0000827871-22-000008 | 10-K | XBRL Viewer | Eagle Pharmaceuticals INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 97,659	$ 103,155
Accounts receivable, net	41,149	51,117
Inventories	21,908	8,075
Prepaid expenses and other current assets	11,890	3,718
Total current assets	172,606	166,065
Property and equipment, net	1,636	2,077
Intangible assets, net	10,671	12,917
Goodwill	39,743	39,743
Deferred tax asset, net	18,798	15,180
Other assets	10,278	17,208
Total assets	253,732	253,190
Current liabilities:
Accounts payable	16,431	6,268
Accrued expenses and other liabilities	32,338	23,817
Short-term debt	25,607	8,000
Total current liabilities	74,376	38,085
Other long-term liabilities	2,903	3,959
Long-term debt	0	25,135
Total liabilities	77,279	67,179
Commitments and contingencies
Stockholders' equity:
Preferred stock, 1,500,000 shares authorized and no shares issued or outstanding as of December 31, 2021 and 2020	0	0
Common stock, $0.001 par value; 50,000,000 shares authorized; 16,903,034 and 16,739,203 shares issued as of December 31, 2021 and 2020, respectively	17	17
Additional paid in capital	325,779	305,403
Accumulated other comprehensive loss	(94)	0
Retained earnings	75,862	84,489
Treasury stock, at cost, 4,111,622 and 3,682,176 shares as of December 31, 2021 and 2020, respectively	(225,111)	(203,898)
Total stockholders' equity	176,453	186,011
Total liabilities and stockholders' equity	$ 253,732	$ 253,190

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	1,500,000	1,500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares, issued (in shares)	16,903,034	16,739,203
Treasury stock, shares (in shares)	4,111,622	3,682,176

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 171,546	$ 187,802	$ 195,892
Operating expenses:
Cost, Product and Service [Extensible List]	Product sales, net	Product sales, net	Product sales, net
Cost of product sales	$ 31,528	$ 33,647	$ 47,891
Cost of royalty revenue	10,652	11,818	13,006
Research and development	51,275	30,785	36,810
Selling, general and administrative	75,322	78,598	76,370
Total operating expenses	168,777	154,848	174,077
Income from operations	2,769	32,954	21,815
Interest income	560	562	2,169
Interest expense	(1,635)	(2,577)	(2,686)
Other (expense) income	(6,242)	(8,262)	700
Total other (expense) income, net	(7,317)	(10,277)	183
(Loss) income before income tax provision	(4,548)	22,677	21,998
Income tax provision	(4,079)	(10,688)	(7,685)
Net (loss) income	$ (8,627)	$ 11,989	$ 14,313
(Loss) Earnings per common share:
Basic (in dollars per share)	$ (0.66)	$ 0.89	$ 1.04
Diluted (in dollars per share)	$ (0.66)	$ 0.87	$ 1.01
Weighted average number of common shares outstanding:
Basic (in shares)	13,051,095	13,481,525	13,754,516
Diluted (in shares)	13,051,095	13,771,393	14,138,733
Product sales, net
Revenue:
Total revenue	$ 65,023	$ 72,323	$ 73,989
Royalty revenue
Revenue:
Total revenue	106,523	110,479	112,903
License and other revenue
Revenue:
Total revenue	$ 0	$ 5,000	$ 9,000

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (8,627)	$ 11,989	$ 14,313
Other comprehensive loss, net of tax:
Unrealized loss for convertible promissory note	(94)	0	0
Total other comprehensive loss	(94)	0	0
Comprehensive (loss) income	$ (8,721)	$ 11,989	$ 14,313

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2018		16,504,000
Beginning balance at Dec. 31, 2018	$ 160,762	$ 17	$ 256,458	$ (153,900)		$ 58,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	21,998		21,998
Issuance of common stock upon exercise of stock option grants (in shares)		34,000
Issuance of common stock upon exercise of stock option grants	260		260
Payment of employee withholding tax upon vesting of stock-based awards	(198)		(198)
Common stock repurchases	(17,961)			(17,961)
Other comprehensive loss	0
Net (loss) income	14,313					14,313
Ending balance (in shares) at Dec. 31, 2019		16,538,000
Ending balance at Dec. 31, 2019	179,174	$ 17	278,518	(171,861)		72,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 24,756		24,756
Issuance of common stock upon exercise of stock option grants (in shares)	149,473	149,000
Issuance of common stock upon exercise of stock option grants	$ 3,654		3,654
Payment of employee withholding tax upon vesting of stock-based awards	(1,525)		(1,525)
Issuance of common stock related to vesting of restricted stock (in shares)		52,000
Common stock repurchases	(32,037)			(32,037)
Other comprehensive loss	0
Net (loss) income	11,989					11,989
Ending balance (in shares) at Dec. 31, 2020		16,739,000
Ending balance at Dec. 31, 2020	186,011	$ 17	305,403	(203,898)	$ 0	84,489
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 19,555		19,555
Issuance of common stock upon exercise of stock option grants (in shares)	122,847	101,000
Issuance of common stock upon exercise of stock option grants	$ 2,398		2,398
Issuance of common stock related to vesting of restricted stock (in shares)		63,000
Issuance of common stock related to vesting of restricted stock	(1,577)		(1,577)
Common stock repurchases	(21,213)			(21,213)
Other comprehensive loss	(94)				(94)
Net (loss) income	(8,627)					(8,627)
Ending balance (in shares) at Dec. 31, 2021		16,903,000
Ending balance at Dec. 31, 2021	$ 176,453	$ 17	$ 325,779	$ (225,111)	$ (94)	$ 75,862

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (8,627,000)	$ 11,989,000	$ 14,313,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred income taxes	(3,618,000)	(1,511,000)	152,000
Depreciation expense	764,000	872,000	972,000
Noncash operating lease expense related to right-of-use assets	1,046,000	1,228,000	1,159,000
Amortization expense of intangible assets	2,996,000	2,666,000	2,520,000
Convertible promissory note related credit losses	758,000	0	0
Stock-based compensation expense	19,555,000	24,756,000	21,998,000
Fair value adjustments on equity investment	6,170,000	5,300,000	0
Amortization of debt issuance costs	472,000	419,000	480,000
Fair value adjustments on settled accelerated share repurchase agreement	0	2,962,000	0
Fair value adjustments related to derivative instrument	(686,000)	0	0
Accretion of discount on convertible promissory note	(148,000)	0	0
Changes in operating assets and liabilities which provided (used) cash:
Accounts receivable	9,529,000	(3,113,000)	18,481,000
Inventories	(13,833,000)	(1,509,000)	1,739,000
Prepaid expenses and other current assets	(2,770,000)	11,386,000	(4,841,000)
Other assets	(1,321,000)	(2,325,000)	(599,000)
Accounts payable	10,162,000	806,000	(4,455,000)
Accrued expenses and other liabilities	7,770,000	(4,429,000)	4,067,000
Net cash provided by operating activities	28,219,000	49,497,000	55,986,000
Cash flows from investing activities:
Purchase of equity investment security	0	(17,500,000)	0
Purchase of property and equipment	(323,000)	(747,000)	(777,000)
Purchase of convertible promissory note	(5,000,000)	0	0
Net cash used in investing activities	(5,323,000)	(18,247,000)	(777,000)
Cash flows from financing activities:
Repurchases of common stock	(21,213,000)	(34,999,000)	(17,961,000)
Proceeds from existing revolving credit facility	0	110,000,000	0
Repayment of existing revolving credit facility	0	(110,000,000)	0
Payment of debt	(8,000,000)	(5,000,000)	(6,000,000)
Payment of debt financing costs	0	0	(326,000)
Payment of employee withholding tax upon vesting of stock-based awards	(1,577,000)	(1,525,000)	(198,000)
Proceeds from common stock option exercises	2,398,000	3,654,000	260,000
Net cash used in financing activities	(28,392,000)	(37,870,000)	(24,225,000)
Net (decrease) increase in cash and cash equivalents	(5,496,000)	(6,620,000)	30,984,000
Cash and cash equivalents at beginning of period	103,155,000	109,775,000	78,791,000
Cash and cash equivalents at end of period	97,659,000	103,155,000	109,775,000
Cash paid during the period for:
Income taxes, net	10,005,000	6,428,000	6,673,000
Interest	1,197,000	2,224,000	2,478,000
Right-of-use asset obtained in exchange for lease obligation, inclusive of a lease amendment	$ 270,000	$ 855,000	$ 3,716,000

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Eagle Pharmaceuticals, Inc. (the "Company", "Eagle", or "we") is an integrated pharmaceutical company focused on finding ways to help medicines do more for patients. We and our collaborators have the capabilities to take a molecule from preclinical research through regulatory approval and into the marketplace, including development, manufacturing and commercialization. Our business model applies our scientific expertise, proprietary research-based insights and marketplace proficiency to identify challenging-to-treat diseases of the central nervous system or metabolic critical care therapeutic areas as well as in oncology. By focusing on patients' unmet needs, we strive to provide healthcare professionals with urgently needed treatment solutions that are designed to improve patient care and outcomes and create near- and long-term value for our stakeholders, including patients and healthcare providers and our employees, marketing partners, collaborators and investors. Our science-based business model has a proven track record with the U.S. Food and Drug Administration ("FDA") approval and commercial launches of three products: Ryanodex® (dantrolene sodium) ("Ryanodex"), bendamustine ready-to-dilute ("RTD") 500ml solution ("Belrapzo"), and rapidly infused bendamustine RTD ("Bendeka"). We market our products through marketing partners and/or our internal direct sales force. We market Ryanodex and Belrapzo, and Teva Pharmaceutical Industries Ltd. ("Teva") markets Bendeka through its subsidiary Cephalon, Inc. SymBio Pharmaceuticals Limited, or SymBio, markets Treakisym, a RTD product, in Japan. Reflecting further expansion of our oncology portfolio, in February 2020, we received final FDA approval for Pemfexy, a branded alternative to Alimta for metastatic non-squamous non-small cell lung cancer and malignant pleural mesothelioma. In December 2021, the FDA approved our first-to-file Abbreviated New Drug Application, or, ANDA for vasopressin, that references Endo International plc’s Vasostrict indicated to increase blood pressure in adults with vasodilatory shock who remain hypotensive despite fluids. Par Pharmaceutical, Inc. (“Par”), subsidiary of Endo International plc then unilaterally withdrew its request that the U.S. District Court for the District of Delaware issue a temporary restraining order and preliminary injunction preventing the launch of our approved vasopressin product. The FDA then determined that we have maintained our 180 days of marketing exclusivity for our approved ANDA for vasopressin. We launched vasopressin in 2022. Reflecting further expansion of our oncology portfolio, in February 2020, we received final FDA approval for Pemfexy® (“Pemfexy”) and in July 2020, we announced that the Centers for Medicare & Medicaid Services (“CMS”) had established a unique, product-specific billing code for Pemfexy, effective on October 1, 2020. Pemfexy, our novel pemetrexed product, is a branded alternative to Alimta® for metastatic non-squamous non-small cell lung cancer and malignant pleural mesothelioma. The conversion from tentative to a final approval follows the Company’s settlement agreement reached with Eli Lilly and Company (“Lilly”) on December 13, 2019. This agreement provides for a release of all claims by the parties and allows for an initial entry of Pemfexy into the market (equivalent to approximately a three-week supply of current Alimta utilization) on February 1, 2022, and a subsequent uncapped entry on April 1, 2022. Segment Information The Company operates in one reportable business segment because we have a single management team that reports to the Chief Executive Officer, the chief operating decision maker, who comprehensively manages the entire business. The Company does not operate separate lines of business with respect to its products or product candidates. Accordingly, the Company has one reportable segment. Share Repurchase Program As of December 31, 2021, the Company had repurchased an aggregate of 4,111,622 shares of common stock for an aggregate of $228.1 million pursuant to the Company’s share repurchase programs in effect since August 2016. Refer to Note 7. "Common Stock and Stock-Based Compensation" for further details. Long-term Debt On November 8, 2019, the Company entered into the Second Amended and Restated Credit Agreement (the “Revised Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”) and the lenders party thereto, which replaced the Company’s existing credit agreement, dated as of August 8, 2017 (the "Amended Credit Agreement"). Refer to Note 6. "Debt" for further details. Significant License and Collaboration Agreements - Refer to Note 9. "License and Collaboration Agreements" for further details. SymBio License Agreement On September 20, 2017, the Company entered into a Product Collaboration and License Agreement, effective as of September 19, 2017, (the “SymBio License Agreement”) with SymBio Pharmaceuticals Limited (“SymBio”) for the rights to develop and commercialize the Company’s bendamustine hydrochloride ready-to-dilute injection product and rapid infusion injection product (collectively, the “Products”) in Japan. SymBio currently markets in Japan TREAKISYM®, a lyophilized powder formulation of bendamustine hydrochloride indicated for CLL, relapsed or refractory low-grade NHL, mantle cell lymphoma (“MCL”), and as a first line treatment of low-grade NHL and MCL. Under the SymBio License Agreement, SymBio may continue to market TREAKISYM® in Japan and SymBio will be permitted to develop and market certain other bendamustine hydrochloride products in Japan for limited indications. Combioxin License Agreement In August 2021, the Company entered into a license agreement with Combioxin, SA (“Combioxin”) under which the Company was granted exclusive, worldwide development and commercialization rights to CAL02, a novel first-in-class antitoxin agent ready for Phase 2b/3 development for the treatment of severe pneumonia in combination with traditional antibacterial drugs. The Company will be solely responsible for the development, regulatory, manufacturing and commercialization activities of CAL02. Combioxin will assist the Company in transitioning the manufacturing and supply of CAL02 to the Company. AOP Orphan License Agreement In August 2021, the Company entered into a licensing agreement with AOP Orphan Pharmaceuticals GmbH (“AOP Orphan”), a privately owned Austrian company devoted to the treatment of rare and special diseases, for the commercial rights to its product, Landiolol in the United States. Landiolol, a leading hospital emergency use product, is currently approved in Europe for the treatment of non-compensatory sinus tachycardia and tachycardic supraventricular arrhythmias. The Company will support the submission of a new drug application by AOP Orphan to the FDA seeking approval for Landiolol for the short term reduction of ventricular rate in patients with supraventricular tachycardia, including atrial fibrillation and atrial flutter. Products and Product Candidates Overview Bendeka In March 2018, the FDA approved a second manufacturing site for Bendeka. On May 15, 2018, the FDA granted final approval for Eagle's ready-to-dilute bendamustine hydrochloride solution in a 500ml admixture for the treatment of patients with chronic lymphocytic leukemia (“CLL”) and patients with indolent B-cell non-Hodgkin lymphoma (“NHL”) that has progressed during or within six months of treatment with rituximab or a rituximab-containing regimen. On March 24, 2016 the FDA denied the Company's request for seven years of orphan drug exclusivity in the U.S., for Bendeka. In April 2016, the Company filed a lawsuit against the FDA arguing that Bendeka is entitled to orphan drug exclusivity as a matter of law (see Note 13. Legal Proceedings). On July 2, 2014, the FDA granted the Company orphan drug designations for Bendeka for the treatment of CLL and indolent B-cell NHL. The designations were based on a plausible hypothesis that Bendeka is “clinically superior” to a drug previously approved for the same indications. Generally, an orphan-designated drug is eligible for seven years of marketing exclusivity for the orphan-designated indications upon approval of the drug for those indications. On June 8, 2018, the U.S. District Court for the District of Columbia (the “Court”) issued a decision requiring the FDA to grant seven years of orphan drug exclusivity (“ODE”) in the U.S., for Bendeka, and on July 8, 2018 the FDA granted such ODE through December 2022. In addition, on July 8, 2018, the FDA submitted a Motion to Alter or Amend the Judgement Pursuant to Rule 59(e), pursuant to which the FDA requested the Court amend its decision to make clear that the decision does not affect any applications referencing TREANDA. The FDA’s motion was denied by the Court on August 1, 2018 on the grounds that FDA was seeking an inappropriate advisory opinion. On February 20, 2019, the FDA issued a decision in favor of the Company, regarding the scope of exclusivity for Bendeka. Pursuant to the decision, no bendamustine product (including generic versions of TREANDA) may launch in the United States until December 7, 2022 unless it is clinically superior to Bendeka. The Company expects to vigorously pursue the scope of its exclusivity grant. As of March 29, 2019, the Company and Teva Pharmaceutical Industries Ltd. ("Teva") executed an amendment to the Cephalon License Agreement to terminate Teva's obligation to pay future milestones and royalties on Bendeka sales outside of the U.S., which included an upfront cash payment of $9 million that was recorded as License and other revenue on the consolidated statements of operations. On April 13, 2019, the Company and Teva entered into an Amendment to the Cephalon License Agreement ("Cephalon License", amending the terms of the License Agreement to increase the U.S. royalty paid to the Company and re-allocated certain litigation expenses. Pursuant to the Amendment, beginning on October 1, 2019, the Company's royalty payment has increased from 25% to 30% of Bendeka net U.S. sales. The royalty rate will increase by one percentage point on each anniversary of October 1, 2019 until it reaches 32%, and it will remain at 32% thereafter. The Amendment also extends the U.S. royalty term for Bendeka until it is no longer sold in the United States. The previous U.S. royalty term was set to expire in 2025. The extended term coincides with the bendamustine patents with expiries through 2033. Pursuant to the amendment, Eagle will continue to be responsible for the manufacture of Bendeka for the U.S. market for so long as it is sold in the United States. Ryanodex On October 3, 2018, the Company announced that it entered into an agreement with the United States Army Medical Research Institute of Chemical Defense, the nation’s leading science and technology laboratory in the area of medical chemical countermeasures research and development, to conduct a study to evaluate the neuroprotective effects of Ryanodex® (dantrolene sodium). On May 7, 2019, the Company announced positive results of its study to evaluate the neuroprotective effects of Ryanodex secondary to nerve agent exposure, conducted with the United States Army Medical Research Institute of Chemical Defense. On December 16, 2019, we announced that the FDA has granted orphan drug designation (ODD) for Ryanodex®(dantrolene sodium) for the treatment of organophosphate exposure. Organophosphates are a class of chemicals that include potent pesticides and chemical weapons, known as nerve agents. Acute intoxication with organophospates may result in severe consequences, including brain damage and death. About 2,700 people in the United States are treated for accidental exposure to organophosphate pesticides every year. Eagle is currently evaluating Ryanodex for the treatment of brain damage secondary to nerve agent exposure. If approved, Ryanodex would represent the first product available for this indication. On January 6, 2020, we issued a press release announcing a new research agreement with NorthShore University HealthSystem in Evanston, Illinois, focused on studying Ryanodex for traumatic brain injury (TBI) in animal models. TBI can acutely cause brain lesions that result in direct tissue damage that may prompt apoptotic cell mechanisms for several weeks post-injury, which may lead to worsened long-term outcomes. Disruption of certain intracellular mechanisms may affect cell functioning and survival. Fulvestrant On October 30, 2018, the Company announced that the Company’s fulvestrant formulation has not met the primary pharmacokinetic endpoint evaluating the bioequivalence of the Company’s formulation compared to Faslodex in its open label, randomized, pharmacokinetic and safety study conducted in 600 healthy female volunteers across multiple U.S. sites. On May 7, 2019, the Company announced positive results of its study to evaluate the neuroprotective effects of Ryanodex secondary to nerve agent exposure, conducted with the United States Army Medical Research Institute of Chemical Defense. PEMFEXY On February 1, 2022, the Company announced the commercial availability of its novel product PEMFEXY™ (pemetrexed for injection) in the United States. A branded alternative to ALIMTA®, PEMFEXY is a ready-to-use liquid with a unique J-code, approved to treat nonsquamous non-small cell lung cancer and mesothelioma. Previously, in February 2020, the Company received final approval from the FDA of its NDA for PEMFEXY, following the settlement agreement of patent litigation with Eli Lilly and Company (NYSE: LLY) in December 2019. The agreement provided for a release of all claims by the parties and allowed for an initial entry of PEMFEXY into the market (equivalent to approximately a three-week supply of ALIMTA utilization) on February 1, 2022 and a subsequent uncapped entry on April 1, 2022. Under the settlement agreement, we will pay a royalty equal to one percent of the net sales of PEMFEXY during the royalty term, which will end no later than May 24, 2022. Tyme On January 7, 2020, Tyme Technologies, Inc. and the Company announced a strategic collaboration to advance oral SM-88 for the treatment of patients with cancer. SM-88 was an investigational agent in two Phase 2 studies for pancreatic cancer and in a Phase 2 study for prostate cancer.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Significant Risks and Uncertainties

In response to the ongoing COVID-19 pandemic, we have taken and continue to take active measures designed to address and mitigate the impact of the COVID-19 pandemic on our business, such as remote working policies, facilitating management’s periodic communication to address employee and business concerns and providing frequent updates to our Board of Directors (“Board”). During the second quarter of 2021, we implemented a plan to reopen our office to allow employees to return to the office, with a focus on employee safety and optimal work environment. Our management continues to monitor and evaluate such plans as the pandemic continues to evolve. We anticipate that the COVID-19 pandemic may also have an impact on the clinical development timelines for certain of our clinical programs. We also anticipate that the COVID-19 pandemic may have an impact on our supply chain. The COVID-19 pandemic and associated lockdowns have resulted in a decrease in healthcare utilization broadly and specifically lead to a continuing reduction in the utilization of physician-administered oncology products including Belrapzo and Bendeka. In addition, the COVID-19 pandemic has delayed the timing of certain litigation and we anticipate that such delays will continue for the duration of the pandemic. The extent to which the COVID-19 pandemic will continue to impact our business, clinical development and regulatory efforts, supply chain and sales efforts, corporate development objectives and the value of, and market for, our common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and other risks and uncertainties associated with the pandemic have impacted our operations and could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

In addition, we are subject to other challenges and risks specific to our business and our ability to execute on our business plan and strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with research and development operations, including, without limitation, risks and uncertainties associated with: delays or problems in obtaining clinical supply; obtaining regulatory approval of product candidates; loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; product development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing intellectual property rights; and the challenges of complying with applicable regulatory requirements. In addition, as the ongoing COVID-19 pandemic affects our business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above.

Use of Estimates

These financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements including disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Our critical accounting policies are those that are both most important to our financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We anticipate that the COVID-19 pandemic will continue to disrupt our supply chain and marketing and sales efforts for certain of our products, including Bendeka, although it is not currently expected that any disruption would be significant. As of the date of issuance of these financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, assumptions and judgments or revise the carrying value of our assets or liabilities. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates, and any such differences may be material to our financial statements.

Revenue from sales of products is recognized at the point where the customer obtains control of the goods and we satisfy our performance obligation, which generally is at the time we ship the product to the customer. Provisions for chargebacks, rebates, discounts, and returns are established in the same period the related sales are recognized. Significant judgments must be made in determining the transaction price for our sales of products related to anticipated rebates, discounts and returns. Refer below for further details.

Reclassifications

Certain reclassifications have been made to prior year amounts to conform with the current year presentation, including for amounts related to accounts receivable, net and prepaid expenses and other current assets. None of the amounts pertaining to the reclassifications were significant.

Cash and Cash Equivalents

The Company considers cash and cash equivalents to be highly liquid investments with an original maturity of three months or less from the date of purchase. All cash and cash equivalents are held in United States financial institutions. The carrying amount of cash and cash equivalents approximates its fair value due to its short-term nature.

We, at times, maintain balances with financial institutions in excess of the Federal Deposit Insurance Corporation limit.

Fair Value Measurements

U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value of interest-bearing cash, cash equivalents, accounts receivable and accounts payable approximate fair value due to their life being short term in nature, and are classified as Level 1 for all periods presented.

The following tables present the Company’s hierarchy for its assets measured at fair value as of December 31, 2021 and 2020:


	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	57,357	$	57,357	$	—	$	—
Convertible promissory note	4,021		—		—		4,021
Embedded derivative asset in convertible promissory note	962		—		—		962
Investment in Tyme	6,030		6,030		—		—
Total financial assets	$	68,370	$	63,387	$	—	$	4,983


	December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	79,682	$	79,682	$	—	$	—
Investment in Tyme	12,200		12,200
Total financial assets	$	91,882	$	91,882	$	—	$	—

The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers in or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2021 and 2020, respectively.

Our investment in the convertible promissory note and the embedded derivative are classified as Level 3. We analyzed and assessed the embedded derivative feature contained in the convertible promissory note agreement. We used a probability factor to value the embedded derivative asset based on management's best estimate, including the principal and estimated accrued interest among other contractual terms. The convertible promissory note is accounted for as available for sale. The convertible promissory note is reported at fair value with unrealized gains and losses included in Accumulated other comprehensive income (loss). Refer to Note 14, Convertible Promissory Note for further details.

Our investment in restricted shares of common stock of Tyme Technologies, Inc. (“Tyme”) are classified as Level 1. Refer to Note 9, "License and Collaboration Agreements" for further details.

The fair value of debt is classified as Level 2 for the periods presented and approximates its fair value due to the variable interest rate.

Intangible Assets

Finite-lived intangible assets are measured at their respective fair values on the date they were recorded at the date of subsequent adjustments of fair value and stated net of accumulated amortization. The fair values assigned to the Company's intangible assets are based on reasonable estimates and assumptions given available facts and circumstances. The Company amortizes its definite-lived intangible assets using either the straight-line or accelerated method, based on the useful life of the asset over which it is expected to be consumed utilizing expected undiscounted future cash flows.

The Company reviews the recoverability of its finite-lived intangible assets and long-lived assets for indicators of impairments. Events or circumstances that may require an impairment assessment significant changes in our forecasted projections for the asset or asset group for reasons including, but not limited to, significant under-performance of a product in relation to

expectations, significant changes or planned changes in our use of the assets, significant negative industry or economic trends, and new or competing products that enter the marketplace. If such indicators are present, the Company assesses the recoverability of affected assets by determining if the carrying value of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found to not be recoverable, the Company measures the amount of the impairment by comparing the carrying value of the assets to the fair value of the assets. The Company determined that no indicators of impairment of finite-lived intangible assets or long-lived assets existed as of December 31, 2021.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired in the Eagle Biologics acquisition. Goodwill is not amortized, but is evaluated for impairment on an annual basis, in the fourth quarter, or more frequently if events or changes in circumstances indicate that the fair value of the reporting unit’s goodwill is less than it's carrying amount. The Company performed a qualitative annual test for goodwill as of October 1, 2021. During the year ended December 31, 2021, the Company concluded that no impairment exists.

Concentration of Major Customers and Vendors

The Company is dependent on its commercial partner to market and sell Bendeka; therefore, the Company's future revenues are highly dependent on the collaboration and distribution arrangement with Teva.

Teva markets Bendeka through a license agreement with the Company. Pursuant to that license agreement, Teva pays the Company a royalty based on net sales of the product and also purchases the product from the Company. A disruption in this arrangement, caused by, among other things, a supply disruption, loss of exclusivity or the launch of a superior product would have a material adverse effect of the Company’s financial position, results of operations and cash flows.

The total revenues and accounts receivables broken down by major customers as a percentage of the total are as follows:


	Year Ended December 31,
	2021		2020		2019
Net revenues
Cephalon, Inc. (Teva) - See Revenue Recognition	66	%	67	%	77	%
Other	34	%	33	%	23	%
	100	%	100	%	100	%


	December 31,
	2021		2020
Accounts receivable
Cephalon, Inc. (Teva) - See Revenue Recognition	63	%	58	%
Other	37	%	42	%
	100	%	100	%

Inventories

Inventories are recorded at the lower of cost and net realizable value, with cost determined on a first-in first-out basis. The Company periodically reviews the composition of its inventories in order to identify obsolete, slow-moving or otherwise non-saleable items. If non-saleable items are observed and there are no alternate uses for the inventories, the Company will record a write-down to net realizable value in the period that the decline in value is first recognized.

Property and Equipment

Property and equipment are stated at cost. Depreciation is recorded over the estimated useful lives of the assets utilizing the straight-line method. Leasehold improvements are being amortized over the shorter of their useful lives or the lease term.

Research and Development Expense

Costs for research and development are charged to expense as incurred and include; employee-related expenses including salaries, benefits, travel and stock-based compensation expense for research and development personnel; expenses incurred under agreements with contract research organizations, contract manufacturing organizations and service providers that assist in conducting clinical and preclinical studies; costs associated with preclinical activities and development activities, costs associated with regulatory operations; and depreciation expense for assets used in research and development activities.

Costs for certain development activities, such as clinical studies, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the consolidated financial statements as prepaid expenses or accrued expenses as deemed appropriate.

Advertising and Marketing

Advertising and marketing costs are expensed as incurred. Advertising and marketing costs were $2.6 million, $2.7 million, and $2.4 million for the year ended December 31, 2021, 2020, and 2019, respectively.

Income Taxes

The Company accounts for income taxes using the liability method in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Topic 740 - Income Taxes (“ASC 740”). Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured by applying enacted rates and laws to taxable years in which differences are expected to be recovered or settled. Further, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the rate changes. A valuation allowance is required when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. ASC 740 also prescribes a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return, including a decision whether to file or not file a return in a particular jurisdiction. We recognize any interest and penalties accrued related to unrecognized tax benefits as income tax expense.

Revenue Recognition

Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Product revenue - The Company recognizes net revenue on sales to its commercial partners and to end users. In each instance, revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Receivables from our product sales have payment terms ranging from 30 to 75 days with select extended terms to wholesalers on initial purchases of product launch quantities.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price generally utilizing the expected value method to which

the Company expects to be entitled. As such, revenue on sales to end users for Belrapzo and Ryanodex are recorded net of chargebacks, rebates, returns, prompt pay discounts, wholesaler fees and other deductions. Our products are contracted with a limited number of oncology distributors and hospital buying groups with narrow differences in ultimate realized contract prices used to estimate our allowance for chargebacks and rebate reserves. The Company has a product returns policy on some of its products that allows the customer to return pharmaceutical products within a specified period of time both prior to and subsequent to the product’s expiration date. The Company's estimate of the provision for returns is analyzed quarterly and is based upon many factors, including historical experience of actual returns and analysis of the level of inventory in the distribution channel, if any. The Company has terms on sales of Ryanodex by which the Company does not accept returns. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration are made generally using the expected value method and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. The Company believes that the estimates it has established are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary.

Components of Gross-to-Net (GTN) Estimates

Chargebacks: Chargebacks are discounts that occur when certain contracted customers, including group purchasing organizations (“GPOs”), public health service institutions and federal government entities purchasing via the Federal Supply Schedule, purchase from the Company's distributors. The Company's distributors purchase product from us at invoice price, then resell the product to certain contracted customers on the basis of prices negotiated between us and the providers. The difference between the distributors’ purchase price and the typically lower certain contracted customers’ purchase price is refunded to the distributors through a chargeback credit. We record estimates for these chargebacks at the time of sale as deductions from gross revenues, with corresponding adjustments to our accounts receivable reserves and allowances.

The provision for chargebacks is the most significant provision in the context of the Company’s gross-to-net adjustments in the determination of net revenue. Chargebacks are estimated based on payer mix and contracted price, adjusted for current period assumptions.

Commercial and Medicaid Rebates: The Company contracts with government agencies or collectively, third-party payors, so that Belrapzo and Ryanodex will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. The Company estimates the rebates it will provide to third-party payors and deducts these estimated amounts from total gross product revenues at the time the revenues are recognized. These reserves are recorded in the same period in which the revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. The current liability is included in accrued expenses and other current liabilities on the consolidated balance sheets. The Company estimates the rebates that it will provide to third-party payors based upon (i) the Company’s contracts with these third-party payors, (ii) the government mandated discounts applicable to government-funded programs, (iii) a range of possible outcomes that are probability-weighted for the estimated payer mix, and (iv) information obtained from the Company’s distributors.

The information that the Company also considers when establishing its rebate reserves are purchases by customers, projected annual sales for customers, actual rebates payments made, processing time lags, and for indirect rebates, the level of inventory in the distribution channel that will be subject to indirect rebates. We do not provide incentives designed to increase shipments to our customers that we believe would result in out-of-the-ordinary course of business inventory for them. The Company regularly reviews and monitors estimated or actual customer inventory information at its largest distributors for its key products to ascertain whether customer inventories are in excess of ordinary course of business levels.

Product Returns: The Company's provision for product returns based on the factors noted above generally encompass a time range from 12 to 48 months after revenue is recognized. The Company’s distributors have the right to return unopened unprescribed Belrapzo during certain time periods around the period beginning prior to the labeled expiration date and ending after the labeled expiration date. The Company estimates future product returns on sales of Belrapzo based on: (i) data provided to the Company by its distributors (including weekly reporting of distributors’ sales and inventory held by distributors that provided the Company with visibility into the distribution channel in order to determine what quantities were sold to retail pharmacies and other providers), (ii) data provided to the Company by a third-party data provider which collects and publishes prescription data, and other third parties, (iii) historical industry information regarding return rates for similar pharmaceutical products, (iv) the estimated remaining shelf life of Belrapzo previously shipped and currently being shipped to distributors and

(v) contractual agreements intended to limit the amount of inventory maintained by the Company’s distributors. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the consolidated balance sheets.

Wholesaler fees and other incentives: The Company generally provides invoice discounts on Belrapzo and Ryanodex sales to its distributors for prompt payment and fees for distribution services, such as fees for certain data that distributors provide to the Company. The payment terms for sales to distributors generally include a 2% discount for prompt payment which is generally defined in invoice terms as a range from 15 to 45 days, while the fees for distribution services are based on contractual rates agreed with the respective distributors. Based on historical data, the Company expects its distributors to earn these discounts and fees, and deducts the full amount of these discounts and fees from its gross product revenues and accounts receivable at the time such revenues are recognized.

The Company recorded product sales, net as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Bendeka	$	11,167	$	15,439	$	31,182
Belrapzo	23,728		27,527		29,665
Ryanodex	25,271		28,268		13,039
Other	4,857		1,089		103
Product sales, net	$	65,023	$	72,323	$	73,989

The following table provides a summary roll-forward of the Company's net product revenue allowances and related reserves for the years ended December 31, 2021 and 2020, on the consolidated balance sheets (in thousands):


	Chargebacks		Commercial Rebates		Medicaid Rebates		Product Returns		Wholesaler Fees and Other Incentives		Total
Balance at December 31, 2019	$	2,988	$	1,131	$	567	$	2,403	$	2,011	$	9,100
Provisions / Adjustments	20,368		1,243		484		(391)		8,526		30,230
Charges processed / Payments	(21,067)		(602)		(367)		(346)		(5,146)		(27,528)
Balance at December 31, 2020	$	2,289	$	1,772	$	684	$	1,666	$	5,391	$	11,802
Provisions / Adjustments	27,402		3,042		268		2,531		9,650		42,893
Charges processed / Payments	(25,852)		(2,838)		(332)		(2,674)		(13,070)		(44,766)
Balance at December 31, 2021	$	3,839	$	1,976	$	620	$	1,523	$	1,971	$	9,929

Such net product revenue allowances and reserves are included within accounts receivable, net and accrued expenses and other current liabilities within the consolidated balance sheets.

Royalty Revenue — The Company recognizes revenue from license arrangements with its commercial partners' net sales of products. Royalties are recognized as earned in accordance with contract terms when they can be reasonably estimated and collectability is reasonably assured. The Company's commercial partners are obligated to report their net product sales and the resulting royalty due to the Company within 25 days from the end of each quarter. Based on historical product sales, royalty receipts and other relevant information, the Company accrues royalty revenue each quarter and subsequently determines a true-up when it receives royalty reports from its commercial partners. Historically, these true-up adjustments have been immaterial. Our receivables from royalty revenue are due 45-days from the end of the quarter.

License and other revenue — The Company analyzes each element of its licensing agreements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to us of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer.

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determined that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty of the occurrence of these future events, the Company will not recognize revenue from the milestone until there is not a high probability of a reversal of revenue, which typically occurs near or upon achievement of the event.

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2021.

Stock-Based Compensation

The Company utilize stock-based compensation in the form of stock options, restricted stock units ("RSUs") and performance-based stock units ("PSUs"), each of which may be granted separately or in tandem with other awards.

Compensation expense is recognized in the Consolidated Statements of operations based on the estimated fair value of the awards at grant date ratably over the requisite service period, which generally equals the vesting period of the award.

The grant-date fair value of stock awards is based upon the underlying price of the stock on the date of grant. The grant-date fair value of stock option awards must be determined using an option pricing model. The Company uses the Black-Scholes option pricing formula for determining the grant-date fair value of such awards. Option pricing models require the use of estimates and assumptions as to (a) the expected term of the option, (b) the expected volatility of the price of the underlying stock and (c) the risk-free interest rate for the expected term of the option.

The Company may also grant performance-based stock awards to employees from time-to-time in form of market condition or performance condition. The grant-date fair value of awards that vest based on achievement of certain market condition are determined using a Monte Carlo simulation technique. The grant-date fair value of awards that vest based on achievement of certain performance condition are determined using the accelerated attribution method once it is probable that the performance condition will be achieved.

Earnings Per Share

Basic earnings per common share is computed using the weighted average number of shares outstanding during the period. Diluted earnings per share is computed in a manner similar to the basic earnings per share, except that the weighted-average number of shares outstanding is increased to include all common shares, including those with the potential to be issued by virtue of options. Diluted earnings per share contemplate a complete conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share, as calculated under the treasury method.

The anti-dilutive common shares equivalents outstanding at December 31, 2021, 2020, and 2019 were as follows:


	Year Ended December 31,
	2021	2020	2019
Options	2,336,586	2,767,501	2,454,077
Restricted stock units	98,416	207,177	—
Total	2,435,002	2,974,678	2,454,077

The following table sets forth the computation for basic and diluted net (loss) income per share for December 31, 2021, 2020, and 2019:


	Year Ended December 31,
	2021		2020		2019
Numerator
Numerator for basic and diluted earnings per share-net (loss) income	$	(8,627)	11,989		$	14,313
Denominator
Basic weighted average common shares outstanding	13,051,095		13,481,525		13,754,516
Dilutive effect of stock options	—		289,868		384,217
Diluted weighted average common shares outstanding	13,051,095		13,771,393		14,138,733
Basic net (loss) income per share
Basic net (loss) income per share	$	(0.66)	$	0.89	$	1.04
Diluted net (loss) income per share
Diluted net (loss) income per share	$	(0.66)	$	0.87	$	1.01

All potentially dilutive items were excluded from the diluted share calculation for the year ended December 31, 2021 because their effect would have been anti-dilutive, as the Company was in a loss position.

Recent Accounting Pronouncements

Recent Accounting Pronouncements - Not Yet Adopted

In March 2020, the FASB issued Update 2020-04 Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments in Update 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR, formerly known as the London Interbank Offered Rate,

or another reference rate expected to be discontinued due to reference rate reform. The new guidance provides optional expedients, including; (1) Simplify accounting analyses under current GAAP for contract modifications, such as modifications of contracts within the scope of Topic 470, Debt, that will be accounted for by prospectively adjusting the effective interest rate, as if any modification was not substantial. That is, the original contract and the new contract shall be accounted for as if they were not substantially different from one another; (2) Simplify the assessment of hedge effectiveness and allow hedging relationships affected by reference rate reform to continue; (3) Allow a one-time election to sell or transfer debt securities classified as held to maturity before January 1, 2020 that reference a rate affected by reference rate reform. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The adoption of ASU 2020-4 is not expected to have a material impact on the Company's financial position or results of operations.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into U.S. federal law, which is aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the

COVID-19 pandemic and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of the employer portion of social security payments, net operating loss carryback periods, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. Reimbursement was not sought by the Company. The CARES Act has not had, and the Company does not currently expect it to have, a material impact on the Company’s financial statements at this time.

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

InventoriesThe Company's inventory balance consists of the following:


	December 31,
	2021		2020
Raw materials	$	7,317	$	3,515
Work-in-process	9,666		2,589
Finished goods	4,925		1,971
	$	21,908	$	8,075

Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and Equipment, netProperty and equipment consists of the following:


	December 31,				Estimated Useful Life (years)
	2021		2020
Furniture and fixtures	$	1,525	$	1,476	7
Office equipment	1,077		1,152		3
Equipment	3,834		3,485		7
Leasehold improvements	1,155		1,155		2
	7,591		7,268
Less accumulated depreciation	(5,955)		(5,191)
Property and equipment, net	$	1,636	$	2,077

Depreciation expense was $764 and $872 for the years ended December 31, 2021 and 2020, respectively.

Balance Sheet Accounts

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Accounts

Prepaid expenses and Other Current Assets

Prepaid and other current assets consist of the following:


	December 31,
	2021		2020

Advances to commercial manufacturers	$	942	$	660
Prepaid FDA user fee and advances to CROs	1,108		1,262
Prepaid insurance	196		191
Prepaid income taxes	1,173		—

Convertible promissory note, net	5,312		—
All other	3,159		1,605
Total Prepaid expenses and other current assets	$	11,890	$	3,718

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:


	December 31,
	2021		2020
Royalties payable to commercial partners	$	5,085	$	5,996
Accrued research & development	4,100		2,724
Accrued professional fees	2,013		2,370
Accrued salary and other compensation	8,466		4,686
Accrued product sales reserves	4,390		4,966
Current portion of lease liability	1,309		1,123
All other	6,975		1,952
Total Accrued expenses and other liabilities	$	32,338	$	23,817

Leases

We lease office space in Woodcliff Lake, New Jersey for our principal office under an amended lease agreement through June 2025. We also lease a lab space in Cambridge, Massachusetts under a lease agreement through April 2024, and a new office space located in Palm Beach Gardens, FL. The new lease agreement commenced on November 1, 2021 and will expire 36 months from the lease commencement date, which is October 31, 2024. All of our leases are classified as operating leases and have remaining lease terms of approximately 3.1 years. The principal office and the lab space leases include renewal options to extend the lease for up to 5 years. Furthermore, we have not elected the practical expedient to separate lease and non-lease components for all classes of underlying assets.

The table below summarizes the Company's total lease costs included in the consolidated financial statements, as well as other required quantitative disclosures (in thousands):


	As of December 31,
	July 13, 1905			July 12, 1905
Operating lease cost	$	1,407		$	1,323
Total lease cost	$	1,407		$	1,323

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	1,407		$	1,323
Right-of-use assets obtained in exchange for new operating lease liabilities	$	270		$	855
Weighted-average remaining lease term - operating leases	3.1 years			4.1 years
Weighted-average discount rate - operating leases	6.0		%	6.0		%


Year Ending December 31,	Operating Leases
2022	1,423
2023	1,455
2024	1,038
2025	413
Thereafter	—
Total	4,329
Less: present value discount	(116)
Present value of lease liabilities	$	4,213

Balance Sheet Classification as of December 31, 2021
Current lease liabilities (included with Accrued expenses and other liabilities)	$	1,309
Long-term lease liabilities (included with Other long-term liabilities)	2,904
Total lease liabilities	$	4,213

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

On November 8, 2019, the Company entered into the Second Amended and Restated Credit Agreement (the “Revised Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”) and the lenders party thereto, which replaced the Company’s existing credit agreement, dated as of August 8, 2017 (the "Amended Credit Agreement"). The terms and amounts borrowed under the Revised Credit Agreement includes a drawn term loan of $40 million and a undrawn revolving credit facility of $110 million. The schedule of principal payments for the new term loan facility has been extended until November 8, 2022. The Company classified the current portion of long-term debt of $26 million on the consolidated balance sheet as of December 31, 2021. Per the terms of the Revised Credit Agreement, the Company is limited in its ability to pay dividends. As of December 31, 2021, the Company was in compliance with each of the senior secured net leverage ratio; total net leverage ratio; and fixed charge coverage ratio covenants.

The new term loan facility shall bear interest at the Adjusted LIBOR (equal to (a) the LIBOR for such Interest Period multiplied by (b) the Statutory Reserve Rate as established by Board of Governors of the Federal Reserve System of the United States of

America) for the Interest Period in effect for such Borrowing plus the Applicable Rate as described below. The Agent and the Company may amend the Revised Credit Agreement to replace the LIBOR with a Benchmark Replacement, described below.

Loans under the Revised Credit Agreement bear interest at a rate equal to either (a) the LIBOR rate, plus an applicable margin ranging from 2.25% to 3.0% per annum, based upon the total net leverage ratio (as defined in the Revised Credit Agreement), or (b) the Benchmark Replacement which is defined as the greatest of the prime lending rate, or the NYFRB Rate (the rate for a federal funds transaction) in effect on such day plus ½ of 1% or the Adjusted LIBO Rate for a one month Interest Period on such day plus 1% plus an applicable margin ranging from 1.25% to 2.0% per annum, based upon the total net leverage ratio. The Company is required to pay a commitment fee on the unused portion of the new revolving credit facility in the Revised Credit Agreement at a rate ranging from 0.35% to 0.45% per annum based upon the total net leverage ratio.

As of December 31, 2021, the Company had $0.4 million of unamortized deferred debt issuance costs in its consolidated balance sheets.


Debt Maturities	As of December 31, 2021
2022	$	26,000
Total	$	26,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Common Stock and Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

Common Stock

On March 17, 2020, the Company, announced that its Board approved a new share repurchase program, or the Share Repurchase Program, providing for the repurchase of up to an aggregate of $160.0 million of the Company’s outstanding common stock. The Share Repurchase Program replaced the Company’s then existing share repurchase program, or the Previous Share Repurchase Program, which was announced on October 30, 2018 and was terminated in connection with the Board’s approval of the Share Repurchase Program. At termination, the Company had repurchased approximately $68.0 million of the Company’s outstanding common stock under the Previous Share Repurchase Program.

Under the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions, accelerated share repurchases or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The repurchases have no time limit and may be suspended or discontinued completely at any time. The specific timing and amount of repurchases will vary based on available capital resources and other financial and operational performance, market conditions, securities law limitations, and other factors. The repurchases will be made using the Company’s cash resources.

On September 23, 2020, the Company's Board of Directors approved a $25.0 million accelerated share repurchase (“ASR”) transaction with JPMorgan Chase Bank, National Association (“JP Morgan”) as part of the Company’s existing $160.0 million share repurchase program. The specific number of shares to be repurchased pursuant to the ASR is based on the average of the daily volume weighted average share prices of the Company’s common stock, less a discount, during the term of the ASR program. Under the terms of the Company's agreement with JP Morgan, the Company paid $25.0 million to JP Morgan on September 24, 2020, and received 550,623 shares, representing the notional amount of the ASR, based on the average of the daily volume weighted average share prices of the Company’s common stock, less a discount, during the term of the ASR, which was $45.40. The ASR was completed in the fourth quarter of 2020. The Company determined the ASR contained a forward contract and therefore the Company recorded fair value adjustments on the accelerated share repurchase agreement in the amount of $3.0 million which was a loss recorded in Other expense on our consolidated statements of operations in the year ended December 31, 2020.

As of December 31, 2021, the Company had repurchased an aggregate of 4,111,622 shares of common stock for an aggregate of $228.1 million pursuant to the Company’s share repurchase programs in effect since August 2016.

We repurchased the following shares of common stock with cash resources:


	Year Ended December 31,
	2021		2020		2019
Shares of common stock repurchased	429,446		774,489		317,429
Cash paid for repurchases of common stock	$	21,213	$	34,999	$	17,961

Stock-Based Compensation

In December 2007, the Company's board of directors approved the 2007 Incentive Compensation Plan (the "2007 Plan") enabling the Company to grant multiple stock-based awards to employees, directors and consultants, the most common being stock options and restricted stock awards. In November 2013, the Company's board of directors approved the 2014 Equity Incentive Plan (the "2014 Plan") which became effective on February 11, 2014. The 2007 Plan was terminated upon the effectiveness of the 2014 Plan and all shares available for issuance under the 2007 Plan were made available under the 2014 Plan. The 2014 Plan provides for the awards of incentive stock options, non-qualified stock options, restricted stock, restricted stock units and other stock-based awards. Awards generally vest equally over a period of four years from grant date. Vesting is accelerated under a change in control of the Company or in the event of death or disability to the recipient. In the event of termination, any unvested shares or options are forfeited. At the Company's annual meeting of stockholders held on August 4, 2015, the stockholders approved an amendment to the 2014 Plan to, among other things, increase the number of shares of common stock authorized for issuance thereunder by 500,000 shares. After accounting for such increase, and as of such amendment, the Company has reserved and made available 1,934,193 shares of common stock for issuance under the 2014 Plan.

During the year ended December 31, 2018, the Company introduced a new long-term incentive program with the objective to better align the share-based awards granted to management with the Company's focus on improving total shareholder return over the long-term. The share-based awards granted under this long-term incentive program consist of time-based stock options, time-based restricted stock units ("RSUs") and performance-based stock units ("PSUs"). PSUs are comprised of awards that vest upon achievement of certain share price appreciation conditions. These share-based awards expired in January 2021.

Stock Options

The fair value of stock options granted to employees, directors, and consultants is estimated using the following assumptions:


	Year Ended December 31,
	2021	2020	2019
Risk-free interest rate	0.51% - 1.26%	0.37% - 1.65%	1.42% - 2.61%
Volatility	52.87% - 60.02%	54.89% - 55.51%	40.83%
Expected term (in years)	5.50 - 6.08 years	5.50 - 6.08 years	1.51 - 9.41 years
Expected dividend yield	0.0%	0.0%	0.0%

The following table summarizes information about stock option activity related to the 2014 Plan:


	Number of Stock Option Shares	Weighted Average Exercise Price (Per Share)		Non- Exercisable	Exercisable
































Outstanding at December 31, 2019	3,096,161	$	59.29	1,070,054	2,026,107
Granted	762,200	$	55.76
Exercised	(149,473)	$	24.43
Forfeited or expired	(376,998)	$	66.71
Outstanding at December 31, 2020	3,331,890	$	59.20	1,028,142	2,303,748
Granted	114,000	$	46.74
Exercised	(122,847)	$	27.64
Forfeited or expired	(508,165)	$	62.00
Outstanding at December 31, 2021	2,814,878	$	58.51	472,916	2,341,962

The weighted-average grant-date fair value of options granted during the year ended December 31, 2021, 2020, and 2019 was $23.62, $28.98, and $22.18, respectively. As of December 31, 2021, there was $8,853 unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.0 years. The total intrinsic value of options exercised during the year ended December 31, 2021 was $2,434.

The weighted average contractual terms of options outstanding as of December 31, 2021, 2020, and 2019 was 5.2, 6.1, and 6.8 years, respectively.

The aggregate pre-tax intrinsic value of options outstanding as of December 31, 2021, 2020, and 2019 was $13.8 million, $11.6 million, and $31.9 million, respectively.

RSUs

Each vested time-based RSU represents the right of a holder to receive one of the Company’s common shares. The fair value of each RSU granted was estimated based on the trading price of the Company’s common shares on the date of grant.

The following table summarizes information about RSU activity related to the 2014 Plan:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (Per Share)




Non-vested at December 31, 2019	251,215	$	44.84
Granted	236,450	$	59.48
Vested	(79,420)	$	46.78
Forfeited	(79,849)	$	52.76
Non-vested at December 31, 2020	328,396	$	53.09
Granted	106,600	$	48.55
Vested	(95,523)	$	52.26
Forfeited	(76,167)	$	52.29
Non-vested at December 31, 2021	263,306	$	51.77

As of December 31, 2021, there was $7,562 of unrecognized stock-based compensation expense related to non-vested RSUs

that is expected to be recognized over a weighted average period of 2.3 years.

PSUs

During the first quarter of 2018, we introduced a new long-term incentive program with the objective to better align the stock-based awards granted to management with our focus on improving total shareholder return over the long-term. The stock-based awards granted under this long-term incentive program consist of time-based stock options, time-based RSUs and PSUs. PSUs are comprised of awards: i) that would have vested upon achievement of certain share price appreciation conditions or ii) that would have vested upon achievement of certain milestone events. These PSUs expired in the first quarter of 2021.

During the first quarter of 2021, 97,750 market condition PSUs expired. We also granted 99,500 market condition PSUs based on our total shareholder return ("TSR") relative to the TSR of each member of the S&P Biotechnology Select Industry Index (the defined peer group) with a weighted-average grant date fair value of $71.09 per respective PSU. The fair value of PSUs granted to employees was estimated using a Monte Carlo simulation model. Inputs used in the calculation include a risk-free interest rate of 0.18%, an expected volatility of 44%, contractual term of 3 years, and no expected dividend yield.

During the first quarter of 2021, we also granted 59,500 performance based (milestones) PSUs with grant date fair value of $49.32 using our closing stock price on the date of the grant. These PSUs will vest (if earned) from 0% to 200% of target number granted based on the achievement of one or more of three milestones related to i) regulatory approval of Fulvestrant ("EA-114"), ii) sales of Pemfexy and; iii) sales of Vasopressin, respectively. The contractual term of these awards is 3 years. We estimated 0% probability of achievement for the year ended December 31, 2021.

The following table summarizes information about PSU activity related to the 2014 Plan:


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value (Per Share)




Non-vested at December 31, 2019	116,181	$	90.19
Granted	—	$	—
Vested	—	$	—
Forfeited	(18,431)	$	90.19
Non-vested at December 31, 2020	97,750	$	90.19
Granted	159,000	$	62.94
Vested	—	$	—
Forfeited	(119,450)	$	84.90
Non-vested at December 31, 2021	137,300	$	63.24

The Company recognized stock-based compensation in its consolidated statements of operations for the year ended December 31, 2021, 2020, and 2019 as follows:


	Year Ended December 31,
	2021		2020		2019
Stock options	$	11,521	$	17,694	$	16,394
PSUs	2,729		1,635		3,062
RSUs	5,305		5,427		2,542
Stock-based compensation expense	$	19,555	$	24,756	$	21,998

Selling, general and administrative	$	16,873	$	22,074	$	17,556
Research and development	2,682		2,682		4,442
Stock-based compensation expense	$	19,555	$	24,756	$	21,998

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The components of our provision from income taxes is as follows:


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	6,912	$	10,140	$	6,689
State	785		2,059		844
	$	7,697	$	12,199	$	7,533
Deferred:
Federal	(3,030)		(1,227)		392
State	(588)		(284)		(240)
	$	(3,618)	$	(1,511)	$	152

Provision for income taxes	$	4,079	$	10,688	$	7,685

The reconciliation of the statutory U.S. Federal income tax rate to the Company's effective income tax rate is as follows;


	Year Ended December 31,
	2021		2020		2019
U.S. Federal statutory tax rate	21	%	21	%	21	%
State income taxes, net of federal benefit	(1)	%	6	%	2	%
Tax effect on stock option exercises, net of forfeitures	(44)	%	4	%	1	%
R&D tax credits and Orphan Drug credits	31	%	(2)	%	(2)	%
Limitation on executive compensation	(60)	%	9	%	10	%
Change in valuation allowance	(40)	%	9	%	4	%
Foreign rate differential	4	%	(1)	%	(2)	%
Other	(1)	%	1	%	1	%
Effective tax rate	(90)	%	47	%	35	%

The effective tax rate for the year ended December 31, 2021, reflects certain non-deductible executive compensation, tax effect on stock option exercises, net of forfeitures and valuation allowance established on the deferred tax asset for an unrealized capital loss in our investment in Tyme partially offset by credits for research and development activities.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets were as follows:


	December 31,
	2021		2020
Deferred tax assets
Net operating loss carryforward	$	1,563	$	841
Stock based compensation	10,405		12,015
Other asset - equity investment with readily determined fair value	3,190		1,771
Inventories	2,123		2,338
Employee-related expenses	1,240		51

Intangible assets	4,207		708
Right-of-use liability	962		1,154
R&D tax credit carryforwards	329		86


Other	1,489		1,216
Total deferred tax assets	25,508		20,180

Deferred tax liabilities
Installment sale - Malta	485		483
Prepaid expenses	45		43
Fixed assets	300		315
Lease liability	921		1,092

Total deferred tax liabilities	1,751		1,933
Valuation allowance	(4,959)		(3,067)
Net deferred tax assets	$	18,798	$	15,180

In July 2006, the Financial Accounting Standards Board (“FASB”) issued ASC 740-10, Uncertainty in Income Taxes, which defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authorities. This statement also requires explicit disclosure requirements about a Company’s uncertainties related to their income tax position, including a detailed roll forward of tax benefits taken that do not qualify for financial statement recognition.

The Company files income tax returns in the U.S. federal jurisdiction and several states. The Company is under audit by the Internal Revenue Service and three states tax jurisdiction as of December 31, 2021. The Company has no amount recorded for any unrecognized tax benefits as of December 31, 2021. The Company regularly evaluates its tax positions for additional unrecognized tax benefits and associated interest and penalties, if applicable. There are many factors that are considered when evaluating these tax positions including: interpretation of tax laws, recent tax litigation on a position, past audit or examination history, and subjective estimates and assumptions.

As of December 31, 2021, the Company has a net operating loss ("NOL") carryforward in Malta of $4.5 million which has no expiration date and can be carried forward indefinitely until utilized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

License and Collaboration Agreements	12 Months Ended
License and Collaboration Agreements	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements License Agreements License agreement with Combioxin In August 2021, we entered into a license agreement with Combioxin, SA under which the Company was granted exclusive, worldwide development and commercialization rights to CAL02, a novel first-in-class antitoxin agent ready for Phase 2b/3 development for the treatment of severe pneumonia in combination with traditional antibacterial drugs. The Company will be solely responsible for the development, regulatory, manufacturing and commercialization activities of CAL02. Combioxin will assist the Company in transitioning the manufacturing and supply of CAL02 to the Company. Under the terms of the agreement, we paid $10 million as upfront license consideration that was expensed immediately as research and development and is reflected within the operating activities of the condensed consolidated statements of cash flows. The Company may pay to Combioxin up to $105 million upon achievement of certain development, regulatory and sales based milestone payments plus royalty payments at royalty rates ranging in low double digit percentages on the net sales of all products sold, subject to certain adjustments as provided in the agreement. The Company is also obligated to make certain payments based upon amounts received by sublicensees under the agreement. License agreement with AOP Orphan In August 2021, we entered into a licensing agreement with AOP Orphan Pharmaceuticals GmbH (“AOP Orphan”), a privately owned Austrian company devoted to the treatment of rare and special diseases, for the commercial rights to its product, landiolol in the United States. Landiolol, a leading hospital emergency use product, is currently approved in Europe for the treatment of non-compensatory sinus tachycardia and tachycardic supraventricular arrhythmias. We will support the submission of a new drug application (“NDA”) by AOP Orphan to the FDA seeking approval for landiolol for the short term reduction of ventricular rate in patients with supraventricular tachycardia (“SVT”), including atrial fibrillation and atrial flutter. Under the terms of the agreement, we paid $5 million as upfront license consideration that was expensed immediately as research and development and is reflected within the operating activities of the condensed consolidated statements of cash flows. The Company may pay to AOP Orphan up to $25 million upon achievement of certain regulatory milestone payments plus profit share payments, subject to certain adjustments as provided in the agreement. We also entered into a supply agreement at the same time as the licensing agreement. Collaboration with Tyme On January 7, 2020, Tyme and we announced a strategic collaboration to advance SM-88, an oral product candidate for the treatment of patients with cancer. SM-88 was an investigational agent in two Phase II studies, one for pancreatic cancer and another for prostate cancer. On January 26, 2022, Tyme announced the discontinuation of SM-88 with methoxsalen, phenytoin, and sirolimus in a trial for metastatic pancreatic cancer. On February 11, 2022, Tyme stated SM-88 is being evaluated in a Phase II study evaluating SM-88 in breast cancer (HR+/HER2-), as well as continuing enrollment of a Phase II study in high-risk metastatic sarcomas Under the terms of a related co-promotion agreement, we would be responsible for 25% of the promotional sales effort of SM-88 and would receive 15% royalty on the net revenues of SM-88 in the United States. Tyme is responsible for clinical development, regulatory approval, commercial strategy, marketing, reimbursement and manufacturing of SM-88. Tyme retains the remaining 85% of net U.S. revenues and reserves the right to repurchase our U.S. co-promotion right for $200.0 million. Our equity investment in Tyme is included in Other assets on our consolidated balance sheet. For the years ended December 31, 2021 and 2020, the fair value adjustments for the equity investment was a loss of $6.2 million and a loss of $5.3 million, respectively. These adjustments were recorded in Other (expense) income on our consolidated statements of operations.

Commitments

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments

Our future material contractual obligations include the following:


Obligation	Total		2022		2023		2024		2025
Operating leases (1)	$	4,329	$	1,423	$	1,455	$	1,038	$	413
Credit facility	26,000		26,000		—		—		—
Purchase obligations (2)	69,549		69,549		—		—		—
Total obligations	$	99,878	$	96,972	$	1,455	$	1,038	$	413

(1) We lease our corporate office location. On August 8, 2019, we amended the lease for our corporate office location in order to rent additional office space and extend the term of our existing lease to June 30, 2025. The Company also leases its lab space under a lease agreement that expires on April 30, 2024. We also lease office space located in Palm Beach Gardens, FL. The new lease agreement commenced on November 1, 2021 and will expire 36 months from the lease commencement date, which is October 31, 2024. Rental expense was $1,407, $1,323, and $1,146, for the years ended December 31, 2021, 2020, and 2019, respectively. The remaining future lease payments under the operating leases, exclusive of any renewal option periods, are $4,329 as of December 31, 2021, payable monthly.


	December 31, 2021
Total operating lease payments	$	4,329
Less: imputed interest	(116)
Total lease liabilities	$	4,213

(2) As of December 31, 2021, the Company has purchase obligations in the amount of $69,549 which represents the contractual commitments under contract manufacturing and supply agreements with suppliers. The obligation under the supply agreement is primarily for finished product, inventory, and research and development.

Related Party Transaction	12 Months Ended
Related Party Transaction	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transaction On May 10, 2019, Hudson Executive Capital LP ("Hudson Capital") sold 100,000 shares of the Company's common stock and the Company purchased those 100,000 shares in a block trade at a price of $56.14 per share. Douglas Braunstein is the Managing Partner of Hudson Capital and was a member of Eagle’s Board of Directors at the time of the transaction.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

The gross carrying amounts and net book value of our intangible assets are as follows:


		December 31, 2021
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charges		Net Book Value
Ryanodex intangible	18.5	$	15,000	$	(5,079)	$	—	$	9,921
Developed technology	5	8,100		(8,100)		—		—
Vasopressin Milestone	1	750		—		—		750
Total		$	23,850	$	(13,179)	$	—	$	10,671


		December 31, 2020
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charge		Net Book Value
Ryanodex intangible	20	15,000		(3,500)		—		11,500
Developed technology	5	8,100		(6,683)		—		1,417
Total		$	23,100	$	(10,183)	$	—	$	12,917

Amortization expense amounted to $3.0 million, $2.7 million, and $2.5 million, for the year ended December 31, 2021, 2020, and 2019, respectively.

Estimated Useful Lives

The Company reviews the estimated useful lives of its intangible assets on a periodic basis. The review indicated that the actual life of the Ryanodex intangible asset was shorter than the estimated useful life used for amortization purposes in the Company’s financial statements. As a result, the estimated useful life of the Ryanodex related intangible assets was shortened from 2036 to 2025. The change in the estimated useful life is considered a change in accounting estimate and will result in changes to the Company's amortization expense prospectively. As of December 31, 2021, the net carrying value of the Ryanodex related intangible assets was $9.9 million. The effect of this change in estimate increased the 2021 amortization expense by $0.4 million.

Impairment Assessment

The Company reviews the recoverability of its finite-lived intangible assets and long-lived assets for indicators of impairments. Events or circumstances that may require an impairment assessment include negative clinical trial results, a significant decrease in the market price of the asset, or a significant adverse change in legal factors or the manner in which the asset is used. If such indicators are present, the Company assess the recoverability of affected assets by determining if the carrying value of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found to not be recoverable, the Company measures the amount of the impairment by comparing to the carrying value of the assets to the fair value of the assets. The Company determined that no indicators of impairment of finite-lived intangible assets or long-lived assets existed at December 31, 2021 and 2020.

Estimated Amortization Expense for Intangible Assets

Based on definite-lived intangible assets recorded as of December 31, 2021, and assuming that the underlying assets will not be impaired and that the Company will not change the expected lives of the assets, future amortization expenses are estimated as follows:


	Estimated Amortization Expense

Year Ending December 31,
2022	3,073
2023	2,785
2024	2,511
2025	2,302
All other	—
Total estimated amortization expense	$	10,671

Legal Proceedings	12 Months Ended
Legal Proceedings	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings In addition to the below legal proceedings, from time to time, we may be a party to litigation and subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of these ordinary course matters, or matters discussed below, will not have a material adverse effect on our business nor have we recorded any loss in connection with these matters because we believe that loss is neither probable nor estimable. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. Commercial Litigation Cipla v. Eagle On April 16, 2020, Cipla Limited (“Cipla”) filed a request for arbitration against Eagle with the London Court of International Arbitration. The request alleges that Eagle’s refusal to take delivery of several batches of Argatroban finished drug product constitutes a breach of the parties’ December 14, 2012 supply agreement. Eagle believes that the allegations against it are without merit and is vigorously defending itself in the Arbitration, which is scheduled for April 2022. Patent Litigation Eagle Pharmaceuticals, Inc., et al. v. Slayback Pharma Limited Liability Company; Eagle Pharmaceuticals, Inc., et al. v. Apotex Inc. and Apotex Corp.; Eagle Pharmaceuticals, Inc., et al. v. Fresenius Kabi USA, LLC; Eagle Pharmaceuticals, Inc., et al. v. Mylan Laboratories Limited; Eagle Pharmaceuticals, Inc. et al. v. Hospira, Inc; Eagle Pharmaceuticals, Inc. et al. v. Lupin, Ltd. and Lupin Pharmaceuticals, Inc.; Teva Pharmaceuticals Int’l GmbH et al v. Aurobindo Pharma Ltd., Aurobindo Pharma USA, Inc., and Eugia Pharma Specialities Ltd.; Teva Pharmaceuticals Int’l GmbH et al v. Accord Healthcare Inc., Accord Healthcare Ltd., and Intas Pharmaceuticals Ltd.; Teva Pharmaceuticals Int’l GmbH et al v. Dr. Reddy’s Laboratories, Ltd., and Dr. Reddy’s Laboratories, Inc. - (BENDEKA®) Bendeka, which contains bendamustine hydrochloride, is an alkylating drug that is indicated for the treatment of patients with chronic lymphocytic leukemia, as well as for the treatment of patients with indolent B-cell non-Hodgkin's lymphoma that has progressed during or within six months of treatment with rituximab or a rituximab-containing regimen. Slayback Pharma Limited Liability Company (“Slayback”), Apotex Inc. and Apotex Corp. (“Apotex”), Fresenius Kabi USA, LLC (“Fresenius”), Mylan Laboratories Limited (“Mylan”), Lupin, Ltd. and Lupin Pharmaceuticals, Inc. (“Lupin”), and Aurobindo Pharma, Ltd, Aurobindo Pharma USA, Inc., and Eugia Pharma Specialities Ltd (“Aurobindo”) have filed Abbreviated New Drug Applications (“ANDA’s”) referencing Bendeka® that include challenges to one or more of the Bendeka® Orange Book-listed patents. Hospira, Inc. (“Hospira”) filed a 505(b)(2) NDA. We, Cephalon, Inc. and/or Teva Pharmaceuticals International GMBH (together the “Patentees”), filed separate suits against Slayback, Apotex, Fresenius, Mylan, Hospira, Lupin, and Aurobindo in the United States District Court for the District of Delaware on August 16, 2017 (Slayback (“Slayback I”)), August 18, 2017 (Apotex), August 24, 2017 (Fresenius), December 12, 2017 (Mylan), January 19, 2018 (Slayback (“Slayback II”)), July 19, 2018 (Hospira), and July 2, 2019 (Lupin) and May 11, 2020 (Aurobindo). In these Complaints, the Patentees allege infringement of the challenged patents, namely U.S. Patent Nos. 8,791,270 and 9,572,887 against Slayback (Slayback I and Slayback II), and of U.S. Patent Nos. 8,609,707, 8,791,270, 9,000,021, 9,034,908, 9,144,568, 9,265,831, 9,572,796, 9,572,797, 9,572,887, 9,579,384, 9,597,397, 9,597,398, 9,597,399 against Fresenius, Apotex, and Mylan, and of U.S. Patent Nos. 9,572,887, 10,010,533, 9,034,908, 9,144,568, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384 against Hospira, and of U.S. Patent Nos. 8,609,707, 9,000,021, 9,034,908, 9,144,568, 9,265,831, 9,572,796, 9,572,797, 9,572,887, 9,579,384, 9,597,397, 9,597,398, 9,597,399, 10,010,533, and 10,052,385 against Lupin and of U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797, 9,034,908, 9,144,568, 9,572,887, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384, 10,010,533, and 10,052,385 against Aurobindo. The parties stipulated to dismiss without prejudice U.S. Patent No. 8,791,270 as to Apotex, Fresenius and Mylan on July 24, 2018, August 2, 2018, and August 3, 2018, respectively. Slayback, Apotex, Fresenius, and Mylan answered their Complaints and some filed various counterclaims on September 29, 2017 (Slayback I), February 12, 2018 (Slayback II), November 27, 2017, September 15, 2017, and February 14, 2018, respectively. The Patentees answered the Slayback I, Slayback II, Fresenius, and Apotex counterclaims on October 20, 2017, March 5, 2018, October 6, 2017, and December 18, 2017, respectively. On October 15, 2018, the Patentees filed a suit against Fresenius and Mylan in the United States District Court for the District of Delaware, alleging patent infringement of U.S. Patent Nos. 10,010,533 and 10,052,385. The Slayback I, Slayback II, Apotex, Fresenius and Mylan cases have been consolidated for all purposes (the “Consolidated Bendeka Litigation”), and a bench trial in these cases was held September 9-19, 2019. On April 27, 2020, the district court held that the asserted patents are valid and infringed by Slayback, Apotex, Fresenius and Mylan. On July 6, 2020, the district court entered a final judgment reflecting this decision, stating that pursuant to 35 U.S.C. § 271(e)(4)(A), the FDA shall not approve Apotex’s, Fresenius’s, Mylan’s, or Slayback’s ANDA products on a date which is earlier than January 28, 2031, and enjoining Apotex, Fresenius, Mylan, and Slayback from commercially manufacturing, using, offering to sell, or selling within the US or importing into the US, their ANDA products before that date. On August 4, 2020, Apotex, Fresenius, and Mylan appealed this final judgment, and filed their opening briefs on November 4, 2020. Plaintiffs’ responsive appeal brief was filed on February 12, 2021. Defendants’ reply briefs were filed April 5, 2021. On August 2, 2021, Fresenius’s appeal was dismissed pursuant to a settlement agreement reached with Patentees. Oral argument for the remaining defendants occurred on August 3, 2021. On August 13, 2021, the appeals court affirmed the trial court’s decision. The mandate was issued on October 22, 2021. Apotex filed a petition for certiorari on December 14, 2021, which the Supreme Court denied on February 22, 2022. Hospira filed a motion to dismiss, which was fully briefed on November 16, 2018. On December 16, 2019, the United States District Court for the District of Delaware denied Hospira’s motion to dismiss with respect to U.S. Patent No. 9,572,887 and granted that motion with respect to the remaining patents. On December 15, 2020, the Court held a claim construction hearing, ruling in our favor on all claim terms. Fact discovery closed on April 1, 2021. Expert discovery is ongoing. Trial has been rescheduled for April 25, 2022. The case remains pending. Patentees filed suit against Hospira, Inc. on November 16, 2021. Patentees have asserted U.S. Patent No. 11,103,483. Hospira filed its Answer on December 8, 2021. Scheduling for the case is ongoing. The parties submitted disputed scheduling proposals on February 15, 2022, a decision on which is currently pending before the Court. On March 10, 2020, the parties filed a stipulation and order of dismissal without prejudice as to Lupin, which the Court entered March 11, 2020. Aurobindo answered the Complaint on July 20, 2020. The parties exchanged initial disclosures on December 11, 2020. Plaintiffs provided their infringement contentions on March 12, 2021. On October 20, 2021, the Court entered a stipulation of dismissal based on a settlement between the parties Patentees filed suit against Dr. Reddy’s Laboratories on May 13, 2021. Patentees have asserted U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797, 9,034,908, 9,144,568, 9,572,887, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384, 10,010,533, and 10,052,385. Dr. Reddy’s answer was filed August 16, 2021. On December 27, 2021, Dr. Reddy’s moved for judgment on the pleadings, seeking a dismissal of all patents except the ‘887 patent. On January 27, 2022, the Court entered an agreed stipulation by the parties dismissing all patents except the ‘887. On February 8, 2022, consistent with that stipulation, Patentees filed an Amended Complaint removing the dismissed patents and adding U.S. Patent No 11,103,483. Dr. Reddy’s filed its Answer and Counterclaims to that Amended Complaint on February 22, 2022. Patentees’ Counterclaim Answer is due March 15, 2022.Fact discovery is ongoing, and the case is set for trial on May 1, 2023. Patentees filed suit against Accord Healthcare on June 29, 2021. Patentees have asserted U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797, 9,034,908, 9,144,568, 9,572,887, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384, 10,010,533, and 10,052,385. On January 13, 2022, Accord filed a Motion to Dismiss for failure to state a claim. On January 26, 2022, Patentees filed a First Amended Complaint, removing all patents except the ‘887 patent and additionally asserting U.S. Patent No. 11,103,483. Accord filed its Answer and Counterclaims to that Amended Complaint on February 10, 2022. On February 28, 2022, Patentees filed their Answer to Accord’s Counterclaims. Scheduling for the case is ongoing and a proposed schedule is due to the Court on March 16, 2022 Eagle Pharmaceuticals, Inc. v. Slayback Pharma Limited Liability Company - (Belrapzo®) Slayback filed an ANDA referencing Eagle's Belrapzo NDA. Slayback’s ANDA includes challenges to one or more of the Belrapzo Orange Book-listed patents. On September 20, 2018, the Company filed a suit against Slayback in the United States District Court for the District of Delaware, alleging patent infringement of U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797 and 10,010,533. On October 10, 2018, Slayback answered the Complaint and filed various counterclaims. On October 31, 2018, the Company answered Slayback’s counterclaims. Pursuant to a stipulation between the parties, Slayback is bound by any final judgment entered in the Consolidated Bendeka Litigation. This case is currently stayed. Eagle Pharmaceuticals, Inc. v. Slayback Pharma Limited Liability Company, Apotex, Inc. and Apotex Corp., Celerity Pharmaceuticals, LLC - (BELRAPZO®) Slayback, Apotex, and Celerity Pharmaceuticals, LLC (“Celerity”) filed NDAs referencing Eagle’s Belrapzo NDA. The Company filed suits against Slayback, Apotex, and Celerity in the United States District Court for the District of Delaware on August 31, 2021 (Slayback and Apotex) and on January 11, 2022 (Celerity) alleging infringement of U.S. Patent No. 11,103,483. On September 22, 2021, both Slayback and Apotex filed their Answers. The suit against Slayback and Apotex is set for trial on October 26, 2022, and fact discovery is ongoing. On February 2, 2022, Celerity moved to dismiss the pending complaint. In response, the Company filed an Amended Complaint on March 1, 2022. Celerity’s response is due March 15, 2022. Par Pharmaceutical, Inc. et al. v. Eagle Pharmaceuticals, Inc. (Vasopressin) On May 31, 2018, Par Pharmaceutical, Inc., Par Sterile Products, LLC, and Endo Par Innovation Company, LLC (together, “Par”) filed suit against the Company in the United States District Court for the District of Delaware. Par alleged patent infringement based on the filing of the Company’s ANDA seeking approval to manufacture and sell the Company’s vasopressin product. The Company’s vasopressin product, if approved by FDA, will be an alternative to Vasostrict, which is indicated to increase blood pressure in adults with vasodilatory shock (e.g., post-cardiotomy or sepsis) who remain hypotensive despite fluids and catecholamines. The Company answered the complaint on August 6, 2018, and filed an amended answer and counterclaims on October 30, 2019. The court issued a Markman ruling on July 1, 2019. On December 20, 2019, Par dismissed with prejudice claims of three of the patents asserted against Eagle, and the Court entered an Order reflecting that dismissal on December 27, 2019. Mediation took place on March 3, 2020. On April 17, 2020, we submitted a letter requesting leave to file a motion for summary judgment of non-infringement. Par’s responsive letter was submitted on May 8, 2020. On May 18, 2020, the court said it would hear non-infringement arguments at trial and not through summary judgment. Fact discovery ended in October 2019, and expert discovery ended in February 2020. Due to the COVID-19 pandemic, the trial, which was scheduled to begin May 18, 2020, was rescheduled to and occurred on July 7-9, 2021. Post-trial briefing was submitted on July 28, 2021. The Court issued an opinion on August 31, 2021 and entered a final judgment of non-infringement in favor of Eagle on September 16, 2021. Par filed a Notice of Appeal of the final judgment on September 22, 2021, and the appeal was docketed with the United States Court of Appeals for the Federal Circuit on September 23, 2021. Par filed its principal appeal brief on December 6, 2021, Eagle filed its responsive appeal brief on February 1, 2022, and Par filed its reply appeal brief on February 22, 2022. The 30-month stay of FDA approval expired on October 17, 2020. The FDA approved Eagle’s ANDA on December 15, 2021. On December 16, 2021, Par filed an emergency motion for temporary restraining order and preliminary injunction in the district court to enjoin Eagle from launching its product, but Par voluntarily withdrew the motion on December 20, 2021. Eagle commercially launched its ANDA product in January 2022. This suit is pending. On December 7, 2020, Par filed a separate suit against us in the United States District Court for the District of New Jersey, asserting patent infringement of U.S. Patent No. 10,844,435, based on the filing of our ANDA seeking approval to manufacture and sell our vasopressin product. Eagle moved to dismiss Par’s complaint on March 2, 2021. On March 22, 2021, Par amended its complaint to additionally assert U.S. Patent No. 10,920,278, and on April 5, 2021, Eagle moved to dismiss Par’s amended complaint. This suit is pending.

Convertible Promissory Note

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Convertible Promissory Note

During the first quarter of 2021, we invested $5 million in a convertible promissory note ("the note") of a privately held clinical-stage biotechnology company (the "issuer"). The note bears an 8% annual interest rate and has an 18-month term. The issuer is not required to make any principal or interest payments until the end of the term. The note, along with any accrued interest, may automatically convert into equity securities of the issuer under either a financing event or a change in control event as defined in the convertible promissory note agreement. The issuer's product development efforts could encounter technical or other difficulties that could increase their development costs more than expected. The issuer will likely require additional capital prior to obtaining certain regulatory approval or to be able to repay the convertible promissory note with accrued interest at the end of the term.

The following table summarizes the amounts recorded and activity during the year ended December 31, 2021;


	Initial		Fair Value Adjustments to the note		Accretion of Discount		Estimated Credit Loss		Interest Income		Fair Value Adjustment to Embedded Derivative		December 31, 2021
Fair value of the note	$	5,000	$	(94)	$	—	$	—	$	—	$	—	$	4,906
Discount on the note	(276)		—		149		—		—		—		(127)
Estimated Credit Loss	—		—		—		(758)		—		—		(758)
Convertible Promissory Note, net	$	4,724	$	(94)	$	149	$	(758)	$	—	$	—	$	4,021

Embedded Derivative	$	276	$	—	$	—	$	—	$	—	$	686	$	962

Interest Receivable	$	—	$	—	$	—	$	—	$	329	$	—	$	329

Total in Other Current Assets	$	5,000	$	(94)	$	149	$	(758)	$	329	$	686	$	5,312

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Use of Estimates

Reclassifications

ReclassificationsCertain reclassifications have been made to prior year amounts to conform with the current year presentation, including for amounts related to accounts receivable, net and prepaid expenses and other current assets.

Cash and Cash Equivalents

We, at times, maintain balances with financial institutions in excess of the Federal Deposit Insurance Corporation limit.

Fair Value Measurements

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables present the Company’s hierarchy for its assets measured at fair value as of December 31, 2021 and 2020:


	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	57,357	$	57,357	$	—	$	—
Convertible promissory note	4,021		—		—		4,021
Embedded derivative asset in convertible promissory note	962		—		—		962
Investment in Tyme	6,030		6,030		—		—
Total financial assets	$	68,370	$	63,387	$	—	$	4,983


	December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	79,682	$	79,682	$	—	$	—
Investment in Tyme	12,200		12,200
Total financial assets	$	91,882	$	91,882	$	—	$	—

Our investment in restricted shares of common stock of Tyme Technologies, Inc. (“Tyme”) are classified as Level 1. Refer to Note 9, "License and Collaboration Agreements" for further details.

The fair value of debt is classified as Level 2 for the periods presented and approximates its fair value due to the variable interest rate.

Intangible Assets

The Company reviews the recoverability of its finite-lived intangible assets and long-lived assets for indicators of impairments. Events or circumstances that may require an impairment assessment significant changes in our forecasted projections for the asset or asset group for reasons including, but not limited to, significant under-performance of a product in relation to

Goodwill

GoodwillGoodwill represents the excess of purchase price over the fair value of net assets acquired in the Eagle Biologics acquisition. Goodwill is not amortized, but is evaluated for impairment on an annual basis, in the fourth quarter, or more frequently if events or changes in circumstances indicate that the fair value of the reporting unit’s goodwill is less than it's carrying amount. The Company performed a qualitative annual test for goodwill as of October 1, 2021. During the year ended December 31, 2021, the Company concluded that

Concentration of Major Customers and Vendors

Inventories

InventoriesInventories are recorded at the lower of cost and net realizable value, with cost determined on a first-in first-out basis. The Company periodically reviews the composition of its inventories in order to identify obsolete, slow-moving or otherwise non-saleable items. If non-saleable items are observed and there are no alternate uses for the inventories, the Company will record a write-down to net realizable value in the period that the decline in value is first recognized.

Property and Equipment

Research and Development Expense

Advertising and Marketing

Advertising and MarketingAdvertising and marketing costs are expensed as incurred.

Income Taxes

Revenue Recognition

Components of Gross-to-Net (GTN) Estimates

The Company recorded product sales, net as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Bendeka	$	11,167	$	15,439	$	31,182
Belrapzo	23,728		27,527		29,665
Ryanodex	25,271		28,268		13,039
Other	4,857		1,089		103
Product sales, net	$	65,023	$	72,323	$	73,989


	Chargebacks		Commercial Rebates		Medicaid Rebates		Product Returns		Wholesaler Fees and Other Incentives		Total
Balance at December 31, 2019	$	2,988	$	1,131	$	567	$	2,403	$	2,011	$	9,100
Provisions / Adjustments	20,368		1,243		484		(391)		8,526		30,230
Charges processed / Payments	(21,067)		(602)		(367)		(346)		(5,146)		(27,528)
Balance at December 31, 2020	$	2,289	$	1,772	$	684	$	1,666	$	5,391	$	11,802
Provisions / Adjustments	27,402		3,042		268		2,531		9,650		42,893
Charges processed / Payments	(25,852)		(2,838)		(332)		(2,674)		(13,070)		(44,766)
Balance at December 31, 2021	$	3,839	$	1,976	$	620	$	1,523	$	1,971	$	9,929

Such net product revenue allowances and reserves are included within accounts receivable, net and accrued expenses and other current liabilities within the consolidated balance sheets.

Stock-Based Compensation

Earnings Per Share

Earnings Per ShareBasic earnings per common share is computed using the weighted average number of shares outstanding during the period. Diluted earnings per share is computed in a manner similar to the basic earnings per share, except that the weighted-average number of shares outstanding is increased to include all common shares, including those with the potential to be issued by virtue of options. Diluted earnings per share contemplate a complete conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share, as calculated under the treasury method.

Recent Accounting Pronouncements

Recent Accounting Pronouncements - Not Yet Adopted

CARES Act

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables present the Company’s hierarchy for its assets measured at fair value as of December 31, 2021 and 2020:


	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	57,357	$	57,357	$	—	$	—
Convertible promissory note	4,021		—		—		4,021
Embedded derivative asset in convertible promissory note	962		—		—		962
Investment in Tyme	6,030		6,030		—		—
Total financial assets	$	68,370	$	63,387	$	—	$	4,983


	December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	79,682	$	79,682	$	—	$	—
Investment in Tyme	12,200		12,200
Total financial assets	$	91,882	$	91,882	$	—	$	—

Schedule of Revenue by Major Customers by Reporting Segments

The total revenues and accounts receivables broken down by major customers as a percentage of the total are as follows:


	Year Ended December 31,
	2021		2020		2019
Net revenues
Cephalon, Inc. (Teva) - See Revenue Recognition	66	%	67	%	77	%
Other	34	%	33	%	23	%
	100	%	100	%	100	%


	December 31,
	2021		2020
Accounts receivable
Cephalon, Inc. (Teva) - See Revenue Recognition	63	%	58	%
Other	37	%	42	%
	100	%	100	%

Revenue from External Customers by Products and Services

The Company recorded product sales, net as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Bendeka	$	11,167	$	15,439	$	31,182
Belrapzo	23,728		27,527		29,665
Ryanodex	25,271		28,268		13,039
Other	4,857		1,089		103
Product sales, net	$	65,023	$	72,323	$	73,989

Summary of Sales Allowances and Related Accruals


	Chargebacks		Commercial Rebates		Medicaid Rebates		Product Returns		Wholesaler Fees and Other Incentives		Total
Balance at December 31, 2019	$	2,988	$	1,131	$	567	$	2,403	$	2,011	$	9,100
Provisions / Adjustments	20,368		1,243		484		(391)		8,526		30,230
Charges processed / Payments	(21,067)		(602)		(367)		(346)		(5,146)		(27,528)
Balance at December 31, 2020	$	2,289	$	1,772	$	684	$	1,666	$	5,391	$	11,802
Provisions / Adjustments	27,402		3,042		268		2,531		9,650		42,893
Charges processed / Payments	(25,852)		(2,838)		(332)		(2,674)		(13,070)		(44,766)
Balance at December 31, 2021	$	3,839	$	1,976	$	620	$	1,523	$	1,971	$	9,929

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The anti-dilutive common shares equivalents outstanding at December 31, 2021, 2020, and 2019 were as follows:


	Year Ended December 31,
	2021	2020	2019
Options	2,336,586	2,767,501	2,454,077
Restricted stock units	98,416	207,177	—
Total	2,435,002	2,974,678	2,454,077

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation for basic and diluted net (loss) income per share for December 31, 2021, 2020, and 2019:


	Year Ended December 31,
	2021		2020		2019
Numerator
Numerator for basic and diluted earnings per share-net (loss) income	$	(8,627)	11,989		$	14,313
Denominator
Basic weighted average common shares outstanding	13,051,095		13,481,525		13,754,516
Dilutive effect of stock options	—		289,868		384,217
Diluted weighted average common shares outstanding	13,051,095		13,771,393		14,138,733
Basic net (loss) income per share
Basic net (loss) income per share	$	(0.66)	$	0.89	$	1.04
Diluted net (loss) income per share
Diluted net (loss) income per share	$	(0.66)	$	0.87	$	1.01

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company's inventory balance consists of the following:


	December 31,
	2021		2020
Raw materials	$	7,317	$	3,515
Work-in-process	9,666		2,589
Finished goods	4,925		1,971
	$	21,908	$	8,075

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following:


	December 31,				Estimated Useful Life (years)
	2021		2020
Furniture and fixtures	$	1,525	$	1,476	7
Office equipment	1,077		1,152		3
Equipment	3,834		3,485		7
Leasehold improvements	1,155		1,155		2
	7,591		7,268
Less accumulated depreciation	(5,955)		(5,191)
Property and equipment, net	$	1,636	$	2,077

Balance Sheet Accounts (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid and other current assets consist of the following:


	December 31,
	2021		2020

Advances to commercial manufacturers	$	942	$	660
Prepaid FDA user fee and advances to CROs	1,108		1,262
Prepaid insurance	196		191
Prepaid income taxes	1,173		—

Convertible promissory note, net	5,312		—
All other	3,159		1,605
Total Prepaid expenses and other current assets	$	11,890	$	3,718

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:


	December 31,
	2021		2020
Royalties payable to commercial partners	$	5,085	$	5,996
Accrued research & development	4,100		2,724
Accrued professional fees	2,013		2,370
Accrued salary and other compensation	8,466		4,686
Accrued product sales reserves	4,390		4,966
Current portion of lease liability	1,309		1,123
All other	6,975		1,952
Total Accrued expenses and other liabilities	$	32,338	$	23,817

Schedule of Lease Related Disclosures

The table below summarizes the Company's total lease costs included in the consolidated financial statements, as well as other required quantitative disclosures (in thousands):


	As of December 31,
	July 13, 1905			July 12, 1905
Operating lease cost	$	1,407		$	1,323
Total lease cost	$	1,407		$	1,323

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	1,407		$	1,323
Right-of-use assets obtained in exchange for new operating lease liabilities	$	270		$	855
Weighted-average remaining lease term - operating leases	3.1 years			4.1 years
Weighted-average discount rate - operating leases	6.0		%	6.0		%


Year Ending December 31,	Operating Leases
2022	1,423
2023	1,455
2024	1,038
2025	413
Thereafter	—
Total	4,329
Less: present value discount	(116)
Present value of lease liabilities	$	4,213

Balance Sheet Classification as of December 31, 2021
Current lease liabilities (included with Accrued expenses and other liabilities)	$	1,309
Long-term lease liabilities (included with Other long-term liabilities)	2,904
Total lease liabilities	$	4,213

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt


Debt Maturities	As of December 31, 2021
2022	$	26,000
Total	$	26,000

Common Stock and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Class of Treasury Stock

We repurchased the following shares of common stock with cash resources:


	Year Ended December 31,
	2021		2020		2019
Shares of common stock repurchased	429,446		774,489		317,429
Cash paid for repurchases of common stock	$	21,213	$	34,999	$	17,961

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted to employees, directors, and consultants is estimated using the following assumptions:


	Year Ended December 31,
	2021	2020	2019
Risk-free interest rate	0.51% - 1.26%	0.37% - 1.65%	1.42% - 2.61%
Volatility	52.87% - 60.02%	54.89% - 55.51%	40.83%
Expected term (in years)	5.50 - 6.08 years	5.50 - 6.08 years	1.51 - 9.41 years
Expected dividend yield	0.0%	0.0%	0.0%

Share-based Compensation Arrangement by Share-based Payment Award

The following table summarizes information about stock option activity related to the 2014 Plan:


	Number of Stock Option Shares	Weighted Average Exercise Price (Per Share)		Non- Exercisable	Exercisable
































Outstanding at December 31, 2019	3,096,161	$	59.29	1,070,054	2,026,107
Granted	762,200	$	55.76
Exercised	(149,473)	$	24.43
Forfeited or expired	(376,998)	$	66.71
Outstanding at December 31, 2020	3,331,890	$	59.20	1,028,142	2,303,748
Granted	114,000	$	46.74
Exercised	(122,847)	$	27.64
Forfeited or expired	(508,165)	$	62.00
Outstanding at December 31, 2021	2,814,878	$	58.51	472,916	2,341,962

Schedule of Restricted Stock Unit Activity

The following table summarizes information about RSU activity related to the 2014 Plan:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (Per Share)




Non-vested at December 31, 2019	251,215	$	44.84
Granted	236,450	$	59.48
Vested	(79,420)	$	46.78
Forfeited	(79,849)	$	52.76
Non-vested at December 31, 2020	328,396	$	53.09
Granted	106,600	$	48.55
Vested	(95,523)	$	52.26
Forfeited	(76,167)	$	52.29
Non-vested at December 31, 2021	263,306	$	51.77

Schedule of Phantom Share Unit Activity

The following table summarizes information about PSU activity related to the 2014 Plan:


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value (Per Share)




Non-vested at December 31, 2019	116,181	$	90.19
Granted	—	$	—
Vested	—	$	—
Forfeited	(18,431)	$	90.19
Non-vested at December 31, 2020	97,750	$	90.19
Granted	159,000	$	62.94
Vested	—	$	—
Forfeited	(119,450)	$	84.90
Non-vested at December 31, 2021	137,300	$	63.24

Schedule of Share-based Compensation Cost

The Company recognized stock-based compensation in its consolidated statements of operations for the year ended December 31, 2021, 2020, and 2019 as follows:


	Year Ended December 31,
	2021		2020		2019
Stock options	$	11,521	$	17,694	$	16,394
PSUs	2,729		1,635		3,062
RSUs	5,305		5,427		2,542
Stock-based compensation expense	$	19,555	$	24,756	$	21,998

Selling, general and administrative	$	16,873	$	22,074	$	17,556
Research and development	2,682		2,682		4,442
Stock-based compensation expense	$	19,555	$	24,756	$	21,998

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The components of our provision from income taxes is as follows:


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	6,912	$	10,140	$	6,689
State	785		2,059		844
	$	7,697	$	12,199	$	7,533
Deferred:
Federal	(3,030)		(1,227)		392
State	(588)		(284)		(240)
	$	(3,618)	$	(1,511)	$	152

Provision for income taxes	$	4,079	$	10,688	$	7,685

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the statutory U.S. Federal income tax rate to the Company's effective income tax rate is as follows;


	Year Ended December 31,
	2021		2020		2019
U.S. Federal statutory tax rate	21	%	21	%	21	%
State income taxes, net of federal benefit	(1)	%	6	%	2	%
Tax effect on stock option exercises, net of forfeitures	(44)	%	4	%	1	%
R&D tax credits and Orphan Drug credits	31	%	(2)	%	(2)	%
Limitation on executive compensation	(60)	%	9	%	10	%
Change in valuation allowance	(40)	%	9	%	4	%
Foreign rate differential	4	%	(1)	%	(2)	%
Other	(1)	%	1	%	1	%
Effective tax rate	(90)	%	47	%	35	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets were as follows:


	December 31,
	2021		2020
Deferred tax assets
Net operating loss carryforward	$	1,563	$	841
Stock based compensation	10,405		12,015
Other asset - equity investment with readily determined fair value	3,190		1,771
Inventories	2,123		2,338
Employee-related expenses	1,240		51

Intangible assets	4,207		708
Right-of-use liability	962		1,154
R&D tax credit carryforwards	329		86


Other	1,489		1,216
Total deferred tax assets	25,508		20,180

Deferred tax liabilities
Installment sale - Malta	485		483
Prepaid expenses	45		43
Fixed assets	300		315
Lease liability	921		1,092

Total deferred tax liabilities	1,751		1,933
Valuation allowance	(4,959)		(3,067)
Net deferred tax assets	$	18,798	$	15,180

Commitments (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments

Our future material contractual obligations include the following:


Obligation	Total		2022		2023		2024		2025
Operating leases (1)	$	4,329	$	1,423	$	1,455	$	1,038	$	413
Credit facility	26,000		26,000		—		—		—
Purchase obligations (2)	69,549		69,549		—		—		—
Total obligations	$	99,878	$	96,972	$	1,455	$	1,038	$	413


	December 31, 2021
Total operating lease payments	$	4,329
Less: imputed interest	(116)
Total lease liabilities	$	4,213

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts and net book value of our intangible assets are as follows:


		December 31, 2021
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charges		Net Book Value
Ryanodex intangible	18.5	$	15,000	$	(5,079)	$	—	$	9,921
Developed technology	5	8,100		(8,100)		—		—
Vasopressin Milestone	1	750		—		—		750
Total		$	23,850	$	(13,179)	$	—	$	10,671


		December 31, 2020
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charge		Net Book Value
Ryanodex intangible	20	15,000		(3,500)		—		11,500
Developed technology	5	8,100		(6,683)		—		1,417
Total		$	23,100	$	(10,183)	$	—	$	12,917

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


	Estimated Amortization Expense

Year Ending December 31,
2022	3,073
2023	2,785
2024	2,511
2025	2,302
All other	—
Total estimated amortization expense	$	10,671

Convertible Promissory Note (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Convertible Promissory Note Activity

The following table summarizes the amounts recorded and activity during the year ended December 31, 2021;


	Initial		Fair Value Adjustments to the note		Accretion of Discount		Estimated Credit Loss		Interest Income		Fair Value Adjustment to Embedded Derivative		December 31, 2021
Fair value of the note	$	5,000	$	(94)	$	—	$	—	$	—	$	—	$	4,906
Discount on the note	(276)		—		149		—		—		—		(127)
Estimated Credit Loss	—		—		—		(758)		—		—		(758)
Convertible Promissory Note, net	$	4,724	$	(94)	$	149	$	(758)	$	—	$	—	$	4,021

Embedded Derivative	$	276	$	—	$	—	$	—	$	—	$	686	$	962

Interest Receivable	$	—	$	—	$	—	$	—	$	329	$	—	$	329

Total in Other Current Assets	$	5,000	$	(94)	$	149	$	(758)	$	329	$	686	$	5,312

Organization and Business (Details) $ in Thousands				1 Months Ended	12 Months Ended			65 Months Ended
Organization and Business (Details) $ in Thousands	Oct. 01, 2019	Sep. 30, 2019	Mar. 29, 2019 USD ($)	Dec. 31, 2021	Dec. 31, 2021 USD ($) product segment shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2021 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Number of products launched \| product					3
Number of reportable segments \| segment					1
Shares of common stock repurchased (in shares) \| shares					429,446	774,489	317,429
Cash paid for repurchases of common stock					$ 21,213	$ 34,999	$ 17,961
Cash paid for repurchases of common stock					$ 21,213	$ 32,037	$ 17,961
Accelerated Share Repurchase
Subsidiary, Sale of Stock [Line Items]
Shares of common stock repurchased (in shares) \| shares								4,111,622
Cash paid for repurchases of common stock								$ 228,100
Vasopressin
Subsidiary, Sale of Stock [Line Items]
Marketing exclusivity term				180 days
Teva Pharmaceuticals
Subsidiary, Sale of Stock [Line Items]
Cash proceeds from license agreement			$ 9,000
Cephalon, Inc.
Subsidiary, Sale of Stock [Line Items]
Royalty payments if product is approved, percentage of net sales	30.00%	25.00%
Royalty revenue, percent of net sales threshold	32.00%

Summary of Significant Accounting Policies - Schedule of Financial Assets and Liabilities Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Money market funds	$ 57,357	$ 79,682
Convertible promissory note	4,021
Embedded derivative asset in convertible promissory note	962
Investment in Tyme	6,030	12,200
Total financial assets	68,370	91,882
Level 1
Assets:
Money market funds	57,357	79,682
Convertible promissory note	0
Embedded derivative asset in convertible promissory note	0
Investment in Tyme	6,030	12,200
Total financial assets	63,387	91,882
Level 2
Assets:
Money market funds	0	0
Convertible promissory note	0
Embedded derivative asset in convertible promissory note	0
Investment in Tyme	0
Total financial assets	0	0
Level 3
Assets:
Money market funds	0	0
Convertible promissory note	4,021
Embedded derivative asset in convertible promissory note	962
Investment in Tyme	0
Total financial assets	$ 4,983	$ 0

Summary of Significant Accounting Policies - Major Customers as a Percentage (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Revenues
Concentration Risk [Line Items]
Percentage of concentration	100.00%	100.00%	100.00%
Net Revenues \| Cephalon, Inc.
Concentration Risk [Line Items]
Percentage of concentration	66.00%	67.00%	77.00%
Net Revenues \| Other
Concentration Risk [Line Items]
Percentage of concentration	34.00%	33.00%	23.00%
Accounts Receivable
Concentration Risk [Line Items]
Percentage of concentration	100.00%	100.00%
Accounts Receivable \| Cephalon, Inc.
Concentration Risk [Line Items]
Percentage of concentration	63.00%	58.00%
Accounts Receivable \| Other
Concentration Risk [Line Items]
Percentage of concentration	37.00%	42.00%

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Advertising and marketing costs	$ 2,600,000	$ 2,700,000	$ 2,400,000
Bendeka
Short-term Debt [Line Items]
Reporting term for partners' net product sales, royalty revenue	25 days

Summary of Significant Accounting Policies - Schedule of Product Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Information [Line Items]
Total revenue	$ 171,546	$ 187,802	$ 195,892
Bendeka
Product Information [Line Items]
Total revenue	11,167	15,439	31,182
Belrapzo
Product Information [Line Items]
Total revenue	23,728	27,527	29,665
Ryanodex
Product Information [Line Items]
Total revenue	25,271	28,268	13,039
Other
Product Information [Line Items]
Total revenue	4,857	1,089	103
Product sales, net
Product Information [Line Items]
Total revenue	$ 65,023	$ 72,323	$ 73,989

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of Significant Accounting Policies - Summary of Sales Allowances and Related Accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sales Revenue, Deductions [Roll Forward]
Beginning balance	$ 11,802	$ 9,100
Provisions / Adjustments	42,893	30,230
Charges processed / Payments	(44,766)	(27,528)
Ending balance	9,929	11,802
Chargebacks
Sales Revenue, Deductions [Roll Forward]
Beginning balance	2,289	2,988
Provisions / Adjustments	27,402	20,368
Charges processed / Payments	(25,852)	(21,067)
Ending balance	3,839	2,289
Commercial Rebates
Sales Revenue, Deductions [Roll Forward]
Beginning balance	1,772	1,131
Provisions / Adjustments	3,042	1,243
Charges processed / Payments	(2,838)	(602)
Ending balance	1,976	1,772
Medicaid Rebates
Sales Revenue, Deductions [Roll Forward]
Beginning balance	684	567
Provisions / Adjustments	268	484
Charges processed / Payments	(332)	(367)
Ending balance	620	684
Product Returns
Sales Revenue, Deductions [Roll Forward]
Beginning balance	1,666	2,403
Provisions / Adjustments	2,531	(391)
Charges processed / Payments	(2,674)	(346)
Ending balance	1,523	1,666
Wholesaler Fees and Other Incentives
Sales Revenue, Deductions [Roll Forward]
Beginning balance	5,391	2,011
Provisions / Adjustments	9,650	8,526
Charges processed / Payments	(13,070)	(5,146)
Ending balance	$ 1,971	$ 5,391

Summary of Significant Accounting Policies - Common Shares Equivalents Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common shares equivalents outstanding (in shares)	2,435,002	2,974,678	2,454,077
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common shares equivalents outstanding (in shares)	2,336,586	2,767,501	2,454,077
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common shares equivalents outstanding (in shares)	98,416	207,177	0

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Numerator for basic earnings per share-net income	$ (8,627)	$ 11,989	$ 14,313
Numerator for diluted earnings per share-net income	$ (8,627)	$ 11,989	$ 14,313
Denominator
Basic weighted average common shares outstanding (in shares)	13,051,095	13,481,525	13,754,516
Dilutive effect of stock options (in shares)	0	289,868	384,217
Diluted weighted average common shares outstanding (in shares)	13,051,095	13,771,393	14,138,733
Basic net (loss) income per share
Basic (in dollars per share)	$ (0.66)	$ 0.89	$ 1.04
Diluted net (loss) income per share
Diluted (in dollars per share)	$ (0.66)	$ 0.87	$ 1.01

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 7,317	$ 3,515
Work-in-process	9,666	2,589
Finished goods	4,925	1,971
Inventories	$ 21,908	$ 8,075

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 7,591	$ 7,268
Less accumulated depreciation	(5,955)	(5,191)
Property and equipment, net	1,636	2,077
Depreciation expense	764	872
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,525	1,476
Estimated Useful Life (years)	7 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,077	1,152
Estimated Useful Life (years)	3 years
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,834	3,485
Estimated Useful Life (years)	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,155	$ 1,155
Estimated Useful Life (years)	2 years

Balance Sheet Accounts - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Advances to commercial manufacturers	$ 942	$ 660
Prepaid FDA user fee and advances to CROs	1,108	1,262
Prepaid insurance	196	191
Prepaid income taxes	1,173	0
Convertible promissory note, net	5,312	0
All other	3,159	1,605
Total Prepaid expenses and other current assets	$ 11,890	$ 3,718

Balance Sheet Accounts - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Royalties payable to commercial partners	$ 5,085	$ 5,996
Accrued research & development	4,100	2,724
Accrued professional fees	2,013	2,370
Accrued salary and other compensation	8,466	4,686
Accrued product sales reserves	$ 4,390	$ 4,966
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total Accrued expenses and other liabilities	Total Accrued expenses and other liabilities
Current portion of lease liability	$ 1,309	$ 1,123
All other	6,975	1,952
Total Accrued expenses and other liabilities	$ 32,338	$ 23,817

Balance Sheet Accounts - Narrative (Details)	Dec. 31, 2021	Nov. 01, 2021
Balance Sheet Related Disclosures [Abstract]
Lessee, operating lease, term of contract		36 months
Lessee, operating lease, remaining lease term	3 years 1 month 6 days
Lessee, operating lease, renewal term (up to)	5 years

Balance Sheet Accounts - Lease Related Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Operating lease cost	$ 1,407	$ 1,323	$ 1,146
Total lease cost	1,407	1,323
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	1,407	1,323
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 270	$ 855	$ 3,716
Weighted-average remaining lease term - operating leases	3 years 1 month 6 days	4 years 1 month 6 days
Weighted-average discount rate - operating leases	6.00%	6.00%
Operating Leases
2022	$ 1,423
2023	1,455
2024	1,038
2025	413
Thereafter	0
Total	4,329
Less: imputed interest	(116)
Present value of lease liabilities	$ 4,213
Balance Sheet Classification as of December 31, 2021
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Current lease liabilities (included with Accrued expenses and other liabilities)	$ 1,309	$ 1,123
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities
Long-term lease liabilities (included with Other long-term liabilities)	$ 2,904
Total lease liabilities	$ 4,213

Debt - Narrative (Details) - USD ($)	Nov. 08, 2019	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Short-term debt		$ 25,607,000	$ 8,000,000
Unamortized debt issuance expense		$ 400,000
Line of Credit \| Amendment Credit Agreement
Short-term Debt [Line Items]
Proceeds from line of credit	$ 40,000,000
Revolving Credit Facility \| Amendment Credit Agreement
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity	$ 110,000,000
London Interbank Offered Rate (LIBOR) \| Second Amended and Restated Credit Agreement
Short-term Debt [Line Items]
Interest rate margin	1.00%
New York Federal Reserve Bank (NYFRB) \| Second Amended and Restated Credit Agreement
Short-term Debt [Line Items]
Interest rate margin	0.50%
Minimum \| Amendment Credit Agreement
Short-term Debt [Line Items]
Commitment fee percentage	0.35%
Minimum \| London Interbank Offered Rate (LIBOR) \| Amendment Credit Agreement
Short-term Debt [Line Items]
Interest rate margin	2.25%
Minimum \| Prime Rate \| Amendment Credit Agreement
Short-term Debt [Line Items]
Interest rate margin	1.25%
Maximum \| Amendment Credit Agreement
Short-term Debt [Line Items]
Commitment fee percentage	0.45%
Maximum \| London Interbank Offered Rate (LIBOR) \| Amendment Credit Agreement
Short-term Debt [Line Items]
Interest rate margin	3.00%
Maximum \| Prime Rate \| Amendment Credit Agreement
Short-term Debt [Line Items]
Interest rate margin	2.00%

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 26,000
Total	$ 26,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Common Stock and Stock-Based Compensation - Narrative (Details)			3 Months Ended	12 Months Ended			17 Months Ended	65 Months Ended
	Sep. 24, 2020 USD ($) $ / shares shares	Aug. 04, 2015 shares	Mar. 31, 2021 milestone $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Mar. 17, 2020 USD ($)	Dec. 31, 2021 USD ($) shares	Sep. 23, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchases of common stock				$ 21,213,000	$ 34,999,000	$ 17,961,000
Fair value adjustments on settled accelerated share repurchase agreement				$ 0	$ 2,962,000	$ 0
Shares of common stock repurchased (in shares) \| shares				429,446	774,489	317,429
Share-based payment award, award vesting period				4 years
Number of shares available for grant (in shares) \| shares				1,934,193				1,934,193
Weighted-average grant-date fair value of options granted (in dollars per share) \| $ / shares				$ 23.62	$ 28.98	$ 22.18
Unrecognized compensation cost				$ 8,853,000				$ 8,853,000
Total intrinsic value of options exercised				$ 2,434,000
Weighted average contractual terms of options outstanding				5 years 2 months 12 days	6 years 1 month 6 days	6 years 9 months 18 days
Aggregate pre-tax intrinsic value of options outstanding				$ 13,800,000	$ 11,600,000	$ 31,900,000		13,800,000
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, number of additional shares authorized (in shares) \| shares		500,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost expense term				2 years
Expected volatility						40.83%
Expected dividend yield				0.00%	0.00%	0.00%
Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)				5 years 6 months	5 years 6 months	1 year 6 months 3 days
Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)				6 years 29 days	6 years 29 days	9 years 4 months 28 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost expense term				2 years 3 months 18 days
Unrecognized compensation cost				$ 7,562,000				7,562,000
Expired (in shares) \| shares				76,167	79,849
Granted (in shares) \| shares				106,600	236,450
Granted (in dollars per share) \| $ / shares				$ 48.55	$ 59.48
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expired (in shares) \| shares			97,750	119,450	18,431
Granted (in shares) \| shares				159,000	0
Granted (in dollars per share) \| $ / shares				$ 62.94	$ 0
Risk free interest rate			0.18%
Expected volatility			44.00%
Expected term (in years)			3 years
Expected dividend yield			0.00%
PSU \| S&P Biotechnology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares			99,500,000
Granted (in dollars per share) \| $ / shares			$ 71.09
Milestone Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares			59,500
Granted (in dollars per share) \| $ / shares			$ 49.32
Number of milestones \| milestone			1
Number of milestones required to be met \| milestone			3
Expiration period			3 years
Expected achievement rate				0.00%
Milestone Performance-Based Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage of target number granted			0.00%
Milestone Performance-Based Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage of target number granted			200.00%
March 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount (up to)							$ 160,000,000
Accelerated share repurchases, authorized amount									$ 25,000,000
Accelerated share repurchases, payment	$ 25,000,000
Accelerated share repurchases, shares received (in shares) \| shares	550,623
Accelerated share repurchases, initial price paid per share (in dollars per share) \| $ / shares	$ 45.40
Fair value adjustments on settled accelerated share repurchase agreement					$ 3,000,000
October 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchases of common stock							$ 68,000,000
Accelerated Share Repurchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchases of common stock								$ 228,100,000
Shares of common stock repurchased (in shares) \| shares								4,111,622

Common Stock and Stock-Based Compensation - Schedule of Common Stock Repurchase (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Shares of common stock repurchased (in shares)	429,446	774,489	317,429
Cash paid for repurchases of common stock	$ 21,213	$ 34,999	$ 17,961

Common Stock and Stock-Based Compensation - Fair Value of Share Options Granted (Details) - Options	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.51%	0.37%	1.42%
Risk-free interest rate, maximum	1.26%	1.65%	2.61%
Volatility, minimum	52.87%	54.89%
Volatility			40.83%
Volatility, maximum	60.02%	55.51%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months	1 year 6 months 3 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days	9 years 4 months 28 days

Common Stock and Stock-Based Compensation - Share-based Compensation, Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	3,331,890	3,096,161
Granted (in shares)	114,000	762,200
Exercised (in shares)	(122,847)	(149,473)
Forfeited or expired (in shares)	(508,165)	(376,998)
Ending balance (in shares)	2,814,878	3,331,890	3,096,161
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Beginning balance (in dollars per share)	$ 59.20	$ 59.29
Granted (in dollars per share)	46.74	55.76
Exercised (in dollars per share)	27.64	24.43
Forfeited or expired (in dollars per share)	62.00	66.71
Ending balance (in dollars per share)	$ 58.51	$ 59.20	$ 59.29
Non- Exercisable options outstanding (in shares)	472,916	1,028,142	1,070,054
Exercisable options outstanding (in shares)	2,341,962	2,303,748	2,026,107

Common Stock and Stock-Based Compensation - Schedule of Restricted and Phantom Stock Unit Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
RSU
Number of Restricted Stock Units
Beginning balance (in shares)	328,396	328,396	251,215
Granted (in shares)		106,600	236,450
Vested (in shares)		(95,523)	(79,420)
Forfeited (in shares)		(76,167)	(79,849)
Ending balance (in shares)		263,306	328,396
Weighted Average Grant Date Fair Value (Per Share)
Beginning balance (in dollars per share)	$ 53.09	$ 53.09	$ 44.84
Granted (in dollars per share)		48.55	59.48
Vested (in dollars per share)		52.26	46.78
Forfeited (in dollars per share)		52.29	52.76
Ending balance (in dollars per share)		$ 51.77	$ 53.09
PSU
Number of Restricted Stock Units
Beginning balance (in shares)	97,750	97,750	116,181
Granted (in shares)		159,000	0
Vested (in shares)		0	0
Forfeited (in shares)	(97,750)	(119,450)	(18,431)
Ending balance (in shares)		137,300	97,750
Weighted Average Grant Date Fair Value (Per Share)
Beginning balance (in dollars per share)	$ 90.19	$ 90.19	$ 90.19
Granted (in dollars per share)		62.94	0
Vested (in dollars per share)		0	0
Forfeited (in dollars per share)		84.90	90.19
Ending balance (in dollars per share)		$ 63.24	$ 90.19

Common Stock and Stock-Based Compensation - Schedule of Share-based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 19,555	$ 24,756	$ 21,998
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	11,521	17,694	16,394
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,729	1,635	3,062
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,305	5,427	2,542
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	16,873	22,074	17,556
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,682	$ 2,682	$ 4,442

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 6,912	$ 10,140	$ 6,689
State	785	2,059	844
Total	7,697	12,199	7,533
Deferred:
Federal	(3,030)	(1,227)	392
State	(588)	(284)	(240)
Total	(3,618)	(1,511)	152
Provision for income taxes	$ 4,079	$ 10,688	$ 7,685

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. Federal statutory tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	(1.00%)	6.00%	2.00%
Tax effect on stock option exercises, net of forfeitures	(44.00%)	4.00%	1.00%
R&D tax credits and Orphan Drug credits	31.00%	(2.00%)	(2.00%)
Limitation on executive compensation	(60.00%)	9.00%	10.00%
Change in valuation allowance	(40.00%)	9.00%	4.00%
Foreign rate differential	4.00%	(1.00%)	(2.00%)
Other	(1.00%)	1.00%	1.00%
Effective tax rate	(90.00%)	47.00%	35.00%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforward	$ 1,563	$ 841
Stock based compensation	10,405	12,015
Other asset - equity investment with readily determined fair value	3,190	1,771
Inventories	2,123	2,338
Employee-related expenses	1,240	51
Intangible assets	4,207	708
Right-of-use liability	962	1,154
R&D tax credit carryforwards	329	86
Other	1,489	1,216
Total deferred tax assets	25,508	20,180
Deferred tax liabilities
Installment sale - Malta	485	483
Prepaid expenses	45	43
Fixed assets	300	315
Lease liability	921	1,092
Total deferred tax liabilities	1,751	1,933
Valuation allowance	(4,959)	(3,067)
Net deferred tax assets	$ 18,798	$ 15,180

Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Deferred tax assets, operating loss carryforwards, foreign	$ 4.5

License and Collaboration Agreements - License Agreements (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement $ in Millions	Aug. 31, 2021 USD ($)
Combioxin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 10
Maximum aggregate milestone payments	105
AOP Orphan Pharmaceuticals GmbH
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	5
Maximum aggregate milestone payments	$ 25

License and Collaboration Agreements - Collaboration with Tyme (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 07, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Gain (loss) on fair value adjustments	$ (6,170,000)	$ (5,300,000)	$ 0
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Tyme
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Co-promotion agreement, percentage of promotional sales effort responsible for				25.00%
Co-promotion agreement, percentage of net revenue receivable				15.00%
Co-promotion agreement, percentage of net revenue receivable due to collaborator				85.00%
Co-promotion agreement, right to repurchase, amount				$ 200,000,000
Gain (loss) on fair value adjustments	$ (6,200,000)	$ 5,300,000

Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 01, 2021
Operating Leases
Total	$ 4,329
2022	1,423
2023	1,455
2024	1,038
2025	413
Less: imputed interest	(116)
Total lease liabilities	4,213
Credit facility
Total	26,000
2022	26,000
2023	0
2024	0
2025	0
Purchase obligations
Total	69,549
2022	69,549
2023	0
2024	0
2025	0
Total obligations
Total	99,878
2022	96,972
2023	1,455
2024	1,038
2025	413
Lessee, operating lease, term of contract				36 months
Operating lease rent expense	$ 1,407	$ 1,323	$ 1,146

Related Party Transaction (Details) - $ / shares		12 Months Ended
Related Party Transaction (Details) - $ / shares	May 10, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Shares of common stock repurchased (in shares)		429,446	774,489	317,429
Director
Related Party Transaction [Line Items]
Shares of common stock repurchased (in shares)	100,000
Block trade closing price (in dollars per share)	$ 56.14

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 23,850	$ 23,100
Accumulated Amortization	(13,179)	(10,183)
Accumulated Impairment Charges	0	0
Net Book Value	$ 10,671	$ 12,917
Ryanodex intangible
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	18 years 6 months	20 years
Gross Carrying Amount	$ 15,000	$ 15,000
Accumulated Amortization	(5,079)	(3,500)
Accumulated Impairment Charges	0	0
Net Book Value	$ 9,921	$ 11,500
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	5 years	5 years
Gross Carrying Amount	$ 8,100	$ 8,100
Accumulated Amortization	(8,100)	(6,683)
Accumulated Impairment Charges	0	0
Net Book Value	$ 0	$ 1,417
Vasopressin Milestone
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	1 year
Gross Carrying Amount	$ 750
Accumulated Amortization	0
Accumulated Impairment Charges	0
Net Book Value	$ 750

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in Accounting Estimate [Line Items]
Amortization expense of intangible assets	$ 2,996	$ 2,666	$ 2,520
Intangible assets	10,671	12,917
Ryanodex intangible
Change in Accounting Estimate [Line Items]
Intangible assets	9,921	$ 11,500
Intangible Assets, Amortization Period
Change in Accounting Estimate [Line Items]
Amortization expense of intangible assets	$ 400

Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 3,073
2023	2,785
2024	2,511
2025	2,302
All other	0
Net Book Value	$ 10,671	$ 12,917

Legal Proceedings (Details)	Dec. 20, 2019 patent
Par Pharmaceutical, Inc. et al. v. Eagle Pharmaceuticals, Inc. (Vasopressin) \| Pending Litigation
Loss Contingencies [Line Items]
Number of patents, claims dismissed	3

Convertible Promissory Note (Details) - USD ($)	3 Months Ended	12 Months Ended
Convertible Promissory Note (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Total in Other Current Assets, beginning balance	$ 0	$ 0
Fair Value Adjustments to the note		(94,000)	$ 0	$ 0
Estimated Credit Loss		(758,000)	0	$ 0
Embedded Derivative, ending balance		962,000
Total in Other Current Assets, ending balance		5,312,000	0
Convertible Promissory Note
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	$ 5,000,000
Stated interest rate	8.00%
Credit agreement, term	18 months
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Fair value of the note, beginning balance	$ 5,000,000	5,000,000
Discount on the note, beginning balance	(276,000)	(276,000)
Estimated Credit Loss, beginning balance	0	0
Convertible Promissory Note, net, beginning balance	4,724,000	4,724,000
Embedded Derivative, beginning balance	276,000	276,000
Interest Receivable, beginning balance	0	0
Total in Other Current Assets, beginning balance	$ 5,000,000	5,000,000
Fair Value Adjustments to the note		(94,000)
Accretion of Discount		149,000
Estimated Credit Loss		(758,000)
Interest Income		329,000
Fair Value Adjustment to Embedded Derivative		686,000
Fair value of the note, ending balance		4,906,000	5,000,000
Discount on the note, ending balance		(127,000)	(276,000)
Estimated Credit Loss, ending balance		(758,000)	0
Convertible Promissory Note, net, ending balance		4,021,000	4,724,000
Embedded Derivative, ending balance		962,000	276,000
Interest Receivable, ending balance		329,000	0
Total in Other Current Assets, ending balance		$ 5,312,000	$ 5,000,000