Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Entity Registrant Name	ACORDA THERAPEUTICS, INC.
Entity Central Index Key	0001008848
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	ACOR
Title of each class	Common Stock $0.001 par value
Name of each exchange on which registered	NASDAQ
Entity Common Stock, Shares Outstanding		47,984,514
Entity File Number	001-31938
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3831168
Entity Address, Address Line One	420 Saw Mill River Road
Entity Address, City or Town	Ardsley
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10502
City Area Code	914
Local Phone Number	347-4300

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 32,417	$ 62,085
Restricted cash	13,175	12,836
Short term investments	50,477	63,754
Trade accounts receivable, net of allowances of $498 and $682, as of March 31, 2020 and December 31, 2019, respectively	14,969	22,083
Prepaid expenses	27,395	11,574
Inventory, net	25,566	25,221
Other current assets	4,286	3,560
Total current assets	168,285	201,113
Property and equipment, net of accumulated depreciation	142,500	142,527
Intangible assets, net of accumulated amortization	390,311	402,329
Right of use asset, net of accumulated amortization	22,450	23,450
Restricted cash	30,270	30,270
Other assets	11	29
Total assets	753,827	799,718
Current liabilities:
Accounts payable	12,073	26,257
Accrued expenses and other current liabilities	36,968	39,077
Current portion of loans payable	592	603
Current portion of liability related to sale of future royalties	11,209	10,836
Current portion of lease liabilities	7,846	7,746
Current portion of acquired contingent consideration	1,940	1,866
Total current liabilities	70,628	86,385
Convertible senior notes	195,349	192,774
Derivative liability	32,881	59,409
Non-current portion of acquired contingent consideration	74,460	78,434
Non-current portion of lease liabilities	21,757	22,996
Non-current portion of loans payable	24,713	25,495
Deferred tax liability	16,391	9,581
Non-current portion of liability related to sale of future royalties	10,964	13,565
Other non-current liabilities	10	259
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value. Authorized 1,000,000 shares at March 31, 2020 and December 31, 2019; no shares issued as of March 31, 2020 and December 31, 2019, respectively
Common stock, $0.001 par value. Authorized 80,000,000 shares at March 31, 2020 and December 31, 2019; issued 47,734,146 and 47,730,396 shares, including those held in treasury, as of March 31, 2020 and December 31, 2019, respectively	48	48
Treasury stock at cost (29,304 shares at March 31, 2020 and December 31, 2019)	(638)	(638)
Additional paid-in capital	981,364	979,388
Accumulated deficit	(673,281)	(666,809)
Accumulated other comprehensive (loss) income	(819)	(1,169)
Total stockholders’ equity	306,674	310,820
Total liabilities and stockholders’ equity	$ 753,827	$ 799,718

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Trade accounts receivable, allowances (in dollars)	$ 498	$ 682
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, Authorized shares	1,000,000	1,000,000
Preferred stock, issued shares	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, Authorized shares	80,000,000	80,000,000
Common stock, issued shares	47,734,146	47,730,396
Treasury stock, shares	29,304	29,304

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total net revenues	$ 28,099	$ 44,137
Costs and expenses:
Cost of sales	3,843	8,799
Research and development	7,705	16,028
Selling, general and administrative	41,108	52,725
Amortization of intangible assets	7,691	2,564
Asset impairment	4,131
Change in fair value of derivative liability	(26,528)
Changes in fair value of acquired contingent consideration	(3,682)	7,400
Total operating expenses	34,268	87,516
Operating loss	(6,169)	(43,379)
Other (expense) income, net:
Interest and amortization of debt discount expense	(7,566)	(6,424)
Interest income	312	1,496
Other expenses	(42)
Realized loss on foreign currency transactions	(5)	(13)
Total other expense, net	(7,301)	(4,941)
Loss before taxes	(13,470)	(48,320)
Benefit from income taxes	6,998	715
Net loss	$ (6,472)	$ (47,605)
Net loss per share—basic	$ (0.14)	$ (1.00)
Net loss per share—diluted	$ (0.14)	$ (1.00)
Weighted average common shares outstanding used in computing net loss per share—basic	47,703	47,472
Weighted average common shares outstanding used in computing net loss per share—diluted	47,703	47,472
Net Product Revenues
Revenues:
Total net revenues	$ 24,672	$ 41,334
Royalty Revenues
Revenues:
Total net revenues	$ 3,427	$ 2,803

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (6,472)	$ (47,605)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	387	(1,609)
Unrealized (loss) income on available for sale debt securities	(37)	178
Other comprehensive income (loss), net of tax	350	(1,431)
Comprehensive loss	$ (6,122)	$ (49,036)

- Definition

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

+ References + Details

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income
Balance at Dec. 31, 2018	$ 611,983	$ 48	$ (2,133)	$ 1,005,105	$ (393,843)	$ 2,806
Balance (in shares) at Dec. 31, 2018		47,508,000
Compensation expense for issuance of stock options to employees	2,745			2,745
Compensation expense for issuance of restricted stock to employees	922			922
Compensation expense for issuance of restricted stock to employees (in shares)		49,000
Exercise of stock options	24			24
Exercise of stock options (in shares)		2,000
Purchase of Treasury Stock	(52)		(52)
Purchase of Treasury Stock ,Shares		4,000
Other comprehensive income, net of tax	(1,431)					(1,431)
Net loss	(47,605)				(47,605)
Balance at Mar. 31, 2019	566,586	$ 48	(2,185)	1,008,796	(441,448)	1,375
Balance (in shares) at Mar. 31, 2019		47,563,000
Balance at Dec. 31, 2019	310,820	$ 48	(638)	979,388	(666,809)	(1,169)
Balance (in shares) at Dec. 31, 2019		47,730,000
Compensation expense for issuance of stock options to employees	$ 1,976			1,976
Compensation expense for issuance of restricted stock to employees (in shares)		4,000
Purchase of Treasury Stock ,Shares	0
Other comprehensive income, net of tax	$ 350					350
Net loss	(6,472)				(6,472)
Balance at Mar. 31, 2020	$ 306,674	$ 48	$ (638)	$ 981,364	$ (673,281)	$ (819)
Balance (in shares) at Mar. 31, 2020		47,734,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (6,472)	$ (47,605)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Share-based compensation expense	1,976	3,667
Amortization of net premiums and discounts on investments	(47)	(521)
Amortization of debt discount and debt issuance costs	4,054	4,717
Depreciation and amortization expense	10,077	4,850
Asset impairment	4,131
Change in acquired contingent consideration obligation	(3,682)	7,400
Non-cash royalty revenue	(3,016)	(2,467)
Deferred tax (benefit) provision	6,796	(1,092)
Change in derivative liability	(26,528)
Changes in assets and liabilities:
Decrease in accounts receivable	7,114	2,777
(Increase) decrease in prepaid expenses and other current assets	(16,548)	7,602
Increase in inventory	(345)	(2,451)
Decrease in other assets	17
Decrease in accounts payable, accrued expenses and other current liabilities	(15,920)	(54,042)
Decrease in other non-current liabilities	(387)	(331)
Net cash used in operating activities	(38,779)	(77,496)
Cash flows from investing activities:
Purchases of property and equipment	(2,245)	(24,655)
Purchases of investments		(48,685)
Proceeds from maturities of investments	13,288	55,219
Net cash provided by (used in) investing activities	11,043	(18,121)
Cash flows from financing activities:
Debt issuance costs	(981)
Proceeds from issuance of common stock and option exercises		24
Purchase of treasury stock		(52)
Repayment of loans payable	(597)	(614)
Net cash used in financing activities	(1,578)	(642)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(15)	(177)
Net decrease in cash, cash equivalents and restricted cash	(29,330)	(96,436)
Cash, cash equivalents and restricted cash at beginning of period	105,192	294,351	$ 294,351
Cash, cash equivalents and restricted cash at end of period	75,862	197,915	$ 105,192
Supplemental disclosure:
Cash paid for interest	12	18
Cash paid for taxes	$ 63	$ 19

Organization and Business Activities

3 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Business Activities

(1) Organization and Business Activities

Acorda Therapeutics, Inc. (“Acorda” or the “Company”) is a biopharmaceutical company focused on developing therapies that restore function and improve the lives of people with neurological disorders.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information, Accounting Standards Codification (ASC) Topic 270-10 and with the instructions to Form 10-Q. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments considered necessary for a fair presentation have been included in the interim periods presented and all adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of this filing. Operating results for the three-month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. When used in these notes, the terms “Acorda” or “the Company” mean Acorda Therapeutics, Inc. The December 31, 2019 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. You should read these unaudited interim condensed consolidated financial statements in conjunction with the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K, for the year ended December 31, 2019.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Our significant accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 31, 2019. Effective January 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326), ASU 2018-13, “Fair Value Measurement (Topic 820), ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract”, and, ASU 2018-18, “Collaborative Arrangements” (Topic 808). Other than the adoption of the new accounting guidance, our significant accounting policies have not changed materially from December 31, 2019.

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows:

	Three-month period ended March 31, 2020				Three-month period ended March 31, 2019
(In thousands)	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	62,085	$	32,417	$	293,564	$	197,093
Restricted cash		12,836		13,175		532		567
Restricted cash non-current		30,270		30,270		255		255
Total Cash, cash equivalents and restricted cash per statement of cash flows	$	105,191	$	75,862	$	294,351	$	197,915

Amounts included in restricted cash represent those amounts in escrow related to the 6% semi-annual interest portion, payable in cash or stock, of the convertible note exchange completed in December 2019 payable within the next 12 months and those amounts required to be set aside to cover the Company’s self-funded employee health insurance costs over the next 12 months. Restricted cash non-current represents those amounts in escrow related to the 6% semi-annual interest portion, payable in cash or stock, of the convertible note exchange completed in December 2019 payable subsequent to the next twelve months and cash collateralized standby letters of credit in connection with obligations under facility leases due to the long-term nature of the letters of credit.

Inventory

The major classes of inventory were as follows:

(In thousands)	March 31, 2020		December 31, 2019
Raw materials	$	1,796	$	1,753
Work-in-progress		3,905		13,509
Finished goods		19,866		9,959
Total	$	25,566	$	25,221

The Company reviews inventory, including inventory purchase commitments, for slow moving or obsolete amounts based on expected product sales volume and provides reserves against the carrying amount of inventory as appropriate.

Foreign Currency Translation

The functional currency of operations outside the United States of America is deemed to be the currency of the local country, unless otherwise determined that the United States dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into United States dollars using the period-end exchange rate; income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction losses and gains are recognized in the period incurred and are reported as other (expense) income, net in the statement of operations.

Segment and Geographic Information

The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer, who is the chief operating decision maker. The Company does not operate separate lines of business with respect to any of its products or product candidates and the Company does not prepare discrete financial information with respect to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported are derived from the sales of Inbrija and Ampyra in the U.S. for the three-month periods ended March 31, 2020 and 2019.

Impairment of Long-Lived Assets

The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful lives of its long-lived assets, including identifiable intangible assets subject to amortization and indefinite lived intangible assets not subject to amortization and property plant and equipment, may warrant revision or that the carrying value of the assets may be impaired. Factors the Company considers important that could trigger an impairment review include significant changes in the use of any assets, changes in historical trends in operating performance, changes in projected operating performance, results of clinical trials, stock price, loss of a major customer and significant negative economic trends. Based on the Company’s evaluation for the three-month period ended March 31, 2020, the Company determined that its indefinite lived intangible asset BTT1023 was fully impaired and recorded an asset impairment in its consolidated statement of operations. The Company also determined that its finite lived intangible assets were not impaired for the three-month period ended March 31, 2020.

Subsequent Events

Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined there were no subsequent events required disclosure in these financial statements.

Accounting Pronouncements Adopted

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequently amended by ASU 2019-04 and ASU 2019-05 which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. This new standard amends the current guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model known as current expected credit loss (CECL) model that is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on the consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13 “Fair Value Measurement (Topic 820): “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The amendment in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public business entities will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a significant impact on the consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The ASU clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, the ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license).” The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have an impact on the consolidated financial statements.

In November 2018, the FASB issued ASU 2018-18, Collaborative arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. ASU 2018-18 clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a significant impact on the consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740 and removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements.

In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments”: The amendments in this update are to clarify, correct errors in, or make minor improvements to a variety of ASC topics. The changes in ASU 2020-03 are not expected to have a significant effect on current accounting practices. The ASU improves various financial instrument topics in the Codification to increase stakeholder awareness of the amendments and to expedite the improvement process by making the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The ASU is effective for fiscal years beginning after December 15, 2020 with early application permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements.

Revenue

3 Months Ended

Mar. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue

(3) Revenue

In accordance with ASC 606, the Company recognizes revenue when the customer obtains control of a promised good or service, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the good or service. ASC 606 outlines a five-step process for recognizing revenue from contracts with customers: i) identify the contract with the customer, ii) identify the performance obligations in the contract, iii) determine the transaction price, iv) allocate the transaction price to the separate performance obligations in the contract, and v) recognize revenue associated with the performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606, the Company determines the performance obligations that are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon receipt of the product by the customer.

ASC 606 requires entities to record a contract asset when a performance obligation has been satisfied or partially satisfied, but the amount of consideration has not yet been received because the receipt of the consideration is conditioned on something other than the passage of time. ASC 606 also requires an entity to present a revenue contract as a contract liability in instances when a customer pays consideration, or an entity has a right to an amount of consideration that is unconditional (e.g. receivable), before the entity transfers a good or service to the customer. We did not have any contract assets or any contract liabilities as of March 31, 2020 and 2019.

The following table disaggregates our revenue by major source:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Revenues:
Net product revenues:
Ampyra	$	20,124	$	40,067
Inbrija		4,354		1,267
Other		194		—
Total net product revenues		24,672		41,334
Royalty revenues		3,427		2,803
Total net revenues	$	28,099	$	44,137

Share-based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation

(4) Share-based Compensation

During the three‑month periods ended March 31, 2020 and 2019, the Company recognized share-based compensation expense of $2.0 million and $3.7 million, respectively. Activity in options and restricted stock during the three-month period ended March 31, 2020 and related balances outstanding as of that date are reflected below. The weighted average fair value per share of options granted to employees for the three-month periods ended March 31, 2020 and 2019 were approximately $0.99 and $7.41, respectively.

The following table summarizes share-based compensation expense included within the consolidated statements of operations:

	For the three-month period ended March 31,
(In thousands)	2020		2019
Research and development expense	$	415	$	701
Selling, general and administrative expense		1,479		2,816
Cost of Sales		81		150
Total	$	1,976	$	3,667

A summary of share-based compensation activity for the nine-month period ended March 31, 2020 is presented below:

Stock Option Activity

	Number of Shares (In thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (In thousands)
Balance at January 1, 2020		10,469		$	22.96
Granted		60			1.54
Cancelled		(804	)		28.44
Exercised		—			—
Balance at March 31, 2020		9,725		$	22.37		5.4	$	—
Vested and expected to vest at March 31, 2020		9,676		$	22.46		5.4	$	—
Vested and exercisable at March 31, 2020		7,065		$	28.53		4.0	$	—

Restricted Stock and Performance Stock Unit Activity

(In thousands)
Restricted Stock and Performance Stock Units	Number of Shares
Nonvested at January 1, 2020		425,397
Granted		—
Vested		(3,750	)
Forfeited		(27,866	)
Nonvested at March 31, 2020		393,781

Unrecognized compensation cost for unvested stock options, restricted stock awards and performance stock units as of March 31, 2020 totaled $11.7 million and is expected to be recognized over a weighted average period of approximately 1.7 years.

During the three‑month period ended March 31, 2020, the Company did not make any repurchases of shares.

Loss Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Loss Per Share

(5) Loss Per Share

The following table sets forth the computation of basic and diluted loss per share for the three-month periods ended March 31, 2020 and 2019:

(In thousands, except per share data)	Three-month period ended March 31, 2020			Three-month period ended March 31, 2019
Basic and diluted
Net loss	$	(6,472	)	$	(47,605	)
Weighted average common shares outstanding used in computing net loss per share—basic		47,703			47,472
Plus: net effect of dilutive stock options and restricted common shares		—			—
Weighted average common shares outstanding used in computing net loss per share—diluted		47,703			47,472
Net loss per share—basic	$	(0.14	)	$	(1.00	)
Net loss per share—diluted	$	(0.14	)	$	(1.00	)

Securities that could potentially be dilutive are excluded from the computation of diluted loss per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company’s common stock during the period, because their inclusion would result in an anti-dilutive effect on per share amounts.

The following amounts were not included in the calculation of net loss per diluted share because their effects were anti-dilutive:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Denominator
Stock options and restricted common shares		18,857		8,544

Performance share units are excluded from the calculation of net loss per diluted share as the performance criteria has not been met for the three-month periods ended March 31, 2020 and 2019. Additionally, the impact of the convertible senior notes was determined to be anti-dilutive and excluded from the calculation of net loss per diluted share for the three-month periods ended March 31, 2020 and 2019.

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

(6) Income Taxes

On March 27, 2020, the CARES Act was signed into law, which enacted several tax favorable, business-related provisions. The Company reviewed the enacted provisions to determine which provisions should be considered for the three-month period ended March 31, 2020. Under the new law, the CARES Act provides that NOLs arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, can be carried back to each of the five taxable years preceding the taxable year of such loss. The Company has considered the impact to the tax provision for the carryback of net operating losses to prior periods of taxable income incurred within the period allowed under the CARES Act. The result of carrying back these losses allowed the Company to realize certain deferred tax assets and a corresponding release of the valuation allowance of approximately $1.8 million.

The Company’s effective income tax rate differs from the U.S. statutory rate primarily due to an increase in the valuation allowance offset by the benefit of net operating loss carryback under the CARES act recorded at 21% to recover taxes paid at the previous statutory rate of 35%.

For the three-month periods ended March 31, 2020 and 2019, the Company recorded a benefit of $7.0 million and $0.7 million for income taxes, respectively. The effective income tax rates for the Company for the three-month periods ended March 31, 2020 and 2019 were 52.0% and 1.5%, respectively. The variances in the effective tax rates for the three-month period ended March 31, 2020 as compared to the three-month period ended March 31, 2019 are primarily due to an increase in the valuation allowance offset by the benefit of net operating loss carryback under the CARES act recorded at 21% to recover taxes paid at the previous statutory rate of 35%.

The Company continues to evaluate the realizability of its deferred tax assets on a quarterly basis and will adjust such amounts in light of changing facts and circumstances including, but not limited to, future projections of taxable income, tax legislation, rulings by relevant tax authorities, the progress of ongoing tax audits and the regulatory approval of products currently under development. Any changes to the valuation allowance or deferred tax assets and liabilities in the future would impact the Company's income taxes.

The Company has ongoing state examinations in Massachusetts, New Jersey and Minnesota which cover multiple years. There have been no proposed adjustments at this stage of the examinations.

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

(7) Fair Value Measurements

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, exchange rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. The Company’s Level 1 assets consist of investments in a Treasury money market fund and U.S. government securities. The Company’s level 2 assets consist of investments in

corporate bonds and commercial paper which are categorized as short-term investments for investments with original maturities between three months and one year. The Company’s Level 3 liabilities represent acquired contingent consideration related to the acquisition of Civitas which are valued using a probability weighted discounted cash flow valuation approach and derivative liabilities related to conversion options for the convertible senior notes due December 2024 which are valued using a binomial model. For assets and liabilities not accounted for at fair value, the carrying values of these accounts approximates their fair values at March 31, 2020, except for the fair value of the Company’s convertible senior notes due June 2021, which was approximately $59.7 million and the fair value of the Company’s convertible senior notes due December 2024, which was approximately $187.0 million as of March 31, 2020. The Company estimates the fair value of its notes utilizing market quotations for the debt (Level 2).

(In thousands)	Level 1		Level 2		Level 3
March 31, 2020
Assets Carried at Fair Value:
Money market funds	$	720	$	—	$	—
Commercial paper		—		20,705		—
Corporate bonds		—		29,772		—
Liabilities Carried at Fair Value:
Derivative liability - conversion option		—		—		32,881
Acquired contingent consideration		—		—		76,400
December 31, 2019
Assets Carried at Fair Value:
Money market funds	$	2,219	$	—	$	—
Commercial paper		—		26,569		—
Corporate bonds		—		37,185		—
Liabilities Carried at Fair Value:
Derivative liability - conversion option		—		—		59,409
Acquired contingent consideration		—		—		80,300

The following table presents additional information about liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value.

Acquired contingent consideration

(In thousands)	Three-month period ended March 31, 2020			Three-month period ended March 31, 2019
Acquired contingent consideration:
Balance, beginning of period	$	80,300		$	168,000
Fair value change to contingent consideration included in the statement of operations		(3,682	)		7,400
Royalty payments		(218	)		—
Balance, end of period	$	76,400		$	175,400

The Company estimates the fair value of its acquired contingent consideration using a probability weighted discounted cash flow valuation approach based on estimated future sales expected from Inbrija (levodopa inhalation powder), an FDA approved drug for the treatment of OFF periods in Parkinson’s disease. Using this approach, expected probability adjusted future cash flows are calculated over the expected life of the agreement and discounted to estimate the current value of the liability at the period end date. Some of the more significant assumptions made in the valuation include (i) the estimated revenue forecast for Inbrija, (ii) probabilities of success, and (iii) discount periods and rate. The milestone payments ranged from $1.0 million to $45.0 million for Inbrija. The estimated revenue forecast for Inbrija is based on peak annual sales of $300 to $500 million. The discount rate used in the valuation was 21.5% for the three-month period ended March 31, 2020. The valuation is performed quarterly and changes in the fair value of the contingent consideration are included in the statement of operations. For the three-month periods ended March 31, 2020 and 2019, changes in the fair value of the acquired contingent consideration were primarily due to the re-calculation of cash flows for the passage of time and updates to certain other estimated assumptions.

The acquired contingent consideration is classified as a Level 3 liability as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for the various inputs to the valuation approach, including but not limited to, assumptions involving sales estimates for Inbrija and estimated discount rates, the estimated fair value could be significantly higher or lower than the fair value determined.

Derivative Liability-Conversion Option

The following table represents a reconciliation of the derivative liability recorded in connection with the issuance of the new convertible senior secured notes due 2024 acquired:

(In thousands)	Three-Month Period Ended March 31, 2020			Year Ended December 31, 2019
Derivative Liability-Conversion Option
Balance, beginning of period	$	59,409		$	—
Fair value recognized upon issuance of Convertible Senior Notes		—			59,409
Fair value adjustment		(26,528	)		—
Balance, end of period	$	32,881		$	59,409

During 2019, a derivative liability was initially recorded as a result of the issuance of the 6.00% Convertible Senior Secured Notes due 2024 (see Note 10). The fair value measurement of the derivative liability is classified as Level 3 under the fair value hierarchy as it has been valued using certain unobservable inputs. These inputs include: (1) share price as of the valuation date, (2) assumed timing of conversion of the Notes, (3) historical volatility of the share price, and (4) the risk-adjusted discount rate used to present value the probability-weighted cash flows. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. The fair value of the derivative liability as of March 31, 2020 was determined using a binomial model that calculates the fair value of the Notes with the conversion feature as compared to the fair value of the Notes without the conversion feature, with the difference representing the value of the conversion feature, or the derivative liability. The conversion feature is measured at fair value on a quarterly basis and changes in the fair value of the conversion feature will be recorded in the consolidated statement of operations. The fair value of the derivative liability for the three-month period ended March 31, 2020 was determined based on key assumption including the Company’s stock price of $0.93, the historical volatility rate of 113.0%, and the risk-adjusted discount rate of 19.8%.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Investments

(8) Investments

The Company has determined that all of its investments are classified as available-for-sale. Available-for-sale debt securities are carried at fair value with interest on these investments included in interest income and are recorded based on quoted market prices. Available-for-sale investments consisted of the following at March 31, 2020 and December 31, 2019, respectively:

			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
March 31, 2020
Commercial Paper	$	20,691	$	14	$	-		$	20,705
Corporate Bonds		29,796		1		(25	)		29,772
Total Short-term investments	$	50,487	$	15	$	(25	)	$	50,477
December 31, 2019
Commercial Paper	$	26,550	$	19	$	—		$	26,569
Corporate Bonds		37,177		20		(12	)		37,185
Total Short-term investments	$	63,727	$	39	$	(12	)	$	63,754

Short-term investments with maturities of three months or less from date of purchase have been classified as cash equivalents, and amounted to approximately $0.7 million and $2.2 million as of March 31, 2020 and December 31, 2019, respectively. Short-term investments have original maturities of greater than 3 months but less than 1 year and amounted to approximately $50.5 million and $63.8 million as of March 31, 2020 and December 31, 2019, respectively. The aggregate fair value of short-term investments in an unrealized loss position amounted to approximately $28.8 million and $25.5 million as of March 31, 2020 and December 31, 2019, respectively. Short-term investments at March 31, 2020 primarily consisted of high-grade commercial paper and corporate bonds. Long-term investments have original maturities of greater than 1 year. There were no investments classified as long-term at March 31, 2020 or December 31, 2019. The Company has determined that there were no other-than-temporary declines in the fair values of its investments as of March 31, 2020 as the Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell its investments prior to the recovery of its amortized cost basis.

Unrealized holding gains and losses, which relate to debt instruments, are reported within accumulated other comprehensive income (AOCI) in the statements of comprehensive income. The changes in AOCI associated with the unrealized holding gains on available-for-sale investments during the three-month period ended March 31, 2020, were as follows (in thousands):

(In thousands)	Net Unrealized Gains (Losses) on Marketable Securities
Balance at December 31, 2019	$	27
Other comprehensive income before reclassifications:
Amounts reclassified from accumulated other comprehensive income		—
Net current period other comprehensive loss		(37	)
Balance at March 31, 2020	$	(10	)

Liability Related to Sale of Future Royalties

3 Months Ended

Mar. 31, 2020

Deferred Revenue Disclosure [Abstract]

(9) Liability Related to Sale of Future Royalties

As of October 1, 2017, the Company completed a royalty purchase agreement with HealthCare Royalty Partners, or HCRP (“Royalty Agreement”). In exchange for the payment of $40 million to the Company, HCRP obtained the right to receive Fampyra royalties payable by Biogen under the License and Collaboration Agreement between the Company and Biogen, up to an agreed upon threshold of royalties. When this threshold is met, if ever, the Fampyra royalties will revert back to the Company and the Company will continue to receive the Fampyra royalties from Biogen until the revenue stream ends. The transaction does not include potential future milestones to be paid.

The Company maintained the rights under the license and collaboration agreement with Biogen, therefore, the Royalty Agreement has been accounted for as a liability that will be amortized using the effective interest method over the life of the arrangement, in accordance with the relevant accounting guidance. The Company recorded the receipt of the $40 million payment from HCRP and established a corresponding liability in the amount of $40 million, net of transaction costs of approximately $2.2 million. The net liability is classified between the current and non-current portion of liability related to the sale of future royalties in the consolidated balance sheets based on the recognition of the interest and principal payments to be received by HCRP in the next 12 months from the financial statement reporting date. The total net royalties to be paid, less the net proceeds received will be recorded to interest expense using the effective interest method over the life of the Royalty Agreement. The Company will estimate the payments to be made to HCRP over the term of the Agreement based on forecasted royalties and will calculate the interest rate required to discount such payments back to the liability balance. Over the course of the Royalty Agreement, the actual interest rate will be affected by the amount and timing of net royalty revenue recognized and changes in forecasted revenue. On a quarterly basis, the Company will reassess the effective interest rate and adjust the rate prospectively as necessary.

The following table shows the activity within the liability account for March 31, 2020 and December 31, 2019, respectively:

(In thousands)	March 31, 2020			December 31, 2019
Liability related to sale of future royalties - beginning balance	$	24,400		$	30,716
Deferred transaction costs recognized		133			639
Non-cash royalty revenue payable to HCRP		(3,016	)		(10,271	)
Non-cash interest expense recognized		656			3,316
Liability related to sale of future royalties - ending balance	$	22,173		$	24,400

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

(10) Debt

New Convertible Senior Secured Notes Due 2024

On December 24, 2019, the Company completed the private exchange of $276.0 million aggregate principal amount of its outstanding 1.75% Convertible Senior Notes due 2021 (the “2021 Notes”) for a combination of newly-issued 6.00% Convertible Senior Secured Notes due 2024 (the “New Notes”) and cash. For each $1,000 principal amount of exchanged 2021 Notes, the Company issued $750 principal amount of the New Notes and made a cash payment of $200 (the “Exchange”). In the aggregate, the Company issued approximately $207.0 million aggregate principal amount of the New Notes and paid approximate $55.2 million in cash to participating holders. The Exchange was conducted with a limited number of institutional holders of the 2021 Notes pursuant to Exchange Agreements dated as of December 20, 2019 (each, an “Exchange Agreement”).

The New Notes were issued pursuant to an Indenture, dated as of December 23, 2019, among the Company, its wholly owned subsidiary, Civitas Therapeutics, Inc. (along with any domestic subsidiaries acquired or formed after the date of issuance, the “Guarantors”), and Wilmington Trust, National Association, as trustee and collateral agent (the “Indenture”). The New Notes are senior obligations of the Company and the Guarantors, secured by a first priority security interest in substantially all of the assets of the Company and the Guarantors, subject to certain exceptions described in the Security Agreement, dated as of December 23, 2019, between the grantors party thereto and Wilmington Trust, National Association, as collateral agent (the “Security Agreement”).

The New Notes will mature on December 1, 2024 unless earlier converted in accordance with their terms prior to such date. Interest on the New Notes will be payable semi-annually in arrears at a rate of 6.00% per annum on each June 1 and December 1, beginning on June 1, 2020. The Company may elect to pay interest in cash or shares of the Company’s common stock, subject to the satisfaction of certain conditions. If the Company elects to pay interest in shares of common stock, such common stock will have a per share value equal to 95% of the daily volume-weighted average price for the 10 trading days ending on and including the trading day immediately preceding the relevant interest payment date.

The New Notes will be convertible at the option of the holder into shares of common stock of the Company at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate for the New Notes is 285.7142 shares of the Company’s common stock per $1,000 principal amount of New Notes, representing an initial conversion price of approximately $3.50 per share of common stock. The conversion rate is subject to adjustment in certain circumstances as described in the Indenture.

The Company may elect to settle conversions of the New Notes in cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock. Holders who convert their New Notes prior to June 1, 2023 (other than in connection with a make-whole fundamental change) will also be entitled to an interest make-whole payment equal to the sum of all regularly scheduled stated interest payments, if any, due on such New Notes on each interest payment date occurring after the conversion date for such conversion and on or before June 1, 2023. In addition, the Company will have the right to cause all New Notes then outstanding to be converted automatically if the volume-weighted average price per share of the Company’s common stock equals or exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied.

Holders of the New Notes will have the right, at their option, to require the Company to purchase their New Notes if a fundamental change (as defined in the Indenture) occurs, in each case, at a repurchase price equal to 100% of the principal amount of the New Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Notwithstanding the foregoing, the Company’s ability to settle conversions and make interest payments using shares of its common stock is subject to certain limitations set forth in the Indenture until the time, if any, that the Company’s stockholders have approved (i) the issuance of more than 19.99% of the Company’s outstanding shares in accordance with Nasdaq listing standards and (ii) an amendment to the Company’s certificate of incorporation to increase the number of authorized shares. The Company intends to seek stockholder approval of these matters at its 2020 Annual Meeting of Stockholders.

Subject to a number of exceptions and qualifications, the Indenture restricts the ability of the Company and certain of its subsidiaries to, among other things, (i) pay dividends or make other payments or distributions on their capital stock, or purchase, redeem, defease or otherwise acquire or retire for value any capital stock, (ii) make certain investments, (iii) incur indebtedness or issue preferred stock, other than certain forms of permitted debt, which includes, among other items, indebtedness incurred to refinance the 2021 Notes, (iv) create liens on their assets, (v) sell their assets, (vi) enter into certain transactions with affiliates or (vii) merge, consolidate or sell of all or substantially all of their assets. The Indenture also requires the Company to make an offer to repurchase the New Notes upon the occurrence of certain asset sales.

The Indenture provides that a number of events will constitute an event of default, including, among other things, (i) a failure to pay interest for 30 days, (ii) failure to pay the New Notes when due at maturity, upon any required repurchase, upon declaration of acceleration or otherwise, (iii) failure to convert the New Notes in accordance with the Indenture and the failure continues for five business days, (iv) not issuing certain notices required by the Indenture within a timely manner, (v) failure to comply with the other covenants or agreements in the Indenture for 60 days following the receipt of a notice of non-compliance, (vi) a default or other failure by the Company to make required payments under other indebtedness of the Company or certain subsidiaries having an outstanding principal amount of $30.0 million or more, (vii) failure by the Company or certain subsidiaries to pay final judgments aggregating in excess of $30.0 million, (viii) certain events of bankruptcy or insolvency and (ix) the commercial launch in the United States of a product determined by the U.S. FDA to be bioequivalent to Inbrija. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding New Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding New Notes may declare all the notes to be due and payable immediately.

The 2021 Notes received by the Company in the Exchange have been cancelled in accordance with their terms. Accordingly, upon completion of the Exchange, $69.0 million of the 2021 Notes remained outstanding.

The Company determined that the exchange of the 2021 Notes for New Notes qualified for a debt extinguishment and recognized a gain on extinguishment of $55.1 million for the year ended December 31, 2019, representing the difference between the fair value of the liability component immediately before the exchange and the carrying value of the debt. The Company recorded an adjustment of $38.4 million to additional paid-in capital to adjust the equity component of 2021 Notes in connection with the extinguishment.

The Company assessed all terms and features of the New Notes in order to identify any potential embedded features that would require bifurcation. As part of this analysis, the Company assessed the economic characteristics and risks of the New Notes, including the conversion, put and call features. Per the terms of the Indenture, the Company’s ability to settle conversions and make interest payments using shares of its common stock is limited until such time as the Company’s stockholders have approved a waiver of a share limit imposed under Nasdaq rules and a necessary increase in the number of authorized shares of common stock. The Company has until July 31, 2020 to obtain the necessary stockholder approvals and, prior to the earlier of July 31, 2020 and the date such approvals are received, the Company is entitled to settle conversions and make interest payments using shares of common stock, and is not required to make cash payments with respect to shares of common stock that are not delivered due to the applicable share limits. In consideration of these provisions, the Company concluded the conversion feature required bifurcation as a derivative. The fair value of the conversion feature derivative was determined based on the difference between the fair value of the New Notes with the conversion option and the fair value of the New Notes without the conversion option using a binomial model. The Company determined that the fair value of the derivative upon issuance of the New Notes was $59.4 million and recorded this amount as a derivative liability with an offsetting amount as a debt discount as a reduction to the carrying value of the Notes on the closing date, or December 24, 2019. The conversion feature is measured at fair value on a quarterly basis and changes in the fair value of the conversion feature for the period will be recognized in the consolidated statements of operations. The Company performed a valuation of the derivative liability for the period ended March 31, 2020 and determined that the fair value of the derivative liability was $32.9 million representing a change of $26.5 million that is recognized in the consolidated statement of operations.

The outstanding New Note balance as of March 31, 2020 and December 31, 2019 consisted of the following:

(In thousands)	March 31, 2020			December 31, 2019
Liability component:
Principal	$	207,000		$	207,000
Less: debt discount and debt issuance costs, net		(77,986	)		(80,028	)
Net carrying amount	$	129,014		$	126,972
Derivative liability-conversion option	$	32,881		$	59,409

The Company determined that the expected life of the New Notes was equal to the period through December 1, 2024 as this represents the point at which the New Notes will mature unless earlier converted in accordance with their terms prior to such date. Accordingly, the total debt discount of $75.1 million, inclusive of the fair value of the embedded derivative conversion feature at issuance, is being amortized using the effective interest method through December 1, 2024. For the three-month period ended March 31, 2020, the Company recognized $5.7 million of interest expense related to the New Notes at the effective interest rate of 18.1%. The fair value of the Company’s New Notes was approximately $187.0 million as of March 31, 2020.

In connection with the issuance of the Notes, the Company incurred approximately $5.7 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated these costs to the liability component and recorded as a reduction in the carrying amount of the debt liability on the balance sheet. The portion allocated to the New Notes is amortized to interest expense over the expected life of the 2024 Notes using the effective interest method.

The following table sets forth total interest expense recognized related to the Notes for the three month period ended March 31, 2020:

(In thousands)	Three-month period ended March 31, 2020
Contractual interest expense	$	3,105
Amortization of debt issuance costs		186
Amortization of debt discount		2,437
Total interest expense	$	5,728

Convertible Senior Notes Due 2021

On June 17, 2014, the Company issued $345 million aggregate principal amount of 1.75% Convertible Senior Notes due 2021 (the 2021 Notes) in an underwritten public offering. The net proceeds from the offering were $337.5 million after deducting the Underwriter’s discount and offering expenses paid by the Company. On December 24, 2019, the Company

completed the private exchange of $276.0 million aggregate principal amount of its outstanding 2021 Notes for a combination of newly-issued 6.00% Convertible Senior Secured Notes due 2024 (the “New Notes”) and cash. The 2021 Notes received by the Company in the exchange have been cancelled in accordance with their terms. Accordingly, upon completion of the exchange, $69.0 million of the 2021 Notes remained outstanding.

The 2021 Notes are convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, under certain circumstances as outlined in the indenture, based on an initial conversion rate, subject to adjustment, of 23.4968 shares per $1,000 principal amount of the 2021 Notes (representing an initial conversion price of approximately $42.56 per share).

The Company may redeem for cash all or part of the 2021 Notes, at the Company’s option, after June 20, 2017, under certain circumstances as outlined in the indenture.

The Company pays 1.75% interest per annum on the principal amount of the 2021 Notes, payable semiannually in arrears in cash on June 15 and December 15 of each year. The 2021 Notes will mature on June 15, 2021.

If the Company undergoes a “fundamental change” (as defined in the Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or part of their 2021 Notes in principal amounts of $1,000 or an integral multiple thereof. The Indenture contains customary terms and covenants and events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in principal amount of the outstanding 2021 Notes by notice to the Company and the Trustee, may declare 100% of the principal of and accrued and unpaid interest, if any, on all the 2021 Notes to be due and payable. Upon such a declaration of acceleration, such principal and accrued and unpaid interest, if any, will be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal and accrued and unpaid interest, if any, on all of the 2021 Notes will become due and payable automatically. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects and for up to 270 days, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right to receive additional interest on the 2021 Notes.

The 2021 Notes will be senior unsecured obligations and will rank equally with all of the Company’s existing and future senior debt and senior to any of the Company’s subordinated debt. The 2021 Notes will be structurally subordinated to all existing or future indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries and will be effectively subordinated to the Company’s existing or future secured indebtedness to the extent of the value of the collateral. The Indenture does not limit the amount of debt that the Company or its subsidiaries may incur.

In accounting for the issuance of the 2021 Notes, the Company separated the 2021 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the 2021 Notes as a whole. The equity component is not re-measured as long as it continues to meet the conditions for equity classification.

The outstanding note balance as of March 31, 2020 and December 31, 2019 consisted of the following:

(In thousands)	March 31, 2020			December 31, 2019
Liability component:
Principal	$	69,000		$	69,000
Less: debt discount and debt issuance costs, net		(2,665	)		(3,198	)
Net carrying amount	$	66,335		$	65,802
Equity component	$	22,791		$	22,791

In connection with the issuance of the 2021 Notes, the Company incurred approximately $7.5 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated these costs to the liability and equity components based on the allocation of the proceeds. Of the total $7.5 million of debt issuance costs, $1.3 million were allocated to the equity component and recorded as a reduction to additional paid-in capital and $6.2 million were allocated to the liability component and recorded as a reduction in the carrying amount of the debt liability on the balance sheet. The portion allocated to the liability component is amortized to interest expense over the expected life of the 2021 Notes using the effective interest method.

As of March 31, 2020, the remaining contractual life of the 2021 Notes is approximately 1 year. The effective interest rate on the liability component was approximately 4.8% for the period from the date of issuance through March 31, 2020.

The following table sets forth total interest expense recognized related to the 2021 Notes for the three month periods ended March 31, 2020 and 2019:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Contractual interest expense	$	302	$	5,957
Amortization of debt issuance costs		49		944
Amortization of debt discount		483		9,258
Total interest expense	$	834	$	16,159

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

(11) Leases

In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases. The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use (“ROU”) assets and lease liabilities on the balance sheet for all leases longer than 12 months. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement.

The Company adopted the new lease guidance effective January 1, 2019 using the modified retrospective transition approach, applying the new standard to all of its leases existing at the date of initial application which is the effective date of adoption. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported consolidated statements of operations and did not result in a cumulative catch-up adjustment to opening equity. The adoption of the new guidance resulted in the recognition of ROU assets of $28.0 million and lease liabilities of $35.1 million at January 1, 2019. The difference between the ROU assets and the lease liabilities is primarily due to unamortized initial direct costs, lease incentives and deferred rent related to the Company’s operating leases at March 31, 2020.

The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In calculating the present value of the lease payments, the Company elected to utilize its incremental borrowing rate based on the remaining lease terms as of the January 1, 2019 adoption date.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred, if any. Our leases have remaining lease terms of 2 years to 7 years, some of which include options to extend the lease term for up to 15 years, and some of which include options to terminate the lease within 2 years.

The Company has elected the practical expedient to combine lease and non-lease components as a single component. The lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, current operating lease liabilities and non-current operating lease liabilities.

The new standard also provides practical expedients and certain exemptions for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases where the initial lease term is one year or less or for which the ROU asset at inception is deemed immaterial, we will not recognize ROU assets or lease liabilities. Those leases are expensed on a straight line basis over the term of the lease.

Operating Leases

We lease certain office space, manufacturing and warehouse space under arrangements classified as leases under ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal options ranging from 5 to 15 years. The exercise of lease renewal options is at our sole discretion. One of our leases also includes an option to early terminate the lease within 2 years.

Ardsley, New York

In June 2011, the Company entered into a 15-year lease for an aggregate of approximately 138,000 square feet of office and laboratory space in Ardsley, New York. In 2014, the Company exercised its option to expand into an additional 25,405 square feet of office space, which the Company occupied in January 2015. The Company has options to extend the term of the lease for three additional five-year periods, and the Company has an option to terminate the lease after 10 years subject to payment of an early termination fee. The Company’s extension and early termination rights are subject to specified terms and conditions, including specified time periods when they must be exercised, and are also subject to limitations including that the Company not be in default under the lease.

The Ardsley lease provides for monthly payments of rent during the lease term. These payments consist of base rent, which takes into account the costs of the facility improvements funded by the facility owner prior to the Company’s occupancy, and additional rent covering customary items such as charges for utilities, taxes, operating expenses, and other facility fees and charges. The base rent is currently $4.8 million per year, which reflects an annual 2.5% escalation factor.

Chelsea, Massachusetts

Through our Civitas subsidiary, we lease a manufacturing facility in Chelsea, Massachusetts which we use to manufacture Inbrija. The approximately 90,000 square foot facility also includes office and laboratory space. Civitas leases this facility from North River Everett Ave, LLC pursuant to a lease with a term that expires on December 31, 2025, and Civitas has two additional extension options of five years each. The base rent under the lease is currently $1.8 million per year, which reflects an annual escalation factor of 2.5% as well as an amendment to the lease to add additional property at the Chelsea, Massachusetts site as further described below.

In 2017, the Company’s Civitas subsidiary amended its existing Chelsea, Massachusetts lease. The amendment added expansion property located in Chelsea, Massachusetts next to the existing facility. The additional property includes land being used for parking and a free-standing warehouse building on the same site. The base rent for the additional property under the lease included in the rent number above, is currently $0.4 million per year with an annual escalation factor of 3.0%.

In 2018, the Company initiated a renovation and expansion of a building within the Chelsea manufacturing facility that increased the size of the facility to approximately 95,000 square feet. The project has added a new manufacturing production line for Inbrija and other ARCUS products that has greater capacity than the existing manufacturing line, and has created additional warehousing space for manufactured product. Pursuant to a 2018 lease amendment that enabled the renovation and expansion, upon completion of the project, annual rent under the lease increased to $1.8 million. Although the project was substantially completed in late 2019, it will take additional time after completion of construction to obtain the approvals needed for use of the new production line for commercial manufacture, such as approvals from the FDA, Massachusetts state environmental permits, and approvals from other regulatory authorities. All costs to renovate and expand the facility are borne by the Company, and therefore will be accounted for as leasehold improvements when the renovation and expansion is approved to be used for production.

Additional Facilities

In October 2016, we entered into a 10-year lease agreement with a term commencing January 1, 2017, for approximately 26,000 square feet of lab and office space in Waltham, MA. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $1.1 million per year.

Our leases have remaining lease terms of 2 years to 7 years, which assumes exercise of the early termination of our Ardsley, NY lease. We do not include any renewal options in our lease terms when calculating our lease liabilities as we are not reasonably certain that we will exercise these options. When calculating the lease liability, we assume exercise of the

Ardsley early termination option. The weighted-average remaining lease term for our operating leases was 4 years at March 31, 2020. The weighted-average discount rate was 7.14% at March 31, 2020.

ROU assets and lease liabilities related to our operating leases are as follows:

(In thousands)	Balance Sheet Classification	March 31, 2020		March 31, 2019
Right-of-use assets	Right of use assets	$	22,450	$	26,802
Current lease liabilities	Current portion of lease liabilities		7,846		7,458
Non-current lease liabilities	Non-current portion of lease liabilities		21,757		26,455

We have lease agreements that contain both lease and non-lease components. We account for lease components together with non-lease components (e.g., common-area maintenance). The components of lease costs were as follows:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Operating lease cost	$	1,901	$	1,781
Variable lease cost		932		664
Short-term lease cost		353		322
Total lease cost	$	3,186	$	2,767

Future minimum commitments under all non-cancelable operating leases are as follows:

(In thousands)
2020 (excluding the three months ended March 31, 2020)	$	5,865
2021		7,986
2022		10,024
2023		3,097
2024		3,184
Later years		4,594
Total lease payments		34,751
Less: Imputed interest		(5,148	)
Present value of lease liabilities	$	29,603

Supplemental cash flow information related to our operating leases are as follows:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,918	$	1,834

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(12) Commitments and Contingencies

The Company is currently party to various legal proceedings which are principally patent litigation matters. The Company has assessed such legal proceedings and does not believe that it is probable that a liability has been incurred or that the amount of any potential liability or range of losses can be reasonably estimated. As a result, the Company did not record any loss contingencies for any of these matters. Litigation expenses are expensed as incurred.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows:

	Three-month period ended March 31, 2020				Three-month period ended March 31, 2019
(In thousands)	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	62,085	$	32,417	$	293,564	$	197,093
Restricted cash		12,836		13,175		532		567
Restricted cash non-current		30,270		30,270		255		255
Total Cash, cash equivalents and restricted cash per statement of cash flows	$	105,191	$	75,862	$	294,351	$	197,915

Amounts included in restricted cash represent those amounts in escrow related to the 6% semi-annual interest portion, payable in cash or stock, of the convertible note exchange completed in December 2019 payable within the next 12 months and those amounts required to be set aside to cover the Company’s self-funded employee health insurance costs over the next 12 months. Restricted cash non-current represents those amounts in escrow related to the 6% semi-annual interest portion, payable in cash or stock, of the convertible note exchange completed in December 2019 payable subsequent to the next twelve months and cash collateralized standby letters of credit in connection with obligations under facility leases due to the long-term nature of the letters of credit.

Inventory

The major classes of inventory were as follows:

(In thousands)	March 31, 2020		December 31, 2019
Raw materials	$	1,796	$	1,753
Work-in-progress		3,905		13,509
Finished goods		19,866		9,959
Total	$	25,566	$	25,221

The Company reviews inventory, including inventory purchase commitments, for slow moving or obsolete amounts based on expected product sales volume and provides reserves against the carrying amount of inventory as appropriate.

Foreign Currency Translation

The functional currency of operations outside the United States of America is deemed to be the currency of the local country, unless otherwise determined that the United States dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into United States dollars using the period-end exchange rate; income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction losses and gains are recognized in the period incurred and are reported as other (expense) income, net in the statement of operations.

Segment and Geographic Information

The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer, who is the chief operating decision maker. The Company does not operate separate lines of business with respect to any of its products or product candidates and the Company does not prepare discrete financial information with respect to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported are derived from the sales of Inbrija and Ampyra in the U.S. for the three-month periods ended March 31, 2020 and 2019.

Impairment of Long-Lived Assets

The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful lives of its long-lived assets, including identifiable intangible assets subject to amortization and indefinite lived intangible assets not subject to amortization and property plant and equipment, may warrant revision or that the carrying value of the assets may be impaired. Factors the Company considers important that could trigger an impairment review include significant changes in the use of any assets, changes in historical trends in operating performance, changes in projected operating performance, results of clinical trials, stock price, loss of a major customer and significant negative economic trends. Based on the Company’s evaluation for the three-month period ended March 31, 2020, the Company determined that its indefinite lived intangible asset BTT1023 was fully impaired and recorded an asset impairment in its consolidated statement of operations. The Company also determined that its finite lived intangible assets were not impaired for the three-month period ended March 31, 2020.

Subsequent Events

Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined there were no subsequent events required disclosure in these financial statements.

Accounting Pronouncements Adopted

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequently amended by ASU 2019-04 and ASU 2019-05 which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. This new standard amends the current guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model known as current expected credit loss (CECL) model that is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on the consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13 “Fair Value Measurement (Topic 820): “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The amendment in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public business entities will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a significant impact on the consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The ASU clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, the ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license).” The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have an impact on the consolidated financial statements.

In November 2018, the FASB issued ASU 2018-18, Collaborative arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. ASU 2018-18 clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a significant impact on the consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740 and removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements.

In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments”: The amendments in this update are to clarify, correct errors in, or make minor improvements to a variety of ASC topics. The changes in ASU 2020-03 are not expected to have a significant effect on current accounting practices. The ASU improves various financial instrument topics in the Codification to increase stakeholder awareness of the amendments and to expedite the improvement process by making the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The ASU is effective for fiscal years beginning after December 15, 2020 with early application permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows:

	Three-month period ended March 31, 2020				Three-month period ended March 31, 2019
(In thousands)	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	62,085	$	32,417	$	293,564	$	197,093
Restricted cash		12,836		13,175		532		567
Restricted cash non-current		30,270		30,270		255		255
Total Cash, cash equivalents and restricted cash per statement of cash flows	$	105,191	$	75,862	$	294,351	$	197,915

Schedule of Major Classes of Inventory

Inventory

The major classes of inventory were as follows:

(In thousands)	March 31, 2020		December 31, 2019
Raw materials	$	1,796	$	1,753
Work-in-progress		3,905		13,509
Finished goods		19,866		9,959
Total	$	25,566	$	25,221

Revenue (Tables)

3 Months Ended

Mar. 31, 2020

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates our revenue by major source:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Revenues:
Net product revenues:
Ampyra	$	20,124	$	40,067
Inbrija		4,354		1,267
Other		194		—
Total net product revenues		24,672		41,334
Royalty revenues		3,427		2,803
Total net revenues	$	28,099	$	44,137

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Share-based Compensation Expense

The following table summarizes share-based compensation expense included within the consolidated statements of operations:

	For the three-month period ended March 31,
(In thousands)	2020		2019
Research and development expense	$	415	$	701
Selling, general and administrative expense		1,479		2,816
Cost of Sales		81		150
Total	$	1,976	$	3,667

Schedule of Stock Option Activity

A summary of share-based compensation activity for the nine-month period ended March 31, 2020 is presented below:

	Number of Shares (In thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (In thousands)
Balance at January 1, 2020		10,469		$	22.96
Granted		60			1.54
Cancelled		(804	)		28.44
Exercised		—			—
Balance at March 31, 2020		9,725		$	22.37		5.4	$	—
Vested and expected to vest at March 31, 2020		9,676		$	22.46		5.4	$	—
Vested and exercisable at March 31, 2020		7,065		$	28.53		4.0	$	—

Restricted Stock and Performance Stock Unit

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Restricted Stock and Performance Stock Unit Activity

(In thousands)
Restricted Stock and Performance Stock Units	Number of Shares
Nonvested at January 1, 2020		425,397
Granted		—
Vested		(3,750	)
Forfeited		(27,866	)
Nonvested at March 31, 2020		393,781

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss per Share

The following table sets forth the computation of basic and diluted loss per share for the three-month periods ended March 31, 2020 and 2019:

(In thousands, except per share data)	Three-month period ended March 31, 2020			Three-month period ended March 31, 2019
Basic and diluted
Net loss	$	(6,472	)	$	(47,605	)
Weighted average common shares outstanding used in computing net loss per share—basic		47,703			47,472
Plus: net effect of dilutive stock options and restricted common shares		—			—
Weighted average common shares outstanding used in computing net loss per share—diluted		47,703			47,472
Net loss per share—basic	$	(0.14	)	$	(1.00	)
Net loss per share—diluted	$	(0.14	)	$	(1.00	)

Schedule of Anti-dilutive Securities Excluded from Calculation of Net Loss per Diluted Share

The following amounts were not included in the calculation of net loss per diluted share because their effects were anti-dilutive:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Denominator
Stock options and restricted common shares		18,857		8,544

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

(In thousands)	Level 1		Level 2		Level 3
March 31, 2020
Assets Carried at Fair Value:
Money market funds	$	720	$	—	$	—
Commercial paper		—		20,705		—
Corporate bonds		—		29,772		—
Liabilities Carried at Fair Value:
Derivative liability - conversion option		—		—		32,881
Acquired contingent consideration		—		—		76,400
December 31, 2019
Assets Carried at Fair Value:
Money market funds	$	2,219	$	—	$	—
Commercial paper		—		26,569		—
Corporate bonds		—		37,185		—
Liabilities Carried at Fair Value:
Derivative liability - conversion option		—		—		59,409
Acquired contingent consideration		—		—		80,300

Contingent Consideration Liability

Schedule of Contingent Liabilities

The following table presents additional information about liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value.

(In thousands)	Three-month period ended March 31, 2020			Three-month period ended March 31, 2019
Acquired contingent consideration:
Balance, beginning of period	$	80,300		$	168,000
Fair value change to contingent consideration included in the statement of operations		(3,682	)		7,400
Royalty payments		(218	)		—
Balance, end of period	$	76,400		$	175,400

Derivative Liability-Conversion Option

Schedule of Fair Value Reconciliation of Derivative Liabilities

The following table represents a reconciliation of the derivative liability recorded in connection with the issuance of the new convertible senior secured notes due 2024 acquired:

(In thousands)	Three-Month Period Ended March 31, 2020			Year Ended December 31, 2019
Derivative Liability-Conversion Option
Balance, beginning of period	$	59,409		$	—
Fair value recognized upon issuance of Convertible Senior Notes		—			59,409
Fair value adjustment		(26,528	)		—
Balance, end of period	$	32,881		$	59,409

Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

Available-for-sale investments consisted of the following at March 31, 2020 and December 31, 2019, respectively:

			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
March 31, 2020
Commercial Paper	$	20,691	$	14	$	-		$	20,705
Corporate Bonds		29,796		1		(25	)		29,772
Total Short-term investments	$	50,487	$	15	$	(25	)	$	50,477
December 31, 2019
Commercial Paper	$	26,550	$	19	$	—		$	26,569
Corporate Bonds		37,177		20		(12	)		37,185
Total Short-term investments	$	63,727	$	39	$	(12	)	$	63,754

Schedule of Changes in Accumulated Other Comprehensive (Loss) Income

The changes in AOCI associated with the unrealized holding gains on available-for-sale investments during the three-month period ended March 31, 2020, were as follows (in thousands):

(In thousands)	Net Unrealized Gains (Losses) on Marketable Securities
Balance at December 31, 2019	$	27
Other comprehensive income before reclassifications:
Amounts reclassified from accumulated other comprehensive income		—
Net current period other comprehensive loss		(37	)
Balance at March 31, 2020	$	(10	)

Liability Related to Sale of Future Royalties (Tables)

3 Months Ended

Mar. 31, 2020

Deferred Revenue Disclosure [Abstract]

Schedule of Activity Within Liability Related to Sale of Future Royalties

The following table shows the activity within the liability account for March 31, 2020 and December 31, 2019, respectively:

(In thousands)	March 31, 2020			December 31, 2019
Liability related to sale of future royalties - beginning balance	$	24,400		$	30,716
Deferred transaction costs recognized		133			639
Non-cash royalty revenue payable to HCRP		(3,016	)		(10,271	)
Non-cash interest expense recognized		656			3,316
Liability related to sale of future royalties - ending balance	$	22,173		$	24,400

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Convertible Senior Secured Notes due 2024

Summary of Outstanding Note Balances

The outstanding New Note balance as of March 31, 2020 and December 31, 2019 consisted of the following:

(In thousands)	March 31, 2020			December 31, 2019
Liability component:
Principal	$	207,000		$	207,000
Less: debt discount and debt issuance costs, net		(77,986	)		(80,028	)
Net carrying amount	$	129,014		$	126,972
Derivative liability-conversion option	$	32,881		$	59,409

Schedule of Interest Expense Recognized Related to the Notes

The following table sets forth total interest expense recognized related to the Notes for the three month period ended March 31, 2020:

(In thousands)	Three-month period ended March 31, 2020
Contractual interest expense	$	3,105
Amortization of debt issuance costs		186
Amortization of debt discount		2,437
Total interest expense	$	5,728

Convertible Senior Notes due 2021

Summary of Outstanding Note Balances

The outstanding note balance as of March 31, 2020 and December 31, 2019 consisted of the following:

(In thousands)	March 31, 2020			December 31, 2019
Liability component:
Principal	$	69,000		$	69,000
Less: debt discount and debt issuance costs, net		(2,665	)		(3,198	)
Net carrying amount	$	66,335		$	65,802
Equity component	$	22,791		$	22,791

Schedule of Interest Expense Recognized Related to the Notes

The following table sets forth total interest expense recognized related to the 2021 Notes for the three month periods ended March 31, 2020 and 2019:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Contractual interest expense	$	302	$	5,957
Amortization of debt issuance costs		49		944
Amortization of debt discount		483		9,258
Total interest expense	$	834	$	16,159

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of ROU Assets and Lease Liabilities Related to Operating Leases

ROU assets and lease liabilities related to our operating leases are as follows:

(In thousands)	Balance Sheet Classification	March 31, 2020		March 31, 2019
Right-of-use assets	Right of use assets	$	22,450	$	26,802
Current lease liabilities	Current portion of lease liabilities		7,846		7,458
Non-current lease liabilities	Non-current portion of lease liabilities		21,757		26,455

Components of Lease Costs

The components of lease costs were as follows:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Operating lease cost	$	1,901	$	1,781
Variable lease cost		932		664
Short-term lease cost		353		322
Total lease cost	$	3,186	$	2,767

Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases

Future minimum commitments under all non-cancelable operating leases are as follows:

(In thousands)
2020 (excluding the three months ended March 31, 2020)	$	5,865
2021		7,986
2022		10,024
2023		3,097
2024		3,184
Later years		4,594
Total lease payments		34,751
Less: Imputed interest		(5,148	)
Present value of lease liabilities	$	29,603

Summary of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to our operating leases are as follows:

(In thousands)	Three-month period ended March 31, 2020		Three-month period ended March 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,918	$	1,834

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 32,417	$ 62,085	$ 197,093	$ 293,564
Restricted cash	13,175	12,836	567	532
Restricted cash non-current	30,270	30,270	255	255
Total Cash, cash equivalents and restricted cash per statement of cash flows	$ 75,862	$ 105,191	$ 197,915	$ 294,351

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020 Segment
Segment and Geographic Information
Number of operating segments	1
Number of reportable operating segments	1
Restricted Cash And Cash Equivalent
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Percentage of interest portion payable in cash or stock upon exchange of Convertible Note within next twelve months	6.00%
Restricted Cash And Cash Equivalent Noncurrent
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Percentage of interest portion payable in cash or stock upon exchange of Convertible Note subsequent to next twelve months	6.00%

Summary of Significant Accounting Policies - Schedule of Major Classes of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 1,796	$ 1,753
Work-in-progress	3,905	13,509
Finished goods	19,866	9,959
Total	$ 25,566	$ 25,221

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 28,099	$ 44,137
Ampyra
Disaggregation Of Revenue [Line Items]
Total net revenues	20,124	40,067
Inbrija
Disaggregation Of Revenue [Line Items]
Total net revenues	4,354	1,267
Other
Disaggregation Of Revenue [Line Items]
Total net revenues	194
Net Product Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	24,672	41,334
Royalty Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 3,427	$ 2,803

Share-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense recognized	$ 1,976	$ 3,667
Weighted average fair value of options granted (in dollars per share)	$ 0.99	$ 7.41
Unrecognized compensation costs for unvested stock options, restricted stock awards and performance stock units	$ 11,700
Unrecognized compensation costs, weighted average period	1 year 8 months 12 days
Repurchases of common stock, shares	0

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 1,976	$ 3,667
Research and development expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	415	701
Selling, general, and administrative expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	1,479	2,816
Cost of sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 81	$ 150

Share-based Compensation - Schedule of Stock Options Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020 $ / shares shares
Stock Option Activity
Beginning balance (in shares) \| shares	10,469
Granted (in shares) \| shares	60
Cancelled (in shares) \| shares	(804)
Ending balance (in shares) \| shares	9,725
Vested and expected to vest at the end of the period \| shares	9,676
Vested and exercisable at the end of the period \| shares	7,065
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 22.96
Granted (in dollars per share) \| $ / shares	1.54
Cancelled (in dollars per share) \| $ / shares	28.44
Balance at the end of the period (in dollars per share) \| $ / shares	22.37
Vested and expected to vest at the end of the period (in dollars per share) \| $ / shares	22.46
Vested and exercisable at the end of the period (in dollars per share) \| $ / shares	$ 28.53
Weighted Average Remaining Contractual Term
Balance at the end of the period	5 years 4 months 24 days
Vested and expected to vest at the end of the period	5 years 4 months 24 days
Vested and exercisable at the end of the period	4 years

Share-based Compensation - Schedule of Restricted Stock and Performance Stock Unit Activity (Details) - Restricted Stock and Performance Stock Unit shares in Thousands	3 Months Ended
	Mar. 31, 2020 shares
Restricted Stock and Performance Stock Units
Nonvested at the beginning of the period (in shares)	425,397
Granted (in shares)	0
Vested (in shares)	(3,750)
Forfeited (in shares)	(27,866)
Nonvested at the end of the period (in shares)	393,781

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic and diluted
Net loss	$ (6,472)	$ (47,605)
Weighted average common shares outstanding used in computing net loss per share—basic	47,703	47,472
Weighted average common shares outstanding used in computing net loss per share—diluted	47,703	47,472
Net loss per share—basic	$ (0.14)	$ (1.00)
Net loss per share—diluted	$ (0.14)	$ (1.00)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

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

+ References + Details

Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Net Loss Per Diluted Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock options and restricted common shares
Antidilutive Securities
Anti-dilutive securities excluded from computation of loss per share (in shares)	18,857	8,544

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 1,800
US federal corporate tax rate	21.00%		35.00%
Income tax benefit	$ 6,998	$ 715
Effective income tax rate (as a percent)	52.00%	1.50%

Fair Value Measurements - Additional Information (Details)		3 Months Ended
	Dec. 24, 2019	Mar. 31, 2020 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Milestone payment, minimum		$ 1,000,000.0
Milestone payment, maximum		45,000,000.0
Minimum \| Inbrija
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Peak annual sales		300,000,000
Maximum \| Inbrija
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Peak annual sales		$ 500,000,000
Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Measurement input, derivative liability		0.198
Stock Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Measurement input, derivative liability		0.93
Volatility Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Measurement input, derivative liability		1.130
Convertible Senior Notes Due June 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument maturity date		2021-06
Convertible Senior Secured Notes due 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument maturity date		2024-12
Notes, interest rate	6.00%	6.00%
Notes, maturity date	Dec. 01, 2024	Dec. 01, 2024
Level 2 \| Convertible Senior Notes Due June 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Convertible senior notes		$ 59,700,000
Level 2 \| Convertible Senior Secured Notes due 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Convertible senior notes		$ 187,000,000.0
Level 3 \| Weighted Discounted Cash Flow Valuation Approach \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquired contingent consideration, measurement input		21.5

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Liabilities Carried at Fair Value:
Derivative liability - conversion option	$ 32,881	$ 59,409
Level 1 \| Recurring basis \| Money Market Funds
Assets Carried at Fair Value:
Assets, Fair Value	720	2,219
Level 2 \| Recurring basis \| Commercial Paper
Assets Carried at Fair Value:
Assets, Fair Value	20,705	26,569
Level 2 \| Recurring basis \| Corporate Bonds
Assets Carried at Fair Value:
Assets, Fair Value	29,772	37,185
Level 3 \| Recurring basis
Liabilities Carried at Fair Value:
Derivative liability - conversion option	32,881	59,409
Acquired contingent consideration	$ 76,400	$ 80,300

Fair Value Measurements - Schedule of Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Assets and liabilities measured at fair value on a recurring basis utilizing Level 3 inputs
Balance, beginning of period	$ 80,300	$ 168,000
Fair value change to contingent consideration included in the statement of operations	(3,682)	7,400
Royalty payments	(218)
Balance, end of period	$ 76,400	$ 175,400

Fair Value Measurements - Schedule of Fair Value Reconciliation of Derivative Liability (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value Reconciliation Of Derivative Liability [Line Items]
Balance, beginning of period	$ 59,409
Balance, end of period	32,881	$ 59,409
Convertible Senior Secured Notes due 2024
Fair Value Reconciliation Of Derivative Liability [Line Items]
Balance, beginning of period	59,409
Fair value recognized upon issuance of Convertible Senior Notes		59,409
Fair value adjustment	(26,528)
Balance, end of period	$ 32,881	$ 59,409

Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 50,487	$ 63,727
Gross Unrealized Gains	15	39
Gross Unrealized Losses	(25)	(12)
Estimated Fair Value	50,477	63,754
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	20,691	26,550
Gross Unrealized Gains	14	19
Estimated Fair Value	20,705	26,569
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	29,796	37,177
Gross Unrealized Gains	1	20
Gross Unrealized Losses	(25)	(12)
Estimated Fair Value	$ 29,772	$ 37,185

Investments - Additional Information (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Long-term investments	$ 0	$ 0
Short-term investments	50,477,000	63,754,000
Short-term investments classified as cash equivalents	700,000	2,200,000
Short Term Investments
Schedule Of Available For Sale Securities [Line Items]
Fair value of short-term investments in an unrealized loss position	$ 28,800,000	$ 25,500,000

Investments - Schedule of Changes in Accumulated Other Comprehensive (loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2019	$ (1,169)
Other comprehensive income (loss), net of tax	350	$ (1,431)
Balance at March 31, 2020	(819)
Net Unrealized Gains (Losses) on Marketable Securities
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2019	27
Other comprehensive income (loss), net of tax	(37)
Balance at March 31, 2020	$ (10)

Liability Related to Sale of Future Royalties - Additional Information (Details) - Royalty Purchase Agreement - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 01, 2017	Mar. 31, 2020	Dec. 31, 2019
Liability Related To Sale Of Future Royalties [Line Items]
Payment from royalties	$ 40,000
Royalty liability	40,000
Transaction costs	$ 2,200	$ 133	$ 639

Liability Related to Sale of Future Royalties - Schedule of Activity Within Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Oct. 01, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Liability Related To Sale Of Future Royalties [Line Items]
Non-cash royalty revenue payable to HCRP		$ (3,016)	$ (2,467)
Royalty Purchase Agreement
Liability Related To Sale Of Future Royalties [Line Items]
Liability related to sale of future royalties - beginning balance		24,400	$ 30,716	$ 30,716
Deferred transaction costs recognized	$ 2,200	133		639
Non-cash royalty revenue payable to HCRP		(3,016)		(10,271)
Non-cash interest expense recognized		656		3,316
Liability related to sale of future royalties - ending balance		$ 22,173		$ 24,400

Debt - Additional Information (Details)			3 Months Ended		12 Months Ended
Debt - Additional Information (Details)	Dec. 24, 2019 USD ($) TradingDay	Jun. 17, 2014 USD ($)	Mar. 31, 2020 USD ($) $ / shares	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Cash payment made for exchange of notes	$ 200
Aggregate payment on debt exchange	55,200,000
Gain on debt extinguishment					$ 55,100,000
Adjusted equity component of convertible notes exchange					38,400,000
Change in fair value of derivative liability			$ 26,528,000
Interest expense			$ 7,566,000	$ 6,424,000
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Principal amount of debt exchanged	$ 276,000,000.0
Interest rate (as a percent)	1.75%	1.75%
Principal amount denomination for debt conversion	$ 1,000
Principal		$ 345,000,000
Notes maturity date			Jun. 15, 2021
Notes frequency of periodic payment			semiannually in arrears in cash
Debt instrument, principal amount outstanding	$ 69,000,000.0		$ 69,000,000		69,000,000
Interest expense			$ 834,000	$ 16,159,000
Effective interest rate on liability component (as a percent)			4.80%
Debt issuance costs			$ 7,500,000
Net proceeds from offering, after deducting Underwriter's discount and estimated offering expenses payable		$ 337,500,000
Period to comply with covenants			270 days
Debt issuance costs allocated to equity component			$ 1,300,000
Debt issuance costs allocated to liability component			$ 6,200,000
Remaining contractual life			1 year
Convertible Senior Notes due 2021 \| Debt Conversion Terms upon Occurrence of Certain Fundamental Company Changes
Debt Instrument [Line Items]
Principal amount of Notes or an integral multiple thereof in which holder may repurchase the Notes			$ 1,000
Convertible Senior Notes due 2021 \| Debt Conversion Event Term
Debt Instrument [Line Items]
Minimum percentage of aggregate principal amount held by bondholders to declare notes due and payable			25.00%
In event of default arising out of certain bankruptcy events, percentage of principal amount due and payable			100.00%
Convertible Senior Notes due 2021 \| Convertible Debt Holder
Debt Instrument [Line Items]
Initial conversion rate of common stock			23.4968
Initial conversion price of convertible notes into common stock (in dollars per share) \| $ / shares			$ 42.56
Convertible Senior Secured Notes due 2024
Debt Instrument [Line Items]
Interest rate (as a percent)	6.00%		6.00%
Principal amount of debt issued for exchange	$ 750
Principal	$ 207,000,000.0
Notes maturity date	Dec. 01, 2024		Dec. 01, 2024
Interest payment in shares, percentage of daily volume-weighted average price	95.00%
Notes frequency of periodic payment			semi-annually in arrears
Interest in shares of common stock, threshold trading days \| TradingDay	10
Initial conversion rate of common stock			285.7142
Initial conversion price of convertible notes into common stock (in dollars per share) \| $ / shares			$ 3.50
Principal amount of Notes or an integral multiple thereof in which holder may repurchase the Notes			$ 1,000
Debt instrument conversion threshold stock price percentage	130.00%
Debt repurchase price percentage on principal amount	100.00%
Debt default, nonpayment of interest, period	30 days
Debt default, failure to convert notes, period	5 days
Debt default, non-compliance with covenants, period	60 days
Debt instrument, principal amount outstanding			207,000,000		207,000,000
Fair value of derivative liability	$ 59,400,000		32,881,000		$ 59,409,000
Change in fair value of derivative liability			26,500,000
Debt discount	$ 75,100,000
Interest expense			5,728,000
Effective interest rate on liability component (as a percent)	18.10%
Debt fair value amount			187,000,000.0
Debt issuance costs			$ 5,700,000
Convertible Senior Secured Notes due 2024 \| Minimum
Debt Instrument [Line Items]
Percentage of outstanding shares of common stock that require stockholder approval	19.99%
Debt default, non-payment of outstanding principal	$ 30,000,000.0
Debt default, failure to pay final judgements	$ 30,000,000.0
Debt default, percentage of principal outstanding required for immediate payment	25.00%

Debt - Summary of Outstanding Note Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 24, 2019
Convertible Senior Secured Notes due 2024
Debt Instrument [Line Items]
Principal	$ 207,000	$ 207,000
Less: debt discount and debt issuance costs, net	(77,986)	(80,028)
Net carrying amount	129,014	126,972
Derivative liability-conversion option	32,881	59,409	$ 59,400
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Principal	69,000	69,000	$ 69,000
Less: debt discount and debt issuance costs, net	(2,665)	(3,198)
Net carrying amount	66,335	65,802
Equity component	$ 22,791	$ 22,791

Debt - Schedule of Interest Expense Recognized Related to the Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Total interest expense	$ 7,566	$ 6,424
Convertible Senior Secured Notes due 2024
Debt Instrument [Line Items]
Contractual interest expense	3,105
Amortization of debt issuance costs	186
Amortization of debt discount	2,437
Total interest expense	5,728
Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Contractual interest expense	302	5,957
Amortization of debt issuance costs	49	944
Amortization of debt discount	483	9,258
Total interest expense	$ 834	$ 16,159

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2020 USD ($) ft² Item	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($) ft²	Dec. 31, 2017 USD ($)	Oct. 31, 2016 USD ($) ft²	Dec. 31, 2014 ft²	Jun. 30, 2011 ft²
Operating Lease Information
ROU assets	$ 22,450	$ 23,450	$ 26,802
Lease liabilities	$ 29,603
Operating lease description	Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred, if any. Our leases have remaining lease terms of 2 years to 7 years, some of which include options to extend the lease term for up to 15 years, and some of which include options to terminate the lease within 2 years.
Operating lease renewal option	true
Operating lease termination option	true
Termination option period	2 years
Operating lease renewal term, description	one or more options to renew, with renewal options ranging from 5 to 15 years
Operating lease termination option	One of our leases also includes an option to early terminate the lease within 2 years
Operating lease weighted-average remaining lease term	4 years
Operating lease weighted-average discount rate	7.14%
Ardsley, New York \| Office and Laboratory Space
Operating Lease Information
Operating lease renewal option	true
Lease option to extend term	5 years
Operating lease termination option	true
Termination option period	10 years
Operating lease renewal term, description	The Company has options to extend the term of the lease for three additional five-year periods
Operating lease termination option	Company has an option to terminate the lease after 10 years subject to payment of an early termination fee
Lease term									15 years
Area of leased property \| ft²									138,000
Additional Lease Option Rights Exercised (In Square Feet) \| ft²								25,405
Number of additional periods \| Item	3
Base rent	$ 4,800
Annual rent increase percentage	2.50%
Chelsea, Massachusetts \| Manufacturing Facility
Operating Lease Information
Area of leased property \| ft²					95,000
Base rent					$ 1,800
Chelsea, Massachusetts \| Manufacturing Facility \| Civitas Therapeutics
Operating Lease Information
Lease option to extend term	5 years
Area of leased property \| ft²	90,000
Number of additional periods \| Item	2
Base rent	$ 1,800					$ 400
Annual rent increase percentage	2.50%					3.00%
Lease expiration date	Dec. 31, 2025
Waltham, MA \| Office and Laboratory Space
Operating Lease Information
Lease term							10 years
Area of leased property \| ft²							26,000
Base rent							$ 1,100
Minimum
Operating Lease Information
Operating lease remaining lease term	2 years
Operating lease renewal term	5 years
Maximum
Operating Lease Information
Operating lease remaining lease term	7 years
Lease option to extend term	15 years
Termination option period	2 years
Operating lease renewal term	15 years
ASU 2016-02, ''Leases'' Topic 842
Operating Lease Information
ROU assets				$ 28,000
Lease liabilities				$ 35,100

Leases - Schedule of ROU Assets and Lease Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Leases [Abstract]
Right-of-use assets	$ 22,450	$ 23,450	$ 26,802
Current lease liabilities	7,846	7,746	7,458
Non-current lease liabilities	$ 21,757	$ 22,996	$ 26,455

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 1,901	$ 1,781
Variable lease cost	932	664
Short-term lease cost	353	322
Total lease cost	$ 3,186	$ 2,767

Leases - Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
2020 (excluding the three months ended March 31, 2020)	$ 5,865
2021	7,986
2022	10,024
2023	3,097
2024	3,184
Later years	4,594
Total lease payments	34,751
Less: Imputed interest	(5,148)
Present value of lease liabilities	$ 29,603

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,918	$ 1,834