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License Agreements | 3 Months Ended
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Mar. 31, 2021
License Agreements |
License Agreements | 4. License Agreements ​ The Company periodically enters into license agreements to develop and commercialize its products. As of December 31, 2019, the Company’s only license agreement was the Nucynta Commercialization Agreement. Upon the closing of the Nucynta Acquisition in February 2020, the Nucynta Commercialization Agreement was effectively terminated. Prior to the Nucynta Acquisition, the Company was conditionally obligated to make royalty payments to Assertio conditional upon net sales and based on the following royalty structure for the period between January 1, 2019 and December 31, 2021: (i)65% of annual net sales of the Nucynta Products up to $180,000, plus (ii)14% of annual net sales of the Nucynta Products between $180,000 and $210,000, plus (iii)58% of annual net sales of the Nucynta Products between $210,000 and $233,000, plus (iv)20% of annual net sales of the Nucynta Products between $233,000 and $258,000, plus (v)15% of annual net sales of the Nucynta Products in excess of $258,000. ​ Upon the closing of the Nucynta Acquisition, the Nucynta Commercialization Agreement was effectively terminated and the Company’s royalty payment obligations to Assertio thereunder ceased. Following the closing, the Company no longer pays royalties to Assertio and the Company’s only remaining royalty obligation is to pay 14% of net sales of the Nucynta Products directly to Grünenthal. ​ The assets acquired, liabilities assumed, and equity interests issued by the Company in connection with the Nucynta Commercialization Agreement are further described in Note 8. ​ ​

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