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FLEXION ACQUISITION (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The following table sets forth the preliminary allocation of the Flexion Acquisition purchase price to the estimated fair value of the net assets acquired at the acquisition date (in thousands):
|  | Amounts Recognized at the Acquisition Date (as previously reported) (a) |  | Measurement Period Adjustments (b) |  | Amounts Recognized at the Acquisition Date (as adjusted)
ASSETS ACQUIRED |  |  |  |  |  |
Cash and cash equivalents |  | $ | 113,562 |  |  | $ | — |  |  | $ | 113,562 |
Short-term available-for-sale investments |  | 11,153 |  |  | — |  |  | 11,153 |
Accounts receivable |  | 32,838 |  |  | — |  |  | 32,838 |
Inventories |  | 29,667 |  |  | — |  |  | 29,667 |
Prepaid expenses and other assets |  | 4,852 |  |  | — |  |  | 4,852 |
Fixed assets |  | 23,307 |  |  | — |  |  | 23,307 |
Deferred tax assets |  | 58,015 |  |  | — |  |  | 58,015 |
Right-of-use assets |  | 6,585 |  |  | — |  |  | 6,585 |
Identifiable intangible assets |  | 480,000 |  |  | — |  |  | 480,000 |
In-process research and development (IPR&D) |  | 61,000 |  |  | — |  |  | 61,000 |
Total assets |  | $ | 820,979 |  |  | $ | — |  |  | $ | 820,979 |
LIABILITIES ASSUMED |  |  |  |  |  |
Accounts payable |  | $ | 9,794 |  |  | $ | — |  |  | $ | 9,794 |
Accrued expenses |  | 22,746 |  |  | 957 |  |  | 23,703 |
Deferred revenue |  | 10,000 |  |  | — |  |  | 10,000 |
Lease liabilities |  | 6,585 |  |  | — |  |  | 6,585 |
Other liabilities |  | 1,187 |  |  | — |  |  | 1,187 |
Long-term debt |  | 201,450 |  |  | — |  |  | 201,450 |
Total liabilities |  | 251,762 |  |  | 957 |  |  | 252,719 |
Total identifiable net assets acquired |  | 569,217 |  |  | (957) |  |  | 568,260 |
Goodwill |  | 9,628 |  |  | 957 |  |  | 10,585 |
Total consideration transferred |  | $ | 578,845 |  |  | $ | — |  |  | $ | 578,845 |
(a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. (b) Represents pre-acquisition expenses that were paid by the Company in 2022, partially offset by the release of estimated reserves.
Unaudited pro forma summary of operations | This pro forma information does not purport to represent what the Company’s actual results would have been if the Flexion Acquisition had occurred as of January 1, 2020, and is not indicative of what such results would be expected for any future period (in thousands, except per share amounts):
| Three Months Ended June 30, 2021 |  | Six Months Ended June 30, 2021
Total revenues | $ | 163,765 |  |  | $ | 307,381 |
Net loss | $ | (3,367) |  |  | $ | (20,487) |
Pro forma basic and diluted net loss per share | $ | (0.08) |  |  | $ | (0.47) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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