Ligand Pharmaceuticals (LGND) 10-K/A 14 Nov 16 2015 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 17, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	LIGAND PHARMACEUTICALS INC
Entity Central Index Key	886,163
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		20,900,189
Entity Public Float			$ 2.3
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 97,428	$ 160,203
Short-term investments	102,791	7,133
Accounts receivable, net	6,170	12,634
Note receivable from Viking	4,782
Inventory	1,633	269
Capitalized IPO expenses, VIE		2,268
Current debt issuance costs	0	809
Other current assets	1,908	1,842
Total current assets	214,712	185,158
Deferred income taxes	189,083
Investment in Viking	29,728
Intangible assets, net	48,347	50,723
Goodwill	12,238	12,238
Commercial license rights	8,554	4,568
Restricted cash		1,261
Property and equipment, net	372	486
Long-term debt issuance costs	0	3,388
Other assets	27	207
Total assets	503,061	258,029
Current liabilities:
Accounts payable	4,083	7,698
Accrued liabilities	5,397	4,866
Current contingent liabilities	10,414	6,796
Current lease exit obligations	934	2,356
2019 convertible senior notes, net	201,985
Other current liabilities	8	1,063
Total current liabilities	222,821	22,779
Long-term notes payable		195,908
Long-term contingent liabilities	3,033	8,353
Long-term deferred revenue, net		2,085
Long-term lease exit obligations		934
Long-term deferred income taxes		2,792
Other long-term liabilities	297	770
Total liabilities	226,151	233,621
Commitments and contingencies
Equity component of currently redeemable convertible notes (Note 5)	39,628
Stockholders’ equity:
Common stock, $0.001 par value; 33,333,333 shares authorized; 19,949,012 and 19,575,150 shares issued and outstanding at December 31, 2015 and 2014, respectively	20	20
Additional paid-in capital	661,850	680,660
Accumulated other comprehensive income	4,903	4,953
Accumulated deficit	(429,491)	(659,315)
Total stockholders’ equity attributable to parent	237,282	26,318
Noncontrolling interests	0	(1,910)
Total stockholder's equity	237,282	24,408
Total liabilities and stockholders’ equity	$ 503,061	$ 258,029

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	33,333,333	33,333,333
Common stock, shares issued	19,949,012	19,575,150
Common stock, shares outstanding	19,949,012	19,575,150

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Royalties	$ 38,194	$ 29,994	$ 23,584
Material sales	27,662	28,488	19,072
License fees, milestones and other revenues	6,058	6,056	6,317
Total revenues	71,914	64,538	48,973
Operating costs and expenses:
Cost of material sales	5,807	9,136	5,732
Research and development	13,380	12,122	9,274
General and administrative	24,378	22,570	17,984
Lease exit and termination costs	1,020	1,084	560
Write-off of acquired IPR&D	0	0	480
Total operating costs and expenses	44,585	44,912	34,030
Income from operations	27,329	19,626	14,943
Other (expense) income:
Interest expense, net	(11,802)	(4,860)	(2,077)
Increase in contingent liabilities	(5,013)	(5,135)	(3,597)
Gain on deconsolidation of Viking	28,190	0	0
Equity in net losses from Viking	(5,143)	0	0
Other, net	1,768	1,671	(63)
Total other income (expense), net	8,000	(8,324)	(5,737)
Income from continuing operations before income tax benefit	35,329	11,302	9,206
Income tax benefit (expense) from continuing operations	192,115	(410)	(374)
Income from continuing operations including noncontrolling interests	227,444	10,892	8,832
Less: Net loss attributable to noncontrolling interests	(2,380)	(1,132)
Net income from continuing operations	229,824	12,024	8,832
Discontinued operations:
Gain on sale of Avinza Product Line, net			2,588
Net income	$ 229,824	$ 12,024	$ 11,420
Basic per share amounts:
Income (loss) from continuing operations (in usd per share)	$ 11.61	$ 0.59	$ 0.43
Income from discontinued operations (in usd per share)			0.13
Net income (loss) (in usd per share)	$ 11.61	$ 0.59	$ 0.56
Weighted average number of common shares-basic (shares)	19,789,991	20,418,569	20,312,395
Diluted per share amounts:
Income (loss) from continuing operations (in usd per share)	$ 10.83	$ 0.56	$ 0.43
Income from discontinued operations (in usd per share)			0.12
Net income (loss) (in usd per share)	$ 10.83	$ 0.56	$ 0.55
Weighted average number of common shares-diluted (shares)	21,227,887	21,433,178	20,745,454

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 229,824	$ 12,024	$ 11,420
Unrealized net gain on available-for-sale securities, net of tax	1,933	3,872	2,914
Less:Reclassification of net realized gains included in net income, net of tax	(1,965)	(1,833)
Comprehensive income	$ 229,792	$ 14,063	$ 14,334

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Noncontrolling interest	Treasury stock
Balance at beginning of period at Dec. 31, 2012	$ 26,485	$ 21	$ 751,503	$ 0	$ (682,759)		$ (42,280)
Balance at beginning 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
Retirement of treasury shares (in shares)		(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	11,420				11,420
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]
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
Consolidation of Viking	(778)					$ (778)
Stock-based compensation	11,270		11,270
Unrealized net loss on available-for-sale securities	2,039			2,039
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	12,024				12,024
Net loss in noncontrolling interests	(1,132)					(1,132)
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
Balance at beginning of period at Dec. 31, 2014	24,408	$ 20	680,660	4,953	(659,315)	(1,910)	$ 0
Balance at beginning of period (in shares) at Dec. 31, 2014		19,575,150					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock compensation plans, net	8,849		8,849
Issuance of common stock under employee stock compensation plans (in shares)		379,982
Stock-based compensation	12,458		12,458
Unrealized net loss on available-for-sale securities	(50)			(50)
Repurchase of common stock	$ (489)		(489)
Repurchase of common stock (in shares)	(6,120)	(6,120)
Equity component of convertible debt issuance, net of issuance costs	$ (39,628)		(39,628)
Net income	229,824
Net loss in noncontrolling interests	(2,380)					(2,380)
Deconsolidation of Viking	4,290					$ 4,290
Balance at end of period at Dec. 31, 2015	237,282	$ 20	661,850	4,903	(429,491)		$ 0
Balance at end of period (in shares) at Dec. 31, 2015		19,949,012					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,341
Net loss in noncontrolling interests	0
Balance at end of period at Dec. 31, 2015	$ 237,282	$ 20	$ 661,850	$ 4,903	$ (429,491)		$ 0
Balance at end of period (in shares) at Dec. 31, 2015		19,949,012					0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 227,444	$ 10,892	$ 11,420
Less: gain from discontinued operations	0	0	2,588
Income from continuing operations	227,444	10,892	8,832
Adjustments to reconcile net income to net cash used in operating activities:
Write-off of acquired in-process research and development	0	0	480
Change in estimated fair value of contingent liabilities	5,013	5,135	3,597
Realized gain on sale of short-term investment	(2,603)	(1,538)	0
Depreciation and amortization	2,627	2,657	2,663
Gain on deconsolidation of Viking	(28,190)	0	0
Loss on equity investment in Viking	5,143	0	0
Change in fair value of the convertible debt receivable from Viking	765	0	0
Amortization of debt discount and issuance fees	10,274	3,694	0
Non-cash milestone revenue	0	(1,211)	0
Stock-based compensation	12,458	11,270	5,666
Deferred income taxes	(192,132)	410	374
Other	107	206	422
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net	6,489	(10,412)	2,367
Inventory	(401)	4,369	646
Restricted cash	1,261	0	0
Other current assets	51	(426)	(130)
Other long term assets	(325)	(1,439)	218
Accounts payable and accrued liabilities	(4,027)	(3,121)	(3,149)
Deferred revenue	(2,227)	80	(654)
Net cash provided by operating activities of continuing operations	41,727	20,566	21,332
Net cash used in operating activities of discontinued operations	0	0	(642)
Net cash provided by operating activities	41,727	20,566	20,690
Investing activities
Purchase of commercial license rights	(4,030)	(1,000)	(3,571)
Purchase of Viking common stock	(9,000)	0	0
Reduction of cash due to deconsolidation of Viking	(247)	0	0
Payments to CVR holders and other contingency payments	(6,740)	(3,493)	(989)
Purchases of property and equipment	(93)	(6)	(377)
Purchases of short-term investments	(166,025)	0	0
Proceeds from sale of short-term investments	16,039	2,342	0
Proceeds from maturity of short-term investments	57,234	0	0
Other, net	0	130	(37)
Net cash used in investing activities	(112,862)	(2,027)	(4,974)
Financing activities
Repayment of debt	0	(9,366)	(19,586)
Gross proceeds from issuance of 2019 Convertible Senior Notes	0	245,000	0
Payment of debt issuance costs	0	(5,711)	0
Proceeds from issuance of warrants	0	11,638	0
Purchase of convertible bond hedge	0	(48,143)	0
Net proceeds from stock option exercises	8,849	4,561	3,128
Share repurchases	(489)	(67,954)	0
Net cash provided by (used in) financing activities	8,360	130,025	(16,458)
Net (decrease) increase in cash and cash equivalents	(62,775)	148,564	(742)
Cash and cash equivalents at beginning of year	160,203	11,639	12,381
Cash and cash equivalents at end of year	97,428	160,203	11,639
Supplemental disclosure of cash flow information
Interest paid	1,822	494	1,816
Taxes paid	28	18	26
Supplemental schedule of non-cash investing and financing activities
Accrued inventory purchases	1,333	3,246	341
Unrealized gain on AFS investments	$ 3,005	$ 3,872	$ 2,914

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of significant accounting policies Business 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. 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 U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results may differ from those estimates Correction of Previously Reported Financials In connection with the preparation of the financial statements for the year ended December 31, 2015, the Company determined that the deferred tax assets and the tax benefit previously reported in our condensed and consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2015 reflected an error in the calculation of certain capital loss carry-forwards at September 30, 2015 related to the sale of the Avinza product line. The error resulted in an understatement of long-term deferred income tax assets of $2.1 million , which represents approximately 1% of the previously reported deferred tax assets as of September 30, 2015, and an understatement of tax benefit as well as net income of approximately $2.1 million for the three- and nine-month periods ended September 30, 2015. The impact on basic and diluted EPS for the same periods of $0.11 per share and $0.10 per share, respectively, represents less than 1% of the previously reported EPS. While concluded the error was not material to any prior periods, individually or in the aggregate, based on our qualitative and quantitative analysis, management opted to correct the error by restating the respective amounts that were previously reported as of and for the three- and nine-month periods ended September 30, 2015 in this 10-K filing. Please refer to Note 11. Summary of Unaudited Quarterly Financial Information for details. 2015 Restatement The Company is restating its previously issued consolidated financial statements as of and for the year ended December 31, 2015 and the condensed consolidated financial statements as of and for the three and nine months ended September 30, 2015 to correct errors r elating to the Company's net operating loss (NOL) carryforward benefits in the United States which resulted in an overstatement of deferred tax assets (DTA). In connection with three acquisitions that were completed prior to February 2010, the Company recognized DTA for a portion of the NOLs, which included capitalized research and development expenses, obtained from the acquired businesses. From the time of the acquisitions until September 2015, there was a full valuation allowance against all of the Company’s NOLs, including those obtained from the entities acquired. In September 2015, the Company concluded that the valuation allowance against substantially all of its DTA was no longer required based on its then recent income and projections of sustained profitability. As a result, the Company released its DTA valuation allowance in full, including $27.5 million related to NOLs recognized as part of the businesses acquired prior to February of 2010. During the quarter ended September 30, 2016, the Company concluded that for accounting purposes the approximately $27.5 million of DTA that were obtained upon acquiring the businesses prior to February of 2010 did not meet the more likely-than-not criterion for recognition in 2015 and that the related valuation allowance should not have been reversed. As a result, the Company's income tax benefit and net income for the year ended December 31, 2015 were overstated by $27.5 million each. The Company also recorded adjustments to the consolidated financial statements as part of this restatement relating to the classification of our 2019 Convertible Senior Notes. As of December 31, 2015, the Company's last reported sale price exceeded the 130% threshold described in Note 5 - "Financing Arrangements" and accordingly the 2019 Convertible Senior Notes have been reclassified as a current liability as of December 31, 2015. As a result, the related unamortized discount of $39.6 million was classified as temporary equity component of currently redeemable convertible notes on our Consolidated Balance Sheet. The account balances labeled As Reported in the following tables as of and for the year ended December 31, 2015 represent the previously reported amounts as presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. For the effects of correcting the errors related to the DTA on the condensed and consolidated financial statements for the interim period ended September 30, 2015, please refer to Note 11 Summary of Unaudited Quarterly Financial Information. The effects of these prior period corrections on the statement of operations and comprehensive income are as follows (in thousands except for per share data): Year ended December 31, 2015 As Reported Adjustments As Restated Income tax benefit $ 219,596 $ (27,481 ) $ 192,115 Net income 257,305 (27,481 ) 229,824 Comprehensive income 257,273 (27,481 ) 229,792 Basic earnings per share 13.00 (1.39 ) 11.61 Diluted earnings per share data 12.12 (1.29 ) 10.83 The effects of these prior period corrections on the consolidated balance sheet is as follows: As of December 31, 2015 As Reported Adoption of ASU 2015-03 (1) Adjustments As Restated Current debt issuance costs $ 860 $ (860 ) $ — $ — Long-term debt issuance costs $ 2,527 $ (2,527 ) $ — $ — Deferred income taxes $ 216,564 $ — $ (27,481 ) $ 189,083 Total assets 533,929 (3,387 ) (27,481 ) 503,061 2019 convertible senior notes, net - current — (3,387 ) 205,372 201,985 Total current liabilities 20,836 (3,387 ) 205,372 222,821 2019 convertible senior notes, net - long term (1) 205,372 — (205,372 ) — Total liabilities 229,538 (3,387 ) — 226,151 Equity component of currently redeemable convertible notes (Note 5) — — 39,628 39,628 Additional paid-in capital 701,478 — (39,628 ) 661,850 Accumulated deficit (402,010 ) — (27,481 ) (429,491 ) Total stockholders' equity 304,391 — (67,109 ) 237,282 Total liabilities and stockholders' equity 533,929 (3,387 ) (27,481 ) 503,061 (1) Unamortized issuance cost was reclassified to debt discount in this 10-K/A form due to that it is filed after the Company's retrospective adoption of ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs in Q1 2016. Upon the occurrence of certain circumstances, holders of the 2019 Convertible Senior Notes may require us to purchase all or a portion of their notes for cash, which may require the use of a substantial amount of cash. If such cash is not available, we may be required to sell other assets or enter into alternate financing arrangements at terms that may or may not be desirable. The existence of the 2019 Convertible Senior Notes and the obligations that we incurred by issuing them may restrict our ability to take advantage of certain future opportunities, such as engaging in future debt or equity financing activities. The corrections did not have any impact on the company's cash flow statements for any period. Correction of Immaterial Errors During the three and nine months ended September 30, 2015, a clerical error was identified in the calculation of the projections used in the June 30, 2015 and September 30, 2015 valuation of contingent liabilities related to CyDex CVR holders. The error in the June 30, 2015 projection resulted in an understatement of short-term contingent liabilities of $0.6 million as of June 30, 2015, and an overstatement of net income of $0.6 million , or $0.03 per share for the three and six months ended June 30, 2015, respectively. No other error was identified in the other interim period(s) in 2015 or 2014 based on the Company's review in those periods. The impact of correcting the error resulted in an understatement of net income of $0.6 million , or $0.03 per share for the three months ended September 30, 2015. Based on a qualitative and quantitative analysis of the error, the Company concluded that it is immaterial to the interim condensed consolidated financial statements for the three and six months ended June 30, 2015 and had no effect on the trend of financial results. As such, the Company has corrected the error in the condensed consolidated financial statements for the period ended September 30, 2015. 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 Per Share Basic income per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed by dividing net income by the weighted-average number of common shares and common stock equivalents of all dilutive securities calculated using the treasury stock method and the if-converted method. The total number of potentially dilutive securities including stock options and warrants excluded from the computation of diluted income per share because their inclusion would have been anti-dilutive, were 3.3 million , 5.1 million and 0.8 million for the years ended December 31, 2015 , 2014 and 2013 respectively. In addition, the Company issued 793,594 shares of its common stock in January 2016 as part of the consideration for the acquisition of Open Monoclonal Technology, Inc. (Refer to Note 12 for details), which was not included in basic and diluted income per share for the year ended December 31, 2015 . The following table presents the computation of basic and diluted net income per share for the periods indicated (in thousands, except per share amounts): Year Ended December 31, Restated EPS Attributable to Common Shareholders 2015 2014 2013 Net income from continuing operations $ 229,824 $ 12,024 $ 8,832 Discontinued operations — — 2,588 Net income $ 229,824 $ 12,024 $ 11,420 Shares used to compute basic income per share 19,790 20,419 20,312 Dilutive potential common shares: Restricted stock 56 36 80 Stock options 882 978 353 2019 Convertible Senior Notes 499 — — Shares used to compute diluted income per share 21,228 21,433 20,745 Basic per share amounts: Income from continuing operations $ 11.61 $ 0.59 $ 0.43 Discontinued operations — — 0.13 Net income $ 11.61 $ 0.59 $ 0.56 Diluted per share amounts: Income from continuing operations $ 10.83 $ 0.56 $ 0.43 Discontinued operations — — 0.12 Net income $ 10.83 $ 0.56 $ 0.55 Cash Equivalents Cash equivalents consist of all investments with maturities of three months or less from the date of acquisition. Short-term Investments Short-term investments primarily consist of investments in debt securities that have effective maturities greater than three months and less than twelve months from the date of acquisition. The Company classifies its short-term investments 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 Investments Restricted 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, 2015 and 2014 (in thousands): Cost Gross unrealized gains Gross unrealized losses Estimated fair value December 31, 2015 Short-term investments Bank deposits 43,043 — (4 ) 43,039 Corporate bonds 41,238 — (35 ) 41,203 Commercial paper 1,747 — — 1,747 Asset backed securities 10,020 — (5 ) 10,015 Corporate equity securities 1,843 4,944 — 6,787 $ 97,891 $ 4,944 $ (44 ) $ 102,791 December 31, 2014 Short-term investments (Corporate equity securities) 2,179 4,954 $ — $ 7,133 Certificates of deposit-restricted 1,261 — — 1,261 $ 3,440 $ 4,954 $ — $ 8,394 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 2015 , the Company did not experience any significant losses on its cash equivalents, short-term investments or restricted investments. 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, 2015 2014 2013 Partner A 27 % 37 % 33 % Partner B 23 % 31 % 28 % Partner C 18 % 10 % 14 % 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, 2015 and 2014 . As of December 31, 2015 , the commitment under our supply agreement with Hovione for Captisol purchases was $12.3 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, 2015 and 2014 . Goodwill and Other Identifiable Intangible Assets Goodwill and other identifiable intangible assets consist of the following (in thousands): December 31, 2015 2014 Indefinite lived intangible assets IPR&D $ 12,556 $ 12,556 Goodwill 12,238 12,238 Definite lived intangible assets Complete technology 15,267 15,267 Less: Accumulated amortization (3,762 ) (2,999 ) Trade name 2,642 2,642 Less: Accumulated amortization (652 ) (519 ) Customer relationships 29,600 29,600 Less: Accumulated amortization (7,304 ) (5,824 ) Total goodwill and other identifiable intangible assets, net $ 60,585 $ 62,961 Amortization of finite 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, 2015 , 2014 , and 2013 . Estimated amortization expense for the years ending December 31, 2016 through 2021 is $2.4 million per year. For each of the years ended December 31, 2015 , 2014 , and 2013 , there was no impairment of intangible assets with finite lives. 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. As of December 31, 2015 , 2014 and 2013 there has been no impairment of goodwill for continuing operations. 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 are not amortized but are 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 IV 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 IV 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, 2015 and December 31, 2014 , there was no impairment of IPR&D assets. Commercial license rights Commercial license rights represent a portfolio of future milestone and royalty payment rights acquired from Selexis in April 2013 and April 2015 . 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 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. As of December 31, 2015 , management does not believe there have been any events or circumstances indicating that the carrying amount of its commercial license rights may not be recoverable. Property and Equipment, net Property and equipment is stated at cost and consists of the following (in thousands): December 31, 2015 2014 Lab and office equipment $ 2,248 $ 2,232 Leasehold improvements 273 273 Computer equipment and software 632 624 3,153 3,129 Less accumulated depreciation and amortization (2,781 ) (2,643 ) $ 372 $ 486 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 $ 0.2 million , $0.3 million , and $0.3 million was recognized for the years ending December 31, 2015 , 2014 , and 2013 , respectively and is included in operating expenses. Contingent Liabilities CyDex contingent liabilities In connection with the Company’s acquisition of CyDex in January 2011 , the Company recorded a contingent liability for amounts potentially due to holders of the CyDex CVRs and former license holders. The liability is periodically assessed based on events and circumstances related to the underlying milestones, royalties and material sales. Any change in fair value is 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, 2015 and 2014 was $9.5 million and $11.5 million , respectively. The Company recorded a fair value adjustment to increase the liability for CyDex related contingent liabilities of $3.8 million for the year ended December 31, 2015 , $5.7 million increase in the liability for the year ended December 31, 2014 and a decrease in the liability of $0.6 million for the year ended December 31, 2013 . Contingent liabilities decreased for cash payments to CVR holders and other contingency payments by $5.8 million during the year ended December 31, 2015 , $3.5 million during the year ended December 31, 2014 and $1.0 million during the year ended December 31, 2013 . Metabasis contingent liabilities 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 $4.0 million and $3.7 million as of December 31, 2015 and 2014 , respectively. The Company recorded an increase in the liability for CVRs of $1.2 million during the year ended December 31, 2015 , a decrease of $0.5 million during the year ended December 31, 2014 and an increase of $4.2 million during the year ended December 31, 2013 . Contingent liabilities decreased for cash payments to CVR holders by $0.9 million for the year ended December 31, 2015 . No cash payments were made to Metabasis CVR holders for the years ended December 31, 2014 and 2013 . 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. All product returns are subject to the Company's credit and exchange policy, approval by the Company and a 20% restocking fee. To date, product returns 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 VSOE, then TPE and if neither VSOE nor TPE exist, the Company uses its best estimate of selling price. Many of the Company's revenue arrangements for Captisol involve a license agreement with the supply of manufactured Captisol product. Licenses may be granted to pharmaceutical companies for the use of Captisol product in the development of pharmaceutical compounds. The supply of the Captisol product may be 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. Management 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. 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 $0.1 million and $0.4 million , respectively, for the years ended December 31, 2015 and 2014 as collaborative revenue based on the percentage of completion of the research program. No milestone payment or contingent payment was received in 2015. 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, 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 CROs 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. 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. The Company provides a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before we are able to realize their benefit. The Company calculates the valuation allowance in accordance with the authoritative guidance relating to income taxes under ASC 740, Income Taxes , which requires an assessment of both positive and negative evidence that is available regarding the reliability of these deferred tax assets, when measuring the need for a valuation allowance. 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. Th

Investment in Viking

Investment in Viking	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment in Viking	Investment in Viking Transaction History In May 2014, the Company entered into a MLA to license rights to five programs to Viking. Upon the consummation of the Viking IPO, Viking agreed to issue to the Company shares of Viking common stock having an aggregate value of approximately $29.2 million . In addition, Viking agreed to pay the Company royalties and milestone payments on products developed under the MLA. As part of this transaction, the Company extended a $2.5 million loan to Viking under a LSA. The loan accrues interest at a fixed rate equal to 5% . In April 2015, the Company entered into an amendment to the MLA with Viking ("the MLA Amendment") which among other things, capped the Company’s aggregate ownership of Viking common stock to 49.9% of the Viking capital stock outstanding following the closing of the Viking IPO. Additionally, the Company and Viking entered into an amendment to the LSA Amendment, pursuant to which, the loans were no longer due and payable upon completion of the Viking IPO, but were extended to become due upon the earlier of: (i) a certain private qualified financing transaction or (ii) a public offering subsequent to the Viking IPO or (iii) one year after the closing of the Viking IPO. The Company may elect to receive equity of Viking common stock or cash equal to 200% of the principal amount plus accrued and unpaid interest. As of December 31, 2015 , the aggregate fair market value of the note receivable was $4.8 million . In May 2015, Viking completed the Viking IPO selling 3.5 million shares of its common stock at an initial offering price of $8.00 per share for an aggregate offering price of $27.6 million . In connection with the Viking IPO, the Company purchased 1.1 million shares for $9.0 million . In addition, pursuant to the amended MLA Amendment, the Company received approximately 3.7 million shares of Viking common stock having a value of $29.2 million based on the initial public offering price of $8.00 per share. As a result, the Company including its related parties owned an aggregate of 49.4% of the outstanding common stock of Viking, based on the shares of outstanding Viking common stock at December 31, 2015 . As of December 31, 2015 , the carrying value of the Company's investment in Viking was $29.7 million . Accounting Consideration In May 2014, the Company determined it held a variable interest in Viking. The Company's variable interests in Viking included the convertible note issued pursuant to the LSA and the Company’s potential upfront payment of equity pursuant to the MLA. The Company considered certain criteria, including risk and reward sharing, experience and financial condition of its partner, voting rights, involvement in day-to-day operating decisions, the Company’s representation on Viking's executive committee, and level of economics between the Company and Viking. Based on these criteria, and using its judgment, the Company determined that it was the primary beneficiary of Viking and, as a result, the Company consolidated Viking on its financial statements. From May 21, 2014 through May 4, 2015, the date of Viking’s IPO, recorded 100% of the losses incurred as net loss attributable to noncontrolling interest because it was a primary beneficiary with no equity interest in the VIE. The loans issued pursuant to the LSA were included as notes payable by Viking and were eliminated as long as the Company consolidated Viking on its financial statements. Upon completion of the Viking IPO in May 2015, the Company determined that Viking was no longer a VIE. The Company also determined that it does not have voting control or other elements of control that would require consolidation of Viking. As a result of this assessment, the Company deconsolidated Viking on May 4, 2015 by derecognizing its assets, liabilities, and noncontrolling interest from the Company's consolidated financial statements. Applying deconsolidation accounting guidance, the Company determined, based on an independent valuation, the fair value of its equity investment in Viking upon deconsolidation was approximately $34.9 million after applying a discount on the Viking IPO price due to applicable transfer restrictions applicable to the Company as an affiliate of Viking pursuant to Rule 144 under the Securities Act of 1933. Based on a separate independent valuation, the Company determined that the fair value of the convertible notes receivable was approximately $5.5 million upon deconsolidation. The Company recorded a $28.2 million gain on deconsolidation of Viking in its consolidated statement of operations as of December 31, 2015 . Following the deconsolidation, the Company accounts for its equity investment in Viking under the equity method. For the year ended December 31, 2015 , the Company reported approximately $5.1 million , as equity in net losses from Viking. The Company has opted to account for the Viking convertible notes receivable at fair value. For the year ended December 31, 2015 , the Company recorded a change in the fair value of the Viking convertible notes of $0.8 million . See Note 3, Fair Value Measurements for additional details. 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): December 31, 2014 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 Metabasis CVR Payouts In connection with the shares of Viking common stock received pursuant to the MLA, the Company will make a cash payment to the holders of certain Metabasis CVRs. The Company made a cash payment to certain holders of Metabasis CVRs of $0.8 million during the year ended December 31, 2015 . The remaining cash payment, made in January 2016, was $2.6 million . See Note 1. Summary of Significant Accounting Policies-Contingent Liabilities for additional information on the Metabasis CVRs.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2015
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. 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 following table provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands): Fair Value Measurements at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents (1) $ 3,015 $ — $ 3,015 $ — Short-term investments (2) 92,775 6,786 85,989 — Note receivable Viking (3) 4,782 — — 4,782 Total assets $ 100,572 $ 6,786 $ 89,004 $ 4,782 Liabilities: Current contingent liabilities - CyDex (4) $ 7,812 $ — $ — $ 7,812 Current contingent liabilities-Metabasis (5) $ 2,602 — 2,602 — Long-term contingent liabilities - Metabasis (5) 1,355 — 1,355 — Long-term contingent liabilities - CyDex (4) 1,678 — — 1,678 Liability for amounts owed to former licensees (6) 794 794 — — Total liabilities $ 14,241 $ 794 $ 3,957 $ 9,490 Fair Value Measurements at Reporting Date Using December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs * Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents (1) $ — Current co-promote termination payments receivable (7) $ 322 $ — $ — $ 322 Short-term investments (2) 7,133 7,133 — — Total assets $ 7,455 $ 7,133 $ — $ 322 Liabilities: Current contingent liabilities - CyDex (4) $ 6,796 $ — $ — $ 6,796 Current co-promote termination liability (7) 322 — — 322 Long-term contingent liabilities - Metabasis (5) 3,652 — 3,652 — Long-term contingent liabilities - CyDex (4) 4,701 — — 4,701 Liability for amounts owed to former licensees (6) 773 773 — — Total liabilities $ 16,244 $ 773 $ 3,652 $ 11,819 *Adjusted to correct an error in disclosure that was deemed immaterial to the financial statements taken as a whole. Contingent liabilities related to Metabasis were reclassified from Level 1 to Level 2 as market is deemed inactive. Additionally, certain certificates of deposit with maturities less than 90 days were not previously disclosed in the table above. (1) Highly liquid investments with maturities less than 90 days from the purchase date are recorded as cash equivalents that are classified as Level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. (2) Investments in equity securities, are classified as level 1 as the fair value is determined using quoted market prices in active markets for the same securities. Short-term investments in marketable securities with maturities greater than 90 days are classified as level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. (3) The fair value of the convertible note receivable from Viking was determined using a probability weighted option pricing model using a lattice methodology. The fair value is subjective and is affected by certain significant input to the valuation model such as the estimated volatility of the common stock, which was estimated to be 65% at December 31, 2015 . Changes in these assumptions may materially affect the fair value estimate. For the year ended December 31, 2015 , the Company reported a decrease in the fair value of the Viking convertible notes of $0.8 million in "Other, net" of the consolidated statement of operations. (4) 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. (5) The liability for CVRs for Metabasis are determined using quoted market prices in an inactive market for the underlying CVR. (6) 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 licensees. (7) The co-promote termination payments receivable represents a 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. The fair value is determined based on a valuation model using an income approach. The following table represents significant unobservable inputs used in determining the fair value of contingent liabilities assumed in the acquisition of CyDex: December 31, 2015 2014 Range of annual revenue subject to revenue sharing (1) $22.5 million $17.2 million-$17.3 million Revenue volatility 25% 25% Average of probability of commercialization 73% 81% Sales beta 0.40 0.60 Credit rating BB B 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, 2015 is as follows (in thousands): Assets: Fair value of level 3 financial instruments as of December 31, 2014 $ 322 Assumed payments made by Pfizer or assignee (390 ) Fair value adjustments to co-promote termination liability 68 Note receivable Viking 4,782 Fair value of level 3 financial instrument assets as of December 31, 2015 $ 4,782 Liabilities Fair value of level 3 financial instruments as of December 31, 2014 $ 11,819 Assumed payments made by Pfizer or assignee (390 ) Payments to CVR holders and other contingency payments (5,848 ) Fair value adjustments to contingent liabilities 3,841 Fair value adjustments to co-promote termination liability 68 Fair value of level 3 financial instruments as of December 31, 2015 $ 9,490 Other Fair Value Measurements-2019 Convertible Senior Notes In August 2014, the Company issued 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 $377.9 million as of December 31, 2015 . The carrying value of the notes does not reflect the market rate. See Note 7 Financing Arrangements for additional information. Viking The Company records its investment in Viking under the equity method of accounting. The investment is subsequently adjusted for the Company’s share of Viking's operating results, and if applicable, cash contributions and distributions. See Note 2 Investment in Viking for additional information. The market value of the Company's investment in Viking was $16.3 million as of December 31, 2015 . The carrying value of the investment in Viking does not reflect the market value.

Lease Obligations

Lease Obligations	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Lease Obligations	Lease Obligations The Company leases office and laboratory facilities in California, Kansas and New Jersey. These leases expire between 2016 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, 2015 (in thousands): Operating lease obligations: Lease Termination Date Less than 1 year 1-2 years 3-4 years Thereafter Total Corporate headquarters-La Jolla, CA April 2016 $ 230 — — — $ 230 Corporate headquarters-San Diego, CA April 2023 21 259 275 341 $ 896 Bioscience and Technology Business Center-Lawrence, KS December 2017 54 54 — — 108 Vacated office and research facility-Cranbury, NJ August 2016 1,743 — — — 1,743 Total operating lease obligations 2,048 313 275 341 2,977 Sublease payments expected to be received: Office and research facility-La Jolla, CA April 2016 145 — — — 145 Office and research facility-Cranbury, NJ August 2016 141 — — — 141 Net operating lease obligations $ 1,762 $ 313 $ 275 $ 341 $ 2,691 Lease termination In November 2015, the Company entered into a lease termination agreement with its current lessor for the corporate headquarters facility located in La Jolla, California. The termination agreement accelerated the expiration date of the lease to April 2016, through which date, the Company is obligated to pay all base rent, operating expenses and other obligations due under the current lease. In addition, contingent upon the Company's surrender of the leased space in compliance with the termination agreement on or before April 2016, the Company is entitled to receive from the lessor a one-time lease buy-out payment equal to the base rent and the operating expenses paid for last six months of the revised lease term. In February 2016, the Company received a notice from its current landlord regarding the termination date of the lease and are currently in discussions to resolve any disputes. In conjunction with the execution of the termination agreement, the Company entered into a new lease agreement with a different lessor for its corporate headquarters located in San Diego, California. The new lease has an initial term of approximately 7 years and is expected to commence in May 2016. The base rent under the new facility lease agreement is approximately $0.1 million per year for the first year, escalating 3.0% annually thereafter over the initial term. The Company has an option to extend the term of the lease for an additional five years. The lease is subject to additional charges for property management, common area maintenance and other costs. Lease exit obligations For the years ended December 31, 2015 and 2014 , the Company had lease exit obligations of $0.9 million and $3.3 million , respectively. For the years ended December 31, 2015 and 2014 , the Company made cash payments, net of sublease payments received of $3.3 million and $3.5 million , respectively. The Company recognized adjustments for accretion and changes in leasing assumptions of $0.9 million , $1.1 million and $0.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Rent expense and deferred rent Total rent expense under all office leases for 2015 , 2014 and 2013 was $0.4 million , $0.7 million and $0.7 million , respectively. The Company recognizes rent expense on a straight-line basis. Deferred rent at December 31, 2015 and 2014 was $0.2 million and $0.3 million , respectively.

Financing Arrangements

Financing Arrangements	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements 2019 Convertible Senior Notes 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 notes bear cash 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 10 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. As of December 31 2015, the Company's last reported sale price exceeded the 130% threshold described above and accordingly the Convertible Notes have been classified as a current liability as of December 31, 2015. As a result, the related unamortized discount of $39.6 million was classified as temporary equity component of currently redeemable convertible notes on our Consolidated Balance Sheet. The determination of whether or not the Convertible Notes are convertible as described above is made each quarter until maturity, conversion or repurchase. It is possible that the Convertible Notes may not be convertible in future periods, in which case the Convertible Notes would be classified as long-term debt, and the unamortized discount would be classified as permanent equity unless one of the other conversion events described above were to occur. 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. 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. 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. As of December 31, 2015 , the “if-converted value” exceeded the principal amount of the 2019 Convertible Senior Notes by $108.9 million . 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 at the time the debt was issued. Beginning in 2016, the unamortized issuance costs allocated to the liability components are recorded as part of debt discount on the consolidated balance sheet upon the Company's respective adoption of ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. As such, we changed the presentation on the consolidated balance sheet for the year ended December 31, 2015 in this 10-K/A accordingly, which is filed subsequent to the adoption of the accounting guidance. As of December 31, 2015, $3.4 million issuance cost was included in the unamortized debt discount. 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, 2015 , net of issuance costs, was $51.3 million . Convertible Bond Hedge and Warrant Transactions To minimize the impact of potential dilution to the Company's common stock upon conversion of the 2019 Convertible Senior Notes, the Company entered into convertible bond hedges and sold warrants covering 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 carrying values and the fixed contractual coupon rates of the Company's financing arrangements are as follows (dollars in thousands): December 31, 2015 Restated December 31, 2014 Convertible notes payable, 2.16% to 3.84%, due 2015, VIE $ — $ 334 2019 Convertible Senior Notes Principal amount outstanding 245,000 Unamortized discount (43,015 ) Net carrying amount 201,985 Total current portion of notes payable $ 201,985 $ 334 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 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, 2015 , 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, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Avinza Product Line In 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, 2015 , 2014 and 2013 , the Company recognized pre-tax gains of $0 , $0 and $2.6 million , respectively, due to subsequent changes in certain estimates of assets and liabilities recorded as of the sale date.

Other Balance Sheet Details

Other Balance Sheet Details	12 Months Ended
	Dec. 31, 2015
Other Balance Sheet Details [Abstract]
Other Balance Sheet Details	Other Balance Sheet Details Other current assets consist of the following (in thousands): December 31, 2015 2014 Co-promote termination receivable — 322 Prepaid expenses $ 1,177 $ 835 Other receivables 731 685 $ 1,908 $ 1,842 Accrued liabilities consist of the following (in thousands): December 31, 2015 2014 Compensation $ 1,711 $ 1,708 Legal 726 459 Amounts owed to former licensees 915 925 Royalties owed to third parties 823 705 Other 1,222 1,069 $ 5,397 $ 4,866 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): December 31, 2015 2014 Deferred rent — 327 Deposits 268 411 Other 29 32 $ 297 $ 770

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
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, 2015 , there were 0.7 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 Average Exercise Price Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value (In thousands) Balance at December 31, 2014 1,800,697 $ 28.78 7.25 $ 51,558 Granted 287,747 62.82 Exercised (326,418 ) 26.55 Forfeited (78,685 ) 45.75 Balance at December 31, 2015 1,683,341 34.23 6.66 124,880 Exercisable at December 31, 2015 1,193,288 25.41 5.98 99,061 Options vested and expected to vest as of December 31, 2015 1,683,341 $ 34.23 6.66 $ 124,880 The weighted-average grant-date fair value of all stock options granted during 2015 , 2014 and 2013 was $35.39 , $46.20 and $14.28 per share, respectively. The total intrinsic value of all options exercised during 2015 , 2014 and 2013 was approximately $20.7 million , $15.3 million and $5.9 million , respectively. As of December 31, 2015 , there was $13.1 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 2.4 years. Cash received from options exercised, net of fees paid, in 2015 , 2014 and 2013 was $8.7 million , $4.4 million and $3.0 million , respectively. Following is a further breakdown of the options outstanding as of December 31, 2015 : Range of exercise prices Options outstanding Weighted average remaining life in years Weighted average exercise price Options exercisable Weighted average exercise price $8.58 – $12.53 353,949 5.17 $ 10.26 353,824 $ 10.26 $12.81-16.14 371,551 5.58 14.75 342,754 14.78 $17.10-32.30 361,019 6.55 23.34 270,634 23.81 $32.76-74.42 552,544 8.18 64.69 226,076 67.13 $89.75-104.59 44,278 9.47 98.13 — — $8.58 – $104.59 1,683,341 6.66 $ 34.23 1,193,288 $ 25.41 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 Outstanding at December 31, 2014 82,673 $ 45.76 Granted 112,954 63.50 Vested (49,366 ) 44.8 Forfeited (15,512 ) 54.91 Outstanding at December 31, 2015 130,749 $ 60.36 Restricted stock awards generally vest over three years. As of December 31, 2015 , unrecognized compensation cost related to non-vested stock awards amounted to $4.7 million . That cost is expected to be recognized over a weighted average period of 1.6 years. Employee Stock Purchase Plan The Company’s 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 3,374 , 3,774 and 5,016 shares of common stock issued under the Amended ESPP in 2015 , 2014 and 2013 , respectively, resulting in an expense of $56,000 , $54,000 and $45,000 , respectively. For shares purchased under the Company’s Amended ESPP, a weighted-average expected volatility of 49% , 40% and 36% was used for 2015 , 2014 and 2013 , respectively. The expected term for shares issued under the ESPP is 6 months . As of December 31, 2015 , 215,821 shares of common stock had been issued under the Amended ESPP to employees and 72,367 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, 2015 and 2014 , 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. Corporate Share Repurchase In September 2015, the Company's Board of Directors authorized the Company to repurchase up to $200 million of its own stock in privately negotiated and open market transactions for a period of up to three years, subject to the Company's evaluation of market conditions, applicable legal requirements and other factors. During the year ended December 31, 2015 , the Company repurchased 6,120 common shares at a weighted average price of $79.92 per share pursuant to the repurchase plan, or $0.5 million of common shares. In August 2014, the Company's Board of Directors authorized the Company to repurchase up to $200 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 plan expired in August 2015. During the year ended 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, 2015
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 In 2012, a federal securities class action and shareholder derivative lawsuit was filed in Pennsylvania alleging that the Company and its CEO assisted various breaches of fiduciary duties based on the Company’s purchase of a licensing interest in a development-stage pharmaceutical program from the Genaera Liquidating Trust in 2010 and the Company’s subsequent sale of half of its interest in the transaction to Biotechnology Value Fund, Inc. Plaintiff filed a second amended complaint in February 2015, which the Company moved to dismiss in March 2015. The district court granted the motion to dismiss on November 11, 2015. The plaintiff has appealed that ruling to the Third Circuit. The Company intends to continue to vigorously defend against the claims against the Company and its CEO. The outcome of the matter is not presently determinable. Paragraph IV Certification by Par Pharmaceuticals On January 7, 2016, the Company received a paragraph IV certification from Par Sterile Products, LLC, a subsidiary of Par Pharmaceuticals, Inc., or Par, advising us that it had filed an ANDA with the FDA seeking approval to market a generic version of Merck’s NOXAFIL-IV product. The paragraph IV certification states it is Par’s position that Merck’s U.S. Patent No. 9,023,790 related to NOXAFIL-IV and our U.S. Patent No. 8,410,077 related to Captisol are invalid and/or will not be infringed by Par’s manufacture, use or sale of the product for which the ANDA was submitted. On February 19, 2016, Merck filed an action against Par in the United States District Court for the District of New Jersey, asserting that Par’s manufacture, use or sale of the product for which the ANDA was submitted would infringe Merck’s U.S. Patent No. 9,023,790. The case against Par is captioned Merck Sharpe & Dohme Corp. v. Par Sterile Products, LLC, Par Pharmaceuticals, Inc., Par Pharmaceutical Companies, Inc., and Par Pharmaceutical Holdings, Inc., No.16-cv-00948.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At December 31, 2015 , the Company had federal net operating loss carryforwards set to expire through 2036 of $537.1 million and $138.4 million of state net operating loss carryforwards. The Company also has $10.6 million of federal research and development credit carryforwards, which expire through 2036 . The Company has $14.1 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 2015, the Company completed a rollforward analysis through December 31, 2014. As a result of the rollforward analysis, it was determined that no additional ownership changes occurred at the Company within the meaning of section 382 since June 20, 2007 . 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, 2015 . The components of the income tax expense (benefit) for continuing operations are as follows (in thousands): Year Ended December 31, 2015 Restated 2014 2013 Current expense (benefit): Federal $ 11 $ 15 $ — State 7 19 33 18 34 33 Deferred expense (benefit): Federal (167,413 ) 406 404 State (24,720 ) (30 ) (63 ) $ (192,115 ) $ 410 $ 374 In periods prior to the year ended December 31, 2015 , the Company concluded that a full valuation allowance was necessary to offset its deferred tax assets, due to a history of operating losses and other key operating factors. As of September 30, 2015, the Company concluded that it was more likely than not that a substantial portion of its deferred tax assets would be realized through future taxable income. The Company's income tax provision for the year ended December 31, 2015 , included a discrete income tax benefit related to the release of a majority of the Company’s valuation allowance and various adjustments to its deferred tax assets, including studies validating the Company’s tax attributes and adjustments resulting from the tax return filings during the quarter. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are shown below. The Company assesses the positive and negative evidence to determine if sufficient future taxable income will be generated to use the existing deferred tax assets. During the third quarter of the year, the Company's evaluation of evidence resulted in management concluding that the majority of the Company's deferred tax assets will be realized. However, the Company maintains a valuation allowance to offset certain net deferred tax assets as management believes realization of such assets are uncertain as of December 31, 2015 , 2014 and 2013 . The valuation allowance decreased $230.7 million in 2015 , decreased $9.8 million in 2014 and decreased $5.4 million in 2013 . December 31, 2015 Restated 2014 (in thousands) Deferred assets: Net operating loss carryforwards $ 160,595 $ 193,747 Research and AMT credit carryforwards 25,613 28,288 Fixed assets and intangibles 8,839 13,237 Accrued expenses 1,523 1,579 Contingent liabilities 707 579 Deferred revenue 3 771 Present value of royalties 3,007 11,686 Organon termination asset — (111 ) Organon termination liability — 111 Deferred rent 68 730 Other 17,281 5,780 217,636 256,397 Valuation allowance for deferred tax assets (9,066 ) (240,420 ) Net deferred tax assets $ 208,570 $ 15,977 Deferred tax liabilities: Retrophin fair value adjustment $ (1,256 ) $ (1,396 ) Convertible debt (1,844 ) (1,436 ) Identified intangibles (12,770 ) (13,146 ) Identified indefinite lived intangibles (3,617 ) (3,048 ) Total $ 189,083 $ (3,049 ) As of December 31, 2015 and 2014 , the Company had not recognized as a deferred tax asset $11.5 million and $8.1 million , respectively of unrealized excess tax benefits from stock-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 million , $0.7 million and $1.0 million for 2015 , 2014 and 2013 , respectively. A reconciliation of income tax expense (benefit) from continuing operations to the amount computed by applying the statutory federal income tax rate to the net income (loss) from continuing operations is summarized as follows: Year Ended December 31, 2015 Restated 2014 2013 Amounts computed at statutory federal rate $ (13,198 ) $ (3,843 ) $ (3,131 ) State taxes net of federal benefit (386 ) (697 ) (293 ) Meals & entertainment (16 ) (9 ) (10 ) Imputed interest 161 (53 ) (285 ) Section 162(m) limitation (197 ) (490 ) — Contingent liabilities (1,684 ) (1,748 ) (2,027 ) Stock-based compensation (140 ) (89 ) 556 Expired NOLs (232 ) (88 ) — Research and development credits (304 ) 113 4,581 Change in uncertain tax positions (27,188 ) (7 ) (364 ) Rate change for changes in state law 5,756 (119 ) (901 ) Increase in deferred tax assets from completion of 382 analysis (3,329 ) (43 ) (786 ) Avinza true up 2,107 — — Change in valuation allowance 231,370 7,243 3,509 Other (605 ) (580 ) (1,223 ) $ 192,115 $ (410 ) $ (374 ) 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, 2015 and 2014 is as follows (in thousands): Balance at December 31, 2013 $ 8,504 Additions based on tax positions related to the current year 40 Additions for tax positions of prior years (20 ) Balance at December 31, 2014 $ 8,524 Additions based on tax positions related to the current year 154 Additions based on tax positions related to prior years 28,224 Reductions for tax positions of prior years (450 ) Balance at December 31, 2015 $ 36,452 Included in the balance of unrecognized tax benefits at December 31, 2015 is $33.5 million of tax benefits that, if recognized would impact the effective rate. There are no positions for which it is reasonably possible that the uncertain tax benefit will significantly increase or decrease within twelve months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2015 and December 31, 2014 , there was an accrual related to uncertain tax positions of $29,000 and $32,000 , respectively. 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 2012 tax year to present. The state income tax returns generally remain open for the 2011 tax years through present. Changes to the valuation allowance allocated directly to equity were $0 million , $1.1 million , and $0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. As of December 31, 2015 , approximately $4.2 million of the valuation allowance for deferred tax assets related to benefits of stock option deductions which, when recognized, will be allocated directly to paid-in-capital. For the year ended December 31, 2015 , the Company has adopted ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes which requires noncurrent classification of all deferred tax liabilities and assets. Under current GAAP, in a classified statement of financial position, deferred tax assets and liabilities are separated into a current amount and a non-current amount on the basis of the classification of the related asset or liability for financial reporting. Deferred tax assets and liabilities that are not related to an asset or liability for financial reporting are classified according to the expected reversal date of the temporary difference. On November 20, 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes which requires non-current classification of all deferred tax assets and liabilities for all public entities for annual periods beginning after December 15, 2016. ASU 2015-17 also provides for early adoption for all entities as of the beginning of an annual period. For the year ended December 31, 2015 , the Company has elected to early adopt ASU 2015-17 and will present all its deferred tax assets and liabilities as non-current for the period ended December 31, 2015 . The Company has applied the Standard on a prospective basis. Therefore, the classification of deferred tax assets and liabilities in periods prior to the period ended December 31, 2015 have not been changed from the original presentation.

Summary of Unaudited Quarterly

Summary of Unaudited Quarterly Financial Information	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Financial Information	Summary of Unaudited Quarterly Financial Information As discussed in Correction of Previously Reported Financials in Note 1 of the previously filed Annual Report on Form 10-K on February 26, 2016, management opted to restate certain amounts in the previously reported financial statements as of and for the three and nine months ended September 30, 2015 to correct an immaterial error in the calculation of certain capital loss carry-forwards at September 30, 2015 related to the sale of the Avinza product line. The restated amounts are set forth in the following tables (in thousands, except share data): Three months ended, Nine months ended, September 30, 2015 September 30, 2015 Previously Reported in 10-Q Restated Previously Reported in 10-Q Restated Income tax benefit $ 217,255 $ 219,362 $ 216,976 $ 219,083 Net income 224,539 226,646 248,857 250,964 Basic net income per share $ 11.29 $ 11.40 $ 12.61 $ 12.71 Diluted net income per share $ 10.46 $ 10.56 $ 11.78 $ 11.88 As of September 30, 2015 Previously Reported in 10-Q Restated Long-term deferred tax assets $ 206,423 $ 208,530 Accumulated deficit (410,458 ) (408,351 ) In addition, As discussed in 2015 Restatement in Note 1 of this Annual Report on Form 10K/A, the Company corrected accounting errors related to its DTA at September 30, 2015 by restating the previously reported financial statements as of and for the three months and nine months ended September 30, 2015. The restated amounts are set forth in the following tables: The effects of these prior period corrections on the condensed consolidated statement of operations and comprehensive income are as follows Nine months ended September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Income tax benefit $ 219,083 $ (27,481 ) $ 191,602 Net income 250,964 (27,481 ) 223,483 Comprehensive income 251,351 (27,481 ) 223,870 Basic earnings per share 12.71 (1.38 ) 11.33 Diluted earnings per share data 11.88 (1.30 ) 10.58 Basic 19,887 — 19,887 Diluted 21,122 — 21,122 Three months ended September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Income tax benefit (expense) $ 219,362 $ (27,481 ) $ 191,881 Net income 226,646 (27,481 ) 199,165 Comprehensive income 222,981 (27,481 ) 195,500 Basic earnings per share 11.40 (1.39 ) 10.01 Diluted earnings per share data 10.56 (1.28 ) 9.28 The effects of these prior period corrections on the condensed consolidated balance sheet is as follows As of September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Deferred income taxes $ 208,530 $ (27,481 ) $ 181,049 Total assets 523,807 (27,481 ) 496,326 Accumulated deficit (408,351 ) (27,481 ) (435,832 ) Total stockholders' equity 294,288 (27,481 ) 266,807 Total liabilities and stockholders' equity 523,807 (27,481 ) 496,326 (1) The Company opted to restate certain amounts in the previously reported financial statements as of and for the three and nine months ended September 30, 2015 to correct an immaterial error in the calculation of certain capital loss carry-forwards at September 30, 2015 related to the sale of the Avinza product line, which amounted to $2.1 million. The corrections did not have any impact on the company's cash flow statements for any period. The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 (in thousands). Quarter ended March 31 June 30 September 30 Restated December 31 2015 Total revenues $ 14,602 $ 18,418 $ 17,701 $ 21,193 Total operating costs and expenses 11,253 14,053 9,104 10,175 Income tax (expense) benefit (15 ) (265 ) 191,881 514 Income from continuing operations (89 ) 22,027 199,165 6,341 Net loss attributable to noncontrolling interests (843 ) (1,537 ) — — Net income 754 23,564 199,165 6,341 Basic per share amounts: Net income $ 0.04 $ 1.19 $ 10.01 $ 0.32 Diluted per share amounts: Net income $ 0.04 $ 1.11 $ 9.28 $ 0.29 Weighted average shares—basic 19,612 19,725 19,887 19,933 Weighted average shares—diluted 20,631 21,276 21,460 21,542 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 (53 ) 47 (124 ) (280 ) Income from continuing operations 2,097 1,288 777 6,730 Net loss attributable to noncontrolling interests — (304 ) (503 ) (325 ) Net income 2,097 1,592 1,280 7,055 Basic per share amounts: Net income $ 0.10 $ 0.08 $ 0.06 $ 0.35 Diluted per share amounts: Net income 0.10 0.07 0.06 0.34 Weighted average shares—basic 20,601 20,738 20,417 19,878 Weighted average shares—diluted 21,208 21,780 21,345 20,792

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Acquisition of OMT In January 2016 , the Company acquired OMT, a leader in genetic engineering of animals for the generation of human therapeutic antibodies through its OmniAb platform. OMT offers three transgenic animal platforms for license, including OmniRat®, OmniMouse® and OmniFlic®. The transaction added 16 partnered programs to the Company's portfolio. As a result of the acquisition, the Company paid $96.4 million in cash and issued $85.4 million in shares of Ligand common stock. The aggregate merger consideration is subject to certain adjustments, including amounts based on changes in OMT's net working capital and cash at closing. The Company issued 793,594 shares of its common stock based on a 20-day volume-weighted average price of $107.66 of its common stock calculated three days prior to closing. In connection with the closing of the merger, OMT's former chief executive officer, Roland Buelow, joined the Company as an employee and was granted stock options with an aggregate value of $2.0 million on the date of grant and performance stock units with an aggregate value of $18.0 million on the date of grant. Dr. Buelow's performance stock units will vest based on achievement of certain milestones related to the OMT business, including annual revenues, research and development milestones and entering into new business releationships. Dr. Buelow also entered into a noncompetition agreement with the Company pursuant to which he agreed not to engage in any competitive activities for a period of two years following the merger. Due to the close proximity of the acquisition date and the Company’s filing of its annual report on Form 10-K for the year ended December 31, 2015 , the initial accounting for the business combination is incomplete, and therefore the Company is unable to disclose the information required by ASC 805, Business Combinations . Such information will be included in the Company’s subsequent Form 10-Q. Viking Note Amendment In January 2016, the Company entered into a second amendment to the LSA with Viking. The Company provided Viking with loans in an aggregate amount of $2.5 million , evidenced by a Secured Convertible Promissory Note. The loan amendment extends the maturity date of the loans under the Viking Note from May 21, 2016 to May 21, 2017 , reduces the annual interest rate from 5.0% to 2.5% , and extends the Company’s lock-up period by one year such that the Company may not, sell or otherwise transfer or dispose of any Viking securities prior to January 23, 2017 . Additionally, upon the consummation of Viking’s first capital financing transaction, Viking will be required to repay $1.5 million of the Viking Note obligation to the Company, with at least $0.3 million to be paid in cash and the remaining amount to be paid in the form of shares of Viking’s equity securities.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results may differ from those 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 Per Share	Income Per Share Basic income per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed by dividing net income by the weighted-average number of common shares and common stock equivalents of all dilutive securities calculated using the treasury stock method and the if-converted method.
Cash, Cash Equivalents, Short-term and Restricted Investments	Cash Equivalents Cash equivalents consist of all investments with maturities of three months or less from the date of acquisition. Short-term Investments Short-term investments primarily consist of investments in debt securities that have effective maturities greater than three months and less than twelve months from the date of acquisition. The Company classifies its short-term investments 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 Investments Restricted 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.
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.
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 are not amortized but are 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 from Selexis in April 2013 and April 2015 . 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 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.
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.
Contingent Liabilities	Contingent Liabilities CyDex contingent liabilities In connection with the Company’s acquisition of CyDex in January 2011 , the Company recorded a contingent liability for amounts potentially due to holders of the CyDex CVRs and former license holders. The liability is periodically assessed based on events and circumstances related to the underlying milestones, royalties and material sales. Any change in fair value is 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, 2015 and 2014 was $9.5 million and $11.5 million , respectively. The Company recorded a fair value adjustment to increase the liability for CyDex related contingent liabilities of $3.8 million for the year ended December 31, 2015 , $5.7 million increase in the liability for the year ended December 31, 2014 and a decrease in the liability of $0.6 million for the year ended December 31, 2013 . Contingent liabilities decreased for cash payments to CVR holders and other contingency payments by $5.8 million during the year ended December 31, 2015 , $3.5 million during the year ended December 31, 2014 and $1.0 million during the year ended December 31, 2013 . Metabasis contingent liabilities 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 $4.0 million and $3.7 million as of December 31, 2015 and 2014 , respectively. The Company recorded an increase in the liability for CVRs of $1.2 million during the year ended December 31, 2015 , a decrease of $0.5 million during the year ended December 31, 2014 and an increase of $4.2 million during the year ended December 31, 2013 .
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. All product returns are subject to the Company's credit and exchange policy, approval by the Company and a 20% restocking fee. To date, product returns 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 VSOE, then TPE and if neither VSOE nor TPE exist, the Company uses its best estimate of selling price. Many of the Company's revenue arrangements for Captisol involve a license agreement with the supply of manufactured Captisol product. Licenses may be granted to pharmaceutical companies for the use of Captisol product in the development of pharmaceutical compounds. The supply of the Captisol product may be 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. Management 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. 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.
Cost of Material Sales	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, 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 CROs 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.
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. The Company provides a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before we are able to realize their benefit. The Company calculates the valuation allowance in accordance with the authoritative guidance relating to income taxes under ASC 740, Income Taxes , which requires an assessment of both positive and negative evidence that is available regarding the reliability of these deferred tax assets, when measuring the need for a valuation allowance. 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. The Company's judgments and tax strategies are subject to audit by various taxing authorities. While management believes the Company 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.
Research and Development 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
Share-Based Compensation	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 its operating segment in accordance with ASC 280 , and has determined that the previously identified two reportable segments should be consolidated to one reporting segment at December 31, 2015 . In earlier periods, the Company had identified two reporting segments: developing, licensing and manufacturing materials using Captisol reformulation technology by CyDex and development and licensing biopharmaceutical assets by Ligand. Due to the full integration of the these two segments and the organizational changes during the year ended December 31, 2015 , especially in the fourth quarter of 2015 as management evaluated, planned for, and executed the acquisition of a new business from Open Monoclonal Technology, Inc. (Refer to Note 12 for details), our chief operating decision maker now evaluates the performance of and manages the Company as one comprehensive business, which is development and licensing biopharmaceutical assets and coupling them with a lean corporate cost structure. As a result, management has concluded that the Company operates under one segment and there is one reporting segment at December 31, 2015
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).
Variable Interest Entities (VIE)	Variable Interest Entities ("VIE") 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. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in any VIE and therefore is the primary beneficiary. If the Company is the primary beneficiary of a VIE, it consolidates the VIE under applicable accounting guidance. If the Company is no longer the primary of a VIE or the entity is no longer considered as a VIE as facts and circumstances changed, it deconsolidates the entity under the applicable accounting guidance. Beginning May 2015, the Company deconsolidated Viking, a previously reported VIE, and elected to record its investment in Viking under the equity method of accounting as Viking is no longer considered a VIE, and the Company does not have voting control or other elements of control that would require consolidation. The investment is subsequently adjusted for the Company’s share of Viking's operating results, and if applicable, cash contributions and distributions, which is reported on a separate line in our condensed consolidated statement of operations called “Equity in net losses of Viking”. On the condensed consolidated balance sheet, the Company reports its investment in Viking on a separate line in the non-current assets section called “Investment in Viking”.
Convertible Debt	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 February 2015, FASB issued ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements. In April 2015, FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. This update was issued to simplify the presentation for debt issuance costs. Upon adoption, such costs shall be presented on our consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability and not as a deferred charge presented in Other assets on our consolidated balance sheets. This amendment will be effective for interim and annual periods beginning on January 1, 2016, and is required to be retrospectively adopted. Management adopted the change in the presentation on our consolidated balance sheets in Q1 2016 retrospectively, and also changed the presentation on our consolidated balance sheet for the year ended December 31, 2015 accordingly in this Form 10-K/A, which was filed subsequent to the adoption (see Note 5 for details). In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes that amends the presentation of deferred income taxes on our Consolidated Balance Sheet such that they are presented entirely as noncurrent assets and liabilities. As permitted by the standard, we adopted the new presentation prospectively, beginning January 1, 2015. Consistent with our prospective adoption, presentation of deferred income tax assets and liabilities as of December 31, 2014, was not restated. If they had been restated, Other current liabilities would have be reduced by $0.3 million and Long-term deferred tax liabilities would have been would have increased by $0.3 million . In January 2016, the FASB issued ASU2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities that amends the accounting and disclosures of financial instruments, including a provision that requires equity investments (except for investments accounted for under the equity method of accounting) to be measured at fair value with changes in fair value recognized in current earnings. The new standard is effective for interim and annual periods beginning on January 1, 2018. We are currently evaluating the impact that this new standard will have on our consolidated financial statements.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restatement to Previously Reported Income	The effects of these prior period corrections on the statement of operations and comprehensive income are as follows (in thousands except for per share data): Year ended December 31, 2015 As Reported Adjustments As Restated Income tax benefit $ 219,596 $ (27,481 ) $ 192,115 Net income 257,305 (27,481 ) 229,824 Comprehensive income 257,273 (27,481 ) 229,792 Basic earnings per share 13.00 (1.39 ) 11.61 Diluted earnings per share data 12.12 (1.29 ) 10.83 The effects of these prior period corrections on the condensed consolidated statement of operations and comprehensive income are as follows Nine months ended September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Income tax benefit $ 219,083 $ (27,481 ) $ 191,602 Net income 250,964 (27,481 ) 223,483 Comprehensive income 251,351 (27,481 ) 223,870 Basic earnings per share 12.71 (1.38 ) 11.33 Diluted earnings per share data 11.88 (1.30 ) 10.58 Basic 19,887 — 19,887 Diluted 21,122 — 21,122 Three months ended September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Income tax benefit (expense) $ 219,362 $ (27,481 ) $ 191,881 Net income 226,646 (27,481 ) 199,165 Comprehensive income 222,981 (27,481 ) 195,500 Basic earnings per share 11.40 (1.39 ) 10.01 Diluted earnings per share data 10.56 (1.28 ) 9.28 The restated amounts are set forth in the following tables (in thousands, except share data): Three months ended, Nine months ended, September 30, 2015 September 30, 2015 Previously Reported in 10-Q Restated Previously Reported in 10-Q Restated Income tax benefit $ 217,255 $ 219,362 $ 216,976 $ 219,083 Net income 224,539 226,646 248,857 250,964 Basic net income per share $ 11.29 $ 11.40 $ 12.61 $ 12.71 Diluted net income per share $ 10.46 $ 10.56 $ 11.78 $ 11.88
Restatement of Previously Reported Balance Sheet Information	The effects of these prior period corrections on the consolidated balance sheet is as follows: As of December 31, 2015 As Reported Adoption of ASU 2015-03 (1) Adjustments As Restated Current debt issuance costs $ 860 $ (860 ) $ — $ — Long-term debt issuance costs $ 2,527 $ (2,527 ) $ — $ — Deferred income taxes $ 216,564 $ — $ (27,481 ) $ 189,083 Total assets 533,929 (3,387 ) (27,481 ) 503,061 2019 convertible senior notes, net - current — (3,387 ) 205,372 201,985 Total current liabilities 20,836 (3,387 ) 205,372 222,821 2019 convertible senior notes, net - long term (1) 205,372 — (205,372 ) — Total liabilities 229,538 (3,387 ) — 226,151 Equity component of currently redeemable convertible notes (Note 5) — — 39,628 39,628 Additional paid-in capital 701,478 — (39,628 ) 661,850 Accumulated deficit (402,010 ) — (27,481 ) (429,491 ) Total stockholders' equity 304,391 — (67,109 ) 237,282 Total liabilities and stockholders' equity 533,929 (3,387 ) (27,481 ) 503,061 (1) Unamortized issuance cost was reclassified to debt discount in this 10-K/A form due to that it is filed after the Company's retrospective adoption of ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs in Q1 2016. Upon the occurrence of certain circumstances, holders of the 2019 Convertible Senior Notes may require us to purchase all or a portion of their notes for cash, which may require the use of a substantial amount of cash. If such cash is not available, we may be required to sell other assets or enter into alternate financing arrangements at terms that may or may not be desirable. The existence of the 2019 Convertible Senior Notes and the obligations that we incurred by issuing them may restrict our ability to take advantage of certain future opportunities, such as engaging in future debt or equity financing activities. As of September 30, 2015 Previously Reported in 10-Q Restated Long-term deferred tax assets $ 206,423 $ 208,530 Accumulated deficit (410,458 ) (408,351 ) The effects of these prior period corrections on the condensed consolidated balance sheet is as follows As of September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Deferred income taxes $ 208,530 $ (27,481 ) $ 181,049 Total assets 523,807 (27,481 ) 496,326 Accumulated deficit (408,351 ) (27,481 ) (435,832 ) Total stockholders' equity 294,288 (27,481 ) 266,807 Total liabilities and stockholders' equity 523,807 (27,481 ) 496,326 (1) The Company opted to restate certain amounts in the previously reported financial statements as of and for the three and nine months ended September 30, 2015 to correct an immaterial error in the calculation of certain capital loss carry-forwards at September 30, 2015 related to the sale of the Avinza product line, which amounted to $2.1 million.
Summary of computation of basic and diluted net income (loss) per share	The following table presents the computation of basic and diluted net income per share for the periods indicated (in thousands, except per share amounts): Year Ended December 31, Restated EPS Attributable to Common Shareholders 2015 2014 2013 Net income from continuing operations $ 229,824 $ 12,024 $ 8,832 Discontinued operations — — 2,588 Net income $ 229,824 $ 12,024 $ 11,420 Shares used to compute basic income per share 19,790 20,419 20,312 Dilutive potential common shares: Restricted stock 56 36 80 Stock options 882 978 353 2019 Convertible Senior Notes 499 — — Shares used to compute diluted income per share 21,228 21,433 20,745 Basic per share amounts: Income from continuing operations $ 11.61 $ 0.59 $ 0.43 Discontinued operations — — 0.13 Net income $ 11.61 $ 0.59 $ 0.56 Diluted per share amounts: Income from continuing operations $ 10.83 $ 0.56 $ 0.43 Discontinued operations — — 0.12 Net income $ 10.83 $ 0.56 $ 0.55
Summary of investment categories	The following table summarizes the various investment categories at December 31, 2015 and 2014 (in thousands): Cost Gross unrealized gains Gross unrealized losses Estimated fair value December 31, 2015 Short-term investments Bank deposits 43,043 — (4 ) 43,039 Corporate bonds 41,238 — (35 ) 41,203 Commercial paper 1,747 — — 1,747 Asset backed securities 10,020 — (5 ) 10,015 Corporate equity securities 1,843 4,944 — 6,787 $ 97,891 $ 4,944 $ (44 ) $ 102,791 December 31, 2014 Short-term investments (Corporate equity securities) 2,179 4,954 $ — $ 7,133 Certificates of deposit-restricted 1,261 — — 1,261 $ 3,440 $ 4,954 $ — $ 8,394
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, 2015 2014 2013 Partner A 27 % 37 % 33 % Partner B 23 % 31 % 28 % Partner C 18 % 10 % 14 %
Summary of goodwill and other identifiable intangible assets	Goodwill and other identifiable intangible assets consist of the following (in thousands): December 31, 2015 2014 Indefinite lived intangible assets IPR&D $ 12,556 $ 12,556 Goodwill 12,238 12,238 Definite lived intangible assets Complete technology 15,267 15,267 Less: Accumulated amortization (3,762 ) (2,999 ) Trade name 2,642 2,642 Less: Accumulated amortization (652 ) (519 ) Customer relationships 29,600 29,600 Less: Accumulated amortization (7,304 ) (5,824 ) Total goodwill and other identifiable intangible assets, net $ 60,585 $ 62,961
Summary of property and equipment	Property and equipment is stated at cost and consists of the following (in thousands): December 31, 2015 2014 Lab and office equipment $ 2,248 $ 2,232 Leasehold improvements 273 273 Computer equipment and software 632 624 3,153 3,129 Less accumulated depreciation and amortization (2,781 ) (2,643 ) $ 372 $ 486
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, 2015 2014 2013 Risk-free interest rate 1.7%-2.0% 1.9% 1.13%-1.82% Expected volatility 50%-58% 62%-69% 69% Expected term 6.5 years 6 years 6 years Forfeiture rate 8.52% 8.6%-9.7% 8.4%-9.8%
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, 2015 2014 2013 Stock-based compensation expense as a component of: Research and development expenses $ 4,080 $ 3,595 $ 1,705 General and administrative expenses 8,378 7,675 3,961 $ 12,458 $ 11,270 $ 5,666

Investment in Viking (Tables)

Investment in Viking (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Equity Method Investments	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): December 31, 2014 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, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured on recurring basis	The following table provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands): Fair Value Measurements at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents (1) $ 3,015 $ — $ 3,015 $ — Short-term investments (2) 92,775 6,786 85,989 — Note receivable Viking (3) 4,782 — — 4,782 Total assets $ 100,572 $ 6,786 $ 89,004 $ 4,782 Liabilities: Current contingent liabilities - CyDex (4) $ 7,812 $ — $ — $ 7,812 Current contingent liabilities-Metabasis (5) $ 2,602 — 2,602 — Long-term contingent liabilities - Metabasis (5) 1,355 — 1,355 — Long-term contingent liabilities - CyDex (4) 1,678 — — 1,678 Liability for amounts owed to former licensees (6) 794 794 — — Total liabilities $ 14,241 $ 794 $ 3,957 $ 9,490 Fair Value Measurements at Reporting Date Using December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs * Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents (1) $ — Current co-promote termination payments receivable (7) $ 322 $ — $ — $ 322 Short-term investments (2) 7,133 7,133 — — Total assets $ 7,455 $ 7,133 $ — $ 322 Liabilities: Current contingent liabilities - CyDex (4) $ 6,796 $ — $ — $ 6,796 Current co-promote termination liability (7) 322 — — 322 Long-term contingent liabilities - Metabasis (5) 3,652 — 3,652 — Long-term contingent liabilities - CyDex (4) 4,701 — — 4,701 Liability for amounts owed to former licensees (6) 773 773 — — Total liabilities $ 16,244 $ 773 $ 3,652 $ 11,819 *Adjusted to correct an error in disclosure that was deemed immaterial to the financial statements taken as a whole. Contingent liabilities related to Metabasis were reclassified from Level 1 to Level 2 as market is deemed inactive. Additionally, certain certificates of deposit with maturities less than 90 days were not previously disclosed in the table above.
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, 2015 2014 Range of annual revenue subject to revenue sharing (1) $22.5 million $17.2 million-$17.3 million Revenue volatility 25% 25% Average of probability of commercialization 73% 81% Sales beta 0.40 0.60 Credit rating BB B 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, 2015 is as follows (in thousands): Assets: Fair value of level 3 financial instruments as of December 31, 2014 $ 322 Assumed payments made by Pfizer or assignee (390 ) Fair value adjustments to co-promote termination liability 68 Note receivable Viking 4,782 Fair value of level 3 financial instrument assets as of December 31, 2015 $ 4,782 Liabilities Fair value of level 3 financial instruments as of December 31, 2014 $ 11,819 Assumed payments made by Pfizer or assignee (390 ) Payments to CVR holders and other contingency payments (5,848 ) Fair value adjustments to contingent liabilities 3,841 Fair value adjustments to co-promote termination liability 68 Fair value of level 3 financial instruments as of December 31, 2015 $ 9,490

Lease Obligations (Tables)

Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015 (in thousands): Operating lease obligations: Lease Termination Date Less than 1 year 1-2 years 3-4 years Thereafter Total Corporate headquarters-La Jolla, CA April 2016 $ 230 — — — $ 230 Corporate headquarters-San Diego, CA April 2023 21 259 275 341 $ 896 Bioscience and Technology Business Center-Lawrence, KS December 2017 54 54 — — 108 Vacated office and research facility-Cranbury, NJ August 2016 1,743 — — — 1,743 Total operating lease obligations 2,048 313 275 341 2,977 Sublease payments expected to be received: Office and research facility-La Jolla, CA April 2016 145 — — — 145 Office and research facility-Cranbury, NJ August 2016 141 — — — 141 Net operating lease obligations $ 1,762 $ 313 $ 275 $ 341 $ 2,691

Financing Arrangements (Tables)

Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
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): December 31, 2015 Restated December 31, 2014 Convertible notes payable, 2.16% to 3.84%, due 2015, VIE $ — $ 334 2019 Convertible Senior Notes Principal amount outstanding 245,000 Unamortized discount (43,015 ) Net carrying amount 201,985 Total current portion of notes payable $ 201,985 $ 334 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

Other Balance Sheet Details (Ta

Other Balance Sheet Details (Tables)	12 Months Ended
	Dec. 31, 2015
Other Balance Sheet Details [Abstract]
Schedule of other current assets	Other current assets consist of the following (in thousands): December 31, 2015 2014 Co-promote termination receivable — 322 Prepaid expenses $ 1,177 $ 835 Other receivables 731 685 $ 1,908 $ 1,842
Schedule of accrued liabilities	Accrued liabilities consist of the following (in thousands): December 31, 2015 2014 Compensation $ 1,711 $ 1,708 Legal 726 459 Amounts owed to former licensees 915 925 Royalties owed to third parties 823 705 Other 1,222 1,069 $ 5,397 $ 4,866
Schedule of other long-term liabilities	Other long-term liabilities consist of the following (in thousands): December 31, 2015 2014 Deferred rent — 327 Deposits 268 411 Other 29 32 $ 297 $ 770

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stock option plan activity	Following is a summary of the Company’s stock option plan activity and related information: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value (In thousands) Balance at December 31, 2014 1,800,697 $ 28.78 7.25 $ 51,558 Granted 287,747 62.82 Exercised (326,418 ) 26.55 Forfeited (78,685 ) 45.75 Balance at December 31, 2015 1,683,341 34.23 6.66 124,880 Exercisable at December 31, 2015 1,193,288 25.41 5.98 99,061 Options vested and expected to vest as of December 31, 2015 1,683,341 $ 34.23 6.66 $ 124,880
Stock option plan activity, by exercise price range	Following is a further breakdown of the options outstanding as of December 31, 2015 : Range of exercise prices Options outstanding Weighted average remaining life in years Weighted average exercise price Options exercisable Weighted average exercise price $8.58 – $12.53 353,949 5.17 $ 10.26 353,824 $ 10.26 $12.81-16.14 371,551 5.58 14.75 342,754 14.78 $17.10-32.30 361,019 6.55 23.34 270,634 23.81 $32.76-74.42 552,544 8.18 64.69 226,076 67.13 $89.75-104.59 44,278 9.47 98.13 — — $8.58 – $104.59 1,683,341 6.66 $ 34.23 1,193,288 $ 25.41
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 Outstanding at December 31, 2014 82,673 $ 45.76 Granted 112,954 63.50 Vested (49,366 ) 44.8 Forfeited (15,512 ) 54.91 Outstanding at December 31, 2015 130,749 $ 60.36

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015 Restated 2014 2013 Current expense (benefit): Federal $ 11 $ 15 $ — State 7 19 33 18 34 33 Deferred expense (benefit): Federal (167,413 ) 406 404 State (24,720 ) (30 ) (63 ) $ (192,115 ) $ 410 $ 374
Schedule of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are shown below. The Company assesses the positive and negative evidence to determine if sufficient future taxable income will be generated to use the existing deferred tax assets. During the third quarter of the year, the Company's evaluation of evidence resulted in management concluding that the majority of the Company's deferred tax assets will be realized. However, the Company maintains a valuation allowance to offset certain net deferred tax assets as management believes realization of such assets are uncertain as of December 31, 2015 , 2014 and 2013 . The valuation allowance decreased $230.7 million in 2015 , decreased $9.8 million in 2014 and decreased $5.4 million in 2013 . December 31, 2015 Restated 2014 (in thousands) Deferred assets: Net operating loss carryforwards $ 160,595 $ 193,747 Research and AMT credit carryforwards 25,613 28,288 Fixed assets and intangibles 8,839 13,237 Accrued expenses 1,523 1,579 Contingent liabilities 707 579 Deferred revenue 3 771 Present value of royalties 3,007 11,686 Organon termination asset — (111 ) Organon termination liability — 111 Deferred rent 68 730 Other 17,281 5,780 217,636 256,397 Valuation allowance for deferred tax assets (9,066 ) (240,420 ) Net deferred tax assets $ 208,570 $ 15,977 Deferred tax liabilities: Retrophin fair value adjustment $ (1,256 ) $ (1,396 ) Convertible debt (1,844 ) (1,436 ) Identified intangibles (12,770 ) (13,146 ) Identified indefinite lived intangibles (3,617 ) (3,048 ) Total $ 189,083 $ (3,049 )
Schedule of effective income tax rate reconciliation	A reconciliation of income tax expense (benefit) from continuing operations to the amount computed by applying the statutory federal income tax rate to the net income (loss) from continuing operations is summarized as follows: Year Ended December 31, 2015 Restated 2014 2013 Amounts computed at statutory federal rate $ (13,198 ) $ (3,843 ) $ (3,131 ) State taxes net of federal benefit (386 ) (697 ) (293 ) Meals & entertainment (16 ) (9 ) (10 ) Imputed interest 161 (53 ) (285 ) Section 162(m) limitation (197 ) (490 ) — Contingent liabilities (1,684 ) (1,748 ) (2,027 ) Stock-based compensation (140 ) (89 ) 556 Expired NOLs (232 ) (88 ) — Research and development credits (304 ) 113 4,581 Change in uncertain tax positions (27,188 ) (7 ) (364 ) Rate change for changes in state law 5,756 (119 ) (901 ) Increase in deferred tax assets from completion of 382 analysis (3,329 ) (43 ) (786 ) Avinza true up 2,107 — — Change in valuation allowance 231,370 7,243 3,509 Other (605 ) (580 ) (1,223 ) $ 192,115 $ (410 ) $ (374 )
Schedule of unrecognized tax benefits	A reconciliation of the amount of unrecognized tax benefits at December 31, 2015 and 2014 is as follows (in thousands): Balance at December 31, 2013 $ 8,504 Additions based on tax positions related to the current year 40 Additions for tax positions of prior years (20 ) Balance at December 31, 2014 $ 8,524 Additions based on tax positions related to the current year 154 Additions based on tax positions related to prior years 28,224 Reductions for tax positions of prior years (450 ) Balance at December 31, 2015 $ 36,452

Summary of Unaudited Quarterl29

Summary of Unaudited Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Restatement to Previously Reported Income	The effects of these prior period corrections on the statement of operations and comprehensive income are as follows (in thousands except for per share data): Year ended December 31, 2015 As Reported Adjustments As Restated Income tax benefit $ 219,596 $ (27,481 ) $ 192,115 Net income 257,305 (27,481 ) 229,824 Comprehensive income 257,273 (27,481 ) 229,792 Basic earnings per share 13.00 (1.39 ) 11.61 Diluted earnings per share data 12.12 (1.29 ) 10.83 The effects of these prior period corrections on the condensed consolidated statement of operations and comprehensive income are as follows Nine months ended September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Income tax benefit $ 219,083 $ (27,481 ) $ 191,602 Net income 250,964 (27,481 ) 223,483 Comprehensive income 251,351 (27,481 ) 223,870 Basic earnings per share 12.71 (1.38 ) 11.33 Diluted earnings per share data 11.88 (1.30 ) 10.58 Basic 19,887 — 19,887 Diluted 21,122 — 21,122 Three months ended September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Income tax benefit (expense) $ 219,362 $ (27,481 ) $ 191,881 Net income 226,646 (27,481 ) 199,165 Comprehensive income 222,981 (27,481 ) 195,500 Basic earnings per share 11.40 (1.39 ) 10.01 Diluted earnings per share data 10.56 (1.28 ) 9.28 The restated amounts are set forth in the following tables (in thousands, except share data): Three months ended, Nine months ended, September 30, 2015 September 30, 2015 Previously Reported in 10-Q Restated Previously Reported in 10-Q Restated Income tax benefit $ 217,255 $ 219,362 $ 216,976 $ 219,083 Net income 224,539 226,646 248,857 250,964 Basic net income per share $ 11.29 $ 11.40 $ 12.61 $ 12.71 Diluted net income per share $ 10.46 $ 10.56 $ 11.78 $ 11.88
Restatement of Previously Reported Balance Sheet Information	The effects of these prior period corrections on the consolidated balance sheet is as follows: As of December 31, 2015 As Reported Adoption of ASU 2015-03 (1) Adjustments As Restated Current debt issuance costs $ 860 $ (860 ) $ — $ — Long-term debt issuance costs $ 2,527 $ (2,527 ) $ — $ — Deferred income taxes $ 216,564 $ — $ (27,481 ) $ 189,083 Total assets 533,929 (3,387 ) (27,481 ) 503,061 2019 convertible senior notes, net - current — (3,387 ) 205,372 201,985 Total current liabilities 20,836 (3,387 ) 205,372 222,821 2019 convertible senior notes, net - long term (1) 205,372 — (205,372 ) — Total liabilities 229,538 (3,387 ) — 226,151 Equity component of currently redeemable convertible notes (Note 5) — — 39,628 39,628 Additional paid-in capital 701,478 — (39,628 ) 661,850 Accumulated deficit (402,010 ) — (27,481 ) (429,491 ) Total stockholders' equity 304,391 — (67,109 ) 237,282 Total liabilities and stockholders' equity 533,929 (3,387 ) (27,481 ) 503,061 (1) Unamortized issuance cost was reclassified to debt discount in this 10-K/A form due to that it is filed after the Company's retrospective adoption of ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs in Q1 2016. Upon the occurrence of certain circumstances, holders of the 2019 Convertible Senior Notes may require us to purchase all or a portion of their notes for cash, which may require the use of a substantial amount of cash. If such cash is not available, we may be required to sell other assets or enter into alternate financing arrangements at terms that may or may not be desirable. The existence of the 2019 Convertible Senior Notes and the obligations that we incurred by issuing them may restrict our ability to take advantage of certain future opportunities, such as engaging in future debt or equity financing activities. As of September 30, 2015 Previously Reported in 10-Q Restated Long-term deferred tax assets $ 206,423 $ 208,530 Accumulated deficit (410,458 ) (408,351 ) The effects of these prior period corrections on the condensed consolidated balance sheet is as follows As of September 30, 2015 As Previously Reported in 10-K (1) Adjustments As Restated Deferred income taxes $ 208,530 $ (27,481 ) $ 181,049 Total assets 523,807 (27,481 ) 496,326 Accumulated deficit (408,351 ) (27,481 ) (435,832 ) Total stockholders' equity 294,288 (27,481 ) 266,807 Total liabilities and stockholders' equity 523,807 (27,481 ) 496,326 (1) The Company opted to restate certain amounts in the previously reported financial statements as of and for the three and nine months ended September 30, 2015 to correct an immaterial error in the calculation of certain capital loss carry-forwards at September 30, 2015 related to the sale of the Avinza product line, which amounted to $2.1 million.
Schedule of Quarterly Financial Information	The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 (in thousands). Quarter ended March 31 June 30 September 30 Restated December 31 2015 Total revenues $ 14,602 $ 18,418 $ 17,701 $ 21,193 Total operating costs and expenses 11,253 14,053 9,104 10,175 Income tax (expense) benefit (15 ) (265 ) 191,881 514 Income from continuing operations (89 ) 22,027 199,165 6,341 Net loss attributable to noncontrolling interests (843 ) (1,537 ) — — Net income 754 23,564 199,165 6,341 Basic per share amounts: Net income $ 0.04 $ 1.19 $ 10.01 $ 0.32 Diluted per share amounts: Net income $ 0.04 $ 1.11 $ 9.28 $ 0.29 Weighted average shares—basic 19,612 19,725 19,887 19,933 Weighted average shares—diluted 20,631 21,276 21,460 21,542 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 (53 ) 47 (124 ) (280 ) Income from continuing operations 2,097 1,288 777 6,730 Net loss attributable to noncontrolling interests — (304 ) (503 ) (325 ) Net income 2,097 1,592 1,280 7,055 Basic per share amounts: Net income $ 0.10 $ 0.08 $ 0.06 $ 0.35 Diluted per share amounts: Net income 0.10 0.07 0.06 0.34 Weighted average shares—basic 20,601 20,738 20,417 19,878 Weighted average shares—diluted 21,208 21,780 21,345 20,792

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Corrections (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2014	Jan. 31, 2010
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount										$ (27,481)	$ (230,700)	$ (9,800)	$ (5,400)
Deferred tax assets acquired															$ 27,500
Net income	$ 6,341	$ 199,165	$ 23,564	$ 754	$ 7,055	$ 1,280	$ 1,592	$ 2,097			229,824	12,024	11,420
Comprehensive income											$ 229,792	$ 14,063	$ 14,334
Net income, basic (in usd per share)	$ (0.32)	$ (10.01)	$ (1.19)	$ (0.04)	$ (0.35)	$ (0.06)	$ (0.08)	$ (0.10)			$ (11.61)	$ (0.59)	$ (0.56)
Net income, diluted (in USD per share)	$ (0.29)	$ (9.28)	$ (1.11)	$ (0.04)	$ (0.34)	$ (0.06)	$ (0.07)	$ (0.10)			$ (10.83)	$ (0.56)	$ (0.55)
Long-term deferred tax assets	$ 189,083										$ 189,083
Income tax (expense) benefit	514	$ 191,881	$ (265)	$ (15)	$ (280)	$ (124)	$ 47	$ (53)			192,115	$ (410)	$ (374)
Current debt issuance costs	0				809						0	809
Long-term debt issuance costs	0				3,388						0	3,388
Assets	503,061				258,029						503,061	258,029
2019 convertible senior notes, net	201,985										201,985
Liabilities, Current	222,821				22,779						222,821	22,779
Convertible debt, noncurrent	0										0
Liabilities	226,151				233,621						226,151	233,621
Carrying value of equity component	39,628										39,628
Additional Paid in Capital	661,850				680,660						661,850	680,660
Retained Earnings (Accumulated Deficit)	(429,491)				(659,315)						(429,491)	(659,315)
Stockholders' Equity Attributable to Parent	237,282				26,318						237,282	26,318
Liabilities and Equity	503,061				258,029						503,061	258,029
Current contingent liabilities	10,414				$ 6,796						10,414	$ 6,796
Previously Reported Understatement
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		2,100								2,100
Long-term deferred tax assets	2,100										2,100
Income tax (expense) benefit		2,100								$ 2,100
Understatement as percent of previously reported EPS (percent)										1.00%
Current contingent liabilities			600						$ 600
Previously Reported Overstatement
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income			$ 600						$ 600
Net income, basic (in usd per share)			$ (0.03)						$ (0.03)
Impact of Correction of Immaterial Errors
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		$ (600)
Net income, basic (in usd per share)		$ 0.03
Impact of Correction
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income, basic (in usd per share)										$ 0.11
Net income, diluted (in USD per share)										$ 0.10
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income											(27,481)
Comprehensive income											$ (27,481)
Net income, basic (in usd per share)											$ 1.39
Net income, diluted (in USD per share)											$ 1.29
Long-term deferred tax assets	(27,481)										$ (27,481)
Income tax (expense) benefit											27,481
Current debt issuance costs	0										0
Long-term debt issuance costs	0										0
Assets	(27,481)										(27,481)
2019 convertible senior notes, net	205,372										205,372
Liabilities, Current	205,372										205,372
Convertible debt, noncurrent	(205,372)										(205,372)
Carrying value of equity component	39,628										39,628
Additional Paid in Capital	(39,628)										(39,628)
Retained Earnings (Accumulated Deficit)	(27,481)										(27,481)
Stockholders' Equity Attributable to Parent	(67,109)										(67,109)
Liabilities and Equity	(27,481)										(27,481)
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income											257,305
Comprehensive income											$ 257,273
Net income, basic (in usd per share)											$ (13)
Net income, diluted (in USD per share)											$ (12.12)
Long-term deferred tax assets	216,564										$ 216,564
Income tax (expense) benefit											219,596
Current debt issuance costs	860										860
Long-term debt issuance costs	2,527										2,527
Assets	533,929										533,929
2019 convertible senior notes, net	0										0
Liabilities, Current	20,836										20,836
Convertible debt, noncurrent	205,372										205,372
Liabilities	229,538										229,538
Carrying value of equity component	0										0
Additional Paid in Capital	701,478										701,478
Retained Earnings (Accumulated Deficit)	(402,010)										(402,010)
Stockholders' Equity Attributable to Parent	304,391										304,391
Liabilities and Equity	533,929										533,929
Senior Notes | 2019 Convertible Senior Notes
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Long-term debt issuance costs														$ 4,500
Convertible debt, noncurrent														$ 192,500
Carrying value of equity component	51,300										$ 51,300
Stock price trigger threshold (percent)											130.00%
Adoption of ASU 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Long-term deferred tax assets	0										$ 0
Current debt issuance costs	(860)										(860)
Long-term debt issuance costs	(2,527)										(2,527)
Assets	(3,387)										(3,387)
2019 convertible senior notes, net	(3,387)										(3,387)
Liabilities, Current	(3,387)										(3,387)
Convertible debt, noncurrent	0										0
Liabilities	(3,387)										(3,387)
Carrying value of equity component	0										0
Additional Paid in Capital	0										0
Retained Earnings (Accumulated Deficit)	0										0
Stockholders' Equity Attributable to Parent	0										0
Liabilities and Equity	$ (3,387)										$ (3,387)

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of computation of basic and diluted net income (loss) per share
Net income from continuing operations	$ 6,341	$ 199,165	$ 22,027	$ (89)	$ 6,730	$ 777	$ 1,288	$ 2,097	$ 229,824	$ 12,024	$ 8,832
Discontinued operations											2,588
Net income	$ 6,341	$ 199,165	$ 23,564	$ 754	$ 7,055	$ 1,280	$ 1,592	$ 2,097	$ 229,824	$ 12,024	$ 11,420
Shares used to compute basic income per share									19,789,991	20,418,569	20,312,395
Dilutive potential common shares:
Restricted stock (shares)									56,088	36,446	80,100
Stock options (shares)									882,378	978,163	352,959
2019 Convertible Senior Notes (shares)									499,430
Shares used to compute diluted income per share (shares)	21,542,000	21,460,000	21,276,000	20,631,000	20,792,000	21,345,000	21,780,000	21,208,000	21,227,887	21,433,178	20,745,454
Basic per share amounts:
Income from continuing operations (in usd per share)									$ 11.61	$ 0.59	$ 0.43
Discontinued operations (in usd per share)											0.13
Net income (loss) (in usd per share)	$ 0.32	$ 10.01	$ 1.19	$ 0.04	$ 0.35	$ 0.06	$ 0.08	$ 0.10	11.61	0.59	0.56
Diluted per share amounts:
Income from continuing operations (in usd per share)									10.83	0.56	0.43
Discontinued operations (in usd per share)											0.12
Net income (loss) (in usd per share)	$ 0.29	$ 9.28	$ 1.11	$ 0.04	$ 0.34	$ 0.06	$ 0.07	$ 0.10	$ 10.83	$ 0.56	$ 0.55

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost		$ 3,440
Gross unrealized gains		4,954
Gross unrealized losses		0
Estimated fair value		8,394
Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 97,891	2,179
Gross unrealized gains	4,944	4,954
Gross unrealized losses	(44)	0
Estimated fair value	102,791	7,133
Bank Deposits
Schedule of Available-for-sale Securities [Line Items]
Cost	43,043
Gross unrealized gains	0
Gross unrealized losses	(4)
Estimated fair value	43,039
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Cost	41,238
Gross unrealized gains	0
Gross unrealized losses	(35)
Estimated fair value	41,203
Commercial Paper
Schedule of Available-for-sale Securities [Line Items]
Cost	1,747
Gross unrealized gains	0
Gross unrealized losses	0
Estimated fair value	1,747
Asset-backed Securities
Schedule of Available-for-sale Securities [Line Items]
Cost	10,020
Gross unrealized gains	0
Gross unrealized losses	(5)
Estimated fair value	10,015
Corporate Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Cost	1,843
Gross unrealized gains	4,944
Gross unrealized losses	0
Estimated fair value	$ 6,787
Certificates of Deposit - Restricted
Schedule of Available-for-sale Securities [Line Items]
Cost		1,261
Gross unrealized gains		0
Gross unrealized losses		0
Estimated fair value		$ 1,261

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details 6) - Customer Concentration Risk - Revenue	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Partner A
Revenue, Major Customer
Total revenues	27.00%	37.00%	33.00%
Partner B
Revenue, Major Customer
Total revenues	23.00%	31.00%	28.00%
Partner C
Revenue, Major Customer
Total revenues	18.00%	10.00%	14.00%

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Summary of Goodwill and Other Identifiable Intangible Assets
Goodwill	$ 12,238	$ 12,238
Total goodwill and other identifiable intangible assets, net	60,585	62,961
Complete technology
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	15,267	15,267
Less: Accumulated amortization	(3,762)	(2,999)
Trade name
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	2,642	2,642
Less: Accumulated amortization	(652)	(519)
Customer relationships
Summary of Goodwill and Other Identifiable Intangible Assets
Definite lived intangible assets	29,600	29,600
Less: Accumulated amortization	(7,304)	(5,824)
Acquired in-process research and development
Summary of Goodwill and Other Identifiable Intangible Assets
IPR&D	$ 12,556	$ 12,556

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Summary of Property and equipment
Property and equipment , gross	$ 3,153	$ 3,129
Less accumulated depreciation and amortization	(2,781)	(2,643)
Property and equipment, net	372	486
Lab and office equipment
Summary of Property and equipment
Property and equipment , gross	2,248	2,232
Leasehold improvements
Summary of Property and equipment
Property and equipment , gross	273	273
Computer equipment and software
Summary of Property and equipment
Property and equipment , gross	$ 632	$ 624

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details 4)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Risk-free interest rate		1.90%
Risk-free interest rate, minimum	1.70%		1.13%
Risk-free interest rate, maximum	2.00%		1.82%
Expected volatility rate, minimum	50.00%	62.00%	69.00%
Expected volatility rate, maximum	58.00%	69.00%
Expected term	6 years 6 months	6 years	6 years
Forfeiture rate	8.52%
Forfeiture rate, minimum		8.60%	8.40%
Forfeiture rate, maximum		9.70%	9.80%

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basis of Presentation [Line Items]
Share-based compensation expense	$ 12,458	$ 11,270	$ 5,666
Research and development expenses
Basis of Presentation [Line Items]
Share-based compensation expense	4,080	3,595	1,705
General and administrative expenses
Basis of Presentation [Line Items]
Share-based compensation expense	$ 8,378	$ 7,675	$ 3,961

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Details Textual)	1 Months Ended		12 Months Ended
	Jan. 31, 2016shares	Jan. 31, 2010USD ($)right	Dec. 31, 2015USD ($)segmentshares	Dec. 31, 2014USD ($)segmentshares	Dec. 31, 2013USD ($)shares	Aug. 31, 2014USD ($)
Basis of Presentation [Line Items]
Common shares excluded from computation | shares			3,300,000	5,100,000	800,000
Maturity period of cash and cash equivalents, maximum			3 months
Reserve for obsolete inventory			$ 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
Definite lived intangibles, useful life			20 years
Amortization expense			$ 2,400,000	2,400,000	$ 2,400,000
Estimated amortization expense [Abstract]
Amortization expense, 2016			2,400,000
Amortization expense, 2017			2,400,000
Amortization expense, 2018			2,400,000
Amortization expense, 2019			2,400,000
Amortization expense, 2020			2,400,000
Amortization expense, 2021			2,400,000
Depreciation expense			$ 200,000	$ 300,000	300,000
Restocking fee (percent)			20.00%
Milestone payment received			$ 0
Share-based Compensation [Abstract]
Number of reportable segments | segment			1	2
Payments to CVR holders			$ 6,740,000	$ 3,493,000	989,000
Other current liabilities			8,000	1,063,000
Long-term deferred income taxes				2,792,000
Impairment of Intangible Assets, Finite-lived			$ 0	0	0
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
CyDex
Estimated amortization expense [Abstract]
Fair value of contingent liability			$ 9,500,000	11,500,000
Contingent liability change in amount			3,800,000	5,700,000	(600,000)
Contingent liability, cash payment			5,800,000	3,500,000	1,000,000
Metabasis Therapeutics
Estimated amortization expense [Abstract]
Fair value of contingent liability		$ 9,100,000	4,000,000	3,700,000
Contingent liability change in amount			1,200,000	(500,000)	4,200,000
Number of contingent value rights | right		4
Number of contingent value rights per series of contingent value rights | right		1
Number of series of contingent value rights issued per share | right		4
Entitlement to cash payments (duration)		6 months
Share-based Compensation [Abstract]
Payments to CVR holders			900,000	0	0
2019 Convertible Senior Notes
Share-based Compensation [Abstract]
Principal amount outstanding			245,000,000	245,000,000
2019 Convertible Senior Notes | Senior Notes
Share-based Compensation [Abstract]
Principal amount outstanding						$ 245,000,000
Interest on debt instrument (percent)						0.75%
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			100,000	400,000
Inventories
Basis of Presentation [Line Items]
Purchase commitment			12,300,000
IPR&D
Estimated amortization expense [Abstract]
Impairment charge			$ 0	0	$ 480,000
New Accounting Pronouncement, Early Adoption, Effect
Share-based Compensation [Abstract]
Other current liabilities				(300,000)
Long-term deferred income taxes				$ 300,000
Subsequent Event | OMT, Inc.
Share-based Compensation [Abstract]
Shares issued for acquisition (shares) | shares	793,594

Investment in Viking (Details)

Investment in Viking (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 97,428	$ 160,203	$ 11,639	$ 12,381
Other current assets	1,908	1,842
Capitalized IPO expenses		2,268
Total current assets	214,712	185,158
Other assets	27	207
Total assets	503,061	258,029
Accounts payable	4,083	7,698
Accrued liabilities	5,397	4,866
Current portion of notes payable	201,985	334
Total current liabilities	222,821	22,779
Long-term portion of notes payable (eliminates in consolidation)		195,908
Total liabilities	$ 226,151	233,621
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
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

Investment in Viking (Details T

Investment in Viking (Details Textual) $ / shares in Units, $ in Thousands, shares in Millions	Jan. 01, 2016USD ($)	May 31, 2015USD ($)$ / sharesshares	Apr. 30, 2015	May 31, 2014USD ($)program	May 04, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015
Variable Interest Entity [Line Items]
Note receivable from Viking						$ 4,782
Purchase of Viking common stock						9,000	$ 0	$ 0
Investment in Viking						29,728
Loss recorded (percent)					100.00%
Gain on deconsolidation of Viking						28,190	0	0
Equity in net losses from Viking						(5,143)	0	0
Change in fair value of Viking convertible notes						(765)	0	0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of programs licensed | program				5
Amendment period			1 year
Debt | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Convertible loan facility extended				$ 2,500
Interest rate (percent)				5.00%
Repayment in equity (percent)			200.00%
Common Stock
Variable Interest Entity [Line Items]
Aggregate value of shares received in Viking IPO		$ 29,200
Shares of Viking stock purchased (shares) | shares		1.1
Purchase of Viking common stock		$ 9,000
Shares received pursuant to MLA amendment (shares) | shares		3.7
Aggregate ownership, percent									49.40%
IPO | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Aggregate ownership after IPO (percent)			49.90%
Viking Therapeutics, Inc.
Variable Interest Entity [Line Items]
Note receivable from Viking					$ 5,500
Equity Method Investee
Variable Interest Entity [Line Items]
Investment in Viking					$ 34,900
Equity Method Investee | Common Stock
Variable Interest Entity [Line Items]
Initial offering price per share (in usd per share) | $ / shares		$ 8
Equity Method Investee | IPO | Common Stock
Variable Interest Entity [Line Items]
Shares sold in Viking IPO | shares		3.5
Initial offering price per share (in usd per share) | $ / shares		$ 8
Aggregate offering price		$ 27,600
Metabasis Therapeutics
Variable Interest Entity [Line Items]
Contingent liability change in amount						1,200	$ (500)	$ 4,200
Metabasis Therapeutics | Scenario, Forecast
Variable Interest Entity [Line Items]
Contingent liability change in amount	$ (2,600)
Common Stock Received Pursuant to Master License Agreement | Metabasis Therapeutics
Variable Interest Entity [Line Items]
Contingent liability change in amount						$ 800

Fair Value Measurement (Details

Fair Value Measurement (Details) - Recurring - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		$ 100,572	$ 7,455
Liabilities, fair value		14,241	16,244
Current portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[1]	7,812	6,796
Current contingent liabilities-Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[2]	2,602
Current portion of co-promote termination liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[3]		322
Long-term portion of contingent liabilities - Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[2]	1,355	3,652
Long-term portion of contingent liabilities - CyDex
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[1]	1,678	4,701
Liability for restricted investments owed to former licensees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[4]	794	773
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[5]	3,015
Current portion of co-promote termination payments receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[3]		322
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[6]	92,775	7,133
Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[7]	$ 4,782
Revenue volatility (percent)		65.00%
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		$ 6,786	7,133
Liabilities, fair value		794	773
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	[1]	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Current contingent liabilities-Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[2]	0
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	[3]		0
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	[2]	0	0
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	[1]	0	0
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	[4]	794	773
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[5]	0
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	[3]		0
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	[6]	6,786	7,133
Quoted Prices in Active Markets for Identical Assets (Level 1) | Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[7]	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		89,004	0
Liabilities, fair value		3,957	3,652
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	[1]	0	0	[8]
Significant Other Observable Inputs (Level 2) | Current contingent liabilities-Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[2]	2,602
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	[3],[8]		0
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	[2]	1,355	3,652	[8]
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	[1]	0	0	[8]
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	[4]	0	0	[8]
Significant Other Observable Inputs (Level 2) | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[5]	3,015
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	[3],[8]		0
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	[6]	85,989	0	[8]
Significant Other Observable Inputs (Level 2) | Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[7]	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		4,782	322
Liabilities, fair value		9,490	11,819
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	[1]	7,812	6,796
Significant Unobservable Inputs (Level 3) | Current contingent liabilities-Metabasis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	[2]	0
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	[3]		322
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	[2]	0	0
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	[1]	1,678	4,701
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	[4]	0	0
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	[3]		322
Significant Unobservable Inputs (Level 3) | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[6]	0	$ 0
Significant Unobservable Inputs (Level 3) | Notes Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[7]	$ 4,782
[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 liability for CVRs for Metabasis are determined using quoted market prices in an inactive market for theunderlying CVR.
[3]	The co-promote termination payments receivable represents a 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. The fair value is determined based on a valuation model using an income approach.
[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 licensees.
[5]	Highly liquid investments with maturities less than 90 days from the purchase date are recorded as cash equivalents that are classified as Level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
[6]	Investments in equity securities, are classified as level 1 as the fair value is determined using quoted market prices in active markets for the same securities. Short-term investments in marketable securities with maturities greater than 90 days are classified as level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
[7]	The fair value of the convertible note receivable from Viking was determined using a probability weighted option pricing model using a lattice methodology. The fair value is subjective and is affected by certain significant input to the valuation model such as the estimated volatility of the common stock, which was estimated to be 65% at December 31, 2015. Changes in these assumptions may materially affect the fair value estimate.
[8]	Adjusted to correct an error in disclosure that was deemed immaterial to the financial statements taken as a whole. Contingent liabilities related to Metabasis were reclassified from Level 1 to Level 2 as market is deemed inactive. Additionally, certain certificates of deposit with maturities less than 90 days were not previously disclosed in the table above.

Fair Value Measurement (Detai42

Fair Value Measurement (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Credit Derivatives [Line Items]
Change in fair value of Viking convertible notes		$ (765)	$ 0	$ 0
CyDex
Credit Derivatives [Line Items]
Amount Of revenue for contingent consideration		15,000
CyDex | Contingent Consideration
Credit Derivatives [Line Items]
Range of annual revenue subject to revenue sharing	[1]	$ 22,500
Revenue volatility (percent)		25.00%	25.00%
Average of probability of commercialization (percent)		73.00%	81.00%
Sales beta (decimal)		0.40	0.60
Credit rating (non-numeric)		BB	B
Equity risk premium (percent)		6.00%	6.00%
CyDex | Minimum | Contingent Consideration
Credit Derivatives [Line Items]
Range of annual revenue subject to revenue sharing	[1]		$ 17,200
CyDex | Maximum | Contingent Consideration
Credit Derivatives [Line Items]
Range of annual revenue subject to revenue sharing	[1]		$ 17,300
[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 (Detai43

Fair Value Measurement (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Assets:
Fair value of level 3 financial instruments as of December 31, 2014	$ 322
Assumed payments made by Pfizer or assignee	(390)
Fair value adjustments to co-promote termination liability	68
Note receivable Viking	4,782
Fair value of level 3 financial instrument assets as of December 31, 2015	4,782
Liabilities
Fair value of level 3 financial instruments as of December 31, 2014	11,819
Assumed payments made by Pfizer or assignee	(390)
Payments to CVR holders and other contingency payments	(5,848)
Fair value adjustments to contingent liabilities	3,841
Fair value adjustments to co-promote termination liability	68
Fair value of level 3 financial instruments as of December 31, 2015	9,490
2019 Convertible Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	377,900
Viking Therapeutics, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investment, Quoted Market Value	$ 16,300

Lease Obligations (Details)

Lease Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Payments expected to received from sublease agreements
Operating lease obligation, Less than 1 year	$ 2,048
Operating lease obligation, 1-2 years	313
Operating leases obligation, 3-4 years	275
Operating lease obligation, Thereafter	341
Operating lease obligation, Total	2,977
Sublease payments expected to be received, Less than 1 year	1,762
Sublease payments expected to be received, 1-2 years	313
Sublease payments to be received, 3-4 years	275
Sublease payments to be received, Thereafter	341
Sublease payments expected to be received, Total	$ 2,691
Corporate Headquarters - La Jolla | CALIFORNIA
Payments expected to received from sublease agreements
Lease Termination Date	Apr. 30, 2016
Operating lease obligation, Less than 1 year	$ 230
Operating lease obligation, Total	$ 230
Corporate Headquarters - San Diego, CA | CALIFORNIA
Payments expected to received from sublease agreements
Lease Termination Date	Apr. 30, 2023
Operating lease obligation, Less than 1 year	$ 21
Operating lease obligation, 1-2 years	259
Operating leases obligation, 3-4 years	275
Operating lease obligation, Thereafter	341
Operating lease obligation, Total	$ 896
Bioscience and Technology Business Center - Lawrence, KS | KANSAS
Payments expected to received from sublease agreements
Lease Termination Date	Dec. 1, 2017
Operating lease obligation, Less than 1 year	$ 54
Operating lease obligation, 1-2 years	54
Operating lease obligation, Total	$ 108
Vacated Office Office and Research Facility - Cranbury, NJ | NEW JERSEY
Payments expected to received from sublease agreements
Lease Termination Date	Aug. 1, 2016
Operating lease obligation, Less than 1 year	$ 1,743
Operating lease obligation, Total	$ 1,743
Office and Research Facility - La Jolla, CA | CALIFORNIA
Payments expected to received from sublease agreements
Lease Termination Date	Apr. 30, 2016
Sublease payments expected to be received, Less than 1 year	$ 145
Sublease payments expected to be received, Total	$ 145
Office and Research Facility - Cranbury, NJ | NEW JERSEY
Payments expected to received from sublease agreements
Lease Termination Date	Aug. 1, 2016
Sublease payments expected to be received, Less than 1 year	$ 141
Sublease payments expected to be received, Total	$ 141

Lease Obligations (Details Text

Lease Obligations (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leased Assets [Line Items]
Lease expiration year, Minimum		2,016
Lease expiration year, Maximum		2,019
Percentage of increase in annual base rent, Minimum		3.00%
Percentage of increase in annual base rent, Maximum		3.50%
Lease exit costs		$ 1,020	$ 1,084	$ 560
Rent expense, net sublease income		3,300	3,500
Adjustment for accretion and changes in lease assumptions		900	1,100	600
Rent expense		400	700	$ 700
Deferred rent		190	327
Contract Termination
Operating Leased Assets [Line Items]
Lease exit costs		$ 900	$ 3,300
Scenario, Forecast | Corporate Headquarters - San Diego, CA
Operating Leased Assets [Line Items]
Initial lease term	7 years
Rent expense	$ 100
Annual increase to rent over initial lease term (percent)	3.00%
Renewal period of lease	5 years

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Notes Payable, Current and Noncurrent [Abstract]
Current portion of notes payable	$ 201,985	$ 334
Long-term portion of notes payable		195,908
Convertible notes payable, 2.16% to 3.84%, due 2015, VIE
Notes Payable, Current and Noncurrent [Abstract]
Current portion of notes payable	$ 0	334
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%
2019 Convertible Senior Notes
Notes Payable, Current and Noncurrent [Abstract]
Principal amount outstanding	$ 245,000	245,000
Unamortized discount	$ (43,015)	(49,092)
Long-term portion of notes payable		$ 195,908

Financing Arrangements (Detai47

Financing Arrangements (Details Textual)	1 Months Ended	12 Months Ended
	Aug. 31, 2014USD ($)d$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Convertible debt, noncurrent		$ 0
Equity component of convertible debt issuance, net of issuance costs		(39,628,000)	$ 51,271,000
Unamortized debt issuance costs		0	3,388,000
Carrying value of equity component		39,628,000
Warrants to purchase number of shares | shares	3,264,643
Exercise price per share of convertible bond hedges | $ / shares	$ 75.05
Payments for Convertible Bond Hedges		0	48,143,000	$ 0
Exercise price per share of warrants | $ / shares	$ 125.08
Sale of warrants	$ 11,600,000		11,638,000
Current portion of notes payable ($334 and $0 related to a VIE, respectively		201,985,000	334,000
2019 Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount outstanding		245,000,000	245,000,000
Convertible Notes Payable
Debt Instrument [Line Items]
Current portion of notes payable ($334 and $0 related to a VIE, respectively		$ 0	$ 334,000
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
Convertible debt conversion ratio	0.0133251
Net proceeds from debt issuance	$ 239,300,000
Debt conversion price per share | $ / shares	$ 75.05
Stock price trigger threshold (percent)		130.00%
Proceeds from issuance of debt	$ 245,000,000
If-converted value of debt in excess of principal		$ 108,900,000
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 | d	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 | d	5
Number of consecutive trading days	10 days
Debt threshold trigger price (percent)	98.00%

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	$ 0	$ 2.6

Other Balance Sheet Details (De

Other Balance Sheet Details (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Balance Sheet Details [Abstract]
Co-promote termination receivable	$ 0	$ 322
Prepaid expenses	1,177	835
Other receivables	731	685
Other current assets	$ 1,908	$ 1,842

Other Balance Sheet Details (50

Other Balance Sheet Details (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Balance Sheet Details [Abstract]
Compensation	$ 1,711	$ 1,708
Legal	726	459
Amounts owed to former licensees	915	925
Royalties owed to third parties	823	705
Other	1,222	1,069
Accrued liabilities	$ 5,397	$ 4,866

Other Balance Sheet Details (51

Other Balance Sheet Details (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Balance Sheet Details [Abstract]
Deferred rent	$ 0	$ 327
Deposits	268	411
Other	29	32
Other long-term liabilities	$ 297	$ 770

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Shares [Rollforward]
Balance at Beginning of Period	1,800,697
Granted	287,747
Exercised	(326,418)
Forfeited	(78,685)
Balance at End of Period	1,683,341	1,800,697
Exercisable at December 31, 2015	1,193,288
Options vested and expected to vest as of December 31, 2015	1,683,341
Weighted Average Exercise Price [Roll Forward]
Balance at Beginning of Period (in usd per share)	$ 28.78
Granted (in usd per share)	62.82
Exercised (in usd per share)	26.55
Forfeited (in usd per share)	45.75
Balance at End of Period (in usd per share)	34.23	$ 28.78
Exercisable at December 31, 2014 (in usd per share)	25.41
Options vested and expected to vest as of December 31, 2014 (in usd per share)	$ 34.23
Weighted Average Remaining Contractual Term in Years	6 years 7 months 28 days	7 years 3 months
Exercisable, Weighted Average Remaining Contractual Term in Years	5 years 11 months 23 days
Options vested and expected to vest, Weighted Average Remaining Contractual Term in Years	6 years 7 months 28 days
Aggregate Intrinsic Value	$ 124,880	$ 51,558
Exercisable, Aggregate Intrinsic Value	99,061
Options vested and expected to vest, Aggregate Intrinsic Value	$ 124,880

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
$8.58 – $12.53
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	$ 12.53
Options outstanding (shares) | shares	353,949
Weighted average remaining life in years	5 years 2 months 1 day
Weighted average exercise price (per share)	$ 10.26
Options exercisable (shares) | shares	353,824
Weighted average exercise price (per share)	$ 10.26
$12.81-16.14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	12.81
Range of exercise prices (per share), upper	$ 16.14
Options outstanding (shares) | shares	371,551
Weighted average remaining life in years	5 years 6 months 29 days
Weighted average exercise price (per share)	$ 14.75
Options exercisable (shares) | shares	342,754
Weighted average exercise price (per share)	$ 14.78
$17.10-32.30
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	17.10
Range of exercise prices (per share), upper	$ 32.30
Options outstanding (shares) | shares	361,019
Weighted average remaining life in years	6 years 6 months 18 days
Weighted average exercise price (per share)	$ 23.34
Options exercisable (shares) | shares	270,634
Weighted average exercise price (per share)	$ 23.81
$32.76-74.42
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	32.76
Range of exercise prices (per share), upper	$ 74.42
Options outstanding (shares) | shares	552,544
Weighted average remaining life in years	8 years 2 months 5 days
Weighted average exercise price (per share)	$ 64.69
Options exercisable (shares) | shares	226,076
Weighted average exercise price (per share)	$ 67.13
$89.75-104.59
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices (per share), lower	89.75
Range of exercise prices (per share), upper	$ 104.59
Options outstanding (shares) | shares	44,278
Weighted average remaining life in years	9 years 5 months 19 days
Weighted average exercise price (per share)	$ 98.13
Options exercisable (shares) | shares	0
Weighted average exercise price (per share)	$ 0
$8.58 - 104.59
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	$ 104.59
Options outstanding (shares) | shares	1,683,341
Weighted average remaining life in years	6 years 7 months 28 days
Weighted average exercise price (per share)	$ 34.23
Options exercisable (shares) | shares	1,193,288
Weighted average exercise price (per share)	$ 25.41

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - Restricted Stock	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Shares [Rollforward]
Nonvested at Beginning of Period | shares	82,673
Granted | shares	112,954
Vested | shares	(49,366)
Forfeited | shares	(15,512)
Nonvested at End of Period | shares	130,749
Weighted-Average Grant Date Fair Value [Roll Forward]
Nonvested at Beginning of Period (in usd per share) | $ / shares	$ 45.76
Granted (in usd per share) | $ / shares	63.50
Vested (in usd per share) | $ / shares	44.80
Forfeited (in usd per share) | $ / shares	54.91
Nonvested at End of Period (in usd per share) | $ / shares	$ 60.36

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual)	May 31, 2012shares	May 29, 2009shares	Dec. 31, 2015USD ($)right$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	Aug. 31, 2014USD ($)$ / sharesshares
Employee Stock Purchase Plan [Abstract]
Stock-based compensation expense | $			$ 12,458,000	$ 11,270,000	$ 5,666,000
Preferred Stock [Abstract]
Preferred stock authorized (shares)			5,000,000
Preferred stock issued (shares)			0	0
Preferred stock outstanding (shares)			0	0
Shareholder Rights Plan and Warrants [Abstract]
Warrants to purchase number of shares							3,264,643
Exercise price per share of warrants | $ / shares							$ 125.08
Corporate Share Repurchase [Abstract]
Stock Repurchase Program, Authorized Amount | $						$ 200,000,000	$ 200,000,000
Stock Repurchased During Period, Shares			6,120	1,253,425
Treasury Stock Acquired, Average Cost Per Share | $ / shares			$ 79.92	$ 54.20
Stock Repurchased During Period, Value | $			$ 489,000	$ 67,955,000
2006 Stockholder Rights Plan
Shareholder Rights Plan and Warrants [Abstract]
Number of rights per outstanding share of common stock | right			1
Warrants to purchase number of shares			0.001
Exercise price per share of warrants | $ / shares			$ 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%
Warrants to purchase shares, stockholder other than acquiring person, exercise price percentage			200.00%
Business combination, acquiring person discount (percent)			50.00%
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 | $ / shares			$ 35.39	$ 46.20	$ 14.28
Intrinsic value of options exercised | $			$ 20,700,000	$ 15,300,000	$ 5,900,000
Unrecognized compensation cost | $			$ 13,100,000
Weighted-average period in which cost is expected to be recognized			2 years 4 months 10 days
Cash received from options exercised | $			$ 8,700,000	$ 4,400,000	$ 3,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period in which cost is expected to be recognized			1 year 7 months 2 days
Award vesting period			3 years
Unrecognized compensation cost, restricted stock | $			$ 4,700,000
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			700,000
Employee Stock Purchase Plan [Abstract]
Award expiration period			10 years
Amended ESPP
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)			3,374	3,774	5,016
Stock-based compensation expense | $			$ 56,000	$ 54,000	$ 45,000
Revenue volatility (percent)			49.00%	40.00%	36.00%
Award expiration period			6 months
Shares issued under employee stock purchase plan			215,821
Shares available for future purchases			72,367

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current expense (benefit):
Federal									$ 11	$ 15	$ 0
State									7	19	33
Total Current Income Tax Benefit									18	34	33
Deferred expense (benefit):
Federal									(167,413)	406	404
State									(24,720)	(30)	(63)
Income tax expense from continuing operations	$ (514)	$ (191,881)	$ 265	$ 15	$ 280	$ 124	$ (47)	$ 53	$ (192,115)	$ 410	$ 374

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred assets:
Net operating loss carryforwards	$ 160,595	$ 193,747
Research and AMT credit carryforwards	25,613	28,288
Fixed assets and intangibles	8,839	13,237
Accrued expenses	1,523	1,579
Contingent liabilities	707	579
Deferred revenue	3	771
Present value of royalties	3,007	11,686
Organon termination asset	0	(111)
Organon termination liability	0	111
Deferred rent	68	730
Other	17,281	5,780
Deferred tax assets	217,636	256,397
Valuation allowance for deferred tax assets	(9,066)	(240,420)
Net deferred tax assets	208,570	15,977
Deferred tax liabilities:
Retrophin fair value adjustment	(1,256)	(1,396)
Convertible debt	(1,844)	(1,436)
Identified intangibles	(12,770)	(13,146)
Identified indefinite lived intangibles	(3,617)	(3,048)
Total	$ 189,083
Total		$ (3,049)

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Amounts computed at statutory federal rate									$ (13,198)	$ (3,843)	$ (3,131)
State taxes net of federal benefit									(386)	(697)	(293)
Meals & entertainment									(16)	(9)	(10)
Imputed interest									161	(53)	(285)
Section 162(m) limitation									(197)	(490)	0
Contingent liabilities									(1,684)	(1,748)	(2,027)
Stock-based compensation									(140)	(89)	556
Expired NOLs									(232)	(88)	0
Research and development credits									(304)	113	4,581
Change in uncertain tax positions									(27,188)	(7)	(364)
Rate change for changes in state law									5,756	(119)	(901)
Increase in deferred tax assets from completion of 382 analysis									(3,329)	(43)	(786)
Avinza true up									2,107	0	0
Change in valuation allowance									231,370	7,243	3,509
Other									(605)	(580)	(1,223)
Income tax expense from continuing operations	$ 514	$ 191,881	$ (265)	$ (15)	$ (280)	$ (124)	$ 47	$ (53)	$ 192,115	$ (410)	$ (374)

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 8,524	$ 8,504
Additions based on tax positions related to the current year	154	40
Additions for tax positions of prior years	28,224
Reductions for tax positions of prior years	(450)	(20)
Balance at end of period	$ 36,452	$ 8,524

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits that would impact effective tax rate		$ 33,500
Valuation allowance, change in amount	$ 27,481	230,700	$ 9,800	$ 5,400
Liability for uncertain tax positions		29	32
Realization Of Excess Tax Benefits From Share Based Compensation
Operating Loss Carryforwards [Line Items]
Deferred tax assets not recognized related to share-based compensation		11,500	8,100
Valuation allowance, change in amount		(4,200)
Other Comprehensive Income (Loss) [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance, change in amount		0	(700)	(1,000)
Allocated to Equity
Operating Loss Carryforwards [Line Items]
Valuation allowance, change in amount		0	$ (1,100)	$ 0
Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		10,600
California and New Jersey Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		14,100
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Operating loss carryforward		537,100
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforward		$ 138,400

Summary of Unaudited Quarterl61

Summary of Unaudited Quarterly Financial Information Restated of Previously Reported Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit	$ 514	$ 191,881	$ (265)	$ (15)	$ (280)	$ (124)	$ 47	$ (53)		$ 192,115	$ (410)	$ (374)
Net income	$ 6,341	$ 199,165	$ 23,564	$ 754	$ 7,055	$ 1,280	$ 1,592	$ 2,097		229,824	12,024	11,420
Comprehensive income										$ 229,792	$ 14,063	$ 14,334
Basic net income per share (in usd per share)	$ 0.32	$ 10.01	$ 1.19	$ 0.04	$ 0.35	$ 0.06	$ 0.08	$ 0.10		$ 11.61	$ 0.59	$ 0.56
Diluted net income per share (in usd per share)	$ 0.29	$ 9.28	$ 1.11	$ 0.04	$ 0.34	$ 0.06	$ 0.07	$ 0.10		$ 10.83	$ 0.56	$ 0.55
Long-term deferred tax assets	$ 189,083									$ 189,083
Assets	503,061				$ 258,029					503,061	$ 258,029
Liabilities and Equity	503,061				258,029					503,061	258,029
Total liabilities and stockholders' equity	237,282				24,408					237,282	24,408	$ 49,613	$ 26,485
Accumulated deficit	$ (429,491)				$ (659,315)					$ (429,491)	$ (659,315)
Weighted average number of common shares-basic (shares)	19,933,000	19,887,000	19,725,000	19,612,000	19,878,000	20,417,000	20,738,000	20,601,000		19,789,991	20,418,569	20,312,395
Weighted average number of common shares-diluted (shares)	21,542,000	21,460,000	21,276,000	20,631,000	20,792,000	21,345,000	21,780,000	21,208,000		21,227,887	21,433,178	20,745,454
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit										$ 219,596
Net income										257,305
Comprehensive income										$ 257,273
Basic net income per share (in usd per share)										$ 13
Diluted net income per share (in usd per share)										$ 12.12
Long-term deferred tax assets	$ 216,564									$ 216,564
Assets	533,929									533,929
Liabilities and Equity	533,929									533,929
Accumulated deficit	(402,010)									(402,010)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit										27,481
Net income										(27,481)
Comprehensive income										$ (27,481)
Basic net income per share (in usd per share)										$ (1.39)
Diluted net income per share (in usd per share)										$ (1.29)
Long-term deferred tax assets	(27,481)									$ (27,481)
Assets	(27,481)									(27,481)
Liabilities and Equity	(27,481)									(27,481)
Accumulated deficit	$ (27,481)									$ (27,481)
10-K
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit		$ 191,881							$ 191,602
Net income		199,165							223,483
Comprehensive income		$ 195,500							$ 223,870
Basic net income per share (in usd per share)		$ 10.01							$ 11.33
Diluted net income per share (in usd per share)		$ 9.28							$ 10.58
Long-term deferred tax assets		$ 181,049							$ 181,049
Assets		496,326							496,326
Liabilities and Equity		496,326							496,326
Total liabilities and stockholders' equity		266,807							266,807
Accumulated deficit		(435,832)							$ (435,832)
Weighted average number of common shares-basic (shares)									19,887,000
Weighted average number of common shares-diluted (shares)									21,122,000
10-K | Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit		219,362							$ 219,083
Net income		226,646							250,964
Comprehensive income		$ 222,981							$ 251,351
Basic net income per share (in usd per share)		$ 11.40							$ 12.71
Diluted net income per share (in usd per share)		$ 10.56							$ 11.88
Long-term deferred tax assets		$ 208,530							$ 208,530
Assets		523,807							523,807
Liabilities and Equity		523,807							523,807
Total liabilities and stockholders' equity		294,288							294,288
Accumulated deficit		(408,351)							$ (408,351)
Weighted average number of common shares-basic (shares)									19,887,000
Weighted average number of common shares-diluted (shares)									21,122,000
10-K | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit		27,481
Net income		(27,481)							$ (27,481)
Comprehensive income		$ (27,481)							$ (27,481)
Basic net income per share (in usd per share)		$ (1.39)							$ (1.38)
Diluted net income per share (in usd per share)		$ (1.28)							$ (1.30)
Long-term deferred tax assets		$ (27,481)							$ (27,481)
Assets		(27,481)							(27,481)
Liabilities and Equity		(27,481)							(27,481)
Total liabilities and stockholders' equity		(27,481)							(27,481)
Accumulated deficit		(27,481)							$ (27,481)
Weighted average number of common shares-basic (shares)									0
Weighted average number of common shares-diluted (shares)									0
10-Q
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit		219,362							$ 219,083
Net income		$ 226,646							$ 250,964
Basic net income per share (in usd per share)		$ 11.40							$ 12.71
Diluted net income per share (in usd per share)		$ 10.56							$ 11.88
Long-term deferred tax assets		$ 208,530							$ 208,530
Accumulated deficit		(408,351)							(408,351)
10-Q | Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax benefit		217,255							216,976
Net income		$ 224,539							$ 248,857
Basic net income per share (in usd per share)		$ 11.29							$ 12.61
Diluted net income per share (in usd per share)		$ 10.46							$ 11.78
Long-term deferred tax assets		$ 206,423							$ 206,423
Accumulated deficit		$ (410,458)							$ (410,458)

Summary of Unaudited Quarterl62

Summary of Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 21,193	$ 17,701	$ 18,418	$ 14,602	$ 22,999	$ 14,973	$ 10,608	$ 15,958	$ 71,914	$ 64,538	$ 48,973
Total operating costs and expenses	10,175	9,104	14,053	11,253	13,363	11,441	9,250	10,858	44,585	44,912	34,030
Income tax (expense) benefit	514	191,881	(265)	(15)	(280)	(124)	47	(53)	192,115	(410)	(374)
Income from continuing operations	6,341	199,165	22,027	(89)	6,730	777	1,288	2,097	229,824	12,024	8,832
Less: Net loss attributable to noncontrolling interests	0	0	(1,537)	(843)	(325)	(503)	(304)	0	(2,380)	(1,132)
Net income	$ 6,341	$ 199,165	$ 23,564	$ 754	$ 7,055	$ 1,280	$ 1,592	$ 2,097	$ 229,824	$ 12,024	$ 11,420
Basic per share amounts:
Net income (loss) (in usd per share)	$ 0.32	$ 10.01	$ 1.19	$ 0.04	$ 0.35	$ 0.06	$ 0.08	$ 0.10	$ 11.61	$ 0.59	$ 0.56
Diluted per share amounts:
Net income (loss) (in usd per share)	$ 0.29	$ 9.28	$ 1.11	$ 0.04	$ 0.34	$ 0.06	$ 0.07	$ 0.10	$ 10.83	$ 0.56	$ 0.55
Weighted average number of common shares-basic (shares)	19,933,000	19,887,000	19,725,000	19,612,000	19,878,000	20,417,000	20,738,000	20,601,000	19,789,991	20,418,569	20,312,395
Weighted average number of common shares-diluted (shares)	21,542,000	21,460,000	21,276,000	20,631,000	20,792,000	21,345,000	21,780,000	21,208,000	21,227,887	21,433,178	20,745,454

Subsequent Event (Details)

Subsequent Event (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 31, 2016USD ($)programplatform$ / sharesshares	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Note receivable from Viking		$ 4,782
OMT, Inc. | Subsequent Event
Subsequent Event [Line Items]
Number of transgenic animal platforms | platform	3
Number of partnered programs added | program	16
Cash paid for acquisition	$ 96,400
Value of shares issued for acquisition	$ 85,400
Shares issued for acquisition (shares) | shares	793,594
Weighted average price of shares issued (per share) | $ / shares	$ 107.66
Former Chief Executive Officer | OMT, Inc. | Subsequent Event
Subsequent Event [Line Items]
Aggregate value of stock options issued to former CEO of OMT, Inc.	$ 2,000
Aggregate value of performance stock units issued to former CEO of OMT, Inc.	18,000
Secured Convertible Promissory Note
Subsequent Event [Line Items]
Interest rate on note due from Viking (percent)		5.00%
Secured Convertible Promissory Note | Subsequent Event
Subsequent Event [Line Items]
Note receivable from Viking	$ 2,500
Interest rate on note due from Viking (percent)	2.50%
Extension of lock-up period	1 year
Amount of loan to be repaid upon consummation of first capital financing transaction	$ 1,500
Amount of loan to be repaid in cash upon consummation of first capital financing transaction	$ 300