0001396814-23-000022 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	5401 West Kennedy Boulevard, Suite 890
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33609
City Area Code	813
Local Phone Number	553-6680
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PCRX
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		45,989,011
Entity Central Index Key	0001396814
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,545	$ 104,139
Short-term available-for-sale investments	138,454	184,512
Accounts receivable, net	93,205	98,397
Inventories, net	92,977	96,063
Prepaid expenses and other current assets	15,933	15,223
Total current assets	376,114	498,334
Noncurrent available-for-sale investments	8,281	37,209
Fixed assets, net	181,617	183,512
Right-of-use assets, net	68,084	70,877
Goodwill	163,243	163,243
Intangible assets, net	526,224	540,546
Deferred tax assets	167,570	160,309
Investments and other assets	32,285	27,170
Total assets	1,523,418	1,681,200
Current liabilities:
Accounts payable	17,261	15,220
Accrued expenses	61,633	89,785
Lease liabilities	8,951	9,121
Current portion of long-term debt, net	10,853	33,648
Total current liabilities	98,698	147,774
Convertible senior notes, net	405,384	404,767
Long-term debt, net	137,534	251,056
Lease liabilities	62,442	64,802
Contingent consideration	39,740	28,122
Other liabilities	11,579	9,669
Total liabilities	755,377	906,190
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common stock, par value $0.001; 250,000,000 shares authorized; 45,970,340 and 45,927,790 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	46	46
Additional paid-in capital	936,419	924,095
Accumulated deficit	(168,287)	(148,751)
Accumulated other comprehensive loss	(137)	(380)
Total stockholders’ equity	768,041	775,010
Total liabilities and stockholders’ equity	$ 1,523,418	$ 1,681,200

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	45,970,340	45,927,790
Common stock, shares outstanding (in shares)	45,970,340	45,927,790

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total net product sales	$ 160,341	$ 157,991
Operating expenses:
Cost of goods sold	49,020	36,074
Research and development	17,140	21,605
Selling, general and administrative	70,843	64,260
Amortization of acquired intangible assets	14,322	14,322
Acquisition-related charges (gains) and other	12,107	4,337
Total operating expenses	163,432	140,598
(Loss) income from operations	(3,091)	17,393
Other (expense) income:
Interest income	3,142	271
Interest expense	(9,589)	(10,246)
Loss on early extinguishment of debt	(16,926)	0
Other, net	(10)	(124)
Total other expense, net	(23,383)	(10,099)
(Loss) income before income taxes	(26,474)	7,294
Income tax benefit (expense)	6,938	(466)
Net (loss) income	$ (19,536)	$ 6,828
Net (loss) income per share:
Basic net (loss) income per common share (in USD per share)	$ (0.43)	$ 0.15
Diluted net (loss) income per common share (in USD per share)	$ (0.43)	$ 0.15
Weighted average common shares outstanding:
Basic (in shares)	45,949	44,869
Diluted (in shares)	45,949	46,438
Net product sales
Revenues:
Total net product sales	$ 159,431	$ 157,422
Royalty revenue
Revenues:
Total net product sales	$ 910	$ 569

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (19,536)	$ 6,828
Other comprehensive income (loss):
Net unrealized gain (loss) on investments, net of tax	251	(733)
Foreign currency translation adjustments	(8)	39
Total other comprehensive income (loss)	243	(694)
Comprehensive (loss) income	$ (19,293)	$ 6,134

- 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

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Common Stock

Additional Paid-In Capital

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Accumulated Deficit

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Accumulated Other Comprehensive (Loss) Income

Beginning balance (in shares) at Dec. 31, 2021

44,734,000

Balance at beginning of period at Dec. 31, 2021

$ 730,408

$ (49,233)

$ 45

$ 942,091

$ (96,468)

$ (211,895)

$ 47,235

$ 167

Increase (Decrease) in Stockholders' Equity

Exercise of stock options (in shares)

323,000

Exercise of stock options

11,078

Vested restricted stock units (in shares)

7,000

Vested restricted stock units

Stock-based compensation

11,189

Other comprehensive loss (Note 10)

(694)

Net (loss) income

6,828

Ending balance (in shares) at Mar. 31, 2022

45,064,000

Balance at end of period at Mar. 31, 2022

709,576

$ 45

867,890

(157,832)

(527)

Beginning balance (in shares) at Dec. 31, 2022

45,928,000

Balance at beginning of period at Dec. 31, 2022

$ 775,010

$ 46

924,095

(148,751)

(380)

Increase (Decrease) in Stockholders' Equity

Exercise of stock options (in shares)

12,063

12,000

Exercise of stock options

$ 334

334

Vested restricted stock units (in shares)

30,000

Vested restricted stock units

Stock-based compensation

11,990

Other comprehensive loss (Note 10)

243

Net (loss) income

(19,536)

Ending balance (in shares) at Mar. 31, 2023

45,970,000

Balance at end of period at Mar. 31, 2023

$ 768,041

$ 46

$ 936,419

$ (168,287)

$ (137)

[1]

Effective January 1, 2022, the Company adopted Accounting Standards Update 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) on a modified retrospective method of transition. As a result, the Company no longer separately presents in equity an embedded conversion feature for its convertible debt.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net (loss) income	$ (19,536)	$ 6,828
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred taxes	(7,342)	29
Depreciation of fixed assets and amortization of intangible assets	19,602	20,033
Amortization of debt issuance costs	937	1,179
Amortization of debt discount	675	706
Loss on early extinguishment of debt	16,926	0
Loss on disposal of fixed assets	0	9
Stock-based compensation	11,990	11,189
Changes in contingent consideration	11,618	(1,071)
(Gain) loss on investment	(23)	18
Changes in operating assets and liabilities:
Accounts receivable, net	5,192	4,215
Inventories, net	3,086	(5,112)
Prepaid expenses and other assets	(1,926)	(4,260)
Accounts payable	2,628	6,105
Accrued expenses and income taxes payable	(25,120)	(9,161)
Other liabilities	421	70
Net cash provided by operating activities	19,128	30,777
Investing activities:
Purchases of fixed assets	(6,565)	(7,668)
Purchases of available-for-sale investments	(49,497)	(155,601)
Sales of available-for-sale investments	126,245	0
Payment of contingent consideration	0	(32,000)
Purchases of equity and debt investments	(4,000)	(12,750)
Net cash provided by (used in) investing activities	66,183	(208,019)
Financing activities:
Proceeds from exercises of stock options	333	11,024
Proceeds from Term loan A facility	149,550	0
Repayment of Term loan B facility	(296,875)	0
Debt extinguishment costs	(5,750)	0
Payment of debt issuance and financing costs	(1,163)	0
Net cash used in financing activities	(153,905)	(181,585)
Net decrease in cash and cash equivalents	(68,594)	(358,827)
Cash and cash equivalents, beginning of period	104,139	585,578
Cash and cash equivalents, end of period	35,545	226,751
Supplemental cash flow information:
Cash paid for interest	17,634	9,967
Cash paid for income taxes, net of refunds	201	9
Non-cash investing and financing activities:
Fixed assets included in accounts payable and accrued liabilities	2,252	6,244
Convertible Senior Notes Due 2024
Financing activities:
Repayment of 2024 convertible senior notes	$ 0	$ (192,609)

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 31, 2023
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 providing a non-opioid option to as many patients as possible to redefine the role of opioids as rescue therapy only. The Company is also developing innovative interventions to address debilitating conditions involving the sympathetic nervous system, such as cardiac electrical storm, chronic pain and spasticity. The Company’s long-acting, local analgesic, EXPAREL® (bupivacaine liposome injectable suspension), was commercially launched in the United States, or U.S., in April 2012 and approved in select European countries and the United Kingdom, or U.K., in November 2021. EXPAREL utilizes the Company’s proprietary multivesicular liposome (pMVL) drug delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In November 2021, the Company acquired Flexion Therapeutics, Inc., or Flexion (the “Flexion Acquisition”), and added ZILRETTA® (triamcinolone acetonide extended-release injectable suspension) to its product portfolio. ZILRETTA is the first and only extended-release, intra-articular (meaning in the joint) injection indicated for the management of osteoarthritis, or OA, knee pain. In April 2019, the Company added iovera°® to its commercial offering with the acquisition of MyoScience, Inc., or MyoScience (the “MyoScience Acquisition”). The iovera° system is a handheld cryoanalgesia device used to deliver a precise, controlled application of cold temperature to 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 three products, reliance on a limited number of wholesalers, 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. 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—who is the Company’s chief operating decision maker—manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one reportable operating segment to evaluate its performance, allocate resources, set operational targets and forecast its future financial results.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

These interim condensed 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 (SEC), for interim reporting. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

The condensed consolidated financial statements at March 31, 2023, and for the three-month periods ended March 31, 2023 and 2022, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP. The condensed consolidated balance sheet at December 31, 2022 is derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements as presented reflect certain reclassifications from previously issued financial statements to conform to the current year presentation. The accounts of wholly-owned subsidiaries are included in the condensed consolidated financial statements. Intercompany accounts and transactions have been eliminated in consolidation.

The results of operations for these interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.

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 ZILRETTA primarily to specialty distributors and a specialty pharmacy, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals. The Company also contracts directly with healthcare providers and intermediaries such as Group Purchasing Organizations, or GPOs. The Company sells its bupivacaine liposome injectable suspension for veterinary use to a third-party licensee in the U.S. 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:


	Three Months Ended March 31,
		2023	2022
Largest wholesaler		32%	31%
Second largest wholesaler		24%	23%
Third largest wholesaler		23%	22%
Total		79%	76%

REVENUE

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from Contracts with Customers

The Company’s net product sales consist of (i) EXPAREL in the U.S., the European Union, or E.U., and the U.K.; (ii) ZILRETTA in the U.S.; (iii) iovera° in the U.S., Canada and the E.U. and (iv) sales of, and royalties on, its bupivacaine liposome injectable suspension primarily for veterinary use. Royalty revenues are from the Company’s collaborative licensing agreements. The Company does not consider revenue from sources other than sales of EXPAREL and ZILRETTA to be material sources of its consolidated revenue. As such, the following disclosure is limited to revenue associated with net product sales of EXPAREL and ZILRETTA.

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. The Company primarily sells ZILRETTA to specialty distributors and a specialty pharmacy, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals. The Company also contracts directly with healthcare providers and intermediaries such as GPOs. 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 and ZILRETTA revenues are recorded at the time the products are transferred to the customer.

Revenues from sales of products are recorded net of returns allowances, prompt payment discounts, service fees, government rebates, 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.

Chargebacks for fees and discounts to qualified government healthcare providers represent the estimated obligations resulting from contractual commitments to sell products to qualified Department of Veteran Affairs hospitals and 340B entities at prices lower than the list prices charged to other customers. The 340B Drug Discount Program is a U.S. federal government program that requires participating drug manufacturers to provide outpatient drugs to eligible health care organizations and covered entities at reduced prices. Customers charge the Company for the difference between the product payment and the statutory selling price to the qualified entity. Reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and trade receivables, net. Chargeback amounts are generally determined at the time of sale to the qualified government healthcare provider by customers, and the Company generally issues credits for such

amounts within weeks of the customer’s notification to the Company of the sale. Reserves for chargebacks consist of credits that the Company expects to issue for units that the Company expects will be sold to qualified healthcare providers, and chargebacks that customers have claimed, but for which the Company has not yet issued a credit.

The calculation for some of these items requires management to make estimates based on sales data, historical return data, contracts, statutory requirements and other related information that may become known in the future. The adequacy of these provisions is reviewed on a quarterly basis.

Accounts Receivable

The majority of accounts receivable arise from product sales and represent amounts due from wholesalers, hospitals, ambulatory surgery centers, specialty distributors, a specialty pharmacy and individual physicians. Payment terms generally range from zero to four months 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 Accounting Standards Codification, or 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 and ZILRETTA 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):


	Three Months Ended March 31,
		2023		2022
Net product sales:
EXPAREL		$	130,408	$	129,205
ZILRETTA		24,334		23,635
iovera°		4,001		3,026
Bupivacaine liposome injectable suspension		688		1,556
Total net product sales		$	159,431	$	157,422

- 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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

INVENTORIES

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

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


	March 31,		December 31,
	2023		2022
Raw materials	$	44,212	$	39,810
Work-in-process	34,941		28,853
Finished goods	13,824		27,400
Total	$	92,977	$	96,063

FIXED ASSETS

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

FIXED ASSETS

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


	March 31,		December 31,
	2023		2022
Machinery and equipment	$	120,082	$	118,684
Leasehold improvements	62,125		61,302
Computer equipment and software	15,983		15,360
Office furniture and equipment	2,420		2,420
Construction in progress	104,105		103,226
Total	304,715		300,992
Less: accumulated depreciation	(123,098)		(117,480)
Fixed assets, net	$	181,617	$	183,512

For the three months ended March 31, 2023 and 2022, depreciation expense was $5.3 million and $5.7 million, respectively. For the three months ended March 31, 2023 and 2022, there was $1.4 million and $0.8 million of capitalized interest on the construction of manufacturing sites, respectively.

At March 31, 2023 and December 31, 2022, total fixed assets, net includes manufacturing process equipment and leasehold improvements located in Europe in the amount of $42.7 million and $44.7 million, respectively.

As of March 31, 2023 and December 31, 2022, the Company had asset retirement obligations of $3.4 million and $3.3 million, respectively, included in accrued expenses and other liabilities on its condensed consolidated balance sheets, for costs associated with returning leased spaces to their original condition upon the termination of certain of its lease agreements.

LEASES

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

The Company leases all of its facilities, including its EXPAREL and iovera° handpiece manufacturing facility at its Science Center Campus in San Diego, California. The Company also has two embedded leases with Thermo Fisher Scientific Pharma Services for the use of their manufacturing facility in Swindon, England for the production of EXPAREL and ZILRETTA. A portion of the associated monthly base fees has been allocated to the lease components 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 expense, net is as follows (in thousands):


	Three Months Ended
	March 31,
		2023		2022
Fixed lease costs		$	3,628	$	3,527
Variable lease costs		567		472
Sublease income		(153)		—
Total		$	4,042	$	3,999

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


	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating lease liabilities, net of lease incentives	$	3,763	$	3,279
Right-of-use assets recorded in exchange for lease obligations	$	—	$	16

The Company has elected to net the amortization of the right-of-use asset and the reduction of the lease liability principal in other liabilities in the condensed consolidated statements 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 terms and the weighted average discount rates are summarized as follows:


	March 31,
	2023		2022
Weighted average remaining lease term	6.61 years		7.55 years
Weighted average discount rate	7.03	%	6.95	%

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


Year	Aggregate Minimum Payments Due
2023 (remaining nine months)	$	10,263
2024	13,928
2025	13,078
2026	12,814
2027	12,587
Thereafter	27,350
Total future lease payments	90,020
Less: imputed interest	(18,627)
Total operating lease liabilities	$	71,393

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company’s goodwill results from the acquisition of Pacira Pharmaceuticals, Inc. (the Company’s California operating subsidiary) from SkyePharma Holding, Inc., or Skyepharma, (now a subsidiary of Vectura Group plc) in 2007 (the “Skyepharma Acquisition”), the MyoScience Acquisition in 2019 and the Flexion Acquisition in 2021. The balance at each of March 31, 2023 and December 31, 2022 was $163.2 million.

The Skyepharma Acquisition occurred in March 2007, prior to the requirements to record contingent consideration at fair value under ASC 805-30. In connection with the Skyepharma Acquisition, the Company agreed to certain milestone payments for DepoBupivacaine products, including EXPAREL. The final Skyepharma milestone payment of $32.0 million when annual net sales collected reached $500.0 million was achieved in the fourth quarter of 2021 and paid during the first quarter of 2022.

Intangible Assets

Intangible assets, net, consists of the in-process research and development, or IPR&D, and developed technology from the Flexion Acquisition and developed technology and customer relationships from the MyoScience Acquisition and are summarized as follows (dollar amounts in thousands):


March 31, 2023	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(98,696)	$	491,304	10 years, 5 months
Customer relationships	90		(36)		54		10 years
Total finite-lived intangible assets, net	590,090		(98,732)		491,358
Acquired IPR&D	34,866		—		34,866
Total intangible assets, net	$	624,956	$	(98,732)	$	526,224

December 31, 2022	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(84,376)	$	505,624	10 years, 5 months
Customer relationships	90		(34)		56		10 years
Total finite-lived intangible assets, net	590,090		(84,410)		505,680
Acquired IPR&D	34,866		—		34,866
Total intangible assets, net	$	624,956	$	(84,410)	$	540,546

Amortization expense on intangible assets was $14.3 million for both the three months ended March 31, 2023 and 2022.

Assuming no changes in the gross carrying amount of these intangible assets, the future estimated amortization expense on the finite-lived intangible assets will be $43.0 million for the remaining nine months of 2023, $57.3 million each year from 2024 to 2030, $37.4 million in 2031, $7.9 million in 2032 and $2.2 million in 2033.

DEBT

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

DEBT

The carrying value of the Company’s outstanding debt is summarized as follows (in thousands):


	March 31,		December 31,
	2023		2022
Term loan A facility maturing March 2028	$	148,387	$	—
Term loan B facility maturing December 2026 (1)	—		284,704
0.750% Convertible senior notes due August 2025	396,743		396,126
3.375% Convertible senior notes due May 2024	8,641		8,641
Total	$	553,771	$	689,471

(1) The TLB Term Loan (as defined below) was refinanced on March 31, 2023 as discussed below.

Term Loan A Facility

On March 31, 2023, the Company entered into a credit agreement (the “TLA Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders, to refinance the indebtedness outstanding under the Company’s TLB Credit Agreement (as defined and discussed below). The term loan issued under the TLA Credit Agreement (the “TLA Term Loan”) was issued at a 0.30% discount and provides for a single-advance term loan A facility in the principal amount of $150.0 million, which is secured by substantially all of the Company’s and any subsidiary guarantor’s assets. Subject to certain conditions, the Company may, at any time, on one or more occasion, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities. The net proceeds of the TLA Term Loan were approximately $149.6 million after deducting an original issue discount of $0.4 million.

The total debt composition of the TLA Term Loan is as follows (in thousands):


	March 31,
	2023
Term Loan maturing March 2028	$	150,000
Deferred financing costs	(1,163)
Discount on debt	(450)
Total debt, net of debt discount and deferred financing costs	$	148,387

The TLA Term Loan matures on March 31, 2028 and requires quarterly repayments of principal in the amount of $2.8 million commencing June 30, 2023, increasing to $3.8 million commencing March 31, 2025, with a remaining balloon payment of approximately $85.3 million due at maturity. During the remainder of 2023, the Company will be required to make three quarterly principal payments totaling $8.4 million.

The TLA Credit Agreement requires the Company to, among other things, maintain (i) a Senior Secured Net Leverage Ratio (as defined in the TLA Credit Agreement), determined as of the last day of each fiscal quarter, of no greater than 3.00 to 1.00 and (ii) a Fixed Charge Coverage Ratio (as defined in the Credit Agreement), determined as of the last day of each fiscal quarter, of no less than 1.50 to 1.00. The TLA Credit Agreement also contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions. As of March 31, 2023, the Company was in compliance with all financial covenants under the TLA Credit Agreement.

The Company may elect to borrow either (i) alternate base rate borrowings or (ii) term benchmark borrowings or daily simple SOFR (as defined in the TLA Credit Agreement) borrowings. Each term loan borrowing that is an alternate base rate borrowing bears interest at a rate per annum equal to (i) the Alternate Base Rate (as defined in the TLA Credit Agreement), plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 2.00% to 2.75%. Each term loan borrowing that is a term benchmark borrowing or daily simple SOFR borrowing bears interest at a rate per annum equal to (i) the Adjusted Term SOFR Rate or Adjusted Daily Simple SOFR (as each is defined in the Credit Agreement), plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 3.00% to 3.75%. As of March 31, 2023, borrowings under the TLA Term Loan consisted entirely of term benchmark borrowings at a rate of 7.97%.

Term Loan B Facility

In December 2021, the Company entered into a term loan credit agreement (the “TLB Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and the initial lender. The term loan issued under the Credit Agreement (the “TLB Term Loan”) was issued at a 3.00% discount and allowed for a single-advance term loan B facility in the principal amount of $375.0 million, which was secured by substantially all of the Company’s and each subsidiary guarantor’s assets. The net proceeds of the TLB Term Loan were approximately $363.8 million after deducting an original issue discount of $11.2 million.

On March 31, 2023, the Company used the $149.6 million of net borrowings under the TLA Credit Agreement and cash on hand to repay the indebtedness outstanding under the TLB Credit Agreement and concurrently terminated the TLB Credit Agreement. The Company incurred a prepayment fee of 2.00% of the outstanding principal balance of the TLB Term Loan in connection with the termination.

The total debt composition of the TLB Term Loan was as follows (in thousands):


	March 31,		December 31,
	2023		2022
Term Loan maturing December 2026	$	—	$	296,875
Deferred financing costs	—		(3,919)
Discount on debt	—		(8,252)
Total debt, net of debt discount and deferred financing costs	$	—	$	284,704

During the three months ended March 31, 2023, the Company made a scheduled principal payment of $9.4 million and repaid the outstanding $287.5 million principal on the TLB Term Loan, which resulted in a $16.9 million loss on early extinguishment of debt.

Convertible Senior Notes Due 2025

In July 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 with Computershare Corporate Trust, N.A.

(formerly Wells Fargo Bank, N.A.), 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. The 2025 Notes mature on August 1, 2025.

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


	March 31,		December 31,
	2023		2022
0.750% convertible senior notes due August 2025	$	402,500	$	402,500
Deferred financing costs	(5,757)		(6,374)

Total debt, net of debt discount and deferred financing costs	$	396,743	$	396,126

The net proceeds from the issuance of the 2025 Notes were 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 then-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 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 130% of the conversion price then applicable for at least 20 out of the last 30 consecutive trading days of the quarter. During the quarter ended March 31, 2023, the conditions for conversion were not met.

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.

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 March 31, 2023, the 2025 Notes had a market price of $926 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.

While the 2025 Notes are currently classified on the Company’s condensed consolidated balance sheet at March 31, 2023 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.

Convertible Senior Notes Due 2024 Assumed from the Flexion Acquisition

Prior to the Flexion Acquisition, on May 2, 2017, Flexion issued an aggregate of $201.3 million principal amount of 3.375% convertible senior notes due 2024 (the “Flexion 2024 Notes”), pursuant to the indenture, dated as of May 2, 2017 (the “Original Flexion Indenture”), between Flexion and Computershare Corporate Trust, N.A. (formerly Wells Fargo Bank, N.A.), as trustee (the “Flexion Trustee”), as supplemented by the First Supplemental Indenture, dated as of November 19, 2021, between Flexion and the Flexion Trustee (the “First Supplemental Flexion Indenture” and, together with the Original Flexion Indenture, the “Flexion Indenture”). The Flexion 2024 Notes mature on May 1, 2024, are unsecured and accrue interest at a rate of 3.375% per annum, payable semi-annually on May 1st and November 1st of each year. Upon the Flexion Acquisition, the principal was assumed and recorded at fair value by the Company.

As a result of the Flexion Acquisition, and in connection with a Fundamental Change Company Notice and Offer to Purchase (the “Notice”) to the holders of the Flexion 2024 Notes in accordance with the Flexion Indenture, holders of the Flexion 2024 Notes became entitled to certain Flexion Acquisition-related conversion and repurchase rights. On December 6, 2021, as a result of the Flexion Acquisition and in accordance with the Flexion Indenture, the Company offered to repurchase for cash all of the outstanding Flexion 2024 Notes, at a repurchase price in cash equal to 100% of the principal amount of the Flexion 2024 Notes being repurchased, plus accrued and unpaid interest thereon to, but excluding, January 7, 2022, subject to the terms and conditions set forth therein. Any holder that did not exercise its repurchase right in accordance with the terms of the Notice retained the conversion rights associated with such holder’s Flexion 2024 Notes under the Flexion Indenture as well as the right to receive interest payments on the Flexion 2024 Notes.

On January 7, 2022, following the expiration of the offer to purchase, the Company accepted the $192.6 million aggregate principal amount of Flexion 2024 Notes that were validly tendered (and not validly withdrawn). No Flexion 2024 Notes were converted in connection with the Notice. At March 31, 2023, the remaining principal outstanding is $8.6 million.

Interest Expense

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


	Three Months Ended March 31,
		2023			2022
Contractual interest expense		$	9,350		$	9,130
Amortization of debt issuance costs		937			1,179
Amortization of debt discount		675			706
Capitalized interest and other (Note 5)		(1,373)			(824)
Total		$	9,589		$	10,191

Effective interest rate on total debt		5.36		%	5.58		%

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2023

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 Financial Accounting Standards Board (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 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 amounts of equity investments and convertible notes receivable without readily determinable fair values have not been adjusted for either an impairment or upward or downward adjustments based on observable transactions.

At March 31, 2023, the carrying values and fair values of the following financial assets and liabilities were 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 Assets:
Equity investments	$	15,877	$	—	$	—	$	15,877
Convertible notes receivable	$	9,338	$	—	$	—	$	9,338
Financial Liabilities:
Acquisition-related contingent consideration	$	39,740	$	—	$	—	$	39,740

Financial Liabilities Measured at Amortized Cost:
Term loan A facility due March 2028	$	148,387	$	—	$	149,550	$	—
0.750% convertible senior notes due 2025 (1)	$	396,743	$	—	$	372,816	$	—
3.375% convertible senior notes due 2024	$	8,641	$	—	$	8,641	$	—

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $40.81 per share at March 31, 2023 compared to a conversion price of $71.78 per share. At March 31, 2023, as the conversion price was above the stock price, the requirements for conversion have not been met. The maximum conversion premium that could have been due on the 2025 Notes is 5.6 million shares of the Company’s common stock, which assumes no increase in the conversion rate for certain corporate events.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Equity and Convertible Note Investments

The Company holds strategic investments in clinical and preclinical stage privately-held biotechnology companies in the form of equity and convertible note investments. The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):


	Equity Investments		Convertible Notes Receivable		Total
Balance at December 31, 2021	$	14,127	$	4,132	$	18,259
Purchases	11,750		1,250		13,000
Impairment	(10,000)		—		(10,000)
Foreign currency adjustments	—		(67)		(67)
Balance at December 31, 2022	$	15,877	$	5,315	$	21,192
Purchases	—		4,000		4,000

Foreign currency adjustments	—		23		23
Balance at March 31, 2023	$	15,877	$	9,338	$	25,215

Subsequent to March 31, 2023, the Company invested in a €2.5 million convertible note receivable in April 2023.

Acquisition-Related Contingent Consideration

The Company has recognized contingent consideration related to the Flexion Acquisition and the MyoScience Acquisition in the amount of $39.7 million and $28.1 million as of March 31, 2023 and December 31, 2022, respectively. For more information, see Note 14, Acquisition-Related Charges (Gains) and Other.

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. 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 rates 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.

In November 2021, the Company completed the Flexion Acquisition, which provided for contingent consideration related to CVRs that were issued to Flexion shareholders and certain equity award holders which could aggregate up to a total of $372.3 million if certain regulatory and commercial milestones are met. The aggregate amount was initially $425.5 million prior to the Company’s September 2022 decision to formally discontinue further development of Flexion’s product candidate, PCRX-301. The Company’s obligation to make milestone payments is limited to those milestones achieved through December 31, 2030, and are to be paid within 60 days of the end of the fiscal quarter of achievement. During the three months ended March 31, 2023 and 2022, the Company recorded a charge of $11.6 million and a gain of $0.8 million, respectively. The charge incurred during the three months ended March 31, 2023 was due to a decrease in the assumed discount rate that is utilized in calculating the liability’s present value, based on a significant improvement in the Company’s incremental borrowing rate resulting from the March 2023 entry into the TLA Credit Agreement. These adjustments were recorded as acquisition-related charges (gains) in the condensed consolidated statements of operations. At March 31, 2023, the weighted average discount rate was 9.4% and the probability of payment for the achievement of the remaining regulatory milestone by the expiration date was 12.5%. As of March 31, 2023 and December 31, 2022, a contingent consideration liability related to the Flexion Acquisition was recognized in the amount of $39.7 million and $28.1 million, respectively.

In April 2019, the Company completed the MyoScience Acquisition pursuant to the terms of an Agreement and Plan of Merger, which provided for contingent milestone payments of up to an aggregate of $100.0 million upon the achievement of certain regulatory and commercial milestones. 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. As of March 31, 2023, the maximum potential remaining milestone payments to be paid are $43.0 million. At March 31, 2023, the probability of success for the regulatory milestone that has not yet been met was assessed as zero. As of March 31, 2023 and December 31, 2022, a contingent consideration liability related to the MyoScience Acquisition has been assessed as zero. During the three months ended March 31, 2022, the Company recorded a gain of $0.3 million.

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


Assumption						Flexion Ranges Utilized as of March 31, 2023
Discount rates						9.1% to 9.8%
Probabilities of payment for regulatory milestones						0% to 12.5%
Projected years of payment for regulatory and commercial milestones						2030

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, 2021	$	57,598
Fair value adjustments and accretion	(29,476)
Balance at December 31, 2022	28,122
Fair value adjustments and accretion	11,618

Balance at March 31, 2023	$	39,740

Available-for-Sale Investments

Short-term investments consist of asset-backed securities collateralized by credit card receivables, investment grade commercial paper and corporate, federal agency and government bonds with maturities greater than three months, but less than one year. Noncurrent investments consist of federal agency bonds 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

investments are reported in other comprehensive (loss) income. At March 31, 2023 and December 31, 2022, all of the Company’s short-term and noncurrent 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 available-for-sale investments had an “A” or better rating by Standard & Poor’s.

The following summarizes the Company’s short-term and noncurrent available-for-sale investments at March 31, 2023 and December 31, 2022 (in thousands):


March 31, 2023 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	5,903	$	—	$	(10)	$	5,893
Commercial paper	59,924		—		(138)		59,786

U.S. federal agency bonds	61,269		2		(322)		60,949
U.S. government bonds	11,837		—		(11)		11,826
Subtotal	138,933		2		(481)		138,454
Noncurrent:


U.S. federal agency bonds	3,503		10		—		3,513
U.S. government bonds	4,762		6		—		4,768
Subtotal	8,265		16		—		8,281
Total	$	147,198	$	18	$	(481)	$	146,735


December 31, 2022 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	6,836	$	—	$	(3)	$	6,833
Commercial paper	134,423		23		(386)		134,060

U.S. federal agency bonds	41,971		—		(337)		41,634
U.S. government bonds	2,003		—		(18)		1,985
Subtotal	$	185,233	$	23	$	(744)	$	184,512
Noncurrent:


U.S. federal agency bonds	22,783		2		(66)		22,719
U.S. government bonds	14,499		—		(9)		14,490
Subtotal	37,282		2		(75)		37,209
Total	$	222,515	$	25	$	(819)	$	221,721

At March 31, 2023, 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 March 31, 2023 and December 31, 2022, the interest receivable from its available-for-sale investments recognized in prepaid expenses and other current assets was $0.6 million and $0.8 million, respectively.

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 available-for-sale 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 March 31, 2023, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 38%, 20% and 18%. At December 31, 2022, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 34%, 19% and 18%. For additional information regarding the Company’s wholesalers, see Note 2, Summary of Significant

Accounting Policies. EXPAREL and ZILRETTA revenues are primarily derived from major wholesalers and specialty distributors 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 March 31, 2023 and December 31, 2022, the Company did not deem any allowances for credit losses on its accounts receivable necessary.

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

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


	Net Unrealized Gain (Loss) From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(523)	$	143	$	(380)
Net unrealized gain on investments, net of tax (1)	251		—		251
Foreign currency translation adjustments	—		(8)		(8)

Balance at March 31, 2023	$	(272)	$	135	$	(137)


	Net Unrealized (Loss) Gain From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2021	$	139	$	28	$	167
Net unrealized loss on investments, net of tax (1)	(733)		—		(733)
Foreign currency translation adjustments	—		39		39
Balance at March 31, 2022	$	(594)	$	67	$	(527)

(1) Net of a $0.2 million tax expense and $0.3 million tax benefit for the three months ended March 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

STOCK PLANS

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

STOCK PLANS

Stock-Based Compensation

The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):


	Three Months Ended March 31,
		2023		2022
Cost of goods sold		$	1,724	$	1,352
Research and development		1,875		1,458
Selling, general and administrative		8,391		8,379
Total		$	11,990	$	11,189

Stock-based compensation from:
Stock options		$	6,464	$	6,785
Restricted stock units		5,250		4,113
Employee stock purchase plan		276		291
Total		$	11,990	$	11,189

Equity Awards

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the three months ended March 31, 2023:


Stock Options	Number of Stock Options	Weighted Average Exercise Price (Per Share)
Outstanding at December 31, 2022	6,272,994	$	52.38
Granted	141,200	38.93
Exercised	(12,063)	27.64
Forfeited	(27,834)	57.94
Expired	(28,376)	58.91
Outstanding at March 31, 2023	6,345,921	52.07


Restricted Stock Units	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2022	1,149,462	$	57.26
Granted	29,100	39.83
Vested	(30,487)	63.26
Forfeited	(29,866)	59.29
Unvested at March 31, 2023	1,118,209	56.57

The weighted average fair value of stock options granted during the three months ended March 31, 2023 was $16.78 per share. The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:


Black-Scholes Weighted Average Assumption						Three Months Ended March 31, 2023
Expected dividend yield						None
Risk-free interest rate						3.64%
Expected volatility						44.55%
Expected term of options						4.85 years

Employee Stock Purchase Plan

The Company’s Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees may elect to contribute after-tax earnings to purchase shares at 85% of the closing fair market value of the Company’s common stock on either the offering date or the purchase date, whichever is lesser. During the three months ended March 31, 2023, no shares were purchased and issued through the ESPP.

NET (LOSS) INCOME PER SHARE

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER SHARE

Basic net (loss) income per share is calculated by dividing the net (loss) income attributable to common shares by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share is calculated by dividing the net (loss) income attributable to common shares by the weighted average number of common shares outstanding plus dilutive potential common shares outstanding during the period.

Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options, the vesting of RSUs and the purchase of shares from the ESPP (using the treasury stock method), if applicable. Potential common shares associated with convertible notes are treated under the if-converted method, adjustments are made to the diluted net (loss) income per common share calculation as if the Company had converted the convertible debt on the first day of each period presented. Adjustments to the numerator are made to add back the interest expense associated with the convertible debt on a post-tax basis. Adjustments to the denominator reflect the number of shares assumed to be convertible at the beginning of the period.

Potential common shares are excluded from the diluted net (loss) income per share computation to the extent they would be antidilutive. As the Company reported a net loss for the three months ended March 31, 2023, no potentially dilutive securities have been included in the computation of diluted net loss per share for that period.

The following table sets forth the computation of basic and diluted net (loss) income per common share for the three months ended March 31, 2023 and 2022 (in thousands, except per share amounts):


	Three Months Ended March 31,
		2023		2022
Numerator:
Net (loss) income—basic		$	(19,536)	$	6,828








Denominator:
Weighted average common shares outstanding—basic		45,949		44,869
Computation of diluted securities:

Dilutive effect of stock options		—		1,195
Dilutive effect of RSUs		—		373
Dilutive effect of ESPP purchase options		—		1

Weighted average common shares outstanding—diluted		45,949		46,438
Net (loss) income per share:
Basic net (loss) income per common share		$	(0.43)	$	0.15
Diluted net (loss) income per common share		$	(0.43)	$	0.15

The following table summarizes the outstanding stock options, RSUs, ESPP purchase options and convertible senior notes that were excluded from the diluted net (loss) income per common share calculation because the effects of including these potential shares were antidilutive in the periods presented (in thousands):


	Three Months Ended March 31,
		2023	2022
Weighted average number of stock options		6,362	1,762
Convertible senior notes		5,608	8,000
Weighted average number of RSUs		1,137	17
Weighted average ESPP purchase options		55	—
Total		13,162	9,779

INCOME TAXES

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

(Loss) income before income taxes and income tax benefit (expense) are as follows (dollar amounts in thousands):


	Three Months Ended March 31,
		2023			2022
(Loss) income before income taxes:
Domestic		$	(27,773)		$	6,582
Foreign		1,299			712
Total (loss) income before income taxes		$	(26,474)		$	7,294

Income tax benefit (expense)		$	6,938		$	(466)
Effective tax rate		26		%	6		%

The Company’s income tax expense represents the estimated annual effective tax rate applied to the year-to-date domestic operating results adjusted for certain discrete tax items.

The Company’s effective tax rate for the three months ended March 31, 2023 includes costs for a fair value adjustment to Flexion contingent consideration and a valuation allowance recorded against non-U.S. results, partially offset by tax credits and stock-based compensation benefits. The Company’s effective tax rate for the three months ended March 31, 2022 includes benefits related to stock-based compensation, a Skyepharma milestone payment and a valuation allowance recorded against non-U.S. results.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

ACQUISITION–RELATED CHARGES (GAINS) AND OTHER

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Acquisition-related charges (gains) and other for the three months ended March 31, 2023 and 2022 summarized below (in thousands):


	Three Months Ended March 31,
		2023		2022
Severance-related expenses		$	—	$	3,115
Acquisition-related fees		489		1,845
Other acquisition expenses		—		448
Total acquisition-related charges		489		5,408
Flexion contingent consideration		11,618		(794)
MyoScience contingent consideration		—		(277)

Total acquisition-related charges (gains) and other		$	12,107	$	4,337

Flexion Acquisition

The Company recognized acquisition-related costs of $0.5 million during the three months ended March 31, 2023, primarily related to the remaining Flexion leases. The Company recognized acquisition-related costs of $5.4 million during the three months ended March 31, 2022 primarily related to severance, legal fees, third-party services and other one-time charges.

The Company recognized $11.6 million contingent consideration charges during the three months ended March 31, 2023 due to a decrease in the assumed discount rate that is utilized in calculating the liability’s present value, as the Company’s incremental borrowing rate has significantly improved resulting from the March 2023 entry into the TLA Credit Agreement. The Company recognized $0.8 million of contingent consideration gains during the three months ended March 31, 2022. See Note 9, Financial Instruments, for information regarding the method, key assumptions used in the fair value measurements of contingent consideration and more information regarding the changes in fair value.

MyoScience Acquisition

The Company recognized $0.3 million of contingent consideration gains during the three months ended March 31, 2022. See Note 9, Financial Instruments, for information regarding the method, key assumptions used in the fair value measurements of contingent consideration and more information regarding the changes in fair value.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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 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 “MyoScience Merger Agreement”), specifically related to the achievement of certain milestone payments under the MyoScience 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 MyoScience Merger Agreement, and breach of the MyoScience 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 MyoScience Merger Agreement. The total remaining value of these milestones is $30.0 million, plus 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. eVenus Pharmaceutical Laboratories Litigations In October 2021, the Company received a Notice Letter advising that eVenus Pharmaceutical Laboratories, Inc., or eVenus, of Princeton, New Jersey, submitted to the FDA an Abbreviated New Drug Application, or ANDA with a Paragraph IV certification seeking authorization for the manufacturing and marketing of a generic version of EXPAREL (266 mg/20 mL) in the U.S. prior to the expiration of U.S. Patent No. 11,033,495 (the ’495 patent). In November 2021, the Company filed a patent infringement suit against eVenus and its parent company in the U.S. District Court for the District of New Jersey (21-cv-19829) asserting infringement of the ’495 patent. This triggered an automatic 30-month stay of final approval of the eVenus ANDA. On January 6, 2022, eVenus filed an Answer with counterclaims to the Complaint, alleging the ’495 patent is invalid and/or not infringed through the manufacture, sale, or offer for sale of the product described in product described in eVenus’s ANDA submission. In December 2021, the Company received a second Notice Letter advising that eVenus submitted to the FDA an amendment to its ANDA with a Paragraph IV Certification seeking authorization for the manufacturing and marketing of a generic version of EXPAREL (133 mg/10 mL) in the U.S. prior to the expiration of the ’495 patent. In the Notice Letter, eVenus also advised that it submitted a Paragraph IV Certification to the FDA seeking authorization for the manufacturing and marketing of a generic version of EXPAREL (266 mg/20 mL and 133 mg/10 mL) in the U.S. prior to the expiration of U.S. Patent No. 11,179,336 (the ’336 patent). eVenus further alleges in the Notice Letter that both the ’495 patent and the ’336 patent are invalid and/or not infringed. In February 2022, the Company filed a second patent infringement suit against eVenus and its parent company in the U.S. District Court for the District of New Jersey (22-cv-00718) asserting that the 133 mg/10 mL ANDA product will infringe the ’495 and ’336 patents and that the 266 mg/20 mL ANDA product will infringe the ’336 patent. This filing triggered a second automatic 30-month stay of final approval for the 133 mg/10 mL ANDA product. In April 2023, the Company filed a third patent infringement suit against eVenus, its parent company, and Fresenius Kabi USA, LLC, in the U.S. District Court for the District of New Jersey (23-cv-2367) asserting that the 133 mg/10 mL and 266 mg/20 mL ANDA products will infringe U.S. Patent No. 11,426,348 (the ’348 patent). These litigations are in their early stages, and the Company is unable to predict their outcome at this time. Research Development Foundation Pursuant to an agreement with the Research Development Foundation, or RDF, the Company was required to pay RDF a low single-digit royalty on the collection of revenues from certain 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. The Company’s ’495 patent issued on June 15, 2021. Thereafter, RDF asserted that the issuance of that patent extends the Company’s royalty obligations under the agreement until 2041. The Company believes that the royalty period under the agreement ended on December 24, 2021 with the expiration of its U.S. Patent No. 9,585,838. Because of the disagreement over the interpretation of the agreement, in December 2021, the Company filed a declaratory judgment lawsuit in the U.S. District Court for the District of Nevada (21-cv-02241). The lawsuit seeks a declaration from the court that the Company owes no royalties to RDF with respect to its EXPAREL product after December 24, 2021. During the pendency of the lawsuit, the Company will continue to pay royalties to RDF under protest, however, the Company is unable to predict the outcome of this action at this time. Other Commitments and Contingencies Pediatric Trial Commitments The FDA, as a condition of EXPAREL approval, has required the Company to study EXPAREL for infiltration and as a brachial plexus block in the pediatric setting. The Company was granted deferrals for the required pediatric trials until after the indications were approved in adults. Similarly, in Europe, the Company agreed with the European Medicines Agency, or EMA, on a Pediatric Investigation Plan as a prerequisite for submitting a Marketing Authorization Application (MAA) in the E.U. Despite the U.K.’s withdrawal from the E.U., the agreed pediatric plan is applicable in the U.K. In December 2019, the Company announced positive results for its extended pharmacokinetic and safety study (“PLAY”) for local analgesia in children aged six to 17 undergoing cardiovascular or spine surgeries. Those positive results were the basis for the submission of a supplemental New Drug Application, or sNDA, in the U.S. to include use in patients six years of age and older for single-dose infiltration to produce postsurgical local analgesia. In March 2021, the Company announced that the FDA approved the sNDA in the U.S. In the E.U. and U.K., the Company also submitted the results of the PLAY study as Type II variations in the E.U. and U.K. to include the use of EXPAREL in children aged six years or older as a field block for treatment of somatic post-operative pain for small- to medium-sized wounds. The EMA and the Medicines and Healthcare Products Regulatory Agency, or MHRA, in the U.K. both approved the variations in their respective regions in November 2022. The Company is working with the FDA, EMA and MHRA to finalize the regulatory pathway for its remaining pediatric commitments. Contingent Milestone Payments Refer to Note 9, Financial Instruments, for information on potential contingent milestone payments related to the Flexion Acquisition and MyoScience Acquisition. PCRX-201 PCRX-201, a novel, intra-articular gene therapy product candidate that produces the anti-inflammatory protein interleukin-1 receptor antagonist (IL-1Ra) treating OA pain in the knee, was added to the Company’s portfolio as part of the Flexion Acquisition. Prior to the Flexion Acquisition, in February 2017, Flexion entered into an agreement with GQ Bio Therapeutics GmbH (formerly named GeneQuine Biotherapeutics GmbH) to acquire the global rights to PCRX-201, a gene therapy product candidate. As part of the agreement, up to an aggregate of $56.0 million of payments could become due upon the achievement of certain development and regulatory milestones, including up to $4.5 million through initiation of a Phase 2 proof of concept clinical trial and, following successful proof of concept, up to an additional $51.5 million in development and global regulatory approval milestone payments.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These interim condensed 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 (SEC), for interim reporting. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements at March 31, 2023, and for the three-month periods ended March 31, 2023 and 2022, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP. The condensed consolidated balance sheet at December 31, 2022 is derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements as presented reflect certain reclassifications from previously issued financial statements to conform to the current year presentation. The accounts of wholly-owned subsidiaries are included in the condensed consolidated financial statements. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations for these interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.
Concentration of Major Customers	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 ZILRETTA primarily to specialty distributors and a specialty pharmacy, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals. The Company also contracts directly with healthcare providers and intermediaries such as Group Purchasing Organizations, or GPOs. The Company sells its bupivacaine liposome injectable suspension for veterinary use to a third-party licensee in the U.S. and sells iovera° directly to end users.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Percentage of Revenue Comprised of the Three Largest Customers

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


	Three Months Ended March 31,
		2023	2022
Largest wholesaler		32%	31%
Second largest wholesaler		24%	23%
Third largest wholesaler		23%	22%
Total		79%	76%

REVENUE (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended March 31,
		2023		2022
Net product sales:
EXPAREL		$	130,408	$	129,205
ZILRETTA		24,334		23,635
iovera°		4,001		3,026
Bupivacaine liposome injectable suspension		688		1,556
Total net product sales		$	159,431	$	157,422

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

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


	March 31,		December 31,
	2023		2022
Raw materials	$	44,212	$	39,810
Work-in-process	34,941		28,853
Finished goods	13,824		27,400
Total	$	92,977	$	96,063

FIXED ASSETS (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets Summarized by Major Category

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


	March 31,		December 31,
	2023		2022
Machinery and equipment	$	120,082	$	118,684
Leasehold improvements	62,125		61,302
Computer equipment and software	15,983		15,360
Office furniture and equipment	2,420		2,420
Construction in progress	104,105		103,226
Total	304,715		300,992
Less: accumulated depreciation	(123,098)		(117,480)
Fixed assets, net	$	181,617	$	183,512

LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Operating Lease Expense and Other Operating Lease Information

Total operating lease expense, net is as follows (in thousands):


	Three Months Ended
	March 31,
		2023		2022
Fixed lease costs		$	3,628	$	3,527
Variable lease costs		567		472
Sublease income		(153)		—
Total		$	4,042	$	3,999

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


	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating lease liabilities, net of lease incentives	$	3,763	$	3,279
Right-of-use assets recorded in exchange for lease obligations	$	—	$	16

The weighted average remaining lease terms and the weighted average discount rates are summarized as follows:


	March 31,
	2023		2022
Weighted average remaining lease term	6.61 years		7.55 years
Weighted average discount rate	7.03	%	6.95	%

Schedule of Maturities of Operating Lease Liabilities

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


Year	Aggregate Minimum Payments Due
2023 (remaining nine months)	$	10,263
2024	13,928
2025	13,078
2026	12,814
2027	12,587
Thereafter	27,350
Total future lease payments	90,020
Less: imputed interest	(18,627)
Total operating lease liabilities	$	71,393

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination


March 31, 2023	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(98,696)	$	491,304	10 years, 5 months
Customer relationships	90		(36)		54		10 years
Total finite-lived intangible assets, net	590,090		(98,732)		491,358
Acquired IPR&D	34,866		—		34,866
Total intangible assets, net	$	624,956	$	(98,732)	$	526,224

December 31, 2022	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(84,376)	$	505,624	10 years, 5 months
Customer relationships	90		(34)		56		10 years
Total finite-lived intangible assets, net	590,090		(84,410)		505,680
Acquired IPR&D	34,866		—		34,866
Total intangible assets, net	$	624,956	$	(84,410)	$	540,546

DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The carrying value of the Company’s outstanding debt is summarized as follows (in thousands):


	March 31,		December 31,
	2023		2022
Term loan A facility maturing March 2028	$	148,387	$	—
Term loan B facility maturing December 2026 (1)	—		284,704
0.750% Convertible senior notes due August 2025	396,743		396,126
3.375% Convertible senior notes due May 2024	8,641		8,641
Total	$	553,771	$	689,471

(1) The TLB Term Loan (as defined below) was refinanced on March 31, 2023 as discussed below.

Schedule of Composition of the Company's Debt and Financing Obligations

The total debt composition of the TLA Term Loan is as follows (in thousands):


	March 31,
	2023
Term Loan maturing March 2028	$	150,000
Deferred financing costs	(1,163)
Discount on debt	(450)
Total debt, net of debt discount and deferred financing costs	$	148,387

The total debt composition of the TLB Term Loan was as follows (in thousands):


	March 31,		December 31,
	2023		2022
Term Loan maturing December 2026	$	—	$	296,875
Deferred financing costs	—		(3,919)
Discount on debt	—		(8,252)
Total debt, net of debt discount and deferred financing costs	$	—	$	284,704

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


	March 31,		December 31,
	2023		2022
0.750% convertible senior notes due August 2025	$	402,500	$	402,500
Deferred financing costs	(5,757)		(6,374)

Total debt, net of debt discount and deferred financing costs	$	396,743	$	396,126

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):


	Three Months Ended March 31,
		2023			2022
Contractual interest expense		$	9,350		$	9,130
Amortization of debt issuance costs		937			1,179
Amortization of debt discount		675			706
Capitalized interest and other (Note 5)		(1,373)			(824)
Total		$	9,589		$	10,191

Effective interest rate on total debt		5.36		%	5.58		%

- Definition

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

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+ Details

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Fair Value of the Long-Term Debt

At March 31, 2023, the carrying values and fair values of the following financial assets and liabilities were 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 Assets:
Equity investments	$	15,877	$	—	$	—	$	15,877
Convertible notes receivable	$	9,338	$	—	$	—	$	9,338
Financial Liabilities:
Acquisition-related contingent consideration	$	39,740	$	—	$	—	$	39,740

Financial Liabilities Measured at Amortized Cost:
Term loan A facility due March 2028	$	148,387	$	—	$	149,550	$	—
0.750% convertible senior notes due 2025 (1)	$	396,743	$	—	$	372,816	$	—
3.375% convertible senior notes due 2024	$	8,641	$	—	$	8,641	$	—

Schedule of Investments without Readily Determinable Fair Value

The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):


	Equity Investments		Convertible Notes Receivable		Total
Balance at December 31, 2021	$	14,127	$	4,132	$	18,259
Purchases	11,750		1,250		13,000
Impairment	(10,000)		—		(10,000)
Foreign currency adjustments	—		(67)		(67)
Balance at December 31, 2022	$	15,877	$	5,315	$	21,192
Purchases	—		4,000		4,000

Foreign currency adjustments	—		23		23
Balance at March 31, 2023	$	15,877	$	9,338	$	25,215

Schedule of Key Assumptions used in the Valuation of Contingent Consideration

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


Assumption						Flexion Ranges Utilized as of March 31, 2023
Discount rates						9.1% to 9.8%
Probabilities of payment for regulatory milestones						0% to 12.5%
Projected years of payment for regulatory and commercial milestones						2030

Schedule of Change in Contingent Consideration Recorded at Fair Value using Level 3 Measurements

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, 2021	$	57,598
Fair value adjustments and accretion	(29,476)
Balance at December 31, 2022	28,122
Fair value adjustments and accretion	11,618

Balance at March 31, 2023	$	39,740

Schedule of Short-Term Investments

The following summarizes the Company’s short-term and noncurrent available-for-sale investments at March 31, 2023 and December 31, 2022 (in thousands):


March 31, 2023 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	5,903	$	—	$	(10)	$	5,893
Commercial paper	59,924		—		(138)		59,786

U.S. federal agency bonds	61,269		2		(322)		60,949
U.S. government bonds	11,837		—		(11)		11,826
Subtotal	138,933		2		(481)		138,454
Noncurrent:


U.S. federal agency bonds	3,503		10		—		3,513
U.S. government bonds	4,762		6		—		4,768
Subtotal	8,265		16		—		8,281
Total	$	147,198	$	18	$	(481)	$	146,735


December 31, 2022 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	6,836	$	—	$	(3)	$	6,833
Commercial paper	134,423		23		(386)		134,060

U.S. federal agency bonds	41,971		—		(337)		41,634
U.S. government bonds	2,003		—		(18)		1,985
Subtotal	$	185,233	$	23	$	(744)	$	184,512
Noncurrent:


U.S. federal agency bonds	22,783		2		(66)		22,719
U.S. government bonds	14,499		—		(9)		14,490
Subtotal	37,282		2		(75)		37,209
Total	$	222,515	$	25	$	(819)	$	221,721

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Net Unrealized Gain (Loss) From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(523)	$	143	$	(380)
Net unrealized gain on investments, net of tax (1)	251		—		251
Foreign currency translation adjustments	—		(8)		(8)

Balance at March 31, 2023	$	(272)	$	135	$	(137)


	Net Unrealized (Loss) Gain From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2021	$	139	$	28	$	167
Net unrealized loss on investments, net of tax (1)	(733)		—		(733)
Foreign currency translation adjustments	—		39		39
Balance at March 31, 2022	$	(594)	$	67	$	(527)

(1) Net of a $0.2 million tax expense and $0.3 million tax benefit for the three months ended March 31, 2023 and 2022, respectively.

STOCK PLANS (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Recognized Stock-Based Compensation in Consolidated Statements of Operations

The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):


	Three Months Ended March 31,
		2023		2022
Cost of goods sold		$	1,724	$	1,352
Research and development		1,875		1,458
Selling, general and administrative		8,391		8,379
Total		$	11,990	$	11,189

Stock-based compensation from:
Stock options		$	6,464	$	6,785
Restricted stock units		5,250		4,113
Employee stock purchase plan		276		291
Total		$	11,990	$	11,189

Schedule of the Company's Stock Option Activity and Restricted Stock Unit Activity

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the three months ended March 31, 2023:


Stock Options	Number of Stock Options	Weighted Average Exercise Price (Per Share)
Outstanding at December 31, 2022	6,272,994	$	52.38
Granted	141,200	38.93
Exercised	(12,063)	27.64
Forfeited	(27,834)	57.94
Expired	(28,376)	58.91
Outstanding at March 31, 2023	6,345,921	52.07


Restricted Stock Units	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2022	1,149,462	$	57.26
Granted	29,100	39.83
Vested	(30,487)	63.26
Forfeited	(29,866)	59.29
Unvested at March 31, 2023	1,118,209	56.57

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

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


Black-Scholes Weighted Average Assumption						Three Months Ended March 31, 2023
Expected dividend yield						None
Risk-free interest rate						3.64%
Expected volatility						44.55%
Expected term of options						4.85 years

NET (LOSS) INCOME PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net (loss) income per common share for the three months ended March 31, 2023 and 2022 (in thousands, except per share amounts):


	Three Months Ended March 31,
		2023		2022
Numerator:
Net (loss) income—basic		$	(19,536)	$	6,828








Denominator:
Weighted average common shares outstanding—basic		45,949		44,869
Computation of diluted securities:

Dilutive effect of stock options		—		1,195
Dilutive effect of RSUs		—		373
Dilutive effect of ESPP purchase options		—		1

Weighted average common shares outstanding—diluted		45,949		46,438
Net (loss) income per share:
Basic net (loss) income per common share		$	(0.43)	$	0.15
Diluted net (loss) income per common share		$	(0.43)	$	0.15

Schedule of Potential Dilutive Effect of the Securities Excluded from the Calculation of Diluted Loss Per Share


	Three Months Ended March 31,
		2023	2022
Weighted average number of stock options		6,362	1,762
Convertible senior notes		5,608	8,000
Weighted average number of RSUs		1,137	17
Weighted average ESPP purchase options		55	—
Total		13,162	9,779

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

ncome before income taxes and income tax benefit (expense) are as follows (dollar amounts in thousands):


	Three Months Ended March 31,
		2023			2022
(Loss) income before income taxes:
Domestic		$	(27,773)		$	6,582
Foreign		1,299			712
Total (loss) income before income taxes		$	(26,474)		$	7,294

Income tax benefit (expense)		$	6,938		$	(466)
Effective tax rate		26		%	6		%

ACQUISITION–RELATED CHARGES (GAINS) AND OTHER (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Acquisition Related Charges (Gains) And Other

Acquisition-related charges (gains) and other for the three months ended March 31, 2023 and 2022 summarized below (in thousands):


	Three Months Ended March 31,
		2023		2022
Severance-related expenses		$	—	$	3,115
Acquisition-related fees		489		1,845
Other acquisition expenses		—		448
Total acquisition-related charges		489		5,408
Flexion contingent consideration		11,618		(794)
MyoScience contingent consideration		—		(277)

Total acquisition-related charges (gains) and other		$	12,107	$	4,337

DESCRIPTION OF BUSINESS (Details)	3 Months Ended
DESCRIPTION OF BUSINESS (Details)	Mar. 31, 2023 product segment
Concentration Risk [Line Items]
Number of reportable segments \| segment	1
Sales Revenue, Net \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration of products (in products) \| product	3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Concentration Risk of Major Customers (Details) - Concentration risk by major customer - wholesaler	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Concentration of Major Customers
Number of customers	3
Sales Revenue, Net \| Largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	32.00%	31.00%
Sales Revenue, Net \| Second largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	24.00%	23.00%
Sales Revenue, Net \| Third largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	23.00%	22.00%
Sales Revenue, Net \| Three largest customers
Concentration of Major Customers
Percentage of revenue from customers to total revenue	79.00%	76.00%

REVENUE - Narrative (Details)	3 Months Ended
REVENUE - Narrative (Details)	Mar. 31, 2023
Minimum
Disaggregation of Revenue [Line Items]
Accounts receivable, payment terms	0 days
Maximum
Disaggregation of Revenue [Line Items]
Accounts receivable, payment terms	4 months

REVENUE - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total net product sales	$ 160,341	$ 157,991
EXPAREL
Disaggregation of Revenue [Line Items]
Total net product sales	130,408	129,205
ZILRETTA
Disaggregation of Revenue [Line Items]
Total net product sales	24,334	23,635
iovera
Disaggregation of Revenue [Line Items]
Total net product sales	4,001	3,026
Bupivacaine liposome injectable suspension
Disaggregation of Revenue [Line Items]
Total net product sales	688	1,556
Total net product sales
Disaggregation of Revenue [Line Items]
Total net product sales	$ 159,431	$ 157,422

- 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
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-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 44,212	$ 39,810
Work-in-process	34,941	28,853
Finished goods	13,824	27,400
Total	$ 92,977	$ 96,063

FIXED ASSETS - Summary of Major Categories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
FIXED ASSETS
Property, plant, and equipment, gross	$ 304,715	$ 300,992
Less: accumulated depreciation	(123,098)	(117,480)
Fixed assets, net	181,617	183,512
Machinery and equipment
FIXED ASSETS
Property, plant, and equipment, gross	120,082	118,684
Leasehold improvements
FIXED ASSETS
Property, plant, and equipment, gross	62,125	61,302
Computer equipment and software
FIXED ASSETS
Property, plant, and equipment, gross	15,983	15,360
Office furniture and equipment
FIXED ASSETS
Property, plant, and equipment, gross	2,420	2,420
Construction in progress
FIXED ASSETS
Property, plant, and equipment, gross	$ 104,105	$ 103,226

FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
FIXED ASSETS
Depreciation expense	$ 5,300	$ 5,700
Capitalized interest and other (Note 5)	1,373	824
Fixed assets, net	181,617		$ 183,512
Asset retirement obligation	3,400		3,300
Construction in progress
FIXED ASSETS
Capitalized interest and other (Note 5)	1,400	$ 800
Leasehold improvements \| Europe
FIXED ASSETS
Fixed assets, net	$ 42,700		$ 44,700

LEASES - Narrative (Details)	Mar. 31, 2023 lease
Leases [Abstract]
Number of embedded leases	2

LEASES - Summary of operating lease cost and other operating lease information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease, Cost [Abstract]
Fixed lease costs	$ 3,628	$ 3,527
Variable lease costs	567	472
Sublease income	(153)	0
Total	4,042	3,999
Cash Flow, Operating Activities, Lessee [Abstract]
Cash paid for operating lease liabilities, net of lease incentives	3,763	3,279
Right-of-use assets recorded in exchange for lease obligations	$ 0	$ 16
Weighted average remaining lease term (in years)	6 years 7 months 9 days	7 years 6 months 18 days
Weighted average discount rate (in percent)	7.03%	6.95%

LEASES - Schedule of maturities of operating lease liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (remaining nine months)	$ 10,263
2024	13,928
2025	13,078
2026	12,814
2027	12,587
Thereafter	27,350
Total future lease payments	90,020
Less: imputed interest	(18,627)
Total operating lease liabilities	$ 71,393

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill recorded in connection with the acquisition	$ 163,243		$ 163,243
Amortization of acquired intangible assets	14,322	$ 14,322
Amortization expense, remainder of fiscal year	43,000
Amortization expense, first period	57,300
Amortization expense, second period	37,400
Amortization expense, third period	7,900
Amortization expense, fourth period	$ 2,200
When annual net sales collected reach $500.0 million \| Skye Pharma Holding Inc.
Goodwill
Milestone payments for EXPAREL agreed in connection with acquisition				$ 32,000
Annual net sales threshold				$ 500,000

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 590,090	$ 590,090
Accumulated Amortization	(98,732)	(84,410)
Intangible Assets, Net	491,358	505,680
Gross Carrying Value	624,956	624,956
Intangible assets, net	526,224	540,546
Developed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	590,000	590,000
Accumulated Amortization	(98,696)	(84,376)
Intangible Assets, Net	$ 491,304	$ 505,624
Weighted-Average Useful Lives	10 years 5 months	10 years 5 months
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 90	$ 90
Accumulated Amortization	(36)	(34)
Intangible Assets, Net	$ 54	$ 56
Weighted-Average Useful Lives	10 years	10 years
Acquired IPR&D
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 34,866	$ 34,866
Intangible Assets, Net	$ 34,866	$ 34,866

DEBT - Carrying Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Jul. 31, 2020
Secured and Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 553,771	$ 689,471
Term Loan A Facility Due March 2028 \| Term Loan
Debt Instrument [Line Items]
Long-term debt	148,387	0
Term Loan B Facility Due 2026 \| Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 0	284,704
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.75%
Convertible Senior Notes Due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 396,743	396,126
Stated interest rate (as a percent)	0.75%		0.75%
Convertible Senior Notes Due May 2024
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.375%
Convertible Senior Notes Due May 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 8,641	$ 8,641

DEBT - Narrative (Details)				1 Months Ended				3 Months Ended		12 Months Ended
DEBT - Narrative (Details)	Dec. 31, 2025 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jan. 06, 2022	Dec. 31, 2021 USD ($)	Jul. 31, 2020 USD ($) $ / shares	Mar. 31, 2023 USD ($) trading_day d $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2028 USD ($)	Dec. 31, 2022 USD ($)	Jan. 07, 2022 USD ($)	Dec. 30, 2021 USD ($)	May 02, 2017 USD ($)
DEBT AND FINANCING OBLIGATIONS
Proceeds from Term loan A facility								$ 149,550,000	$ 0
Loss on early extinguishment of debt								$ (16,926,000)	$ 0
Settlement period - convertible debt conversion request								40 days
Closing sale price (in dollars per share) \| $ / shares			$ 40.81	$ 40.81				$ 40.81
Term Loan A Facility Due March 2028
DEBT AND FINANCING OBLIGATIONS
Leverage ratio, maximum			3.00	3.00				3.00
Leverage ratio, minimum			1.50	1.50				1.50
Weighted average interest rate, at point in time			7.97%	7.97%				7.97%
Term Loan A Facility Due March 2028 \| Minimum \| Base Rate
DEBT AND FINANCING OBLIGATIONS
Net leverage ratio			2.00%	2.00%				2.00%
Term Loan A Facility Due March 2028 \| Minimum \| Secured Overnight Financing Rate (SOFR)
DEBT AND FINANCING OBLIGATIONS
Net leverage ratio			3.00%	3.00%				3.00%
Term Loan A Facility Due March 2028 \| Maximum \| Base Rate
DEBT AND FINANCING OBLIGATIONS
Net leverage ratio			2.75%	2.75%				2.75%
Term Loan A Facility Due March 2028 \| Maximum \| Secured Overnight Financing Rate (SOFR)
DEBT AND FINANCING OBLIGATIONS
Net leverage ratio			3.75%	3.75%				3.75%
Convertible Senior Notes Due 2025
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)			0.75%	0.75%				0.75%
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	$ 71.78
Market price of principal amount of notes			0.926	0.926				0.926
Convertible debt, premium on common stock							32.50%
Closing sale price (in dollars per share) \| $ / shares							$ 54.17
Convertible Senior Notes Due 2025 \| Debt Redemption Terms Prior to February 3, 2023
DEBT AND FINANCING OBLIGATIONS
Threshold percentage stock price trigger								130.00%
Threshold trading days \| trading_day								20
Threshold consecutive trading days \| d								30
Convertible Senior Notes Due 2025 \| Debt Redemption Terms on or after August 1, 2023
DEBT AND FINANCING OBLIGATIONS
Threshold percentage stock price trigger								130.00%
Threshold trading days \| trading_day								20
Threshold consecutive trading days \| d								30
Debt instrument, percentage of principal amount for computation of redemption price								100.00%
Convertible Senior Notes Due 2024
DEBT AND FINANCING OBLIGATIONS
Debt instrument, percentage of principal amount for computation of redemption price					100.00%
Convertible Senior Notes Due May 2024
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)			3.375%	3.375%				3.375%
Term Loan \| Term Loan A Facility Due March 2028
DEBT AND FINANCING OBLIGATIONS
Discount rate			0.30%	0.30%				0.30%
Debt instrument, face amount			$ 150,000,000	$ 150,000,000				$ 150,000,000
Proceeds from Term loan A facility				149,600,000
Debt instrument, unamortized discount			450,000	450,000				450,000
Long-term debt			148,387,000	148,387,000				148,387,000				$ 0
Term Loan \| Term Loan A Facility Due March 2028 \| Scenario, Forecast
DEBT AND FINANCING OBLIGATIONS
Periodic payment, principal	$ 3,800,000	$ 2,800,000								$ 8,400,000
Balloon payment to be paid											$ 85,300,000
Term Loan \| Term Loan B Facility Due 2026
DEBT AND FINANCING OBLIGATIONS
Discount rate						3.00%
Debt instrument, face amount												375,000,000
Proceeds from Term loan A facility						$ 363,800,000
Debt instrument, unamortized discount			0	$ 0				0				8,252,000		$ 11,200,000
Periodic payment, principal								$ 9,400,000
Repayments of debt			$ 149,600,000
Prepayment fee percentage			2.00%	2.00%				2.00%
Repayment of debt principal								$ 287,500,000
Long-term debt			$ 0	$ 0				$ 0				284,704,000
Unsecured Debt \| Convertible Senior Notes Due 2025
DEBT AND FINANCING OBLIGATIONS
Debt instrument, face amount							$ 402,500,000
Stated interest rate (as a percent)			0.75%	0.75%			0.75%	0.75%
Debt issued in private placement							$ 390,000,000	$ 402,500,000
Long-term debt			$ 396,743,000	$ 396,743,000				$ 396,743,000				396,126,000
Unsecured Debt \| Convertible Senior Notes Due 2022
DEBT AND FINANCING OBLIGATIONS
Repayments of debt							$ 211,100,000
Stated interest rate (as a percent)							2.375%
Debt instrument, repurchased face amount							$ 185,000,000
Unsecured Debt \| Convertible Senior Notes Due 2024
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)			3.375%	3.375%				3.375%
Repurchase amount													$ 192,600,000
Unsecured Debt \| Convertible Senior Notes Due 2024 \| Flexion
DEBT AND FINANCING OBLIGATIONS
Debt instrument, face amount															$ 201,300,000
Stated interest rate (as a percent)															3.375%
Unsecured Debt \| Convertible Senior Notes Due May 2024
DEBT AND FINANCING OBLIGATIONS
Long-term debt			$ 8,641,000	$ 8,641,000				$ 8,641,000				$ 8,641,000

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 30, 2021	Jul. 31, 2020
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.75%
Term Loan \| Term Loan A Facility Due March 2028
Debt Instrument [Line Items]
Long-term debt	$ 150,000
Deferred financing costs	(1,163)
Discount on debt	(450)
Total debt, net of debt discount and deferred financing costs	148,387	$ 0
Term Loan \| Term Loan B Facility Due 2026
Debt Instrument [Line Items]
Long-term debt	0	296,875
Deferred financing costs	0	(3,919)
Discount on debt	0	(8,252)	$ (11,200)
Total debt, net of debt discount and deferred financing costs	$ 0	284,704
Unsecured Debt \| Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.75%			0.75%
Long-term debt	$ 402,500	402,500
Deferred financing costs	(5,757)	(6,374)
Total debt, net of debt discount and deferred financing costs	$ 396,743	$ 396,126

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Contractual interest expense	$ 9,350	$ 9,130
Amortization of debt issuance costs	937	1,179
Amortization of debt discount	675	706
Capitalized interest and other (Note 5)	(1,373)	(824)
Total	$ 9,589	$ 10,191
Effective interest rate on total debt (in percent)	5.36%	5.58%

FINANCIAL INSTRUMENTS - Fair Value of Liabilities Measured on a Recurring Basis (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2023	Jul. 31, 2020
Financial Liabilities:
Closing sale price (in dollars per share)	$ 40.81
Convertible Senior Notes Due 2025
Financial Liabilities:
Stated interest rate (as a percent)	0.75%
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 \| Maximum
Financial Liabilities:
Debt instrument, convertible, conversion premium (in shares)	5.6
Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Stated interest rate (as a percent)	0.75%	0.75%
Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Stated interest rate (as a percent)	3.375%
Reported Value Measurement
Financial Assets:
Equity investments	$ 15,877
Convertible notes receivable	9,338
Financial Liabilities:
Acquisition-related contingent consideration	39,740
Reported Value Measurement \| Term Loan A Facility Due March 2028 \| Term Loan
Financial Liabilities:
Convertible senior notes	148,387
Reported Value Measurement \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	396,743
Reported Value Measurement \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	8,641
Estimate of Fair Value Measurement \| Level 1
Financial Assets:
Equity investments	0
Convertible notes receivable	0
Financial Liabilities:
Acquisition-related contingent consideration	0
Estimate of Fair Value Measurement \| Level 1 \| Term Loan A Facility Due March 2028 \| Term Loan
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 1 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 1 \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 2
Financial Assets:
Equity investments	0
Convertible notes receivable	0
Financial Liabilities:
Acquisition-related contingent consideration	0
Estimate of Fair Value Measurement \| Level 2 \| Term Loan A Facility Due March 2028 \| Term Loan
Financial Liabilities:
Convertible senior notes	149,550
Estimate of Fair Value Measurement \| Level 2 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	372,816
Estimate of Fair Value Measurement \| Level 2 \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	8,641
Estimate of Fair Value Measurement \| Level 3
Financial Assets:
Equity investments	15,877
Convertible notes receivable	9,338
Financial Liabilities:
Acquisition-related contingent consideration	39,740
Estimate of Fair Value Measurement \| Level 3 \| Term Loan A Facility Due March 2028 \| Term Loan
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 3 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 3 \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	$ 0

FINANCIAL INSTRUMENTS - Schedule of Investments Without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Balance at December 31, 2022	$ 21,192	$ 18,259
Purchases	4,000	13,000
Impairment		(10,000)
Foreign currency adjustments	23	(67)
Balance at March 31, 2023	25,215	21,192
Equity Investments
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Balance at December 31, 2022	15,877	14,127
Purchases	0	11,750
Impairment		(10,000)
Foreign currency adjustments	0	0
Balance at March 31, 2023	15,877	15,877
Convertible Notes Receivable
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Balance at December 31, 2022	5,315	4,132
Purchases	4,000	1,250
Impairment		0
Foreign currency adjustments	23	(67)
Balance at March 31, 2023	$ 9,338	$ 5,315

FINANCIAL INSTRUMENTS - Narrative (Details)	1 Months Ended		3 Months Ended		12 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details)	Apr. 30, 2023 USD ($)	Apr. 30, 2019 USD ($)	Mar. 31, 2023 USD ($) customer	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) wholesaler	Nov. 30, 2021 USD ($)
Concentration Risk [Line Items]
Changes in contingent consideration			$ 11,618,000	$ (1,071,000)
Interest receivable			$ 600,000		$ 800,000
Number of major customers			3		3
Amount of allowance for doubtful accounts			$ 0		$ 0
Subsequent Event
Concentration Risk [Line Items]
Payments to acquire notes receivable	$ 2,500,000
Accounts receivable \| Concentration risk by major customer \| Major customer one
Concentration Risk [Line Items]
Concentration risk (as a percent)			38.00%		34.00%
Accounts receivable \| Concentration risk by major customer \| Major customer two
Concentration Risk [Line Items]
Concentration risk (as a percent)			20.00%		19.00%
Accounts receivable \| Concentration risk by major customer \| Major customer three
Concentration Risk [Line Items]
Concentration risk (as a percent)			18.00%		18.00%
Flexion And MyoScience Acquisition
Concentration Risk [Line Items]
Acquisition-related contingent consideration			$ 39,700,000		$ 28,100,000
Flexion Acquisition
Concentration Risk [Line Items]
Acquisition-related contingent consideration			$ 425,500,000			$ 372,300,000
Payment term			60 days
Changes in contingent consideration			$ 11,600,000	800,000
Contingent consideration			$ 39,700,000		28,100,000
Flexion Acquisition \| Contingent Consideration \| Level 3 \| Measurement Input, Discount Rate \| Weighted Average
Concentration Risk [Line Items]
Measurement input, contingent consideration			0.094
Flexion Acquisition \| Contingent Consideration \| Level 3 \| Measurement Input, Probability of Success of Regulatory Milestones \| Weighted Average
Concentration Risk [Line Items]
Measurement input, contingent consideration			0.125
Myoscience Acquisition
Concentration Risk [Line Items]
Acquisition-related contingent consideration					$ 0
Payment term		60 days
Changes in contingent consideration			$ 0	$ 277,000
Contingent consideration		$ 100,000,000
Contingent consideration, current			$ 43,000,000
Myoscience Acquisition \| Contingent Consideration \| Level 3 \| Measurement Input, Expected Milestone Payment
Concentration Risk [Line Items]
Measurement input, contingent consideration			0

FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs and Valuation (Details) - Fair Value, Inputs, Level 3 - Flexion Acquisition - Contingent Consideration	Mar. 31, 2023
Minimum \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.091
Minimum \| Measurement Input, Expected Milestone Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0
Maximum \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.098
Maximum \| Measurement Input, Expected Milestone Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.125

FINANCIAL INSTRUMENTS - Fair Value of Contingent Consideration Rollforward (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022	$ 28,122	$ 57,598
Fair value adjustments and accretion	11,618	(29,476)
Balance at March 31, 2023	$ 39,740	$ 28,122

FINANCIAL INSTRUMENTS - Schedule of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Cost	$ 147,198	$ 222,515
Gross Unrealized Gains	18	25
Gross Unrealized Losses	(481)	(819)
Fair Value (Level 2)	146,735	221,721
Current:
Fair Value Measurements
Cost	138,933	185,233
Gross Unrealized Gains	2	23
Gross Unrealized Losses	(481)	(744)
Fair Value (Level 2)	138,454	184,512
Noncurrent:
Fair Value Measurements
Cost	8,265	37,282
Gross Unrealized Gains	16	2
Gross Unrealized Losses	0	(75)
Fair Value (Level 2)	8,281	37,209
Asset-backed securities \| Current:
Fair Value Measurements
Cost	5,903	6,836
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(10)	(3)
Fair Value (Level 2)	5,893	6,833
Commercial paper \| Current:
Fair Value Measurements
Cost	59,924	134,423
Gross Unrealized Gains	0	23
Gross Unrealized Losses	(138)	(386)
Fair Value (Level 2)	59,786	134,060
U.S. federal agency bonds \| Current:
Fair Value Measurements
Cost	61,269	41,971
Gross Unrealized Gains	2	0
Gross Unrealized Losses	(322)	(337)
Fair Value (Level 2)	60,949	41,634
U.S. federal agency bonds \| Noncurrent:
Fair Value Measurements
Cost	3,503	22,783
Gross Unrealized Gains	10	2
Gross Unrealized Losses	0	(66)
Fair Value (Level 2)	3,513	22,719
U.S. government bonds \| Current:
Fair Value Measurements
Cost	11,837	2,003
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(11)	(18)
Fair Value (Level 2)	11,826	1,985
U.S. government bonds \| Noncurrent:
Fair Value Measurements
Cost	4,762	14,499
Gross Unrealized Gains	6	0
Gross Unrealized Losses	0	(9)
Fair Value (Level 2)	$ 4,768	$ 14,490

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 775,010	$ 730,408
Net unrealized loss on investments, net of tax	251	(733)
Balance at end of period	768,041	709,576
Unrealized (loss) gain on investments, tax benefit	200	(300)
Net Unrealized Gain (Loss) From Available-For-Sale Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(523)	139
Net unrealized loss on investments, net of tax	251	(733)
Balance at end of period	(272)	(594)
Unrealized Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	143	28
Foreign currency translation adjustments	(8)	39
Balance at end of period	135	67
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(380)	167
Net unrealized loss on investments, net of tax	251	(733)
Foreign currency translation adjustments	(8)	39
Balance at end of period	$ (137)	$ (527)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 852
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-Section 55
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+ Details

STOCK PLANS - Schedule of Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation
Stock-based compensation expense	$ 11,990	$ 11,189
Stock-based compensation from:
Stock options	6,464	6,785
Restricted stock units	5,250	4,113
Employee stock purchase plan	276	291
Total	11,990	11,189
Cost of goods sold
Share-Based Compensation
Stock-based compensation expense	1,724	1,352
Research and development
Share-Based Compensation
Stock-based compensation expense	1,875	1,458
Selling, general and administrative
Share-Based Compensation
Stock-based compensation expense	$ 8,391	$ 8,379

STOCK PLANS - Schedule of Stock Based Compensation Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Stock Options
Outstanding beginning of period (in shares) \| shares	6,272,994
Granted (in shares) \| shares	141,200
Exercised (in shares) \| shares	(12,063)
Forfeited (in shares) \| shares	(27,834)
Expired (in shares) \| shares	(28,376)
Outstanding end of period (in shares) \| shares	6,345,921
Weighted Average Exercise Price (Per Share)
Outstanding beginning of period (in dollars per share) \| $ / shares	$ 52.38
Granted (in dollars per share) \| $ / shares	38.93
Exercised (in dollars per share) \| $ / shares	27.64
Forfeited (in dollars per share) \| $ / shares	57.94
Expired (in dollars per share) \| $ / shares	58.91
Outstanding at end of period (in dollars per share) \| $ / shares	$ 52.07
Restricted Stock Units (RSUs)
Number of Restricted Stock Units
Unvested at beginning of period (in shares) \| shares	1,149,462
Granted (in shares) \| shares	29,100
Vested (in shares) \| shares	(30,487)
Forfeited (in shares) \| shares	(29,866)
Unvested at end of period in shares) \| shares	1,118,209
Weighted Average Grant Date Fair Value (Per Share)
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 57.26
Granted (in dollars per share) \| $ / shares	39.83
Vested (in dollars per share) \| $ / shares	63.26
Forfeited (in dollars per share) \| $ / shares	59.29
Unvested at end of period (in dollars per share) \| $ / shares	$ 56.57

STOCK PLANS - Narrative (Details)	3 Months Ended
STOCK PLANS - Narrative (Details)	Mar. 31, 2023 offeringPeriod $ / shares shares
Stock Incentive Plans
Weighted average fair value (in dollars per share) \| $ / shares	$ 16.78
Purchase price of common stock, ESPP (as a percent)	85.00%
Common stock issued under employee stock purchase plan (in shares) \| shares	0
Weighted average ESPP purchase options
Stock Incentive Plans
Number of offering periods for ESPP \| offeringPeriod	2
ESPP purchasing period	6 months

STOCK PLANS - Schedule of Valuation Assumptions (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2023
Stock Incentive Plans
Expected dividend yield (as a percent)	0.00%
Risk free interest rate (as a percent)	3.64%
Expected volatility (as a percent)	44.55%
Expected term of options (in years)	4 years 10 months 6 days

NET (LOSS) INCOME PER SHARE - Schedule of Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net (loss) income—basic	$ (19,536)	$ 6,828
Denominator:
Weighted average common shares outstanding - basic (in shares)	45,949	44,869
Computation of diluted securities:
Weighted average number of shares outstanding - diluted (in shares)	45,949	46,438
Net (loss) income per share:
Basic net (loss) income per common share (in USD per share)	$ (0.43)	$ 0.15
Diluted net (loss) income per common share (in USD per share)	$ (0.43)	$ 0.15
Employee Stock Option
Computation of diluted securities:
Dilutive effect of share based compensation arrangements (in shares)	0	1,195
Restricted Stock Units (RSUs)
Computation of diluted securities:
Dilutive effect of share based compensation arrangements (in shares)	0	373
Weighted average ESPP purchase options
Computation of diluted securities:
Dilutive effect of share based compensation arrangements (in shares)	0	1

NET (LOSS) INCOME PER SHARE - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
EARNINGS PER SHARE
Total	13,162	9,779
Weighted average number of stock options
EARNINGS PER SHARE
Total	6,362	1,762
Convertible senior notes
EARNINGS PER SHARE
Total	5,608	8,000
Weighted average number of RSUs
EARNINGS PER SHARE
Total	1,137	17
Weighted average ESPP purchase options
EARNINGS PER SHARE
Total	55	0

INCOME TAXES - Schedule of Federal, State and Local, and Foreign Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
(Loss) income before income taxes:
Domestic	$ (27,773)	$ 6,582
Foreign	1,299	712
(Loss) income before income taxes	(26,474)	7,294
Income tax benefit (expense)	$ 6,938	$ (466)
Effective tax rate (in percent)	26.00%	6.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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+ Details

- Definition

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

+ References + Details

ACQUISITION–RELATED CHARGES (GAINS) AND OTHER - Acquisition Related Charges (Gains) and Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Severance-related expenses	$ 0	$ 3,115
Total acquisition-related charges	489	5,408
Changes in contingent consideration	(11,618)	1,071
Total acquisition-related charges (gains) and other	12,107	4,337
Flexion
Restructuring Cost and Reserve [Line Items]
Changes in contingent consideration	11,618	(794)
Myoscience Acquisition
Restructuring Cost and Reserve [Line Items]
Changes in contingent consideration	0	(277)
Acquisition-related fees
Restructuring Cost and Reserve [Line Items]
Acquisition-related costs	489	1,845
Other acquisition expenses
Restructuring Cost and Reserve [Line Items]
Acquisition-related costs	$ 0	$ 448

ACQUISITION–RELATED CHARGES (GAINS) AND OTHER - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Changes in contingent consideration	$ 11,618	$ (1,071)
Flexion Acquisition
Business Acquisition [Line Items]
Changes in contingent consideration	11,600	800
Flexion Acquisition \| Legal Fees
Business Acquisition [Line Items]
Acquisition-related costs	500	5,400
Flexion
Business Acquisition [Line Items]
Changes in contingent consideration	(11,618)	794
Myoscience Acquisition
Business Acquisition [Line Items]
Changes in contingent consideration	$ 0	$ 277

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2020	Feb. 28, 2017
Fortis
Loss Contingencies [Line Items]
Loss contingency, damages sought	$ 30.0
GeneQuine \| Flexion \| Achievement of Development and Regulatory Milestones
Loss Contingencies [Line Items]
Maximum milestone payment to be received		$ 56.0
Estimate of restructuring costs, once probable		4.5
Restructuring charges		$ 51.5

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

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