Ligand Pharmaceuticals (LGND) 10-K 23 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Billions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 17, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	LIGAND PHARMACEUTICALS INC
Entity Central Index Key	886163
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		19,577,556
Entity Public Float			$1
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents (including $756 and $0 related to a VIE, respectively)	$160,203	$11,639
Short-term investments	7,133	4,340
Accounts receivable, net	12,634	2,222
Inventory	269	1,392
Capitalized IPO expenses, VIE	2,268	0
Current debt issuance costs	809	0
Other current assets	1,520	959
Current portion of co-promote termination payments receivable	322	4,329
Total current assets	185,158	24,881
Restricted cash	1,261	1,341
Property and equipment, net	486	867
Intangible assets, net	50,723	53,099
Goodwill	12,238	12,238
Commercial license rights	4,568	4,571
Long-term portion of co-promote termination payments receivable	0	7,417
Long-term debt issuance costs	3,388	0
Other assets	207	299
Total assets	258,029	104,713
Current liabilities:
Accounts payable (including $2,211 and $0 related to a VIE, respectively)	7,698	3,951
Accrued liabilities	4,866	5,337
Current portion of contingent liabilities	6,796	1,712
Current portion of deferred income taxes	257	1,574
Current portion of notes payable ($334 and $0 related to a VIE, respectively	334	9,109
Current portion of co-promote termination liability	322	4,329
Current portion of lease exit obligations	2,356	2,811
Current portion of deferred revenue	150	116
Total current liabilities	22,779	28,939
Long-term portion of notes payable	195,908	0
Long-term portion of co-promote termination liability	0	7,417
Long-term portion of deferred revenue, net	2,085	2,085
Long-term portion of lease exit obligations	934	3,071
Long-term portion of deferred income taxes	2,792	1,098
Long-term portion of contingent liabilities	8,353	11,795
Other long-term liabilities	770	695
Total liabilities	233,621	55,100
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 33,333,333 shares authorized; 19,575,150 and 20,468,521 shares issued and outstanding at December 31, 2014 and 2013, respectively	20	21
Additional paid-in capital	680,660	718,017
Accumulated other comprehensive income	4,953	2,914
Accumulated deficit	-659,315	-671,339
Total stockholders’ equity attributable to parent	26,318	49,613
Noncontrolling interests	-1,910	0
Total stockholder's equity	24,408	49,613
Total liabilities and stockholders’ equity	$258,029	$104,713

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Cash and cash equivalents	$160,203	$11,639
Accounts payable	7,698	3,951
Current portion of notes payable	334	9,109
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	33,333,333	33,333,333
Common stock, shares issued	19,575,150	20,468,521
Common stock, shares outstanding	19,575,150	20,468,521
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	756	0
Accounts payable	2,211	0
Current portion of notes payable	$334	$0

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Royalties	$29,994	$23,584	$14,073
Material Sales	28,488	19,072	9,432
Collaborative research and development and other revenues	6,056	6,317	7,883
Total revenues	64,538	48,973	31,388
Operating costs and expenses:
Cost of material sales	9,136	5,732	3,601
Research and development	12,122	9,274	10,790
General and administrative	22,570	17,984	15,782
Lease exit and termination costs	1,084	560	1,022
Write-off of acquired in-process research and development	0	480	0
Total operating costs and expenses	44,912	34,030	31,195
Income from operations	19,626	14,943	193
Other (expense) income:
Interest expense, net	-4,860	-2,077	-2,924
Increase in contingent liabilities	-5,135	-3,597	-1,650
Other, net	1,671	-63	516
Total other expense, net	-8,324	-5,737	-4,058
Income (loss) from continuing operations before income tax benefit	11,302	9,206	-3,865
Income tax (expense) benefit from continuing operations	-410	-374	1,191
Income (loss) from continuing operations including noncontrolling interests	10,892	8,832	-2,674
Less: Net loss attributable to noncontrolling interests	-1,132	0	0
Net income (loss) from continuing operations	12,024	8,832	-2,674
Discontinued operations:
Gain on sale of Avinza Product Line, net	0	2,588	3,656
Income tax expense on discontinued operations	0	0	-1,509
Income from discontinued operations	0	2,588	2,147
Net income	$12,024	$11,420	($527)
Basic per share amounts:
Income (loss) from continuing operations (in usd per share)	$0.59	$0.43	($0.14)
Income from discontinued operations (in usd per share)	$0	$0.13	$0.11
Net income (loss) (in usd per share)	$0.59	$0.56	($0.03)
Weighted average number of common shares-basic	20,418,569	20,312,395	19,853,095
Diluted per share amounts:
Income (loss) from continuing operations (in usd per share)	$0.56	$0.43	($0.14)
Income from discontinued operations (in usd per share)	$0	$0.12	$0.11
Net income (loss) (in usd per share)	$0.56	$0.55	($0.03)
Weighted average number of common shares-diluted	21,433,177	20,745,454	19,853,095

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income (loss)	$12,024	$11,420	($527)
Unrealized net gain on available-for-sale securities, net of tax of $0	3,872	2,914	0
Less:Reclassification of net realized gains included in net income, net of tax of $0	-1,833	0	0
Comprehensive income (loss)	$14,063	$14,334	($527)

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Unrealized net loss on available-for-sale securities, tax	$0	$0	$0

CONSOLIDATED_STATEMENT_OF_STOC

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Noncontrolling interest	Treasury stock
In Thousands, except Share data, unless otherwise specified
Balance at beginning of period at Dec. 31, 2011	$8,185	$21	$732,676	$0	($682,232)		($42,280)
Balance at beginning of period (in shares) at Dec. 31, 2011		20,682,506					-1,118,222
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock compensation plans, net	1,103		1,103
Issuance of common stock under employee stock compensation plans (in shares)		180,979
Issuance of common stock, net	5,313		5,313
Issuance of common stock, net (in shares)		302,750
Stock-based compensation	4,067		4,067
Shares released from restriction	8,344		8,344
Shares released from restriction (in shares)		112,371
Net income (loss)	-527				-527
Net loss in noncontrolling interests	0
Realized gain on sale of investments	0
Balance at end of period at Dec. 31, 2012	26,485	21	751,503	0	-682,759		-42,280
Balance at end of period (in shares) at Dec. 31, 2012		21,278,606					-1,118,222
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock compensation plans, net	3,128	1	3,127
Issuance of common stock under employee stock compensation plans (in shares)		308,137
Stock-based compensation	5,666		5,666
Shares released from restriction	0
Retirement of treasury shares (in shares)	-1,118,222	-1,118,222					1,118,222
Retirement of treasury shares		-1	-42,279				42,280
Unrealized net loss on available-for-sale securities	2,914			2,914
Net income (loss)	11,420				11,420
Net loss in noncontrolling interests	0
Realized gain on sale of investments	0
Balance at end of period at Dec. 31, 2013	49,613	21	718,017	2,914	-671,339		0
Balance at end of period (in shares) at Dec. 31, 2013		20,468,521					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidation of variable interest entity	-778					-778
Issuance of common stock under employee stock compensation plans, net	4,561		4,561
Issuance of common stock under employee stock compensation plans (in shares)		360,054
Stock-based compensation	11,270		11,270
Shares released from restriction	0
Unrealized net loss on available-for-sale securities	3,872			3,872
Repurchase of common stock	-67,955	-1	-67,954
Repurchase of common stock (in shares)	-1,253,425	-1,253,425
Sale of warrants	11,638		11,638
Purchase of convertible bond hedge	-48,143		-48,143
Equity component of convertible debt issuance, net of issuance costs	51,271		51,271
Net income (loss)	12,024				12,024
Net loss in noncontrolling interests	-1,132					-1,132
Realized gain on sale of investments	-1,833			-1,833
Balance at end of period at Dec. 31, 2014	$24,408	$20	$680,660	$4,953	($659,315)	($1,910)	$0
Balance at end of period (in shares) at Dec. 31, 2014		19,575,150					0

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income (loss)	$10,892	$11,420	($527)
Less: gain from discontinued operations	0	2,588	2,147
Income (loss) from continuing operations	10,892	8,832	-2,674
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Write-off of acquired in-process research and development	0	480	0
Change in estimated fair value of contingent liabilities	5,135	3,597	1,650
Realized gain on sale of short-term investment	-1,538	0	0
Depreciation and amortization	2,657	2,663	2,727
Amortization of debt discount and issuance fees	3,694	0	0
Non-cash milestone revenue	-1,211	0	-1,212
(Gain) loss on asset disposal	-16	5	-17
Stock-based compensation	11,270	5,666	4,067
Deferred income taxes	410	374	-1,204
Accretion of note payable	222	417	492
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net	-10,412	2,367	1,521
Inventory	4,369	646	1,030
Other current assets	-426	-130	515
Other long term assets	-1,439	218	334
Accounts payable and accrued liabilities	-3,155	-2,758	-4,801
Other liabilities	34	-391	484
Deferred revenue	80	-654	-1,851
Net cash provided by operating activities of continuing operations	20,566	21,332	1,061
Net cash used in operating activities of discontinued operations	0	-642	-900
Net cash provided by operating activities	20,566	20,690	161
Investing activities
Purchase of commercial license rights	-1,000	-3,571	0
Payments to CVR holders and other contingency payments	-3,493	-989	-8,049
Purchases of property and equipment	-6	-377	-595
Proceeds from sale of property and equipment	125	3	20
Proceeds from sale of short-term investments	2,342	0	10,000
Other, net	5	-40	-113
Net cash (used in) provided by investing activities	-2,027	-4,974	1,263
Financing activities
Proceeds from issuance of debt	0	0	7,500
Repayment of debt	-9,366	-19,586	-10,000
Gross proceeds from issuance of 2019 Convertible Senior Notes	245,000	0	0
Payment of debt issuance costs	-5,711	0	0
Proceeds from issuance of warrants	11,638	0	0
Purchase of convertible bond hedge	-48,143	0	0
Proceeds from issuance of common stock, net	0	0	5,313
Net proceeds from stock option exercises	4,561	3,128	1,103
Share repurchases	-67,954	0	0
Net cash (used in) provided by financing activities	130,025	-16,458	3,916
Net (decrease) increase in cash and cash equivalents	148,564	-742	5,340
Cash and cash equivalents at beginning of year	11,639	12,381	7,041
Cash and cash equivalents at end of year	160,203	11,639	12,381
Supplemental disclosure of cash flow information
Interest paid	494	1,816	2,452
Taxes paid	18	26	0
Supplemental schedule of non-cash investing and financing activities
Accrued inventory purchases	3,246	341	1,426
Unrealized gain on AFS investments	3,872	2,914	0
Common stock released from restriction	$0	$0	$8,344

Basis_of_Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
	Ligand Pharmaceuticals Incorporated, a Delaware corporation (the “Company” or “Ligand”) is a biopharmaceutical company with a business model that is based upon the concept of developing or acquiring royalty revenue generating assets and coupling them with a lean corporate cost structure. By diversifying the portfolio of assets across numerous technology types, therapeutic areas, drug targets and industry partners, the Company offers investors an opportunity to invest in the increasingly complicated and unpredictable pharmaceutical industry. These therapies address the unmet medical needs of patients for a broad spectrum of diseases including hepatitis, muscle wasting, Alzheimer’s disease, dyslipidemia, diabetes, anemia, asthma, focal segmental glomerulosclerosis, or FSGS, and osteoporosis. Ligand has established multiple alliances with the world’s leading pharmaceutical companies including GlaxoSmithKline, Amgen, Inc., Merck, Pfizer and Baxter International. The Company’s principle market is the United States. The Company sold its Oncology Product Line (“Oncology”) and Avinza® Product Line (“Avinza”) on October 25, 2006 and February 26, 2007, respectively. The operating results for Oncology and Avinza have been presented in the accompanying consolidated financial statements as “Discontinued Operations”.
	The Company had net income of $12.0 million for the year ended December 31, 2014. As of December 31, 2014, the Company’s accumulated deficit was $659.3 million and the Company had working capital of $162.4 million. The Company believes that its currently available cash, cash equivalents and short-term investments, as well as its current and future royalty, license and milestone revenues and Captisol material sales will be sufficient to fund operating and capital requirements, at a minimum, through December 31, 2015.  The Company expects to build cash in future months as it continues to generate significant cash flows from operations. The ability of the Company to achieve its operational targets is dependent upon the Company’s ability to further implement its business plan and generate sufficient operating cash flow.
	Principles of Consolidation
	The accompanying consolidated financial statements include Ligand and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
	Use of Estimates
	The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the consolidated financial statements and the reported amounts of revenues and expenses, definite and indefinite lived intangible assets, inventory, goodwill, co-promote termination payments receivable and co-promote termination liabilities, uncertain tax positions, deferred revenue, lease exit liability and income tax net operating loss carryforwards during the reporting period. The Company’s critical accounting policies are those that are both most important to the Company’s financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates.
	Reclassifications
	Certain reclassifications have been made to the previously issued statement of operations for comparability purposes. These reclassifications had no effect on the reported net income, stockholders' equity and operating cash flows as previously reported.
	Income (Loss) Per Share
	Basic income (loss) per share is calculated by dividing net income or loss by the weighted average number of common shares and vested restricted stock units outstanding. Diluted income (loss) per share is computed by dividing net income or loss by the weighted average number of common shares and vested restricted stock units outstanding and the weighted average number of dilutive common stock equivalents, including stock options, non-vested restricted stock units, convertible notes and warrants. Common stock equivalents are only included in the diluted earnings per share calculation when their effect is dilutive. Potential common shares, the shares that would be issued upon the exercise of outstanding stock options and warrants and the vesting of restricted shares that are excluded from the computation of diluted net income (loss) per share because their effect is anti-dilutive, were 5.1 million, 0.8 million and 1.1 million for the years ended December 31, 2014, 2013 and 2012 respectively.
	The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts):
		Year Ended December 31,
	EPS Attributable to Common Shareholders	2014				2013				2012
	Net income (loss) from continuing operations	12,024				$	8,832			$	(2,674	)
	Discontinued operations	—				2,588				2,147
	Net income (loss)	$	12,024			$	11,420			$	(527	)
	Shares used to compute basic income (loss) per share	20,418,569				20,312,395				19,853,095
	Dilutive potential common shares:
	Stock options	978,162				352,959				—
	Restricted stock	36,446				80,100				—
	Shares used to compute diluted income (loss) per share	21,433,177				20,745,454				19,853,095
	Basic per share amounts:
	Income (loss) from continuing operations	$	0.59			$	0.43			$	(0.14	)
	Discontinued operations	—				0.13				0.11
	Net income (loss)	$	0.59			$	0.56			$	(0.03	)
	Diluted per share amounts:
	Income (loss) from continuing operations	$	0.56			$	0.43			$	(0.14	)
	Discontinued operations	—				0.12				0.11
	Net income (loss)	$	0.56			$	0.55			$	(0.03	)
	Cash and Cash Equivalents
	Cash and cash equivalents consist of cash, money market accounts, and certificates of deposit with original maturities of three months or less from the date of purchase.
	Short-term Investments
	Securities received by the Company as a result of a milestone payment from licensees are considered short-term investments and have been classified by management as available-for-sale. Such investments are carried at fair value, with unrealized gains and losses included in the statement of comprehensive income (loss). The Company determines the cost of investments based on the specific identification method.
	Restricted Cash
	Restricted cash and investments consist of certificates of deposit held with a financial institution as collateral under a facility lease and third-party service provider arrangements.
	The following table summarizes the various investment categories at December 31, 2014 and 2013 (in thousands):
		Cost				Gross unrealized				Gross unrealized			Estimated
						gains				losses			fair value
	31-Dec-14
	Short-term investments	$	2,179			$	4,954			$	—		$	7,133
	Certificates of deposit - restricted	1,261				—				—			1,261
		$	3,440			$	4,954			$	—		$	8,394
	31-Dec-13
	Short-term investments	1,426				2,914				$	—		$	4,340
	Certificates of deposit-restricted	1,341				—				—			1,341
		$	2,767			$	2,914			$	—		$	5,681
	Concentrations of Business Risk
	Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents and investments.
	The Company invests its excess cash principally in United States government debt securities, investment grade corporate debt securities and certificates of deposit. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. During 2014, the Company did not experience any significant losses on its cash equivalents, short-term investments or restricted investments. As of December 31, 2014, cash deposits held at financial institutions in excess of FDIC insured amounts of $250,000 were approximately $91.7 million.
	A relatively small number of partners accounts for a significant percentage of our revenue. Revenue from significant partners, which is defined as 10% or more of our total revenue, was as follows:
		December 31,
		2014			2013			2012
	Partner A	37	%		33	%		32	%
	Partner B	31	%		28	%		15	%
	Partner C	10	%		14	%		19	%
	Accounts receivable from two customers were 64% of total accounts receivable at December 31, 2014. Accounts receivable from two customers were 75% of total accounts receivable at December 31, 2013.
	The Company obtains Captisol from a single supplier, Hovione. If this supplier were not able to supply the requested amounts of Captisol, the Company would be unable to continue to derive revenues from the sale of Captisol until it obtained an alternative source, which could take a considerable length of time.
	Inventory
	Inventory, which consists of finished goods, is stated at the lower of cost or market value. The Company determines cost using the first-in, first-out method. The Company analyzes its inventory levels periodically and writes down inventory to its net realizable value if it has become obsolete, has a cost basis in excess of its expected net realizable value or is in excess of expected requirements. There were no write downs related to obsolete inventory recorded for the years ended December 31, 2014 and 2013. As of December 31, 2014, the commitment under our supply agreement with Hovione for Captisol purchases was $15.4 million.
	Allowance for Doubtful Accounts
	The Company maintains an allowance for doubtful accounts based on the best estimate of the amount of probable losses in the Company’s existing accounts receivable. Accounts receivable that are outstanding longer than their contractual payment terms, ranging from 30 to 90 days, are considered past due. When determining the allowance for doubtful accounts, several factors are taken into consideration, including historical write-off experience and review of specific customer accounts for collectability. Account balances are charged off against the allowance after collection efforts have been exhausted and the potential for recovery is considered remote. There was no allowance for doubtful accounts recorded as of December 31, 2014 and 2013.
	Property and Equipment, net
	Property and equipment is stated at cost and consists of the following (in thousands):
	December 31,
	2014				2013
Lab and office equipment	$	2,232			$	3,737
Leasehold improvements	273				387
Computer equipment and software	624				616
	3,129				4,740
Less accumulated depreciation and amortization	(2,643		)		(3,873		)
	$	486			$	867
Depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets which range from three to ten years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or their related lease term, whichever is shorter. Depreciation expense of $0.3 million was recognized in each of the three years ending December 31, 2014, 2013, and 2012, and is included in operating expenses.
Goodwill and Other Identifiable Intangible Assets
Goodwill and other identifiable intangible assets consist of the following (in thousands):
	December 31,
	2014				2013
Indefinite lived intangible assets
Acquired in-process research and development	$	12,556			$	12,556
Goodwill	12,238				12,238
Definite lived intangible assets
Complete technology	15,267				15,267
Less: Accumulated amortization	(2,999		)		(2,235		)
Trade name	2,642				2,642
Less: Accumulated amortization	(519		)		(387		)
Customer relationships	29,600				29,600
Less: Accumulated amortization	(5,824		)		(4,344		)
Total goodwill and other identifiable intangible assets, net	$	62,961			$	65,337
In January 2011, the Company completed its acquisition of CyDex. As a result of the transaction, the Company recorded $47.5 million of intangible assets with definite lives. The weighted-average amortization period for the identified intangible assets with definite lives is 20 years. In addition, the Company recorded $3.2 million of acquired In-Process Research and Development ("IPR&D") and $11.5 million of goodwill.
Amortization of definite lived intangible assets is computed using the straight-line method over the estimated useful life of the asset of 20 years. Amortization expense of $2.4 million was recognized in each of the three years ending December 31, 2014, 2013, and 2012, respectively. Estimated amortization expense for the years ending December 31, 2015 through 2019 is $2.4 million per year.
The Company accounts for goodwill in accordance with Accounting Standards Codification ("ASC"), 350, Goodwill and Other Intangibles. The Company performs its impairment analysis for goodwill and certain non-amortizing intangibles on at least an annual basis. The Company uses the income approach and the market approach, each weighted at 50%, for goodwill impairment analysis. For the income approach, the Company considers the present value of future cash flows and the carrying value of its assets and liabilities, including goodwill. The market approach is based on an analysis of revenue multiples of guideline public companies. If the carrying value of the assets and liabilities, including goodwill, were to exceed the Company’s estimation of the fair value, the Company would record an impairment charge in an amount equal to the excess of the carrying value of goodwill over the implied fair value of the goodwill. The Company performs an evaluation of goodwill as of December 31 of each year, absent any indicators of earlier impairment, to ensure that impairment charges, if applicable, are reflected in the Company's financial results before December 31 of each year. When it is determined that impairment has occurred, a charge to operations is recorded. Goodwill and other intangible asset balances are included in the identifiable assets of the business segment to which they have been assigned. Any goodwill impairment, as well as the amortization of other purchased intangible assets, is charged against the respective business segments’ operating income. As of December 31, 2014, 2013 and 2012 there has been no impairment of goodwill for continuing operations.
Acquired in-process research and development
Intangible assets related to acquired IPR&D are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. During the period the assets are considered to be indefinite-lived, they will not be amortized but will be tested for impairment on an annual basis and between annual tests if the Company becomes aware of any events occurring or changes in circumstances that would indicate a reduction in the fair value of the IPR&D projects below their respective carrying amounts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. For the year ended December 31, 2013, the Company recorded a non-cash impairment charge of $0.5 million for the write-off of IPR&D for Captisol-enabled intravenous Clopidogrel. The impairment analysis was performed based on the income method using a Monte Carlo analysis. The asset was impaired upon notification from MedCo that they intended to terminate the license agreement and return the rights of the compound to the Company. Captisol-enabled intravenous Clopidogrel is an intravenous formulation of the anti-platelet medication designed for situations where the administration of oral platelet inhibitors is not feasible or desirable. For the years ended December 31, 2014 and December 31, 2012, there was no impairment of IPR&D.
Commercial license rights
Commercial license rights represent a portfolio of future milestone and royalty payment rights acquired in accordance with the Royalty Stream and Milestone Payments Purchase Agreement entered into with Selexis SA ("Selexis") in April 2013. The portfolio consists of over 15 Selexis commercial license agreement programs with various pharmaceutical-company counterparties. The purchase price was $4.6 million, inclusive of acquisition costs. Individual commercial license rights acquired under the agreement are carried at allocated cost and approximate fair value. The carrying value of the license rights will be reduced on a pro-rata basis as revenue is realized over the term of the agreement. Declines in the fair value of individual license rights below their carrying value that are deemed to be other than temporary are reflected in earnings in the period such determination is made.
Contingent Liabilities
In connection with the Company’s acquisition of CyDex in January 2011, the Company recorded a $17.6 million contingent liability, inclusive of the $4.3 million payment made in January 2012, for amounts potentially due to holders of the CyDex CVR's and former license holders. The initial fair value of the liability was determined using the income approach incorporating the estimated future cash flows from potential milestones and revenue sharing. These cash flows were then discounted to present value using a discount rate of 21.6%. The liability is periodically assessed based on events and circumstances related to the underlying milestones, and the change in fair value will be recorded in the Company’s consolidated statements of operations. The carrying amount of the liability may fluctuate significantly and actual amounts paid under the CVR agreements may be materially different than the carrying amount of the liability. The fair value of the liability at December 31, 2014 and 2013 was $11.5 million and $9.3 million, respectively. The Company recorded a fair value adjustment to increase the liability for CyDex related contingent liabilities of $5.7 million for the year ended December 31, 2014, $0.6 million decrease in the liability for the year ended December 31, 2013 and an increase in the liability of $3.4 million for the year ended December 31, 2012. Contingent liabilities decreased for cash payments to CVR holders and other contingency payments by $3.5 million during the year ended December 31, 2014, $1.0 million during the year ended December 31, 2013 and $8.0 million during the year ended December 31, 2012.
In connection with the Company’s acquisition of Metabasis in January 2010, the Company issued Metabasis stockholders four tradable CVRs, one CVR from each of four respective series of CVR, for each Metabasis share. The CVRs will entitle Metabasis stockholders to cash payments as frequently as every six months as cash is received by the Company from proceeds from Metabasis’ partnership with Roche (which has been terminated) or the sale or partnering of any of the Metabasis drug development programs, among other triggering events. The acquisition-date fair value of the CVRs of $9.1 million was determined using quoted market prices of Metabasis common stock in active markets. The fair values of the CVRs are remeasured at each reporting date through the term of the related agreement. Changes in the fair values are reported in the statement of operations as income (decreases) or expense (increases). The carrying amount of the liability may fluctuate significantly based upon quoted market prices and actual amounts paid under the agreements may be materially different than the carrying amount of the liability. The fair value of the liability was $3.7 million and $4.2 million as of December 31, 2014 and 2013, respectively. The Company recorded a decrease in the liability for CVRs of $0.5 million during the year ended December 31, 2014, an increase of $4.2 million during the year ended December 31, 2013 and a decrease of $1.1 million during the year ended December 31, 2012.
In connection with the Company’s acquisition of Neurogen in December 2009, the Company issued to Neurogen stockholders four CVRs; real estate, Aplindore, VR1 and H3, that entitle them to cash and/or shares of third-party stock under certain circumstances. The Company recorded the acquisition-date fair value of the CVRs as part of the purchase price. The acquisition-date fair value of the real estate CVR of $3.2 million was estimated using the net proceeds from a pending sale transaction and recorded as a payable to stockholders at December 31, 2009. In February 2010, the Company completed the sale of the real estate and subsequently distributed the proceeds to the holders of the real estate CVR. As a result and after final settlement of all related expenses, the real estate CVR was terminated in August 2010. In 2012, the Company received a notice from a collaborative partner that it was terminating its agreement related to VR1 for convenience and subsequently the Company recorded a decrease in the fair value of the liability for the related CVR of $0.2 million. Additionally, per the CVR agreement, no payment event date for the H3 program can occur after December 23, 2012 and the Company recorded a decrease in the fair value of the liability for the related CVR of $0.5 million as of that date. There are no remaining CVR obligations under the agreement with the former Neurogen shareholders.
Fair Value of Financial Instruments
Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The Company establishes a three-level hierarchy to prioritize the inputs used in measuring fair value. The levels are described in the below with level 1 having the highest priority and level 3 having the lowest:
Level 1 - Observable inputs such as quoted prices in active markets
Level 2 - Inputs other than the quoted prices in active markets that are observable either directly or indirectly
Level 3 - Unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions
The carrying amount of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate the fair value because of their short maturities. Other assets and liabilities that are carried at fair value include short-term investments, certain license liabilities in equity securities, certain co-promote termination asset and liability, and contingent consideration liabilities. For additional information, see Note 3 Fair Value Measurement
The Company evaluates its financial instruments at each reporting period to determine if any transfers between the various three-level hierarchy have occurred and appropriately reclassifies its financial instruments to the appropriate level within the hierarchy.
Treasury Stock
The Company may on occasion repurchase its common stock on the open market or in private transactions. When such stock is repurchased it is not constructively or formally retired and may be reissued if certain regulatory requirements are met; however, the Company may from time to time choose to retire the shares of common stock held in its treasury. The purchase price of the common stock repurchased is charged to treasury stock. During the year ended December 31, 2013, the Company retired 1,118,222 shares of its common stock held in treasury.
Revenue Recognition
Royalties on sales of products commercialized by the Company’s partners are recognized in the quarter reported by the respective partner. Generally, the Company receives royalty reports from its licensees approximately one quarter in arrears due to the fact that its agreements require partners to report product sales between 30 and 60 days after the end of the quarter. The Company recognizes royalty revenues when it can reliably estimate such amounts and collectability is reasonably assured. Under this accounting policy, the royalty revenues reported are not based upon estimates and such royalty revenues are typically reported to the Company by its partners in the same period in which payment is received.
Revenue from material sales of Captisol is recognized upon transfer of title, which normally passes upon shipment to the customer, provided all other revenue recognition criteria have been met; however, we do not recognize revenue until all substantive customer acceptance requirements have been met, when applicable. The Company’s credit and exchange policy includes provisions for the return of product between 30 to 90 days, depending on the specific terms of the individual agreement, when that product (1) does not meet specifications, (2) is damaged in shipment (in limited circumstances where title does not transfer until delivery), or (3) is exchanged for an alternative grade of Captisol. All product returns are subject to approval by the Company and a 20% restocking fee. To date, product returns by customers have not been material to net material sales in any related period. The Company records revenue net of product returns, if any, and sales tax collected and remitted to government authorities during the period.
The Company analyzes its revenue arrangements and other agreements to determine whether there are multiple elements that should be separated and accounted for individually or as a single unit of accounting. For multiple element contracts, arrangement consideration is allocated at the inception of the arrangement to all deliverables on the basis of relative selling price, using a hierarchy to determine selling price. Management first considers vendor-specific objective evidence ("VSOE"), then third-party evidence ("TPE") and if neither VSOE nor TPE exist, the Company uses its best estimate of selling price.
Many of the Company's Captisol license arrangements involve the bundling of a license with the option to purchase Captisol material. Licenses are granted to pharmaceutical companies for the use of Captisol in the development of pharmaceutical compounds. The licenses may be granted for the use of the Captisol product for all phases of clinical trials and through commercial availability of the host drug or may be limited to certain phases of the clinical trial process. Management believes that the Company's licenses have stand-alone value at the outset of an arrangement because the customer obtains the right to use Captisol in its formulations without any additional input by the Company.
Other nonrefundable, up-front license fees are recognized as revenue upon delivery of the license, if the license is determined to have standalone value that is not dependent on any future performance by the Company under the applicable collaboration agreement. Nonrefundable contingent event-based payments are recognized as revenue when the contingent event is met, which is usually the earlier of when payments are received or collections are assured, provided that it does not require future performance by the Company. The Company occasionally has sub-license obligations related to arrangements for which it receives license fees, milestones and royalties. The Company evaluates the determination of gross versus net reporting based on each individual agreement.
Sales-based contingent payments from partners are accounted for similarly to royalties, with revenue recognized upon achievement of the sales targets assuming all other revenue recognition criteria for milestones are met. Revenue from development and regulatory milestones is recognized when earned, as evidenced by written acknowledgement from the collaborator, provided that (1) the milestone event is substantive, its achievability was not reasonably assured at the inception of the agreement, and the Company has no further performance obligations relating to that event, and (2) collectability is reasonably assured. If these criteria are not met, the milestone payment is recognized over the remaining period of the Company’s performance obligations under the arrangement.
Revenue from research funding under our collaboration agreements is earned and recognized on a percentage-of completion basis as research hours are incurred in accordance with the provisions of each agreement.
In May 2014, the Company entered into a licensing agreement and research collaboration with Omthera Pharmaceuticals. The research collaboration will target the development of novel products that utilize the proprietary Ligand developed LTP TECHNOLOGY™ to improve lipid-lowering activity of certain omega-3 fatty acids. The Company is eligible to receive compensation and reimbursement from Omthera for internal research effort and external costs incurred, as well as development and regulatory event-based payments. The completion of a proof of concept under the development program would trigger a $1.0 million payment which is determined to be a milestone under the milestone method of accounting as (1) it is an event that can only be achieved in part on the Company's past performance, (2) there was substantive uncertainty at the date the arrangement was entered into that the event would be achieved and (3) it results in additional payment being due to the Company. None of the other event-based payments represents a milestone under the milestone method of accounting. No event based payment or milestone was achieved during the periods presented. The Company received $0.5 million from Omthera in 2014 under the agreement and recognized $0.4 million as collaborative revenue based on the percentage of completion of the research program at December 31, 2014. No milestone payment or contingent payment was received in 2014.
Cost of Material Sales
The Company determines cost using the first-in, first-out method. Cost of material sales include all costs of purchase and other costs incurred in bringing the Captisol inventories to their present location and condition, costs to store, and distribute.
Preclinical Study and Clinical Trial Accruals
Substantial portions of the Company’s preclinical studies and all of the Company’s clinical trials have been performed by third-party laboratories, contract research organizations, or other vendors ("CROs").  The Company accounts for a significant portion of its clinical study costs according to the terms of its contracts with CROs. The terms of its CRO contracts may result in payment flows that do not match the periods over which services are provided to us under such contracts. The Company's objective is to reflect the appropriate preclinical and clinical trial expenses in its financial statements in the same period as the services occur. As part of the process of preparing its financial statements, the Company relies on cost information provided by its CROs. The Company is also required to estimate certain of its expenses resulting from its obligations under its CRO contracts. Accordingly, the Company's preclinical study and clinical trial accrual is dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. The Company periodically evaluates its estimates to determine if adjustments are necessary or appropriate as more information becomes available concerning changing circumstances, and conditions or events that may affect such estimates. No material adjustments to preclinical study and clinical trial accrued expenses have been recognized to date.
Sale of Royalty Rights
The Company previously sold to third parties the rights to future royalties of certain of its products. As part of the underlying royalty agreements, the partners have the right to offset a portion of any future royalty payments owed to the Company to the extent of previous milestone payments. Accordingly, the Company deferred a portion of the revenue associated with each tranche of royalty right sold, equal to the pro-rata share of the potential royalty offset. Such amounts associated with the offset rights against future royalty payments will reduce this balance upon receipt of future royalties from the respective partners. As of December 31, 2014 and 2013, the Company had deferred $0 million and $0.1 million of revenue, respectively.
Product Returns (Avinza and Oncology product lines)
In connection with the sale of the Avinza and Oncology product lines, the Company retained the obligation for returns of product that were shipped to wholesalers prior to the close of the transactions. The accruals for product returns, which were recorded as part of the accounting for the sales transactions, are based on historical experience. Any subsequent changes to the Company’s estimate of product returns are accounted for as a component of discontinued operations.
Research and Development Expenses
Research and development expense consists of labor, material, equipment, and allocated facilities costs of the Company’s scientific staff who are working pursuant to the Company’s collaborative agreements and other research and development projects. Also included in research and development expenses are third-party costs incurred for the Company’s research programs including in-licensing costs, CRO costs and costs incurred by other research and development service vendors. We expense these costs as they are incurred. When we make payments for research and development services prior to the services being rendered, we record those amounts as prepaid assets on our consolidated balance sheet and we expense them as the services are provided.
Income Taxes
Income taxes are accounted for under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the tax basis of assets or liabilities and their carrying amounts in the consolidated financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefit or if future deductibility is uncertain. As of December 31, 2014 and 2013, the Company had provided a full valuation allowance against its deferred tax assets as recoverability was uncertain. Developing the provision for income taxes requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and, if necessary, any valuation allowances that may be required for deferred tax assets. Management's judgments and tax strategies are subject to audit by various taxing authorities. While the Company believes it has provided adequately for its income tax liabilities in its consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the Company's consolidated financial condition and results of operations.
The Company's ending deferred tax liability represents a future tax obligation for current tax amortization claimed on acquired IPR&D. As the Company cannot estimate when the IPR&D assets will be amortizable for financial reporting purposes, the deferred tax liability associated with the IPR&D assets cannot be used to support the realization of the Company's deferred tax assets. As a result, the Company is required to increase its valuation allowance and record a charge to deferred taxes.
Accounting for Stock-Based Compensation
The Company grants options and awards to employees, non-employee consultants, and non-employee directors. Only new shares of common stock are issued upon the exercise of stock options. Non-employee directors are accounted for as employees. Options and restricted stock granted to certain directors vest in equal monthly installments over one year from the date of grant. Options granted to employees vest 1/8 on the six month anniversary of the date of grant, and 1/48 each month thereafter for forty-two months. All option awards generally expire ten years from the date of grant.
Stock-based compensation expense for awards to employees and non-employee directors is recognized on a straight-line basis over the vesting period until the last tranche vests. The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions:
	Year Ended December 31,
	2014		2013		2012
Risk-free interest rate	1.90%		1.13%-1.82%		0.83%-1.14%
Dividend yield	—		—		—
Expected volatility	62%-69%		69%		69%
Expected term	6 years		6 years		6 years
Forfeiture rate	8.6%-9.7%		8.4%-9.8%		8.0%-11.2%
The risk-free interest rate is based on the U.S. Treasury yield curve at the time of the grant. The expected term of the employee and non-employee director options is the estimated weighted-average period until exercise or cancellation of vested options (forfeited unvested options are not considered) based on historical experience. The expected term for consultant awards is the remaining period to contractual expiration. Volatility is a measure of the expected amount of variability in the stock price over the expected life of an option expressed as a standard deviation. In making this assumption, the Company used the historical volatility of the Company’s stock price over a period equal to the expected term. The forfeiture rate is based on historical data at the time of the grant.
The following table summarizes stock-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
	December 31,
	2014				2013				2012
Stock-based compensation expense as a component of:
Research and development expenses	$	3,595			$	1,705			$	1,448
General and administrative expenses	7,675				3,961				2,619
	$	11,270			$	5,666			$	4,067
Segment Reporting
Under Accounting Standards Codification No. 280, “Segment Reporting” (ASC 280), operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the entity’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The Company has evaluated ASC 280 and has identified two reportable segments: the development and commercialization of drugs using Captisol technology by CyDex Pharmaceuticals, Inc. and the biopharmaceutical company with a business model that is based upon the concept of developing or acquiring royalty revenue generating assets and coupling them with a lean corporate cost structure of Ligand Pharmaceuticals Incorporated. Intercompany transactions between operating segments have been eliminated in consolidation.
Comprehensive Income (Loss)
Comprehensive income (loss) represents net income (loss) adjusted for the change during the periods presented in unrealized gains and losses on available-for-sale securities less reclassification adjustments for realized gains or losses included in net income (loss). The unrealized gains or losses are reported on the Consolidated Statements of Comprehensive Income (Loss).
Consolidation of Variable Interest Entities
In accordance with ASC 810, Consolidations, the applicable accounting guidance for the consolidation of variable interest entities (“VIE”), the Company analyzes its interests, including agreements, loans, guarantees, and equity investments, if applicable, on a periodic basis to determine if such interests are variable interests. If variable interests are identified, then the related entity is assessed to determine if it is a VIE. The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on the design of the entity, its organizational structure including its decision-making authority, and relevant agreements. The Company identifies an entity as a VIE if either: (1) the entity does not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support, or (2) the entity's equity investors lack the essential characteristics of a controlling financial interest. If the Company determines that the entity is a VIE, then the Company performs ongoing assessments of its VIEs to determine whether the Company has a controlling financial interest in any VIE and therefore is the primary beneficiary. The Company’s determination of whether it is the primary beneficiary is based upon qualitative and quantitative analyses, which assess the purpose and design of the VIE, the nature of the VIE’s risks and the risks that the Company absorbs, the power to direct activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. If the Company is the primary beneficiary of a VIE, it consolidates the VIE under applicable accounting guidance (see Note 2, “Variable Interest Entities”, for more information).
Convertible Debt
In August 2014, the Company completed a $245.0 million offering of convertible senior notes, which mature in 2019 and bear interest at 0.75%. The Company accounts for notes by separating the liability and equity components of the instrument in a manner that reflects the Company's nonconvertible debt borrowing rate. As a result, the Company assigned a value to the debt component of the notes equal to the estimated fair value of similar debt instruments without the conversion feature, which resulted in the Company recording the debt instrument at a discount. The Company is amortizing the debt discount over the life of the notes as additional non-cash interest expense utilizing the effective interest method.
New Accounting Pronouncements
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated Other Comprehensive Income ("AOCI") by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. Implementing ASU 2013-02 did not change the current requirements for reporting net income or other comprehensive income in the financial statements. The amendments in this ASU are effective for the Company for fiscal years, and interim periods within those years, beginning after January 1, 2014. The Company's adoption of this standard did not materially affect the consolidated financial statements.
In July 2013, FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires the netting of unrecognized tax benefits ("UTBs") against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs are required to be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. ASU 2013-11 is effective for the Company for interim and annual periods beginning after December 15, 2013. The Company's adoption of this standard did not materially affect the consolidated financial statements.
In April 2014, FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and modifies the related disclosure requirements. Under the new guidance, only disposals resulting in a strategic shift that will have a major effect on an entity's operations and financial results will be reported as discontinued operations. ASU 2014-08 also removes the requirement that an entity not have any significant continuing involvement in the operations of the component after disposal to qualify for reporting of the disposal as a discontinued operation. The guidance is effective for annual and interim periods beginning after December 15, 2014, with early adoption permitted for any disposal transaction not previously reported. Management does not believe the adoption of this guidance will have a material impact on the Company's consolidated financial statements.
In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, (5) recognize revenue when (or as) the entity satisfies a performance obligation. Management is currently evaluating the effect the adoption of this standard will have on the Company's financial statements.
In June 2014, FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718, Compensation - Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in this update will be effective for the Company as of January 1, 2016. Earlier adoption is permitted. Entities may apply the amendments in this update either: (1) prospectively to all awards granted or modified after the effective date; or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If a retrospective transition is adopted, the cumulative effect of applying this update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. In addition, if a retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. Management is currently assessing the impact of this update, and believes that its adoption on January 1, 2016 will not have a material impact on the Company's consolidated financial statements.
In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. The amendments in this update require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period, including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this update are effective for the Company as of January 1, 2017. Early application is permitted. Management is currently assessing the impact of this update on its future discussion of the Company's liquidity position in the Management’s Discussion and Analysis.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities
	In May 2014, the Company entered into a Master License Agreement to license rights to five programs to Viking, an unrelated clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. As part of this transaction, the Company extended a $2.5 million convertible loan facility to Viking that can be used to pay Viking’s operating and financing-related expenses. Under the terms of the convertible loan facility, the principal amount outstanding accrues interest at a fixed rate equal to the lesser of 5% and the maximum interest rate permitted by law. The loan is due and payable in May 2016, unless the loans are converted into equity prior to such time. Upon the earlier to occur of an Initial Public Offering ("IPO") or a qualified financing event, the Company may elect to be repaid in cash or equity equal to 200% of the accrued principal and interest.
	As partial consideration for the grant of the rights and licenses under the license agreement, in the event Viking consummates an IPO or other qualified financing event, Viking will issue to the Company a certain amount of equity. At the closing of an IPO a number of shares of common stock having an aggregate value of $29.0 million will be issued to the Company, subject to adjustment in certain circumstances. In the event Viking consummates a private financing prior to an IPO, the Company has the option to receive a number of shares of the same class and type of securities issued in the private financing having an aggregate value of $29.0 million, subject to adjustment in certain circumstances. The Company has the right to terminate the license agreement on or after April 30, 2015 if Viking has neither completed an IPO nor received aggregate net proceeds of at least $20.0 million in one or more private financings. The Company also has the right to terminate the license agreement in the event of insolvency or bankruptcy of Viking. On July 1, 2014, Viking filed an initial Form S-1 with the Securities and Exchange Commission for an IPO. As of the date of this report, the filed Form S-1 has not been declared effective. As of December 31, 2014, no amounts have been recorded for the potential receipt of equity related to a financing transaction in accordance with authoritative guidance.
	The Company determined it holds a variable interest in Viking based on management's assessment that Viking does not have sufficient resources to carry out its principal activities without the support of the Company. The Company's variable interests in Viking are a loan provided by the Company to Viking and a license agreement executed concurrently. Additionally, the Company has a shared services and sublease agreement with Viking. The Company examines specific criteria and uses judgment and determined that the Company is the primary beneficiary of the VIE and therefore required to consolidate Viking. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of its partner, voting rights, involvement in day-to-day operating decisions, representation on Viking's executive committee, and level of economics between the Company and Viking.
	The Company has recorded 100% of the losses incurred since May 21, 2014, the effective date of the transaction, as net loss attributable to noncontrolling interest due to the fact that it is considered a primary beneficiary with no equity interest in the VIE. The advances under the loan agreement are included as notes payable by Viking and are eliminated in consolidation.
	The following table represents the assets and liabilities, which are owned by and are obligations of Viking and are with no recourse to the Company, as of December 31, 2014 (in thousands):
		31-Dec-14
	Cash and cash equivalents	$	756
	Other current assets	18
	Capitalized IPO expenses	2,268
	Total current assets	3,042
	Other assets	1
	Total assets	$	3,043
	Accounts payable	2,211
	Accrued liabilities	77
	Current portion of notes payable	334
	Total current liabilities	2,622
	Long-term portion of notes payable (eliminates in consolidation)	2,331
	Total liabilities	$	4,953

Fair_Value_Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement
	The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income, equity securities, and contingent liabilities. The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands):
	Fair Value Measurements at Reporting Date Using
						Quoted Prices in		Significant		Significant
						Active Markets		Other		Unobservable
						for Identical		Observable		Inputs
						Assets		Inputs
		Total				(Level 1)		(Level 2)		(Level 3)
	Assets:
	Current portion of co-promote termination payments receivable (1)	$	322			$	—	$	—	$	322
	Short-term investments (2)	7,133				7,133		—		—
	Total assets	$	7,455			$	7,133	$	—	$	322
	Liabilities:
	Current portion of contingent liabilities - CyDex (3)	$	6,796			$	—	$	—	$	6,796
	Current portion of co-promote termination liability (1)	322				—		—		322
	Long-term portion of contingent liabilities - Metabasis (4)	3,652				3,652		—		—
	Long-term portion of contingent liabilities - CyDex (3)	4,701				—		—		4,701
	Liability for amounts owed to former licensees (5)	773				773		—		—
	Total liabilities	$	16,244			$	4,425	$	—	$	11,819
	Fair Value Measurements at Reporting Date Using
						Quoted Prices in		Significant		Significant
						Active Markets		Other		Unobservable
						for Identical		Observable		Inputs
						Assets		Inputs
		Total				(Level 1)		(Level 2)		(Level 3)
	Assets:
	Current portion of co-promote termination payments receivable (1)	$	4,329			$	—	$	—	$	4,329
	Short-term investments (2)	4,340				4,340		—		—
	Long-term portion of co-promote termination payments receivable (1)	7,417				—		—		7,417
	Total assets	$	16,086			$	4,340	$	—	$	11,746
	Liabilities:
	Current portion of contingent liabilities - CyDex (3)	$	1,712			$	—	$	—	$	1,712
	Current portion of co-promote termination liability (1)	4,329				—		—		4,329
	Long-term portion of contingent liabilities - Metabasis (4)	4,196				4,196		—		—
	Long-term portion of contingent liabilities - CyDex (3)	7,599				—		—		7,599
	Liability for amounts owed to former licensees (5)	651				651		—		—
	Long-term portion of co-promote termination liability (1)	7,417				—		—		7,417
	Total liabilities	$	25,904			$	4,847	$	—	$	21,057
	-1	The co-promote termination payments receivable represents a non-interest-bearing receivable for future payments to be made by Pfizer related to product sales and is recorded at its fair value. The receivable and liability will remain equal, and are adjusted each quarter for changes in the fair value of the obligation including any changes in the estimate of future net Avinza product sales. The fair value is determined based on a valuation model using an income approach. For additional information, see Note 4 Avinza Co-Promotion.
	-2	The Company’s short-term investments include investments in equity securities which the Company received as a result of event-based and upfront payments from licensees. The fair value is determined using quoted market prices in active markets for the same securities.
	-3	The fair value of the liabilities for CyDex contingent liabilities were determined based on the income approach using a Monte Carlo analysis. The fair value is subjective and is affected by changes in inputs to the valuation model including management’s assumptions regarding revenue volatility, probability of commercialization of products, estimates of timing and probability of achievement of certain revenue thresholds and developmental and regulatory milestones which may be achieved and affect amounts owed to former license holders and CVR holders. Changes in these assumptions can materially affect the fair value estimate.
	-4	The liability for CVRs for Metabasis are determined using quoted market prices in active markets for the underlying CVR.
	-5	The liability for amounts owed to former licensees are determined using quoted market prices in active markets for the underlying investment received from a partner, a portion of which is owed to former licensors.
	The following table represents significant unobservable inputs used in determining the fair value of contingent liabilities assumed in the acquisition of CyDex:
			December 31,
			2014		2013
	Range of annual revenue subject to revenue sharing (1)		$17.2 million-$17.3 million		$4.2 million-$19.8 million
	Revenue volatility		25%		25%
	Average of probability of commercialization		81%		68%
	Sales beta		0.6		0.6
	Credit rating		B		BBB
	Equity risk premium		6%		6%
	-1	Revenue subject to revenue sharing represent management’s estimate of the range of total annual revenue subject to revenue sharing (i.e. annual revenues in excess of $15 million) through December 31, 2016, which is the term of the CVR agreement.
	A reconciliation of the level 3 financial instruments as of December 31, 2014 is as follows (in thousands):
	Assets:
	Fair value of level 3 financial instruments as of December 31, 2013	$	11,746
	Assumed payments made by Pfizer or assignee	(1,243		)
	Fair value adjustments to co-promote termination liability	(10,181		)
	Fair value of level 3 financial instrument assets as of December 31, 2014	$	322
	Liabilities
	Fair value of level 3 financial instruments as of December 31, 2013	$	21,057
	Assumed payments made by Pfizer or assignee	(1,243		)
	Payments to CVR holders and other contingency payments	(3,493		)
	Fair value adjustments to contingent liabilities	5,679
Fair value adjustments to co-promote termination liability	(10,181		)
Fair value of level 3 financial instruments as of December 31, 2014	$	11,819
Other Fair Value Measurements-2019 Convertible Senior Notes
In August 2014, the Company issued $245.0 million aggregate principal amount of convertible senior unsecured notes due 2019 (the "2019 Convertible Senior Notes"). The Company uses a quoted market rate in an inactive market, which is classified as a Level 2 input, to estimate the current fair value of its 2019 Convertible Senior Notes. The estimated fair value of the 2019 Senior Convertible Notes was $239.2 million as of December 31, 2014. The carrying value of the notes does not reflect the market rate. See Note 7 Financing Arrangements for additional information.

Avinza_CoPromotion

Avinza Co-Promotion	12 Months Ended
	Dec. 31, 2014
Co Promotion [Abstract]
Avinza Co-Promotion	Avinza Co-Promotion
	In 2003, the Company and Organon Pharmaceuticals USA Inc. (Organon) entered into an agreement for the co-promotion of Avinza. Subsequently in 2006, the Company signed an agreement with Organon that terminated the Avinza co-promotion agreement between the two companies and returned Avinza co-promotion rights to the Company. In consideration of the early termination, the Company agreed to make quarterly royalty payments to Organon equal to 6.5% of Avinza net sales through December 31, 2013 and thereafter 6% through patent expiration, currently anticipated to be November 2017.
	In February 2007, Ligand and King Pharmaceuticals, Inc. ("King"), now a subsidiary of Pfizer, executed an agreement pursuant to which Pfizer acquired all of the Company’s rights in and to Avinza. Pfizer also assumed the Company’s co-promote termination obligation to make royalty payments to Organon based on net sales of Avinza. In connection with Pfizer's assumption of this obligation, Organon did not consent to the legal assignment of the co-promote termination obligation to Pfizer. Accordingly, Ligand remains liable to Organon in the event of Pfizer's default of the obligation. Therefore, Ligand recorded an asset as of February 26, 2007 to recognize Pfizer's assumption of the obligation, while continuing to carry the co-promote termination liability in the Company's consolidated financial statements to recognize Ligand’s legal obligation as primary obligor to Organon. This asset represents a non-interest bearing receivable for future payments to be made by Pfizer and is recorded at its fair value. The receivable and liability will remain equal and adjusted each quarter for changes in the fair value of the obligation including for any changes in the estimate of future net Avinza product sales. This receivable will be assessed on a quarterly basis for impairment (e.g. in the event Pfizer defaults on the assumed obligation to pay Organon).
	On a quarterly basis, management reviews the carrying value of the co-promote termination liability. In February 2014, Actavis launched a generic form of Avinza which resulted in a significant decrease in estimates of future net sales used to value the co-promote termination asset and liability. Due to assumptions and judgments inherent in determining the estimates of future net Avinza sales through November 2017, the actual amount of net Avinza sales used to determine the current fair value of the Company’s co-promote termination asset and liability may be materially different from current estimates.
	A summary of the co-promote termination liability as of December 31, 2014 and 2013 is as follows (in thousands):
	Net present value of payments based on estimated future net Avinza product sales as of December 31, 2012	$	12,534
	Assumed payments made by Pfizer or assignee	(3,310		)
	Fair value adjustments due to passage of time	2,522
	Net present value of payments based on estimated future net Avinza product sales as of December 31, 2013	11,746
	Assumed payments made by Pfizer or assignee	(1,243		)
	Fair value adjustments due to passage of time	(10,181		)
	Total co-promote termination liability as of December 31, 2014	$	322

Lease_Obligations

Lease Obligations	12 Months Ended
	Dec. 31, 2014
Leases [Abstract]
Lease Obligations	Lease Obligations
	The Company leases office and laboratory facilities in California, Kansas and New Jersey. These leases expire between 2014 and 2019 and are subject to annual increases which range from 3.0% to 3.5%. The Company currently subleases office and laboratory space in California and New Jersey. The following table provides a summary of operating lease obligations and payments expected to be received from sublease agreements as of December 31, 2014 (in thousands):
	Operating lease obligations:	Lease	Less than 1		1 year		2 years		3 years		4 years		Total
		Termination	year
		Date
	Corporate headquarters-San Diego, CA	Jul-19	$	682	$	700	$	718	$	737	$	373	$	3,210
	Bioscience and Technology Business Center-Lawrence, KS	Dec-14	54		54		54		—		—		162
	Vacated office and research facility-San Diego, CA	Jul-15	1,339		—		—		—		—		1,339
	Vacated office and research facility-Cranbury, NJ	Aug-16	2,589		1,743		—		—		—		4,332
	Total operating lease obligations		4,664		2,497		772		737		373		9,043
	Sublease payments expected to be received:
	Office and research facility-San Diego, CA	Jul-15	$	545	$	—	$	—	$	—	$	—	$	545
	Office and research facility-Cranbury, NJ	Aug-16	212		141		—		—		—		353
	Net operating lease obligations		$	3,907	$	2,356	$	772	$	737	$	373	$	8,145
	For the years ended December 31, 2014 and 2013, the Company had lease exit obligations of $3.3 million and $5.9 million, respectively. For the years ended December 31, 2014 and 2013, the Company made cash payments, net of sublease payments received of $3.5 million and $3.7 million, respectively. The Company recognized adjustments for accretion and changes in leasing assumptions of $1.1 million, $0.6 million and $1.0 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	As part of the lease for the corporate headquarters, the Company received a tenant improvement allowance of $3.2 million. The tenant improvements were used to build out the suite for general lab and office purposes. For the year ended December 31, 2012, the Company recorded a sale leaseback transaction whereby it removed all property from its balance sheet. There was no gain on the sale-leaseback.
	Total rent expense under all office leases for 2014, 2013 and 2012 was $0.7 million, $0.7 million and $1.1 million, respectively. The Company recognizes rent expense on a straight-line basis. Deferred rent at December 31, 2014 and 2013 was $0.3 million and $0.4 million, respectively, and is included in other long-term liabilities.

Segment_Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting
	The Company evaluates performance based on the operating profit (loss) of the respective business segments. The segment results may not represent actual results that would be expected if they were independent, stand-alone businesses. Segment information is as follows:
	Balance Sheet Data:
		As of December 31, 2014
		Ligand			CyDex			Total
	Total Assets	$	184,215		$	73,814		$	258,029
		As of December 31, 2013
		Ligand			CyDex			Total
	Total Assets	$	38,408		$	66,305		$	104,713
		For the year ended December 31, 2014
		Ligand			CyDex			Total
	Net revenues from external customers	$	27,174		$	37,364		$	64,538
	Operating income	(2,372		)	21,998			19,626
	Depreciation and amortization expense	253			2,404			2,657
	Income tax (expense) benefit from continuing operations	5,106			(5,516		)	(410		)
	Interest expense, net	4,860			—			4,860
		For the year ended December 31, 2013
		Ligand			CyDex			Total
	Net revenues from external customers	$	21,436		$	27,537		$	48,973
	Operating (loss) income	253			14,690			14,943
	Depreciation and amortization expense	233			2,430			2,663
	Write-off of in-process research and development	—			480			480
	Income tax benefit from continuing operations	(419		)	45			(374		)
	Interest expense	2,077			—			2,077
	Gain on sale of Avinza	2,588			—			2,588
		For the year ended December 31, 2012
		Ligand			CyDex			Total
	Net revenues from external customers	$	19,582		$	11,806		$	31,388
	Operating (loss) income	(919		)	1,112			$	193
	Depreciation and amortization expense	222			2,505			$	2,727
	Interest expense, net	2,924			—			$	2,924
	Income tax benefit from continuing operations	1,096			95			$	1,191
	Gain on sale of Avinza	3,656			—			$	3,656
	Income tax expense from discontinuing operations	(1,509		)	—			$	(1,509	)

Financing_Arrangements

Financing Arrangements	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements
	The Company fully repaid its secured term loan credit facility on July 31, 2014. Under the terms of the secured debt, the Company made interest-only payments through February 2013. Subsequent to the interest-only payments, the note amortized with principal and interest payments through the remaining term of the loan. Additionally, the Company made an additional final payment equal to 6% of the total amount borrowed which was due at maturity and was accreted over the life of the loan.
	0.75% Convertible Senior Notes Due 2019
	In August 2014, the Company issued $245.0 million aggregate principal amount of its 2019 Convertible Senior Notes, resulting in net proceeds of $239.3 million. The 2019 Convertible Senior Notes are convertible into common stock at an initial conversion rate of 13.3251 shares per $1,000 principal amount of convertible notes, subject to adjustment upon certain events, which is equivalent to an initial conversion price of approximately $75.05 per share of common stock. The initial conversion price of the notes represents a premium of approximately 35% to the $55.59 per share close price of the Company's common stock on August 12, 2014. The notes bear interest at a rate of 0.75% per year, payable semi-annually. Holders of the 2019 Convertible Senior Notes may convert the notes at any time prior to the close of business on the business day immediately preceding May 15, 2019, under any of the following circumstances: (1) during any fiscal quarter (and only during such fiscal quarter) commencing after December 31, 2014, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of the Company's common stock on such trading day is greater than 130% of the conversion price on such trading day; (2) during the five business day period immediately following any ten consecutive trading day period, in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the last reported sale price of the Company's common stock on such trading day and the conversion rate on each such trading day; or (3) upon the occurrence of certain specified corporate events as specified in the indenture governing the notes. On or after May 15, 2019 until the close of business on the second scheduled trading day immediately preceding August 15, 2019, holders of the notes may convert all or a portion of their notes at any time, regardless of the foregoing circumstances. Upon conversion, Ligand must deliver cash to settle the principal and may deliver cash or shares of common stock, at the option of the Company, to settle any premium due upon conversion.
	In accordance with accounting guidance for debt related to conversion and other options, the Company separately accounted for the debt and equity components of the 2019 Convertible Senior Notes by allocating the $245.0 million total proceeds between the debt component and the embedded conversion option, or equity component, due to Ligand's ability to settle the 2019 Convertible Senior Notes in cash for the principal portion and to settle any premium in cash or common stock, at the Company's election. The debt allocation was performed in a manner that reflected the Company's non-convertible borrowing rate for similar debt of 5.83% derived from independent valuation analysis. The initial debt value of $192.5 million accretes at 5.83% to reach $245.0 million at the maturity date. The equity component of the 2019 Convertible Senior Notes was recognized as a debt discount and represents the difference between the $245.0 million proceeds at issuance of the 2019 Convertible Senior Notes and the fair value of the debt allocation on their respective issuance dates. The debt discount is amortized to interest expense using the effective interest method over the expected life of a similar liability without an equity component. The notes will have a dilutive effect to the extent the average market price per share of common stock for a given reporting period exceeds the conversion price of $75.05. As of December 31, 2014, the “if-converted value” did not exceed the principal amount of the 2019 Convertible Senior Notes.
	In connection with the issuance of the 2019 Convertible Senior Notes, the Company incurred $5.7 million of issuance costs, which primarily consisted of underwriting, legal and other professional fees. The portions of these costs allocated to the equity components totaling $1.2 million were recorded as a reduction to additional paid-in capital. The portions of these costs allocated to the liability components totaling $4.5 million were recorded as assets on the balance sheet.  The portions allocated to the liability components are amortized to interest expense using the effective interest method over the expected life of the 2019 Convertible Senior Notes.
	The Company determined the expected life of the debt discount for the 2019 Convertible Senior Notes to be equal to the original five-year term of the notes. The carrying value of the equity component related to the 2019 Convertible Senior Notes as of December 31, 2014, net of issuance costs, was $51.3 million.
	Convertible Bond Hedge and Warrant Transactions
	In August 2014, in connection with the issuance of the 2019 Convertible Senior Notes, to minimize the impact of potential dilution to the Company's common stock upon conversion of such notes, the Company entered into convertible bond hedges and sold warrants covering approximately 3,264,643 shares of its common stock. The convertible bond hedges have an exercise price of $75.05 per share and are exercisable when and if the 2019 Convertible Senior Notes are converted. If upon conversion of the 2019 Convertible Senior Notes, the price of the Company's common stock is above the exercise price of the convertible bond hedges, the counterparties will deliver shares of common stock and/or cash with an aggregate value approximately equal to the difference between the price of common stock at the conversion date and the exercise price, multiplied by the number of shares of common stock related to the convertible bond hedge transaction being exercised. The convertible bond hedges and warrants described below are separate transactions entered into by the Company and are not part of the terms of the 2019 Convertible Senior Notes. Holders of the 2019 Convertible Senior Notes and warrants will not have any rights with respect to the convertible bond hedges. The Company paid $48.1 million for these convertible bond hedges and recorded the amount as a reduction to additional paid-in capital.
	Concurrently with the convertible bond hedge transactions, the Company entered into warrant transactions whereby it sold warrants to acquire approximately 3,264,643 shares of common stock with an exercise price of approximately $125.08 per share, subject to certain adjustments. The warrants have various expiration dates ranging from November 13, 2019 to April 22, 2020. The warrants will have a dilutive effect to the extent the market price per share of common stock exceeds the applicable exercise price of the warrants, as measured under the terms of the warrant transactions. The Company received $11.6 million for these warrants and recorded this amount to additional paid-in capital. The common stock issuable upon exercise of the warrants will be in unregistered shares, and the Company does not have the obligation and does not intend to file any registration statement with the Securities and Exchange Commission registering the issuance of the shares under the warrants.
	The Company determined it holds a variable interest in Viking based on management's assessment that Viking does not have sufficient resources to carry out its principal activities without the support of the Company. Viking has convertible notes payable of $0.3 million as of December 31, 2014 which bear interest at a rate equal to the lesser of the short-term applicable federal rate as published by the Internal Revenue Service or the maximum rate permissible by law. Interest under the convertible notes is due and payable at maturity. Unless repaid in full or converted in full, each convertible note matures two years from its date of purchase. In the event that any principal amount due is not paid in full by the maturity date, such unpaid principal amount will bear interest at the lesser of 2% or the maximum rate permissible by law. These convertible notes payable are obligations of Viking and are with no recourse to the Company
	The carrying values and the fixed contractual coupon rates of the Company's financing arrangements are as follows (dollars in thousands):
		31-Dec-14			December 31, 2013
	Convertible notes payable, 2.16% to 3.84%, due 2015, VIE	$	334		$	—
	Current portion notes payable, 8.64%, due August 1, 2014	—			6,642
	Current portion notes payable, 8.90%, due August 1, 2014	—			2,467
	Total current portion of notes payable	$	334		$	9,109
	2019 Convertible Senior Notes
	Principal amount outstanding	$	245,000		$	—
	Unamortized discount	(49,092		)	—
	Net carrying amount	195,908			—
	Total long-term portion of notes payable	$	195,908		$	—
	The Company is required to make principal payments on long-term debt obligations of $245.0 million in 2019.
	The fair value of the Company’s debt instruments approximates their carrying values as the interest is tied to or approximates market rates. As of December 31, 2014, there were no events of default or violation of any covenants under the Company's financing obligations.

Discontinued_Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations
	Avinza Product Line
	On September 6, 2006, the Company and King, now a subsidiary of Pfizer, entered into a purchase agreement, or the Avinza Purchase Agreement, pursuant to which Pfizer acquired all of the Company's rights in and to Avinza in the United States, its territories and Canada, including, among other things, all Avinza inventory, records and related intellectual property, and assume certain liabilities as set forth in the Avinza Purchase Agreement. Pursuant to the terms of the Avinza Purchase Agreement, the Company retained the liability for returns of product from wholesalers that had been sold by the Company prior to the close of this transaction. Accordingly, as part of the accounting for the gain on the sale of Avinza, the Company recorded a reserve for Avinza product returns. For the years ended December 31, 2014, 2013 and 2012, the Company recognized pre-tax gains of $0, $2.6 million and $3.7 million, respectively, due to subsequent changes in certain estimates of assets and liabilities recorded as of the sale date. Cash used in operating activities of discontinued operations related to a settlement agreement with a wholesaler for the years ended December 31, 2014, 2013 and 2012 was $0, $0.6 million, and $0.9 million, respectively.

Other_Balance_Sheet_Details

Other Balance Sheet Details	12 Months Ended
	Dec. 31, 2014
Other Balance Sheet Details [Abstract]
Other Balance Sheet Details	Other Balance Sheet Details
	Other current assets consist of the following (in thousands):
		December 31,
		2014		2013
	Prepaid expenses	$	835	$	786
	Other receivables	685		173
		$	1,520	$	959
	Accrued liabilities consist of the following (in thousands):
		December 31,
		2014		2013
	Compensation	$	1,708	$	1,929
	Legal	459		697
	Amounts owed to former licensees	925		651
	Royalties owed to third parties	705		676
	Other	1,069		1,384
		$	4,866	$	5,337
	Other Long-Term Liabilities
	Other long-term liabilities consist of the following (in thousands):
		December 31,
		2014		2013
	Deferred rent	327		350
	Deposits	411		345
	Other	32		—
		$	770	$	695

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity
	Stock Plans
	In May 2009, the Company’s stockholders approved the amendment and restatement of the Company’s 2002 Stock Incentive Plan (the “Amended 2002 Plan”). The Company’s 2002 Stock Incentive Plan was amended to (i) increase the number of shares available for issuance under the Amended 2002 Plan by 1.3 million shares, (ii) revise the list of performance criteria that may be used by the compensation committee for purposes of granting awards under the Amended 2002 Plan that are intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code, as amended, and (iii) eliminate the automatic option grant program for non-employee directors, the director fee stock issuance program and the director fee option grant program, which programs have been superseded by the Company’s amended and restated Director Compensation Policy. Additionally, in May 2012, the Company’s stockholders approved an amendment and restatement of the Company’s 2002 Stock Incentive Plan to increase the number of shares available for issuance by 1.8 million shares. As of December 31, 2014, there were 1.1 million shares available for future option grants or direct issuance under the Amended 2002 Plan.
	Following is a summary of the Company’s stock option plan activity and related information:
		Shares		Weighted				Weighted	Aggregate
				Average				Average	Intrinsic
				Exercise				Remaining	Value
				Price				Contractual	(In  thousands)
								Term in
								Years
	Balance at December 31, 2013	1,746,709		$	16.79			7.57	$	62,705
	Granted	389,934		72.09
	Exercised	(281,515	)	15.71
	Forfeited	(49,967	)	16.69
	Cancelled	(4,464	)	80.56
	Balance at December 31, 2014	1,800,697		28.78				7.25	51,558
	Exercisable at December 31, 2014	1,127,667		20.86				6.62	38,395
	Options vested and expected to vest as of December 31, 2014	1,800,697		$	28.78			7.25	$	51,558
	The weighted-average grant-date fair value of all stock options granted during 2014, 2013 and 2012 was $46.20, $14.28 and $9.13 per share, respectively. The total intrinsic value of all options exercised during 2014, 2013 and 2012 was approximately $15.3 million, $5.9 million and $0.5 million, respectively. As of December 31, 2014, there was $13.2 million of total unrecognized compensation cost related to non-vested stock options. That cost is expected to be recognized over a weighted average period of 2.2 years.
	Cash received from options exercised, net of fees paid, in 2014, 2013 and 2012 was $4.4 million, $3.0 million and $1.0 million, respectively. There is no current tax benefit related to options exercised because of Net Operating Losses ("NOLs") for which a full valuation allowance has been established.
	Following is a further breakdown of the options outstanding as of December 31, 2014:
	Range of exercise prices	Options		Weighted		Weighted average			Options		Weighted average
		outstanding		average		exercise price			exercisable		exercise price
				remaining  life
				in years
	$8.58 – $10.12	382,047		6.06		$	9.98		365,174		$	9.98
	$10.72 – $13.53	52,739		7.3		12.45			49,437		12.47
	$14.47 – $14.47	427,504		7.11		14.47			273,781		14.47
	$16.14 – $21.92	453,177		6.97		20.79			260,375		20.05
	$32.00 – $74.42	485,230		8.58		65.42			178,900		56.34
	$8.58 – $74.42	1,800,697		7.25		$	28.78		1,127,667		$	20.86
	Restricted Stock Activity
	The following is a summary of the Company’s restricted stock activity and related information:
		Shares		Weighted-Average
				Grant Date Fair
				Value
	Non-vested at December 31, 2013	115,386		$	21.93
	Granted	45,571		70.2
	Vested	(74,312	)	25.21
	Forfeited	(3,972	)	18.42
	Non-vested at December 31, 2014	82,673		$	45.76
	Restricted stock awards generally vest over three years. As of December 31, 2014, unrecognized compensation cost related to non-vested stock awards amounted to $1.9 million. That cost is expected to be recognized over a weighted average period of 1.3 years.
	Employee Stock Purchase Plan
	The Company’s Employee Stock Purchase Plan, as amended and restated (the “Amended ESPP”) allows participants to purchase up to 1,250 shares of Ligand common stock during each offering period, but in no event may a participant purchase more than 1,250 shares of common stock during any calendar year. The length of each offering period is six months, and employees are eligible to participate in the first offering period beginning after their hire date.
	The Amended ESPP allows employees to purchase a limited amount of common stock at the end of each six month period at a price equal to 85% of the lesser of fair market value on either the start date of the period or the last trading day of the period (the “Lookback Provision”). The 15% discount and the Lookback Provision make the Amended ESPP compensatory. There were 3,774, 5,016 and 10,763 shares of common stock issued under the Amended ESPP in 2014, 2013 and 2012, respectively, resulting in an expense of $54,000, $45,000 and $38,000, respectively. For shares purchased under the Company’s Amended ESPP, a weighted-average expected volatility of 40%, 36% and 34% was used for 2014, 2013 and 2012, respectively. The expected term for shares issued under the ESPP is 6 months. As of December 31, 2014, 212,447 shares of common stock had been issued under the Amended ESPP to employees and 75,741 shares are available for future issuance.
	Preferred Stock
	The Company has authorized 5,000,000 shares of preferred stock, of which 1,600,000 are designated Series A Participating Preferred Stock (the “Preferred Stock”). The Board of Directors of Ligand has the authority to issue the Preferred Stock in one or more series and to fix the designation, powers, preferences, rights, qualifications, limitations and restrictions of the shares of each such series, including the dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions), liquidation preferences and the number of shares constituting any such series, without any further vote or action by the stockholders. The rights and preferences of Preferred Stock may in all respects be superior and prior to the rights of the common stock. The issuance of the Preferred Stock could decrease the amount of earnings and assets available for distribution to holders of common stock or adversely affect the rights and powers, including voting rights, of the holders of the common stock and could have the effect of delaying, deferring or preventing a change in control of Ligand. As of December 31, 2014 and 2013, there are no preferred shares issued or outstanding.
	Shareholder Rights Plan
	In October 2006, the Company’s Board of Directors renewed the Company’s stockholder rights plan, which was originally adopted and has been in place since September 2002, and which expired on September 13, 2006, through the adoption of a new 2006 Stockholder Rights Plan (the “2006 Rights Plan”). The 2006 Rights Plan provides for a dividend distribution of one preferred share purchase right (a “Right”) on each outstanding share of the Company’s common stock. Each Right entitles stockholders to buy 1/1000th of a share of Ligand Series A Participating Preferred Stock at an exercise price of $100. The Rights will become exercisable if a person or group announces an acquisition of 20% or more of the Company’s common stock, or announces commencement of a tender offer for 20% or more of the common stock. In that event, the Rights permit stockholders, other than the acquiring person, to purchase the Company’s common stock having a market value of twice the exercise price of the Rights, in lieu of the Preferred stock. In addition, in the event of certain business combinations, the Rights permit the purchase of the common stock of an acquiring person at a 50% discount. Rights held by the acquiring person become null and void in each case. The 2006 Rights Plan expires in 2016.
	Public Offering
	During the years ended December 31, 2014 and 2013, the Company did not issue any common shares pursuant to its at-the-market equity issuance plan. During the year ended December 31, 2012, the Company issued 302,750 common shares at a weighted average price of $18.87 per share. Total net proceeds to the Company after underwriting discounts and expenses were approximately $5.5 million.
	Corporate Share Repurchase
	In August 2014, the Company's Board of Directors authorized the Company to repurchase up to $200.0 million of its own stock in privately negotiated and open market transactions for a period of up to one year, subject to the Company's evaluation of market conditions, applicable legal requirements and other factors. The Company is not obligated to acquire common stock under this program and the program may be suspended at any time. Through December 31, 2014, the Company repurchased 1,253,425 common shares at a weighted average price of $54.20 per share pursuant to the repurchase plan, or $68.0 million of common shares.

Litigation

Litigation	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation
	The Company records an estimate of a loss when the loss is considered probable and estimable. Where a liability is probable and there is a range of estimated loss and no amount in the range is more likely than any other number in the range, The Company records the minimum estimated liability related to the claim in accordance with FASB ASC Topic 450 Contingencies. As additional information becomes available, the Company assesses the potential liability related to its pending litigation and revises its estimates. Revisions in the Company's estimates of potential liability could materially impact its results of operations.
	Securities Litigation
	On June 8, 2012, a federal securities class action and shareholder derivative lawsuit was filed in the Eastern District of Pennsylvania against Genaera Corporation and its officers, directors, major shareholders and trustee ("Genaera Defendants") for allegedly breaching their fiduciary duties to Genaera shareholders. The lawsuit also names the Company and its CEO as additional defendants for allegedly aiding and abetting the Genaera Defendants' various breaches of fiduciary duties based on the Company's purchase of a licensing interest in a development-stage pharmaceutical drug program from the Genaera Liquidating Trust in May 2010 and the Company's subsequent sale of half of its interest in the transaction to Biotechnology Value Fund, Inc.  Following an amendment to the complaint and a round of motions to dismiss, the court dismissed the amended complaint with prejudice on August 12, 2013. The plaintiff appealed that dismissal on September 10, 2013, and the Third Circuit reversed on October 17, 2014.  The plaintiff has indicated that he intends to move to file a second amended complaint, which the Company plans to oppose within the first quarter of 2015.  The Company intends to continue to vigorously defend against the claims against the Company and its CEO. Due to the complex nature of the legal and factual issues involved, however, the outcome of this matter is not presently determinable.
	Other Litigation
	On June 19, 2014, a complaint was filed in California Superior Court seeking attorneys’ fees in connection with claims related to executive compensation matters described in the Company’s June 6, 2013 supplemental proxy materials. On August 1, 2014 the Company filed an answer denying all allegations in the complaint and asserting several affirmative defenses. The parties have executed a settlement agreement to resolve the matter, pursuant to which the Company is currently awaiting the dismissal of the lawsuit. Because the parties have reached agreement, the Company believes the litigation presents a remote likelihood of material loss.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	At December 31, 2014, the Company had federal net operating loss carryforwards set to expire through 2034 of $563.7 million and $167.3 million of state net operating loss carryforwards. The Company also has $18.7 million of federal research and development credit carryforwards, which expire through 2034. The Company has $14.0 million of California research and development credit carryforwards that have no expiration date.
	Sections 382 and 383 of the U.S. tax code impose limitations (“382 and 383 limitations”) on the annual utilization of operating loss and credit carryforwards whenever a greater than fifty percent change in the ownership of a company occurs within a three year period. In addition to the annual limitations on operating loss and credit carryforwards, Section 382 can also restrict the utilization of certain post change losses if the tax basis in assets exceeds the fair value of assets (“net unrealized built in loss”) at the date of an ownership change. Companies with operating loss and credit carryforwards are required to test the cumulative three year change whenever there is an equity transaction that impacts the ownership of holders of more than five percent of the Company’s stock. During 2014, the Company completed a rollforward analysis through December 31, 2013. As a result of the rollforward analysis, it was determined that no additional ownership changes occurred since those identified in the original analysis completed through December 31, 2013. Future changes in the ownership of the Company could place additional restrictions on the Company’s ability to utilize operating loss and credit carryforwards arising through December 31, 2014. The components of the income tax expense (benefit) for continuing operations are as follows (in thousands):
		Year Ended December 31,
		2014			2013			2012
	Current expense (benefit):
	Federal	$	15		$	—		$	3
	State	19			33			16
		34			33			19
	Deferred expense (benefit):
	Federal	406			404			(913		)
	State	(30		)	(63		)	(297		)
		$	410		$	374		$	(1,191	)
	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 are shown below. A valuation allowance has been recognized to offset the net deferred tax assets as management believes realization of such assets is uncertain as of December 31, 2014, 2013 and 2012. The change in valuation allowance increased $9.8 million in 2014, decreased $5.4 million in 2013 and increased $41.8 million in 2012.
		December 31,
		2014			2013
		(in thousands)
	Deferred assets:
	Net operating loss carryforwards	$	193,747		$	196,421
	Research and AMT credit carryforwards	28,288			30,092
	Fixed assets and intangibles	13,237			17,293
	Accrued expenses	1,579			1,474
	Contingent liabilities	579			582
	Deferred revenue	771			760
	Present value of royalties	11,686			12,175
	Organon termination asset	(111		)	(4,073		)
	Organon termination liability	111			4,073
	Royalty obligation	—			—
	Deferred rent	730			1,634
	Lease termination costs	—			—
	Capital loss carryforwards	—			148
	Other	5,780			3,701
		256,397			264,280
	Valuation allowance for deferred tax assets	(240,420		)	(249,470		)
	Net deferred tax assets	$	15,977		$	14,810
	Deferred tax liabilities:
	Retrophin fair value adjustment	$	(1,396	)	$	(859	)
	Convertible debt	(1,436		)	—
	Identified intangibles	(13,146		)	(13,984		)
	Identified indefinite lived intangibles	(3,048		)	(2,639		)
	Total	$	(3,049	)	$	(2,672	)
	As of December 31, 2014 and 2013, the Company had not recognized as a deferred tax asset $8.1 million and $2.4 million, respectively of unrealized excess tax benefits from share based compensation. When realized and the valuation allowance is reversed, such benefits will be credited directly to additional paid-in capital. Changes to the valuation allowance allocated directly to other comprehensive income were $0.7 million, $1.0 million and $0 for 2014, 2013 and 2012, respectively.
	A reconciliation of income taxes from continuing operations to the amount computed by applying the statutory federal income tax rate to the net loss from continuing operations is summarized as follows:
		Years Ended December 31,
		2014			2013			2012
	Amounts computed at statutory federal rate	$	(3,843	)	$	(3,131	)	$	1,317
	State taxes net of federal benefit	(697		)	(293		)	196
	Meals & entertainment	(9		)	(10		)	(8		)
	Acquisition related transaction costs	—			—			—
	Imputed interest	(53		)	(285		)	(259		)
	Section 162(m) limitation	(490		)
	Contingent liabilities	(1,748		)	(2,027		)	695
	Stock-based compensation	(89		)	556			581
	Expired NOLs	(88		)	—			(6,847		)
	Research and development credits	113			4,581			(1,984		)
	Change in uncertain tax positions	(7		)	(364		)	830
	Rate change for changes in state law	(119		)	(901		)	(3,388		)
	Increase in deferred tax assets from completion of 382 analysis	(43		)	(786		)	53,257
	Change in valuation allowance	7,243			3,509			(41,768		)
	Other	(580		)	(1,223		)	(1,431		)
		$	(410	)	$	(374	)	$	1,191
	The Company accounts for income taxes by evaluating a probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company’s remaining liabilities for uncertain tax positions are presented net of the deferred tax asset balances on the accompanying consolidated balance sheet.
	A reconciliation of the amount of unrecognized tax benefits at December 31, 2014 and 2013 is as follows (in thousands):
	Balance at December 31, 2012	$	8,067
Additions based on tax positions related to the current year	417
Additions for tax positions of prior years	20
Balance at December 31, 2013	$	8,504
Additions based on tax positions related to the current year	40
Reductions for tax positions of prior years	(20		)
Balance at December 31, 2014	$	8,524
Included in the balance of unrecognized tax benefits at December 31, 2014 is $8.5 million of tax benefits that, if recognized would result in adjustments to the related deferred tax assets and valuation allowance and not affect the Company’s effective tax.
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2014 and December 31, 2013, there was an accrual related to uncertain tax positions of $32,000 and $31,000. The Company files income tax returns in the United States and in various state jurisdictions with varying statutes of limitations. The federal statute of limitation remains open for the 2011 tax year to present.  The state income tax returns generally remain open for the 2010 tax years through present.  Changes to the valuation allowance allocated directly to equity were $1.1 million, $0, and $0 for the year ended December 31, 2014, 2013, and 2012, respectively.

Summary_of_Unaudited_Quarterly

Summary of Unaudited Quarterly Financial Information	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Financial Information	Summary of Unaudited Quarterly Financial Information
	The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 (in thousands).
		Quarter ended
		31-Mar			30-Jun			30-Sep			31-Dec
	2014
	Total revenues	$	15,958		$	10,608		$	14,973		$	22,999
	Total operating costs and expenses	10,858			9,250			11,441			13,363
	Income tax (expense) benefit	(53		)	47			(124		)	(280		)
	Income from continuing operations	2,097			1,288			777			6,730
	Discontinued operations	—			—			—			—
	Net loss attributable to noncontrolling interests	—			(304		)	(503		)	(325		)
	Net income	2,097			1,592			1,280			7,055
	Basic per share amounts:
	Income from continuing operations	0.1			0.08			0.06			0.35
	Discontinued operations	—			—			—			—
	Net income	$	0.1		$	0.08		$	0.06		$	0.35
	Diluted per share amounts:
	Income from continuing operations	0.1			0.07			0.06			0.34
	Income from discontinued operations	—			—			—			—
	Net income	$	0.1		$	0.07		$	0.06		$	0.34
	Weighted average shares—basic	20,600,683			20,738,299			20,417,187			19,878,088
	Weighted average shares—diluted	21,208,023			21,780,034			21,345,311			20,792,363
	2013
	Total revenues	$	11,651		$	9,580		$	13,005		$	14,737
	Total operating costs and expenses	7,719			8,066			9,935			8,310
	Income tax expense	(66		)	(110		)	(60		)	(138		)
	Income from continuing operations	1,304			3,694			1,965			1,869
	Income (loss) from discontinued operations	191			2,397			—			—
	Net income	1,495			6,091			1,965			1,869
	Basic per share amounts:
	Income from continuing operations	0.06			0.18			0.1			0.09
	Discontinued operations	0.01			0.12			—			—
	Net income	$	0.07		$	0.3		$	0.1		$	0.09
	Diluted per share amounts:
	Income from continuing operations	0.06			0.18			0.09			0.09
	Discontinued operations	0.01			0.12			—			—
	Net income	$	0.07		$	0.3		$	0.09		$	0.09
	Weighted average shares—basic	20,189,378			20,258,618			20,357,558			20,442,603
	Weighted average shares—diluted	20,280,030			20,427,360			20,843,742			21,056,156

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation
	The accompanying consolidated financial statements include Ligand and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates
	The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the consolidated financial statements and the reported amounts of revenues and expenses, definite and indefinite lived intangible assets, inventory, goodwill, co-promote termination payments receivable and co-promote termination liabilities, uncertain tax positions, deferred revenue, lease exit liability and income tax net operating loss carryforwards during the reporting period. The Company’s critical accounting policies are those that are both most important to the Company’s financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates.
Reclassifications	Reclassifications
	Certain reclassifications have been made to the previously issued statement of operations for comparability purposes. These reclassifications had no effect on the reported net income, stockholders' equity and operating cash flows as previously reported.
Income (Loss) Per Share	Income (Loss) Per Share
	Basic income (loss) per share is calculated by dividing net income or loss by the weighted average number of common shares and vested restricted stock units outstanding. Diluted income (loss) per share is computed by dividing net income or loss by the weighted average number of common shares and vested restricted stock units outstanding and the weighted average number of dilutive common stock equivalents, including stock options, non-vested restricted stock units, convertible notes and warrants. Common stock equivalents are only included in the diluted earnings per share calculation when their effect is dilutive.
Cash, Cash Equivalents and Short-term Investments	Cash and Cash Equivalents
	Cash and cash equivalents consist of cash, money market accounts, and certificates of deposit with original maturities of three months or less from the date of purchase.
	Short-term Investments
	Securities received by the Company as a result of a milestone payment from licensees are considered short-term investments and have been classified by management as available-for-sale. Such investments are carried at fair value, with unrealized gains and losses included in the statement of comprehensive income (loss). The Company determines the cost of investments based on the specific identification method.
Restricted Cash and Investments	Restricted Cash
	Restricted cash and investments consist of certificates of deposit held with a financial institution as collateral under a facility lease and third-party service provider arrangements.
Concentrations of Credit Risk	Concentrations of Business Risk
	Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents and investments.
	The Company invests its excess cash principally in United States government debt securities, investment grade corporate debt securities and certificates of deposit. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates.
Inventory	Inventory
	Inventory, which consists of finished goods, is stated at the lower of cost or market value. The Company determines cost using the first-in, first-out method. The Company analyzes its inventory levels periodically and writes down inventory to its net realizable value if it has become obsolete, has a cost basis in excess of its expected net realizable value or is in excess of expected requirements.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
	The Company maintains an allowance for doubtful accounts based on the best estimate of the amount of probable losses in the Company’s existing accounts receivable. Accounts receivable that are outstanding longer than their contractual payment terms, ranging from 30 to 90 days, are considered past due. When determining the allowance for doubtful accounts, several factors are taken into consideration, including historical write-off experience and review of specific customer accounts for collectability. Account balances are charged off against the allowance after collection efforts have been exhausted and the potential for recovery is considered remote.
Property and Equipment, net	Depreciation of equipment is computed using the straight-line method over the estimated useful lives of the assets which range from three to ten years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or their related lease term, whichever is shorter.
Goodwill and Other Identifiable Intangible Assets	The Company accounts for goodwill in accordance with Accounting Standards Codification ("ASC"), 350, Goodwill and Other Intangibles. The Company performs its impairment analysis for goodwill and certain non-amortizing intangibles on at least an annual basis. The Company uses the income approach and the market approach, each weighted at 50%, for goodwill impairment analysis. For the income approach, the Company considers the present value of future cash flows and the carrying value of its assets and liabilities, including goodwill. The market approach is based on an analysis of revenue multiples of guideline public companies. If the carrying value of the assets and liabilities, including goodwill, were to exceed the Company’s estimation of the fair value, the Company would record an impairment charge in an amount equal to the excess of the carrying value of goodwill over the implied fair value of the goodwill. The Company performs an evaluation of goodwill as of December 31 of each year, absent any indicators of earlier impairment, to ensure that impairment charges, if applicable, are reflected in the Company's financial results before December 31 of each year. When it is determined that impairment has occurred, a charge to operations is recorded. Goodwill and other intangible asset balances are included in the identifiable assets of the business segment to which they have been assigned. Any goodwill impairment, as well as the amortization of other purchased intangible assets, is charged against the respective business segments’ operating income.
Acquired in-process research and development	Acquired in-process research and development
	Intangible assets related to acquired IPR&D are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. During the period the assets are considered to be indefinite-lived, they will not be amortized but will be tested for impairment on an annual basis and between annual tests if the Company becomes aware of any events occurring or changes in circumstances that would indicate a reduction in the fair value of the IPR&D projects below their respective carrying amounts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time.
Commercial license rights	Commercial license rights
	Commercial license rights represent a portfolio of future milestone and royalty payment rights acquired in accordance with the Royalty Stream and Milestone Payments Purchase Agreement entered into with Selexis SA ("Selexis") in April 2013. The portfolio consists of over 15 Selexis commercial license agreement programs with various pharmaceutical-company counterparties. The purchase price was $4.6 million, inclusive of acquisition costs. Individual commercial license rights acquired under the agreement are carried at allocated cost and approximate fair value. The carrying value of the license rights will be reduced on a pro-rata basis as revenue is realized over the term of the agreement. Declines in the fair value of individual license rights below their carrying value that are deemed to be other than temporary are reflected in earnings in the period such determination is made.
Contingent Liabilities	Contingent Liabilities
	In connection with the Company’s acquisition of CyDex in January 2011, the Company recorded a $17.6 million contingent liability, inclusive of the $4.3 million payment made in January 2012, for amounts potentially due to holders of the CyDex CVR's and former license holders. The initial fair value of the liability was determined using the income approach incorporating the estimated future cash flows from potential milestones and revenue sharing. These cash flows were then discounted to present value using a discount rate of 21.6%. The liability is periodically assessed based on events and circumstances related to the underlying milestones, and the change in fair value will be recorded in the Company’s consolidated statements of operations. The carrying amount of the liability may fluctuate significantly and actual amounts paid under the CVR agreements may be materially different than the carrying amount of the liability. The fair value of the liability at December 31, 2014 and 2013 was $11.5 million and $9.3 million, respectively. The Company recorded a fair value adjustment to increase the liability for CyDex related contingent liabilities of $5.7 million for the year ended December 31, 2014, $0.6 million decrease in the liability for the year ended December 31, 2013 and an increase in the liability of $3.4 million for the year ended December 31, 2012. Contingent liabilities decreased for cash payments to CVR holders and other contingency payments by $3.5 million during the year ended December 31, 2014, $1.0 million during the year ended December 31, 2013 and $8.0 million during the year ended December 31, 2012.
	In connection with the Company’s acquisition of Metabasis in January 2010, the Company issued Metabasis stockholders four tradable CVRs, one CVR from each of four respective series of CVR, for each Metabasis share. The CVRs will entitle Metabasis stockholders to cash payments as frequently as every six months as cash is received by the Company from proceeds from Metabasis’ partnership with Roche (which has been terminated) or the sale or partnering of any of the Metabasis drug development programs, among other triggering events. The acquisition-date fair value of the CVRs of $9.1 million was determined using quoted market prices of Metabasis common stock in active markets. The fair values of the CVRs are remeasured at each reporting date through the term of the related agreement. Changes in the fair values are reported in the statement of operations as income (decreases) or expense (increases). The carrying amount of the liability may fluctuate significantly based upon quoted market prices and actual amounts paid under the agreements may be materially different than the carrying amount of the liability. The fair value of the liability was $3.7 million and $4.2 million as of December 31, 2014 and 2013, respectively. The Company recorded a decrease in the liability for CVRs of $0.5 million during the year ended December 31, 2014, an increase of $4.2 million during the year ended December 31, 2013 and a decrease of $1.1 million during the year ended December 31, 2012.
	In connection with the Company’s acquisition of Neurogen in December 2009, the Company issued to Neurogen stockholders four CVRs; real estate, Aplindore, VR1 and H3, that entitle them to cash and/or shares of third-party stock under certain circumstances. The Company recorded the acquisition-date fair value of the CVRs as part of the purchase price. The acquisition-date fair value of the real estate CVR of $3.2 million was estimated using the net proceeds from a pending sale transaction and recorded as a payable to stockholders at December 31, 2009. In February 2010, the Company completed the sale of the real estate and subsequently distributed the proceeds to the holders of the real estate CVR. As a result and after final settlement of all related expenses, the real estate CVR was terminated in August 2010. In 2012, the Company received a notice from a collaborative partner that it was terminating its agreement related to VR1 for convenience and subsequently the Company recorded a decrease in the fair value of the liability for the related CVR of $0.2 million. Additionally, per the CVR agreement, no payment event date for the H3 program can occur after December 23, 2012 and the Company recorded a decrease in the fair value of the liability for the related CVR of $0.5 million as of that date. There are no remaining CVR obligations under the agreement with the former Neurogen shareholders.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The Company establishes a three-level hierarchy to prioritize the inputs used in measuring fair value. The levels are described in the below with level 1 having the highest priority and level 3 having the lowest:
	Level 1 - Observable inputs such as quoted prices in active markets
	Level 2 - Inputs other than the quoted prices in active markets that are observable either directly or indirectly
	Level 3 - Unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions
	The carrying amount of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate the fair value because of their short maturities. Other assets and liabilities that are carried at fair value include short-term investments, certain license liabilities in equity securities, certain co-promote termination asset and liability, and contingent consideration liabilities. For additional information, see Note 3 Fair Value Measurement
	The Company evaluates its financial instruments at each reporting period to determine if any transfers between the various three-level hierarchy have occurred and appropriately reclassifies its financial instruments to the appropriate level within the hierarchy.
Treasury Stock	Treasury Stock
	The Company may on occasion repurchase its common stock on the open market or in private transactions. When such stock is repurchased it is not constructively or formally retired and may be reissued if certain regulatory requirements are met; however, the Company may from time to time choose to retire the shares of common stock held in its treasury. The purchase price of the common stock repurchased is charged to treasury stock.
Revenue Recognition	Revenue Recognition
	Royalties on sales of products commercialized by the Company’s partners are recognized in the quarter reported by the respective partner. Generally, the Company receives royalty reports from its licensees approximately one quarter in arrears due to the fact that its agreements require partners to report product sales between 30 and 60 days after the end of the quarter. The Company recognizes royalty revenues when it can reliably estimate such amounts and collectability is reasonably assured. Under this accounting policy, the royalty revenues reported are not based upon estimates and such royalty revenues are typically reported to the Company by its partners in the same period in which payment is received.
	Revenue from material sales of Captisol is recognized upon transfer of title, which normally passes upon shipment to the customer, provided all other revenue recognition criteria have been met; however, we do not recognize revenue until all substantive customer acceptance requirements have been met, when applicable. The Company’s credit and exchange policy includes provisions for the return of product between 30 to 90 days, depending on the specific terms of the individual agreement, when that product (1) does not meet specifications, (2) is damaged in shipment (in limited circumstances where title does not transfer until delivery), or (3) is exchanged for an alternative grade of Captisol. All product returns are subject to approval by the Company and a 20% restocking fee. To date, product returns by customers have not been material to net material sales in any related period. The Company records revenue net of product returns, if any, and sales tax collected and remitted to government authorities during the period.
	The Company analyzes its revenue arrangements and other agreements to determine whether there are multiple elements that should be separated and accounted for individually or as a single unit of accounting. For multiple element contracts, arrangement consideration is allocated at the inception of the arrangement to all deliverables on the basis of relative selling price, using a hierarchy to determine selling price. Management first considers vendor-specific objective evidence ("VSOE"), then third-party evidence ("TPE") and if neither VSOE nor TPE exist, the Company uses its best estimate of selling price.
	Many of the Company's Captisol license arrangements involve the bundling of a license with the option to purchase Captisol material. Licenses are granted to pharmaceutical companies for the use of Captisol in the development of pharmaceutical compounds. The licenses may be granted for the use of the Captisol product for all phases of clinical trials and through commercial availability of the host drug or may be limited to certain phases of the clinical trial process. Management believes that the Company's licenses have stand-alone value at the outset of an arrangement because the customer obtains the right to use Captisol in its formulations without any additional input by the Company.
	Other nonrefundable, up-front license fees are recognized as revenue upon delivery of the license, if the license is determined to have standalone value that is not dependent on any future performance by the Company under the applicable collaboration agreement. Nonrefundable contingent event-based payments are recognized as revenue when the contingent event is met, which is usually the earlier of when payments are received or collections are assured, provided that it does not require future performance by the Company. The Company occasionally has sub-license obligations related to arrangements for which it receives license fees, milestones and royalties. The Company evaluates the determination of gross versus net reporting based on each individual agreement.
	Sales-based contingent payments from partners are accounted for similarly to royalties, with revenue recognized upon achievement of the sales targets assuming all other revenue recognition criteria for milestones are met. Revenue from development and regulatory milestones is recognized when earned, as evidenced by written acknowledgement from the collaborator, provided that (1) the milestone event is substantive, its achievability was not reasonably assured at the inception of the agreement, and the Company has no further performance obligations relating to that event, and (2) collectability is reasonably assured. If these criteria are not met, the milestone payment is recognized over the remaining period of the Company’s performance obligations under the arrangement.
	Revenue from research funding under our collaboration agreements is earned and recognized on a percentage-of completion basis as research hours are incurred in accordance with the provisions of each agreement.
Cost of Goods Sold	Cost of Material Sales
	The Company determines cost using the first-in, first-out method. Cost of material sales include all costs of purchase and other costs incurred in bringing the Captisol inventories to their present location and condition, costs to store, and distribute.
Preclinical Study and Clinical Trial Accruals	Preclinical Study and Clinical Trial Accruals
	Substantial portions of the Company’s preclinical studies and all of the Company’s clinical trials have been performed by third-party laboratories, contract research organizations, or other vendors ("CROs").  The Company accounts for a significant portion of its clinical study costs according to the terms of its contracts with CROs. The terms of its CRO contracts may result in payment flows that do not match the periods over which services are provided to us under such contracts. The Company's objective is to reflect the appropriate preclinical and clinical trial expenses in its financial statements in the same period as the services occur. As part of the process of preparing its financial statements, the Company relies on cost information provided by its CROs. The Company is also required to estimate certain of its expenses resulting from its obligations under its CRO contracts. Accordingly, the Company's preclinical study and clinical trial accrual is dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. The Company periodically evaluates its estimates to determine if adjustments are necessary or appropriate as more information becomes available concerning changing circumstances, and conditions or events that may affect such estimates. No material adjustments to preclinical study and clinical trial accrued expenses have been recognized to date.
Sale of Royalty Rights	Sale of Royalty Rights
	The Company previously sold to third parties the rights to future royalties of certain of its products. As part of the underlying royalty agreements, the partners have the right to offset a portion of any future royalty payments owed to the Company to the extent of previous milestone payments. Accordingly, the Company deferred a portion of the revenue associated with each tranche of royalty right sold, equal to the pro-rata share of the potential royalty offset. Such amounts associated with the offset rights against future royalty payments will reduce this balance upon receipt of future royalties from the respective partners.
Product Returns	Product Returns (Avinza and Oncology product lines)
	In connection with the sale of the Avinza and Oncology product lines, the Company retained the obligation for returns of product that were shipped to wholesalers prior to the close of the transactions. The accruals for product returns, which were recorded as part of the accounting for the sales transactions, are based on historical experience. Any subsequent changes to the Company’s estimate of product returns are accounted for as a component of discontinued operations.
Costs and Expenses	Research and Development Expenses
	Research and development expense consists of labor, material, equipment, and allocated facilities costs of the Company’s scientific staff who are working pursuant to the Company’s collaborative agreements and other research and development projects. Also included in research and development expenses are third-party costs incurred for the Company’s research programs including in-licensing costs, CRO costs and costs incurred by other research and development service vendors. We expense these costs as they are incurred. When we make payments for research and development services prior to the services being rendered, we record those amounts as prepaid assets on our consolidated balance sheet and we expense them as the services are provided.
Income Taxes	Income Taxes
	Income taxes are accounted for under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the tax basis of assets or liabilities and their carrying amounts in the consolidated financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefit or if future deductibility is uncertain. As of December 31, 2014 and 2013, the Company had provided a full valuation allowance against its deferred tax assets as recoverability was uncertain. Developing the provision for income taxes requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and, if necessary, any valuation allowances that may be required for deferred tax assets. Management's judgments and tax strategies are subject to audit by various taxing authorities. While the Company believes it has provided adequately for its income tax liabilities in its consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the Company's consolidated financial condition and results of operations.
	The Company's ending deferred tax liability represents a future tax obligation for current tax amortization claimed on acquired IPR&D. As the Company cannot estimate when the IPR&D assets will be amortizable for financial reporting purposes, the deferred tax liability associated with the IPR&D assets cannot be used to support the realization of the Company's deferred tax assets. As a result, the Company is required to increase its valuation allowance and record a charge to deferred taxes.
Accounting for Share-Based Compensation	Accounting for Stock-Based Compensation
	The Company grants options and awards to employees, non-employee consultants, and non-employee directors. Only new shares of common stock are issued upon the exercise of stock options. Non-employee directors are accounted for as employees. Options and restricted stock granted to certain directors vest in equal monthly installments over one year from the date of grant. Options granted to employees vest 1/8 on the six month anniversary of the date of grant, and 1/48 each month thereafter for forty-two months. All option awards generally expire ten years from the date of grant.
	Stock-based compensation expense for awards to employees and non-employee directors is recognized on a straight-line basis over the vesting period until the last tranche vests.
Segment reporting	Segment Reporting
	Under Accounting Standards Codification No. 280, “Segment Reporting” (ASC 280), operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the entity’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The Company has evaluated ASC 280 and has identified two reportable segments: the development and commercialization of drugs using Captisol technology by CyDex Pharmaceuticals, Inc. and the biopharmaceutical company with a business model that is based upon the concept of developing or acquiring royalty revenue generating assets and coupling them with a lean corporate cost structure of Ligand Pharmaceuticals Incorporated.
Comprehensive Income (Loss)	Comprehensive Income (Loss)
	Comprehensive income (loss) represents net income (loss) adjusted for the change during the periods presented in unrealized gains and losses on available-for-sale securities less reclassification adjustments for realized gains or losses included in net income (loss). The unrealized gains or losses are reported on the Consolidated Statements of Comprehensive Income (Loss).

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of computation of basic and diluted net income (loss) per share	The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts):
		Year Ended December 31,
	EPS Attributable to Common Shareholders	2014				2013				2012
	Net income (loss) from continuing operations	12,024				$	8,832			$	(2,674	)
	Discontinued operations	—				2,588				2,147
	Net income (loss)	$	12,024			$	11,420			$	(527	)
	Shares used to compute basic income (loss) per share	20,418,569				20,312,395				19,853,095
	Dilutive potential common shares:
	Stock options	978,162				352,959				—
	Restricted stock	36,446				80,100				—
	Shares used to compute diluted income (loss) per share	21,433,177				20,745,454				19,853,095
	Basic per share amounts:
	Income (loss) from continuing operations	$	0.59			$	0.43			$	(0.14	)
	Discontinued operations	—				0.13				0.11
	Net income (loss)	$	0.59			$	0.56			$	(0.03	)
	Diluted per share amounts:
	Income (loss) from continuing operations	$	0.56			$	0.43			$	(0.14	)
	Discontinued operations	—				0.12				0.11
	Net income (loss)	$	0.56			$	0.55			$	(0.03	)
Summary of investment categories	The following table summarizes the various investment categories at December 31, 2014 and 2013 (in thousands):
		Cost				Gross unrealized				Gross unrealized			Estimated
						gains				losses			fair value
	31-Dec-14
	Short-term investments	$	2,179			$	4,954			$	—		$	7,133
	Certificates of deposit - restricted	1,261				—				—			1,261
		$	3,440			$	4,954			$	—		$	8,394
	31-Dec-13
	Short-term investments	1,426				2,914				$	—		$	4,340
	Certificates of deposit-restricted	1,341				—				—			1,341
		$	2,767			$	2,914			$	—		$	5,681
Schedule of major customers	A relatively small number of partners accounts for a significant percentage of our revenue. Revenue from significant partners, which is defined as 10% or more of our total revenue, was as follows:
		December 31,
		2014			2013			2012
	Partner A	37	%		33	%		32	%
	Partner B	31	%		28	%		15	%
	Partner C	10	%		14	%		19	%
Summary of property and equipment	Property and equipment is stated at cost and consists of the following (in thousands):
		December 31,
		2014				2013
	Lab and office equipment	$	2,232			$	3,737
	Leasehold improvements	273				387
	Computer equipment and software	624				616
		3,129				4,740
	Less accumulated depreciation and amortization	(2,643		)		(3,873		)
		$	486			$	867
Summary of goodwill and other identifiable intangible assets	Goodwill and other identifiable intangible assets consist of the following (in thousands):
		December 31,
		2014				2013
	Indefinite lived intangible assets
	Acquired in-process research and development	$	12,556			$	12,556
	Goodwill	12,238				12,238
	Definite lived intangible assets
	Complete technology	15,267				15,267
	Less: Accumulated amortization	(2,999		)		(2,235		)
	Trade name	2,642				2,642
	Less: Accumulated amortization	(519		)		(387		)
	Customer relationships	29,600				29,600
	Less: Accumulated amortization	(5,824		)		(4,344		)
	Total goodwill and other identifiable intangible assets, net	$	62,961			$	65,337
Stock option weighted average assumptions	The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions:
		Year Ended December 31,
		2014		2013		2012
	Risk-free interest rate	1.90%		1.13%-1.82%		0.83%-1.14%
	Dividend yield	—		—		—
	Expected volatility	62%-69%		69%		69%
	Expected term	6 years		6 years		6 years
	Forfeiture rate	8.6%-9.7%		8.4%-9.8%		8.0%-11.2%
Schedule for accounting for share-based compensation	The following table summarizes stock-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
		December 31,
		2014				2013				2012
	Stock-based compensation expense as a component of:
	Research and development expenses	$	3,595			$	1,705			$	1,448
	General and administrative expenses	7,675				3,961				2,619
		$	11,270			$	5,666			$	4,067

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table represents the assets and liabilities, which are owned by and are obligations of Viking and are with no recourse to the Company, as of December 31, 2014 (in thousands):
		31-Dec-14
	Cash and cash equivalents	$	756
	Other current assets	18
	Capitalized IPO expenses	2,268
	Total current assets	3,042
	Other assets	1
	Total assets	$	3,043
	Accounts payable	2,211
	Accrued liabilities	77
	Current portion of notes payable	334
	Total current liabilities	2,622
	Long-term portion of notes payable (eliminates in consolidation)	2,331
	Total liabilities	$	4,953

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured on recurring basis	The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands):
	Fair Value Measurements at Reporting Date Using
						Quoted Prices in		Significant		Significant
						Active Markets		Other		Unobservable
						for Identical		Observable		Inputs
						Assets		Inputs
		Total				(Level 1)		(Level 2)		(Level 3)
	Assets:
	Current portion of co-promote termination payments receivable (1)	$	322			$	—	$	—	$	322
	Short-term investments (2)	7,133				7,133		—		—
	Total assets	$	7,455			$	7,133	$	—	$	322
	Liabilities:
	Current portion of contingent liabilities - CyDex (3)	$	6,796			$	—	$	—	$	6,796
	Current portion of co-promote termination liability (1)	322				—		—		322
	Long-term portion of contingent liabilities - Metabasis (4)	3,652				3,652		—		—
	Long-term portion of contingent liabilities - CyDex (3)	4,701				—		—		4,701
	Liability for amounts owed to former licensees (5)	773				773		—		—
	Total liabilities	$	16,244			$	4,425	$	—	$	11,819
	Fair Value Measurements at Reporting Date Using
						Quoted Prices in		Significant		Significant
						Active Markets		Other		Unobservable
						for Identical		Observable		Inputs
						Assets		Inputs
		Total				(Level 1)		(Level 2)		(Level 3)
	Assets:
	Current portion of co-promote termination payments receivable (1)	$	4,329			$	—	$	—	$	4,329
	Short-term investments (2)	4,340				4,340		—		—
	Long-term portion of co-promote termination payments receivable (1)	7,417				—		—		7,417
	Total assets	$	16,086			$	4,340	$	—	$	11,746
	Liabilities:
	Current portion of contingent liabilities - CyDex (3)	$	1,712			$	—	$	—	$	1,712
	Current portion of co-promote termination liability (1)	4,329				—		—		4,329
	Long-term portion of contingent liabilities - Metabasis (4)	4,196				4,196		—		—
	Long-term portion of contingent liabilities - CyDex (3)	7,599				—		—		7,599
	Liability for amounts owed to former licensees (5)	651				651		—		—
	Long-term portion of co-promote termination liability (1)	7,417				—		—		7,417
	Total liabilities	$	25,904			$	4,847	$	—	$	21,057
	-1	The co-promote termination payments receivable represents a non-interest-bearing receivable for future payments to be made by Pfizer related to product sales and is recorded at its fair value. The receivable and liability will remain equal, and are adjusted each quarter for changes in the fair value of the obligation including any changes in the estimate of future net Avinza product sales. The fair value is determined based on a valuation model using an income approach. For additional information, see Note 4 Avinza Co-Promotion.
	-2	The Company’s short-term investments include investments in equity securities which the Company received as a result of event-based and upfront payments from licensees. The fair value is determined using quoted market prices in active markets for the same securities.
	-3	The fair value of the liabilities for CyDex contingent liabilities were determined based on the income approach using a Monte Carlo analysis. The fair value is subjective and is affected by changes in inputs to the valuation model including management’s assumptions regarding revenue volatility, probability of commercialization of products, estimates of timing and probability of achievement of certain revenue thresholds and developmental and regulatory milestones which may be achieved and affect amounts owed to former license holders and CVR holders. Changes in these assumptions can materially affect the fair value estimate.
	-4	The liability for CVRs for Metabasis are determined using quoted market prices in active markets for the underlying CVR.
	-5	The liability for amounts owed to former licensees are determined using quoted market prices in active markets for the underlying investment received from a partner, a portion of which is owed to former licensors.
Significant unobservable inputs used in determining the fair value of contingent liabilities	The following table represents significant unobservable inputs used in determining the fair value of contingent liabilities assumed in the acquisition of CyDex:
			December 31,
			2014		2013
	Range of annual revenue subject to revenue sharing (1)		$17.2 million-$17.3 million		$4.2 million-$19.8 million
	Revenue volatility		25%		25%
	Average of probability of commercialization		81%		68%
	Sales beta		0.6		0.6
	Credit rating		B		BBB
	Equity risk premium		6%		6%
	-1	Revenue subject to revenue sharing represent management’s estimate of the range of total annual revenue subject to revenue sharing (i.e. annual revenues in excess of $15 million) through December 31, 2016, which is the term of the CVR agreement.
Reconciliation of the level 3 financial instruments	A reconciliation of the level 3 financial instruments as of December 31, 2014 is as follows (in thousands):
	Assets:
	Fair value of level 3 financial instruments as of December 31, 2013	$	11,746
	Assumed payments made by Pfizer or assignee	(1,243		)
	Fair value adjustments to co-promote termination liability	(10,181		)
	Fair value of level 3 financial instrument assets as of December 31, 2014	$	322
	Liabilities
	Fair value of level 3 financial instruments as of December 31, 2013	$	21,057
	Assumed payments made by Pfizer or assignee	(1,243		)
	Payments to CVR holders and other contingency payments	(3,493		)
	Fair value adjustments to contingent liabilities	5,679
	Fair value adjustments to co-promote termination liability	(10,181		)
	Fair value of level 3 financial instruments as of December 31, 2014	$	11,819

Avinza_CoPromotion_Tables

Avinza Co-Promotion (Tables)	12 Months Ended
	Dec. 31, 2014
Co Promotion [Abstract]
Summary of co-promote termination liability	A summary of the co-promote termination liability as of December 31, 2014 and 2013 is as follows (in thousands):
	Net present value of payments based on estimated future net Avinza product sales as of December 31, 2012	$	12,534
	Assumed payments made by Pfizer or assignee	(3,310		)
	Fair value adjustments due to passage of time	2,522
	Net present value of payments based on estimated future net Avinza product sales as of December 31, 2013	11,746
	Assumed payments made by Pfizer or assignee	(1,243		)
	Fair value adjustments due to passage of time	(10,181		)
	Total co-promote termination liability as of December 31, 2014	$	322

Lease_Obligations_Tables

Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2014
Leases [Abstract]
Payments expected to received from sublease agreements	The following table provides a summary of operating lease obligations and payments expected to be received from sublease agreements as of December 31, 2014 (in thousands):
	Operating lease obligations:	Lease	Less than 1		1 year		2 years		3 years		4 years		Total
		Termination	year
		Date
	Corporate headquarters-San Diego, CA	Jul-19	$	682	$	700	$	718	$	737	$	373	$	3,210
	Bioscience and Technology Business Center-Lawrence, KS	Dec-14	54		54		54		—		—		162
	Vacated office and research facility-San Diego, CA	Jul-15	1,339		—		—		—		—		1,339
	Vacated office and research facility-Cranbury, NJ	Aug-16	2,589		1,743		—		—		—		4,332
	Total operating lease obligations		4,664		2,497		772		737		373		9,043
	Sublease payments expected to be received:
	Office and research facility-San Diego, CA	Jul-15	$	545	$	—	$	—	$	—	$	—	$	545
	Office and research facility-Cranbury, NJ	Aug-16	212		141		—		—		—		353
	Net operating lease obligations		$	3,907	$	2,356	$	772	$	737	$	373	$	8,145

Segment_Reporting_Tables

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Summary of segment information	Segment information is as follows:
	Balance Sheet Data:
		As of December 31, 2014
		Ligand			CyDex			Total
	Total Assets	$	184,215		$	73,814		$	258,029
		As of December 31, 2013
		Ligand			CyDex			Total
	Total Assets	$	38,408		$	66,305		$	104,713
		For the year ended December 31, 2014
		Ligand			CyDex			Total
	Net revenues from external customers	$	27,174		$	37,364		$	64,538
	Operating income	(2,372		)	21,998			19,626
	Depreciation and amortization expense	253			2,404			2,657
	Income tax (expense) benefit from continuing operations	5,106			(5,516		)	(410		)
	Interest expense, net	4,860			—			4,860
		For the year ended December 31, 2013
		Ligand			CyDex			Total
	Net revenues from external customers	$	21,436		$	27,537		$	48,973
	Operating (loss) income	253			14,690			14,943
	Depreciation and amortization expense	233			2,430			2,663
	Write-off of in-process research and development	—			480			480
	Income tax benefit from continuing operations	(419		)	45			(374		)
	Interest expense	2,077			—			2,077
	Gain on sale of Avinza	2,588			—			2,588
		For the year ended December 31, 2012
		Ligand			CyDex			Total
	Net revenues from external customers	$	19,582		$	11,806		$	31,388
	Operating (loss) income	(919		)	1,112			$	193
	Depreciation and amortization expense	222			2,505			$	2,727
	Interest expense, net	2,924			—			$	2,924
	Income tax benefit from continuing operations	1,096			95			$	1,191
	Gain on sale of Avinza	3,656			—			$	3,656
	Income tax expense from discontinuing operations	(1,509		)	—			$	(1,509	)

Financing_Arrangements_Tables

Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Summary of carrying values and coupon rates on financing arrangements	The carrying values and the fixed contractual coupon rates of the Company's financing arrangements are as follows (dollars in thousands):
		31-Dec-14			December 31, 2013
	Convertible notes payable, 2.16% to 3.84%, due 2015, VIE	$	334		$	—
	Current portion notes payable, 8.64%, due August 1, 2014	—			6,642
	Current portion notes payable, 8.90%, due August 1, 2014	—			2,467
	Total current portion of notes payable	$	334		$	9,109
	2019 Convertible Senior Notes
	Principal amount outstanding	$	245,000		$	—
	Unamortized discount	(49,092		)	—
	Net carrying amount	195,908			—
	Total long-term portion of notes payable	$	195,908		$	—
Schedule of principal payments on long-term debt obligations	rincipal payments on long-term debt obligations of $245.0 million in 2019.

Other_Balance_Sheet_Details_Ta

Other Balance Sheet Details (Tables)	12 Months Ended
	Dec. 31, 2014
Other Balance Sheet Details [Abstract]
Schedule of other current assets	Other current assets consist of the following (in thousands):
		December 31,
		2014		2013
	Prepaid expenses	$	835	$	786
	Other receivables	685		173
		$	1,520	$	959
Schedule of accrued liabilities	Accrued liabilities consist of the following (in thousands):
		December 31,
		2014		2013
	Compensation	$	1,708	$	1,929
	Legal	459		697
	Amounts owed to former licensees	925		651
	Royalties owed to third parties	705		676
	Other	1,069		1,384
		$	4,866	$	5,337
Schedule of other long-term liabilities	Other long-term liabilities consist of the following (in thousands):
		December 31,
		2014		2013
	Deferred rent	327		350
	Deposits	411		345
	Other	32		—
		$	770	$	695

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Stock option plan activity	Following is a summary of the Company’s stock option plan activity and related information:
		Shares		Weighted				Weighted	Aggregate
				Average				Average	Intrinsic
				Exercise				Remaining	Value
				Price				Contractual	(In  thousands)
								Term in
								Years
	Balance at December 31, 2013	1,746,709		$	16.79			7.57	$	62,705
	Granted	389,934		72.09
	Exercised	(281,515	)	15.71
	Forfeited	(49,967	)	16.69
	Cancelled	(4,464	)	80.56
	Balance at December 31, 2014	1,800,697		28.78				7.25	51,558
	Exercisable at December 31, 2014	1,127,667		20.86				6.62	38,395
	Options vested and expected to vest as of December 31, 2014	1,800,697		$	28.78			7.25	$	51,558
Stock option plan activity, by exercise price range	Following is a further breakdown of the options outstanding as of December 31, 2014:
	Range of exercise prices	Options		Weighted		Weighted average			Options		Weighted average
		outstanding		average		exercise price			exercisable		exercise price
				remaining  life
				in years
	$8.58 – $10.12	382,047		6.06		$	9.98		365,174		$	9.98
	$10.72 – $13.53	52,739		7.3		12.45			49,437		12.47
	$14.47 – $14.47	427,504		7.11		14.47			273,781		14.47
	$16.14 – $21.92	453,177		6.97		20.79			260,375		20.05
	$32.00 – $74.42	485,230		8.58		65.42			178,900		56.34
	$8.58 – $74.42	1,800,697		7.25		$	28.78		1,127,667		$	20.86
Restricted stock activity	The following is a summary of the Company’s restricted stock activity and related information:
		Shares		Weighted-Average
				Grant Date Fair
				Value
	Non-vested at December 31, 2013	115,386		$	21.93
	Granted	45,571		70.2
	Vested	(74,312	)	25.21
	Forfeited	(3,972	)	18.42
	Non-vested at December 31, 2014	82,673		$	45.76

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of the components of income tax benefit	The components of the income tax expense (benefit) for continuing operations are as follows (in thousands):
		Year Ended December 31,
		2014			2013			2012
	Current expense (benefit):
	Federal	$	15		$	—		$	3
	State	19			33			16
		34			33			19
	Deferred expense (benefit):
	Federal	406			404			(913		)
	State	(30		)	(63		)	(297		)
		$	410		$	374		$	(1,191	)
Schedule of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 are shown below. A valuation allowance has been recognized to offset the net deferred tax assets as management believes realization of such assets is uncertain as of December 31, 2014, 2013 and 2012. The change in valuation allowance increased $9.8 million in 2014, decreased $5.4 million in 2013 and increased $41.8 million in 2012.
		December 31,
		2014			2013
		(in thousands)
	Deferred assets:
	Net operating loss carryforwards	$	193,747		$	196,421
	Research and AMT credit carryforwards	28,288			30,092
	Fixed assets and intangibles	13,237			17,293
	Accrued expenses	1,579			1,474
	Contingent liabilities	579			582
	Deferred revenue	771			760
	Present value of royalties	11,686			12,175
	Organon termination asset	(111		)	(4,073		)
	Organon termination liability	111			4,073
	Royalty obligation	—			—
	Deferred rent	730			1,634
	Lease termination costs	—			—
	Capital loss carryforwards	—			148
	Other	5,780			3,701
		256,397			264,280
	Valuation allowance for deferred tax assets	(240,420		)	(249,470		)
	Net deferred tax assets	$	15,977		$	14,810
	Deferred tax liabilities:
	Retrophin fair value adjustment	$	(1,396	)	$	(859	)
	Convertible debt	(1,436		)	—
	Identified intangibles	(13,146		)	(13,984		)
	Identified indefinite lived intangibles	(3,048		)	(2,639		)
	Total	$	(3,049	)	$	(2,672	)
Schedule of effective income tax rate reconciliation	A reconciliation of income taxes from continuing operations to the amount computed by applying the statutory federal income tax rate to the net loss from continuing operations is summarized as follows:
		Years Ended December 31,
		2014			2013			2012
	Amounts computed at statutory federal rate	$	(3,843	)	$	(3,131	)	$	1,317
	State taxes net of federal benefit	(697		)	(293		)	196
	Meals & entertainment	(9		)	(10		)	(8		)
	Acquisition related transaction costs	—			—			—
	Imputed interest	(53		)	(285		)	(259		)
	Section 162(m) limitation	(490		)
	Contingent liabilities	(1,748		)	(2,027		)	695
	Stock-based compensation	(89		)	556			581
	Expired NOLs	(88		)	—			(6,847		)
	Research and development credits	113			4,581			(1,984		)
	Change in uncertain tax positions	(7		)	(364		)	830
	Rate change for changes in state law	(119		)	(901		)	(3,388		)
	Increase in deferred tax assets from completion of 382 analysis	(43		)	(786		)	53,257
	Change in valuation allowance	7,243			3,509			(41,768		)
	Other	(580		)	(1,223		)	(1,431		)
		$	(410	)	$	(374	)	$	1,191
Schedule of unrecognized tax benefits	A reconciliation of the amount of unrecognized tax benefits at December 31, 2014 and 2013 is as follows (in thousands):
	Balance at December 31, 2012	$	8,067
	Additions based on tax positions related to the current year	417
	Additions for tax positions of prior years	20
	Balance at December 31, 2013	$	8,504
	Additions based on tax positions related to the current year	40
	Reductions for tax positions of prior years	(20		)
	Balance at December 31, 2014	$	8,524

Summary_of_Unaudited_Quarterly1

Summary of Unaudited Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 (in thousands).
		Quarter ended
		31-Mar			30-Jun			30-Sep			31-Dec
	2014
	Total revenues	$	15,958		$	10,608		$	14,973		$	22,999
	Total operating costs and expenses	10,858			9,250			11,441			13,363
	Income tax (expense) benefit	(53		)	47			(124		)	(280		)
	Income from continuing operations	2,097			1,288			777			6,730
	Discontinued operations	—			—			—			—
	Net loss attributable to noncontrolling interests	—			(304		)	(503		)	(325		)
	Net income	2,097			1,592			1,280			7,055
	Basic per share amounts:
	Income from continuing operations	0.1			0.08			0.06			0.35
	Discontinued operations	—			—			—			—
	Net income	$	0.1		$	0.08		$	0.06		$	0.35
	Diluted per share amounts:
	Income from continuing operations	0.1			0.07			0.06			0.34
	Income from discontinued operations	—			—			—			—
	Net income	$	0.1		$	0.07		$	0.06		$	0.34
	Weighted average shares—basic	20,600,683			20,738,299			20,417,187			19,878,088
	Weighted average shares—diluted	21,208,023			21,780,034			21,345,311			20,792,363
	2013
	Total revenues	$	11,651		$	9,580		$	13,005		$	14,737
	Total operating costs and expenses	7,719			8,066			9,935			8,310
	Income tax expense	(66		)	(110		)	(60		)	(138		)
	Income from continuing operations	1,304			3,694			1,965			1,869
	Income (loss) from discontinued operations	191			2,397			—			—
	Net income	1,495			6,091			1,965			1,869
	Basic per share amounts:
	Income from continuing operations	0.06			0.18			0.1			0.09
	Discontinued operations	0.01			0.12			—			—
	Net income	$	0.07		$	0.3		$	0.1		$	0.09
	Diluted per share amounts:
	Income from continuing operations	0.06			0.18			0.09			0.09
	Discontinued operations	0.01			0.12			—			—
	Net income	$	0.07		$	0.3		$	0.09		$	0.09
	Weighted average shares—basic	20,189,378			20,258,618			20,357,558			20,442,603
	Weighted average shares—diluted	20,280,030			20,427,360			20,843,742			21,056,156

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of computation of basic and diluted net income (loss) per share
Net income (loss) from continuing operations	$6,730	$777	$1,288	$2,097	$1,869	$1,965	$3,694	$1,304	$12,024	$8,832	($2,674)
Discontinued operations									0	2,588	2,147
Net income	$7,055	$1,280	$1,592	$2,097	$1,869	$1,965	$6,091	$1,495	$12,024	$11,420	($527)
Shares used to compute basic income (loss) per share									20,418,569	20,312,395	19,853,095
Dilutive potential common shares:
Stock options (shares)									978,162	352,959	0
Restricted stock (shares)									36,446	80,100	0
Shares used to compute diluted income (loss) per share	20,792,363	21,345,311	21,780,034	21,208,023	21,056,156	20,843,742	20,427,360	20,280,030	21,433,177	20,745,454	19,853,095
Basic per share amounts:
(Loss) income from continuing operations (in usd per share)	$0.35	$0.06	$0.08	$0.10	$0.09	$0.10	$0.18	$0.06	$0.59	$0.43	($0.14)
Income from discontinued operations (in usd per share)	$0	$0	$0	$0	$0	$0	$0.12	$0.01	$0	$0.13	$0.11
Net income (loss) (in usd per share)	$0.35	$0.06	$0.08	$0.10	$0.09	$0.10	$0.30	$0.07	$0.59	$0.56	($0.03)
Diluted per share amounts:
(Loss) income from continuing operations (in usd per share)	$0.34	$0.06	$0.07	$0.10	$0.09	$0.09	$0.18	$0.06	$0.56	$0.43	($0.14)
Income from discontinued operations (in usd per share)	$0	$0	$0	$0	$0	$0	$0.12	$0.01	$0	$0.12	$0.11
Net income (loss) (in usd per share)	$0.34	$0.06	$0.07	$0.10	$0.09	$0.09	$0.30	$0.07	$0.56	$0.55	($0.03)

Basis_of_Presentation_Details_

Basis of Presentation (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Cost	$3,440	$2,767
Gross unrealized gains	4,954	2,914
Gross unrealized losses	0	0
Estimated fair value	8,394	5,681
Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Cost	2,179
Gross unrealized gains	4,954
Gross unrealized losses	0
Estimated fair value	7,133
Certificates of deposit - restricted
Schedule of Available-for-sale Securities [Line Items]
Cost	1,261	1,341
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Estimated fair value	1,261	1,341
Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Cost		1,426
Gross unrealized gains		2,914
Gross unrealized losses		0
Estimated fair value		$4,340

Basis_of_Presentation_Details_1

Basis of Presentation (Details 6) (Customer Concentration Risk, Revenue)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Partner A
Partner C
Total revenues	37.00%	33.00%	32.00%
Partner B
Partner C
Total revenues	31.00%	28.00%	15.00%
Partner C
Partner C
Total revenues	10.00%	14.00%	19.00%

Basis_of_Presentation_Details_2

Basis of Presentation (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Summary of Property and equipment
Property and equipment , gross	$3,129	$4,740
Less accumulated depreciation and amortization	-2,643	-3,873
Property and equipment, net	486	867
Lab and office equipment
Summary of Property and equipment
Property and equipment , gross	2,232	3,737
Leasehold improvements
Summary of Property and equipment
Property and equipment , gross	273	387
Computer equipment and software
Summary of Property and equipment
Property and equipment , gross	$624	$616

Basis_of_Presentation_Details_3

Basis of Presentation (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Summary of Goodwill and Other Identifiable Intangible Assets
Goodwill	$12,238	$12,238
Total goodwill and other identifiable intangible assets, net	62,961	65,337
Complete technology
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	15,267	15,267
Less: Accumulated amortization	-2,999	-2,235
Trade name
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	2,642	2,642
Less: Accumulated amortization	-519	-387
Customer relationships
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	29,600	29,600
Less: Accumulated amortization	-5,824	-4,344
Acquired in-process research and development
Summary of Goodwill and Other Identifiable Intangible Assets
Acquired in-process research and development	$12,556	$12,556

Basis_of_Presentation_Details_4

Basis of Presentation (Details 4)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Risk-free interest rate	1.90%
Risk-free interest rate, minimum		1.13%	0.83%
Risk-free interest rate, maximum		1.82%	1.14%
Dividend yield rate	0.00%	0.00%	0.00%
Expected volatility rate, minimum	62.00%	69.00%	69.00%
Expected volatility rate, maximum	69.00%
Expected term	6 years	6 years	6 years
Forfeiture rate, minimum	8.60%	8.40%	8.00%
Forfeiture rate, maximum	9.70%	9.80%	11.20%

Basis_of_Presentation_Details_5

Basis of Presentation (Details 5) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Basis of Presentation [Line Items]
Share-based compensation expense	$11,270	$5,666	$4,067
Research and development expenses
Basis of Presentation [Line Items]
Share-based compensation expense	3,595	1,705	1,448
General and administrative expenses
Basis of Presentation [Line Items]
Share-based compensation expense	$7,675	$3,961	$2,619

Basis_of_Presentation_Details_6

Basis of Presentation (Details Textual) (USD $)	3 Months Ended								9 Months Ended	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2012	Jan. 31, 2010	Apr. 30, 2013	Jan. 31, 2011	Dec. 31, 2009	Aug. 31, 2014
										segment				right	program		right
Basis of Presentation [Line Items]
Income (loss) from continuing operations	$6,730,000	$777,000	$1,288,000	$2,097,000	$1,869,000	$1,965,000	$3,694,000	$1,304,000		$12,024,000	$8,832,000	($2,674,000)
Accumulated deficit	-659,315,000				-671,339,000					-659,315,000	-671,339,000
Working capital	162,400,000									162,400,000
Common shares excluded from computation										5,100,000	800,000	1,100,000
Maturity period of cash and cash equivalents, maximum										3 months
FDIC insured amount	250,000									250,000
Cash deposits	91,700,000									91,700,000
Reserve for obsolete inventory	0				0					0	0
Accounts receivable outstanding considered past due after period, minimum										30 days
Accounts receivable outstanding considered past due after period, maximum										90 days
Allowance for doubtful accounts	0				0					0	0
Depreciation expense										300,000	300,000	300,000
Definite lived intangibles, useful life										20 years
Amortization expense										2,400,000	2,400,000	2,400,000
Estimated amortization expense [Abstract]
Amortization expense next year	2,400,000									2,400,000
Amortization expense year two	2,400,000									2,400,000
Amortization expense year three	2,400,000									2,400,000
Amortization expense year four	2,400,000									2,400,000
Amortization expense year five	2,400,000									2,400,000
Goodwill	12,238,000				12,238,000					12,238,000	12,238,000
(Gain) loss on asset disposal										-16,000	5,000	-17,000
Number of commercial license agreement programs															15
Paid to CyDex shareholders										1,000,000	3,571,000	0
Retirement of treasury shares (in shares)											1,118,222
Period allowed for return of products, minimum									30 days
Period allowed for return of products, maximum									90 days
Restocking fee (percent)										20.00%
Deferred revenue	0				100,000					0	100,000
Share-based Compensation [Abstract]
Number of reportable segments										2
Total assets	258,029,000				104,713,000					258,029,000	104,713,000
Total liabilities	233,621,000				55,100,000					233,621,000	55,100,000
Stock Options | 2002 Stock Incentive Plan
Share-based Compensation [Abstract]
Award expiration period										10 years
Stock Options | Vest 1/8 on the six month anniversary of the date of grant | 2002 Stock Incentive Plan
Share-based Compensation [Abstract]
Award vesting period										6 months
Award vesting right percentage										12.50%
Stock Options | Vest 1/48 each month for forty-two months | 2002 Stock Incentive Plan
Share-based Compensation [Abstract]
Award vesting period										42 months
Award vesting right percentage										2.08%
Director | 2002 Stock Incentive Plan
Share-based Compensation [Abstract]
Award vesting period										1 year
Minimum
Estimated amortization expense [Abstract]
Sales/revenues from partners reporting period										30 days
Maximum
Estimated amortization expense [Abstract]
Sales/revenues from partners reporting period										60 days
Equipment | Minimum
Basis of Presentation [Line Items]
Property and equipment, useful life										3 years
Equipment | Maximum
Basis of Presentation [Line Items]
Property and equipment, useful life										10 years
CyDex
Estimated amortization expense [Abstract]
Intangible assets with definite lives																47,500,000
Business combination, weighted-average amortization period intangible assets										20 years
In-process research and development																3,200,000
Goodwill																11,500,000
(Gain) loss on asset disposal										0	500,000
Contingent value rights fair value																17,600,000
Discounted to present value using a discount rate																21.60%
Fair value of contingent liability	11,500,000				9,300,000					11,500,000	9,300,000
Contingent liability change in amount										-5,700,000	600,000	-3,400,000
Contingent liability, cash payment										3,500,000	1,000,000	8,000,000
CyDex | Guaranteed Payment
Estimated amortization expense [Abstract]
Paid to CyDex shareholders													4,300,000
Metabasis Therapeutics
Estimated amortization expense [Abstract]
Fair value of contingent liability	3,700,000				4,200,000					3,700,000	4,200,000			9,100,000
Contingent liability change in amount										500,000	-4,200,000	1,100,000
Number of contingent value rights														4
Number of contingent value rights per series of contingent value rights														1
Number of series of contingent value rights issued per share														4
Entitlement to cash payments (duration)														6 months
Royalty Stream and Milestone Payments Purchase Agreement with Selexis
Estimated amortization expense [Abstract]
Purchase price															4,600,000
Neurogen Corporation
Estimated amortization expense [Abstract]
Fair value of contingent liability																	3,200,000
Contingent liability change in amount												500,000
Number of contingent value rights																	4
Neurogen Corporation | VR1
Estimated amortization expense [Abstract]
Contingent liability change in amount												200,000
Omthera Pharmaceuticals
Estimated amortization expense [Abstract]
Revenue recognition, milestone method										1,000,000
Proceeds from collaborators										500,000
Omthera Pharmaceuticals | Collaborative Arrangement, Product
Estimated amortization expense [Abstract]
Revenue recognition, milestone method										400,000
Variable Interest Entity, Primary Beneficiary
Share-based Compensation [Abstract]
Total assets	3,043,000									3,043,000
Total liabilities	4,953,000									4,953,000
2019 Convertible Senior Notes
Estimated amortization expense [Abstract]
Principal amount outstanding	245,000,000				0					245,000,000	0
2019 Convertible Senior Notes | Senior Notes
Estimated amortization expense [Abstract]
Principal amount outstanding	245,000,000									245,000,000								245,000,000
Interest on debt instrument (percent)																		0.75%
Inventories
Basis of Presentation [Line Items]
Purchase commitment	$15,400,000									$15,400,000
Major Customer 1 | Customer Concentration Risk | Accounts Receivable
Basis of Presentation [Line Items]
Concentration risk, number of customers										2	2
Concentration risk, percentage of accounts receivable										64.00%	75.00%

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]
Cash and cash equivalents	$160,203	$11,639	$12,381	$7,041
Other current assets	1,520	959
Capitalized IPO expenses	2,268	0
Total current assets	185,158	24,881
Other assets	207	299
Total assets	258,029	104,713
Accounts payable	7,698	3,951
Accrued liabilities	4,866	5,337
Current portion of notes payable	334	9,109
Total current liabilities	22,779	28,939
Long-term portion of notes payable (eliminates in consolidation)	195,908	0
Total liabilities	233,621	55,100
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	756	0
Other current assets	18
Capitalized IPO expenses	2,268
Total current assets	3,042
Other assets	1
Total assets	3,043
Accounts payable	2,211	0
Accrued liabilities	77
Current portion of notes payable	334	0
Total current liabilities	2,622
Long-term portion of notes payable (eliminates in consolidation)	2,331
Total liabilities	$4,953

Variable_Interest_Entities_Det1

Variable Interest Entities (Details Textual) (Variable Interest Entity, Primary Beneficiary, USD $)	1 Months Ended	12 Months Ended	7 Months Ended
In Millions, unless otherwise specified	31-May-14	Dec. 31, 2014	Apr. 30, 2015
	program
Variable Interest Entity [Line Items]
Number of programs licensed	5
Loss recorded (percent)		100.00%
Debt
Variable Interest Entity [Line Items]
Convertible loan facility extended	2.5
Interest rate (percent)	5.00%
Repayment in equity (percent)		200.00%
Scenario, Forecast
Variable Interest Entity [Line Items]
Value of common stock in IPO issuance			29
Threshold proceeds from private financing			$20

Fair_Value_Measurement_Details

Fair Value Measurement (Details) (Recurring, USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$7,455		$16,086
Liabilities, fair value	16,244		25,904
Current portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	6,796	[1]	1,712	[1]
Current portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	322	[2]	4,329	[2]
Long-term portion of contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	3,652	[3]	4,196	[3]
Long-term portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	4,701	[1]	7,599	[1]
Liability for restricted investments owed to former licensees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	773	[4]	651	[4]
Long-term portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value			7,417	[2]
Current portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	322	[2]	4,329	[2]
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,133	[5]
Available-for-sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			4,340	[5]
Long-term portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			7,417	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,133		4,340
Liabilities, fair value	4,425		4,847
Quoted Prices in Active Markets for Identical Assets (Level 1) | Current portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[1]	0	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Current portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[2]	0	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term portion of contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	3,652	[3]	4,196	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[1]	0	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Liability for restricted investments owed to former licensees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	773	[4]	651	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value			0	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Current portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	[2]	0	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,133	[5]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			4,340	[5]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			0	[2]
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0		0
Liabilities, fair value	0		0
Significant Other Observable Inputs (Level 2) | Current portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[1]	0	[1]
Significant Other Observable Inputs (Level 2) | Current portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[2]	0	[2]
Significant Other Observable Inputs (Level 2) | Long-term portion of contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[3]	0	[3]
Significant Other Observable Inputs (Level 2) | Long-term portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[1]	0	[1]
Significant Other Observable Inputs (Level 2) | Liability for restricted investments owed to former licensees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[4]	0	[4]
Significant Other Observable Inputs (Level 2) | Long-term portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value			0	[2]
Significant Other Observable Inputs (Level 2) | Current portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	[2]	0	[2]
Significant Other Observable Inputs (Level 2) | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	[5]
Significant Other Observable Inputs (Level 2) | Available-for-sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			0	[5]
Significant Other Observable Inputs (Level 2) | Long-term portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			0	[2]
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	322		11,746
Liabilities, fair value	11,819		21,057
Significant Unobservable Inputs (Level 3) | Current portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	6,796	[1]	1,712	[1]
Significant Unobservable Inputs (Level 3) | Current portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	322	[2]	4,329	[2]
Significant Unobservable Inputs (Level 3) | Long-term portion of contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[3]	0	[3]
Significant Unobservable Inputs (Level 3) | Long-term portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	4,701	[1]	7,599	[1]
Significant Unobservable Inputs (Level 3) | Liability for restricted investments owed to former licensees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	[4]	0	[4]
Significant Unobservable Inputs (Level 3) | Long-term portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value			7,417	[2]
Significant Unobservable Inputs (Level 3) | Current portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	322	[2]	4,329	[2]
Significant Unobservable Inputs (Level 3) | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	[5]
Significant Unobservable Inputs (Level 3) | Available-for-sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			0	[5]
Significant Unobservable Inputs (Level 3) | Long-term portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			$7,417	[2]
[1]	The fair value of the liabilities for CyDex contingent liabilities were determined based on the income approach using a Monte Carlo analysis. The fair value is subjective and is affected by changes in inputs to the valuation model including management’s assumptions regarding revenue volatility, probability of commercialization of products, estimates of timing and probability of achievement of certain revenue thresholds and developmental and regulatory milestones which may be achieved and affect amounts owed to former license holders and CVR holders. Changes in these assumptions can materially affect the fair value estimate.
[2]	The co-promote termination payments receivable represents a non-interest-bearing receivable for future payments to be made by Pfizer related to product sales and is recorded at its fair value. The receivable and liability will remain equal, and are adjusted each quarter for changes in the fair value of the obligation including any changes in the estimate of future net Avinza product sales. The fair value is determined based on a valuation model using an income approach. For additional information, see Note 4 Avinza Co-Promotion.
[3]	The liability for CVRs for Metabasis are determined using quoted market prices in active markets for the underlying CVR.
[4]	The liability for amounts owed to former licensees are determined using quoted market prices in active markets for the underlying investment received from a partner, a portion of which is owed to former licensors.
[5]	The Company’s short-term investments include investments in equity securities which the Company received as a result of event-based and upfront payments from licensees. The fair value is determined using quoted market prices in active markets for the same securities.

Fair_Value_Measurement_Details1

Fair Value Measurement (Details 1) (CyDex, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Credit Derivatives [Line Items]
Amount Of revenue for contingent consideration	15
Contingent Consideration
Credit Derivatives [Line Items]
Revenue volatility (percent)	25.00%		25.00%
Average of probability of commercialization (percent)	81.00%		68.00%
Sales beta (decimal)	0.6		0.6
Credit rating (non-numeric)	B		BBB
Equity risk premium (percent)	6.00%		6.00%
Minimum | Contingent Consideration
Credit Derivatives [Line Items]
Range of annual revenue subject to revenue sharing	17.2	[1]	4.2	[1]
Maximum | Contingent Consideration
Credit Derivatives [Line Items]
Range of annual revenue subject to revenue sharing	17.3	[1]	19.8	[1]
[1]	Revenue subject to revenue sharing represent management’s estimate of the range of total annual revenue subject to revenue sharing (i.e. annual revenues in excess of $15 million) through December 31, 2016, which is the term of the CVR agreement.

Fair_Value_Measurement_Details2

Fair Value Measurement (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2014
Assets:
Fair value of level 3 financial instruments as of December 31, 2013	$11,746,000
Assumed payments made by Pfizer or assignee	-1,243,000
Fair value adjustments to co-promote termination liability	-10,181,000
Fair value of level 3 financial instrument assets as of December 31, 2014	322,000
Liabilities
Fair value of level 3 financial instruments as of December 31, 2013	21,057,000
Assumed payments made by Pfizer or assignee	-1,243,000
Payments to CVR holders and other contingency payments	-3,493,000
Fair value adjustments to contingent liabilities	5,679,000
Fair value adjustments to co-promote termination liability	-10,181,000
Fair value of level 3 financial instruments as of December 31, 2014	11,819,000
2019 Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount outstanding	245,000,000	0
Fair value of convertible debt	239,200,000
2019 Convertible Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount outstanding	$245,000,000		$245,000,000

Avinza_CoPromotion_Details

Avinza Co-Promotion (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Summary of co-promote termination liability
Total co-promote termination liability at beginning of period	$11,746	$12,534
Assumed payments made by Pfizer or assignee	-1,243	-3,310
Fair value adjustments due to passage of time	-10,181	2,522
Total co-promote termination liability at end of period	$322	$11,746

Avinza_CoPromotion_Details_Tex

Avinza Co-Promotion (Details Textual)	Dec. 31, 2013	Nov. 30, 2017
Co Promotion [Line Items]
Percentage of net sales payable as royalty	6.50%
Scenario, Forecast
Co Promotion [Line Items]
Percentage of net sales payable as royalty		6.00%

Lease_Obligations_Details

Lease Obligations (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Payments expected to received from sublease agreements
Total operating lease obligations	$9,043
Net operating lease obligations	8,145
Corporate headquarters-San Diego, CA
Payments expected to received from sublease agreements
Lease Termination Date	1-Jul-19
Total operating lease obligations	3,210
Bioscience and Technology Business Center-Lawrence, KS
Payments expected to received from sublease agreements
Lease Termination Date	1-Dec-14
Total operating lease obligations	162
Vacated office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Lease Termination Date	1-Jul-15
Total operating lease obligations	1,339
Vacated office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Lease Termination Date	1-Aug-16
Total operating lease obligations	4,332
Office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Lease Termination Date	1-Jul-15
Net operating lease obligations	545
Office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Lease Termination Date	1-Aug-16
Net operating lease obligations	353
Less than 1 year
Payments expected to received from sublease agreements
Total operating lease obligations	4,664
Net operating lease obligations	3,907
Less than 1 year | Corporate headquarters-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	682
Less than 1 year | Bioscience and Technology Business Center-Lawrence, KS
Payments expected to received from sublease agreements
Total operating lease obligations	54
Less than 1 year | Vacated office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	1,339
Less than 1 year | Vacated office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Total operating lease obligations	2,589
Less than 1 year | Office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Net operating lease obligations	545
Less than 1 year | Office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Net operating lease obligations	212
1 year
Payments expected to received from sublease agreements
Total operating lease obligations	2,497
Net operating lease obligations	2,356
1 year | Corporate headquarters-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	700
1 year | Bioscience and Technology Business Center-Lawrence, KS
Payments expected to received from sublease agreements
Total operating lease obligations	54
1 year | Vacated office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	0
1 year | Vacated office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Total operating lease obligations	1,743
1 year | Office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Net operating lease obligations	0
1 year | Office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Net operating lease obligations	141
2 years
Payments expected to received from sublease agreements
Total operating lease obligations	772
Net operating lease obligations	772
2 years | Corporate headquarters-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	718
2 years | Bioscience and Technology Business Center-Lawrence, KS
Payments expected to received from sublease agreements
Total operating lease obligations	54
2 years | Vacated office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	0
2 years | Vacated office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Total operating lease obligations	0
2 years | Office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Net operating lease obligations	0
2 years | Office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Net operating lease obligations	0
3 years
Payments expected to received from sublease agreements
Total operating lease obligations	737
Net operating lease obligations	737
3 years | Corporate headquarters-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	737
3 years | Bioscience and Technology Business Center-Lawrence, KS
Payments expected to received from sublease agreements
Total operating lease obligations	0
3 years | Vacated office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	0
3 years | Vacated office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Total operating lease obligations	0
3 years | Office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Net operating lease obligations	0
3 years | Office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Net operating lease obligations	0
4 years
Payments expected to received from sublease agreements
Total operating lease obligations	373
Net operating lease obligations	373
4 years | Corporate headquarters-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	373
4 years | Bioscience and Technology Business Center-Lawrence, KS
Payments expected to received from sublease agreements
Total operating lease obligations	0
4 years | Vacated office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Total operating lease obligations	0
4 years | Vacated office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Total operating lease obligations	0
4 years | Office and research facility-San Diego, CA
Payments expected to received from sublease agreements
Net operating lease obligations	0
4 years | Office and research facility-Cranbury, NJ
Payments expected to received from sublease agreements
Net operating lease obligations	$0

Lease_Obligations_Details_Text

Lease Obligations (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Leased Assets [Line Items]
Lease expiration year, Minimum	2014
Lease expiration year, Maximum	2019
Percentage of increase in annual base rent, Minimum	3.00%
Percentage of increase in annual base rent, Maximum	3.50%
Lease exit costs	$1,084,000	$560,000	$1,022,000
Rent expense, net sublease income	3,500,000	3,700,000
Adjustment for accretion and changes in lease assumptions	1,100,000	600,000	1,000,000
Tenant improvement allowance	3,200,000
Rent expense	700,000	700,000	1,100,000
Deferred rent	327,000	350,000
Contract Termination
Operating Leased Assets [Line Items]
Lease exit costs	$3,300,000	$5,900,000

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of segment information
Total Assets	$258,029				$104,713				$258,029	$104,713
Net revenues from external customers	22,999	14,973	10,608	15,958	14,737	13,005	9,580	11,651	64,538	48,973	31,388
Operating (loss) income									19,626	14,943	193
Depreciation and amortization expense									2,657	2,663	2,727
Write-off of in-process research and development										480
Income tax (expense) benefit	-280	-124	47	-53	-138	-60	-110	-66	-410	-374	1,191
Interest expense, net									4,860	2,077	2,924
Gain on sale of Avinza Product Line before income taxes									0	2,588	3,656
Income tax expense from discontinuing operations											-1,509
Ligand
Summary of segment information
Total Assets	184,215				38,408				184,215	38,408
Net revenues from external customers									27,174	21,436	19,582
Operating (loss) income									-2,372	253	-919
Depreciation and amortization expense									253	233	222
Write-off of in-process research and development										0
Income tax (expense) benefit									5,106	-419	1,096
Interest expense, net									4,860	2,077	2,924
Gain on sale of Avinza Product Line before income taxes										2,588	3,656
Income tax expense from discontinuing operations											-1,509
CyDex
Summary of segment information
Total Assets	73,814				66,305				73,814	66,305
Net revenues from external customers									37,364	27,537	11,806
Operating (loss) income									21,998	14,690	1,112
Depreciation and amortization expense									2,404	2,430	2,505
Write-off of in-process research and development										480
Income tax (expense) benefit									-5,516	45	95
Interest expense, net									0	0	0
Gain on sale of Avinza Product Line before income taxes										0	0
Income tax expense from discontinuing operations											$0

Financing_Arrangements_Details

Financing Arrangements (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Notes Payable, Current and Noncurrent [Abstract]
Current portion of notes payable	$334,000	$9,109,000
Long-term portion of notes payable	195,908,000	0
Convertible notes payable, 2.16% to 3.84%, due 2015, VIE
Notes Payable, Current and Noncurrent [Abstract]
Current portion of notes payable	334,000	0
Convertible notes payable, 2.16% to 3.84%, due 2015, VIE | Minimum
Notes Payable, Current and Noncurrent [Abstract]
Interest on debt instrument (percent)	2.16%
Convertible notes payable, 2.16% to 3.84%, due 2015, VIE | Maximum
Notes Payable, Current and Noncurrent [Abstract]
Interest on debt instrument (percent)	3.84%
Current portion notes payable, 8.64%, due August 1, 2014
Notes Payable, Current and Noncurrent [Abstract]
Current portion of notes payable	0	6,642,000
Debt Instrument, Maturity Date	1-Aug-14
Interest on debt instrument (percent)	8.64%
Current portion notes payable, 8.90%, due August 1, 2014
Notes Payable, Current and Noncurrent [Abstract]
Current portion of notes payable	0	2,467,000
Debt Instrument, Maturity Date	1-Aug-14
Interest on debt instrument (percent)	8.90%
2019 Convertible Senior Notes
Notes Payable, Current and Noncurrent [Abstract]
Principal amount outstanding	245,000,000	0
Unamortized discount	-49,092,000	0
Long-term portion of notes payable	$195,908,000	$0

Financing_Arrangements_Details1

Financing Arrangements (Details Textual) (USD $)	12 Months Ended			0 Months Ended	1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 12, 2014	Aug. 31, 2014	Jul. 31, 2014
Debt Instrument [Line Items]
Additional final payment on borrowings (percent)						6.00%
Proceeds from issuance of debt	$0	$0	$7,500,000
Equity component of convertible debt issuance, net of issuance costs	51,271,000
Unamortized debt issuance costs	3,388,000	0
Warrants to purchase number of shares					3,264,643
Exercise price per share of convertible bond hedges					$75.05
Payments for Convertible Bond Hedges	48,143,000	0	0
Exercise price per share of warrants					$125.08
Sale of warrants	11,638,000
Current portion of notes payable ($334 and $0 related to a VIE, respectively	334,000	9,109,000
Principal payments in 2019	245,000,000
2019 Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount outstanding	245,000,000	0
Convertible Notes Payable
Debt Instrument [Line Items]
Current portion of notes payable ($334 and $0 related to a VIE, respectively	334,000	0
Senior Notes
Debt Instrument [Line Items]
Payments for Convertible Bond Hedges	48,100,000
Senior Notes | 2019 Convertible Senior Notes
Debt Instrument [Line Items]
Interest on debt instrument (percent)					0.75%
Principal amount outstanding	245,000,000				245,000,000
Convertible debt conversion ratio					0.0133251
Net proceeds from debt issuance					239,300,000
Debt conversion price per share	$75.05				$75.05
Debt conversion premium (percent)				35.00%
Proceeds from issuance of debt	245,000,000
Discount rate (percent)	5.83%
Convertible debt, noncurrent	192,500,000
Debt issuance cost	5,700,000
Equity component of convertible debt issuance, net of issuance costs	1,200,000
Unamortized debt issuance costs	4,500,000
Term of debt (duration)	5 years
Carrying value of equity component	$51,300,000
Senior Notes | 2019 Convertible Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Number of trading days	20
Number of consecutive trading days	30 days
Stock price trigger threshold (percent)	130.00%
Senior Notes | 2019 Convertible Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Number of trading days	5
Number of consecutive trading days	10 days
Debt threshold trigger price (percent)	98.00%
Common Stock
Debt Instrument [Line Items]
Price per share of stock				55.59

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash used in operating activities of discontinued operations	$0	($642,000)	($900,000)
AVINZA Product Line
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) from disposal of discontinued operations	$0	$2,600,000	$3,700,000

Other_Balance_Sheet_Details_De

Other Balance Sheet Details (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Balance Sheet Details [Abstract]
Prepaid expenses	$835	$786
Other receivables	685	173
Other current assets	$1,520	$959

Other_Balance_Sheet_Details_De1

Other Balance Sheet Details (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Balance Sheet Details [Abstract]
Compensation	$1,708	$1,929
Legal	459	697
Amounts owed to former licensees	925	651
Royalties owed to third parties	705	676
Other	1,069	1,384
Accrued liabilities	$4,866	$5,337

Other_Balance_Sheet_Details_De2

Other Balance Sheet Details (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Balance Sheet Details [Abstract]
Deferred rent	$327	$350
Deposits	411	345
Other	32
Other long-term liabilities	$770	$695

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Shares [Rollforward]
Balance at Beginning of Period	1,746,709
Granted	389,934
Exercised	-281,515
Forfeited	-49,967
Cancelled	-4,464
Balance at End of Period	1,800,697	1,746,709
Exercisable at December 31, 2014	1,127,667
Options vested and expected to vest as of December 31, 2014	1,800,697
Weighted Average Exercise Price [Roll Forward]
Balance at Beginning of Period (in usd per share)	$16.79
Granted (in usd per share)	$72.09
Exercised (in usd per share)	$15.71
Forfeited (in usd per share)	$16.69
Cancelled (in usd per share)	$80.56
Balance at End of Period (in usd per share)	$28.78	$16.79
Exercisable at December 31, 2014 (in usd per share)	$20.86
Options vested and expected to vest as of December 31, 2014 (in usd per share)	$28.78
Weighted Average Remaining Contractual Term in Years	7 years 3 months	7 years 6 months 26 days
Exercisable, Weighted Average Remaining Contractual Term in Years	6 years 7 months 13 days
Options vested and expected to vest, Weighted Average Remaining Contractual Term in Years	7 years 3 months
Aggregate Intrinsic Value	$51,558	$62,705
Exercisable, Aggregate Intrinsic Value	38,395
Options vested and expected to vest, Aggregate Intrinsic Value	$51,558

Stockholders_Equity_Details_1

Stockholders' Equity (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	$8.58
Range of exercise prices (per share), upper	$74.42
Options outstanding (shares)	1,800,697
Weighted average remaining life in years	7 years 3 months
Weighted average exercise price (per share)	$28.78
Options exercisable (shares)	1,127,667
Weighted average exercise price (per share)	$20.86
$8.58 – $10.12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	$8.58
Range of exercise prices (per share), upper	$10.12
Options outstanding (shares)	382,047
Weighted average remaining life in years	6 years 0 months 22 days
Weighted average exercise price (per share)	$9.98
Options exercisable (shares)	365,174
Weighted average exercise price (per share)	$9.98
$10.72 – $13.53
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	$10.72
Range of exercise prices (per share), upper	$13.53
Options outstanding (shares)	52,739
Weighted average remaining life in years	7 years 3 months 18 days
Weighted average exercise price (per share)	$12.45
Options exercisable (shares)	49,437
Weighted average exercise price (per share)	$12.47
$14.47 – $14.47
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	$14.47
Range of exercise prices (per share), upper	$14.47
Options outstanding (shares)	427,504
Weighted average remaining life in years	7 years 1 month 10 days
Weighted average exercise price (per share)	$14.47
Options exercisable (shares)	273,781
Weighted average exercise price (per share)	$14.47
$16.14 – $21.92
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	$16.14
Range of exercise prices (per share), upper	$21.92
Options outstanding (shares)	453,177
Weighted average remaining life in years	6 years 11 months 19 days
Weighted average exercise price (per share)	$20.79
Options exercisable (shares)	260,375
Weighted average exercise price (per share)	$20.05
$32.00 – $74.42
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	$32
Range of exercise prices (per share), upper	$74.42
Options outstanding (shares)	485,230
Weighted average remaining life in years	8 years 6 months 29 days
Weighted average exercise price (per share)	$65.42
Options exercisable (shares)	178,900
Weighted average exercise price (per share)	$56.34

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (Restricted Stock, USD $)	12 Months Ended
	Dec. 31, 2014
Restricted Stock
Shares [Rollforward]
Nonvested at Beginning of Period	115,386
Granted	45,571
Vested	-74,312
Forfeited	-3,972
Nonvested at End of Period	82,673
Weighted-Average Grant Date Fair Value [Roll Forward]
Nonvested at Beginning of Period (in usd per share)	$21.93
Granted (in usd per share)	$70.20
Vested (in usd per share)	$25.21
Forfeited (in usd per share)	$18.42
Nonvested at End of Period (in usd per share)	$45.76

Stockholders_Equity_Details_Te

Stockholders' Equity (Details Textual) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-12	29-May-09	Aug. 31, 2014
Employee Stock Purchase Plan [Abstract]
Stock-based compensation expense	$11,270,000	$5,666,000	$4,067,000
Preferred Stock [Abstract]
Preferred stock authorized (shares)	5,000,000
Shareholder Rights Plan and Warrants [Abstract]
Exercise price per share of warrants						$125.08
Warrants to purchase number of shares						3,264,643
Public Offering [Abstract]
Common Stock, Shares, Issued	19,575,150	20,468,521
Proceeds from issuance of common stock, net	0	0	5,313,000
Corporate Share Repurchase [Abstract]
Stock Repurchase Program, Authorized Amount						200,000,000
Stock Repurchased During Period, Shares	1,253,425
Treasury Stock Acquired, Average Cost Per Share	$54.20
Stock Repurchased During Period, Value	67,955,000
Public Offering
Public Offering [Abstract]
Common Stock, Shares, Issued	0	302,750
Stock issued, weighted average price per share		$18.87
At the Market Equity Offering Program
Public Offering [Abstract]
Proceeds from issuance of common stock, net		5,500,000
2006 Stockholder Rights Plan
Shareholder Rights Plan and Warrants [Abstract]
Number of rights per outstanding share of common stock	1
Exercise price per share of warrants	$100
Percentage acquisition of company's common stock causing warrants or rights to become exercisable	20.00%
Percentage acquisition of company's common stock from tender offer causing warrants or rights to become exercisable	20.00%
Business combination, acquiring person discount (percent)	50.00%
Warrants to purchase number of shares	0.001
Warrants to purchase shares, stockholder other than acquiring person, exercise price percentage	200.00%
Series A Preferred Stock
Preferred Stock [Abstract]
Preferred stock authorized (shares)	1,600,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of stock options	$46.20	$14.28	$9.13
Intrinsic value of options exercised	15,300,000	5,900,000	500,000
Unrecognized compensation cost	13,200,000
Weighted-average period in which cost is expected to be recognized	2 years 2 months 9 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Weighted-average period in which cost is expected to be recognized	1 year 3 months 11 days
Unrecognized compensation cost, restricted stock	1,900,000
2002 Stock Incentive Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
2002 Stock Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase the number of shares under the 2002 Stock Incentive Plan				1,800,000	1,300,000
Shares available for future option grants	1,100,000
Award expiration period	10 years
2002 Stock Incentive Plan | Stock Options | Vest 1/8 on the six month anniversary of the date of grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Award vesting right percentage	12.50%
2002 Stock Incentive Plan | Stock Options | Vest 1/48 each month for forty-two months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	42 months
Award vesting right percentage	2.08%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	6 months
Employee Stock Purchase Plan [Abstract]
Shares allowed to purchase in employee stock purchase plan	1,250
Offering period of shares in employee stock purchase plan	6 months
Percentage lesser of fair market value taken as purchase price of share	85.00%
Discount rate	15.00%
Common stock issued under amended ESSP (shares)	3,774	5,016	10,763
Stock-based compensation expense	54,000	45,000	38,000
Revenue volatility (percent)	40.00%	36.00%	34.00%
Shares issued under employee stock purchase plan	212,447
Shares available for future purchases	75,741
Employee Stock Purchase Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from options exercised	$4,400,000	$3,000,000	$1,000,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current expense (benefit):
Federal									$15	$0	$3
State									19	33	16
Total Current Income Tax Benefit									34	33	19
Deferred expense (benefit):
Federal									406	404	-913
State									-30	-63	-297
Income tax expense from continuing operations	$280	$124	($47)	$53	$138	$60	$110	$66	$410	$374	($1,191)

Income_Taxes_Details_1

Income Taxes (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred assets:
Net operating loss carryforwards	$193,747	$196,421
Research and AMT credit carryforwards	28,288	30,092
Fixed assets and intangibles	13,237	17,293
Accrued expenses	1,579	1,474
Contingent liabilities	579	582
Deferred revenue	771	760
Present value of royalties	11,686	12,175
Organon termination asset	-111	-4,073
Organon termination liability	111	4,073
Royalty obligation	0	0
Deferred rent	730	1,634
Lease termination costs	0	0
Capital loss carryforwards	0	148
Other	5,780	3,701
Deferred tax assets	256,397	264,280
Valuation allowance for deferred tax assets	-240,420	-249,470
Net deferred tax assets	15,977	14,810
Deferred tax liabilities:
Retrophin fair value adjustment	-1,396	-859
Convertible debt	-1,436	0
Identified intangibles	-13,146	-13,984
Identified indefinite lived intangibles	-3,048	-2,639
Total	($3,049)	($2,672)

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Amounts computed at statutory federal rate									($3,843)	($3,131)	$1,317
State taxes net of federal benefit									-697	-293	196
Meals & entertainment									-9	-10	-8
Acquisition related transaction costs									0	0	0
Imputed interest									-53	-285	-259
Section 162(m) limitation									-490
Contingent liabilities									-1,748	-2,027	695
Stock-based compensation									-89	556	581
Expired NOLs									-88	0	-6,847
Research and development credits									113	4,581	-1,984
Change in uncertain tax positions									-7	-364	830
Rate change for changes in state law									-119	-901	-3,388
Increase in deferred tax assets from completion of 382 analysis									-43	-786	53,257
Change in valuation allowance									7,243	3,509	-41,768
Other									-580	-1,223	-1,431
Income tax expense from continuing operations	($280)	($124)	$47	($53)	($138)	($60)	($110)	($66)	($410)	($374)	$1,191

Income_Taxes_Details_3

Income Taxes (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$8,504	$8,067
Additions based on tax positions related to the current year	40	417
Additions for tax positions of prior years		20
Reductions for tax positions of prior years	-20
Balance at end of period	$8,524	$8,504

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Loss Carryforwards [Line Items]
Valuation allowance, change in amount	$9,800,000	($5,400,000)	$41,800,000
Unrecognized tax benefits that would impact deferred tax assets and valuation allowance, and not impact effective tax rate	8,500,000
Liability for uncertain tax positions	32,000	31,000
Change to valuation allowance	1,100,000	0	0
Realization Of Excess Tax Benefits From Share Based Compensation
Operating Loss Carryforwards [Line Items]
Deferred tax assets not recognized related to share-based compensation	8,100,000	2,400,000
Valuation allowance, change in amount	700,000	1,000,000	0
Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	18,700,000
California and New Jersey Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	14,000,000
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	563,700,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$167,300,000

Summary_of_Unaudited_Quarterly2

Summary of Unaudited Quarterly Financial Information (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$22,999	$14,973	$10,608	$15,958	$14,737	$13,005	$9,580	$11,651	$64,538	$48,973	$31,388
Total operating costs and expenses	13,363	11,441	9,250	10,858	8,310	9,935	8,066	7,719	44,912	34,030	31,195
Income tax (expense) benefit	-280	-124	47	-53	-138	-60	-110	-66	-410	-374	1,191
Income from continuing operations	6,730	777	1,288	2,097	1,869	1,965	3,694	1,304	12,024	8,832	-2,674
Discontinued operations	0	0	0	0	0	0	2,397	191	0	2,588	2,147
Less: Net loss attributable to noncontrolling interests	-325	-503	-304	0					-1,132	0	0
Net income	$7,055	$1,280	$1,592	$2,097	$1,869	$1,965	$6,091	$1,495	$12,024	$11,420	($527)
Basic per share amounts:
Income (loss) from continuing operations (in usd per share)	$0.35	$0.06	$0.08	$0.10	$0.09	$0.10	$0.18	$0.06	$0.59	$0.43	($0.14)
Discontinued operations (in usd per share)	$0	$0	$0	$0	$0	$0	$0.12	$0.01	$0	$0.13	$0.11
Net income (loss) (in usd per share)	$0.35	$0.06	$0.08	$0.10	$0.09	$0.10	$0.30	$0.07	$0.59	$0.56	($0.03)
Diluted per share amounts:
Income (loss) from continuing operations (in usd per share)	$0.34	$0.06	$0.07	$0.10	$0.09	$0.09	$0.18	$0.06	$0.56	$0.43	($0.14)
Discontinued operations (in usd per share)	$0	$0	$0	$0	$0	$0	$0.12	$0.01	$0	$0.12	$0.11
Net income (loss) (in usd per share)	$0.34	$0.06	$0.07	$0.10	$0.09	$0.09	$0.30	$0.07	$0.56	$0.55	($0.03)
Weighted average number of common shares-basic	19,878,088	20,417,187	20,738,299	20,600,683	20,442,603	20,357,558	20,258,618	20,189,378	20,418,569	20,312,395	19,853,095
Weighted average number of common shares-diluted	20,792,363	21,345,311	21,780,034	21,208,023	21,056,156	20,843,742	20,427,360	20,280,030	21,433,177	20,745,454	19,853,095