0001396814-21-000014 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2020	Feb. 21, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-35060
Entity Registrant Name	PACIRA BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0619477
Entity Address, Address Line One	5 Sylvan Way, Suite 300
Entity Address, City or Town	Parsippany,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	(973)
Local Phone Number	254-3560
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PCRX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,600.0
Entity Common Stock, Shares Outstanding		43,863,467
Entity Central Index Key	0001396814
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2021 annual meeting of stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2020.
ICFR Auditor Attestation Flag	true

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 99,957	$ 78,228
Short-term investments	421,705	213,722
Accounts receivable, net	53,046	47,530
Inventories, net	64,650	58,296
Prepaid expenses and other current assets	12,265	10,781
Total current assets	651,623	408,557
Long-term investments	95,459	64,798
Fixed assets, net	136,688	104,681
Right-of-use assets, net	74,492	38,124
Goodwill	99,547	99,547
Intangible assets, net	96,521	104,387
Deferred tax assets	106,164	0
Equity investments and other assets	14,019	10,971
Total assets	1,274,513	831,065
Current liabilities:
Accounts payable	10,431	12,799
Accrued expenses	70,974	70,427
Lease liabilities	7,425	4,935
Convertible senior notes	149,648	0
Contingent consideration	14,736	18,179
Income taxes payable	114	1,333
Total current liabilities	253,328	107,673
Convertible senior notes	313,030	306,045
Lease liabilities	71,025	40,938
Contingent consideration	13,610	19,963
Other liabilities	3,832	1,502
Total liabilities	654,825	476,121
Commitments and contingencies (Note 21)
Stockholders’ equity:
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued and outstanding at December 31, 2020 and 2019	0	0
Common stock, par value $0.001; 250,000,000 shares authorized; 43,636,929 shares issued and outstanding at December 31, 2020; 41,908,148 shares issued and outstanding at December 31, 2019	44	42
Additional paid-in capital	873,201	753,978
Accumulated deficit	(253,875)	(399,398)
Accumulated other comprehensive income	318	322
Total stockholders’ equity	619,688	354,944
Total liabilities and stockholders’ equity	$ 1,274,513	$ 831,065

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	43,636,929	41,908,148
Common stock, shares outstanding (in shares)	43,636,929	41,908,148

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Collaborative licensing and milestone revenue	$ 0	$ 0	$ 3,000
Total revenues	429,647	421,026	337,277
Operating expenses:
Cost of goods sold	117,328	106,712	86,845
Research and development	59,421	72,119	55,688
Selling, general and administrative	193,516	200,782	177,265
Amortization of acquired intangible assets	7,866	5,703	0
Acquisition-related charges, product discontinuation and other	5,166	25,230	1,564
Total operating expenses	383,297	410,546	321,362
Income from operations	46,350	10,480	15,915
Other (expense) income:
Interest income	4,629	7,376	6,497
Interest expense	(25,671)	(23,628)	(21,949)
Loss on early extinguishment of debt	(8,071)	0	0
Other, net	2,852	(4,976)	(888)
Total other expense, net	(26,261)	(21,228)	(16,340)
Income (loss) before income taxes	20,089	(10,748)	(425)
Income tax benefit (expense)	125,434	(268)	(46)
Net income (loss)	$ 145,523	$ (11,016)	$ (471)
Net income (loss) per share:
Basic net income (loss) per common share (in USD per share)	$ 3.41	$ (0.27)	$ (0.01)
Diluted net income (loss) per common share (in USD per share)	$ 3.33	$ (0.27)	$ (0.01)
Denominator:
Basic (in shares)	42,671	41,513	40,911
Diluted (in shares)	43,682	41,513	40,911
Product
Revenues:
Revenues	$ 426,614	$ 418,926	$ 332,427
Royalty
Revenues:
Revenues	$ 3,033	$ 2,100	$ 1,850

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 145,523	$ (11,016)	$ (471)
Other comprehensive income (loss):
Net unrealized gain (loss) on investments, net of tax	(3)	602	174
Foreign currency translation adjustments	(1)	0	0
Total other comprehensive income (loss)	(4)	602	174
Comprehensive income (loss)	$ 145,519	$ (10,414)	$ (297)

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Convertible Senior Notes 2019	Convertible Senior Notes Due 2022	Convertible Senior Notes 2025	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-In Capital Convertible Senior Notes 2019	Additional Paid-In Capital Convertible Senior Notes Due 2022	Additional Paid-In Capital Convertible Senior Notes 2025	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income
Balances at Dec. 31, 2017	$ 279,483					$ 41	$ 669,032					$ (389,136)		$ (454)
Balances (Accounting Standards Update 2014-09) at Dec. 31, 2017		$ 1,361											$ 1,361
Balances (Accounting Standards Update 2018-07) at Dec. 31, 2017								$ (20)					20
Balances (in shares) at Dec. 31, 2017						40,669
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	7,170					$ 0	7,170
Exercise of stock options (in shares)						333
Vested restricted stock units (in shares)						156
Shares issued under employee stock purchase plan	1,784						1,784
Shares issued under employee stock purchase plan (in shares)						65
Stock-based compensation	31,725						31,725
Other comprehensive loss (Note 13)	174													174
Net income (loss)	(471)											(471)
Balances at Dec. 31, 2018	321,226	$ (156)				$ 41	709,691					(388,226)	$ (156)	(280)
Balances (in shares) at Dec. 31, 2018						41,223
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	8,469					$ 1	8,468
Exercise of stock options (in shares)						425
Vested restricted stock units (in shares)						193
Shares issued under employee stock purchase plan	2,402						2,402
Shares issued under employee stock purchase plan (in shares)						67
Stock-based compensation	33,650						33,650
Equity component of convertible debt			$ (233)						$ (233)
Other comprehensive loss (Note 13)	602													602
Net income (loss)	(11,016)											(11,016)
Balances at Dec. 31, 2019	$ 354,944					$ 42	753,978					(399,398)		322
Balances (in shares) at Dec. 31, 2019						41,908
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Exercise of stock options	$ 45,229					$ 2	45,227
Exercise of stock options (in shares)						1,428
Vested restricted stock units (in shares)						239
Shares issued under employee stock purchase plan	2,546						2,546
Shares issued under employee stock purchase plan (in shares)						62
Stock-based compensation	39,920						39,920
Equity component of convertible debt				$ (33,089)	$ 64,619					$ (33,089)	$ 64,619
Other comprehensive loss (Note 13)	(4)													(4)
Net income (loss)	145,523											145,523
Balances at Dec. 31, 2020	$ 619,688					$ 44	$ 873,201					$ (253,875)		$ 318
Balances (in shares) at Dec. 31, 2020						43,637

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Deferred tax associated with equity component of convertible debt	$ 20,500	$ 20,450

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net income (loss)	$ 145,523	$ (11,016)	$ (471)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred taxes	(126,613)	(1,828)	0
Depreciation of fixed assets and amortization of intangible assets	19,908	19,576	13,165
Amortization of unfavorable lease obligation and debt issuance costs	2,156	1,707	1,590
Amortization of debt discount	18,254	13,746	12,799
Loss on disposal and impairment of fixed assets	22	1,010	65
Loss on early extinguishment of debt	8,071	0	0
Stock-based compensation	39,920	33,650	31,725
Changes in contingent consideration (after MyoScience, Inc. acquisition)	5,204	16,672	0
(Gain) loss on investment (net of stock dividend) and other non-operating income, net	(1,618)	4,315	854
Changes in operating assets and liabilities (net of MyoScience, Inc. acquisition):
Accounts receivable, net	(5,516)	(8,524)	(5,999)
Inventories, net	(6,353)	(8,026)	(7,157)
Prepaid expenses and other assets	(739)	(3,885)	(3,228)
Accounts payable	(3,312)	(1,822)	(573)
Accrued expenses and income taxes payable	(5,999)	22,041	5,203
Other liabilities	(2,467)	(6,726)	897
Payment of contingent consideration to MyoScience, Inc. securityholders	(9,409)	(370)	0
Net cash provided by operating activities	77,032	70,520	48,870
Investing activities:
Acquisition of MyoScience, Inc. (net of cash acquired)	0	(117,691)	0
Purchases of fixed assets	(37,801)	(10,159)	(14,514)
Purchases of investments	(546,516)	(318,484)	(363,255)
Sales of investments	307,870	319,468	405,188
Payment of contingent consideration	0	0	(6,843)
Equity investment	(1,160)	(1,622)	0
Net cash (used in) provided by investing activities	(277,607)	(128,488)	20,576
Financing activities:
Proceeds from exercises of stock options	45,218	8,469	7,170
Proceeds from shares issued under employee stock purchase plan	2,546	2,402	1,784
Conversion premium on 2019 convertible senior notes	0	(233)	0
Payment of debt issuance and financing costs	(12,487)	0	0
Payment of contingent consideration to MyoScience, Inc. securityholders	(5,591)	(6,630)	0
Net cash provided by financing activities	222,304	3,670	8,954
Net increase (decrease) in cash and cash equivalents	21,729	(54,298)	78,400
Cash and cash equivalents, beginning of year	78,228	132,526	54,126
Cash and cash equivalents, end of year	99,957	78,228	132,526
Supplemental cash flow information:
Cash paid for interest	7,205	8,199	8,205
Cash paid for income taxes, net of refunds	2,417	863	128
Non-cash investing and financing activities:
Fixed assets included in accounts payable and accrued liabilities	9,288	3,019	2,894
Net increase in contingent consideration liabilities	0	28,470	0
Convertible Senior Notes 2019
Financing activities:
Repayment of convertible senior notes	0	(338)	0
Convertible Senior Notes Due 2025
Financing activities:
Proceeds from debt component of the 2025 convertible senior notes	314,708	0	0
Proceeds from equity component of the 2025 convertible senior notes	87,792	0	0
Convertible Senior Notes Due 2022
Financing activities:
Repayment of convertible senior notes	(176,793)	0	0
Retirement of equity component of the 2022 convertible senior notes	$ (33,089)	$ 0	$ 0

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Pacira BioSciences, Inc. and its subsidiaries (collectively, the “Company” or “Pacira”) is the industry leader in its commitment to non-opioid pain management and regenerative health solutions to improve patients’ journeys along the neural pain pathway. The Company’s long-acting, local analgesic, EXPAREL® (bupivacaine liposome injectable suspension), was commercially launched in the United States in April 2012 and approved by the European Commission in November 2020. EXPAREL utilizes DepoFoam®, a unique and proprietary delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In April 2019, the Company added iovera°® to its commercial offering with the acquisition of MyoScience, Inc., or MyoScience. The iovera° system is a handheld cryoanalgesia device used to deliver a precise, controlled application of cold temperature to only targeted nerves. Pacira is subject to risks common to companies in similar industries and stages, including, but not limited to, competition from larger companies, reliance on revenue from two products, reliance on a limited number of manufacturing sites, new technological innovations, dependence on key personnel, reliance on third-party service providers and sole source suppliers, protection of proprietary technology, compliance with government regulations and risks related to cybersecurity. Novel Coronavirus (COVID-19) Pandemic During 2020, the Company’s net product sales were negatively impacted by the global pandemic caused by a novel strain of coronavirus (COVID-19), which mandated significant postponement or suspension in the scheduling of elective surgical procedures resulting from public health guidance and government directives. Elective surgical restrictions began to lift on a state-by-state basis in April 2020; however, the Company does not know how long it will take the surgical community to return to normal operations or if states will return to placing restrictions on elective surgical procedures. The Company’s manufacturing sites are operational and have implemented new safety protocols and guidelines as recommended by federal, state and local governments. To date, there have been no material impacts to the Company’s supply chain. The situation remains dynamic and subject to rapid and possibly material changes. Additional negative impacts may also arise from the COVID-19 pandemic that the Company is unable to foresee. The nature and extent of such impacts will depend on future developments, which are highly uncertain and cannot be predicted.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the United States Securities and Exchange Commission, or SEC. The accounts of wholly owned subsidiaries are included in these consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications were made to conform to the current presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, among other things, revenue recognition, stock-based compensation, inventory costs, impairments of equity investments, long-lived assets, goodwill, liabilities and accruals, including contingent consideration, convertible senior notes, and the valuation of deferred tax assets. The Company’s critical accounting policies are those that are both most important to the Company’s consolidated financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results could differ from these estimates.

Revenue From Contracts With Customers

The Company’s sources of revenue include (i) sales of EXPAREL in the United States, or U.S.; (ii) sales of iovera° in the U.S.; (iii) sales of, and royalties on, its bupivacaine liposome injectable suspension for veterinary use in the U.S. and (iv) license fees and milestone payments. To date, there has been no revenue from sales of EXPAREL or iovera° in the European Union, or E.U. See Note 4, Revenue, for further information on the Company’s accounting policies related to revenue from contracts with customers.

Collaborative Licensing and Milestone Revenue

The Company’s collaboration agreements generally involve a license to the Company’s products. In determining how and when to recognize the revenue under a collaboration agreement, the Company must assess whether the license is distinct, which depends upon whether the customer can benefit from the license and whether the license is separate from other performance obligations in the agreement. If the license is distinct, the Company must further assess whether the customer has a right to access or a right to use the license depending on whether the functionality of the license is expected to substantively change over time. If the license is not expected to substantively change, the revenue is recognized at the point in time when the license is provided. If the license is expected to substantively change, the revenue is recognized over the license period.

Revenue recognition from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Milestone payments based on a non-sales metric such as a development-based milestone (e.g. obtaining regulatory approval) represent variable consideration and would be included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience and the significance a third-party has on the outcome. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales are incurred or the performance obligation to which the sales relate has been satisfied.

Royalty Revenue

Royalties are estimated and recognized as revenue when sales to the Company’s commercial partners occur, unless some constraint exists, as the royalties predominately relate to a supply agreement. Royalties are based on sales of the Company’s bupivacaine liposome injectable suspension product for veterinary use.

Concentration of Major Customers

The Company sells EXPAREL through a drop-ship program under which orders are processed through wholesalers (including AmerisourceBergen Health Corporation, Cardinal Health, Inc. and McKesson Drug Company), but shipments of the product are sent directly to individual accounts, such as hospitals, ambulatory surgery centers and individual doctors. The Company also sells EXPAREL directly to ambulatory surgery centers and physicians. The Company sells its bupivacaine liposome injectable suspension for veterinary use to a third-party licensee and sells iovera° directly to end users. The table below includes the percentage of revenues comprised by the Company’s three largest wholesalers in each period presented:


	Year Ended December 31,
	2020		2019		2018
Largest wholesaler	31	%	34	%	34	%
Second largest wholesaler	31	%	29	%	30	%
Third largest wholesaler	25	%	26	%	26	%
Total	87	%	89	%	90	%

The Company had no revenue from outside the U.S. during the years ended December 31, 2020 and 2019. Revenue from outside the U.S. accounted for less than 1% of the Company’s total revenue for the year ended December 31, 2018.

Research and Development Expenses

Research and development expenditures are expensed as incurred. These include both internal and external costs, of which a significant portion of development activities are outsourced to third parties, including contract research organizations. Clinical trial costs are accrued over the service periods specified in contracts and adjusted as necessary based on an ongoing review of the level of effort and actual costs incurred. Research and development costs are presented net of reimbursements from commercial partners.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to basis differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company accrues interest and penalties, if any, on underpayment of income taxes related to unrecognized tax benefits as a component of income tax expense in its consolidated statements of operations.

Stock-Based Compensation

The Company’s stock-based compensation consists of grants of stock options and restricted stock units, or RSUs, to employees, consultants and non-employee directors, in addition to the opportunity for employees to participate in an employee stock purchase plan. The expense associated with these programs is recognized in the Company’s consolidated statements of operations based on their fair values as they are earned under the applicable vesting terms or the length of an offering period.

In calculating the estimated fair value of stock options granted, the Company uses the Black-Scholes option valuation model, or Black-Scholes model, which requires the consideration of the following variables for purposes of estimating fair value in addition to the closing price of the Company’s common stock on the date of grant:

•Expected term of the option

•Expected volatility

•Expected dividends

•Risk-free interest rate

The Company utilizes its historical volatility data to determine expected volatility over the expected option term. The Company uses an expected term based on its historical data from stock option activity. The risk-free interest rate is based on the implied yield on U.S. Department of the Treasury zero-coupon bonds for periods commensurate with the expected term of the options. The dividend yield on the Company’s common stock is estimated to be zero as the Company has not declared or paid any dividends since inception, nor does it have any intention to do so in the foreseeable future. The Company records forfeitures as they occur rather than estimating forfeitures during each period.

Cash and Cash Equivalents

All highly-liquid investments with maturities of 90 days or less when purchased are considered cash equivalents. Cash equivalents include corporate debt securities, asset backed securities and money market funds. As of December 31, 2020, the carrying value of money market funds was $51.8 million and commercial paper was $6.5 million and as of December 31, 2019, the carrying value of money market funds was $28.5 million, all of which are included in cash and cash equivalents. The carrying values approximate fair value as of December 31, 2020 and 2019.

Short-Term and Long-Term Investments

Short-term investments consist of asset-backed securities collateralized by credit card receivables, investment grade commercial paper, corporate and government bonds, and other bonds issued in the U.S. (and denominated in the U.S. dollar) by foreign entities, all with maturities of greater than three months, but less than one year. Long-term investments consist of corporate and government agency bonds with maturities greater than one year. The Company evaluates the classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date, which includes an assessment of the intent to hold the available-for-sale securities. The Company’s investment policy sets minimum credit quality criteria and maximum maturity limits on its investments to provide for preservation of capital, liquidity and a reasonable rate of return. The Company classifies its investments as available-for-sale. Available-for-sale securities are recorded at fair value, based on current market valuations. Unrealized holding gains and losses on available-for-sale securities (except for credit losses) are excluded from net income (loss) and are reported as a separate component of accumulated other comprehensive income (loss) until realized. Realized gains and losses are included in interest income in the consolidated statements of operations and are derived using the specific identification method for determining the cost of the securities sold. The Company evaluates whether a credit loss exists, and in the event a credit loss does exist, the credit loss is recognized in the consolidated statements of operations, based on the amount that the fair value is less than the amortized cost.

Inventories

Inventories consist of finished goods held for sale and distribution, raw materials and work in process. Inventories are stated at the lower of cost, which includes amounts related to material, labor and overhead, or net realizable value, and is determined using the first-in, first-out (“FIFO”) method. The Company periodically reviews its inventory to identify obsolete, slow-moving, or otherwise unsalable inventories, and establishes allowances for situations in which the cost of the inventory is not expected to be recovered.

Fixed Assets

Fixed assets are recorded at cost, net of accumulated depreciation and amortization. The Company reviews its property, plant and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Depreciation of fixed assets is provided over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the related remaining lease terms. Useful lives by asset category are as follows:


Asset Category						Useful Life
Computer equipment and software						1 to 3 years
Office furniture and equipment						5 years
Manufacturing and laboratory equipment						5 to 10 years

Asset Retirement Obligations

The Company has contractual obligations stemming from certain of its lease agreements to return leased space to its original condition upon termination of such lease agreements. The Company records its asset retirement obligations, or ARO, along with a corresponding capital asset in an amount equal to the estimated fair value of the ARO, based on the present value of expected future cash flows. In subsequent periods, the Company records expense to accrete the ARO to its full value. Each ARO capital asset is depreciated over the depreciable term of the associated asset.

Leases

The Company recognizes right-of-use, or ROU, assets and lease liabilities at the commencement of its lease agreements. The leases are evaluated at commencement to determine whether they should be classified as operating or financing leases. Lease costs associated with operating leases are recognized on a straight-line basis, while lease costs for financing leases are recognized over the lease term using the effective interest method. The Company does not have any financing leases. The amount of ROU assets and lease liabilities to be recognized is impacted by the type of lease payments, the lease term and the incremental borrowing rate. Variable lease payments are not included at commencement and are recognized in the period in which they are incurred. The lease term is based on the contractual term and is adjusted for any renewal options or termination rights that are reasonably certain to be exercised. The incremental borrowing rate is based on the rate the Company estimates it would pay on a collateralized basis over a similar term in a similar economic environment.

Acquisitions

In a business combination, the acquisition method of accounting requires that the assets acquired and liabilities assumed be recorded as of the date of the acquisition at their respective fair values, with some exceptions. Assets acquired and liabilities assumed in a business combination that arise from contingencies are generally recognized at fair value. If fair value can be determined, the asset or liability is recognized; if fair value is not determinable, then no asset or liability is recognized. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs and costs to restructure the acquired company are expensed as incurred. The operating results of the acquired business are reflected in the Company’s consolidated financial statements after the date of the acquisition.

Contingent Consideration

Subsequent to an acquisition, the Company measures contingent consideration arrangements at fair value each period, with changes in fair value recognized in the consolidated statements of operations as acquisition-related charges. Changes in contingent consideration can result from changes in the assumed achievement and timing of estimated sales, costs of goods sold and regulatory approvals. In the absence of new information, changes in fair value reflect the passage of time towards achievement of the milestones, and are accreted to the period in which payments are expected to be made.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination and is not amortized, but is subject to impairment testing at least annually or when a triggering event occurs that could indicate a potential impairment.

Intangible Assets

Intangible assets with definite useful lives are amortized on a straight-line basis over their estimated useful lives and are recorded at cost, net of accumulated amortization.

Equity Investments

The Company holds two separate investments in equity securities, one with a readily determined fair value and one without a readily determinable fair value. In the fourth quarter of 2019, the equity investment then held became publicly traded and thereafter, has been recognized at its fair value at each reporting period with any unrealized holding gains (losses) included in other income (expense). The equity method investment without a readily determinable fair value is recognized at its cost less any impairment, plus or minus any changes resulting from observable price changes in orderly transactions for a similar investment.

Impairment of Long-Lived Assets

Management reviews long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets.

Convertible Debt Transactions

The Company separately accounts for the liability and equity components of convertible debt instruments by allocating the proceeds from the issuance between the liability component and the embedded conversion option, or equity component. The value of the equity component is calculated by first measuring the fair value of the liability component, using the interest rate of a similar liability that does not have a conversion feature, as of the issuance date. The difference between the initial proceeds from the convertible debt issuance and the fair value of the liability component is recorded as the carrying amount of the equity component. The Company recognizes the amortization of the resulting discount as part of interest expense in its consolidated statements of operations.

Upon settlement of the convertible debt, the liability component is measured at fair value. The Company allocates a portion of the fair value of the total settlement consideration transferred to the extinguishment of the liability component equal to the fair value of that component immediately prior to the settlement. Any difference between the consideration attributed to the liability component and the net carrying amount of the liability component, including any unamortized debt issuance costs and debt discount, is recognized as a gain or loss in the consolidated statements of operations. Any remaining consideration is allocated to the retirement of the equity component and is recognized as a reduction of additional paid-in capital.

Per Share Data

Basic net income (loss) per common share is computed by dividing net income (loss) available (attributable) to common stockholders by the weighted average number of shares of common stock outstanding during the period.

Diluted net income (loss) per common share is calculated by dividing net income (loss) available (attributable) to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock and dilutive common stock outstanding during the period. Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options, the RSUs expected to vest, the shares to be purchased under the Company’s employee stock purchase plan (using the treasury stock method), and the excess conversion value on the Company’s convertible senior notes.

Foreign Currency Translation

The balance sheet accounts of foreign subsidiaries with functional currencies other than the U.S. Dollar are translated using the exchange rate at each respective balance sheet date. Revenues and expenses are translated using average exchange

rates for each calendar month during the year. Translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated financial statements.

Segment Reporting

The Company is managed and operated as a single business focused on the development, manufacture, marketing, distribution and sale of non-opioid pain management and regenerative health solutions. The Company is managed by a single management team, and, consistent with its organizational structure, the Chief Executive Officer manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one reportable operating segment to evaluate performance, allocate resources, set operational targets and forecast its future financial results.

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The Company now includes forward-looking information to better form its credit loss estimates. This update also required enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. This standard became effective for the Company beginning January 1, 2020 and there were no credit losses recognized upon adoption. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework. The update added the following disclosures: (i) changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and (ii) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The standard became effective for the Company beginning January 1, 2020 and the Company has applied these new disclosure requirements in its consolidated financial statements for the year ended December 31, 2020. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which 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. The update provides guidance to determine which implementation costs to capitalize as they relate to the service contract and which costs to expense. Any expense related to the capitalized implementation costs should be recorded in the same financial statement line item in the consolidated statements of operations as the fees associated with the hosting element of the arrangement, and the payments for capitalized implementation costs should be classified in the same manner as payments made for fees associated with the hosting element in the consolidated statements of cash flows. This standard became effective for the Company beginning January 1, 2020. The amendments have been applied prospectively to implementation costs incurred after the date of adoption. The Company did not incur implementation costs in a hosting arrangement that were required to be capitalized during the year ended December 31, 2020. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which was adopted by the Company on January 1, 2019 using the effective date method. There were practical expedients available to the Company that it elected to apply upon adoption. The Company did not re-assess (i) whether its contracts contained a lease under the new definition of a lease and (ii) the classification of those leases. There were no initial direct costs previously capitalized on the consolidated balance sheet. In addition, the Company applied hindsight in the determination of the lease terms, in the assessment of the likelihood that a lease renewal, termination or purchase option will be exercised, and in the assessment of any potential impairments that existed on the ROU assets recognized at adoption. The Company also elected not to recognize a ROU asset and lease liability for those leases with a remaining lease term of 12 months or less. At adoption, the Company recorded $36.5 million of lease liabilities and $27.6 million of ROU assets as of January 1, 2019, the difference representing previously recorded lease-related assets and liabilities. There was a cumulative-effect adjustment to accumulated deficit of $0.2 million upon adoption. In May 2014, the FASB, issued ASU 2014-09, Revenue from Contracts with Customers. The Company adopted this standard on January 1, 2018 using the modified retrospective method and recorded a cumulative effect adjustment of $1.4 million to accumulated deficit upon adoption—the impact related to the acceleration of $1.0 million of deferred revenue and $0.4 million of royalties. The implementation of Accounting Standards Codification, or ASC, 606 did not have a material impact on the Company’s consolidated statements of operations because the timing of revenue recognition for EXPAREL product sales did not change. Refer to Note 4, Revenue, for further information on the Company’s revenue. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligned accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. The Company adopted ASU 2018-07 in June 2018 and recorded a cumulative effect adjustment of less than $0.1 million to accumulated deficit upon adoption. Recent Accounting Pronouncements Not Adopted as of December 31, 2020 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, which amends the approaches and methodologies in accounting for income taxes during interim periods and makes changes to certain income tax classifications. The new standard allows certain exceptions, including an exception to the use of the incremental approach for intra-period tax allocations, when there is a loss from continuing operations and income or a gain from other items, and to the general methodology for calculating income taxes in an interim period, when a year-to-date loss exceeds the anticipated loss for the year. The standard also requires franchise or similar taxes partially based on income to be reported as income tax and to reflect the effects of enacted changes in tax laws or rates in the annual effective tax rate computation from the date of enactment. Lastly, in any future acquisition, the Company would be required to evaluate when the step-up in the tax basis of goodwill is part of the business combination and when it should be considered a separate transaction. The standard became effective for the Company January 1, 2021 and the Company does not anticipate any material impact to its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40), which limits the number of convertible instruments that require separate accounting to (i) those with embedded conversion features that are not clearly and closely related to the debt, that meet the definition of a derivative, and that do not qualify for the scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid in capital. In addition, the new guidance requires diluted earnings per share calculations to be prepared using the if-converted method, instead of the treasury stock method. The guidance must be applied in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted no earlier than for fiscal years beginning after December 15, 2020. The Company has the option to adopt the new guidance using a modified retrospective method of transition, which would then be applied to transactions outstanding at the time of adoption, or the full retrospective method. The Company is evaluating the impact from the adoption of ASU 2020-06 on its consolidated financial statements.

REVENUE

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from Contracts with Customers

The Company’s sources of revenue include (i) sales of EXPAREL in the U.S.; (ii) sales of iovera° in the U.S.; (iii) sales of, and royalties on, its bupivacaine liposome injectable suspension for veterinary use in the U.S. and (iv) license fees and milestone payments. To date, there has been no revenue from the sales of EXPAREL or iovera° in the E.U. The Company does not consider revenue from sources other than sales of EXPAREL to be material sources of its consolidated revenue. As such, the following disclosure only relates to revenue associated with net EXPAREL product sales.

Net Product Sales

The Company sells EXPAREL through a drop-ship program under which orders are processed through wholesalers based on orders of the product placed by end-users, namely hospitals, ambulatory surgery centers and healthcare provider offices. EXPAREL is delivered directly to the end-user without the wholesaler ever taking physical possession of the product. Product revenue is recognized when control of the promised goods are transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. EXPAREL revenue is recorded at the time the product is delivered to the end-user.

Revenues from sales of products are recorded net of returns allowances, prompt payment discounts, wholesaler service fees, volume rebates and chargebacks. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale, using the most likely amount method, except for returns, which is based on the expected value method. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The calculation of some of these items requires management to make estimates based on sales data, historical return data, contracts and other related information that may become known in the future. The adequacy of these provisions is reviewed on a quarterly basis.

The following table provides a summary of activity with respect to the Company’s sales related allowances and accruals related to EXPAREL for the years ended December 31, 2020, 2019 and 2018 (in thousands):


	Returns Allowances		Prompt Payment Discounts		Wholesaler Service Fees		Volume Rebates and Chargebacks		Total
Balance at December 31, 2017	$	821	$	657	$	839	$	696	$	3,013
Provision	680		6,802		5,194		6,645		19,321
Payments/Adjustments	(1,157)		(6,680)		(4,866)		(6,331)		(19,034)
Balance at December 31, 2018	344		779		1,167		1,010		3,300
Provision	783		8,426		6,267		11,475		26,951
Payments/Adjustments	(587)		(8,243)		(5,948)		(10,669)		(25,447)
Balance at December 31, 2019	540		962		1,486		1,816		4,804
Provision	794		8,541		6,437		12,345		28,117
Payments/Adjustments	(311)		(8,496)		(6,755)		(12,561)		(28,123)
Balance at December 31, 2020	$	1,023	$	1,007	$	1,168	$	1,600	$	4,798

Accounts Receivable

The majority of accounts receivable arise from product sales and represent amounts due from wholesalers, hospitals, ambulatory surgery centers and doctors. Payment terms generally range from zero to 37 days from the date of the transaction, and accordingly, there is no significant financing component.

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good that is distinct. When identifying individual performance obligations, the Company considers all goods promised in the contract regardless of whether explicitly stated in the customer contract or implied by customary business practices. The Company’s contracts with customers require it to transfer an individual distinct product, which represents a single performance obligation. The Company’s performance obligation with respect to its product sales is satisfied at a point in time, which transfers control upon delivery of EXPAREL to its customers. The Company considers control to have transferred upon delivery because the customer has legal title to the asset, physical possession of the asset has been transferred, the customer has significant risks and rewards of ownership of the asset and the Company has a present right to payment at that time.

Disaggregated Revenue

The following table represents disaggregated net product sales in the periods presented as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Net product sales:
EXPAREL / bupivacaine liposome injectable suspension	$	417,797	$	411,030	$	332,427
iovera°	8,817		7,896		—

Total net product sales	$	426,614	$	418,926	$	332,427

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

MYOSCIENCE ACQUISITION (Notes)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

MYOSCIENCE ACQUISITION

On April 9, 2019, the Company acquired MyoScience (the “MyoScience Acquisition”), a privately-held medical device company, in which MyoScience became a wholly-owned subsidiary of the Company and was renamed Pacira CryoTech, Inc. The total consideration was $147.5 million, which included a cash payment of $119.0 million and the fair value of contingent consideration in the amount of $28.5 million. The contingent consideration consisted of contingent milestone payments up to an aggregate of $100.0 million upon the achievement of certain regulatory and commercial milestones, of which $58.0 million are available as of December 31, 2020. The Company’s obligation to make milestone payments is limited to those milestones achieved through December 31, 2023, and are to be paid within 60 days of the end of the fiscal quarter of achievement. During the years ended December 31, 2020 and 2019, the Company made $15.0 million and $7.0 million of cash payments for the achievement of certain milestones, respectively. In 2020, the Company recorded an additional charge of $9.7 million relating to the achievement of a $10.0 million regulatory milestone. The milestone is payable in the second quarter of 2021. See Note 12, Financial Instruments, for information on the measurement and amounts recognized in the Company’s consolidated financial statements for contingent consideration. See Note 21, Commitments and Contingencies, for information on a dispute regarding the achievement of certain milestone payments.

Unaudited Pro Forma Summary of Operations

The following table shows the unaudited pro forma summary of operations for the year ended December 31, 2019 and 2018, as if the MyoScience Acquisition had occurred on January 1, 2018. This pro forma information does not purport to represent what the Company’s actual results would have been and is not indicative of what such results would be expected for any future period (in thousands, except per share amounts):


	Year Ended December 31,
	2019		2018
Total revenues	$	423,475	$	342,735
Net loss	$	(16,200)	$	(25,696)
Pro forma basic and diluted net loss per share	$	(0.39)	$	(0.63)

The unaudited pro forma financial information was prepared using the acquisition method of accounting and was based on the historical financial information of the Company and MyoScience. The summary pro forma financial information primarily reflects the following pro forma adjustments:

•Removal of the acquisition-related transaction fees and costs, including certain stock-based compensation and other compensation expenses related to the acquisition;

•Removal of the income tax benefit resulting from the Company decreasing its existing valuation allowance on deferred tax assets and the income tax expense resulting from a 338(g) election recognized in the year ended December 31, 2019;

•Removal of MyoScience’s loss on extinguishment of debt and warrant expense in the year ended December 31, 2019;

•Removal of MyoScience’s interest expense;

•Adjustments to the Company’s interest income for the cash used to acquire MyoScience; and

•The addition of amortization expense on the acquired developed technology and customer relationship intangible assets.

INVENTORIES

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

The components of inventories, net are as follows (in thousands):


	December 31,
	2020		2019
Raw materials	$	26,886	$	20,019
Work-in-process	16,266		14,407
Finished goods	21,498		23,870
Total	$	64,650	$	58,296

In December 2019, the Company’s contract manufacturer experienced a media fill failure, as part of its routine aseptic manufacturing requalification program, and an investigation was completed in April 2020. Based on the results of the investigation, the Company determined that no inventory reserves were required related to the media fill failure, and that all inventory in question had been determined to be sellable. The Company resumed production on this manufacturing line in May 2020.

FIXED ASSETS

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

FIXED ASSETS

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	December 31,
	2020		2019
Machinery and equipment	$	74,966	$	70,078
Leasehold improvements	54,434		60,441
Computer equipment and software	12,170		8,942
Office furniture and equipment	2,387		1,882
Construction in progress	71,091		38,778
Total	215,048		180,121
Less: accumulated depreciation	(78,360)		(75,440)
Fixed assets, net	$	136,688	$	104,681

For information on useful lives by asset category, refer to Note 2, Summary of Significant Accounting Policies.

Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $12.0 million, $14.0 million and $13.2 million, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company capitalized interest of $2.4 million, less than $0.1 million and $0.7 million, respectively.

As of December 31, 2020 and 2019, total fixed assets, net, includes leasehold improvements and manufacturing process equipment located in Europe in the amount of $67.5 million and $64.8 million, respectively.

As of December 31, 2020 and 2019, the Company had AROs of $2.0 million and $2.5 million, respectively, included in accrued expenses and other liabilities on its consolidated balance sheet, for costs associated with returning leased space to its original condition upon the termination of certain lease agreements. The decrease of $0.5 million for the year ended December 31, 2020 was primarily due to exiting two facilities at the Company’s Science Center Campus in San Diego, California. Accretion expense was less than $0.1 million and $0.2 million for the years ended December 31, 2020 and 2019, respectively.

LEASES - (Notes)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASES

LEASESThe Company leases all of its facilities, including its EXPAREL manufacturing facility in San Diego, California and its iovera° manufacturing facility in Fremont, California. These leases have remaining terms up to 9.7 years, some of which provide renewal options at the then-current market value. The Company also has an embedded lease with Thermo Fisher Scientific Pharma Services, or Thermo Fisher (formerly Patheon UK Limited), for the use of their manufacturing facility in Swindon, England. A portion of the associated monthly base fees has been allocated to the lease component based on a relative fair value basis.

The operating lease costs for the facilities include lease and non-lease components, such as common area maintenance and other common operating expenses, along with executory costs such as insurance and real estate taxes. Total operating lease costs are as follows (in thousands):


	Year Ended December 31,
Operating Lease Costs	2020		2019		2018
Fixed lease costs	$	10,055	$	6,225	$	7,236
Variable lease costs	2,096		1,651		1,761
Total	$	12,151	$	7,876	$	8,997

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Year Ended December 31,
	2020		2019
Cash paid for operating lease liabilities, net of lease incentive	$	14,347	$	7,346
Right-of-use assets recorded in exchange for lease obligations	$	42,191	$	41,605

The Company has elected to net the amortization of the ROU asset and the reduction of the lease liability principal in other liabilities in the consolidated statement of cash flows.

The Company has measured its operating lease liabilities at an estimated discount rate at which it could borrow on a collateralized basis over the remaining term for each operating lease. The weighted average remaining lease term and the weighted average discount rate are summarized as follows:


	December 31,
	2020	2019
Weighted average remaining lease term	9.18 years	9.38 years
Weighted average discount rate	6.87%	7.55%

As of December 31, 2020, maturities of the Company’s operating lease liabilities are as follows (in thousands):


Year	Aggregate Payments Due
2021	$	12,527
2022	10,423
2023	10,697
2024	10,980
2025	11,271
2026 through 2030	50,801
Total lease payments	106,699

Less: imputed interest	(28,249)
Total operating lease liabilities	$	78,450

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company’s goodwill results from the acquisition of Pacira Pharmaceuticals, Inc. from SkyePharma Holding, Inc. (now a subsidiary of Vectura Group plc), or Skyepharma in 2007 (the “Skyepharma Acquisition”), and the MyoScience Acquisition in 2019. The change in the carrying value of the Company’s goodwill is summarized as follows (in thousands):


	Carrying Value


Balance at December 31, 2018	$	62,040
Goodwill arising from the MyoScience Acquisition	37,507
Balance at December 31, 2019	99,547
2020 accumulated adjustments	—
Balance at December 31, 2020	$	99,547

The Skyepharma Acquisition was accounted for under Statement of Financial Accounting Standards 141, Accounting for Business Combinations, which was the effective GAAP standard at the date of acquisition. In connection with the Skyepharma Acquisition, the Company agreed to certain milestone payments for DepoBupivacaine products, including EXPAREL. As of December 31, 2020, the remaining milestone payments include: $4.0 million upon the first commercial sale in the United Kingdom, France, Germany, Italy or Spain; and $32.0 million when annual net sales collected reach $500.0 million (measured on a rolling quarterly basis). Any remaining milestone payments will be treated as additional costs of the Skyepharma Acquisition and, therefore, recorded as goodwill if and when each contingency is resolved.

As part of the Skyepharma Acquisition, the Company agreed to pay certain earn-out payments based on a percentage of net sales of DepoBupivacaine products collected, including EXPAREL, for the term during which such sales were covered by a valid claim in certain patent rights related to EXPAREL and other biologics products. The last patents for which a valid claim existed had expired on September 18, 2018.

The Company made a tax election that allows the acquired goodwill and intangible assets associated with the MyoScience Acquisition to be tax deductible.

Intangible Assets

Intangible assets, net, consist of the developed technology and customer relationships that were acquired in the MyoScience Acquisition and are summarized as follows (in thousands):


	Estimated Useful Life	December 31,
		2020		2019
Developed technology	14 years	$	110,000	$	110,000
Customer relationships	10 years	90		90
Total intangible assets		110,090		110,090
Less: accumulated amortization		(13,569)		(5,703)
Intangible assets, net		$	96,521	$	104,387

Amortization expense on intangible assets for the years ended December 31, 2020 and 2019 were $7.9 million and $5.7 million, respectively.

Assuming no changes in the gross carrying amount of these intangible assets, the future amortization expense on these intangible assets will be $7.9 million annually through 2032 and $2.2 million in 2033.

ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consist of the following (in thousands):


	December 31,
	2020		2019
Accrued selling, general and administrative expenses	$	23,288	$	21,695
Accrued research and development expenses	6,682		6,562
Other accrued operating expenses	11,196		12,955
Compensation and benefits	22,202		22,258
Accrued royalties	3,040		2,883
Accrued interest	2,376		2,048
Product returns and wholesaler service fees	2,190		2,026
Total	$	70,974	$	70,427

DEBT

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

DEBT

Convertible Senior Notes Due 2025

On July 10, 2020, the Company completed a private placement of $402.5 million in aggregate principal amount of its 0.750% convertible senior notes due 2025, or 2025 Notes, and entered into an indenture, or 2025 Indenture, with respect to the 2025 Notes. The 2025 Notes accrue interest at a fixed rate of 0.750% per year, payable semiannually in arrears on February 1st and August 1st of each year, beginning on February 1, 2021. The 2025 Notes mature on August 1, 2025.

The total debt composition of the 2025 Notes is as follows (in thousands):


	December 31,
	2020
0.750% convertible senior notes due 2025	$	402,500
Deferred financing costs	(8,940)
Discount on debt	(80,530)
Total debt, net of debt discount and deferred financing costs	$	313,030

The net proceeds from the issuance of the 2025 Notes was approximately $390.0 million, after deducting commissions and the offering expenses paid by the Company. A portion of the net proceeds from the 2025 Notes was used by the Company to repurchase $185.0 million in aggregate principal amount of its outstanding 2.375% convertible senior notes due 2022 in privately-negotiated transactions for a total of $211.1 million of cash (including accrued interest).

Holders may convert the 2025 Notes at any time prior to the close of business on the business day immediately preceding February 3, 2025, only under the following circumstances:

(i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

(ii) during the five business day period immediately after any five consecutive trading day period (the ‘‘measurement period’’) in which the trading price (as defined in the 2025 Indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;

(iii) upon the occurrence of specified corporate events, including a merger or a sale of all or substantially all of the Company’s assets; or

(iv) if the Company calls the 2025 Notes for redemption, until the close of business on the business day immediately preceding the redemption date.

On or after February 3, 2025, until the close of business on the second scheduled trading day immediately preceding August 1, 2025, holders may convert their 2025 Notes at any time.

None of these conditions for conversion were met during the quarter ended December 31, 2020.

Upon conversion, holders will receive the principal amount of their 2025 Notes and any excess conversion value, calculated based on the per share volume-weighted average price for each of the 40 consecutive trading days during the observation period (as more fully described in the 2025 Indenture). For both the principal and excess conversion value, holders may receive 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 option. The initial conversion rate for the 2025 Notes is 13.9324 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of $71.78 per share of the Company’s common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. The initial conversion price of the 2025 Notes represents a premium of approximately 32.5% to the closing sale price of $54.17 per share of the Company’s common stock on the Nasdaq Global Select Market on July 7, 2020, the date that the Company priced the private offering of the 2025 Notes.

As of December 31, 2020, the 2025 Notes had a market price of $1,116 per $1,000 principal amount. In the event of conversion, holders would forgo all future interest payments, any unpaid accrued interest and the possibility of further stock price appreciation. Upon the receipt of conversion requests, the settlement of the 2025 Notes will be paid pursuant to the terms of the 2025 Indenture. In the event that all of the 2025 Notes are converted, the Company would be required to repay the $402.5 million in principal value and any conversion premium in any combination of cash and shares of its common stock (at the Company’s option).

Prior to August 1, 2023, the Company may not redeem the 2025 Notes. On or after August 1, 2023 (but, in the case of a redemption of less than all of the outstanding 2025 Notes, no later than the 40th scheduled trading day immediately before the maturity date), the Company may redeem for cash all or part of the 2025 Notes if the last reported sale price (as defined in the 2025 Indenture) of the Company’s common stock has been at least 130% of the conversion price then in effect for (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related notice of redemption and (ii) the trading day immediately before the date the Company sends such notice. The redemption price will equal the sum of (i) 100% of the principal amount of the 2025 Notes being redeemed, plus (ii) accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date. In addition, calling the 2025 Notes for redemption will constitute a “make-whole fundamental change” (as defined in the 2025 Indenture) and will, in certain circumstances, increase the conversion rate applicable to the conversion of such notes if it is converted in connection with the redemption. No sinking fund is provided for the 2025 Notes.

If the Company undergoes a fundamental change, as defined in the 2025 Indenture, subject to certain conditions, holders of the 2025 Notes may require the Company to repurchase for cash all or part of their 2025 Notes at a repurchase price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if a “make-whole fundamental change” (as defined in the 2025 Indenture) occurs prior to August 1, 2025, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes in connection with the make-whole fundamental change.

The 2025 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of its indebtedness that is expressly subordinated in right of payment to the 2025 Notes, and equal in right of payment to the Company’s unsecured indebtedness. The 2025 Notes are also effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness, and are structurally subordinated to any debt or other liabilities (including trade payables) of the Company’s subsidiaries.

While the 2025 Notes are currently classified on the Company’s consolidated balance sheet at December 31, 2020 as long-term debt, the future convertibility and resulting balance sheet classification of this liability is monitored at each quarterly reporting date and is analyzed dependent upon market prices of the Company’s common stock during the prescribed measurement periods. In the event that the holders of the 2025 Notes have the election to convert the 2025 Notes at any time during the prescribed measurement period, the 2025 Notes would then be considered a current obligation and classified as such.

Under ASC 470-20, Debt with Conversion and Other Options, an entity must separately account for the liability and equity components of convertible debt instruments (such as the 2025 Notes) that may be settled entirely or partially in cash upon conversion in a manner that reflects the issuer’s economic interest cost. The liability component of the instrument is valued in a manner that reflects the market interest rate for a similar nonconvertible instrument at the date of issuance. The initial carrying value of the liability component of $314.7 million was calculated using a 5.78% assumed borrowing rate. The equity component of $87.8 million, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 2025 Notes and is recorded in additional paid-in capital on the consolidated balance sheet at the issuance date. The equity component is treated as a discount on the liability component of the 2025 Notes, which is amortized over the five-year term of the 2025 Notes using the effective interest rate method. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. A deferred tax liability was recognized in the amount of $20.5 million, with the offsetting amount recorded in additional paid-in capital. See Note 16, Income Taxes, for information regarding the Company’s deferred taxes.

The Company allocated the total transaction costs of approximately $12.5 million related to the issuance of the 2025 Notes to the liability and equity components of the 2025 Notes based on their relative values. Transaction costs attributable to the liability component are amortized to interest expense over the five-year term of the 2025 Notes, and transaction costs attributable to the equity component totaling $2.7 million are netted with the equity component in stockholders’ equity.

The 2025 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by the Company. The 2025 Indenture contains customary events of default with respect to the 2025 Notes, including that upon certain events of default, 100% of the principal and accrued and unpaid interest on the 2025 Notes will automatically become due and payable.

Convertible Senior Notes Due 2022

On March 13, 2017, the Company completed a private placement of $345.0 million in aggregate principal amount of 2.375% convertible senior notes due 2022, or 2022 Notes, and entered into an indenture, or 2022 Indenture, with respect to the 2022 Notes. The 2022 Notes accrue interest at a fixed rate of 2.375% per year, payable semiannually in arrears on April 1st and October 1st of each year. The 2022 Notes mature on April 1, 2022. As discussed above, in July 2020, the Company used part of the net proceeds from the issuance of the 2025 Notes to repurchase $185.0 million aggregate principal amount of the 2022 Notes in privately-negotiated transactions for an aggregate of $211.1 million in cash (including accrued interest). The partial repurchase of the 2022 Notes resulted in an $8.1 million loss on early extinguishment of debt.

The total debt composition of the 2022 Notes is as follows (in thousands):


	December 31,
	2020		2019
2.375% convertible senior notes due 2022	$	160,000	$	345,000
Deferred financing costs	(1,089)		(4,143)
Discount on debt	(9,263)		(34,812)
Total debt, net of debt discount and deferred financing costs	$	149,648	$	306,045

Holders may convert their 2022 Notes prior to October 1, 2021, only if certain circumstances are met, including if during the previous calendar quarter, the last reported sales price of the Company’s common stock was greater than or equal to 130% of the conversion price than applicable for at least 20 out of the last 30 consecutive trading days of the quarter. During the year ended December 31, 2020, this condition for conversion was not met.

On or after October 1, 2021, until the close of business on the second scheduled trading day immediately preceding April 1, 2022, holders may convert their 2022 Notes at any time.

Upon conversion, holders will receive the principal amount of their 2022 Notes and any excess conversion value, calculated based on the per share volume-weighted average price for each of the 40 consecutive trading days during the observation period (as more fully described in the 2022 Indenture). For both the principal and excess conversion value, holders may receive 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 option. The initial conversion rate for the 2022 Notes is 14.9491 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of $66.89 per share of the Company’s common stock. The

conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. The initial conversion price of the 2022 Notes represents a premium of approximately 37.5% to the closing sale price of $48.65 per share of the Company’s common stock on the Nasdaq Global Select Market on March 7, 2017, the date that the Company priced the private offering of the 2022 Notes.

As of December 31, 2020, the 2022 Notes had a market price of $1,144 per $1,000 principal amount. In the event of conversion, holders would forgo all future interest payments, any unpaid accrued interest and the possibility of stock price appreciation. Upon the receipt of conversion requests, the settlement of the 2022 Notes will be paid pursuant to the terms of the 2022 Indenture. In the event that all of the 2022 Notes are settled, the Company would be required to repay the remaining $160.0 million in principal value and any conversion premium in any combination of cash and shares of its common stock (at the Company’s option).

As of April 1, 2020, the Company may redeem for 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 option, all or part of the 2022 Notes if the last reported sale price (as defined in the 2022 Indenture) of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period ending within five trading days prior to the date on which the Company provides notice of redemption. This condition was not met during the quarter ended December 31, 2020. The redemption price will equal the sum of (i) 100% of the principal amount of the 2022 Notes being redeemed, plus (ii) accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date. In addition, calling the 2022 Notes for redemption will constitute a “make-whole fundamental change” (as defined in the 2022 Indenture) and will, in certain circumstances, increase the conversion rate applicable to the conversion of such notes if it is converted in connection with the redemption. No sinking fund is provided for the 2022 Notes.

If the Company undergoes a fundamental change, as defined in the 2022 Indenture, subject to certain conditions, holders of the 2022 Notes may require the Company to repurchase for cash all or part of their 2022 Notes at a repurchase price equal to 100% of the principal amount of the 2022 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if a “make-whole fundamental change” (as defined in the 2022 Indenture) occurs prior to April 1, 2022, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes in connection with the make-whole fundamental change.

The 2022 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of its indebtedness that is expressly subordinated in right of payment to the 2022 Notes, and equal in right of payment to the Company’s unsecured indebtedness. The 2022 Notes are also effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness, and are structurally subordinated to any debt or other liabilities (trade payables) of the Company’s subsidiaries.

The 2022 Notes are currently classified on the Company’s consolidated balance sheet at December 31, 2020 as short-term debt. The future convertibility of this liability is monitored at each quarterly reporting date and is analyzed dependent upon market prices of the Company’s common stock during the prescribed measurement periods. The holders of the 2022 Notes have the right to convert the 2022 Notes at any time on or after October 1, 2021, until the close of business on the second scheduled trading day immediately preceding April 1, 2022. Therefore, the 2022 Notes are considered a current obligation to the Company.

Under ASC 470-20, Debt with Conversion and Other Options, an entity must separately account for the liability and equity components of convertible debt instruments (such as the 2022 Notes) that may be settled entirely or partially in cash upon conversion in a manner that reflects the issuer’s economic interest cost. The liability component of the instrument is valued in a manner that reflects the market interest rate for a similar nonconvertible instrument at the date of issuance. The initial carrying value of the liability component of $274.1 million was calculated using a 7.45% assumed borrowing rate. The equity component of $70.9 million, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 2022 Notes and was recorded in additional paid-in capital on the consolidated balance sheet at the issuance date. That equity component is treated as a discount on the liability component of the 2022 Notes, which is amortized over the five-year term of the 2022 Notes using the effective interest rate method. The equity component is not re-measured as long as it continues to meet the conditions for equity classification.

The Company allocated the total transaction costs of $11.0 million related to the issuance of the 2022 Notes to the liability and equity components of the 2022 Notes based on their relative values. Transaction costs attributable to the liability

component are amortized to interest expense over the five-year term of the 2022 Notes, and transaction costs attributable to the equity component are netted with the equity component in stockholders’ equity.

The 2022 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by the Company. The 2022 Indenture contains customary events of default with respect to the 2022 Notes, including that upon certain events of default, 100% of the principal and accrued and unpaid interest on the 2022 Notes will automatically become due and payable.

Interest Expense

The following table sets forth the total interest expense recognized in the periods presented (dollar amounts in thousands):


	Year Ended December 31,
	2020			2019			2018
Contractual and other interest expense	$	7,650		$	8,195		$	8,205
Amortization of debt issuance costs	2,156			1,707			1,634
Amortization of debt discount	18,254			13,746			12,799
Capitalized interest (Note 7)	(2,389)			(20)			(689)
Total	$	25,671		$	23,628		$	21,949

Effective interest rate on convertible senior notes	7.15		%	7.81		%	7.81		%

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in the principal or most advantageous market in an orderly transaction. To increase consistency and comparability in fair value measurements, the FASB established a three-level hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of fair value measurements are:

•Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

•Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

•Level 3: Unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The carrying value of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of these items. The fair value of the Company’s equity investment with a readily determinable fair value is calculated utilizing market quotations from a major American stock exchange (Level 1). The fair value of the Company’s convertible senior notes are calculated utilizing market quotations from an over-the-counter trading market for these notes (Level 2). The fair value of the Company’s acquisition-related contingent consideration is reported at fair value on a recurring basis (Level 3). The carrying amount of the investment without a readily determinable fair value has not been adjusted for either an impairment or upward or downward adjustments based on observable transactions. The carrying values and fair values of the Company’s financial assets and liabilities at December 31, 2020 are as follows (in thousands):


	Carrying Value		Fair Value Measurements Using
			Level 1		Level 2		Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Asset:
Equity investment with readily determinable fair value	$	11,642	$	11,642	$	—	$	—
Financial Liabilities:
Acquisition-related contingent consideration	$	28,346	$	—	$	—	$	28,346

Financial Liabilities Measured at Amortized Cost:
2.375% convertible senior notes due 2022 (1)	$	149,648	$	—	$	183,000	$	—
0.750% convertible senior notes due 2025 (1)	$	313,030	$	—	$	449,039	$	—

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $59.84 per share at December 31, 2020 compared to a conversion price of $66.89 per share for the 2022 Notes and a conversion price of $71.78 for the 2025 Notes. Therefore, at December 31, 2020, the conversion prices were above the stock price. The maximum conversion premium that could have been due on the 2022 Notes and 2025 Notes at December 31, 2020 was approximately 2.4 million and 5.6 million shares of the Company’s common stock, respectively. These figures assume no increases in the conversion rate for certain corporate events.

Certain assets and liabilities are measured at fair value on a non-recurring basis, including assets and liabilities acquired in a business combination and long-lived assets, which would be recognized at fair value if deemed impaired or if reclassified as assets held for sale. The fair value in these instances would be determined using Level 3 inputs.

Financial Liabilities Measured at Fair Value on a Recurring Basis

The Company has recognized contingent consideration related to the MyoScience Acquisition in the amount of $28.3 million and $38.1 million as of December 31, 2020 and 2019, respectively. Refer to Note 5, MyoScience Acquisition and Note 18, Acquisition-Related Charges and Product Discontinuation, Net, for more information.

The Company’s contingent consideration obligations are recorded at their estimated fair values and are revalued each reporting period if and until the related contingencies are resolved. For the years ended December 31, 2020 and 2019, the Company recognized $5.2 million and $16.7 million of charges, respectively, as a result of revisions to the probabilities of regulatory milestones being met and revisions to future projections, which have been included in acquisition-related charges in the consolidated statements of operations. The Company has measured the fair value of its contingent consideration using a probability-weighted discounted cash flow approach that is based on unobservable inputs and a Monte Carlo simulation. These inputs include, as applicable, estimated probabilities and the timing of achieving specified commercial and regulatory milestones, estimated forecasts of revenue and costs and the discount rate used to calculate the present value of estimated future payments. Significant changes may increase or decrease the probabilities of achieving the related commercial and regulatory events, shorten or lengthen the time required to achieve such events, or increase or decrease estimated forecasts. At December 31, 2020, the weighted average discount rate was 4.2% and the weighted average probability of success for regulatory milestones was 60.8%.

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:


Assumption						Ranges Utilized as of December 31, 2020
Discount rates						4.12% to 4.22%
Probabilities of payment for regulatory milestones						2.00% to 100.00%
Projected years of payment for regulatory and commercial milestones						2021 to 2023

The maximum remaining potential payments related to the contingent consideration from the MyoScience Acquisition are $58.0 million as of December 31, 2020.

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):


	Contingent Consideration Fair Value
Balance at December 31, 2019	$	38,142
Fair value adjustments and accretion	5,204
Payments made	(15,000)
Balance at December 31, 2020	$	28,346

Investments

Short-term investments consist of asset-backed securities collateralized by credit card receivables, investment grade commercial paper and corporate and government bonds with maturities greater than three months, but less than one year. Long-term investments consist of asset-backed securities collateralized by credit card receivables and corporate and government bonds with maturities greater than one year but less than three years. Net unrealized gains and losses (excluding credit losses, if any) from the Company’s short-term and long-term investments are reported in other comprehensive income (loss). At December 31, 2020, all of the Company’s short-term and long-term investments are classified as available-for-sale investments and are determined to be Level 2 instruments, which are measured at fair value using standard industry models with observable inputs. The fair value of the commercial paper is measured based on a standard industry model that uses the three-month U.S. Treasury bill rate as an observable input. The fair value of the asset-backed securities and corporate bonds is principally measured or corroborated by trade data for identical issues in which related trading activity is not sufficiently frequent to be considered a Level 1 input or that of comparable securities. At the time of purchase, all short-term and long-term investments had an “A” or better rating by Standard & Poor’s.

The following summarizes the Company’s investments at December 31, 2020 and 2019 (in thousands):


December 31, 2020 Investments:	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Short-term:
Asset-backed securities	$	34,918	$	98	$	—	$	35,016
Commercial paper	221,494		36		(18)		221,512
Corporate bonds	120,375		179		(11)		120,543
U.S. Government bonds	44,629		7		(2)		44,634
Subtotal	421,416		320		(31)		421,705
Long-term:
U.S. Government bonds	95,429		30		—		95,459
Subtotal	95,429		30		—		95,459
Total	$	516,845	$	350	$	(31)	$	517,164


December 31, 2019 Investments:	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Short-term:
Asset-backed securities	$	43,166	$	54	$	—	$	43,220
Commercial paper	32,250		20		—		32,270
Corporate bonds	138,012		225		(5)		138,232

Subtotal	213,428		299		(5)		213,722
Long-term:
Asset-backed securities	28,064		10		(15)		28,059
Corporate bonds	36,706		37		(4)		36,739

Subtotal	64,770		47		(19)		64,798
Total	$	278,198	$	346	$	(24)	$	278,520

At December 31, 2020, there were no investments available for sale that were materially less than their amortized cost.

The Company elects to recognize its interest receivable separate from its available-for-sale investments. At December 31, 2020 and December 31, 2019, the interest receivable recognized in prepaid expenses and other current assets was $1.6 million and $1.4 million, respectively.

Equity Investments

At December 31, 2020 and 2019, the Company held an equity investment in TELA Bio, Inc., or TELA Bio, in its consolidated balance sheets in the amounts of $11.6 million and $10.0 million, respectively. During the year ended December 31, 2020, the fair value of this publicly traded investment increased by $1.6 million which is recorded in other, net in the consolidated statement of operations. During the year ended December 31, 2019, the Company made an additional cash investment of $1.6 million in TELA Bio and received a non-cash stock dividend in the amount of $2.5 million. During 2019, the Company also recognized an impairment loss of $5.7 million in other, net related to its investment in TELA Bio. The fair values of TELA Bio at December 31, 2020 and 2019 were based on Level 1 inputs. In 2020, the Company invested $1.2 million in GeneQuine Biotherapeutics GmbH, or GeneQuine, a privately held biopharmaceutical company headquartered in Hamburg, Germany. This investment has no readily determinable fair value and is recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments. In January 2021, the Company invested an additional $1.2 million in GeneQuine as a convertible note. The Company has the right to make an additional $4.9 million investment predicated upon GeneQuine achieving certain prespecified near-term milestones.

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. Such amounts may exceed federally-insured limits.

As of December 31, 2020, three wholesalers each accounted for over 10% of the Company’s accounts receivable at 36%, 28% and 23%. At December 31, 2019, three wholesalers each accounted for over 10% of the Company’s accounts receivable at 37%, 29% and 26%. For additional information regarding the Company’s wholesalers, see Note 2, Summary of Significant Accounting Policies. EXPAREL revenues are primarily derived from major wholesalers that generally have significant cash resources. The Company performs ongoing credit evaluations of its customers as warranted and generally does not require collateral. Allowances for credit losses on the Company’s accounts receivable are maintained based on historical payment patterns, current and estimated future economic conditions, aging of accounts receivable and its write-off history. As of December 31, 2020 and 2019, the Company did not deem any allowances for credit losses on its accounts receivable necessary.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Common Stock

The Company is authorized to issue up to 250,000,000 shares of common stock, of which 43,636,929 and 41,908,148 were issued and outstanding at December 31, 2020 and 2019, respectively.

Preferred Stock

The Company is authorized to issue up to 5,000,000 shares of preferred stock. No preferred stock was issued or outstanding at either December 31, 2020 or 2019.

Accumulated Other Comprehensive Income (Loss)

The following table illustrates the changes in the balances of the Company’s accumulated other comprehensive income (loss) for the periods presented (in thousands):


	Net Unrealized Gains (Losses)
Balance at December 31, 2017	$	(454)
Net unrealized gain on investments net of tax	174
Amounts reclassified from accumulated other comprehensive income (loss)	—
Balance at December 31, 2018	(280)
Net unrealized gain on investments net of tax	602
Amounts reclassified from accumulated other comprehensive income (loss)	—
Balance at December 31, 2019	322
Net unrealized loss on investments net of tax	(3)
Foreign currency translation adjustments	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	—
Balance at December 31, 2020	$	318

STOCK PLANS

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK PLANS

Stock Incentive Plans

The Company’s amended and restated 2011 stock incentive plan, or 2011 Plan, was originally adopted by its board of directors and approved by its stockholders in June 2011 and was amended in June 2014, June 2016 and June 2019. The June 2019 amendment and approval by the Company’s stockholders increased the number of shares of common stock authorized for issuance as equity awards under the plan by 3,000,000 shares.

The 2011 Plan allows the granting of incentive stock options, non-statutory stock options, restricted stock awards and other stock-based awards. In April 2014, the Company’s board of directors also adopted the 2014 Inducement Plan.

All of the Company’s stock option grants have an exercise price equal to the closing price of the Company’s common stock on the date of grant, generally have a 10-year contractual term and vest in increments (typically over four years from the date of grant, although the Company may occasionally grant options with different vesting terms, including grants made to its non-employee directors). The Company also grants RSUs to employees and non-employee directors generally vesting in increments over four years from the date of grant except for such grants made to non-employee directors. The Company uses authorized and unissued shares of its common stock to satisfy its obligations under these plans.

2014 Employee Stock Purchase Plan

The Company’s 2014 Employee Stock Purchase Plan, or ESPP, was adopted by its board of directors in April 2014 and approved by the Company’s stockholders in June 2014. The purpose of the ESPP is to provide a vehicle for eligible employees to purchase shares of the Company’s common stock at a discounted price and to help retain and motivate current employees as well as attract new talent. Under the ESPP, up to 500,000 shares of common stock may be sold. The plan expires in June 2024. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code, or IRC. The maximum fair market value of stock which can be purchased by a participant in a calendar year is $25,000. Six-month offering periods begin on January 1 and July 1 of each year. During an offering period, eligible employees have the opportunity to elect to purchase shares of the Company’s common stock on the purchase dates of June 30 and December 31 (or the last trading day of an offering period). The per share purchase price will be equal to the lesser of 85% of the fair market value of the Company’s common stock on either the offering date or the purchase date. During the year ended December 31, 2020, 61,585 shares were purchased and issued through the ESPP.

The following tables contain information about the Company’s stock incentive plans at December 31, 2020:


Stock Incentive Plan	Awards Reserved For Issuance	Awards Issued	Awards Available For Grant
2011 Plan	12,931,701	11,569,813	1,361,888
2014 Inducement Plan	175,000	36,576	138,424
Total	13,106,701	11,606,389	1,500,312

Employee Stock Purchase Plan	Shares Reserved For Purchase	Shares Purchased	Shares Available For Purchase
2014 ESPP	500,000	353,566	146,434

Stock-Based Compensation

Compensation expense for stock options and RSUs is based on the estimated grant date fair value of an award recognized over the requisite service period on a straight-line expense attribution method. Compensation expense for ESPP share options is based on the estimated grant date fair value of the ESPP shares and the grant date number of shares that can be purchased, which is recognized as expense over the length of an offering period.

The Company recognized stock-based compensation expense in its consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Cost of goods sold	$	5,589	$	4,665	$	4,478
Research and development	5,211		5,114		3,934
Selling, general and administrative	29,120		23,871		23,313
Total	$	39,920	$	33,650	$	31,725

Stock-based compensation from:
Stock options	$	26,749	$	23,360	$	22,643
RSUs	12,266		9,511		8,371
ESPP	905		779		711
Total	$	39,920	$	33,650	$	31,725

Related income tax benefit	$	8,578	$	—	$	—

The following table summarizes the Company’s stock option activity and related information for the period from December 31, 2017 to December 31, 2020:


	Number of Options	Weighted Average Exercise Price (Per Share)		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2017	4,951,493	$	43.51	6.91	$	57,021
Granted	1,994,332	39.35
Exercised	(332,732)	21.55			$	7,418
Forfeited	(481,126)	42.30
Expired	(409,149)	68.01
Outstanding at December 31, 2018	5,722,818	41.69		7.07	$	49,166
Granted	1,872,758	42.75
Exercised	(425,495)	19.90			$	9,441
Forfeited	(286,779)	39.22
Expired	(176,924)	63.33
Outstanding at December 31, 2019	6,706,378	42.80		7.05	$	50,652
Granted	1,502,803	47.50
Exercised	(1,428,111)	31.67			$	34,227
Forfeited	(426,925)	42.08
Expired	(119,027)	71.71
Outstanding at December 31, 2020	6,235,118	$	45.98	6.97	$	102,955
Exercisable at December 31, 2020	3,315,863	$	47.24	5.45	$	58,308
Vested and expected to vest at December 31, 2020	6,235,118	$	45.98	6.97	$	102,955

As of December 31, 2020, $55.6 million of total unrecognized compensation cost related to non-vested stock options is expected to be recognized over a weighted average period of 2.7 years. The Company’s stock options have a maximum expiration date of ten years from the date of grant.

The weighted average fair value of stock options granted for the years ended December 31, 2020, 2019 and 2018 was $22.40, $20.92 and $19.34 per share, respectively. The fair values of stock options granted were estimated using the Black-Scholes model with the following weighted average assumptions:


	Year Ended December 31,
Black-Scholes Weighted Average Assumption	2020	2019	2018
Expected dividend yield	None	None	None
Risk-free interest rate	0.22% - 1.60%	1.33% - 2.54%	2.26% - 3.05%
Expected volatility	53.5%	53.9%	53.3%
Expected term of options	5.36 years	5.22 years	5.14 years

The following table summarizes the Company’s RSU activity and related information for the period from December 31, 2017 to December 31, 2020:


	Number of Units	Weighted Average Grant Date Fair Value (Per Share)		Aggregate Intrinsic Value (in Thousands)
Unvested at December 31, 2017	499,546	$	47.32	$	22,804
Granted	331,129	38.36
Vested	(156,450)	49.59
Forfeited	(96,261)	43.92
Unvested at December 31, 2018	577,964	42.14		$	24,864
Granted	305,418	43.56
Vested	(192,760)	45.55
Forfeited	(59,481)	41.22
Unvested at December 31, 2019	631,141	41.87		$	28,591
Granted	665,476	48.70
Vested	(239,085)	41.91
Forfeited	(100,079)	44.43
Unvested and expected to vest at December 31, 2020	957,453	$	46.34	$	57,294

As of December 31, 2020, $36.2 million of total unrecognized compensation cost related to non-vested RSUs is expected to be recognized over a weighted average period of 3.1 years. The Company’s RSUs have a maximum vest date of four years from the date of grant. The fair values of RSUs awarded are equal to the closing price of the Company’s common stock on the date of grant.

The fair values of the ESPP share options granted were estimated using the Black-Scholes model with the following weighted average assumptions:


	Year Ended December 31,
Black-Scholes Weighted Average Assumption	2020	2019	2018
ESPP share option fair value	$11.02 - $17.54	$11.13 - $11.36	$10.40 - $13.15
Expected dividend yield	None	None	None
Risk-free interest rate	0.14% - 1.57%	2.10% - 2.56%	1.53% - 2.14%
Expected volatility	44.9%	40.2%	52.2%
Expected term of ESPP share options	6 months	6 months	6 months

NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

Potential common shares are excluded from the diluted net income (loss) per share computation to the extent that they would be antidilutive. Because the Company reported a net loss for the years ended December 31, 2019 and 2018, no potentially dilutive securities have been included in the computation of diluted net loss per share for those periods. As discussed in Note 11, Debt, the Company has the option to pay cash for the aggregate principal amount due upon the conversion of its 2022 Notes and 2025 Notes. Since it is the Company’s intent to settle the principal amount of its 2022 Notes and 2025 Notes in cash, the potentially dilutive effect of such notes on net income (loss) per share is computed under the treasury stock method. ASU 2020-06 will require the Company to use the if-converted method upon adoption; this new accounting pronouncement has not been adopted as of December 31, 2020.

The following table sets forth the computation of basic and diluted net income (loss) per share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share amounts):


	Year Ended December 31,
	2020		2019		2018
Numerator:
Net income (loss)	$	145,523	$	(11,016)	$	(471)





Denominator:
Weighted average shares of common stock outstanding—basic	42,671		41,513		40,911
Computation of diluted securities:
Dilutive effect of stock options	783		—		—
Dilutive effect of RSUs	227		—		—

Dilutive effect of ESPP purchase options	1		—		—
Weighted average shares of common stock outstanding—diluted	43,682		41,513		40,911
Net income (loss) per share:
Basic net income (loss) per common share	$	3.41	$	(0.27)	$	(0.01)
Diluted net income (loss) per common share	$	3.33	$	(0.27)	$	(0.01)

The following outstanding stock options, RSUs, and ESPP purchase options are antidilutive in the periods presented (in thousands):


	Year Ended December 31,
	2020	2019	2018
Weighted average number of stock options	4,237	6,404	5,492
Weighted average number of RSUs	99	606	542


Weighted average ESPP purchase options	16	34	31
Total	4,352	7,044	6,065

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Income (loss) before income taxes and the related tax (benefit) expense is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Income (loss) before income taxes:
Domestic	$	17,000	$	(7,026)	$	5,169
Foreign	3,089		(3,722)		(5,594)
Total income (loss) before income taxes	$	20,089	$	(10,748)	$	(425)

Current taxes:
Federal	$	(6)	$	—	$	(96)
State	1,185		2,096		142

Total current taxes	$	1,179	$	2,096	$	46
Deferred taxes:
Federal	$	(99,164)	$	(1,828)	$	—
State	(27,449)		—		—

Total deferred taxes	$	(126,613)	$	(1,828)	$	—

Total income tax (benefit) expense	$	(125,434)	$	268	$	46

For the year ended December 31, 2020, the Company had an income tax benefit of $125.4 million primarily related to the release of a valuation allowance on its domestic net deferred assets. The income tax expense for the year ended December 31,

2019 consists primarily of state income taxes in jurisdictions where the availability of carryforward losses are either limited or fully utilized as well as state taxes on the one-time gain from the deemed sale of assets resulting from an IRC section 338(g) tax election made by the Company related to the MyoScience Acquisition. This was partially offset by a reduction in the Company’s valuation allowance on its deferred tax assets due to the MyoScience Acquisition. Income tax expense for the year ended December 31, 2018 is principally the result of minimum state taxes.

A reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes is as follows:


	Year Ended December 31,
	2020		2019		2018
U.S. federal statutory rate	21.00	%	21.00	%	21.00	%
State taxes	3.15	%	(7.33)	%	(24.84)	%
Foreign taxes	3.18	%	(3.95)	%	(92.04)	%
Change in valuation allowance	(647.87)	%	19.76	%	369.27	%
Stock-based compensation	(1.08)	%	(10.53)	%	(874.29)	%
Tax credits	(7.92)	%	19.93	%	700.35	%
Interest expense	—	%	—	%	218.47	%
Effect of rate changes	—	%	(0.42)	%	13.44	%
Convertible senior notes refinancing	(5.22)	%	—	%	—	%
Nondeductible expenses	4.55	%	(13.58)	%	(132.96)	%
Reserves	7.66	%	(15.41)	%	(202.98)	%
338(g) tax election	—	%	(9.61)	%	—	%

Other	(1.84)	%	(2.35)	%	(6.15)	%
Effective tax rate	(624.39)	%	(2.49)	%	(10.73)	%

The Company’s effective tax rates of (624.39)%, (2.49)% and (10.73)% for the years ended December 31, 2020, 2019 and 2018, respectively, differed from the expected U.S. statutory tax rate of 21.0%. This difference for the year ended December 31, 2020 was primarily due to the release of the domestic valuation allowance of $126.6 million as discussed below. The difference for the years ended December 31, 2019 and 2018 was primarily driven by pretax losses for which the Company concluded that a majority of its tax benefits are not more-likely-than-not to be realized, resulting in the recording of a full valuation allowance.

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. A full valuation allowance had been recorded against the Company’s net deferred tax balance as of December 31, 2019 because at that time it was more likely than not that its net deferred tax assets would not be realizable. At each reporting date, the Company considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. During the year ended December 31, 2020, in part because in the current year the Company achieved three years of cumulative pretax income in the U.S. federal and state tax jurisdictions, and based on its most recent forecasts, the Company determined that there is sufficient positive evidence to conclude that it is more likely than not that additional domestic deferred taxes of $126.6 million are realizable and, therefore, reduced the valuation allowance accordingly.

During the year ended December 31, 2020, the Company established a deferred tax liability of $20.5 million with an offset to additional paid-in capital resulting from the conversion feature of the 2025 Notes. The initial difference between the book value of convertible debt issued with a beneficial conversion feature and its tax basis is a temporary difference.

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2020 and 2019 are as follows (in thousands):


	December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	66,123	$	68,921
Federal and state credits	17,335		16,895
Depreciation and amortization	13,473		15,778
Accruals and reserves	7,254		8,767

Stock based compensation	21,862		23,187
Inventory	1,345		1,646
Other	2,138		2,022
Total deferred tax assets	129,530		137,216
Deferred tax liabilities:
Discount on convertible senior notes	(20,851)		(8,125)
Deferred tax assets, net of deferred tax liabilities	108,679		129,091
Less: valuation allowance	(2,515)		(129,091)
Net deferred tax assets	$	106,164	$	—

As of December 31, 2020, the Company’s federal net operating losses, or NOLs, and federal tax credit carryforwards totaled $243.5 million and $12.4 million, respectively. The Company also had state NOLs and state tax credit carryforwards of $165.8 million and $6.3 million, respectively, which are subject to change on an annual basis due to variations in the Company’s annual state apportionment factors. The Company had non-U.S. tax NOLs of $18.7 million at December 31, 2020. The existing federal and state NOLs will begin expiring in 2024, if the Company has not used them prior to that time. The non-U.S. NOLs do not expire.

Since the Company had cumulative changes in ownership of more than 50% within a three-year period, under IRC sections 382 and 383, the Company’s ability to use certain net operating loss and credit carryforwards to offset taxable income or tax will be limited. Such ownership changes were triggered by the initial acquisition of the Company’s stock in 2007 as well as cumulative ownership changes arising as a result of the completion of the Company’s initial public offering and other financing transactions. As a result of these ownership changes, the Company estimates that approximately $88.4 million of federal net operating losses are subject to annual limitations. At December 31, 2020, $61.5 million of these federal net operating losses were available. The Company estimates that an additional $10.3 million will come available in each of 2021 and 2022, $3.5 million in 2023 and $1.4 million in each of 2024 and 2025. In addition, California and certain states have previously suspended or limited the use of NOL carryforwards for certain taxable years, and certain states are considering similar future measures. As a result, the Company may incur higher state income tax expense in the future.

In accordance with ASC Topic 740, the Company establishes a valuation allowance for deferred tax assets that, in its judgment, are not more-likely-than-not realizable. These judgments are based on projections of future income, including tax-planning strategies, by individual tax jurisdictions. In each reporting period, the Company assesses the likelihood that its deferred tax assets will be realized and determines if adjustments to its valuation allowance are appropriate. The Company had a net decrease in its valuation allowance of $126.6 million and an increase of $7.0 million for the years ended December 31, 2020 and December 31, 2019, respectively. During the year ended December 31, 2020, the Company determined that there is sufficient positive evidence to conclude that it is more likely than not that additional domestic deferred taxes of $126.6 million are realizable and, therefore, reduced the valuation allowance accordingly. The net increase in the Company’s valuation allowance for the year ended December 31, 2019 included a reduction of $1.8 million as a result of the MyoScience Acquisition.

In 2020, the Company recorded a reserve of $1.5 million related to unrecognized tax benefits, or UTBs, which relate to tax positions taken during the year. The Company’s UTB liability at December 31, 2020 was $6.1 million. The change in the Company’s UTBs in 2020 is summarized as follows (in thousands):


	Unrecognized Tax Benefit
Balance at December 31, 2019	$	4,537



Additions for current year positions	1,539

Balance at December 31, 2020	$	6,076

The Company regularly assesses the likelihood of additional tax assessments by jurisdiction and, if necessary, adjusts its reserve for UTBs based on new information or developments. Due to the Company’s tax credit carryforwards, the reserve was recorded as a reduction of the Company’s deferred tax assets, and any potential deficiency would not result in a tax liability. Therefore, no interest or penalties were recognized in income tax expense for the years ended December 31, 2020, 2019 and 2018.

The Company is currently subject to audit by the U.S. Internal Revenue Service, or IRS, for the years 2017 through 2020, and state tax jurisdictions for the years 2016 through 2020. However, the IRS or states may still examine and adjust an NOL arising from a closed year to the extent it is utilized in a year that remains subject to audit. The Company’s previously filed income tax returns are not presently under audit by the IRS or state tax authorities.

- Definition

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

+ References + Details

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2020
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS 401(k) Plan The Company’s 401(k) plan is a deferred salary arrangement under section 401(k) of the IRC. Under the 401(k) plan, participating U.S. employees may defer a portion of their pre-tax earnings which are eligible for a discretionary percentage match as defined in the 401(k) plan and determined by the Company’s board of directors (up to the maximum amount permitted by the IRC). The Company recognized $2.9 million, $2.6 million and $1.6 million of related compensation expense for its 401(k) discretionary match for the years ended December 31, 2020, 2019 and 2018, respectively. Deferred Compensation Plan In June 2020, the Company’s board of directors adopted the Company’s Deferred Compensation Plan, or DCP. The Company intends that the DCP constitute, and be construed and administered as, an unfunded plan of deferred compensation within the meaning of the Employee Retirement Income Security Act of 1974, as amended, and the IRC of 1986, as amended, under which eligible participants may elect to defer the receipt of current compensation. Eligible participants include select management and highly compensated employees of the Company, including the Company’s named executive officers. Pursuant to the DCP, subject to any minimum and maximum deferral requirements that the administrator of the DCP may establish, participants may elect to defer their base salary and annual incentive awards. In addition to elective deferrals, the DCP permits the Company to make matching and certain other discretionary contributions to the participants. The Company recognized $0.2 million of related compensation expense for its DCP discretionary match for the year ended December 31, 2020.

ACQUISITION-RELATED CHARGES AND PRODUCT DISCONTINUATION, NET

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ACQUISITION–RELATED CHARGES AND PRODUCT DISCONTINUATION, NET

MyoScience Acquisition

The Company recognized acquisition-related charges of $5.4 million and $21.6 million during the years ended December 31, 2020 and 2019, respectively, related to the MyoScience Acquisition. The acquisition-related charges reflect increases in the fair value of contingent consideration in the amount of $5.2 million and $16.7 million during the years ended December 31, 2020 and 2019, respectively. See Note 12, Financial Instruments, for information regarding the method and key assumptions used in the fair value measurements of contingent consideration. In addition, $0.2 million and $4.2 million of other acquisition-related charges for the years ended December 31, 2020 and 2019, which included advisory costs, including legal, financial, accounting and tax services, were incurred during the year ended December 31, 2019. During the year ended December 31, 2019, the Company incurred $0.7 million of separation costs, asset write-downs and other restructuring charges. The Company did not incur any acquisition-related charges in 2018. See Note 5, MyoScience Acquisition, for more information.

In conjunction with the MyoScience Acquisition, the Company initiated a restructuring through a headcount reduction in the sales and administrative functions. In addition, the Company terminated a number of existing distributor agreements that were maintained by MyoScience.

DepoCyt(e) Discontinuation

The Company recorded a gain of $0.2 million during the year ended December 31, 2020, and charges of $0.2 million and $1.6 million in the years ended December 31, 2019 and 2018, respectively, related to the discontinuation of its DepoCyt(e) manufacturing activities in June 2017 due to persistent technical issues specific to the DepoCyt(e) manufacturing process. The lease of the idle DepoCyt(e) manufacturing facility expired in August 2020.

In April 2018, the Company received formal notice of the termination of a Supply Agreement and a Distribution Agreement (and all related agreements as subsequently amended) from Mundipharma International Corporation Limited and Mundipharma Medical Company, respectively (collectively, “Mundipharma”). In November 2019, the Company reached a settlement with Mundipharma and made a $5.3 million payment related to the DepoCyt(e) discontinuation which had previously been accrued.

Summary of Acquisition-Related Restructuring Activities and DepoCyt(e) Discontinuation Costs

The Company’s acquisition-related restructuring activities and DepoCyt(e) discontinuation costs as of December 31, 2020 are summarized below (in thousands):


	Severance and Related Costs		Lease Costs		Write-off of Property, Plant & Equipment and Inventory		AROs, Other Restructuring and Discontinuation Costs		Total
Balance at December 31, 2017	$	—	$	1,768	$	—	$	309	$	2,077
Charges incurred	—		1,513		—		51		1,564
Cash payments made	—		(1,311)		—		(91)		(1,402)

Balance sheet reclassifications	—		—		—		13		13
Balance at December 31, 2018	—		1,970		—		282		2,252
Charges incurred	429		—		193		225		847
Cash payments made	(348)		—		—		(404)		(752)
Other, including non-cash activity	—		—		(193)		—		(193)
Balance sheet reclassifications	—		(1,970)		—		455		(1,515)
Balance at December 31, 2019	81		—		—		558		639
Charges and other adjustments	—		—		—		(38)		(38)
Cash payments made	(81)		—		—		(501)		(582)


Balance at December 31, 2020	$	—	$	—	$	—	$	19	$	19

COMMERCIAL PARTNERS AND OTHER AGREEMENTS	12 Months Ended
COMMERCIAL PARTNERS AND OTHER AGREEMENTS	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMMERCIAL PARTNERS AND OTHER AGREEMENTS	COMMERCIAL PARTNERS AND OTHER AGREEMENTS Thermo Fisher Scientific Pharma Services In April 2014, the Company and Thermo Fisher entered into a Strategic Co-Production Agreement, a Technical Transfer and Service Agreement and a Manufacturing and Supply Agreement to collaborate in the manufacture of EXPAREL. Under the terms of the Technical Transfer and Service Agreement, Thermo Fisher agreed to undertake certain technical transfer activities and construction services needed to prepare its Swindon, England facility for the manufacture of EXPAREL in two dedicated manufacturing suites. The Company contracted to purchase EXPAREL from Thermo Fisher, beginning with FDA approval of the first suite, which occurred in May 2018. Commercial production began in February 2019. Under these agreements, the Company makes monthly base fee payments to Thermo Fisher. Unless earlier terminated by giving notice of up to three years (other than termination by the Company in the event of a material breach by Thermo Fisher), this agreement will expire in May 2028. DePuy Synthes Sales, Inc. In January 2017, the Company announced a Co-Promotion Agreement with DePuy Synthes Sales, Inc., or DePuy Synthes, part of the Johnson & Johnson family of companies, to market and promote the use of EXPAREL for orthopedic procedures in the U.S. DePuy Synthes field representatives, specializing in joint reconstruction, spine, sports medicine, trauma and cranio-maxillofacial (CMF) procedures, collaborate with and supplement the Company’s field teams by expanding the reach and frequency of EXPAREL education in the hospital surgical suite and ambulatory surgery center settings. In July 2020, the Company notified DePuy Synthes that the Co-Promotion Agreement would terminate on January 2, 2021. The Company has estimated termination-related costs of up to $9.0 million which have been recorded in selling, general and administrative expense during the year ended December 31, 2020. Aratana Therapeutics, Inc. In December 2012, the Company entered into a worldwide license, development and commercialization agreement with Aratana Therapeutics, Inc., a wholly owned subsidiary of Elanco Animal Health, Inc., or Aratana. Under the agreement, the Company granted Aratana an exclusive royalty-bearing license, including the limited right to grant sublicenses, for the development and commercialization of the Company’s bupivacaine liposome injectable suspension product for veterinary use. Under the agreement, Aratana developed and obtained FDA approval for the use of the product in veterinary surgery to manage postsurgical pain. The Company is eligible to receive from Aratana up to an aggregate of $40.0 million upon the achievement of commercial milestones. Aratana is required to pay the Company a tiered double-digit royalty on certain net sales made in the U.S. If the product is approved by foreign regulatory agencies for sale outside of the U.S., Aratana will be required to pay the Company a tiered double-digit royalty on such net sales. Royalty rates will be reduced by a certain percentage upon the entry of a generic competitor for animal health indications into certain jurisdictions or if Aratana must pay royalties to third parties under certain circumstances. Unless terminated earlier pursuant to its terms, the license agreement is effective until July 2033, after which Aratana has the option to extend the agreement for an additional five-year term, subject to certain requirements. Aratana began purchasing bupivacaine liposome injectable suspension product in 2016, which they market under the trade name NOCITA® (a registered trademark of Aratana) for veterinary use. Nuance Biotech Co. Ltd. In June 2018, the Company entered into an agreement with Nuance Biotech Co. Ltd., or Nuance, a China-based specialty pharmaceutical company, to advance the development and commercialization of EXPAREL in China. Under the terms of the agreement, the Company agreed to be the sole supplier of EXPAREL to Nuance and has granted Nuance the exclusive rights to develop and commercialize EXPAREL in China. In June 2018, the Company recognized an upfront payment of $3.0 million since collaborative licensing revenue is recognized at the point in time when the license is provided and is not expected to substantively change. This payment was received in July 2018 and the Company is eligible to receive future milestone payments of up to $60.0 million that are triggered by filing for and securing regulatory approval(s) and annual sales in China exceeding certain thresholds. The Company is also entitled to tiered royalties as a percentage of net sales.

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSIn April 2012, the Company entered into a consulting agreement with Dr. Gary Pace, a director of the Company. In connection with the consulting agreement, Dr. Pace received an option to purchase 20,000 shares of common stock at an exercise price of $11.02 per share and an option to purchase 70,000 shares of common stock at an exercise price of $16.67 per share. No services were provided under the consulting agreement in the years ended December 31, 2020, 2019, or 2018, and as of December 31, 2020 and 2019, there was nothing payable to Dr. Pace for consulting services.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company has been and may again become involved in legal proceedings arising in the ordinary course of its business, including those related to patents, product liability and government investigations. Except as described below, the Company is not presently a party to any legal proceedings that it believes to be material, and is not aware of any pending or threatened litigation against the Company which it believes could have a material adverse effect on its business, operating results, financial condition or cash flows. MyoScience Milestone Litigation In August 2020, the Company and its subsidiary, Pacira CryoTech, Inc. (“Pacira CryoTech”), filed a lawsuit in the Court of Chancery of the State of Delaware (the “Delaware Court”) against Fortis Advisors LLC (“Fortis”), solely in its capacity as representative for the former securityholders of MyoScience, and certain other defendants, seeking declaratory judgment with respect to certain terms of the merger agreement for the MyoScience Acquisition (the “Merger Agreement”), specifically related to the achievement of certain milestone payments under the Merger Agreement. In addition, the Company and Pacira CryoTech sought general, special and compensatory damages against the other defendants related to breach of fiduciary duties in connection with the purported achievement of milestone payments under the Merger Agreement, and breach of the Merger Agreement and certain other agreements with the defendants. In October 2020, Fortis filed an answer and counterclaim against the Company and Pacira CryoTech seeking to recover certain milestone payments under the Merger Agreement totaling $40.0 million, and attorneys’ fees. The Company believes that the counterclaim from Fortis is without merit and intends to vigorously defend against all claims. The Company is unable to predict the outcome of this action at this time. Department of Justice Inquiry Settlement In April 2015, the Company received a subpoena from the U.S. Department of Justice, U.S. Attorney’s Office for the District of New Jersey pertaining to marketing and promotional practices related to EXPAREL. In July 2020, the Company formally entered into settlement agreements that resolved all outstanding investigations and claims by the United States Department of Justice, the United States Department of Health and Human Services, various States Attorneys’ General and a private plaintiff. This agreement concluded a five-year investigation related to the sale and marketing of EXPAREL. Under the various settlement agreements, the Company paid a global settlement of $3.5 million, which was recorded in acquisition-related charges, product discontinuation and other in the consolidated financial statements for the year ended December 31, 2019. The Company expressly denies all allegations and contentions and has admitted no wrongdoing in connection with the settlement agreements. The Company has been given assurances that this concludes the investigation that originated from the U.S. Department of Justice subpoena in April 2015. Purchase Obligations The Company has approximately $24.5 million of minimum, non-cancelable contractual commitments for contract manufacturing services and $17.1 million of minimum, non-cancelable contractual commitments for the purchase of certain raw materials as of December 31, 2020. Other Commitments and Contingencies The FDA, as a condition of EXPAREL approval, has required the Company to study EXPAREL in pediatric patients. The Company was granted a deferral for the required pediatric trials in all age groups for EXPAREL in the setting of wound infiltration and is conducting these pediatric trials as post-marketing requirements, as stated in the New Drug Application (NDA) approval letter for EXPAREL. In December 2019, the Company announced positive results for its extended pharmacokinetic and safety study for local analgesia in children aged 6 to 17 undergoing cardiovascular or spine surgeries. Those positive results provided the foundation for a supplemental New Drug Application, or sNDA. The sNDA was accepted by the FDA in August 2020 with a Prescription Drug User Fee Act (PDUFA) action date of March 22, 2021. Additionally, the Company is in negotiations with the FDA and the European Medicines Agency (EMA) for clarity on other pediatric study obligations. In addition to the initial $19.6 million purchase price for the Skyepharma Acquisition, the Company entered into an earn-out agreement with Skyepharma based on the Company reaching certain revenue milestones following the Skyepharma Acquisition. Pursuant to this agreement, the Company is required to pay Skyepharma milestone payments up to an aggregate of $62.0 million, of which $36.0 million are for potential milestones not yet met. The Company also agreed to pay certain earn-out payments based on a percentage of net sales of DepoBupivacaine products collected, including EXPAREL, for the term during which such sales were covered by a valid claim in certain patent rights related to EXPAREL and other biologics products. The last patents during which a valid claim existed expired on September 18, 2018. Refer to Note 9, Goodwill and Intangible Assets, for further discussion. Pursuant to an agreement with the Research Development Foundation, or RDF, the Company is required to pay RDF a low single-digit royalty on the collection of revenues from its DepoFoam-based products, for as long as certain patents assigned to the Company under the agreement remain valid. RDF has the right to terminate the agreement for an uncured material breach by the Company, in connection with its bankruptcy or insolvency or if it directly or indirectly opposes or disputes the validity of the assigned patent rights. Refer to Note 5, MyoScience Acquisition, for information on potential contingent milestone payments related to the MyoScience Acquisition.

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following tables present selected quarterly financial data for the years ended December 31, 2020 and 2019. For periods where the Company reported a net loss, no potentially dilutive securities were included in the computation of diluted net loss per share (in thousands, except per share amounts):


	Three Months Ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Total revenues	$	105,684	$	75,505	$	117,484	$	130,974
Cost of goods sold	29,732		22,305		29,993		35,298
Total operating expenses	88,590		82,652		99,864		112,191
Net income (loss)	8,159		(7,269)		130,119		14,514
Basic net income (loss) per common share (1)	$	0.19	$	(0.17)	$	3.03	$	0.33
Diluted net income (loss) per common share (1)	$	0.19	$	(0.17)	$	2.94	$	0.32


	Three Months Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Total revenues	$	91,313	$	102,604	$	104,685	$	122,424
Cost of goods sold	27,303		25,201		22,304		31,904
Total operating expenses	90,234		97,329		102,272		120,711
Net income (loss)	(2,771)		2,730		(6,087)		(4,888)
Basic net income (loss) per common share (1)	$	(0.07)	$	0.07	$	(0.15)	$	(0.12)
Diluted net income (loss) per common share (1)	$	(0.07)	$	0.06	$	(0.15)	$	(0.12)

(1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly basic and diluted earnings per share amounts may not equal the full-year basic and diluted earnings per share computation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Revenue From Contracts With Customers

Collaborative Licensing and Milestone Revenue

Royalty Revenue

Concentration of Major Customers


	Year Ended December 31,
	2020		2019		2018
Largest wholesaler	31	%	34	%	34	%
Second largest wholesaler	31	%	29	%	30	%
Third largest wholesaler	25	%	26	%	26	%
Total	87	%	89	%	90	%

Research and Development Expenses

Income Taxes

Stock-Based Compensation

•Expected term of the option

•Expected volatility

•Expected dividends

•Risk-free interest rate

Cash and Cash Equivalents

Short-Term and Long-Term Investments

Inventories

Fixed Assets


Asset Category						Useful Life
Computer equipment and software						1 to 3 years
Office furniture and equipment						5 years
Manufacturing and laboratory equipment						5 to 10 years

Asset Retirement Obligations

Leases

Acquisitions

Contingent Consideration

Goodwill

Intangible Assets

Intangible assets with definite useful lives are amortized on a straight-line basis over their estimated useful lives and are recorded at cost, net of accumulated amortization.

Equity Investments

Impairment of Long-Lived Assets

Convertible Debt Transactions

Per Share Data

Foreign Currency Translation

rates for each calendar month during the year. Translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated financial statements.

Segment Reporting

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The Company now includes forward-looking information to better form its credit loss estimates. This update also required enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. This standard became effective for the Company beginning January 1, 2020 and there were no credit losses recognized upon adoption.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework. The update added the following disclosures: (i) changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and (ii) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The standard became effective for the Company beginning January 1, 2020 and the Company has applied these new disclosure requirements in its consolidated financial statements for the year ended December 31, 2020.

In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which 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. The update provides guidance to determine which implementation costs to capitalize as they relate to the service contract and which costs to expense. Any expense related to the capitalized implementation costs should be recorded in the same financial statement line item in the consolidated statements of operations as the fees associated with the hosting element of the arrangement, and the payments for capitalized implementation costs should be classified in the same manner as payments made for fees associated with the hosting element in the consolidated statements of cash flows. This standard became effective for the Company beginning January 1, 2020. The amendments have been applied prospectively to implementation costs incurred after the date of adoption. The Company did not incur implementation costs in a hosting arrangement that were required to be capitalized during the year ended December 31, 2020.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which was adopted by the Company on January 1, 2019 using the effective date method. There were practical expedients available to the Company that it elected to apply upon adoption. The Company did not re-assess (i) whether its contracts contained a lease under the new definition of a lease and (ii) the classification of those leases. There were no initial direct costs previously capitalized on the consolidated balance sheet. In addition, the Company applied hindsight in the determination of the lease terms, in the assessment of the likelihood that a lease renewal, termination or purchase option will be exercised, and in the assessment of any potential impairments that existed on the ROU assets recognized at adoption. The Company also elected not to recognize a ROU asset and lease liability for those leases with a remaining lease term of 12 months or less.

At adoption, the Company recorded $36.5 million of lease liabilities and $27.6 million of ROU assets as of January 1, 2019, the difference representing previously recorded lease-related assets and liabilities. There was a cumulative-effect adjustment to accumulated deficit of $0.2 million upon adoption.

In May 2014, the FASB, issued ASU 2014-09, Revenue from Contracts with Customers. The Company adopted this standard on January 1, 2018 using the modified retrospective method and recorded a cumulative effect adjustment of $1.4 million to accumulated deficit upon adoption—the impact related to the acceleration of $1.0 million of deferred revenue and $0.4 million of royalties. The implementation of Accounting Standards Codification, or ASC, 606 did not have a material impact on the Company’s consolidated statements of operations because the timing of revenue recognition for EXPAREL product sales did not change. Refer to Note 4, Revenue, for further information on the Company’s revenue.

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligned accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. The Company adopted ASU 2018-07 in June 2018 and recorded a cumulative effect adjustment of less than $0.1 million to accumulated deficit upon adoption.

Recent Accounting Pronouncements Not Adopted as of December 31, 2020

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, which amends the approaches and methodologies in accounting for income taxes during interim periods and makes changes to certain income tax classifications. The new standard allows certain exceptions, including an exception to the use of the incremental approach for intra-period tax allocations, when there is a loss from continuing operations and income or a gain from other items, and to the general methodology for calculating income taxes in an interim period, when a year-to-date loss exceeds the anticipated loss for the year. The standard also requires franchise or similar taxes partially based on income to be reported as income tax and to reflect the effects of enacted changes in tax laws or rates in the annual effective tax rate computation from the date of enactment. Lastly, in any future acquisition, the Company would be required to evaluate when the step-up in the tax basis of goodwill is part of the business combination and when it should be considered a separate transaction. The standard became effective for the Company January 1, 2021 and the Company does not anticipate any material impact to its consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40), which limits the number of convertible instruments that require separate accounting to (i) those with embedded conversion features that are not clearly and closely related to the debt, that meet the definition of a derivative, and that do not qualify for the scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid in capital. In addition, the new guidance requires diluted earnings per share calculations to be prepared using the if-converted method, instead of the treasury stock method. The guidance must be applied in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted no earlier than for fiscal years beginning after December 15, 2020. The Company has the option to adopt the new guidance using a modified retrospective method of transition, which would then be applied to transactions outstanding at the time of adoption, or the full retrospective method. The Company is evaluating the impact from the adoption of ASU 2020-06 on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of percentage of revenue comprised by the three largest customers

The table below includes the percentage of revenues comprised by the Company’s three largest wholesalers in each period presented:


	Year Ended December 31,
	2020		2019		2018
Largest wholesaler	31	%	34	%	34	%
Second largest wholesaler	31	%	29	%	30	%
Third largest wholesaler	25	%	26	%	26	%
Total	87	%	89	%	90	%

Schedule of useful lives by asset category

Useful lives by asset category are as follows:


Asset Category						Useful Life
Computer equipment and software						1 to 3 years
Office furniture and equipment						5 years
Manufacturing and laboratory equipment						5 to 10 years

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	December 31,
	2020		2019
Machinery and equipment	$	74,966	$	70,078
Leasehold improvements	54,434		60,441
Computer equipment and software	12,170		8,942
Office furniture and equipment	2,387		1,882
Construction in progress	71,091		38,778
Total	215,048		180,121
Less: accumulated depreciation	(78,360)		(75,440)
Fixed assets, net	$	136,688	$	104,681

REVENUE (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Summary of Activity in Accrued Rebates and Chargebacks, Returns, Wholesaler Service Fees and Prompt Pay Discounts


	Returns Allowances		Prompt Payment Discounts		Wholesaler Service Fees		Volume Rebates and Chargebacks		Total
Balance at December 31, 2017	$	821	$	657	$	839	$	696	$	3,013
Provision	680		6,802		5,194		6,645		19,321
Payments/Adjustments	(1,157)		(6,680)		(4,866)		(6,331)		(19,034)
Balance at December 31, 2018	344		779		1,167		1,010		3,300
Provision	783		8,426		6,267		11,475		26,951
Payments/Adjustments	(587)		(8,243)		(5,948)		(10,669)		(25,447)
Balance at December 31, 2019	540		962		1,486		1,816		4,804
Provision	794		8,541		6,437		12,345		28,117
Payments/Adjustments	(311)		(8,496)		(6,755)		(12,561)		(28,123)
Balance at December 31, 2020	$	1,023	$	1,007	$	1,168	$	1,600	$	4,798

Disaggregation of Revenue

The following table represents disaggregated net product sales in the periods presented as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Net product sales:
EXPAREL / bupivacaine liposome injectable suspension	$	417,797	$	411,030	$	332,427
iovera°	8,817		7,896		—

Total net product sales	$	426,614	$	418,926	$	332,427

MYOSCIENCE ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Acquisition, Pro Forma Information


	Year Ended December 31,
	2019		2018
Total revenues	$	423,475	$	342,735
Net loss	$	(16,200)	$	(25,696)
Pro forma basic and diluted net loss per share	$	(0.39)	$	(0.63)

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of components of inventories

The components of inventories, net are as follows (in thousands):


	December 31,
	2020		2019
Raw materials	$	26,886	$	20,019
Work-in-process	16,266		14,407
Finished goods	21,498		23,870
Total	$	64,650	$	58,296

FIXED ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of useful lives by asset category

Useful lives by asset category are as follows:


Asset Category						Useful Life
Computer equipment and software						1 to 3 years
Office furniture and equipment						5 years
Manufacturing and laboratory equipment						5 to 10 years

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	December 31,
	2020		2019
Machinery and equipment	$	74,966	$	70,078
Leasehold improvements	54,434		60,441
Computer equipment and software	12,170		8,942
Office furniture and equipment	2,387		1,882
Construction in progress	71,091		38,778
Total	215,048		180,121
Less: accumulated depreciation	(78,360)		(75,440)
Fixed assets, net	$	136,688	$	104,681

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease, Cost

Total operating lease costs are as follows (in thousands):


	Year Ended December 31,
Operating Lease Costs	2020		2019		2018
Fixed lease costs	$	10,055	$	6,225	$	7,236
Variable lease costs	2,096		1,651		1,761
Total	$	12,151	$	7,876	$	8,997

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Year Ended December 31,
	2020		2019
Cash paid for operating lease liabilities, net of lease incentive	$	14,347	$	7,346
Right-of-use assets recorded in exchange for lease obligations	$	42,191	$	41,605

The weighted average remaining lease term and the weighted average discount rate are summarized as follows:


	December 31,
	2020	2019
Weighted average remaining lease term	9.18 years	9.38 years
Weighted average discount rate	6.87%	7.55%

Lessee, Operating Lease, Liability, Maturity

aturities of the Company’s operating lease liabilities are as follows (in thousands):


Year	Aggregate Payments Due
2021	$	12,527
2022	10,423
2023	10,697
2024	10,980
2025	11,271
2026 through 2030	50,801
Total lease payments	106,699

Less: imputed interest	(28,249)
Total operating lease liabilities	$	78,450

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of change in carrying value of goodwill


	Carrying Value


Balance at December 31, 2018	$	62,040
Goodwill arising from the MyoScience Acquisition	37,507
Balance at December 31, 2019	99,547
2020 accumulated adjustments	—
Balance at December 31, 2020	$	99,547

Schedule of intangible assets

Intangible assets, net, consist of the developed technology and customer relationships that were acquired in the MyoScience Acquisition and are summarized as follows (in thousands):


	Estimated Useful Life	December 31,
		2020		2019
Developed technology	14 years	$	110,000	$	110,000
Customer relationships	10 years	90		90
Total intangible assets		110,090		110,090
Less: accumulated amortization		(13,569)		(5,703)
Intangible assets, net		$	96,521	$	104,387

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses consist of the following (in thousands):


	December 31,
	2020		2019
Accrued selling, general and administrative expenses	$	23,288	$	21,695
Accrued research and development expenses	6,682		6,562
Other accrued operating expenses	11,196		12,955
Compensation and benefits	22,202		22,258
Accrued royalties	3,040		2,883
Accrued interest	2,376		2,048
Product returns and wholesaler service fees	2,190		2,026
Total	$	70,974	$	70,427

DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of composition of the Company's debt and financing obligations

The total debt composition of the 2025 Notes is as follows (in thousands):


	December 31,
	2020
0.750% convertible senior notes due 2025	$	402,500
Deferred financing costs	(8,940)
Discount on debt	(80,530)
Total debt, net of debt discount and deferred financing costs	$	313,030

The total debt composition of the 2022 Notes is as follows (in thousands):


	December 31,
	2020		2019
2.375% convertible senior notes due 2022	$	160,000	$	345,000
Deferred financing costs	(1,089)		(4,143)
Discount on debt	(9,263)		(34,812)
Total debt, net of debt discount and deferred financing costs	$	149,648	$	306,045

Schedule of total interest expense recognized related to the Notes

The following table sets forth the total interest expense recognized in the periods presented (dollar amounts in thousands):


	Year Ended December 31,
	2020			2019			2018
Contractual and other interest expense	$	7,650		$	8,195		$	8,205
Amortization of debt issuance costs	2,156			1,707			1,634
Amortization of debt discount	18,254			13,746			12,799
Capitalized interest (Note 7)	(2,389)			(20)			(689)
Total	$	25,671		$	23,628		$	21,949

Effective interest rate on convertible senior notes	7.15		%	7.81		%	7.81		%

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of carrying amount and fair value of the long-term debt

The carrying values and fair values of the Company’s financial assets and liabilities at December 31, 2020 are as follows (in thousands):


	Carrying Value		Fair Value Measurements Using
			Level 1		Level 2		Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Asset:
Equity investment with readily determinable fair value	$	11,642	$	11,642	$	—	$	—
Financial Liabilities:
Acquisition-related contingent consideration	$	28,346	$	—	$	—	$	28,346

Financial Liabilities Measured at Amortized Cost:
2.375% convertible senior notes due 2022 (1)	$	149,648	$	—	$	183,000	$	—
0.750% convertible senior notes due 2025 (1)	$	313,030	$	—	$	449,039	$	—

Schedule of short-term investments

The following summarizes the Company’s investments at December 31, 2020 and 2019 (in thousands):


December 31, 2020 Investments:	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Short-term:
Asset-backed securities	$	34,918	$	98	$	—	$	35,016
Commercial paper	221,494		36		(18)		221,512
Corporate bonds	120,375		179		(11)		120,543
U.S. Government bonds	44,629		7		(2)		44,634
Subtotal	421,416		320		(31)		421,705
Long-term:
U.S. Government bonds	95,429		30		—		95,459
Subtotal	95,429		30		—		95,459
Total	$	516,845	$	350	$	(31)	$	517,164


December 31, 2019 Investments:	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Short-term:
Asset-backed securities	$	43,166	$	54	$	—	$	43,220
Commercial paper	32,250		20		—		32,270
Corporate bonds	138,012		225		(5)		138,232

Subtotal	213,428		299		(5)		213,722
Long-term:
Asset-backed securities	28,064		10		(15)		28,059
Corporate bonds	36,706		37		(4)		36,739

Subtotal	64,770		47		(19)		64,798
Total	$	278,198	$	346	$	(24)	$	278,520

Fair Value Measurement Inputs and Valuation Techniques

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:


Assumption						Ranges Utilized as of December 31, 2020
Discount rates						4.12% to 4.22%
Probabilities of payment for regulatory milestones						2.00% to 100.00%
Projected years of payment for regulatory and commercial milestones						2021 to 2023

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):


	Contingent Consideration Fair Value
Balance at December 31, 2019	$	38,142
Fair value adjustments and accretion	5,204
Payments made	(15,000)
Balance at December 31, 2020	$	28,346

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income

The following table illustrates the changes in the balances of the Company’s accumulated other comprehensive income (loss) for the periods presented (in thousands):


	Net Unrealized Gains (Losses)
Balance at December 31, 2017	$	(454)
Net unrealized gain on investments net of tax	174
Amounts reclassified from accumulated other comprehensive income (loss)	—
Balance at December 31, 2018	(280)
Net unrealized gain on investments net of tax	602
Amounts reclassified from accumulated other comprehensive income (loss)	—
Balance at December 31, 2019	322
Net unrealized loss on investments net of tax	(3)
Foreign currency translation adjustments	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	—
Balance at December 31, 2020	$	318

STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of information about the plans

The following tables contain information about the Company’s stock incentive plans at December 31, 2020:


Stock Incentive Plan	Awards Reserved For Issuance	Awards Issued	Awards Available For Grant
2011 Plan	12,931,701	11,569,813	1,361,888
2014 Inducement Plan	175,000	36,576	138,424
Total	13,106,701	11,606,389	1,500,312

Employee Stock Purchase Plan	Shares Reserved For Purchase	Shares Purchased	Shares Available For Purchase
2014 ESPP	500,000	353,566	146,434

Schedule of recognized stock-based compensation in consolidated statements of operations

The Company recognized stock-based compensation expense in its consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Cost of goods sold	$	5,589	$	4,665	$	4,478
Research and development	5,211		5,114		3,934
Selling, general and administrative	29,120		23,871		23,313
Total	$	39,920	$	33,650	$	31,725

Stock-based compensation from:
Stock options	$	26,749	$	23,360	$	22,643
RSUs	12,266		9,511		8,371
ESPP	905		779		711
Total	$	39,920	$	33,650	$	31,725

Related income tax benefit	$	8,578	$	—	$	—

Schedule of the Company's stock option activity and related information

The following table summarizes the Company’s stock option activity and related information for the period from December 31, 2017 to December 31, 2020:


	Number of Options	Weighted Average Exercise Price (Per Share)		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2017	4,951,493	$	43.51	6.91	$	57,021
Granted	1,994,332	39.35
Exercised	(332,732)	21.55			$	7,418
Forfeited	(481,126)	42.30
Expired	(409,149)	68.01
Outstanding at December 31, 2018	5,722,818	41.69		7.07	$	49,166
Granted	1,872,758	42.75
Exercised	(425,495)	19.90			$	9,441
Forfeited	(286,779)	39.22
Expired	(176,924)	63.33
Outstanding at December 31, 2019	6,706,378	42.80		7.05	$	50,652
Granted	1,502,803	47.50
Exercised	(1,428,111)	31.67			$	34,227
Forfeited	(426,925)	42.08
Expired	(119,027)	71.71
Outstanding at December 31, 2020	6,235,118	$	45.98	6.97	$	102,955
Exercisable at December 31, 2020	3,315,863	$	47.24	5.45	$	58,308
Vested and expected to vest at December 31, 2020	6,235,118	$	45.98	6.97	$	102,955

Schedule of weighted average assumptions used to estimate the fair values of each option grant using the Black-Scholes option pricing model

The fair values of stock options granted were estimated using the Black-Scholes model with the following weighted average assumptions:


	Year Ended December 31,
Black-Scholes Weighted Average Assumption	2020	2019	2018
Expected dividend yield	None	None	None
Risk-free interest rate	0.22% - 1.60%	1.33% - 2.54%	2.26% - 3.05%
Expected volatility	53.5%	53.9%	53.3%
Expected term of options	5.36 years	5.22 years	5.14 years

Schedule of share-based compensation, restricted stock units award activity

The following table summarizes the Company’s RSU activity and related information for the period from December 31, 2017 to December 31, 2020:


	Number of Units	Weighted Average Grant Date Fair Value (Per Share)		Aggregate Intrinsic Value (in Thousands)
Unvested at December 31, 2017	499,546	$	47.32	$	22,804
Granted	331,129	38.36
Vested	(156,450)	49.59
Forfeited	(96,261)	43.92
Unvested at December 31, 2018	577,964	42.14		$	24,864
Granted	305,418	43.56
Vested	(192,760)	45.55
Forfeited	(59,481)	41.22
Unvested at December 31, 2019	631,141	41.87		$	28,591
Granted	665,476	48.70
Vested	(239,085)	41.91
Forfeited	(100,079)	44.43
Unvested and expected to vest at December 31, 2020	957,453	$	46.34	$	57,294

Schedule of valuation assumptions used on ESPP awards

The fair values of the ESPP share options granted were estimated using the Black-Scholes model with the following weighted average assumptions:


	Year Ended December 31,
Black-Scholes Weighted Average Assumption	2020	2019	2018
ESPP share option fair value	$11.02 - $17.54	$11.13 - $11.36	$10.40 - $13.15
Expected dividend yield	None	None	None
Risk-free interest rate	0.14% - 1.57%	2.10% - 2.56%	1.53% - 2.14%
Expected volatility	44.9%	40.2%	52.2%
Expected term of ESPP share options	6 months	6 months	6 months

NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted income (loss) per share

The following table sets forth the computation of basic and diluted net income (loss) per share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share amounts):


	Year Ended December 31,
	2020		2019		2018
Numerator:
Net income (loss)	$	145,523	$	(11,016)	$	(471)





Denominator:
Weighted average shares of common stock outstanding—basic	42,671		41,513		40,911
Computation of diluted securities:
Dilutive effect of stock options	783		—		—
Dilutive effect of RSUs	227		—		—

Dilutive effect of ESPP purchase options	1		—		—
Weighted average shares of common stock outstanding—diluted	43,682		41,513		40,911
Net income (loss) per share:
Basic net income (loss) per common share	$	3.41	$	(0.27)	$	(0.01)
Diluted net income (loss) per common share	$	3.33	$	(0.27)	$	(0.01)

Schedule of potential dilutive effect of the securities excluded from the calculation of diluted loss per share

The following outstanding stock options, RSUs, and ESPP purchase options are antidilutive in the periods presented (in thousands):


	Year Ended December 31,
	2020	2019	2018
Weighted average number of stock options	4,237	6,404	5,492
Weighted average number of RSUs	99	606	542


Weighted average ESPP purchase options	16	34	31
Total	4,352	7,044	6,065

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before income taxes and the related tax (benefit) expense is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Income (loss) before income taxes:
Domestic	$	17,000	$	(7,026)	$	5,169
Foreign	3,089		(3,722)		(5,594)
Total income (loss) before income taxes	$	20,089	$	(10,748)	$	(425)

Current taxes:
Federal	$	(6)	$	—	$	(96)
State	1,185		2,096		142

Total current taxes	$	1,179	$	2,096	$	46
Deferred taxes:
Federal	$	(99,164)	$	(1,828)	$	—
State	(27,449)		—		—

Total deferred taxes	$	(126,613)	$	(1,828)	$	—

Total income tax (benefit) expense	$	(125,434)	$	268	$	46

Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the Provision for Income Taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes is as follows:


	Year Ended December 31,
	2020		2019		2018
U.S. federal statutory rate	21.00	%	21.00	%	21.00	%
State taxes	3.15	%	(7.33)	%	(24.84)	%
Foreign taxes	3.18	%	(3.95)	%	(92.04)	%
Change in valuation allowance	(647.87)	%	19.76	%	369.27	%
Stock-based compensation	(1.08)	%	(10.53)	%	(874.29)	%
Tax credits	(7.92)	%	19.93	%	700.35	%
Interest expense	—	%	—	%	218.47	%
Effect of rate changes	—	%	(0.42)	%	13.44	%
Convertible senior notes refinancing	(5.22)	%	—	%	—	%
Nondeductible expenses	4.55	%	(13.58)	%	(132.96)	%
Reserves	7.66	%	(15.41)	%	(202.98)	%
338(g) tax election	—	%	(9.61)	%	—	%

Other	(1.84)	%	(2.35)	%	(6.15)	%
Effective tax rate	(624.39)	%	(2.49)	%	(10.73)	%

Schedule of Significant Components of the Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2020 and 2019 are as follows (in thousands):


	December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	66,123	$	68,921
Federal and state credits	17,335		16,895
Depreciation and amortization	13,473		15,778
Accruals and reserves	7,254		8,767

Stock based compensation	21,862		23,187
Inventory	1,345		1,646
Other	2,138		2,022
Total deferred tax assets	129,530		137,216
Deferred tax liabilities:
Discount on convertible senior notes	(20,851)		(8,125)
Deferred tax assets, net of deferred tax liabilities	108,679		129,091
Less: valuation allowance	(2,515)		(129,091)
Net deferred tax assets	$	106,164	$	—

Schedule of Unrecognized Tax Benefits Rollforward

The change in the Company’s UTBs in 2020 is summarized as follows (in thousands):


	Unrecognized Tax Benefit
Balance at December 31, 2019	$	4,537



Additions for current year positions	1,539

Balance at December 31, 2020	$	6,076

ACQUISITION-RELATED CHARGES AND PRODUCT DISCONTINUATION, NET (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Acquisition-related Restructuring and Discontinuation Costs

The Company’s acquisition-related restructuring activities and DepoCyt(e) discontinuation costs as of December 31, 2020 are summarized below (in thousands):


	Severance and Related Costs		Lease Costs		Write-off of Property, Plant & Equipment and Inventory		AROs, Other Restructuring and Discontinuation Costs		Total
Balance at December 31, 2017	$	—	$	1,768	$	—	$	309	$	2,077
Charges incurred	—		1,513		—		51		1,564
Cash payments made	—		(1,311)		—		(91)		(1,402)

Balance sheet reclassifications	—		—		—		13		13
Balance at December 31, 2018	—		1,970		—		282		2,252
Charges incurred	429		—		193		225		847
Cash payments made	(348)		—		—		(404)		(752)
Other, including non-cash activity	—		—		(193)		—		(193)
Balance sheet reclassifications	—		(1,970)		—		455		(1,515)
Balance at December 31, 2019	81		—		—		558		639
Charges and other adjustments	—		—		—		(38)		(38)
Cash payments made	(81)		—		—		(501)		(582)


Balance at December 31, 2020	$	—	$	—	$	—	$	19	$	19

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data


	Three Months Ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Total revenues	$	105,684	$	75,505	$	117,484	$	130,974
Cost of goods sold	29,732		22,305		29,993		35,298
Total operating expenses	88,590		82,652		99,864		112,191
Net income (loss)	8,159		(7,269)		130,119		14,514
Basic net income (loss) per common share (1)	$	0.19	$	(0.17)	$	3.03	$	0.33
Diluted net income (loss) per common share (1)	$	0.19	$	(0.17)	$	2.94	$	0.32


	Three Months Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Total revenues	$	91,313	$	102,604	$	104,685	$	122,424
Cost of goods sold	27,303		25,201		22,304		31,904
Total operating expenses	90,234		97,329		102,272		120,711
Net income (loss)	(2,771)		2,730		(6,087)		(4,888)
Basic net income (loss) per common share (1)	$	(0.07)	$	0.07	$	(0.15)	$	(0.12)
Diluted net income (loss) per common share (1)	$	(0.07)	$	0.06	$	(0.15)	$	(0.12)

DESCRIPTION OF BUSINESS (Details)	12 Months Ended
DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2020 productLine
Sales Revenue, Net \| Product Concentration Risk
Concentration Risk [Line Items]
Number of products	2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Major Customers (Details) - Customer concentration - customer	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Concentration Risk, Number of Customers	3
Sales Revenue, Net
Concentration Risk [Line Items]
Percentage of revenue from customers to total revenue	87.00%	89.00%	90.00%
Sales Revenue, Net \| Largest customer
Concentration Risk [Line Items]
Percentage of revenue from customers to total revenue	31.00%	34.00%	34.00%
Sales Revenue, Net \| Second largest customer
Concentration Risk [Line Items]
Percentage of revenue from customers to total revenue	31.00%	29.00%	30.00%
Sales Revenue, Net \| Third largest customer
Concentration Risk [Line Items]
Percentage of revenue from customers to total revenue	25.00%	26.00%	26.00%
Sales Revenue, Net \| Customers outside U.S.
Concentration Risk [Line Items]
Percentage of revenue from customers to total revenue	0.00%		1.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Fixed Assets (Details)	12 Months Ended
	Dec. 31, 2020
Computer equipment and software \| Minimum
Fixed Assets
Useful life	1 year
Computer equipment and software \| Maximum
Fixed Assets
Useful life	3 years
Office furniture and equipment
Fixed Assets
Useful life	5 years
Machinery and equipment \| Minimum
Fixed Assets
Useful life	5 years
Machinery and equipment \| Maximum
Fixed Assets
Useful life	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Carrying value of money market funds	$ 28.5	$ 51.8
Carrying value of commercial paper		$ 6.5
Number of reportable segments \| segment	1

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total operating lease liabilities	$ 78,450
Right-of-use assets, net	74,492	$ 38,124
Stockholder's equity attributable to parent	619,688	354,944	$ 321,226	$ 279,483
Royalty
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	3,033	2,100	1,850
Accumulated Deficit
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholder's equity attributable to parent	$ (253,875)	$ (399,398)	(388,226)	(389,136)
Cumulative Effect, Period of Adoption, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholder's equity attributable to parent			(156)
Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholder's equity attributable to parent			(156)
Accounting Standards Update 2016-02
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total operating lease liabilities					$ 36,500
Right-of-use assets, net					$ 27,600
Accounting Standards Update 2016-02 \| Cumulative Effect, Period of Adoption, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholder's equity attributable to parent			$ 200
Accounting Standards Update 2014-09 \| Cumulative Effect, Period of Adoption, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholder's equity attributable to parent				1,361
Acceleration of deferred revenue, decrease in contract with customer liability				1,000
Revenues				400
Accounting Standards Update 2014-09 \| Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholder's equity attributable to parent				$ 1,361

REVENUE - Sales and Valuation Accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of Period	$ 4,804	$ 3,300	$ 3,013
Provision	28,117	26,951	19,321
Payments/Adjustments	(28,123)	(25,447)	(19,034)
End of Period	4,798	4,804	3,300
Returns Allowances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of Period	540	344	821
Provision	794	783	680
Payments/Adjustments	(311)	(587)	(1,157)
End of Period	1,023	540	344
Prompt Payment Discounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of Period	962	779	657
Provision	8,541	8,426	6,802
Payments/Adjustments	(8,496)	(8,243)	(6,680)
End of Period	1,007	962	779
Wholesaler Service Fees
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of Period	1,486	1,167	839
Provision	6,437	6,267	5,194
Payments/Adjustments	(6,755)	(5,948)	(4,866)
End of Period	1,168	1,486	1,167
Volume Rebates and Chargebacks
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of Period	1,816	1,010	696
Provision	12,345	11,475	6,645
Payments/Adjustments	(12,561)	(10,669)	(6,331)
End of Period	$ 1,600	$ 1,816	$ 1,010

REVENUE - Narrative (Details)	12 Months Ended
REVENUE - Narrative (Details)	Dec. 31, 2020
Minimum
Disaggregation of Revenue [Line Items]
Accounts receivable, payment terms	0 days
Maximum
Disaggregation of Revenue [Line Items]
Accounts receivable, payment terms	37 days

REVENUE- Disaggregation (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE- Disaggregation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total net product sales	$ 426,614	$ 418,926	$ 332,427
EXPAREL/bupivacaine liposome injectable suspension
Disaggregation of Revenue [Line Items]
Total net product sales	417,797	411,030	332,427
iovera°
Disaggregation of Revenue [Line Items]
Total net product sales	$ 8,817	$ 7,896	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

MYOSCIENCE ACQUISITION - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 09, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Contingent consideration		$ 14,736	$ 18,179
Collaborative arrangement, milestone payments received		9,700
Collaborative arrangement, milestone payments to be received		10,000
Myoscience Acquisition
Business Acquisition [Line Items]
Initial purchase price for acquisition	$ 147,500
Payments for Merger Related Costs		119,000
Fair value of contingent consideration	$ 28,500
Maximum total payments for contingent consideration possible		100,000
Contingent consideration		58,000
Contingent consideration, payment terms	60 days
Acquisition-related contingent consideration		28,300	38,100
Achievement of Regulatory Milestone
Business Acquisition [Line Items]
Acquisition-related contingent consideration		$ 15,000	$ 7,000

MYOSCIENCE ACQUISITION - Schedule of Pro Forma Information (Details) - Myoscience Acquisition - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Total revenues	$ 423,475	$ 342,735
Net loss	$ (16,200)	$ (25,696)
Pro forma earnings per share, basic and diluted (in usd per share)	$ (0.39)	$ (0.63)

INVENTORIES - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 26,886	$ 20,019
Work-in-process	16,266	14,407
Finished goods	21,498	23,870
Total	$ 64,650	$ 58,296

FIXED ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
FIXED ASSETS
Property, plant, and equipment, gross	$ 215,048	$ 180,121
Less accumulated depreciation	(78,360)	(75,440)
Fixed assets, net	136,688	104,681
Depreciation expense	12,000	14,000	$ 13,200
Capitalized interest	2,389	20	$ 689
Asset retirement obligation	2,000	2,500
Increase in asset retirement obligations	500
Accretion expense	100	200
Machinery and equipment
FIXED ASSETS
Property, plant, and equipment, gross	74,966	70,078
Leasehold improvements
FIXED ASSETS
Property, plant, and equipment, gross	54,434	60,441
Leasehold improvements \| Europe
FIXED ASSETS
Fixed assets, net	67,500	64,800
Computer equipment and software
FIXED ASSETS
Property, plant, and equipment, gross	12,170	8,942
Office furniture and equipment
FIXED ASSETS
Property, plant, and equipment, gross	2,387	1,882
Construction in progress
FIXED ASSETS
Property, plant, and equipment, gross	$ 71,091	$ 38,778

LEASES - Narrative (Details)	Dec. 31, 2020
Maximum
Lessee, Lease, Description [Line Items]
Operating leases, maximum term of contract	9 years 8 months 12 days

LEASES - Summary of operating lease cost and other operating lease information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating lease costs:
Fixed lease costs	$ 10,055	$ 6,225	$ 7,236
Variable lease costs	2,096	1,651	1,761
Total	12,151	7,876	$ 8,997
Cash Flow, Operating Activities, Lessee [Abstract]
Cash paid for operating lease liabilities, net of lease incentive	14,347	7,346
Right-of-use assets recorded in exchange for lease obligations	$ 42,191	$ 41,605
Weighted average remaining lease term	9 years 2 months 4 days	9 years 4 months 17 days
Weighted average discount rate	6.87%	7.55%

LEASES - Schedule of maturities of operating lease liabilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 12,527
2022	10,423
2023	10,697
2024	10,980
2025	11,271
2026 through 2030	50,801
Total lease payments	106,699
Less: imputed interest	(28,249)
Total operating lease liabilities	$ 78,450

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Goodwill	$ 99,547	$ 99,547	$ 62,040
Goodwill arising from acquisition		37,507
Amortization of acquired intangible assets	7,866	$ 5,703	$ 0
Future amortization, next 11 years	7,900
Future amortization, after next 11 years	2,200
Upon first commercial sale in a major EU country (United Kingdom, France, Germany, Italy and Spain)
Goodwill
Milestone payments for EXPAREL agreed in connection with acquisition	4,000
When annual net sales collected reach $500.0 million
Goodwill
Milestone payments for EXPAREL agreed in connection with acquisition	32,000
Annual net sales threshold	500,000
SkyePharma Holding, Inc.
Goodwill
Total milestone payments yet to be paid	$ 36,000

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning balance	$ 99,547	$ 62,040
Goodwill arising from acquisition		37,507
2020 accumulated adjustments	0
Ending balance	$ 99,547	$ 99,547

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 110,090	$ 110,090
Less: accumulated amortization	(13,569)	(5,703)
Intangible assets, net	96,521	104,387
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 110,000	110,000
Estimated Useful Life	14 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 90	$ 90
Estimated Useful Life	10 years

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued selling, general and administrative expenses	$ 23,288	$ 21,695
Accrued research and development expenses	6,682	6,562
Compensation and benefits	11,196	12,955
Other accrued operating expenses	22,202	22,258
Accrued royalties	3,040	2,883
Accrued interest	2,376	2,048
Product returns and wholesaler service fees	2,190	2,026
Total	$ 70,974	$ 70,427

DEBT - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 10, 2020 USD ($)	Mar. 13, 2017 USD ($) $ / shares	Dec. 31, 2020 USD ($) segment $ / shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 07, 2020 $ / shares	Mar. 07, 2017 $ / shares
DEBT AND FINANCING OBLIGATIONS
Settlement period - convertible debt conversion request		40 days			40 days
Closing sale price (in dollars per share) \| $ / shares			$ 59.84		$ 59.84
Deferred tax associated with equity component of convertible debt				$ 20,500	$ 20,450
Amortization period of transaction costs attributable to liability component of convertible debt					5 years
Transaction costs attributable to equity component of convertible debt					$ 2,700
Loss on early extinguishment of debt					$ 8,071	$ 0	$ 0
Convertible Senior Notes Due 2022
DEBT AND FINANCING OBLIGATIONS
Initial conversion rate of common stock per $1,000 of principal amount of Notes		0.0149
Initial conversion price of notes into common stock (in dollars per share) \| $ / shares		$ 66.89	$ 66.89		$ 66.89
Convertible debt, premium on common stock		37.50%
Closing sale price (in dollars per share) \| $ / shares									$ 48.65
Assumed borrowing rate		7.45%
Carrying amount of equity component		$ 70,900
Total transaction costs		$ 11,000
Amortization period of transaction costs attributable to liability component of convertible debt					5 years
Debt redemption price due to fundamental change as a percentage of principal		100.00%
Convertible debt		$ 274,100
Customary events of default, percentage of principal and accrued and unpaid interest		100.00%
Convertible Senior Notes Due 2022 \| Conversion terms prior to close of business on business day immediately proceeding October 1, 2021
DEBT AND FINANCING OBLIGATIONS
Conversion obligation, stock closing price minimum as a percentage of conversion price		130.00%
Conversion obligation, number of consecutive trading days		30 days
Market price per $1000 of principal amount of notes			1.144		1.144
Conversion obligation, number of trading days		20 days
Convertible Senior Notes Due 2022 \| Debt Redemption Terms on or after April 1, 2020
DEBT AND FINANCING OBLIGATIONS
Conversion obligation, stock closing price minimum as a percentage of conversion price		130.00%
Conversion obligation, number of consecutive trading days		30 days
Conversion obligation, number of trading days		20 days
Debt instrument, percentage of principal amount for computation of redemption price		100.00%
Convertible Senior Notes Due 2025
DEBT AND FINANCING OBLIGATIONS
Percentage of last sale price of common stock			98.00%
Initial conversion rate of common stock per $1,000 of principal amount of Notes					0.0139324
Initial conversion price of notes into common stock (in dollars per share) \| $ / shares			$ 71.78		$ 71.78			$ 71.78
Convertible debt, premium on common stock								32.50%
Closing sale price (in dollars per share) \| $ / shares								$ 54.17
Market price per $1000 of principal amount of notes			1.116		1.116
Debt instrument, percentage of principal amount for computation of redemption price			100.00%
Convertible Senior Notes Due 2025 \| Debt Conversion Terms Business Day Immediately Preceding February 3, 2020
DEBT AND FINANCING OBLIGATIONS
Threshold trading days \| segment			20
Threshold consecutive trading days \| segment			30
Threshold percentage stock price trigger			130.00%
Convertible Senior Notes Due 2025 \| Debt Redemption Terms on or after August 1, 2023
DEBT AND FINANCING OBLIGATIONS
Threshold trading days \| segment			20
Threshold consecutive trading days \| segment			30
Threshold percentage stock price trigger			130.00%
Debt instrument, percentage of principal amount for computation of redemption price			100.00%
Unsecured Debt \| Convertible Senior Notes Due 2022
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)	2.375%	2.375%	2.375%		2.375%
Debt issued in private placement		$ 345,000
Debt instrument, repurchased face amount	$ 185,000
Repayments of debt	211,100
Remaining payment required upon settlement of 2022 notes					$ 160,000
Loss on early extinguishment of debt	8,100
Unsecured Debt \| Convertible Senior Notes Due 2025
DEBT AND FINANCING OBLIGATIONS
Debt instrument, face amount	$ 402,500
Stated interest rate (as a percent)	0.75%		0.75%		0.75%
Debt issued in private placement		$ 390,000			$ 402,500
Convertible Debt \| Convertible Senior Notes Due 2025
DEBT AND FINANCING OBLIGATIONS
Convertible debt, carrying amount of liability component			$ 314,700		$ 314,700
Assumed borrowing rate					5.78%
Carrying amount of equity component			$ 87,800		$ 87,800
Amortization period of equity component of convertible debt					5 years
Total transaction costs					$ 12,500

DEBT - Schedule of Debt (Details) - Unsecured Debt - USD ($) $ in Thousands	Dec. 31, 2020	Jul. 10, 2020	Dec. 31, 2019	Mar. 13, 2017
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.75%	0.75%
Convertible senior notes, gross	$ 402,500
Deferred financing costs	(8,940)
Discount on debt	(80,530)
Total debt, net of debt discount and deferred financing costs	$ 313,030
Convertible Senior Notes Due 2022
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.375%	2.375%		2.375%
Convertible senior notes, gross	$ 160,000		$ 345,000
Deferred financing costs	(1,089)		(4,143)
Discount on debt	(9,263)		(34,812)
Total debt, net of debt discount and deferred financing costs	$ 149,648		$ 306,045

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Contractual and other interest expense	$ 7,650	$ 8,195	$ 8,205
Amortization of debt issuance costs	2,156	1,707	1,634
Amortization of debt discount	18,254	13,746	12,799
Capitalized interest and other	(2,389)	(20)	(689)
Total	$ 25,671	$ 23,628	$ 21,949
Effective interest rate on convertible senior notes	7.15%	7.81%	7.81%

FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	12 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	Dec. 31, 2020 USD ($) customer	Dec. 31, 2019 USD ($) customer	Jan. 01, 2021 USD ($)	Dec. 31, 2018 USD ($)
Fair Value Measurements
Potential remaining milestone payments	$ 58,000
Interest receivable	$ 1,600	$ 1,400
Number of major customers \| customer	3	3
TELA Bio
Fair Value Measurements
Investments fair value		$ 11,600		$ 10,000
Payments to acquire investments	$ 1,600	1,600
Dividend income		2,500
Impairment loss		$ (5,700)
GeneQuine
Fair Value Measurements
Payments to acquire investments	1,200
GeneQuine \| Subsequent Event
Fair Value Measurements
Convertible note paid for investment			$ 1,200
Potential additional investment upon achieving milestones			$ 4,900
Carrying Value
Fair Value Measurements
Acquisition-related contingent consideration	$ 28,346
Major customer one \| Accounts receivable \| Credit risk
Fair Value Measurements
Concentration risk (as a percent)	36.00%	37.00%
Major customer two \| Accounts receivable \| Credit risk
Fair Value Measurements
Concentration risk (as a percent)	28.00%	29.00%
Major customer three \| Accounts receivable \| Credit risk
Fair Value Measurements
Concentration risk (as a percent)	23.00%	26.00%
Myoscience Acquisition
Fair Value Measurements
Acquisition-related contingent consideration	$ 28,300	$ 38,100
Change in fair value of contingent consideration since acquisition	$ 5,200	$ 16,700
Myoscience Acquisition \| Level 3 \| Weighted Average \| Contingent Consideration \| Discount rates
Fair Value Measurements
Contingent consideration, liability, measurement input	0.042
Myoscience Acquisition \| Level 3 \| Weighted Average \| Contingent Consideration \| Probabilities of payment for regulatory milestones
Fair Value Measurements
Contingent consideration, liability, measurement input	0.608

FINANCIAL INSTRUMENTS - Fair Value of Liabilities Measured on a Recurring Basis (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Mar. 13, 2017	Dec. 31, 2020	Jul. 10, 2020	Jul. 07, 2020	Mar. 07, 2017
Fair Value Measurements
Closing sale price (in dollars per share)		$ 59.84
Convertible Senior Notes Due 2022
Fair Value Measurements
Closing sale price (in dollars per share)					$ 48.65
Initial conversion price of notes into common stock (in dollars per share)	$ 66.89	$ 66.89
Convertible Senior Notes Due 2022 \| Unsecured Debt
Fair Value Measurements
Stated interest rate (as a percent)	2.375%	2.375%	2.375%
Convertible Senior Notes Due 2022 \| Maximum
Fair Value Measurements
Debt instrument, convertible, conversion premium (in shares)	2.4
Convertible Senior Notes Due 2025
Fair Value Measurements
Closing sale price (in dollars per share)				$ 54.17
Initial conversion price of notes into common stock (in dollars per share)		$ 71.78		$ 71.78
Convertible Senior Notes Due 2025 \| Unsecured Debt
Fair Value Measurements
Stated interest rate (as a percent)		0.75%	0.75%
Convertible Senior Notes Due 2025 \| Maximum
Fair Value Measurements
Debt instrument, convertible, conversion premium (in shares)	5.6
Carrying Value
Fair Value Measurements
Equity investment with readily determinable fair value		$ 11,642
Acquisition-related contingent consideration		28,346
Carrying Value \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		149,648
Carrying Value \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		313,030
Estimate of Fair Value Measurement \| Level 1
Fair Value Measurements
Equity investment with readily determinable fair value		11,642
Acquisition-related contingent consideration		0
Estimate of Fair Value Measurement \| Level 1 \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		0
Estimate of Fair Value Measurement \| Level 1 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		0
Estimate of Fair Value Measurement \| Level 2
Fair Value Measurements
Equity investment with readily determinable fair value		0
Acquisition-related contingent consideration		0
Estimate of Fair Value Measurement \| Level 2 \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		183,000
Estimate of Fair Value Measurement \| Level 2 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		449,039
Estimate of Fair Value Measurement \| Level 3
Fair Value Measurements
Equity investment with readily determinable fair value		0
Acquisition-related contingent consideration		28,346
Estimate of Fair Value Measurement \| Level 3 \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		0
Estimate of Fair Value Measurement \| Level 3 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Fair Value Measurements
Convertible senior notes		$ 0

FINANCIAL INSTRUMENTS - Schedule of Fair Value Inputs and Valuation (Details) - Myoscience Acquisition - Level 3 - Contingent Consideration	Dec. 31, 2020
Minimum \| Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.0412
Minimum \| Probabilities of payment for regulatory milestones
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.0200
Maximum \| Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.0422
Maximum \| Probabilities of payment for regulatory milestones
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	1.0000

FINANCIAL INSTRUMENTS - Contingent Consideration Rollforward (Details) - Contingent Consideration $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at December 31, 2019	$ 38,142
Fair value adjustments and accretion	5,204
Payments made	(15,000)
Balance at December 31, 2020	$ 28,346

FINANCIAL INSTRUMENTS - Schedule of Investments at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Measurements
Cost	$ 516,845	$ 278,198
Gross Unrealized Gains	350	346
Gross Unrealized Losses	(31)	(24)
Fair Value	517,164	278,520
Short-term
Fair Value Measurements
Cost	421,416	213,428
Gross Unrealized Gains	320	299
Gross Unrealized Losses	(31)	(5)
Fair Value	421,705	213,722
Long-term
Fair Value Measurements
Cost	95,429	64,770
Gross Unrealized Gains	30	47
Gross Unrealized Losses	0	(19)
Fair Value	95,459	64,798
Asset-backed securities \| Short-term
Fair Value Measurements
Cost	34,918	43,166
Gross Unrealized Gains	98	54
Gross Unrealized Losses	0	0
Fair Value	35,016	43,220
Asset-backed securities \| Long-term
Fair Value Measurements
Cost		28,064
Gross Unrealized Gains		10
Gross Unrealized Losses		(15)
Fair Value		28,059
Commercial paper \| Short-term
Fair Value Measurements
Cost	221,494	32,250
Gross Unrealized Gains	36	20
Gross Unrealized Losses	(18)	0
Fair Value	221,512	32,270
Corporate bonds \| Short-term
Fair Value Measurements
Cost	120,375	138,012
Gross Unrealized Gains	179	225
Gross Unrealized Losses	(11)	(5)
Fair Value	120,543	138,232
Corporate bonds \| Long-term
Fair Value Measurements
Cost		36,706
Gross Unrealized Gains		37
Gross Unrealized Losses		(4)
Fair Value		$ 36,739
U.S. Government bonds \| Short-term
Fair Value Measurements
Cost	44,629
Gross Unrealized Gains	7
Gross Unrealized Losses	(2)
Fair Value	44,634
U.S. Government bonds \| Long-term
Fair Value Measurements
Cost	95,429
Gross Unrealized Gains	30
Gross Unrealized Losses	0
Fair Value	$ 95,459

STOCKHOLDERS' EQUITY - Narrative (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	43,636,929	41,908,148
Common stock, shares outstanding (in shares)	43,636,929	41,908,148
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0

STOCKHOLDERS' EQUITY - AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balances	$ 354,944	$ 321,226	$ 279,483
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0
Balances	619,688	354,944	321,226
Net Unrealized Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain on investments net of tax	(3)	602	174
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain on investments net of tax	(1)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balances	322	(280)	(454)
Balances	$ 318	$ 322	$ (280)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

STOCK PLANS - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
STOCK PLANS - Narrative (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Incentive Plans
Stock incentive plan, increased number of shares authorized for issuance (in shares)	3,000,000
Employee stock purchase plan (ESPP), maximum shares available for sale (in shares)		500,000
Maximum fair market value of ESPP shares available for purchase		$ 25,000
ESPP fair value (as percent)		85.00%
ESPP shares purchased and issued during period (in shares)		61,585
Stock options
Stock Incentive Plans
Expiration period		10 years
Award vesting period		4 years
Expected recognition of non-vested stock options, not yet recognized		$ 55,600,000
Period for recognition of non-vested awards not yet recognized		2 years 8 months 12 days
Weighted average fair value of stock granted (in dollars per share)		$ 22.40	$ 20.92	$ 19.34
RSUs
Stock Incentive Plans
Award vesting period		4 years
Period for recognition of non-vested awards not yet recognized		3 years 1 month 6 days
Expected recognition of non-vested RSUs, not yet recognized		$ 36,200,000

STOCK PLANS - Stock Incentive Plans (Details)	12 Months Ended
STOCK PLANS - Stock Incentive Plans (Details)	Dec. 31, 2020 shares
Stock Incentive Plans
Stock incentive plan, awards reserved for issuance (in shares)	13,106,701
Stock incentive plan, awards available for grant (in shares)	11,606,389
Stock incentive plan, awards available for grant (in shares)	1,500,312
Stock Incentive Plan 2011
Stock Incentive Plans
Stock incentive plan, awards reserved for issuance (in shares)	12,931,701
Stock incentive plan, awards available for grant (in shares)	11,569,813
Stock incentive plan, awards available for grant (in shares)	1,361,888
Inducement Plan 2014
Stock Incentive Plans
Stock incentive plan, awards reserved for issuance (in shares)	175,000
Stock incentive plan, awards available for grant (in shares)	36,576
Stock incentive plan, awards available for grant (in shares)	138,424
Employee Stock Purchase Plan (ESPP) 2014
Stock Incentive Plans
ESPP, shares reserved for purchase (in shares)	500,000
ESPP, shares purchased (in shares)	353,566
ESPP, shares available for purchase (in shares)	146,434

STOCK PLANS - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Compensation
Stock-based compensation expense	$ 39,920	$ 33,650	$ 31,725
Related income tax benefit	8,578	0	0
Stock options
Share-Based Compensation
Stock-based compensation expense	26,749	23,360	22,643
RSUs
Share-Based Compensation
Stock-based compensation expense	12,266	9,511	8,371
ESPP
Share-Based Compensation
Stock-based compensation expense	905	779	711
Cost of goods sold
Share-Based Compensation
Stock-based compensation expense	5,589	4,665	4,478
Research and development
Share-Based Compensation
Stock-based compensation expense	5,211	5,114	3,934
Selling, general and administrative
Share-Based Compensation
Stock-based compensation expense	$ 29,120	$ 23,871	$ 23,313

STOCK PLANS - Stock Option Activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Balance at the beginning of the period (in shares)	6,706,378	5,722,818	4,951,493
Granted (in shares)	1,502,803	1,872,758	1,994,332
Exercised (in shares)	(1,428,111)	(425,495)	(332,732)
Forfeited (in shares)	(426,925)	(286,779)	(481,126)
Expired (in shares)	(119,027)	(176,924)	(409,149)
Balance at the end of the period (in shares)	6,235,118	6,706,378	5,722,818	4,951,493
Exercisable at the end of the period (in shares)	3,315,863
Vested and expected to vest at the end of the period (in shares)	6,235,118
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 42.80	$ 41.69	$ 43.51
Granted (in dollars per share)	47.50	42.75	39.35
Exercised (in dollars per share)	31.67	19.90	21.55
Forfeited (in dollars per share)	42.08	39.22	42.30
Expired (in dollars per share)	71.71	63.33	68.01
Balance at the end of the period (in dollars per share)	45.98	$ 42.80	$ 41.69	$ 43.51
Exercisable at the end of the period (in dollars per share)	47.24
Vested and expected to vest at the end of the period (in dollars per share)	$ 45.98
Weighted Average Remaining Contractual Term
Term at the end of the period (in years)	6 years 11 months 19 days	7 years 18 days	7 years 25 days	6 years 10 months 28 days
Term exercisable at the end of the period (in years)	5 years 5 months 12 days
Term vested and expected to vest at the end of the period (in years)	6 years 11 months 19 days
Aggregate Intrinsic Value
Balance at the beginning of the period	$ 50,652	$ 49,166	$ 57,021
Exercised	34,227	9,441	7,418
Balance at the end of the period	102,955	$ 50,652	$ 49,166	$ 57,021
Exercisable at the end of the period	58,308
Vested and expected to vest at the end of the period	$ 102,955

STOCK PLANS - Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock options
Weighted Average Assumptions Used to Estimate the Fair Values of Each Option Grant
Weighted average fair value of stock granted (in dollars per share)	$ 22.40	$ 20.92	$ 19.34
Expected dividend yield	0.00%	0.00%	0.00%
Risk free interest rate, minimum	0.22%	1.33%	2.26%
Risk free interest rate, maximum	1.60%	2.54%	3.05%
Expected volatility	53.50%	53.90%	53.30%
Expected term of ESPP share options	5 years 4 months 9 days	5 years 2 months 19 days	5 years 1 month 20 days
ESPP
Weighted Average Assumptions Used to Estimate the Fair Values of Each Option Grant
Expected dividend yield	0.00%	0.00%	0.00%
Risk free interest rate, minimum	0.14%	2.10%	1.53%
Risk free interest rate, maximum	1.57%	2.56%	2.14%
Expected volatility	44.90%	40.20%	52.20%
Expected term of ESPP share options	6 months	6 months	6 months
ESPP \| Minimum
Weighted Average Assumptions Used to Estimate the Fair Values of Each Option Grant
Weighted average fair value of stock granted (in dollars per share)	$ 11.02	$ 11.13	$ 10.40
ESPP \| Maximum
Weighted Average Assumptions Used to Estimate the Fair Values of Each Option Grant
Weighted average fair value of stock granted (in dollars per share)	$ 17.54	$ 11.36	$ 13.15

STOCK PLANS - RSU Activity (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Units
Unvested balance at the beginning of the period (in shares)	631,141	577,964	499,546
Granted (in shares)	665,476	305,418	331,129
Vested (in shares)	(239,085)	(192,760)	(156,450)
Forfeited (in shares)	(100,079)	(59,481)	(96,261)
Unvested balance at the end of the period (in shares)	957,453	631,141	577,964
Weighted Average Fair Value at Grant Date
Unvested balance at the beginning of the period (in dollars per shares)	$ 41.87	$ 42.14	$ 47.32
Granted (in dollars per share)	48.70	43.56	38.36
Vested (in dollars per share)	41.91	45.55	49.59
Forfeited (in dollars per share)	44.43	41.22	43.92
Unvested balance at the end of the period (in dollars per shares)	$ 46.34	$ 41.87	$ 42.14
Aggregate Intrinsic Value
Unvested balance at the end of the period	$ 57,294	$ 28,591	$ 24,864	$ 22,804

NET INCOME (LOSS) PER SHARE - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income (loss)	$ 14,514	$ 130,119	$ (7,269)	$ 8,159	$ (4,888)	$ (6,087)	$ 2,730	$ (2,771)	$ 145,523	$ (11,016)	$ (471)
Denominator:
Weighted average common shares outstanding - basic (in shares)									42,671	41,513	40,911
Computation of diluted securities:
Weighted average number of shares outstanding - diluted (in shares)									43,682	41,513	40,911
Net income (loss) per share:
Basic net income (loss) per common share (in USD per share)	$ 0.33	$ 3.03	$ (0.17)	$ 0.19	$ (0.12)	$ (0.15)	$ 0.07	$ (0.07)	$ 3.41	$ (0.27)	$ (0.01)
Diluted net income (loss) per common share (in USD per share)	$ 0.32	$ 2.94	$ (0.17)	$ 0.19	$ (0.12)	$ (0.15)	$ 0.06	$ (0.07)	$ 3.33	$ (0.27)	$ (0.01)
Stock options
Computation of diluted securities:
Dilutive effect of diluted securities (in shares)									783	0	0
RSUs
Computation of diluted securities:
Dilutive effect of diluted securities (in shares)									227	0	0
ESPP
Computation of diluted securities:
Dilutive effect of diluted securities (in shares)									1	0	0

NET INCOME (LOSS) PER SHARE - Antidilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EARNINGS PER SHARE
Total	4,352	7,044	6,065
Stock options
EARNINGS PER SHARE
Total	4,237	6,404	5,492
RSUs
EARNINGS PER SHARE
Total	99	606	542
ESPP
EARNINGS PER SHARE
Total	16	34	31

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Provision [Line Items]
Income tax expense (benefit)		$ (125,434)	$ 268	$ 46
Effective tax rate		(624.39%)	(2.49%)	(10.73%)
U.S. federal statutory rate		21.00%	21.00%	21.00%
Reduction of valuation allowance for deferred tax assets		$ (126,600)	$ 7,000
Deferred tax assets, valuation allowance		2,515	$ 129,091
Deferred tax associated with equity component of convertible debt	$ 20,500	$ 20,450
Minimum cumulative percentage of change in ownership as condition to offset taxable income		50.00%
Unrecognized tax benefits resulting from prior tax positions		$ 1,500
Myoscience Acquisition
Income Tax Provision [Line Items]
Reduction of valuation allowance for deferred tax assets		(1,800)
Federal
Income Tax Provision [Line Items]
Reduction of valuation allowance for deferred tax assets		(126,600)
Net operating losses		243,500
Net operating loss, subject to limitation		88,400
Available net operating loss, subject to limitation		61,500
Federal \| Forecast
Income Tax Provision [Line Items]
Future NOL's available					$ 1,400	$ 1,400	$ 3,500	$ 10,300	$ 10,300
Federal \| Research Tax Credit Carryforward
Income Tax Provision [Line Items]
Tax credit carryforward, amount		12,400
State
Income Tax Provision [Line Items]
Net operating losses		165,800
State \| Research Tax Credit Carryforward
Income Tax Provision [Line Items]
Tax credit carryforward, amount		6,300
Non-US
Income Tax Provision [Line Items]
Net operating losses		$ 18,700

INCOME TAXES - Current and Deferred Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (loss) before income taxes:
Domestic	$ 17,000	$ (7,026)	$ 5,169
Foreign	3,089	(3,722)	(5,594)
Total income (loss) before income taxes	20,089	(10,748)	(425)
Current taxes:
Federal	(6)	0	(96)
State	1,185	2,096	142
Total current taxes	1,179	2,096	46
Deferred taxes:
Federal	(99,164)	(1,828)	0
State	(27,449)	0	0
Total deferred taxes	(126,613)	(1,828)	0
Total income tax (benefit) expense	$ (125,434)	$ 268	$ 46

INCOME TAXES - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of income taxes at U.S. Federal statutory rate to the provision for income taxes
U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes	3.15%	(7.33%)	(24.84%)
Foreign taxes	3.18%	(3.95%)	(92.04%)
Change in valuation allowance	(647.87%)	19.76%	369.27%
Stock-based compensation	(1.08%)	(10.53%)	(874.29%)
Tax credits	(7.92%)	19.93%	700.35%
Interest expense	0.00%	0.00%	218.47%
Effect of rate changes	0.00%	(0.42%)	13.44%
Convertible senior notes refinancing	(5.22%)	0.00%	0.00%
Nondeductible expenses	4.55%	(13.58%)	(132.96%)
Reserves	7.66%	(15.41%)	(202.98%)
338(g) tax election	0.00%	(9.61%)	0.00%
Other	(1.84%)	(2.35%)	(6.15%)
Effective tax rate	(624.39%)	(2.49%)	(10.73%)

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 66,123	$ 68,921
Federal and state credits	17,335	16,895
Depreciation and amortization	13,473	15,778
Accruals and reserves	7,254	8,767
Stock based compensation	21,862	23,187
Inventory	1,345	1,646
Other	2,138	2,022
Total deferred tax assets	129,530	137,216
Deferred tax liabilities:
Discount on convertible senior notes	(20,851)	(8,125)
Deferred tax assets, net of deferred tax liabilities	108,679	129,091
Less: valuation allowance	(2,515)	(129,091)
Net deferred tax assets	$ 106,164	$ 0

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of the period	$ 4,537
Additions for current year positions	1,539
Unrecognized tax benefits at end of the period	$ 6,076

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Compensation expense recognized	$ 2.9	$ 2.6	$ 1.6
Employer discretionary contribution expense	$ 0.2

ACQUISITION-RELATED CHARGES AND PRODUCT DISCONTINUATION, NET - MyoScience (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contingent Consideration
Business Acquisition [Line Items]
Fair value adjustments and accretion	$ 5,204
Myoscience Acquisition
Business Acquisition [Line Items]
Acquisition-related costs	5,400	$ 21,600
Myoscience Acquisition \| Advisory Costs
Business Acquisition [Line Items]
Acquisition-related costs	200	4,200
Myoscience Acquisition \| Separation Costs, Asset Write-downs, and Other Restructuring Charges
Business Acquisition [Line Items]
Acquisition-related costs		700
Myoscience Acquisition \| Contingent Consideration
Business Acquisition [Line Items]
Fair value adjustments and accretion	$ 5,200	$ 16,700

ACQUISITION-RELATED CHARGES AND PRODUCT DISCONTINUATION, NET - DepoCyte Discontinuation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-recurring charge related to discontinuation	$ 0.2	$ 0.2	$ 1.6
Payments for settlement		$ 5.3

ACQUISITION-RELATED CHARGES AND PRODUCT DISCONTINUATION, NET - DepoCyte Product Discontinuance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Reserve [Roll Forward]
Beginning balance	$ 639	$ 2,252	$ 2,077
Charges incurred	(38)	847	1,564
Cash payments made	(582)	(752)	(1,402)
Other, including non-cash activity		(193)
Balance sheet reclassifications		(1,515)	13
Ending balance	19	639	2,252
Severance and Related Costs
Restructuring Reserve [Roll Forward]
Beginning balance	81	0	0
Charges incurred	0	429	0
Cash payments made	(81)	(348)	0
Other, including non-cash activity		0
Balance sheet reclassifications		0	0
Ending balance	0	81	0
Lease Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0	1,970	1,768
Charges incurred	0	0	1,513
Cash payments made	0	0	(1,311)
Other, including non-cash activity		0
Balance sheet reclassifications		(1,970)	0
Ending balance	0	0	1,970
Write-off of Property, Plant & Equipment and Inventory
Restructuring Reserve [Roll Forward]
Beginning balance	0	0	0
Charges incurred	0	193	0
Cash payments made	0	0	0
Other, including non-cash activity		(193)
Balance sheet reclassifications		0	0
Ending balance	0	0	0
AROs, Other Restructuring and Discontinuation Costs
Restructuring Reserve [Roll Forward]
Beginning balance	558	282	309
Charges incurred	(38)	225	51
Cash payments made	(501)	(404)	(91)
Other, including non-cash activity		0
Balance sheet reclassifications		455	13
Ending balance	$ 19	$ 558	$ 282

COMMERCIAL PARTNERS AND OTHER AGREEMENTS (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 20, 2018	Dec. 31, 2020	Jun. 19, 2018	Dec. 05, 2012
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, milestone payments received		$ 9,700
Collaborative arrangement, milestone payments to be received		$ 10,000
Collaborative arrangement, option to extend, term		5 years
Nuance Biotech Co. Ltd.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, upfront payment received	$ 3,000
Achievement of Development and Commercial Milestones \| Maximum \| Aratana Therapeutics Inc
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, milestone payments to be received				$ 40,000
Achievement of Development and Commercial Milestones \| Maximum \| Nuance Biotech Co. Ltd.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, milestone payments to be received			$ 60,000
DePuy Synthes Sales Inc \| Co-Promotion Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payment of early termination fees		$ 9,000

RELATED PARTY TRANSACTIONS (Details) - Member of board of directors - Consulting agreement	1 Months Ended
	Apr. 30, 2012 $ / shares shares
First Price Option
RELATED PARTY TRANSACTIONS
Number of shares that can be purchased under option (in shares) \| shares	20,000
Exercise price of shares that can be purchased under option (in dollars per share) \| $ / shares	$ 11.02
Second Price Option
RELATED PARTY TRANSACTIONS
Number of shares that can be purchased under option (in shares) \| shares	70,000
Exercise price of shares that can be purchased under option (in dollars per share) \| $ / shares	$ 16.67

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 21, 2007	Oct. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2020
Long-term Purchase Commitment [Line Items]
Litigation investigation term			5 years
Litigation settlement, amount awarded to other party				$ 3.5
Service
Long-term Purchase Commitment [Line Items]
Purchase obligation					$ 24.5
Raw Materials
Long-term Purchase Commitment [Line Items]
Purchase obligation					17.1
PPI-California
Long-term Purchase Commitment [Line Items]
Initial purchase price for acquisition	$ 19.6
SkyePharma Holding, Inc.
Long-term Purchase Commitment [Line Items]
Total milestone payments yet to be paid					36.0
SkyePharma Holding, Inc. \| Maximum
Long-term Purchase Commitment [Line Items]
Milestone payments for EXPAREL agreed in connection with acquisition					$ 62.0
Fortis
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought		$ 40.0

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 130,974	$ 117,484	$ 75,505	$ 105,684	$ 122,424	$ 104,685	$ 102,604	$ 91,313	$ 429,647	$ 421,026	$ 337,277
Cost of goods sold	35,298	29,993	22,305	29,732	31,904	22,304	25,201	27,303	117,328	106,712	86,845
Total operating expenses	112,191	99,864	82,652	88,590	120,711	102,272	97,329	90,234	383,297	410,546	321,362
Net income (loss)	$ 14,514	$ 130,119	$ (7,269)	$ 8,159	$ (4,888)	$ (6,087)	$ 2,730	$ (2,771)	$ 145,523	$ (11,016)	$ (471)
Basic net income (loss) per common share (in USD per share)	$ 0.33	$ 3.03	$ (0.17)	$ 0.19	$ (0.12)	$ (0.15)	$ 0.07	$ (0.07)	$ 3.41	$ (0.27)	$ (0.01)
Diluted net income (loss) per common share (in USD per share)	$ 0.32	$ 2.94	$ (0.17)	$ 0.19	$ (0.12)	$ (0.15)	$ 0.06	$ (0.07)	$ 3.33	$ (0.27)	$ (0.01)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
-Paragraph 7
-Subparagraph (a)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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