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v3.22.2.2

Equity | 9 Months Ended
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Sep. 30, 2022
Equity |
Equity | 13. Equity ​ The changes in shareholders’ equity for the three and nine months ended September 30, 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ |  | Additional | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | Total
​ | Common Stock |  | Paid- In | ​ | Treasury Stock | ​ | Accumulated |  | Shareholders’
​ | Shares |  | ​ | Amount |  | Capital | ​ | Shares | ​ | ​ | Amount |  | Deficit |  | Equity
Balance, December 31, 2021 | 35,806,119 | ​ | $ | 36 | ​ | $ | 502,095 | ​ | (2,150,717) | ​ | $ | (42,861) | ​ | $ | (256,342) | ​ | $ | 202,928
Exercise of common stock options | 190,074 | ​ | ​ | — | ​ | ​ | 3,261 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,261
Issuance for employee stock purchase plan | 13,421 | ​ | ​ | — | ​ | ​ | 203 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 203
Vesting of RSUs and PSUs | 563,050 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | (191,667) | ​ | ​ | — | ​ | ​ | (3,382) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,382)
Share repurchases from Accelerated Share Repurchase ("ASR") agreement | — | ​ | ​ | — | ​ | ​ | 5,000 | ​ | (307,132) | ​ | ​ | (5,000) | ​ | ​ | — | ​ | ​ | —
Stock-based compensation | — | ​ | ​ | — | ​ | ​ | 6,135 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,135
Net loss | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (13,069) | ​ | ​ | (13,069)
Balance, March 31, 2022 | 36,380,997 | ​ | $ | 36 | ​ | $ | 513,312 | ​ | (2,457,849) | ​ | $ | (47,861) | ​ | $ | (269,411) | ​ | $ | 196,076
Exercise of common stock options | 102,283 | ​ | ​ | — | ​ | ​ | 1,545 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,545
Vesting of RSUs and PSUs | 111,056 | ​ | ​ | 1 | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1
Shares withheld for employee taxes upon vesting of RSUs and PSUs | (26,506) | ​ | ​ | — | ​ | ​ | (511) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (511)
Stock-based compensation | — | ​ | ​ | — | ​ | ​ | 5,692 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,692
Net loss | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (5,191) | ​ | ​ | (5,191)
Balance, June 30, 2022 | 36,567,830 | ​ | $ | 37 | ​ | $ | 520,038 | ​ | (2,457,849) | ​ | $ | (47,861) | ​ | $ | (274,602) | ​ | $ | 197,612
Exercise of common stock options | 10,395 | ​ | ​ | — | ​ | ​ | 142 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 142
Issuance for employee stock purchase plan | 9,206 | ​ | ​ | — | ​ | ​ | 134 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 134
Vesting of RSUs and PSUs | 17,644 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | (5,777) | ​ | ​ | — | ​ | ​ | (106) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (106)
Share repurchases | — | ​ | ​ | — | ​ | ​ | — | ​ | (366,213) | ​ | ​ | (6,422) | ​ | ​ | — | ​ | ​ | (6,422)
Stock-based compensation | — | ​ | ​ | — | ​ | ​ | 5,377 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,377
Net income | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 457 | ​ | ​ | 457
Balance, September 30, 2022 | 36,599,298 | ​ | $ | 37 | ​ | $ | 525,585 | ​ | (2,824,062) | ​ | $ | (54,283) | ​ | $ | (274,145) | ​ | $ | 197,194
​ The changes in shareholders’ equity for the three and nine months ended September 30, 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ |  | Additional | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | Total
​ | Common Stock |  | Paid- In | ​ | Treasury Stock | ​ | Accumulated |  | Shareholders’
​ | Shares |  | ​ | Amount |  | Capital | ​ | Shares | ​ | ​ | Amount |  | Deficit |  | Equity
Balance, December 31, 2020 | 34,612,054 | ​ | $ | 35 | ​ | $ | 519,143 | ​ | — | ​ | $ | — | ​ | $ | (333,147) | ​ | $ | 186,031
Cumulative effect adjustment for adoption of ASU 2020-06 | — | ​ | ​ | — | ​ | ​ | (44,777) | ​ | — | ​ | ​ | — | ​ | ​ | 5,288 | ​ | ​ | (39,489)
Exercise of common stock options | 289,164 | ​ | ​ | — | ​ | ​ | 4,102 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,102
Issuance for employee stock purchase plan | 24,630 | ​ | ​ | — | ​ | ​ | 358 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 358
Vesting of RSUs and PSUs | 413,538 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | (135,562) | ​ | ​ | — | ​ | ​ | (3,508) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,508)
Stock-based compensation | — | ​ | ​ | — | ​ | ​ | 6,879 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,879
Net income | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 15,662 | ​ | ​ | 15,662
Balance, March 31, 2021 | 35,203,824 | ​ | $ | 35 | ​ | $ | 482,197 | ​ | — | ​ | $ | — | ​ | $ | (312,197) | ​ | $ | 170,035
Exercise of common stock options | 273,127 | ​ | ​ | 1 | ​ | ​ | 4,092 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,093
Vesting of RSUs and PSUs | 65,107 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | (18,141) | ​ | ​ | — | ​ | ​ | (421) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (421)
Stock-based compensation | — | ​ | ​ | — | ​ | ​ | 6,516 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,516
Net income | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 72,843 | ​ | ​ | 72,843
Balance, June 30, 2021 | 35,523,917 | ​ | $ | 36 | ​ | $ | 492,384 | ​ | — | ​ | $ | — | ​ | $ | (239,354) | ​ | $ | 253,066
Exercise of common stock options | 91,268 | ​ | ​ | — | ​ | ​ | 1,337 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,337
Issuance for employee stock purchase plan | 19,089 | ​ | ​ | — | ​ | ​ | 397 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 397
Vesting of RSUs and PSUs | 33,098 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | (11,179) | ​ | ​ | — | ​ | ​ | (220) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (220)
Share repurchases | — | ​ | ​ | — | ​ | ​ | — | ​ | (859,040) | ​ | ​ | (17,480) | ​ | ​ | — | ​ | ​ | (17,480)
Stock-based compensation | — | ​ | ​ | — | ​ | ​ | 5,948 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,948
Net income | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 8,046 | ​ | ​ | 8,046
Balance, September 30, 2021 | 35,656,193 | ​ | $ | 36 | ​ | $ | 499,846 | ​ | (859,040) | ​ | $ | (17,480) | ​ | $ | (231,308) | ​ | $ | 251,094
​ Common Stock ​ In May 2015, the Company adopted the Amended and Restated 2014 Stock Incentive Plan (the “Plan”), under which an aggregate of 2,700,000 shares of common stock were authorized for issuance to employees, officers, directors, consultants and advisors of the Company, plus an annual increase on the first day of each fiscal year until the expiration of the Plan equal to 4% of the total number of outstanding shares of common stock on December 31st of the immediately preceding calendar year (or a lower amount as otherwise determined by the Company’s board of directors (“Board of Directors”) prior to January 1st). As of September 30, 2022, there were 1,982,639 shares of common stock available for issuance pursuant to the Plan. The Plan provides for granting of both Internal Revenue Service qualified incentive stock options and non-qualified options, restricted stock awards, restricted stock units and performance stock units. The Company’s qualified incentive stock options, non-qualified options and restricted stock units generally vest ratably over a four-year period of service. The stock options generally have a ten-year contractual life and, upon termination, vested options are generally exercisable three months following the termination date, while unvested options are forfeited immediately upon termination. Refer to Note 14, Stock-based Compensation, for more information. ​ Warrants As of September 30, 2022, the warrant issued to Assertio in November 2018 was the Company’s only outstanding warrant. In connection with the Third Amendment to the Nucynta Commercialization Agreement, the Company issued a warrant to Assertio to purchase 1,041,667 shares of common stock of the Company at an exercise price of $19.20 per share. The terms of the warrant are fixed, with the exception of customary adjustments for changes in the Company’s capitalization. The warrant may only be settled with the issuance of shares of common stock upon exercise and will expire in November 2022. Share Repurchases In August 2021, the Company’s board of directors authorized a share repurchase program to repurchase up to $100,000 of outstanding shares of the Company’s common stock at any time or times through December 31, 2022 (the “Repurchase Program”). The Repurchase Program permits the Company to effect repurchases through a variety of methods, including open-market purchases (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, or otherwise in compliance with Rule 10b-18 of the Exchange Act. Shares repurchased under the Repurchase Program will return to the Company’s pool of authorized but unissued shares available for reissuance. The timing and amount of any such repurchases will be determined based on share price, market conditions, legal requirements, and other relevant factors. The Repurchase Program can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases in the future. In October 2021, the Company’s board of directors authorized an accelerated share repurchase program (the “ASR Program”) to repurchase $25,000 of the Company’s common stock, as part of the Company’s existing $100,000 Repurchase Program. Under the terms of the Company's ASR agreement with an investment bank (the “ASR Agreement”), the Company paid $25,000 on November 15, 2021, and received 1,026,694 shares, representing 80% of the upfront payment on a price per share of $19.48, the closing price on the date the ASR Agreement was executed. The remaining shares purchased by the Company was based on the volume-weighted average price of its common stock through January 7, 2022, minus an agreed upon discount between the parties. On January 7, 2022, the ASR Agreement settled, and the Company received an additional 307,132 shares, bringing the total shares repurchased pursuant to the ASR Agreement to 1,333,826. As of September 30, 2022, the Company repurchased 2,824,062 shares at a weighted-average price of $19.22 per share for a total of $54,283 under the Repurchase Program and the cost of repurchased shares were recorded as treasury stock in the condensed consolidated Balance Sheet. As of September 30, 2022, $45,717 remained available for share repurchases under the Repurchase Program.

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