interest rate of 2.83% and an expected dividend yield of 0%. The Indenture has an effective interest rate of 11.3% and includes customary covenants and events of default, including covenants that, among other things, restrict the incurrence of future indebtedness, the granting of liens, the making of investments, distributions or dividends, and the Company’s ability to merge, consolidate or sell assets, in each case subject to certain exceptions. In addition, the Indenture includes certain financial maintenance covenants related to minimum cash balances and minimum quarterly net revenues related to PANCREAZE. As of June 30, 2019, the Company was not in compliance with a covenant in the Indenture related to PANCREAZE net revenues. The Company subsequently received a waiver from the consenting noteholders with respect to any potential event of default or default that may have resulted from such covenant non-compliance. In September 2019, the Company entered into a second supplemental indenture (the “Second Supplemental Indenture”) which amended the Indenture to (i) revise the compliance dates for minimum quarterly PANCREAZE net sales, (ii) reduce the minimum unrestricted cash equivalents, and (iii) effect the pledge of material intellectual property related to Qsymia® and PANCREAZE®. The Second Supplemental Indenture was entered into in satisfaction of the conditions set forth in the waiver of default obtained in connection with the Indenture. As of March 31, 2020, the Company was in compliance with the covenants in the Indenture as modified by the Second Supplemental Indenture. In September 2019, the Company repurchased $48.6 million aggregate principal amount of the 2024 Notes plus prepayment premiums of an aggregate of $6.4 million. The prepayment premiums were recorded as interest expense. There was no gain or loss on the transaction. Future estimated payments, including interest, on all of the Company’s indebtedness as of March 31, 2020 are as follows (in thousands): 2020 (rest of year) $ 190,736 2021 20,152 2022 23,034 2023 21,076 2024 9,822 $ 264,820 Cardiovascular Outcomes Trial As a condition of FDA granting approval to commercialize Qsymia in the U.S., the Company agreed to complete certain post-marketing requirements. One requirement was to perform a cardiovascular outcomes trial (“CVOT”) on Qsymia. The cost of a CVOT is estimated to be between $180 million and $220 million incurred over a period of approximately five years. The Company is working with FDA to determine a pathway to provide FDA with data to support the safety of Qsymia in a more cost-effective manner. To date, the Company has not incurred expenses related to the CVOT.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2020
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	14. NET LOSS PER SHARE The Company computes basic net loss per share applicable to common stockholders based on the weighted average number of common shares outstanding during the applicable period. Diluted net income per share is based on the weighted average number of common and common equivalent shares, which represent shares that may be issued in the future upon the exercise of outstanding stock options or upon a net share settlement of the Company’s Convertible Notes. Common share equivalents are excluded from the computation in periods in which they have an anti-dilutive effect. Stock options for which the price exceeds the average market price over the period have an anti-dilutive effect on net income per share and, accordingly, are excluded from the calculation. The triggering conversion conditions that allow holders of the Convertible Notes to convert have not been met. If such conditions are met and the note holders opt to convert, the Company may choose to pay in cash, common stock, or a combination thereof; however, if this occurs, the Company has the intent and ability to net share settle this debt security; thus the Company uses the treasury stock method for earnings per share purposes. Due to the effect of the capped call instrument purchased in relation to the Convertible Notes, there would be no net shares issued until the market value of the Company’s stock exceeds $200 per share, and thus no impact on diluted net income per share. Further, when there is a net loss, potentially dilutive common equivalent shares are not included in the calculation of net loss per share since their inclusion would be anti-dilutive. As the Company recognized a net loss for each of the three-month periods ended March 31, 2020 and 2019, all potential common equivalent shares were excluded for these periods as they were anti-dilutive. Awards and options which were not included in the computation of diluted net loss per share because the effect would be anti-dilutive were 3,054,000 and 2,784,000 for the three months ended March 31, 2020 and 2019, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
INCOME TAXES
INCOME TAXES	15. INCOME TAXES The Company recorded a benefit from income taxes of $45,000 and $8,000 for the three months ended March 31, 2020 and 2019, respectively. The benefit from income taxes was primarily comprised of state taxes during the period. The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets. The Company weighed both positive and negative evidence and determined that there is a continued need for a full valuation allowance on its deferred tax assets in the United States as of March 31, 2020. Should the Company determine that it would be able to realize its remaining deferred tax assets in the foreseeable future, an adjustment to its remaining deferred tax assets would cause a material increase to income in the period such determination is made. As of March 31, 2020, the Company’s unrecognized tax benefits were related to federal and California research and development credits which result in an unrecognized tax benefit balance of $210,000. The Company does not expect to have any other significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company’s history of tax losses, certain tax years remain open to tax audit. The Company’s policy is to recognize interest and penalties related to uncertain tax positions (if any) as a component of the income tax provision. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the novel coronavirus (“COVID-19”) pandemic. The CARES Act included certain income tax provisions including a modification on the limitation of business interest expense for the Company’s 2019 and 2020 tax years. The Company is currently evaluating the CARES Act but does not expect the income tax provisions of the act to have a material impact on our financial statements.

Legal Matters

Legal Matters	3 Months Ended
	Mar. 31, 2020
LEGAL MATTERS
LEGAL MATTERS	16. LEGAL MATTERS The Company is not aware of any asserted or unasserted claims against it where it believes that an unfavorable resolution would have an adverse material impact on the operations or financial position of the Company .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Registered Direct Offering On April 3, 2020, the Company completed a registered direct offering of 7,218,750 shares of the Company’s common stock at a purchase price of $1.60 per share for gross proceeds of $11.55 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Pursuant to an engagement agreement between the Company and H.C. Wainwright & Co., LLC (“Wainwright”), Wainwright served as the exclusive placement agent for the Company in connection with the offering. The Company paid Wainwright a cash placement fee equal to 7.0% of the aggregate purchase price for the shares of common stock sold in the offering, a management fee of 1.0% of the aggregate purchase price for the shares of common stock sold in the offering and other expenses. The net proceeds of $10.5 million received by the Company from the transaction will be used for working capital, general corporate purposes, research and development, and satisfaction of corporate debts. In addition, the Company has issued to certain affiliates of Wainwright warrants (“Placement Agent Warrants”) to purchase up to 6.0% of the aggregate number of shares of Common Stock sold in the offering, or 433,125 shares. The Placement Agent Warrants are exercisable immediately for a term of five years, with an exercise price equal to $2.00 per share. Noteholder Agreement for Grace Period On April 29, 2020, the Company entered into an agreement (the “Noteholder Agreement”) with the Deutsche Bank Trust Company Americas (the “Trustee”) and IEH Biopharma LLC, the holder (the “Noteholder”) of approximately $170.2 million of the Company’s outstanding Convertible Notes pursuant to which the Noteholder agreed, among other things, to grant to the Company a grace period (the “Grace Period”) with respect to payment of the principal amount of Convertible Notes payable to the Noteholder on May 1, 2020 (the “Maturity Date”). The Noteholder Agreement further provides that the Company will settle the outstanding principal amount of the Convertible Notes owed to all holders other than the Noteholder due on the Maturity Date and will pay all accrued and unpaid interest payable on the Maturity Date to all holders including the Noteholder. Interest on the outstanding principal amount of Convertible Notes held by the Noteholder will continue to accrue during the Grace Period. The Grace Period commences on the Maturity Date and ends on the earliest of (i) June 1, 2020, (ii) the occurrence of any breach or failure by the Company to comply with the terms of the Noteholder Agreement, (iii) the occurrence of any breaches or defaults pursuant to the Indenture other than as set forth in the Noteholder Agreement or (iv) as may be agreed between the Noteholder and the Company. The Noteholder Agreement shall terminate upon the expiration of the Grace Period. The Noteholder Agreement contains certain covenants by the Company including that it will not (i) directly or indirectly solicit, initiate, negotiate, consummate or encourage any proposals or offers from any person other than the Noteholder relating to any financial or other restructuring of the Company or any Alternative Transaction (as defined in the Noteholder Agreement), (ii) offer, issue, award, sell or transfer any of its debt or equity securities or (iii) rescind, cancel, modify, supplement or replace its Preferred Stock Rights Agreement, dated as of December 30, 2019. The Noteholder will be entitled to a fee set forth in the Noteholder Agreement upon the breach of any of the foregoing covenants. The Company also agreed not to take certain actions related to bankruptcy proceedings or actions by creditors. Paycheck Protection Program On May 4, 2020, the Company received a $1.25 million loan through the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020. The loan matures in 2 years and bears interest of 1% per annum. The loan amounts will be forgiven as long as the loan proceeds are used to cover payroll costs and rent and utility costs over the eight-week period after the loan is disbursed and the Company’s full-time equivalent employee headcount and compensation levels are maintained.

Business And Significant Polici

Business And Significant Policies (Policies)	3 Months Ended
	Mar. 31, 2020
BASIS OF PRESENTATION
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. Management has evaluated all events and transactions that occurred after March 31, 2020 through the date these unaudited condensed consolidated financial statements were filed. Note 17 details all events and transactions during this period that require recognition or disclosure in these unaudited condensed consolidated financial statements. The condensed consolidated balance sheet data as of December 31, 2019 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed on March 3, 2020 and as amended on April 29, 2020 with the Securities and Exchange Commission (“SEC”). Certain amounts have been reclassified to conform to current year presentation. The unaudited condensed consolidated financial statements include the accounts of VIVUS, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including critical accounting policies or estimates related to available-for-sale securities, debt instruments, research and development expenses, income taxes, inventories, revenues, contingencies and litigation and share-based compensation. The Company bases its estimates on historical experience, information received from third parties and on various market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ significantly from those estimates under different assumptions or conditions.
Inventories	Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for all inventories, which are valued using a weighted-average cost method calculated for each production batch. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over demand using the same lower of cost or net realizable value approach as that used to value the inventory
Revenue Recognition	For all revenue transactions, the Company evaluates its contracts with its customers to determine revenue recognition using the following five-step model: 1) 2) 3) 4) 5) Product Revenue Product revenue is recognized at the time of shipment at which time the Company has satisfied its performance obligation. Product revenue is recognized net of consideration paid to the Company’s customers, wholesalers and certified pharmacies. Such consideration is for services rendered by the wholesalers and pharmacies in accordance with the wholesalers and certified pharmacy services network agreements, and includes a fixed rate per prescription shipped and monthly program management and data fees. These services are not deemed sufficiently separable from the customers’ purchase of the product; therefore, they are recorded as a reduction of revenue at the time of revenue recognition. Other product revenue allowances include a reserve for estimated product returns, certain prompt pay discounts and allowances offered to the Company’s customers, program rebates and chargebacks. These product revenue allowances are recognized as a reduction of revenue at the date at which the related revenue is recognized. The Company also offers discount programs to patients. Calculating certain of these items involves estimates and judgments based on sales or invoice data, contractual terms, utilization rates, new information regarding changes in these programs’ regulations and guidelines that would impact the amount of the actual rebates or chargebacks. The Company reviews the adequacy of product revenue allowances on a quarterly basis. Amounts accrued for product revenue allowances are adjusted when trends or significant events indicate that adjustment is appropriate and to reflect actual experience. See Note 9 for product reserve balances. Supply Revenue The Company produces STENDRA/SPEDRA through a contract manufacturing partner and then sells it to the Company’s commercialization partners. The Company is the primary responsible party in the commercial supply arrangements and bears significant risk in the fulfillment of the obligations, including risks associated with manufacturing, regulatory compliance and quality assurance, as well as inventory, financial and credit loss. As such, the Company recognizes supply revenue on a gross basis as the principal party in the arrangements. The Company recognizes supply revenue at the time of shipment and, in the unusual case where the product does not meet contractually-specified product dating criteria at the time of shipment to the partner, the Company records a reserve for estimated product returns. There are no such reserves as of March 31, 2020. License and Milestone Revenue License and milestone revenues related to arrangements, usually license and/or supply agreements, entered into by the Company are recognized by following the five-step process outlined above. The allocation and timing of recognition of such revenue will be determined by that process and the amounts recognized and the timing of that recognition may not exactly follow the wording of the agreement as the amount allocated following the accounting analysis of the agreement may differ and the timing of recognition of a significant performance obligation may predate the contractual date. Royalty Revenue The Company relies on data provided by its collaboration partner in determining its contractually-based royalty revenue. Such data includes accounting estimates and reports for various discounts and allowances, including product returns. The Company records royalty revenues based on the best data available and makes any adjustments to such revenues as such information becomes available.
Income Taxes	The Company’s policy is to recognize interest and penalties related to uncertain tax positions (if any) as a component of the income tax provision.
New Accounting Pronouncements, Policy	Recent Accounting Pronouncement Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , which adds disclosure requirements to Topic 820 for the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Company adopted this standard effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments , which requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model, referred to as the current expected credit loss (CECL) model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument. The standard is effective for the Company beginning January 1, 2023. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
REVENUE INFORMATION
Schedule of net product revenue by geographic region	Revenue by Source and Geography Revenue disaggregated by revenue source and by geographic region was as follows (in thousands): Three Months Ended March 31, 2020 2019 U.S. ROW Total U.S. ROW Total Qsymia—Net product revenue $ 8,914 $ — $ 8,914 $ 8,423 $ — $ 8,423 Qsymia—License revenue — 2,000 2,000 — — — Qsymia—Royalty revenue — 564 564 — — — PANCREAZE - Net product revenue 5,035 748 5,783 5,074 — 5,074 PANCREAZE - Royalty revenue — — — — 570 570 STENDRA/SPEDRA—Supply revenue — 1,823 1,823 — 1,604 1,604 STENDRA/SPEDRA—Royalty revenue — 547 547 — 475 475 Total revenue $ 13,949 $ 5,682 (1) $ 19,631 $ 13,497 $ 2,649 (2) $ 16,146 (1) $2.4 million of which was attributable to Germany, $2.6 million of which was attributable to South Korea and $0.7 million of which was attributable to Canada. (2) $2.0 million of which was attributable to Germany and $0.6 million of which was attributable to Canada.
Schedule of Revenue And Cost Of Goods Sold By Source	Revenue and cost of goods sold by source was as follows (in thousands): Three Months Ended March 31, 2020 2019 Qsymia PANCREAZE STENDRA/ SPEDRA Total Qsymia PANCREAZE STENDRA/ SPEDRA Total Net product revenue $ 8,914 $ 5,783 $ — $ 14,697 $ 8,423 $ 5,074 $ — $ 13,497 License 2,000 — — 2,000 — — — — Supply revenue — — 1,823 1,823 — — 1,604 1,604 Royalty revenue 564 — 547 1,111 — 570 475 1,045 Total revenue $ 11,478 $ 5,783 $ 2,370 $ 19,631 $ 8,423 $ 5,644 $ 2,079 $ 16,146 Cost of goods sold (excluding amortization) $ 1,340 $ 1,602 $ 1,685 $ 4,627 $ 1,382 $ 1,461 $ 1,465 $ 4,308 Amortization of intangible assets $ 91 $ 3,547 $ — $ 3,638 $ 91 $ 3,547 $ — $ 3,638

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
SHARE-BASED COMPENSATION.
Schedule of share-based compensation expense	Total share-based compensation expense for all of the Company’s share-based awards was as follows (in thousands): Three Months Ended March 31, 2020 2019 Cost of goods sold $ 9 $ 14 Selling and marketing 49 70 General and administrative 247 Research and development 33 Total share-based compensation expense $ $ Share-based compensation expense capitalized as part of the cost of inventory $ 30 $ —

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2020
CASH AND CASH EQUIVALENTS
Schedule of fair value and amortized cost of cash and cash equivalents	As of March 31, 2020 Gross Gross Amortized Unrealized Unrealized Estimated Cash and cash equivalents Cost Gains Losses Fair Value Cash and money market funds $ 32,854 $ — $ — $ 32,854 As of December 31, 2019 Gross Gross Amortized Unrealized Unrealized Estimated Cash and cash equivalents Cost Gains Losses Fair Value Cash and money market funds $ 32,649 $ — $ — $ 32,649
Schedule of Fair Value of Separate Accounts by Major Category of Investment	The following table represents the fair value hierarchy for our cash, cash equivalents and available-for-sale securities by major security type (in thousands): As of March 31, 2020 Level 1 Level 2 Level 3 Total Cash and money market funds $ 32,854 $ — $ — $ 32,854 As of December 31, 2019 Level 1 Level 2 Level 3 Total Cash and money market funds $ 32,649 $ — $ — $ 32,649

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
ACCOUNTS RECEIVABLE
Schedule of accounts receivable	Accounts receivable consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Qsymia $ 17,648 $ 15,423 PANCREAZE 6,693 6,380 STENDRA/SPEDRA 626 787 24,967 22,590 Allowance for cash discounts (243) (252) Net $ 24,724 $ 22,338

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
INVENTORIES
Schedule of inventories	Inventories consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Raw materials $ 28,509 $ 26,313 Work-in-process 3,115 2,908 Finished goods 2,312 4,458 Inventories, net $ 33,936 $ 33,679

Prepaid Expenses And Other Cu_2

Prepaid Expenses And Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2020
OTHER CURRENT ASSETS
Schedule of prepaid expenses and other assets	Prepaid expenses and other current assets consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Prepaid insurance $ 1,771 $ 2,029 Prepaid sales and marketing expenses 1,252 1,806 Taxes receivable 438 1,196 Other prepaid expenses and assets 2,879 3,103 Total $ 6,340 $ 8,134

Intangible and Other Noncurrent

Intangible and Other Noncurrent Assets (Tables)	3 Months Ended
	Mar. 31, 2020
NON-CURRENT ASSETS
Schedule of Finite-Lived Intangible Assets And Other Noncurrent Assets	Intangible and other non-current assets consist of the following (in thousands): March 31, 2020 December 31, 2019 Cost Accumulated Amortization Net Cost Accumulated Amortization Net PANCREAZE license (1) $ 141,895 $ (26,014) $ 115,881 $ 141,895 $ (22,467) $ 119,428 Janssen patents (2) 3,050 (3,050) — 3,050 (2,959) 91 Long-term receivables (3) 834 — 834 413 — 413 Other non-current assets (4) 208 — 208 208 — 208 Total $ 145,987 $ (29,064) $ 116,923 $ 145,566 $ (25,426) $ 120,140 _________________ (1) In June 2018, the Company acquired the rights to license PANCREAZE in the U.S. and Canada, as described further in Note 12. The rights are being amortized over their estimated useful life of 10 years using the straight-line method. (2) In September 2014, the Company acquired certain patents relating to Qsymia from Janssen Pharmaceuticals, approximately $3.1 million of which was recorded as an intangible asset. The patents were amortized over their estimated useful life of 5.5 years using the straight-line method. (3) Long-term receivables consist of amounts not expected to be collected within a year of the balance sheet date. (4) Other non-current assets primarily consist of real estate deposits.
Future Expected Amortization Expenses For Intangible Assets	Future expected amortization expenses for intangible assets as of March 31, 2020 are as follows (in thousands): 2020 (rest of year) $ 10,642 2021 14,190 2022 14,189 2023 14,190 2024 14,189 Thereafter 48,481 Total $ 115,881

Accrued And Other Liabilities (

Accrued And Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
ACCRUED AND OTHER LIABILITIES
Schedule of accrued and other liabilities	Accrued and other liabilities consist of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Reserve for product returns (see Note 2) $ 15,135 $ 14,874 Product-related accruals (see Note 2) 6,044 6,663 Accrued interest on debt (see Note 13) 3,737 1,351 Accrued manufacturing costs 2,214 3,105 Accrued employee compensation and benefits 2,217 2,777 Other accrued liabilities 3,565 3,628 Total $ 32,912 $ 32,398

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Components of Lease Cost	The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 2019 Operating lease cost $ 130 $ 130 Finance lease cost: Amortization of right-of-use assets $ 54 $ 53 Interest on lease liabilities 2 3 Total finance lease cost $ 56 $ 56 Supplemental balance sheet information related to leases was as follows: Balance as of March 31, December 31, 2020 2019 Right-of-use assets: Operating leases $ 670 $ 781 Financing leases 260 354 Total right-of-use assets $ 930 $ 1,135 Current portion of lease liability: Operating leases $ 548 $ 551 Financing leases 193 216 Total current portion of lease liability $ 741 $ 767 Lease liability, net of current portion Operating leases $ 331 $ 466 Financing leases 68 136 Total lease liability, net of current portion $ 399 $ 602
Lessee, Operating Leases And Finance Leases Liabilities Maturities	Future payments of lease liabilities are as follows: Operating Leases Finance Leases 2020 (rest of year) $ 454 $ 158 2021 482 101 2022 - 7 Total lease payments 936 266 Less imputed interest (57) (5) Total $ 879 $ 261
Accounting Standards Update 2016-02 [Member]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	At the time of adoption, the Company recorded the following amounts (in thousands): Right-of-Use Asset Current Portion of Lease Liability Lease Liability, Net of Current Portion Current Portion of Deferred Rent Deferred Rent, Net of Current Portion Accumulated Deficit Operating leases $ 1,201 $ 512 $ 1,017 $ (94) $ (234) $ — Financing leases 329 131 188 — — 10 Total $ 1,530 $ 643 $ 1,205 $ (94) $ (234) $ 10

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
LONG-TERM DEBT AND COMMITMENTS
Schedule of debt	The Company’s indebtedness consists of the following (in thousands): Balance as of March 31, December 31, 2020 2019 Convertible Notes $ 181,426 $ 181,426 Unamortized discount and debt issuance costs 396 1,580 Convertible Notes, net 181,822 183,006 2024 Notes 61,351 61,351 Unamortized premium and debt issuance costs, net (2,441) (2,630) 2024 Notes, net 58,910 58,721 Total debt 240,732 241,727 Less current portion 181,822 183,006 Total long-term debt $ 58,910 $ 58,721
Schedule of Maturities of Long-term Debt	Future estimated payments, including interest, on all of the Company’s indebtedness as of March 31, 2020 are as follows (in thousands): 2020 (rest of year) $ 190,736 2021 20,152 2022 23,034 2023 21,076 2024 9,822 $ 264,820

Business And Significant Acco_2

Business And Significant Accounting Policies, Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)product	Dec. 31, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of product candidate in active clinical development | product	1
Retained Earnings (Accumulated Deficit)	$ (917,221)	$ (912,008)
Cash and money market funds, amortized cost	32,854	32,649
Long-term Debt	240,732	241,727
Convertible Notes
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term Debt	$ 181,822	$ 183,006
Qsymia, PANCREASE/PANCREASE MT, STENDRA/SPEDRA member
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Approved Federal Drug Administration Therapies | product	3

Business And Significant Acco_3

Business And Significant Accounting Policies (Liquidity) (Details) - USD ($) $ in Thousands	Apr. 29, 2020	Mar. 31, 2020	Dec. 31, 2019	May 21, 2013
Extinguishment of Debt [Line Items]
Accrued and unpaid interest held by convertible debt holders		$ 3,737	$ 1,351
Convertible Notes
Extinguishment of Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.50%
Convertible Notes | IEH Biopharma And Other Holders Trouble Debt Restructuring | IEH Biopharma | Subsequent event | Convertible Notes
Extinguishment of Debt [Line Items]
Convertible Debt Principal Amount	$ 170,200
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Accrued and unpaid interest held by convertible debt holders	$ 3,800
Grace period	30 days
Payments of Debt Restructuring Costs	$ 7,500
Remaining Outstanding Principal Amount Settled and Restructured	11,300
Convertible Notes | IEH Biopharma And Other Holders Trouble Debt Restructuring | Other Convertible Senior Notes Holder | Subsequent event | Convertible Notes
Extinguishment of Debt [Line Items]
Accrued and unpaid interest held by convertible debt holders	$ 253

Revenue, Narratives (Details)

Revenue, Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Supply agreement | STENDRA/SPEDRA
Revenue
Expected Returns Reserve	$ 0

Revenue (Revenue By Geography)

Revenue (Revenue By Geography) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Geographic Information
Total revenue	$ 19,631	$ 16,146
Qsymia
Geographic Information
Total revenue	11,478	8,423
PANCREAZE
Geographic Information
Total revenue	5,783	5,644
STENDRA/SPEDRA
Geographic Information
Total revenue	2,370	2,079
U.S.
Geographic Information
Total revenue	13,949	13,497
ROW
Geographic Information
Total revenue	5,682	2,649
Germany
Geographic Information
Total revenue	2,400	2,000
Canada
Geographic Information
Total revenue	700	600
South Korea
Geographic Information
Total revenue	2,600
Net Product Revenue
Geographic Information
Total revenue	14,697	13,497
Net Product Revenue | Qsymia
Geographic Information
Total revenue	8,914	8,423
Net Product Revenue | PANCREAZE
Geographic Information
Total revenue	5,783	5,074
Net Product Revenue | U.S. | Qsymia
Geographic Information
Total revenue	8,914	8,423
Net Product Revenue | U.S. | PANCREAZE
Geographic Information
Total revenue	5,035	5,074
Net Product Revenue | ROW | PANCREAZE
Geographic Information
Total revenue	748
Royalty Revenue
Geographic Information
Total revenue	1,111	1,045
Royalty Revenue | Qsymia
Geographic Information
Total revenue	564
Royalty Revenue | PANCREAZE
Geographic Information
Total revenue		570
Royalty Revenue | STENDRA/SPEDRA
Geographic Information
Total revenue	547	475
Royalty Revenue | ROW | Qsymia
Geographic Information
Total revenue	564
Royalty Revenue | ROW | PANCREAZE
Geographic Information
Total revenue		570
Royalty Revenue | ROW | STENDRA/SPEDRA
Geographic Information
Total revenue	547	475
Supply Revenue
Geographic Information
Total revenue	1,823	1,604
Supply Revenue | STENDRA/SPEDRA
Geographic Information
Total revenue	1,823	1,604
Supply Revenue | ROW | STENDRA/SPEDRA
Geographic Information
Total revenue	1,823	$ 1,604
License revenue
Geographic Information
Total revenue	2,000
License revenue | Qsymia
Geographic Information
Total revenue	2,000
License revenue | ROW | Qsymia
Geographic Information
Total revenue	$ 2,000

Revenue (Revenue and Cost Of Go

Revenue (Revenue and Cost Of Goods Sold By Source) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Geographic Information
Total revenue	$ 19,631	$ 16,146
Cost of goods sold (excluding amortization)	4,627	4,308
Amortization of intangible assets	3,638	3,638
Qsymia
Geographic Information
Total revenue	11,478	8,423
Cost of goods sold (excluding amortization)	1,340	1,382
Amortization of intangible assets	91	91
PANCREAZE
Geographic Information
Total revenue	5,783	5,644
Cost of goods sold (excluding amortization)	1,602	1,461
Amortization of intangible assets	3,547	3,547
STENDRA/SPEDRA
Geographic Information
Total revenue	2,370	2,079
Cost of goods sold (excluding amortization)	1,685	1,465
Net Product Revenue
Geographic Information
Total revenue	14,697	13,497
Net Product Revenue | Qsymia
Geographic Information
Total revenue	8,914	8,423
Net Product Revenue | PANCREAZE
Geographic Information
Total revenue	5,783	5,074
License revenue
Geographic Information
Total revenue	2,000
License revenue | Qsymia
Geographic Information
Total revenue	2,000
Supply Revenue
Geographic Information
Total revenue	1,823	1,604
Supply Revenue | STENDRA/SPEDRA
Geographic Information
Total revenue	1,823	1,604
Royalty Revenue
Geographic Information
Total revenue	1,111	1,045
Royalty Revenue | Qsymia
Geographic Information
Total revenue	564
Royalty Revenue | PANCREAZE
Geographic Information
Total revenue		570
Royalty Revenue | STENDRA/SPEDRA
Geographic Information
Total revenue	$ 547	$ 475

Share-Based Compensation (Share

Share-Based Compensation (Share-based compensation by COS & OPEX) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-Based Compensation Expense
Share-based compensation	$ 338	$ 468
Total share-based compensation cost capitalized as part of cost of inventory	30
Cost of goods sold
Share-Based Compensation Expense
Share-based compensation	9	14
Selling and Marketing
Share-Based Compensation Expense
Share-based compensation	49	70
General and Administrative
Share-Based Compensation Expense
Share-based compensation	247	329
Research and development
Share-Based Compensation Expense
Share-based compensation	$ 33	$ 55

Cash and Cash Equivalents (Fair

Cash and Cash Equivalents (Fair Value of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash and cash equivalents and available-for-sale securities, Amortized Cost
Cash and money market funds, amortized cost	$ 32,854	$ 32,649
Cash and money market funds, estimated fair value	32,854	$ 32,649
Cash and cash equivalents and available-for-sale securities, Estimated Fair Value
Debt Securities, Available-for-sale, Current	$ 0

Cash, Cash Equivalents (Fair Va

Cash, Cash Equivalents (Fair Value Hierarchy for Cash Equivalents and Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair value measurements
Cash and money market funds, estimated fair value	$ 32,854	$ 32,649
Level 1
Fair value measurements
Cash and money market funds, estimated fair value	$ 32,854	$ 32,649

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts Receivable, before Allowance for Credit Loss, Current	$ 24,967	$ 22,590
Accounts receivable, net	24,724	22,338
Qsymia
Accounts Receivable, before Allowance for Credit Loss, Current	17,648	15,423
Allowance for cash discounts	(243)	(252)
PANCREAZE
Accounts Receivable, before Allowance for Credit Loss, Current	6,693	6,380
STENDRA/SPEDRA
Accounts Receivable, before Allowance for Credit Loss, Current	$ 626	$ 787

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory balances
Raw materials	$ 28,509	$ 26,313
Work in process	3,115	2,908
Finished goods	2,312	4,458
Inventories, net	$ 33,936	$ 33,679

Prepaid Expenses And Other Cu_3

Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
OTHER CURRENT ASSETS
Prepaid insurance	$ 1,771	$ 2,029
Prepaid sales and marketing expenses	1,252	1,806
Taxes receivable	438	1,196
Other prepaid expenses and assets	2,879	3,103
Total	$ 6,340	$ 8,134

Intangible and Other Non Curren

Intangible and Other Non Current Assets (Narratives) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jun. 30, 2018	Sep. 30, 2014	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accumulated Amortization			$ (29,064)		$ (25,426)
Net intangible assets			115,881
Long-term receivables			834		413
Prepaid Expense Other, Noncurrent			208		208
Other Assets, Noncurrent			145,987		145,566
Other Assets, Miscellaneous, Noncurrent			116,923		120,140
Amortization of intangible assets			3,638	$ 3,638
Patents | Janssen
Finite-Lived Intangible Assets, Gross			3,050		3,050
Accumulated Amortization			(3,050)		(2,959)
Net intangible assets					91
License | PANCREAZE
Finite-Lived Intangible Assets, Gross			141,895		141,895
Accumulated Amortization			(26,014)		(22,467)
Net intangible assets			$ 115,881		$ 119,428
Finite-Lived Intangible Asset, Useful Life	10 years
Janssen | Patents | Janssen
Finite-Lived Intangible Asset, Useful Life		5 years 6 months
Finite-Lived Patents, Gross		$ 3,100

Intangible and Other Non Curr_2

Intangible and Other Non Current Assets (Intangible Future Expected Amortization Expenses) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Finite-Lived Intangible Assets, Net [Abstract]
2020 (rest of year)	$ 10,642
2021	14,190
2022	14,189
2023	14,190
2024	14,189
Thereafter	48,481
Net intangible assets	$ 115,881

Accrued And Other Liabilities_2

Accrued And Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ACCRUED AND OTHER LIABILITIES
Reserve for product returns (See Note 2)	$ 15,135	$ 14,874
Product-related accruals (see Note 2)	6,044	6,663
Accrued interest on debt (see Note 13)	3,737	1,351
Accrued manufacturing costs	2,214	3,105
Accrued employee compensation and benefits	2,217	2,777
Other accrued liabilities	3,565	3,628
Total	$ 32,912	$ 32,398

Deferred Revenue (Details)

Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
SPEDRA | Royalty Revenue
DEFERRED REVENUE
Contract with Customer, Liability, Revenue Recognized	$ 0.2	$ 0.3

Leases - Schedule of Lease Asse

Leases - Schedule of Lease Assets & Liabilities (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 1,201		$ 670	$ 781
Finance Lease, Right-of-Use Asset	329		260	354
Right of Use Assets	$ 1,530		$ 930	$ 1,135
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Vvus:RightOfUseAssets		Vvus:RightOfUseAssets	Vvus:RightOfUseAssets
Operating Lease, Liability, Current	$ 512		$ 548	$ 551
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Vvus:LeaseLiabilityCurrent		Vvus:LeaseLiabilityCurrent	Vvus:LeaseLiabilityCurrent
Finance Lease, Liability, Current	$ 131		$ 193	$ 216
Current portion of lease liability	643		741	767
Operating Lease, Liability, Noncurrent	$ 1,017		$ 331	$ 466
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Vvus:LeaseLiabilityNoncurrent		Vvus:LeaseLiabilityNoncurrent	Vvus:LeaseLiabilityNoncurrent
Finance Lease, Liability, Noncurrent	$ 188		$ 68	$ 136
Lease liability, net of current portion	1,205		$ 399	$ 602
Current Portion of Deferred Rent	(94)
Deferred Rent, Net of Current Portion	(234)
Cumulative effect of accounting change	10	$ 10
Accounting Standards Update 2016-02 [Member]
Lessee, Lease, Description [Line Items]
Cumulative effect of accounting change	10
Building [Member]
Lessee, Lease, Description [Line Items]
Current Portion of Deferred Rent	(94)
Deferred Rent, Net of Current Portion	$ (234)

Lease - Narratives (Details)

Lease - Narratives (Details)	3 Months Ended
	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating Lease, Weighted Average Remaining Lease Term	1 year 6 months
Finance Lease, Weighted Average Remaining Lease Term	1 year 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	7.80%
Finance Lease, Weighted Average Discount Rate, Percent	2.80%
Maximum
Lessee, Lease, Description [Line Items]
Finance Lease Remaining Lease Term	2 years 3 months 18 days
Lessee, Finance Lease, Renewal Term	2 years
Operating Lease Remaining Lease Term	2 years 3 months 18 days
Lessee, Operating Lease, Renewal Term	2 years
Minimum
Lessee, Lease, Description [Line Items]
Finance Lease Remaining Lease Term	1 year
Operating Lease Remaining Lease Term	1 year

Leases - Lease Cost and Lease B

Leases - Lease Cost and Lease BS Info (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 01, 2019
Lessee Lease Description [Abstract]
Operating Lease, Cost	$ 130	$ 130
Finance Lease, Right-of-Use Asset, Amortization	54	53
Finance Lease, Interest Expense	2	3
Total Finance Lease Cost	56	$ 56
Operating Lease, Right-of-Use Asset	670		$ 781	$ 1,201
Finance Lease, Right-of-Use Asset	260		354	329
Right of Use Assets	930		1,135	1,530
Operating Lease, Liability, Current	548		551	512
Finance Lease, Liability, Current	193		216	131
Current portion of lease liability	741		767	643
Operating Lease, Liability, Noncurrent	331		466	1,017
Finance Lease, Liability, Noncurrent	68		136	188
Lease liability, net of current portion	$ 399		$ 602	$ 1,205

Leases - Future Payment of Leas

Leases - Future Payment of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020 (rest of year) Operating Lease	$ 454
2021 (Operating Lease)	482
Total lease payments - Operating Lease	936
Less imputed interest - Operating Lease	(57)
Operating Lease Liabilities	$ 879
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Vvus:LeaseLiabilityCurrent vvus:LeaseLiabilityNoncurrent
Finance Lease, Liability, Payment, Due [Abstract]
2020 (rest of year) Finance Lease	$ 158
2021 (Finance Lease)	101
2022 (Finance Lease)	7
Total lease payments - Finance Lease	266
Less imputed interest - Finance Lease	(5)
Finance Lease Liability	$ 261

License, Commercialization An_2

License, Commercialization And Supply Agreements (Details) $ / shares in Units, $ in Thousands	Jun. 26, 2019	May 31, 2019country	Sep. 30, 2016	Nov. 29, 2013	Jul. 31, 2013country	Jun. 30, 2018USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2017USD ($)
License, Commercialization, and Development Agreements with Third Parties
Net revenue							$ 19,631		$ 16,146
Avanafil Tablets | Sanofi Chimie
License, Commercialization, and Development Agreements with Third Parties
Long-term Purchase Commitment, Period					5 years
Long Term Purchase Commitment Automatic Renewal of Additional Term					1 year
PANCREAZE | Warrants Issued
License, Commercialization, and Development Agreements with Third Parties
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term						7 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						61.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						2.91%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%
License revenue
License, Commercialization, and Development Agreements with Third Parties
Net revenue							2,000
License and Milestone Revenue
License, Commercialization, and Development Agreements with Third Parties
Net revenue							2,000
Janssen | PANCREAZE
License, Commercialization, and Development Agreements with Third Parties
Payments to Acquire Businesses, Gross						$ 135,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other						400
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accruals For Estimated Destruction Of Future Unsalable Inventory						6,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory						$ 2,100
Willow Biopharma Member | PANCREAZE
License, Commercialization, and Development Agreements with Third Parties
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares						357,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares						$ 3.70
Finite-Lived License Agreements, Gross						$ 141,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other						1,500
Willow Biopharma Member | PANCREAZE | Warrants Issued
License, Commercialization, and Development Agreements with Third Parties
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable						$ 800
License and commercialization agreement | SPEDRA | Menarini Group | Minimum
License, Commercialization, and Development Agreements with Third Parties
Number of European countries covered under the license agreement | country					40
License and commercialization agreement | PANCREAZE
License, Commercialization, and Development Agreements with Third Parties
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						10 years
Manufacturing and Supply Agreement Member | Avanafil Tablets | Sanofi Winthrop | Minimum
License, Commercialization, and Development Agreements with Third Parties
Long-term Purchase Commitment, Period				5 years
Amendment No. 1 to Manufacturing and Supply Agreement Member | Avanafil Tablets | Menarini Group | Minimum
License, Commercialization, and Development Agreements with Third Parties
Number of European countries covered under the license agreement | country		40
Amendment No. 1 to Manufacturing and Supply Agreement Member | Avanafil Tablets | Sanofi Winthrop
License, Commercialization, and Development Agreements with Third Parties
Long Term Purchase Commitment Automatic Renewal of Additional Term		1 year
Amended Nordmark Supply Agreement June 26, 2019 member | Janssen | PANCREAZE
License, Commercialization, and Development Agreements with Third Parties
Long Term Purchase Commitment Automatic Renewal of Additional Term	5 years
Supply agreement | Alvogen
License, Commercialization, and Development Agreements with Third Parties
Net revenue							$ 2,000	$ 2,500
Supply agreement | STENDRA/SPEDRA | Metuchen
License, Commercialization, and Development Agreements with Third Parties
Long-term Purchase Commitment, Period			5 years
Long Term Purchase Commitment Automatic Renewal of Additional Term			2 years
Termination notice of license and supply agreement			2 years
Supply agreement | License and Milestone Revenue | Alvogen
License, Commercialization, and Development Agreements with Third Parties
Net revenue										$ 2,500

Long-Term Debt (Schedule of Deb

Long-Term Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long-term debt
Net carrying value	$ 240,732	$ 241,727
Less current portion	181,822	183,006
Long-term debt	58,910	58,721
Convertible Notes
Long-term debt
Senior Secured Notes	181,426	181,426
Unamortized discount (premium) and debt issuance costs	396	1,580
Net carrying value	181,822	183,006
2024 Notes
Long-term debt
Senior Secured Notes	61,351	61,351
Unamortized discount (premium) and debt issuance costs	(2,441)	(2,630)
Net carrying value	$ 58,910	$ 58,721

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 31, 2018	Jun. 30, 2018	May 29, 2013	Sep. 30, 2019	Jun. 30, 2018	Mar. 31, 2020	May 21, 2013
Fda Approval Qsymia Pmr And Cvot Member
Long-term debt
Contractual Obligation Term						5 years
Marketing Expense						$ 0
Fda Approval Qsymia Pmr And Cvot Member | Minimum
Long-term debt
Contractual Obligation						180,000
Fda Approval Qsymia Pmr And Cvot Member | Maximum
Long-term debt
Contractual Obligation						$ 220,000
Convertible Notes
Long-term debt
Offering amount							$ 250,000
Debt Instrument, Interest Rate, Stated Percentage							4.50%
Net proceeds from offering			$ 241,800
Conversion price per share (in dollars per share)			$ 148.58
Repurchased Convertible Notes Face Value	$ 8,600	$ 60,000			$ 60,000
Cash payment repurchased convertible notes	7,100	$ 51,000			$ 51,000
Gain (Loss) on Extinguishment of Debt	$ 1,400
Senior Secured Note Athyrium Due 2024
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage		10.375%			10.375%
Senior Notes		$ 110,000			$ 110,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		330,000			330,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed					99.00%
Long-term Debt, Weighted Average Interest Rate, at Point in Time		11.30%			11.30%
Senior Secured Note Athyrium Due 2024 | Athyrium Capital Management Affiliates Member | Warrants Issued
Long-term debt
Expected life (in years)					6 years
Volatility (as a percent)					62.70%
Risk-free interest rate (as a percent)					2.83%
Dividend yield (as a percent)					0.00%
Additional Senior Secured Note Athyrium Due 2024
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage		10.375%			10.375%
Senior Notes		$ 10,000			$ 10,000
Debt Instrument, Term					12 months
2024 Notes
Long-term debt
Gain (Loss) on Extinguishment of Debt				$ 0
Repayments of Notes Payable				48,600
Prepayment premiums recorded as interest expense				$ 6,400

Long-Term Debt (Troubled Debt R

Long-Term Debt (Troubled Debt Restructuring) (Details) - USD ($) $ in Thousands	Apr. 29, 2020	Mar. 31, 2020	Dec. 31, 2019
Extinguishment of Debt [Line Items]
Accrued and unpaid interest held by convertible debt holders		$ 3,737	$ 1,351
Convertible Notes | IEH Biopharma And Other Holders Trouble Debt Restructuring | IEH Biopharma | Subsequent event | Convertible Notes
Extinguishment of Debt [Line Items]
Convertible Debt Principal Amount	$ 170,200
Accrued and unpaid interest held by convertible debt holders	$ 3,800
Grace period	30 days
Payments of Debt Restructuring Costs	$ 7,500
Remaining Outstanding Principal Amount Settled and Restructured	11,300
Convertible Notes | IEH Biopharma And Other Holders Trouble Debt Restructuring | Other Convertible Senior Notes Holder | Subsequent event | Convertible Notes
Extinguishment of Debt [Line Items]
Accrued and unpaid interest held by convertible debt holders	$ 253

Long Term Debt (Long Term Debt

Long Term Debt (Long Term Debt Future Amortization) (Details) $ in Thousands	Mar. 31, 2020USD ($)
LONG-TERM DEBT AND COMMITMENTS
2020 (rest of year)	$ 190,736
2021	20,152
2022	23,034
2023	21,076
2024	9,822
Total	$ 264,820

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss) per share.
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,054	2,784
Convertible Notes | Convertible Common Stock
Net income (loss) per share.
Net shares issued	0	0
Minimum stock price to trigger conversion of debt (in dollars per share)	$ 200	$ 200
Dilutive Securities impact on diluted net income (in dollars per share)	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
INCOME TAXES
Income Tax Expense (Benefit)	$ (45)	$ (8)
Unrecognized Tax Benefits	$ 210

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Thousands	May 04, 2020	Apr. 03, 2020	Apr. 29, 2020
Wainwright
Stock Issued During Period, Shares, New Issues		7,218,750
Shares Issued, Price Per Share		$ 1.60
Proceeds from Issuance of Common Stock		$ 11,550
Cash Placement Fee Equal to Percentage of Common Stock Purchase Price		7.00%
Management Fee Equal to Percentage of Common Stock Purchase Price		1.00%
Proceeds from Issuance of Private Placement		$ 10,500
Affiliates of Wainwright | Placement Agent Warrants
Class of Warrant or Right, Outstanding		433,125
Warrants and Rights Outstanding, Term		5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2
Paycheck Protection Program CARES Act
Proceeds from Loans	$ 1,250
Debt Instrument, Term	2 years
Debt Instrument, Interest Rate, Effective Percentage	1.00%
Loan Period To Cover Payroll, Rent and Utility Costs Under Cares Act To Be Forgiven	56 days
IEH Biopharma | Convertible Notes | Deutsche Bank Trustee And IEH Biopharma Noteholder
Convertible Debt Principal Amount			$ 170,200
Maximum | Affiliates of Wainwright | Placement Agent Warrants
Maximum Percentage of Common Stock Offering Issued as Warrants		6.00%