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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.

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- Definition Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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