0000827871-23-000024 | 10-Q/A | XBRL Viewer

Commitments (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of operating lease obligations and purchase obligations

Our future material contractual obligations as of June 30, 2023, included the following:


Obligations	Total		2023		2024		2025		2026		Beyond
Operating leases (1)	$	2,374	$	839	$	1,122	$	413	$	—	$	—
Credit facility and Term Loans (2)	71,250		3,750		10,000		57,500		—		—

Purchase obligations (3)	97,430		97,430		—		—		—		—
Total obligations	$	171,054	$	102,019	$	11,122	$	57,913	$	—	$	—

(1) We lease our corporate office location. The term of our existing lease expires on June 30, 2025. We also lease our lab space under a lease agreement through April 2024, office space located in Indianapolis, Indiana through November 2023, and an office space in Palm Beach Gardens, Florida, through October 31, 2024. Rental expense for the operating leases was $0.4 million and $0.4 million, for the three months ended June 30, 2023 and 2022, respectively. Rental expense for the operating leases was $0.8 million and $0.8 million for the six months ended June 30, 2023 and 2022. The remaining future lease payments under the operating leases are $2.4 million as of June 30, 2023.

(2) Refer to Note 9, “Debt” for further information regarding our Credit Agreement and Term Loans.

(3) As of June 30, 2023, we had purchase obligations in the amount of $97.4 million which represents the contractual commitments under contract manufacturing and supply agreements with suppliers. The obligations under the supply agreements are primarily for finished product, inventory, and research and development.

Common Stock and Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

Common Stock

Share Repurchase Program

In March 2020, our board of directors approved our current share repurchase program (the "Share Repurchase Program"), providing for the repurchase of up to an aggregate of $160 million of our outstanding common stock.

Under the Share Repurchase Program, we are authorized to repurchase shares through open market purchases, privately-negotiated transactions, accelerated share repurchases or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The repurchases have no time limit and may be suspended or discontinued completely at any time. The timing and amount of repurchases will depend on a variety of factors, including our available capital resources and other financial and operational performance, alternative investment opportunities, corporate and regulatory requirements, market conditions, including the trading price of our common stock, and other factors. The repurchases will be made using our cash resources.

On September 23, 2020, our board of directors approved a $25 million accelerated share repurchase (“ASR”) transaction with JPMorgan Chase Bank, National Association (“JP Morgan”) as part of our existing $160 million share repurchase program. The specific number of shares to be repurchased pursuant to the ASR is based on the average of the daily volume weighted average share prices of our common stock, less a discount, during the term of the ASR program. Under the terms of our agreement with JP Morgan, we paid $25 million to JP Morgan on September 24, 2020, and received 550,623 shares, representing the notional amount of the ASR, based on the average of the daily volume weighted average share prices of our common stock, less a discount, during the term of the ASR, which was $45.40. The ASR was completed in the fourth quarter of 2020. We determined the ASR contained a forward contract and therefore we recorded fair value adjustments on the accelerated share repurchase agreement in the amount of $3 million which was a loss recorded in Other expense on our consolidated statements of operations in the year ended December 31, 2020.

As of June 30, 2023, we had repurchased an aggregate of 4,552,730 shares of common stock for an aggregate of $246.1 million pursuant to our share repurchase programs in effect since August 2016. We did not make any purchases of our equity securities during the three and six months ended June 30, 2023. Approximately $86 million remained available under the Share Repurchase Program for future purchases of common stock as of June 30, 2023.

During July 2023, we resumed repurchases of shares of common stock under our current Share Repurchase Program.

Stock-Based Compensation

In November 2013, our board of directors approved the 2014 Equity Incentive Plan (the "2014 Plan") which became effective on February 11, 2014. The 2014 Plan provides for the awards of incentive stock options, non-qualified stock options, restricted

stock, restricted stock units and other stock-based awards. Awards generally vest equally over a period of four years from grant date. Vesting may be accelerated under a change in control of the Company or in the event of death or disability to the recipient. In the event of termination, any unvested shares or options are forfeited.

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

A summary of stock option, RSU and PSU activity under the 2014 Plan during the six months ended June 30, 2023 and 2022 is presented below:


	Stock Options	RSUs	PSUs
Outstanding as of December 31, 2021	2,814,878	263,306	137,300
Granted	91,700	148,000	228,200
Stock options exercised/RSUs vested/PSUs vested	(62,321)	(101,898)	—
Forfeited or expired	(40,044)	(7,082)	—
Outstanding as of June 30, 2022	2,804,213	302,326	365,500

Outstanding as of December 31, 2022	2,425,833	269,163	319,100
Granted	116,268	253,700	211,800
Stock options exercised/RSUs vested/PSUs vested	(26,672)	(105,071)	—
Forfeited or expired	(44,674)	(16,875)	—
Outstanding as of June 30, 2023	2,470,755	400,917	530,900

Stock Options

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Risk-free interest rate	3.49% - 3.63%	3.00% - 3.31%	3.49% - 4.23%	1.47% - 3.31%
Volatility	45.71%	48.42%	44.31%	46.88%
Expected term (in years)	6.08 years	6.08 years	5.59 years	5.65 years
Expected dividend yield	0.0%	0.0%	0.0%	0.0%

RSUs

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

PSUs

During the first quarter of 2023, we granted 211,800 market condition PSUs based on our total shareholder return ("TSR") relative to the TSR of each member of the S&P Biotechnology Select Industry Index (the defined peer group) with a weighted-

average grant date fair value of $41.72 for other executives per respective PSU. The fair value of PSUs granted to employees was estimated using a Monte Carlo simulation model. Inputs used in the calculation include a risk-free interest rate of 4.39%, an expected volatility of 44%, contractual term of 4 years, and no expected dividend yield. There were no PSUs granted during the second quarter of 2023.

The fair value of market condition PSUs granted to employees was estimated using a Monte Carlo simulation model. Inputs used in the calculation are described above.

The fair value of performance condition PSUs granted to employees was estimated based on the trading price of our common stock on the date of grant adjusted for probability of achievement of the performance conditions as described above.

We did not recognize any expense for performance based PSUs granted to employees based on our estimated probability of achievement as described above.

We recognized stock-based compensation in our condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	1,143	$	1,671	$	2,624	$	3,534
RSUs	1,203		1,289		2,850		2,924
PSUs	1,846		1,540		3,357		2,337
Stock-based compensation expense	$	4,192	$	4,500	$	8,831	$	8,795

Selling, general and administrative	$	3,665	$	3,899	$	7,617	$	7,551
Research and development	527		601		1,214		1,244
Stock-based compensation expense	$	4,192	$	4,500	$	8,831	$	8,795

Investment in Enalare Therapeutics Inc. - Schedule of Equity Method Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Equity Method Investments [Roll Forward]
Acquisition Rights (Other assets), beginning balance	$ 8,125
Acquisition Rights (Other assets), ending balance	8,125
Forward Liability (Accrued expenses and other liabilities, beginning balance	(4,063)
Investment in Enalare Therapeutics, Inc.
Equity Method Investments [Roll Forward]
Non-RDFV Investment (Other assets), beginning balance	8,438
Non-RDFV Investment (Other assets), additions during period	8,514
Non-RDFV Investment (Other assets), ending balance	16,952
Acquisition Rights (Other assets), beginning balance	8,125
Acquisition Rights (Other assets), additions during period	0
Acquisition Rights (Other assets), ending balance	8,125
Forward Liability (Accrued expenses and other liabilities, beginning balance	(4,063)
Forward Liability (Accrued expenses and other liabilities, adjustments	77
Forward Liability (Accrued expenses and other liabilities, additions during period	3,986
Forward Liability (Accrued expenses and other liabilities, ending balance	0
Beginning balance	12,500
Adjustments	77
Additions / Adjustments during period	12,500
Ending balance	$ 25,077

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 10,914	$ 34,608
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Deferred income taxes	(3,967)	(4,445)
Depreciation expense	219	345
Noncash operating lease expense related to right-of-use assets	648	593
Amortization expense of intangible assets	10,921	2,197
Amortization of inventory step-up	736	0
Fair value adjustments on equity investment	193	3,230
Stock-based compensation expense	8,831	8,795
Convertible promissory note related credit losses	0	62
Amortization of debt issuance costs	226	236
Fair value adjustments related to derivative instruments	(77)	620
Accretion of discount on convertible promissory note	0	(91)
Loss on foreign currency exchange rates	0	1,281
Changes in operating assets and liabilities which (used) provided cash:
Accounts receivable	(42,701)	(44,312)
Inventories	4,576	(8,862)
Prepaid expenses and other current assets	(1,074)	(6)
Accounts payable	(3,150)	2,931
Accrued expenses and other liabilities	(19,178)	29,006
Other assets and other long-term liabilities, net	(755)	193
Net cash (used in) provided by operating activities	(33,638)	26,381
Cash flows from investing activities:
Purchase of Acacia, net of cash acquired	0	(75,416)
Purchase of equity investment security	(12,500)	0
Purchase of property and equipment	(64)	(168)
Net cash used in investing activities	(12,564)	(75,584)
Cash flows from financing activities:
Proceeds from common stock option exercises	0	1,500
Proceeds from revolving credit facility	30,000	0
Repayment of existing revolving credit facility	(20,000)	0
Employee withholding taxes related to stock-based awards	(1,265)	(1,341)
Payment of debt	(2,500)	(4,000)
Repurchases of common stock	0	(8,053)
Net cash provided by (used in) financing activities	6,235	(11,894)
Net decrease in cash and cash equivalents	(39,967)	(61,097)
Cash and cash equivalents at beginning of period	55,321	97,659
Cash and cash equivalents at end of period	15,354	36,562
Cash paid during the period for:
Income taxes, net	19,357	10,570
Interest	$ 2,859	$ 525

Common Stock and Stock-Based Compensation - Schedule of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,192	$ 4,500	$ 8,831	$ 8,795
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,665	3,899	7,617	7,551
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	527	601	1,214	1,244
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,143	1,671	2,624	3,534
RSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,203	1,289	2,850	2,924
PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,846	$ 1,540	$ 3,357	$ 2,337

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,834		$ 7,834		$ 7,769
Less: accumulated depreciation	(6,821)		(6,821)		(6,601)
Property and equipment, net	1,013		1,013		1,168
Depreciation expense	100	$ 200	200	$ 400
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,525		$ 1,525		1,525
Estimated Useful Life (years)	7 years		7 years
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,077		$ 1,077		1,077
Estimated Useful Life (years)	3 years		3 years
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,077		$ 4,077		4,012
Estimated Useful Life (years)	7 years		7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,155		$ 1,155		$ 1,155
Estimated Useful Life (years)	2 years		2 years

Investment in Enalare Therapeutics Inc. - Narratives (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Aug. 08, 2022
Schedule of Equity Method Investments [Line Items]
Acquisition rights of Enalare Therapeutics, Inc.	$ 8,125	$ 8,125
Investment in contractual obligation within another six months	12,500
Enlare Therapeutics Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 25,000
Percentage of outstanding Enalare equity owned			17.00%
Committed equity investment			$ 30,000
Investment in Enalare Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investments	25,077	12,500
Investments	16,952	8,438
Acquisition rights of Enalare Therapeutics, Inc.	8,125	$ 8,125
Gain on settlement of forward liability	$ 100

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) jurisdiction	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Income tax provision	$ (4,134,000)	$ (3,582,000)	$ (8,615,000)	$ (17,184,000)
Effective tax rate	44.00%	(61.00%)	44.00%	33.00%
Number of tax jurisdictions currently auditing the company \| jurisdiction			3
Unrecognized tax benefits	$ 0		$ 0

- Definition

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

+ References + Details

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt maturities


Debt Maturities	As of June 30, 2023
2023 (remainder)	$	3,750
2024	10,000
2025	57,500
2026	—
Total	$	71,250

Summary of Significant Accounting Policies - Schedule of Financial Assets and Liabilities Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Money market funds	$ 11,281	$ 47,567
Acquisition rights of Enalare Therapeutics, Inc.	8,125	8,125
Liability:
Forward Liability		4,063
Investment in Syros Pharmaceuticals, Inc. ("Syros")
Assets:
Investments	1,380	1,573
Investment in Enalare Therapeutics, Inc.
Assets:
Investments	16,952	8,438
Acquisition rights of Enalare Therapeutics, Inc.	8,125	8,125
Liability:
Forward Liability	0	4,063
Level 1
Assets:
Money market funds	11,281	47,567
Acquisition rights of Enalare Therapeutics, Inc.	0	0
Liability:
Forward Liability		0
Level 1 \| Investment in Syros Pharmaceuticals, Inc. ("Syros")
Assets:
Investments	1,380	1,573
Level 1 \| Investment in Enalare Therapeutics, Inc.
Assets:
Investments	0	0
Level 2
Assets:
Money market funds	0	0
Acquisition rights of Enalare Therapeutics, Inc.	0	0
Liability:
Forward Liability		0
Level 2 \| Investment in Syros Pharmaceuticals, Inc. ("Syros")
Assets:
Investments	0	0
Level 2 \| Investment in Enalare Therapeutics, Inc.
Assets:
Investments	0	0
Level 3
Assets:
Money market funds	0	0
Acquisition rights of Enalare Therapeutics, Inc.	8,125	8,125
Liability:
Forward Liability		4,063
Level 3 \| Investment in Syros Pharmaceuticals, Inc. ("Syros")
Assets:
Investments	0	0
Level 3 \| Investment in Enalare Therapeutics, Inc.
Assets:
Investments	$ 16,952	$ 8,438

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

On November 1, 2022, we entered into the Third Amended and Restated Credit Agreement, which replaced the Second Amended Credit Agreement. The terms and amounts borrowed under the Third Amended Credit Agreement includes a drawn term loan of $50 million and a $100 million revolving credit facility of which $15 million was drawn on November 1, 2022 and an additional $15 million was drawn on February 8, 2023. On the effective date for the Third Amended Credit Agreement, we borrowed $15 million under the revolving credit facility and $50 million under the term loan facility. Approximately $35.4 million of the proceeds of the credit facility were used to refinance all amounts outstanding under the Second Amended Credit Agreement, to repay €25 million indebtedness of Acacia, and for other corporate purposes. All amounts outstanding under the Third Amended Credit Agreement shall be due and payable on October 31, 2025, unless otherwise accelerated or extended pursuant to the terms of the Third Amended Credit Agreement.

The Third Amended Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to us and our consolidated subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions. Under the terms of the Third Amended Credit Agreement, we are required to comply with (a) a maximum total net leverage ratio, (b) a fixed charge coverage ratio and (c) a minimum liquidity covenant. As of June 30, 2023, we were in compliance with total net leverage ratio; fixed charge coverage ratio; and liquidity covenants.

Loans under the Third Amended Credit Agreement bear interest, at our option, at a rate equal to either (a) the SOFR rate, plus a credit adjustment spread, plus an applicable margin ranging from 2.50% to 3.25% per annum, based upon the total net leverage ratio (as defined in the Third Amended Credit Agreement), or (b) the prime lending rate, plus an applicable margin ranging from 1.50% to 2.25% per annum, based upon the total net leverage ratio. We are required to pay a commitment fee on the unused portion of the new revolving credit facility in the Third Amended Credit Agreement at a rate ranging from 0.38% to 0.48% per annum based upon the total net leverage ratio.

The term loan facility payments will be made in quarterly installments in an amount equal to $1.25 million per fiscal quarter for each fiscal quarter ended after the closing date for the Third Amended Credit Agreement through the fiscal quarter ended September 30, 2023, and in an amount equal to $2.5 million per fiscal quarter for each fiscal quarter thereafter. As of June 30, 2023, we classified debt related to term loan of $8.3 million as current on our condensed consolidated balance sheet.

As of June 30, 2023, we had $25.0 million outstanding under the revolving credit facility and $46.3 million outstanding under the term loan facility. We also had $1.1 million of unamortized deferred debt issuance costs, of which $0.5 million was recognized in Short-term debt and $0.6 million was recognized in Long-term debt in our condensed consolidated balance sheet.


Debt Maturities	As of June 30, 2023
2023 (remainder)	$	3,750
2024	10,000
2025	57,500
2026	—
Total	$	71,250

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt - Narrative (Details)		6 Months Ended		11 Months Ended	25 Months Ended
Debt - Narrative (Details)	Nov. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Oct. 31, 2025 USD ($)	Feb. 08, 2023 USD ($)	Jun. 09, 2022 EUR (€)
Debt Instrument [Line Items]
Proceeds from revolving credit facility		$ 30,000,000	$ 0
Installment payment amount		8,300,000
Long-term debt		71,250,000
Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Proceeds from revolving credit facility	$ 35,400,000
Unamortized deferred debt issuance cost		1,100,000
Short-term debt		500,000
Long-term debt		600,000
Third Amended and Restated Credit Agreement \| Revolving credit facility
Debt Instrument [Line Items]
Long-term line of credit	15,000,000	25,000,000
Third Amended and Restated Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Third Amended and Restated Credit Agreement \| Line of credit \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (as a percent)	0.38%
Third Amended and Restated Credit Agreement \| Line of credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate spread (as a percent)	2.50%
Third Amended and Restated Credit Agreement \| Line of credit \| Minimum \| New York Federal Reserve Bank (NYFRB)
Debt Instrument [Line Items]
Variable interest rate spread (as a percent)	1.50%
Third Amended and Restated Credit Agreement \| Line of credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (as a percent)	0.48%
Third Amended and Restated Credit Agreement \| Line of credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate spread (as a percent)	3.25%
Third Amended and Restated Credit Agreement \| Line of credit \| Maximum \| New York Federal Reserve Bank (NYFRB)
Debt Instrument [Line Items]
Variable interest rate spread (as a percent)	2.25%
Third Amended and Restated Credit Agreement \| Line of credit \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Long-term line of credit	15,000,000					$ 15,000,000
Third Amended and Restated Credit Agreement \| 2022 Term Loan
Debt Instrument [Line Items]
Long-term line of credit	$ 50,000,000
Third Amended and Restated Credit Agreement \| 2022 Term Loan \| Forecast
Debt Instrument [Line Items]
Installment payment amount				$ 1,250,000	$ 2,500,000
Third Amended and Restated Credit Agreement \| 2022 Term Loan \| Revolving credit facility
Debt Instrument [Line Items]
Long-term line of credit		$ 46,300,000
2022 Term Loan \| Line of credit \| Secured Debt
Debt Instrument [Line Items]
Face amount \| €							€ 25,000,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 5,164	$ (9,450)	$ 10,914	$ 34,608

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


	June 30,		December 31,
	2023		2022
Raw materials	$	12,836	$	12,348
Work in process	9,829		14,064
Finished products	19,817		21,382
Total inventories	$	42,482	$	47,794

Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 134,783	$ 134,783
Accumulated Amortization	(27,377)	(16,456)
Net Book Value	$ 107,406	$ 118,327
Barhemsys intangible
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	9 years	9 years
Gross Carrying Amount	$ 70,319	$ 70,319
Accumulated Amortization	(8,448)	(4,462)
Net Book Value	$ 61,871	$ 65,857
Byfavo intangible
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	9 years	9 years
Gross Carrying Amount	$ 33,714	$ 33,714
Accumulated Amortization	(3,783)	(1,989)
Net Book Value	$ 29,931	$ 31,725
Ryanodex intangible
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	9 years	9 years
Gross Carrying Amount	$ 15,000	$ 15,000
Accumulated Amortization	(8,794)	(7,402)
Net Book Value	$ 6,206	$ 7,598
PEMFEXY Intangible
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	2 years	2 years
Gross Carrying Amount	$ 15,000	$ 15,000
Accumulated Amortization	(5,602)	(1,888)
Net Book Value	$ 9,398	$ 13,112
Vasopressin Milestone
Finite-Lived Intangible Assets [Line Items]
Useful Life (In Years)	1 year	1 year
Gross Carrying Amount	$ 750	$ 750
Accumulated Amortization	(750)	(715)
Net Book Value	$ 0	$ 35

Business Acquisition - Summary of Fair Value of Consideration (Details) - Jun. 09, 2022 - Acacia Pharma $ in Thousands, € in Millions	USD ($)	EUR (€)
Business Acquisition [Line Items]
Cash consideration	$ 76,708	€ 94.7
Fair value of consideration	100,353
Common Stock
Business Acquisition [Line Items]
Fair value of Eagle common stock issued	$ 23,645

Balance Sheet Accounts - Narrative (Details)	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Lessee, operating lease, remaining lease term	1 year 8 months 12 days
Lessee, operating lease, renewal term	5 years

Property and Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment consisted of the following:


	June 30, 2023		December 31, 2022		Estimated Useful Life (years)
Furniture and fixtures	$	1,525	$	1,525	7
Office equipment	1,077		1,077		3
Equipment	4,077		4,012		7
Leasehold improvements	1,155		1,155		2
	7,834		7,769
Less: accumulated depreciation	(6,821)		(6,601)
Property and equipment, net	$	1,013	$	1,168

Depreciation expense related to property and equipment amounted to $0.1 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and $0.4 million for the six months ended June 30, 2023 and 2022, respectively.

Common Stock and Stock-Based Compensation - Narrative (Details)		3 Months Ended	6 Months Ended		12 Months Ended	83 Months Ended
	Sep. 24, 2020 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares shares	Jun. 30, 2023 USD ($) commonStock shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2020 USD ($)	Jun. 30, 2023 USD ($) commonStock shares	Sep. 23, 2020 USD ($)	Mar. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments to repurchase stock			$ 0	$ 8,053,000
Number of shares authorized to be repurchased (in shares) \| shares			86,000,000			86,000,000
Award vesting period			4 years
Number of share of common stock holder has a right to \| commonStock			1			1
Volatility			44.31%	46.88%
Expected term (in years)			5 years 7 months 2 days	5 years 7 months 24 days
Expected dividend yield			0.00%	0.00%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares			211,800	228,200
Risk-free interest rate		4.39%
Volatility		44.00%
Expected term (in years)		4 years
Expected dividend yield		0.00%
S&P Biotechnology \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares		211,800
S&P Biotechnology \| PSUs \| Other Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share) \| $ / shares		$ 41.72
March 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount								$ 160,000,000
Accelerated share repurchases, authorized amount							$ 25,000,000
Accelerated share repurchases, payment	$ 25,000,000
Accelerated share repurchases, shares received (in shares) \| shares	550,623
Accelerated share repurchases, initial price paid per share (in dollars per share) \| $ / shares	$ 45.40
Fair value adjustments related to derivative instruments					$ 3,000,000
Share Repurchase Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock repurchased (in shares) \| shares						4,552,730
Payments to repurchase stock						$ 246,100,000

Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible asset

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


		June 30, 2023
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Barhemsys intangible (1)	9	$	70,319	$	(8,448)	$	61,871
Byfavo intangible (1)	9	33,714		(3,783)		29,931
Ryanodex intangible (2)	9	15,000		(8,794)		6,206
PEMFEXY intangible (3)	2	15,000		(5,602)		9,398
Vasopressin milestone (4)	1	750		(750)		—
Total		$	134,783	$	(27,377)	$	107,406


		December 31, 2022
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Barhemsys intangible (1)	9	$	70,319	$	(4,462)	$	65,857
Byfavo intangible (1)	9	33,714		(1,989)		31,725
Ryanodex intangible (2)	9	15,000		(7,402)		7,598
PEMFEXY intangible (3)	2	15,000		(1,888)		13,112
Vasopressin milestone (4)	1	750		(715)		35
Total		$	134,783	$	(16,456)	$	118,327

(1) Represents intangible assets acquired in the Acacia acquisition as detailed in Note 13.

(2) Represents a one-time payment made to reduce the royalties payable to a third party on Ryanodex net sales.

(3) Represents a one-time payment made to reduce the royalties payable to a third party on PEMFEXY net sales.

(4) Represents milestone paid to a third party upon FDA approval of vasopressin.

Schedule of future amortization expense of finite-lived intangible assets

Based on definite-lived intangible assets recorded as of June 30, 2023, and assuming that the underlying assets will not be impaired and that we will not change the expected lives of the assets, future amortization expenses are estimated as follows:


	Estimated Amortization Expense

Year Ending December 31,
2023 (remainder)	11,034
2024	19,780
2025	13,917
2026	11,615
2027	11,615
Thereafter	39,445
Total estimated amortization expense	$	107,406

Legal Proceedings (Details) - Pending Litigation $ in Millions	Feb. 28, 2023 USD ($)	Jan. 23, 2023 USD ($)	Dec. 20, 2019 patent
Curia Demand for Arbitration
Loss Contingencies [Line Items]
Damages sought		$ 76.7
Curia's Claims in Arbitration
Loss Contingencies [Line Items]
Damages sought	$ 4.2
Par Pharmaceutical, Inc. et al. v. Eagle Pharmaceuticals, Inc. (Vasopressin)
Loss Contingencies [Line Items]
Number of patents, claims dismissed \| patent			3

Basis of Presentation and Other Company Information	6 Months Ended
Basis of Presentation and Other Company Information	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Company Information	Basis of Presentation and Other Company Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting quarterly information. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The condensed consolidated balance sheet at December 31, 2022 was derived from audited financial statements, but certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the financial information for the interim periods reported have been made. Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023 or any period thereafter. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 23, 2023 (the "Annual Report"). Eagle Pharmaceuticals, Inc. (the "Company", "Eagle", or "we") is an integrated pharmaceutical company focused on finding ways to help medicines do more for patients. We and our collaborators have the capabilities to take a molecule from preclinical research through regulatory approval and into the marketplace, including development, manufacturing and commercialization. Our business model applies our scientific expertise, proprietary research-based insights and marketplace proficiency to identify challenging-to-treat diseases of the central nervous system or metabolic critical care therapeutic areas as well as in oncology. By focusing on patients' unmet needs, we strive to provide healthcare professionals with urgently needed treatment solutions that are designed to improve patient care and outcomes and create near- and long-term value for our stakeholders, including patients and healthcare providers and our employees, marketing partners, collaborators and investors. Our science-based business model has a proven track record with the U.S. Food and Drug Administration ("FDA") approval and commercial launches of six products: PEMFEXY® (pemetrexed for injection), Ryanodex® (dantrolene sodium) ("Ryanodex"), bendamustine ready-to-dilute ("RTD") 500ml solution ("Belrapzo"), and rapidly infused bendamustine RTD ("Bendeka"), bendamustine ready-to-dilute and rapidly infused RTD in Japan (“Treakisym”), and vasopressin (now discontinued), an A-rated generic alternative to Vasostrict®. Through our acquisition of Acacia in June 2022, we added two FDA approved products with patent protection, BARHEMSYS® (amisulpride for injection) ("Barhemsys") and BYFAVO® (remimazolam for injection) ("Byfavo"). We market our products through marketing partners and/or our internal direct sales force. We market PEMFEXY, Ryanodex and Belrapzo, and Teva Pharmaceutical Industries Ltd. ("Teva") markets Bendeka through its subsidiary Cephalon, Inc. Barhemsys and Byfavo are marketed to hospitals in the acute care space through our internal direct sales force. SymBio Pharmaceuticals Limited ("SymBio") markets Treakisym, a RTD product, in Japan.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		16,903,000
Beginning balance at Dec. 31, 2021	$ 176,453	$ 17	$ 325,779	$ (225,111)	$ (94)	$ 75,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 8,795		8,795
Issuance of common stock upon exercise of stock option grants (in shares)	62,321	56,000
Issuance of common stock upon exercise of stock option grants	$ 1,500		1,500
Issuance of common stock related to business acquisition (in shares)		516,000
Issuance of common stock related to business acquisition	23,645	$ 1	23,644
Issuance of common stock related to vesting of restricted stock units (in shares)		74,000
Issuance of common stock related to vesting of restricted stock units	(1,341)		(1,341)
Common stock repurchases	(8,053)			(8,053)
Other comprehensive income	2,375				2,375
Net income (loss)	34,608					34,608
Ending balance (in shares) at Jun. 30, 2022		17,549,000
Ending balance at Jun. 30, 2022	237,982	$ 18	358,377	(233,164)	2,281	110,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		16,976,000
Beginning balance at Mar. 31, 2022	215,960	$ 17	328,769	(233,164)	418	119,920
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,500		4,500
Issuance of common stock upon exercise of stock option grants (in shares)		56,000
Issuance of common stock upon exercise of stock option grants	1,500		1,500
Issuance of common stock related to business acquisition (in shares)		516,000
Issuance of common stock related to business acquisition	23,645	$ 1	23,644
Issuance of common stock related to vesting of restricted stock units (in shares)		1,000
Issuance of common stock related to vesting of restricted stock units	(36)		(36)
Other comprehensive income	1,863				1,863
Net income (loss)	(9,450)					(9,450)
Ending balance (in shares) at Jun. 30, 2022		17,549,000
Ending balance at Jun. 30, 2022	237,982	$ 18	358,377	(233,164)	2,281	110,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		17,549,000
Beginning balance (in shares)		17,569,000
Beginning balance at Dec. 31, 2022	233,560	$ 18	366,265	(243,115)	(1,112)	111,504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 8,831		8,831
Issuance of common stock upon exercise of stock option grants (in shares)	26,672	9,000
Issuance of common stock upon exercise of stock option grants	$ (147)		(147)
Issuance of common stock related to vesting of restricted stock units (in shares)		69,000
Issuance of common stock related to vesting of restricted stock units	(1,118)		(1,118)
Other comprehensive income	0
Net income (loss)	10,914					10,914
Ending balance (in shares) at Jun. 30, 2023		17,647,000
Ending balance at Jun. 30, 2023	252,040	$ 18	373,831	(243,115)	(1,112)	122,418
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		17,637,000
Beginning balance at Mar. 31, 2023	242,845	$ 18	369,800	(243,115)	(1,112)	117,254
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,192		4,192
Issuance of common stock upon exercise of stock option grants (in shares)		9,000
Issuance of common stock upon exercise of stock option grants	(147)		(147)
Issuance of common stock related to vesting of restricted stock units (in shares)		1,000
Issuance of common stock related to vesting of restricted stock units	(14)		(14)
Other comprehensive income	0
Net income (loss)	5,164					5,164
Ending balance (in shares) at Jun. 30, 2023		17,647,000
Ending balance at Jun. 30, 2023	$ 252,040	$ 18	$ 373,831	$ (243,115)	$ (1,112)	$ 122,418
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		17,647,000

Intangible Assets, net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Estimated Amortization Expense
2023 (remainder)	$ 11,034
2024	19,780
2025	13,917
2026	11,615
2027	11,615
Thereafter	39,445
Net Book Value	$ 107,406	$ 118,327

Legal Proceedings	6 Months Ended
Legal Proceedings	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings In addition to the below legal proceedings, from time to time, we may be a party to litigation and subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty and we cannot ensure that we will be successful in defending against such claims, we currently believe that the final outcome of these ordinary course matters, or matters discussed below, will not have a material adverse effect on our business nor have we recorded any loss in connection with these matters because we believe that loss is neither probable nor estimable. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. Commercial Litigation Curia’s Claims in Arbitration and Litigation On January 23, 2023, Curia Global, Inc. (“Curia”) filed a demand for arbitration against Eagle (“the Company”) with the American Arbitration Association (the “Arbitration”). Curia makes claims for breach of contract, account stated and breach of the implied covenant of good faith and fair dealing arising from the parties’ supply agreement relating to the vasopressin product. Curia seeks damages in excess of $76.7 million. On March 10, 2023, the Company responded to the demand denying the allegations and asserting counterclaims for breach of contract, unjust enrichment, breach of the implied covenant of good faith and fair dealing, and a declaration that the supply agreement for the vasopressin product is terminated. On February 28, 2023, Curia and its subsidiary Curia New Mexico, LLC filed an action against the Company in New York State Court, making claims for breach of contract and account stated arising from the parties’ supply agreement relating to the PEMFEXY product (the “NY Action”). Curia seeks damages in excess of $4.2 million. On April 21, 2023, the Company filed a motion to dismiss certain claims in the NY Action. The Company believes it has meritorious defenses to all of Curia’s claims and intends to defend the Arbitration and the NY Action vigorously. In Re: Taxotere (Docetaxel) Beginning in May 2022, the Company was named as a defendant, among various other manufacturers, in several product liability suits that are consolidated in the U.S. District Court for the Eastern District of Louisiana as part of MDL 3023 (Civil Action No 22-1347 H(5)), or the Multidistrict Litigation. The claims are for personal injuries allegedly arising out of the use of docetaxel. The Company believes it has meritorious defenses to the claims and intends to defend the suits vigorously. Patent Litigation Eagle Pharmaceuticals, Inc., et al. v. Slayback Pharma Limited Liability Company; Eagle Pharmaceuticals, Inc., et al. v. Apotex Inc. and Apotex Corp.; Eagle Pharmaceuticals, Inc., et al. v. Fresenius Kabi USA, LLC; Eagle Pharmaceuticals, Inc., et al. v. Mylan Laboratories Limited; Eagle Pharmaceuticals, Inc. et al. v. Hospira, Inc; Eagle Pharmaceuticals, Inc. et al. v. Lupin, Ltd. and Lupin Pharmaceuticals, Inc.; Teva Pharmaceuticals Int’l GmbH et al v. Aurobindo Pharma Ltd., Aurobindo Pharma USA, Inc., and Eugia Pharma Specialities Ltd.; Teva Pharmaceuticals Int’l GmbH et al v. Accord Healthcare Inc., Accord Healthcare Ltd., and Intas Pharmaceuticals Ltd.; Teva Pharmaceuticals Int’l GmbH et al v. Dr. Reddy’s Laboratories, Ltd., and Dr. Reddy’s Laboratories, Inc.; Teva Pharmaceuticals Int’l GmbH et al v. BendaRX Corp. - (Bendeka®) Bendeka, which contains bendamustine hydrochloride, is an alkylating drug that is indicated for the treatment of patients with chronic lymphocytic leukemia, as well as for the treatment of patients with indolent B-cell non-Hodgkin's lymphoma that has progressed during or within six months of treatment with rituximab or a rituximab-containing regimen. Slayback Pharma Limited Liability Company (“Slayback”), Apotex Inc. and Apotex Corp. (“Apotex”), Fresenius Kabi USA, LLC (“Fresenius”), Mylan Laboratories Limited (“Mylan”), Lupin, Ltd. and Lupin Pharmaceuticals, Inc. (“Lupin”), and Aurobindo Pharma, Ltd, Aurobindo Pharma USA, Inc., and Eugia Pharma Specialities Ltd (“Aurobindo”) have filed Abbreviated New Drug Applications (“ANDA’s”) referencing Bendeka® that include challenges to one or more of the Bendeka® Orange Book-listed patents. Hospira, Inc. (“Hospira”) filed a 505(b)(2) NDA. We, Cephalon, Inc. and/or Teva Pharmaceuticals International GMBH (together the “Patentees”), filed separate suits against Slayback, Apotex, Fresenius, Mylan, Hospira, Lupin, and Aurobindo in the United States District Court for the District of Delaware on August 16, 2017 (Slayback (“Slayback I”)), August 18, 2017 (Apotex), August 24, 2017 (Fresenius), December 12, 2017 (Mylan), January 19, 2018 (Slayback (“Slayback II”)), July 19, 2018 (Hospira), and July 2, 2019 (Lupin) and May 11, 2020 (Aurobindo). In these Complaints, the Patentees allege infringement of the challenged patents, namely U.S. Patent Nos. 8,791,270 and 9,572,887 against Slayback (Slayback I and Slayback II), and of U.S. Patent Nos. 8,609,707, 8,791,270, 9,000,021, 9,034,908, 9,144,568, 9,265,831, 9,572,796, 9,572,797, 9,572,887, 9,579,384, 9,597,397, 9,597,398, 9,597,399 against Fresenius, Apotex, and Mylan, and of U.S. Patent Nos. 9,572,887, 10,010,533, 9,034,908, 9,144,568, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384 against Hospira, and of U.S. Patent Nos. 8,609,707, 9,000,021, 9,034,908, 9,144,568, 9,265,831, 9,572,796, 9,572,797, 9,572,887, 9,579,384, 9,597,397, 9,597,398, 9,597,399, 10,010,533, and 10,052,385 against Lupin and of U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797, 9,034,908, 9,144,568, 9,572,887, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384, 10,010,533, and 10,052,385 against Aurobindo. The parties stipulated to dismiss without prejudice U.S. Patent No. 8,791,270 as to Apotex, Fresenius and Mylan on July 24, 2018, August 2, 2018, and August 3, 2018, respectively. Slayback, Apotex, Fresenius, and Mylan answered their Complaints and some filed various counterclaims on September 29, 2017 (Slayback I), February 12, 2018 (Slayback II), November 27, 2017, September 15, 2017, and February 14, 2018, respectively. The Patentees answered the Slayback I, Slayback II, Fresenius, and Apotex counterclaims on October 20, 2017, March 5, 2018, October 6, 2017, and December 18, 2017, respectively. On October 15, 2018, the Patentees filed a suit against Fresenius and Mylan in the United States District Court for the District of Delaware, alleging patent infringement of U.S. Patent Nos. 10,010,533 and 10,052,385. The Slayback I, Slayback II, Apotex, Fresenius and Mylan cases have been consolidated for all purposes (the “Consolidated Bendeka Litigation”), and a bench trial in these cases was held September 9-19, 2019. On April 27, 2020, the district court held that the asserted patents are valid and infringed by Slayback, Apotex, Fresenius and Mylan. On July 6, 2020, the district court entered a final judgment reflecting this decision, stating that pursuant to 35 U.S.C. § 271(e)(4)(A), the FDA shall not approve Apotex’s, Fresenius’s, Mylan’s, or Slayback’s ANDA products on a date which is earlier than January 28, 2031, and enjoining Apotex, Fresenius, Mylan, and Slayback from commercially manufacturing, using, offering to sell, or selling within the US or importing into the US, their ANDA products before that date. On August 4, 2020, Apotex, Fresenius, and Mylan appealed this final judgment, and filed their opening briefs on November 4, 2020. Plaintiffs’ responsive appeal brief was filed on February 12, 2021. Defendants’ reply briefs were filed April 5, 2021. On August 2, 2021, Fresenius’s appeal was dismissed pursuant to a settlement agreement reached with Patentees. Oral argument for the remaining defendants occurred on August 3, 2021. On August 13, 2021, the appeals court affirmed the trial court’s decision. The mandate was issued on October 22, 2021. Apotex filed a petition for certiorari on December 14, 2021, which the Supreme Court denied on February 22, 2022. Hospira filed a motion to dismiss, which was fully briefed on November 16, 2018. On December 16, 2019, the United States District Court for the District of Delaware denied Hospira’s motion to dismiss with respect to U.S. Patent No. 9,572,887 and granted that motion with respect to the remaining patents. On December 15, 2020, the Court held a claim construction hearing, ruling in our favor on all claim terms. Fact discovery closed on April 1, 2021. Expert discovery ended on February 10, 2022. The parties reached a settlement on April 19, 2022, resulting in dismissal of the action. Patentees filed suit against Hospira, Inc. on November 16, 2021. Patentees have asserted U.S. Patent No. 11,103,483. Hospira filed its Answer on December 8, 2021. The parties reached a settlement on April 19, 2022, resulting in dismissal of the action. On March 10, 2020, the parties filed a stipulation and order of dismissal without prejudice as to Lupin, which the Court entered March 11, 2020. Aurobindo answered the Complaint on July 20, 2020. The parties exchanged initial disclosures on December 11, 2020. Plaintiffs provided their infringement contentions on March 12, 2021. On October 20, 2021 the Court entered a stipulation of dismissal based on a settlement between the parties. Patentees filed suit against Dr. Reddy’s Laboratories on May 13, 2021. Patentees have asserted U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797, 9,034,908, 9,144,568, 9,572,887, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384, 10,010,533, and 10,052,385. Dr. Reddy’s answer was filed August 16, 2021. On December 27, 2021, Dr. Reddy’s moved for judgment on the pleadings, seeking a dismissal of all patents except the ‘887 patent. On January 27, 2022, the Court entered an agreed stipulation by the parties dismissing all patents except the ‘887. On February 8, 2022, consistent with that stipulation, Patentees filed an Amended Complaint removing the dismissed patents and adding U.S. Patent No 11,103,483. Dr. Reddy’s filed its Answer and Counterclaims to that Amended Complaint on February 22, 2022. Patentees’ filed their Counterclaim Answer on March 15, 2022. A claim construction hearing was held on September 15, 2022. On April 5, 2023, the Court entered a stipulation of dismissal based on a settlement between the parties. Patentees filed suit against Accord Healthcare on June 29, 2021. Patentees have asserted U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797, 9,034,908, 9,144,568, 9,572,887, 9,597,397, 9,597,398, 9,597,399, 9,000,021, 9,579,384, 10,010,533, and 10,052,385. On January 13, 2022, Accord filed a Motion to Dismiss for failure to state a claim. On January 26, 2022, Patentees filed a First Amended Complaint, removing all patents except the ‘887 patent and additionally asserting U.S. Patent No. 11,103,483. Accord filed its Answer and Counterclaims to that Amended Complaint on February 10, 2022. On February 28, 2022, Patentees filed their Answer to Accord’s Counterclaims. On March 29, 2022, the Court entered a schedule and consolidated this case with the above Dr. Reddy’s case. The parties reached a settlement on December 9, 2022, resulting in dismissal of the action. Patentees filed two suits against BendaRX Corp. (“BendaRX Canada”) on May 4, 2023 and June 9, 2023. Patentees have asserted U.S. Patent Nos. 8,436,190, 8,445,524, 8,609,863, 8,669,279, 8,791,270, 8,883,836, 8,895,756, 9,533,955, 9,572,887, 8,076,366, and 8,461,350. On May 5, 2023, the patentees filed their First Amended Complaint. On June 23, 2023, BendaRX Canada filed a motion to dismiss, seeking a dismissal of all patents. Patentees responded July 7, 2023. BendaRX Canada’s reply is due July 14, 2023. Patentees also filed suit against BendaRX USA Corp. (“BendaRX USA”) in the Eastern District of Virginia. On June 21, 2023, BendaRX USA filed its Answer. The Court set a scheduling conference for July 19, 2023. On July 6, 2023, Patentees moved to stay the BendaRX USA case. That motion is pending. Eagle Pharmaceuticals, Inc. v. Slayback Pharma Limited Liability Company - (Belrapzo®) Slayback filed an ANDA referencing Eagle's Belrapzo NDA. Slayback’s ANDA includes challenges to one or more of the Belrapzo Orange Book-listed patents. On September 20, 2018, the Company filed a suit against Slayback in the United States District Court for the District of Delaware, alleging patent infringement of U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797 and 10,010,533. On October 10, 2018, Slayback answered the Complaint and filed various counterclaims. On October 31, 2018, the Company answered Slayback’s counterclaims. Pursuant to a stipulation between the parties, Slayback is bound by any final judgment entered in the Consolidated Bendeka Litigation. On January 24, 2023, the parties submitted a proposed judgment consistent with that stipulation, which the Court entered on January 25, 2023. Eagle Pharmaceuticals, Inc. v. Slayback Pharma Limited Liability Company, Apotex, Inc. and Apotex Corp., Celerity Pharmaceuticals, LLC - (Belrapzo®) Slayback, Apotex, and Celerity Pharmaceuticals, LLC (“Celerity”) filed NDAs referencing Eagle’s Belrapzo NDA. The Company filed suits against Slayback, Apotex, and Celerity in the United States District Court for the District of Delaware on August 31, 2021 (Slayback and Apotex) and on January 11, 2022 (Celerity) alleging infringement of U.S. Patent No. 11,103,483. On September 22, 2021, both Slayback and Apotex filed their Answers. On September 29, 2022, trial was held in the suit against Slayback and Apotex. On October 25, 2022, the Court issued its opinion and entered a judgment of non-infringement with respect to Slayback and Apotex. The Company filed a notice of appeal on October 26, 2022. The appeal is ongoing. The Company filed its opening brief on November 22, 2022. Slayback and Apotex filed their response brief on January 18, 2023. The Company filed its reply brief on February 8, 2023. On February 2, 2022, Celerity moved to dismiss the pending complaint. In response, the Company filed an Amended Complaint on March 1, 2022. Celerity filed its answer to the Company’s Amended Complaint on March 22, 2022. On April 19, 2022, Celerity moved for judgment on the pleadings. On June 24, 2022, the Court entered a schedule coordinated with the above Accord and Dr. Reddy’s cases. A claim construction hearing was held on September 15, 2022. On October 28, 2022, the parties filed a proposed stipulated judgment of non-infringement, which the Court entered that day. The Company reserved its right to seek vacatur of the judgment pending the outcome of the above-referenced appeal in the Slayback and Apotex action. Eagle Pharmaceuticals, Inc. v. Accord Healthcare Inc., Accord Healthcare Ltd., and Intas Pharmaceuticals Ltd. - (Belrapzo®) Accord filed an NDA referencing Eagle's Belrapzo NDA. Accord’s NDA includes challenges to one or more of the Belrapzo Orange Book-listed patents. On May 27, 2022, the Company filed a suit against Accord in the United States District Court for the District of Delaware, alleging patent infringement of U.S. Patent Nos. 8,609,707, 9,265,831, 9,572,796, 9,572,797, 10,010,533, and 11,103,483. On July 6, 2022 the Company filed a First Amended Complaint, removing all patents except the ‘483 patent. Accord filed its Answer and Counterclaims on July 20, 2022. The Company filed its Answer to Accord’s Counterclaims August 9, 2022. On September 20, 2022, the Court entered a schedule consolidating this case with the above Accord and Dr. Reddy’s cases. On November 18, 2022, the parties filed a proposed stipulated judgment of non-infringement, which was entered by the Court on November 21, 2022. The Company reserved its right to seek vacatur of the judgment pending the outcome of the above-referenced appeal in the Slayback and Apotex action. Eagle Pharmaceuticals, Inc. & SymBio Pharmaceuticals Ltd. v. Towa Pharmaceutical Co., Ltd.; Eagle Pharmaceuticals, Inc. & SymBio Pharmaceuticals Ltd. v. Pfizer Japan Inc. - (Treakisym) The Company, together with its exclusive licensee SymBio Pharmaceuticals Ltd. (“SymBio”), initiated lawsuits in the Tokyo District Court against Towa Pharmaceutical Co., Ltd. (“Towa”) on December 16, 2022 and against Pfizer Japan Inc. (“Pfizer”) on December 26, 2022 for patent infringement of Eagle’s Japanese Patent No. 6570601 for TREAKISYM injection solution 100 mg/4mL (bendamustine hydrochloride hydrate). In their complaint, Eagle and SymBio sought remedies that include an injunction against the manufacture or sale of Towa and Pfizer’s generic products and compensation for damages. Towa and Pfizer answered the complaint. A first hearing occurred before the Tokyo District Court in the Towa infringement action on February 6, 2023, in which the Court determined a timetable for the case. In the Towa action, the parties will give technical presentation before the judges and experts on October 30, 2023, and the court will reveal its view on infringement and validity on November 20, 2023. A first hearing occurred before the Tokyo District Court in the Pfizer infringement action on April 25, 2023, in which the Court determined a timetable for the case. In the Pfizer action, the parties will give technical presentation before the judges on December 13, 2023, and the court will review its view on infringement and validity on January 15, 2024. Par Pharmaceutical, Inc. et al. v. Eagle Pharmaceuticals, Inc. (Vasopressin) On May 31, 2018, Par Pharmaceutical, Inc., Par Sterile Products, LLC, and Endo Par Innovation Company, LLC (together, “Par”) filed suit against the Company in the United States District Court for the District of Delaware. Par alleged patent infringement based on the filing of the Company’s ANDA seeking approval to manufacture and sell the Company’s vasopressin product. The Company’s vasopressin product is an alternative to Vasostrict, which is indicated to increase blood pressure in adults with vasodilatory shock (e.g., post-cardiotomy or sepsis) who remain hypotensive despite fluids and catecholamines. The Company answered the complaint on August 6, 2018, and filed an amended answer and counterclaims on October 30, 2019. The court issued a Markman ruling on July 1, 2019. On December 20, 2019, Par dismissed with prejudice claims of three of the patents asserted against Eagle, and the Court entered an Order reflecting that dismissal on December 27, 2019. Mediation took place on March 3, 2020. On April 17, 2020, we submitted a letter requesting leave to file a motion for summary judgment of non-infringement. Par’s responsive letter was submitted on May 8, 2020. On May 18, 2020, the court said it would hear non-infringement arguments at trial and not through summary judgment. Fact discovery ended in October 2019, and expert discovery ended in February 2020. Due to the COVID-19 pandemic, the trial, which was scheduled to begin May 18, 2020, was rescheduled to and occurred on July 7-9, 2021. Post-trial briefing was submitted on July 28, 2021. The Court issued an opinion on August 31, 2021 and entered a final judgment of non-infringement in favor of Eagle on September 16, 2021. Par filed a Notice of Appeal of the final judgment on September 22, 2021, and the appeal was docketed with the United States Court of Appeals for the Federal Circuit on September 23, 2021. Par filed its principal appeal brief on December 6, 2021, Eagle filed its responsive appeal brief on February 1, 2022, and Par filed its reply appeal brief on February 22, 2022. Oral argument occurred before the Federal Circuit on July 7, 2022. On August 18, 2022, the Federal Circuit affirmed the District Court’s finding of non-infringement, and on September 26, 2022, the Federal Circuit issued the formal mandate. The FDA approved Eagle’s ANDA on December 15, 2021. On December 16, 2021, Par filed an emergency motion for temporary restraining order and preliminary injunction in the district court to enjoin Eagle from launching its product, but Par voluntarily withdrew the motion on December 20, 2021. Eagle commercially launched its ANDA product in January 2022. The 30-month stay of FDA approval expired on October 17, 2020. On December 7, 2020, Par filed a separate suit against us in the United States District Court for the District of New Jersey, asserting patent infringement of U.S. Patent No. 10,844,435, based on the filing of our ANDA seeking approval to manufacture and sell our vasopressin product. Eagle moved to dismiss Par’s complaint on March 2, 2021. On March 22, 2021, Par amended its complaint to additionally assert U.S. Patent No. 10,920,278, and on April 5, 2021, Eagle moved to dismiss Par’s amended complaint. Before the Court ruled on Eagle’s Motion to Dismiss, on May 9, 2022, Par provided notice of the dismissal of the action under Rule 41(a)(1)(A)(i), and the Court granted the dismissal of the action on May 10, 2022.

Common Stock and Stock-Based Compensation - Fair Value of Stock Options Granted (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest minimum rate			3.49%	1.47%
Risk-free interest maximum rate			4.23%	3.31%
Volatility			44.31%	46.88%
Expected term (in years)			5 years 7 months 2 days	5 years 7 months 24 days
Expected dividend yield			0.00%	0.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest minimum rate	3.49%	3.00%
Risk-free interest maximum rate	3.63%	3.31%
Volatility	45.71%	48.42%
Expected term (in years)	6 years 29 days	6 years 29 days
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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+ Details

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Maturities
2023 (remainder)	$ 3,750
2024	10,000
2025	57,500
2026	0
Total	$ 71,250

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Summary of Significant Accounting Policies - Anti-Dilutive Common Shares Equivalents Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common shares equivalents outstanding (in shares)	2,752,708	2,576,314	2,603,658	2,169,569
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common shares equivalents outstanding (in shares)	2,351,791	2,499,165	2,351,791	2,092,420
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common shares equivalents outstanding (in shares)	400,917	77,149	251,867	77,149

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the Company’s last fiscal quarter, the Company’s directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company’s securities set forth in the table below.

Type of Trading Arrangement

Name and Position

Action

Date

Rule 10b5-1*

Non-

Rule 10b5-1**

Total Shares to be Sold

Expiration Date

Scott Tarriff, Chief Executive Officer, President and Director

Adoption

June 15, 2023

299,375

September 14, 2024

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Scott Tarriff [Member]

Trading Arrangements, by Individual

Name

Scott Tarriff

Title

Chief Executive Officer, President and Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 15, 2023

Arrangement Duration

457 days

Aggregate Available

299,375

Balance Sheet Accounts

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Accounts

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	June 30,		December 31,
	2023		2022
Prepaid income taxes	$	2,110	$	90
Prepaid FDA user fee and advances to clinical research organization	762		3,022
Prepaid insurance	1,385		258
Advances to commercial manufacturers	4,947		5,464
Prepaid R&D	106		106

Pass-through receivables	1,144		1,001
All other	3,820		3,259
Total prepaid expenses and other current assets	$	14,274	$	13,200

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	June 30,		December 31,
	2023		2022
Accrued product sales reserves	$	41,345	$	33,000
Income taxes payable	1,158		5,182
Royalties payable to commercial partners	6,446		7,205
Accrued salary and other compensation	4,774		5,293
Accrued professional fees	2,251		5,541
Accrued research & development	2,022		1,549
Current portion of lease liability	1,422		1,534
Inventory received but not invoiced	2,456		6,779
Forward liability related to Enalare	—		4,063
Pemfexy royalty buy-down payable	—		15,000
Accrued other	616		698
Total accrued expenses and other current liabilities	$	62,490	$	85,844

Leases

We lease office space in Woodcliff Lake, New Jersey for our principal office under an amended lease agreement through June 2025. We also lease a lab space in Cambridge, Massachusetts under a lease agreement through April 2024, office space located in Indianapolis, Indiana through November 2023, and an office space located in Palm Beach Gardens, Florida through October 2024. All of our leases are classified as operating leases and have remaining lease terms of approximately 1.7 years. The principal office and the lab space leases include renewal options to extend the lease for up to 5 years. Furthermore, we have not elected the practical expedient to separate lease and non-lease components for all classes of underlying assets.

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


	June 30, 2023			December 31, 2022
Operating lease cost	$	845		$	1,507
Total lease cost	$	845		$	1,507

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	845		$	1,507
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	—
Weighted-average remaining lease term - operating leases	1.7 years			2.1 years
Weighted-average discount rate - operating leases	6.0		%	6.0		%













Balance Sheet Classification as of June 30, 2023:
Current lease liabilities (included within Accrued expenses and other liabilities)	$	1,422
Long-term lease liabilities (included within Other long-term liabilities)	839
Total lease liabilities	$	2,261

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 64,646	$ 74,136	$ 130,951	$ 190,010
Operating expenses:
Cost of product sales	16,858	21,171	34,158	46,347
Cost of royalty revenue	0	2,493	0	5,072
Research and development	9,833	11,437	19,105	17,545
Selling, general and administrative	27,651	36,832	55,611	59,014
Total operating expenses	54,342	71,933	108,874	127,978
Income from operations	10,304	2,203	22,077	62,032
Interest income	195	244	407	398
Interest expense	(1,448)	(552)	(2,964)	(918)
Other income (expense), net	247	(7,763)	9	(9,720)
Total other expense, net	(1,006)	(8,071)	(2,548)	(10,240)
Income (loss) before income tax provision	9,298	(5,868)	19,529	51,792
Income tax provision	(4,134)	(3,582)	(8,615)	(17,184)
Net income (loss)	$ 5,164	$ (9,450)	$ 10,914	$ 34,608
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.39	$ (0.74)	$ 0.83	$ 2.71
Diluted (in dollars per share)	$ 0.39	$ (0.74)	$ 0.83	$ 2.67
Weighted average number of common shares outstanding:
Basic (in shares)	13,090,852	12,836,116	13,075,090	12,773,727
Diluted (in shares)	13,154,599	12,836,116	13,151,107	12,951,788
Product sales, net
Revenue:
Total revenue	$ 42,993	$ 49,201	$ 89,214	$ 139,289
Royalty revenue
Revenue:
Total revenue	$ 21,653	$ 24,935	$ 41,737	$ 50,721

Summary of Significant Accounting Policies - Schedule of Basic and Diluted Net (Loss) Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net (loss) income, basic	$ 5,164	$ (9,450)	$ 10,914	$ 34,608
Net (loss) income, diluted	$ 5,164	$ (9,450)	$ 10,914	$ 34,608
Denominator
Basic weighted average common shares outstanding (in shares)	13,090,852	12,836,116	13,075,090	12,773,727
Dilutive effect of stock options (in shares)	63,747	0	76,017	178,061
Diluted weighted average common shares outstanding (in shares)	13,154,599	12,836,116	13,151,107	12,951,788
Basic net earnings (loss) per share
Basic net (loss) earnings per share (in dollars per share)	$ 0.39	$ (0.74)	$ 0.83	$ 2.71
Diluted net earnings (loss) per share
Diluted net (loss) earnings per share (in dollars per share)	$ 0.39	$ (0.74)	$ 0.83	$ 2.67

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Change in Functional Currency	Change in Functional Currency Effective January 1, 2023, the Company adopted the U.S. dollar as its functional currency for Acacia subsidiaries. Prior to January 1, 2023, the functional currency of the Acacia was the Pound Sterling. The change in functional currency of Acacia is due to the integration of Acacia and the legacy Eagle businesses being completed beginning in the first quarter of 2023. As a result of the integration, the nature and volume of the UK operations and funding received by the UK entities are denominated in the U.S. dollar. Therefore, the UK operations of Acacia are considered integrated and parent dependent. The Company’s financial results have been reported in U.S. dollars. The effect of a change in the functional currency is accounted for prospectively. More specifically, translation adjustments for prior periods are not removed from equity and the translated amounts for nonmonetary assets at the end of the prior period became the accounting basis for those assets, effective January 1, 2023. Exchange differences arising from the translation that were previously recognized in other comprehensive income are not reclassified from equity to profit and loss until the disposal of the operations attributable to Acacia.
Use of Estimates	Use of Estimates These condensed consolidated financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements including disclosure of gross to net estimates as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Our critical accounting policies are those that are both most important to our financial condition and results of operations and also require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, assumptions and judgments or revise the carrying amount of our assets or liabilities. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the condensed consolidated financial statements, actual results may materially vary from these estimates, and any such differences may be material to our condensed consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash and cash equivalents are held in United States financial institutions. The carrying amount of cash and cash equivalents approximates its fair value due to its short-term nature. We, at times, maintain balances with financial institutions in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit.
Fair Value Measurements	Fair Value Measurements U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: •Level 1: Quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of interest-bearing cash, cash equivalents, accounts receivable and accounts payable approximate fair value due to their life being short term in nature, and are classified as Level 1 for all periods presented. We recognize transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers in or out of Level 1, Level 2 or Level 3 during the six months ended June 30, 2023. Our investment in Enalare Therapeutics Inc., related acquisition rights and forward liability were classified as Level 3. We used a probability factor to value the asset related to the acquired acquisition rights based on management's best estimate, including the probability of completion of certain development milestones. The equity stake was accounted for as non-readily determinable fair value (“RDFV”) investment. The equity investment and acquisition rights were reported at fair value as of June 30, 2023. Refer to Note 14, Investment in Enalare Therapeutics Inc. for further information. Our investment in restricted shares of common stock of Syros, following the merger of Tyme Technologies, Inc. and Syros on September 16, 2022, are classified as Level 1. Refer to Note 12, License and Collaboration Agreements for further details. The fair value of debt is classified as Level 2 for the periods presented and approximates its fair value due to the variable interest rate.
Intangible Assets, net	Intangible Assets, netWe review the recoverability of our finite-lived intangible assets and long-lived assets for indicators of impairments. Events or circumstances that may require an impairment assessment include negative clinical trial results, a significant decrease in the market price of the asset, or a significant adverse change in legal factors or the manner in which the asset is used. If such indicators are present, we assess the recoverability of affected assets by determining if the carrying amount of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found to not be recoverable, we measure the amount of the impairment by comparing the carrying amount of the assets to their respective fair value. We determined that no indicators of impairment of finite-lived intangible assets or long-lived assets existed as of June 30, 2023.
Goodwill	GoodwillGoodwill represents the excess of purchase price over the fair value of net assets acquired in the Eagle Biologics and Acacia acquisitions. Goodwill is not amortized, but is evaluated for impairment on an annual basis, in the fourth quarter, or more frequently if events or changes in circumstances indicate that the reporting unit’s goodwill is less than its carrying amount.
Concentration of Major Customers and Vendors	Concentration of Major Customers and Vendors The Company is exposed to risks associated with extending credit to customers related to the sale of products. The Company does not require collateral to secure amounts due from its customers. The Company uses an expected loss methodology to calculate allowances for trade receivables. The Company's measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company does not currently have a material allowance for collectible trade receivables. Further, the Company is dependent on its commercial partner to market and sell Bendeka; therefore, the Company's future revenues are highly dependent on the collaboration and distribution arrangement with Teva. Teva markets Bendeka through a license agreement with the Company. Pursuant to that license agreement, Teva pays the Company a royalty based on net sales of the product and also purchases the product from the Company. A disruption in this arrangement, caused by, among other things, a supply disruption, loss of exclusivity or the launch of a superior product would have a material adverse effect on our financial position, results of operations and cash flows.
Inventories	Inventories Inventories are recorded at the lower of cost and net realizable value, with cost determined on a first-in first-out basis. We periodically review the composition of inventory in order to identify obsolete, slow-moving or otherwise non-saleable items. If these items are observed and there are no alternate uses for the inventory, we will record a write-down to the lower of cost and net realizable value in the period that the decline in value is first recognized.
Research and Development Expense	Research and Development Expense Costs for research and development are charged to expense as incurred and include; employee-related expenses including salaries, benefits, travel and stock-based compensation expense for research and development personnel; expenses incurred under agreements with contract research organizations, contract manufacturing organizations and service providers that assist in conducting clinical and preclinical studies; costs associated with preclinical activities and development activities, costs associated with regulatory operations; and depreciation expense for assets used in research and development activities. Costs for certain development activities, such as in licensing intellectual property related to new projects, clinical studies, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to us by our vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the condensed consolidated financial statements as prepaid expenses or accrued expenses as deemed appropriate. Recoveries of previously recognized research and development expenses from third parties are recorded as a reduction to research and development expense in the period it becomes realizable.
Advertising and Marketing	Advertising and MarketingAdvertising and marketing costs are expensed as incurred.
Income Taxes	Income Taxes We account for income taxes using the liability method in accordance with ASC 740 - Income Taxes (“ASC 740”). Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured by applying enacted rates and laws to taxable years in which differences are expected to be recovered or settled. Further, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that the rate changes. A valuation allowance is required when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. ASC 740 also prescribes a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on a tax return, including a decision whether to file or not file a return in a particular jurisdiction. We recognize any interest and penalties accrued related to unrecognized tax benefits as income tax expense.
Revenue Recognition	Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606 - Revenue from Contracts with Customers ("ASC 606"), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. Product revenue - The Company recognizes net revenue on sales to its commercial partners and to end users. In each instance, revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Receivables from our product sales have payment terms ranging from 30 to 90 days with select extended terms to wholesalers on certain product purchases. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price generally utilizing the expected value method to which the Company expects to be entitled. As such, revenue on sales to end users for Pemfexy, Belrapzo, Ryanodex, Barhemsys, Byfavo, and vasopressin are recorded net of chargebacks, rebates, returns, prompt pay discounts, wholesaler fees and other deductions. Our products are contracted with a limited number of oncology distributors and hospital buying groups with narrow differences in ultimate realized contract prices used to estimate our allowance for chargebacks and rebate reserves. The Company has a product returns policy on some of its products that allows the customer to return pharmaceutical products within a specified period of time both prior to and subsequent to the product’s expiration date. The Company's estimate of the provision for returns is analyzed quarterly and is based upon many factors, including historical experience of actual returns and analysis of the level of inventory in the distribution channel, if any. The Company has terms on sales of Ryanodex by which the Company does not accept returns. The returns policy is subject to change at any time and as the Company determines it to be, without notice. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration are made generally using the expected value method and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. The Company believes that the estimates it has established are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary. Components of Gross-to-Net (GTN) Estimates Chargebacks: Chargebacks are discounts that occur when certain contracted customers, including group purchasing organizations (“GPOs”), public health service institutions and federal government entities purchasing via the Federal Supply Schedule, purchase from the Company's distributors. The Company's distributors purchase products from us at invoice price, then resell the product to certain contracted customers on the basis of prices negotiated between us and the providers. The difference between the distributors’ purchase price and the typically lower certain contracted customers’ purchase price is refunded to the distributors through a chargeback credit. We record estimates for these chargebacks at the time of sale as deductions from gross revenues, with corresponding adjustments to our accounts receivable reserves and allowances. The provision for chargebacks is the most significant provision in the context of the Company’s gross-to-net adjustments in the determination of net revenue. Chargebacks are estimated based on payer mix and contracted price, adjusted for current period assumptions. Commercial and Medicaid Rebates: The Company contracts with government agencies or collectively, third-party payors, so that Pemfexy, Belrapzo, Ryanodex, Barhemsys, Byfavo, and vasopressin will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. The Company estimates the rebates it will provide to third-party payors and deducts these estimated amounts from total gross product revenues at the time the revenues are recognized. These reserves are recorded in the same period in which the revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. The current liability is included in accrued expenses and other current liabilities on the consolidated balance sheets. The Company estimates the rebates that it will provide to third-party payors based upon (i) the Company’s contracts with these third-party payors, (ii) the government mandated discounts applicable to government-funded programs, (iii) a range of possible outcomes that are probability-weighted for the estimated payer mix, and (iv) information obtained from the Company’s distributors. The information that the Company also considers when establishing its rebate reserves are purchases by customers, projected annual sales for customers, actual rebates payments made, processing time lags, and for indirect rebates, the level of inventory in the distribution channel that will be subject to indirect rebates. We do not provide incentives designed to increase shipments to our customers that we believe would result in out-of-the-ordinary course of business inventory for them. The Company regularly reviews and monitors estimated or actual customer inventory information at its largest distributors for its key products to ascertain whether customer inventories are in excess of ordinary course of business levels. Product Returns: The Company's provision for product returns based on the factors noted above generally encompass a time range from 12 to 48 months after revenue is recognized. The Company’s distributors have the right to return unopened unprescribed Pemfexy, Belrapzo, Barhemsys, Byfavo, and vasopressin during certain time periods around the period beginning prior to the labeled expiration date and ending after the labeled expiration date. The Company estimates future product returns on sales of Pemfexy, Belrapzo, Barhemsys, Byfavo, and vasopressin based on: (i) data provided to the Company by its distributors (including weekly reporting of distributors’ sales and inventory held by distributors that provided the Company with visibility into the distribution channel in order to determine what quantities were sold to retail pharmacies and other providers), (ii) data provided to the Company by a third-party data provider which collects and publishes prescription data, and other third parties, (iii) historical industry information regarding return rates for similar pharmaceutical products, (iv) the estimated remaining shelf life of Pemfexy, Belrapzo, Barhemsys, Byfavo, and vasopressin previously shipped and currently being shipped to distributors and (v) contractual agreements intended to limit the amount of inventory maintained by the Company’s distributors. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the consolidated balance sheets. Wholesaler fees and other incentives: The Company generally provides invoice discounts on Pemfexy, Belrapzo, Ryanodex, Barhemsys, Byfavo, and vasopressin sales to its distributors for prompt payment and fees for distribution services, such as fees for certain data that distributors provide to the Company. The payment terms for sales to distributors generally include a 2% discount for prompt payment which is generally defined in invoice terms as a range from 15 to 45 days, while the fees for distribution services are based on contractual rates agreed with the respective distributors. Based on historical data, the Company expects its distributors to earn these discounts and fees, and deducts the full amount of these discounts and fees from its gross product revenues and accounts receivable at the time such revenues are recognized. In certain cases, the Company may record the fees as accrued expenses if the Company expects that the fees will be paid rather than deducted by the distributor. Royalty Revenue — The Company recognizes revenue from license arrangements with its commercial partners' net sales of products. Royalties are recognized as earned in accordance with contract terms when they can be reasonably estimated and collectability is reasonably assured. The Company's commercial partners are obligated to report their net product sales and the resulting royalty due to the Company within 25 days from the end of each quarter. Based on historical product sales, royalty receipts and other relevant information, the Company accrues royalty revenue each quarter and subsequently determines a true-up when it receives royalty reports from its commercial partners. Historically, these true-up adjustments have been immaterial. Our receivables from royalty revenue are due 45-days from the end of the quarter. License and other revenue — The Company analyzes each element of its licensing agreements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to us of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determined that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty of the occurrence of these future events, the Company will not recognize revenue from the milestone until there is not a high probability of a reversal of revenue, which typically occurs near or upon achievement of the event. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of June 30, 2023.
Stock-Based Compensation	Stock-Based Compensation The Company utilizes stock-based compensation in the form of stock options, restricted stock units ("RSUs") and performance-based stock units ("PSUs"), each of which may be granted separately or in tandem with other awards. Compensation expense is recognized in the Consolidated Statements of operations based on the estimated fair value of the awards at grant date ratably over the requisite service period, which generally equals the vesting period of the award. The grant-date fair value of stock awards is based upon the underlying price of the stock on the date of grant. The grant-date fair value of stock option awards must be determined using an option pricing model. The Company uses the Black-Scholes option pricing formula for determining the grant-date fair value of such awards. Option pricing models require the use of estimates and assumptions as to (a) the expected term of the option, (b) the expected volatility of the price of the underlying stock and (c) the risk-free interest rate for the expected term of the option. The Company may also grant performance-based stock awards to employees from time-to-time based on the achievement of a market or performance condition. The grant-date fair value of awards that vest based on achievement of certain market conditions are determined using a Monte Carlo simulation technique. The grant-date fair value of awards that vest based on achievement of certain performance condition are determined using the accelerated attribution method once it is probable that the performance condition will be achieved.
Earnings Per Share	Earnings Per Share Basic earnings per common share is computed using the weighted average number of shares outstanding during the period. Diluted earnings per share is computed in a manner similar to the basic earnings per share, except that the weighted-average number of shares outstanding is increased to include all common shares, including those with the potential to be issued by virtue of options. Diluted earnings per share contemplate a complete conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share, as calculated under the treasury method.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There are several new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.

Balance Sheet Accounts - Lease Related Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Operating lease cost	$ 400	$ 400	$ 845	$ 800	$ 1,507
Total lease cost			845		1,507
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases			845		1,507
Right-of-use assets obtained in exchange for new operating lease liabilities			$ 0		$ 0
Weighted-average remaining lease term - operating leases	1 year 8 months 12 days		1 year 8 months 12 days		2 years 1 month 6 days
Weighted-average discount rate - operating leases	6.00%		6.00%		6.00%

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Goodwill impairment loss	$ 0	$ 0	$ 0	$ 0
Advertising and marketing costs	$ 4,400,000	$ 1,800,000	$ 8,100,000	$ 3,400,000
Wholesaler discount (as a percent)	2.00%		2.00%
Minimum
Disaggregation of Revenue [Line Items]
Wholesaler discount, prompt payment term (in days)			15 days
Maximum
Disaggregation of Revenue [Line Items]
Wholesaler discount, prompt payment term (in days)			45 days
Product sales, net \| Minimum
Disaggregation of Revenue [Line Items]
Payment terms for receivables (in days)			30 days
Term for sales returns (in months)			12 months
Product sales, net \| Maximum
Disaggregation of Revenue [Line Items]
Payment terms for receivables (in days)			90 days
Term for sales returns (in months)			48 months
Royalty revenue
Disaggregation of Revenue [Line Items]
Payment terms for receivables (in days)			45 days
Reporting term from end of each quarter for commercial partners (in days)			25 days

Summary of Significant Accounting Policies - Revenue and Accounts Receivable By Major Customer (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Total revenues
Concentration Risk [Line Items]
Percentage of concentration	100.00%	100.00%	100.00%	100.00%
Total revenues \| Teva
Concentration Risk [Line Items]
Percentage of concentration	38.00%	36.00%	35.00%	29.00%
Total revenues \| Customer A
Concentration Risk [Line Items]
Percentage of concentration	35.00%	19.00%	33.00%	19.00%
Total revenues \| Customer B
Concentration Risk [Line Items]
Percentage of concentration	10.00%	7.00%	12.00%	12.00%
Total revenues \| Customer C
Concentration Risk [Line Items]
Percentage of concentration	5.00%	12.00%	7.00%	13.00%
Total revenues \| Customer D
Concentration Risk [Line Items]
Percentage of concentration	8.00%	7.00%	8.00%	9.00%
Total revenues \| Other
Concentration Risk [Line Items]
Percentage of concentration	4.00%	19.00%	5.00%	18.00%
Accounts receivable
Concentration Risk [Line Items]
Percentage of concentration			100.00%		100.00%
Accounts receivable \| Teva
Concentration Risk [Line Items]
Percentage of concentration			19.00%		31.00%
Accounts receivable \| Customer A
Concentration Risk [Line Items]
Percentage of concentration			61.00%		1.00%
Accounts receivable \| Customer B
Concentration Risk [Line Items]
Percentage of concentration			13.00%		57.00%
Accounts receivable \| Customer C
Concentration Risk [Line Items]
Percentage of concentration			1.00%		5.00%
Accounts receivable \| Customer D
Concentration Risk [Line Items]
Percentage of concentration			6.00%		2.00%
Accounts receivable \| Other
Concentration Risk [Line Items]
Percentage of concentration			0.00%		4.00%

Common Stock and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock options, RSU and PSU activity

A summary of stock option, RSU and PSU activity under the 2014 Plan during the six months ended June 30, 2023 and 2022 is presented below:


	Stock Options	RSUs	PSUs
Outstanding as of December 31, 2021	2,814,878	263,306	137,300
Granted	91,700	148,000	228,200
Stock options exercised/RSUs vested/PSUs vested	(62,321)	(101,898)	—
Forfeited or expired	(40,044)	(7,082)	—
Outstanding as of June 30, 2022	2,804,213	302,326	365,500

Outstanding as of December 31, 2022	2,425,833	269,163	319,100
Granted	116,268	253,700	211,800
Stock options exercised/RSUs vested/PSUs vested	(26,672)	(105,071)	—
Forfeited or expired	(44,674)	(16,875)	—
Outstanding as of June 30, 2023	2,470,755	400,917	530,900

Fair value of stock options

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Risk-free interest rate	3.49% - 3.63%	3.00% - 3.31%	3.49% - 4.23%	1.47% - 3.31%
Volatility	45.71%	48.42%	44.31%	46.88%
Expected term (in years)	6.08 years	6.08 years	5.59 years	5.65 years
Expected dividend yield	0.0%	0.0%	0.0%	0.0%

Share-based payment arrangement, cost by plan

We recognized stock-based compensation in our condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	1,143	$	1,671	$	2,624	$	3,534
RSUs	1,203		1,289		2,850		2,924
PSUs	1,846		1,540		3,357		2,337
Stock-based compensation expense	$	4,192	$	4,500	$	8,831	$	8,795

Selling, general and administrative	$	3,665	$	3,899	$	7,617	$	7,551
Research and development	527		601		1,214		1,244
Stock-based compensation expense	$	4,192	$	4,500	$	8,831	$	8,795

Business Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands, € in Millions	Jun. 09, 2022 USD ($) $ / shares shares	Jun. 09, 2022 EUR (€) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 45,033	$ 45,033
Acacia Pharma
Business Acquisition [Line Items]
Cash consideration	$ 76,708	€ 94.7
Cash consideration per share (in euros per share) \| $ / shares	$ 0.90
Number of shares issued in business acquisition (in shares) \| shares	516,024	516,024
Cash paid per acquiree share (in euros per share) \| $ / shares	$ 0.68
Number of company stock for each share of Acacia Pharma common stock converted (in shares) \| shares	0.0049	0.0049
Share capital	$ 100,353
Goodwill			$ 5,291

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consist of the following:


	June 30,		December 31,
	2023		2022
Raw materials	$	12,836	$	12,348
Work in process	9,829		14,064
Finished products	19,817		21,382
Total inventories	$	42,482	$	47,794

Business Acquisition (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The fair value of the consideration totaled $100.4 million, summarized as follows (in thousands):


	Fair Value of Consideration
Cash consideration	$	76,708
Fair value of Eagle common stock issued	23,645

	$	100,353

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Purchase Price Allocation
Cash	$	2,556
Net working capital, excluding cash	(2,158)
Inventory	17,548
Intangible assets	108,000
Debt	(26,659)

Deferred tax liability, net	(4,225)
Fair value of net assets acquired	95,062
Goodwill	5,291
	$	100,353

Schedule of Business Acquisition, Pro Forma Information

The following table provides unaudited pro forma financial information for the three-month and the six-month periods ended June 30, 2022 as if the acquisition of Acacia had occurred as of January 1, 2022:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2022
Total revenue	$	74,546	$	191,038

Net income	$	2,875	$	36,124

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 15,354	$ 55,321
Accounts receivable, net	115,140	72,439
Inventories	42,482	47,794
Prepaid expenses and other current assets	14,274	13,200
Total current assets	187,250	188,754
Property and equipment, net	1,013	1,168
Intangible assets, net	107,406	118,327
Goodwill	45,033	45,033
Deferred tax asset, net	30,715	27,146
Other assets	33,405	25,732
Total assets	404,822	406,160
Current liabilities:
Accounts payable	15,843	18,993
Accrued expenses and other current liabilities	62,490	85,844
Short-term debt, net	8,297	6,250
Total current liabilities	86,630	111,087
Long-term debt, net	61,896	56,216
Other long-term liabilities	4,256	5,297
Total liabilities	152,782	172,600
Commitments and Contingencies
Stockholders' equity:
Preferred stock, 1,500,000 shares authorized and no shares issued or outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value; 50,000,000 shares authorized; 17,647,390 and 17,569,375 shares issued as of June 30, 2023 and December 31, 2022, respectively	18	18
Additional paid in capital	373,831	366,265
Accumulated other comprehensive loss	(1,112)	(1,112)
Retained earnings	122,418	111,504
Treasury stock, at cost, 4,552,730 and 4,552,730 shares as of June 30, 2023 and December 31, 2022, respectively	(243,115)	(243,115)
Total stockholders' equity	252,040	233,560
Total liabilities and stockholders' equity	$ 404,822	$ 406,160

Intangible Assets, net

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


		June 30, 2023
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Barhemsys intangible (1)	9	$	70,319	$	(8,448)	$	61,871
Byfavo intangible (1)	9	33,714		(3,783)		29,931
Ryanodex intangible (2)	9	15,000		(8,794)		6,206
PEMFEXY intangible (3)	2	15,000		(5,602)		9,398
Vasopressin milestone (4)	1	750		(750)		—
Total		$	134,783	$	(27,377)	$	107,406


		December 31, 2022
	Useful Life (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Barhemsys intangible (1)	9	$	70,319	$	(4,462)	$	65,857
Byfavo intangible (1)	9	33,714		(1,989)		31,725
Ryanodex intangible (2)	9	15,000		(7,402)		7,598
PEMFEXY intangible (3)	2	15,000		(1,888)		13,112
Vasopressin milestone (4)	1	750		(715)		35
Total		$	134,783	$	(16,456)	$	118,327

(1) Represents intangible assets acquired in the Acacia acquisition as detailed in Note 13.

(2) Represents a one-time payment made to reduce the royalties payable to a third party on Ryanodex net sales.

(3) Represents a one-time payment made to reduce the royalties payable to a third party on PEMFEXY net sales.

(4) Represents milestone paid to a third party upon FDA approval of vasopressin.

Amortization expense was $5.4 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively, and $10.9 million and $2.2 million for the six months ended June 30, 2023 and 2022, respectively.

Estimated Amortization Expense for Intangible Assets


	Estimated Amortization Expense

Year Ending December 31,
2023 (remainder)	11,034
2024	19,780
2025	13,917
2026	11,615
2027	11,615
Thereafter	39,445
Total estimated amortization expense	$	107,406

Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 5,400	$ 1,500	$ 10,921	$ 2,197

Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Long-Term Purchase Commitment [Line Items]
Operating leases, cost	$ 400	$ 400	$ 845	$ 800	$ 1,507
Operating Leases
Total	2,374		2,374
2023	839		839
2024	1,122		1,122
2025	413		413
2026	0		0
Beyond	0		0
Credit facility and Term loans
Total	71,250		71,250
2023	3,750		3,750
2024	10,000		10,000
2025	57,500		57,500
2026	0		0
Beyond	0		0
Purchase obligations
Total	97,430		97,430
2023	97,430		97,430
2024	0		0
2025	0		0
2026	0		0
Beyond	0		0
Total obligations
Total	171,054		171,054
2023	102,019		102,019
2024	11,122		11,122
2025	57,913		57,913
2026	0		0
Beyond	0		0
Collaborative Arrangement
Purchase obligations
Total	$ 97,400		$ 97,400

Business Acquisition - Pro Forma Financial Information (Details) - Acacia Pharma - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Revenue	$ 64,646	$ 74,546	$ 130,951	$ 191,038
Business Acquisition, Pro Forma Net Income (Loss)	$ 5,164	$ 2,875	$ 10,914	$ 36,124

Business Acquisition

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Acquisition

On June 9, 2022, we completed our acquisition of the entire issued share capital of Acacia for cash consideration and common stock totaling 94.7 million euros, the equivalent of 0.90 euros per share, and an aggregate of 516,024 shares of our common stock. Each shareholder of Acacia received 0.68 euros in cash and 0.0049 shares of our common stock. Acacia is a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery and other invasive procedures. The transaction was entered to expand our current portfolio of FDA approved hospital products with the addition of Barhemsys and Byfavo.

We evaluated the Business Acquisition under ASC 805, Business Combinations and ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. We concluded that substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or a group of similar identifiable assets. The transaction does not pass the screen test and thus management performed an assessment to determine if the acquired entities met the definition of a business. For the assessment, management considered whether it has acquired (i) inputs, (ii) processes, and (iii) outputs. Under ASC 805, to be considered a business, a set of activities and assets is required to have only the first two of the three elements, which together are or will be used in the future to create outputs. Management determined that the acquired entities met the definition of a business since we acquired inputs, processes capable of producing outputs and outputs.

Therefore, the acquisition has been accounted for under the acquisition method of accounting. Under the acquisition method, the total purchase price of the acquisition is allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on the fair values as of the date of the acquisition.

The fair value of the consideration totaled $100.4 million, summarized as follows (in thousands):


	Fair Value of Consideration
Cash consideration	$	76,708
Fair value of Eagle common stock issued	23,645

	$	100,353

The purchase price allocation resulted in the amounts being allocated to the assets acquired and liabilities assumed at the acquisition date based upon their respective fair values summarized below. The determination of fair value was finalized in the fourth quarter of 2022. During the year ended December 31, 2022, we recorded certain measurement period adjustments, which are summarized below. The impact of these measurement period adjustments was recorded as an increase to goodwill, increasing the goodwill balance to $5.3 million.

The following table presents the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):


	Purchase Price Allocation
Cash	$	2,556
Net working capital, excluding cash	(2,158)
Inventory	17,548
Intangible assets	108,000
Debt	(26,659)

Deferred tax liability, net	(4,225)
Fair value of net assets acquired	95,062
Goodwill	5,291
	$	100,353

The estimated fair value of acquired intangible assets was determined using the "income approach," which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. The inventory acquired was valued at expected profit margins for the

acquired products. The fair value of working capital acquired approximates its book value. The fair value of debt acquired was based on the present value of future cash outflows using the net present value approach and applying an interest rate that is considered to be a market participant equivalent rate. The assumptions, including the expected projected cash flows, utilized in the purchase price allocation and in determining the purchase price were based on management's best estimates as of the close date of the acquisition on June 9, 2022.

Some of the more significant assumptions inherent in the development of the intangible asset valuations included the estimated net cash flow for each year for each asset (including relevant market size and market share), the appropriate discount rate to select in order to measure the risk inherent in each future cash flow stream, as well as other factors.

The goodwill recorded related to the acquisition is the excess of the fair value of the consideration transferred by the acquirer over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition. The goodwill recorded is not deductible for tax purposes.

Pro Forma Financial Information:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2022
Total revenue	$	74,546	$	191,038

Net income	$	2,875	$	36,124

These amounts have been calculated after applying our accounting policies.

The pro forma results above include the impact of the following adjustments, as necessary: additional amortization expense relating to assets acquired; interest and other financing costs relating to the acquisition transaction; and the elimination of one-time or nonrecurring items. The one-time or nonrecurring items eliminated were primarily comprised of inventory fair value step-up adjustments; transaction costs, as well as certain Acacia-related share based payment charges and employee compensation expenses.

The pro forma results did not include any anticipated cost savings or other effects of the planned integration of Acacia. Accordingly, the pro forma results above are not necessarily indicative of the results that would have been if the acquisition had occurred on the date indicated, nor are the pro forma results indicative of results which may occur in the future.

License and Collaboration Agreements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 31, 2021	Jan. 07, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fair value loss on equity investment			$ (193,000)	$ (3,230,000)
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Combioxin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, upfront payment					$ 10,000,000
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments					105,000,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| AOP Orphan Pharmaceuticals GmbH
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, upfront payment					5,000,000
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments					$ 25,000,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Tyme
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Co-promotion agreement, percentage of promotional sales effort responsible for						25.00%
Co-promotion agreement, percentage of net revenue receivable						15.00%
Co-promotion agreement, percentage of net revenue receivable due to collaborator						85.00%
Co-promotion agreement, right to repurchase, amount						$ 200,000,000
Fair value loss on equity investment	$ (200,000)	$ (700,000)	$ (200,000)	$ (3,200,000)

Balance Sheet Accounts - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued product sales reserves	$ 41,345	$ 33,000
Income taxes payable	1,158	5,182
Royalties payable to commercial partners	6,446	7,205
Accrued salary and other compensation	4,774	5,293
Accrued professional fees	2,251	5,541
Accrued research & development	$ 2,022	$ 1,549
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Current portion of lease liability	$ 1,422	$ 1,534
Inventory received but not invoiced	2,456	6,779
Forward liability related to Enalare	0	4,063
Pemfexy royalty buy-down payable	0	15,000
Accrued other	616	698
Accrued Liabilities and Other Liabilities	$ 62,490	$ 85,844

Balance Sheet Accounts (Tables)

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of prepaid and other current assets

Prepaid expenses and other current assets consist of the following:


	June 30,		December 31,
	2023		2022
Prepaid income taxes	$	2,110	$	90
Prepaid FDA user fee and advances to clinical research organization	762		3,022
Prepaid insurance	1,385		258
Advances to commercial manufacturers	4,947		5,464
Prepaid R&D	106		106

Pass-through receivables	1,144		1,001
All other	3,820		3,259
Total prepaid expenses and other current assets	$	14,274	$	13,200

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	June 30,		December 31,
	2023		2022
Accrued product sales reserves	$	41,345	$	33,000
Income taxes payable	1,158		5,182
Royalties payable to commercial partners	6,446		7,205
Accrued salary and other compensation	4,774		5,293
Accrued professional fees	2,251		5,541
Accrued research & development	2,022		1,549
Current portion of lease liability	1,422		1,534
Inventory received but not invoiced	2,456		6,779
Forward liability related to Enalare	—		4,063
Pemfexy royalty buy-down payable	—		15,000
Accrued other	616		698
Total accrued expenses and other current liabilities	$	62,490	$	85,844

Lease related disclosures

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


	June 30, 2023			December 31, 2022
Operating lease cost	$	845		$	1,507
Total lease cost	$	845		$	1,507

Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	845		$	1,507
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	—
Weighted-average remaining lease term - operating leases	1.7 years			2.1 years
Weighted-average discount rate - operating leases	6.0		%	6.0		%

Future minimum lease payments













Balance Sheet Classification as of June 30, 2023:
Current lease liabilities (included within Accrued expenses and other liabilities)	$	1,422
Long-term lease liabilities (included within Other long-term liabilities)	839
Total lease liabilities	$	2,261

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 12,836	$ 12,348
Work in process	9,829	14,064
Finished products	19,817	21,382
Total inventories	$ 42,482	$ 47,794

Commitments

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments

Our future material contractual obligations as of June 30, 2023, included the following:


Obligations	Total		2023		2024		2025		2026		Beyond
Operating leases (1)	$	2,374	$	839	$	1,122	$	413	$	—	$	—
Credit facility and Term Loans (2)	71,250		3,750		10,000		57,500		—		—

Purchase obligations (3)	97,430		97,430		—		—		—		—
Total obligations	$	171,054	$	102,019	$	11,122	$	57,913	$	—	$	—

(2) Refer to Note 9, “Debt” for further information regarding our Credit Agreement and Term Loans.

Balance Sheet Accounts - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Prepaid income taxes	$ 2,110	$ 90
Prepaid FDA user fee and advances to clinical research organization	762	3,022
Prepaid insurance	1,385	258
Advances to commercial manufacturers	4,947	5,464
Prepaid R&D	106	106
Pass-through receivables	1,144	1,001
All other	3,820	3,259
Total prepaid expenses and other current assets	$ 14,274	$ 13,200

Basis of Presentation and Other Company Information (Details)	6 Months Ended
	Jun. 30, 2023 product
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of products commercially launched	6

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Significant Accounting Policies

Our significant accounting policies are described in the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 and the notes thereto filed with the SEC on March 23, 2023. Since the date of those consolidated financial statements, there have been no material changes to our significant accounting policies.

Change in Functional Currency

Effective January 1, 2023, the Company adopted the U.S. dollar as its functional currency for Acacia subsidiaries. Prior to January 1, 2023, the functional currency of the Acacia was the Pound Sterling.

The change in functional currency of Acacia is due to the integration of Acacia and the legacy Eagle businesses being completed beginning in the first quarter of 2023. As a result of the integration, the nature and volume of the UK operations and funding received by the UK entities are denominated in the U.S. dollar. Therefore, the UK operations of Acacia are considered integrated and parent dependent.

The Company’s financial results have been reported in U.S. dollars. The effect of a change in the functional currency is accounted for prospectively. More specifically, translation adjustments for prior periods are not removed from equity and the translated amounts for nonmonetary assets at the end of the prior period became the accounting basis for those assets, effective January 1, 2023. Exchange differences arising from the translation that were previously recognized in other comprehensive income are not reclassified from equity to profit and loss until the disposal of the operations attributable to Acacia.

Use of Estimates

These condensed consolidated financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements including disclosure of gross to net estimates as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Our critical accounting policies are those that are both most important to our financial condition and results of operations and also require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, assumptions and judgments or revise the carrying amount of our assets or liabilities. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the condensed consolidated financial statements, actual results may materially vary from these estimates, and any such differences may be material to our condensed consolidated financial statements.

Cash and Cash Equivalents

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

We, at times, maintain balances with financial institutions in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit.

Fair Value Measurements

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

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

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

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

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

Financial assets and liabilities measured and recognized at fair value are as follows:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,281	$	11,281	$	—	$	—
Investment in Syros Pharmaceuticals, Inc. ("Syros")	1,380		1,380		—		—
Investment in Enalare Therapeutics, Inc.	16,952		—		—		16,952
Acquisition rights of Enalare Therapeutics, Inc.	8,125		—		—		8,125


	December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	47,567	$	47,567	$	—	$	—
Investment in Syros Pharmaceuticals, Inc. ("Syros")	1,573		1,573		—		—
Investment in Enalare Therapeutics, Inc.	8,438		—		—		8,438
Acquisition rights of Enalare Therapeutics, Inc.	8,125		—		—		8,125


Liabilities:
Forward Liability	$	4,063	$	—	$	—	$	4,063

We recognize transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers in or out of Level 1, Level 2 or Level 3 during the six months ended June 30, 2023.

Our investment in Enalare Therapeutics Inc., related acquisition rights and forward liability were classified as Level 3. We used a probability factor to value the asset related to the acquired acquisition rights based on management's best estimate, including the probability of completion of certain development milestones. The equity stake was accounted for as non-readily determinable fair value (“RDFV”) investment. The equity investment and acquisition rights were reported at fair value as of June 30, 2023. Refer to Note 14, Investment in Enalare Therapeutics Inc. for further information.

Our investment in restricted shares of common stock of Syros, following the merger of Tyme Technologies, Inc. and Syros on September 16, 2022, are classified as Level 1. Refer to Note 12, License and Collaboration Agreements for further details.

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

Intangible Assets, net

We review the recoverability of our finite-lived intangible assets and long-lived assets for indicators of impairments. Events or circumstances that may require an impairment assessment include negative clinical trial results, a significant decrease in the market price of the asset, or a significant adverse change in legal factors or the manner in which the asset is used. If such indicators are present, we assess the recoverability of affected assets by determining if the carrying amount of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found to not be recoverable, we measure the amount of the impairment by comparing the carrying amount of the assets to their respective fair value. We determined that no indicators of impairment of finite-lived intangible assets or long-lived assets existed as of June 30, 2023.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired in the Eagle Biologics and Acacia acquisitions. Goodwill is not amortized, but is evaluated for impairment on an annual basis, in the fourth quarter, or more frequently if events or changes in circumstances indicate that the reporting unit’s goodwill is less than its carrying amount. We did not identify any impairment to goodwill during the periods presented.

Concentration of Major Customers and Vendors

The Company is exposed to risks associated with extending credit to customers related to the sale of products. The Company does not require collateral to secure amounts due from its customers. The Company uses an expected loss methodology to calculate allowances for trade receivables. The Company's measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company does not currently have a material allowance for collectible trade receivables.

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

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues
Teva - See Revenue Recognition	38	%	36	%	35	%	29	%
Customer A	35	%	19	%	33	%	19	%
Customer B	10	%	7	%	12	%	12	%
Customer C	5	%	12	%	7	%	13	%
Customer D	8	%	7	%	8	%	9	%

Other	4	%	19	%	5	%	18	%
	100	%	100	%	100	%	100	%


	June 30,		December 31,
	2023		2022
Accounts receivable
Teva - See Revenue Recognition	19	%	31	%
Customer A	61	%	1	%
Customer B	13	%	57	%
Customer C	1	%	5	%
Customer D	6	%	2	%
Other	0	%	4	%
	100	%	100	%

Inventories

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

Research and Development Expense

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

Costs for certain development activities, such as in licensing intellectual property related to new projects, clinical studies, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to us by our vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the condensed consolidated financial statements as prepaid expenses or accrued expenses as deemed appropriate. Recoveries of previously recognized research and development expenses from third parties are recorded as a reduction to research and development expense in the period it becomes realizable.

Advertising and Marketing

Advertising and marketing costs are expensed as incurred. Advertising and marketing costs were $4.4 million and $1.8 million for the three months ended June 30, 2023 and 2022, respectively, and $8.1 million and $3.4 million for the six months ended June 30, 2023 and 2022, respectively.

Income Taxes

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

Revenue Recognition

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

Product revenue - The Company recognizes net revenue on sales to its commercial partners and to end users. In each instance, revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Receivables from our product sales have payment terms ranging from 30 to 90 days with select extended terms to wholesalers on certain product purchases.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price generally utilizing the expected value method to which the Company expects to be entitled. As such, revenue on sales to end users for Pemfexy, Belrapzo, Ryanodex, Barhemsys, Byfavo, and vasopressin are recorded net of chargebacks, rebates, returns, prompt pay discounts, wholesaler fees and other deductions. Our products are contracted with a limited number of oncology distributors and hospital buying groups with narrow differences in ultimate realized contract prices used to estimate our allowance for chargebacks and rebate reserves. The Company has a product returns policy on some of its products that allows the customer to return pharmaceutical products within a specified period of time both prior to and subsequent to the product’s expiration date. The Company's estimate of the provision for returns is analyzed quarterly and is based upon many factors, including historical experience of actual returns and analysis of the level of inventory in the distribution channel, if any. The Company has terms on sales of Ryanodex by which the Company does not accept returns. The returns policy is subject to change at any time and as the Company determines it to be, without notice. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration are made generally using the expected value method and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. The Company believes that the estimates it has established are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary.

Components of Gross-to-Net (GTN) Estimates

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

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

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

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

Product Returns: The Company's provision for product returns based on the factors noted above generally encompass a time range from 12 to 48 months after revenue is recognized. The Company’s distributors have the right to return unopened unprescribed Pemfexy, Belrapzo, Barhemsys, Byfavo, and vasopressin during certain time periods around the period beginning prior to the labeled expiration date and ending after the labeled expiration date. The Company estimates future product returns on sales of Pemfexy, Belrapzo, Barhemsys, Byfavo, and vasopressin based on: (i) data provided to the Company by its distributors (including weekly reporting of distributors’ sales and inventory held by distributors that provided the Company with visibility into the distribution channel in order to determine what quantities were sold to retail pharmacies and other providers), (ii) data provided to the Company by a third-party data provider which collects and publishes prescription data, and other third parties, (iii) historical industry information regarding return rates for similar pharmaceutical products, (iv) the estimated remaining shelf life of Pemfexy, Belrapzo, Barhemsys, Byfavo, and vasopressin previously shipped and currently being shipped to distributors and (v) contractual agreements intended to limit the amount of inventory maintained by the Company’s distributors. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the consolidated balance sheets.

Wholesaler fees and other incentives: The Company generally provides invoice discounts on Pemfexy, Belrapzo, Ryanodex, Barhemsys, Byfavo, and vasopressin sales to its distributors for prompt payment and fees for distribution services, such as fees for certain data that distributors provide to the Company. The payment terms for sales to distributors generally include a 2% discount for prompt payment which is generally defined in invoice terms as a range from 15 to 45 days, while the fees for distribution services are based on contractual rates agreed with the respective distributors. Based on historical data, the

Company expects its distributors to earn these discounts and fees, and deducts the full amount of these discounts and fees from its gross product revenues and accounts receivable at the time such revenues are recognized. In certain cases, the Company may record the fees as accrued expenses if the Company expects that the fees will be paid rather than deducted by the distributor.

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

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

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

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

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of June 30, 2023.

Stock-Based Compensation

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

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

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

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

Earnings Per Share

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

The anti-dilutive common share equivalents outstanding for the three and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Stock options	2,351,791	2,499,165	2,351,791	2,092,420
Restricted stock units	400,917	77,149	251,867	77,149
Total	2,752,708	2,576,314	2,603,658	2,169,569

The following table sets forth the computation for basic and diluted net earnings (loss) per share for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator
Net income (loss)	$	5,164	$	(9,450)	$	10,914	$	34,608
Denominator
Basic weighted average common shares outstanding	13,090,852		12,836,116		13,075,090		12,773,727
Dilutive effect of stock awards	63,747		—		76,017		178,061
Diluted weighted average common shares outstanding	13,154,599		12,836,116		13,151,107		12,951,788
Basic net earnings (loss) per share
Basic net earnings (loss) per share	$	0.39	$	(0.74)	$	0.83	$	2.71
Diluted net earnings (loss) per share
Diluted net earnings (loss) per share	$	0.39	$	(0.74)	$	0.83	$	2.67

All potentially dilutive items were excluded from the diluted share calculation for the three months ended June 30, 2022 because their effect would have been anti-dilutive, as the Company was in a loss position.

Recent Accounting Pronouncements

There are several new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these accounting pronouncements have had, or will have, a material impact on our condensed consolidated financial statements or disclosures.

Investment in Enalare Therapeutics Inc.

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Enalare Therapeutics Inc.

On August 8, 2022, we and Enalare Therapeutics Inc. (“Enalare”) entered into a Securities Purchase Agreement ("SPA"). In connection with the SPA we have invested a total of $25.0 million, representing a 17% equity stake in Enalare as of June 30, 2023, and may invest an additional $30 million, subject to the completion of certain development milestones. Concurrently with the execution of the SPA, we also entered into a Security Purchase Option Agreement ("SPOA"), pursuant to which we were granted an option to acquire all of the remaining outstanding shares of Enalare other than those that we already own, subject to the terms and conditions of the agreement. The term of the Purchase Option (the "Option Period") commenced on August 8, 2022 and will end upon the earlier of (x) 90 days following the FDA communication of proceed to clinical for a Phase 3 clinical study for a Product Candidate or (y) June 30, 2027. Enalare shall not initiate Phase 3 pivotal studies prior to the end of the Option Period and we shall have reasonable access to all relevant data and documents following the Phase 3 Milestone (as defined in the Option Agreement).

As of June 30, 2023, we had an equity investment in the amount of $17.0 million and an asset related to the acquisition right in the amount of $8.1 million. In the six months ended June 30, 2023, we settled the forward liability and invested another $12.5 million as part of the contractual obligation. We used a probability factor to value the asset related to the acquired acquisition rights based on management's best estimate, including the probability of completion of certain development milestones. The equity stake was accounted for as a non-RDFV investment and had a gain on settlement of the forward liability

of $0.1 million which was recorded in Other expense on our condensed consolidated statements of operations in the period ended June 30, 2023. The equity investment and the acquisition right was reported at fair value as of June 30, 2023.

Summarized financial information of our investment and equity ownership in Enalare for the six months ending June 30, 2023 is presented below:


	Beginning balance as of December 31, 2022		Fair Value Adjustment		Additions / Adjustments during period		Ending balance as of June 30, 2023
Non-RDFV Investment (Other assets)	$	8,438	$	—	$	8,514	$	16,952
Acquisition Rights (Other assets)	8,125		—		—		8,125
Forward Liability (Accrued expenses and other liabilities)	(4,063)		77		3,986		—
Total, net	$	12,500	$	77	$	12,500	$	25,077

Investment in Enalare Therapeutics Inc. (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of equity method investments

Summarized financial information of our investment and equity ownership in Enalare for the six months ending June 30, 2023 is presented below:


	Beginning balance as of December 31, 2022		Fair Value Adjustment		Additions / Adjustments during period		Ending balance as of June 30, 2023
Non-RDFV Investment (Other assets)	$	8,438	$	—	$	8,514	$	16,952
Acquisition Rights (Other assets)	8,125		—		—		8,125
Forward Liability (Accrued expenses and other liabilities)	(4,063)		77		3,986		—
Total, net	$	12,500	$	77	$	12,500	$	25,077

Business Acquisition - Preliminary Allocation of Purchase Price to Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 45,033	$ 45,033
Acacia Pharma
Business Acquisition [Line Items]
Cash	2,556
Net working capital, excluding cash	(2,158)
Inventory	17,548
Intangible assets	108,000
Debt	(26,659)
Deferred tax liability, net	(4,225)
Fair value of net assets acquired	95,062
Goodwill	5,291
Fair value of assets acquired, including goodwill	$ 100,353

License and Collaboration Agreements	6 Months Ended
License and Collaboration Agreements	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements License agreement with Combioxin In August 2021, we entered into a license agreement with Combioxin, SA under which the Company was granted exclusive, worldwide development and commercialization rights to CAL02, a novel first-in-class anti-infective agent ready for Phase 2b/3 development for the treatment of severe pneumonia in combination with traditional antibacterial drugs. The Company will be solely responsible for the development, regulatory, manufacturing and commercialization activities of CAL02. Combioxin will assist the Company in transitioning the manufacturing and supply of CAL02 to the Company. Under the terms of the agreement, we paid $10 million as upfront license consideration that was expensed immediately as research and development and is reflected within the operating activities of the consolidated statements of cash flows as of December 31, 2021. The Company may pay to Combioxin up to $105 million upon achievement of certain development, regulatory and sales based milestone payments plus royalty payments at royalty rates ranging in low double digit percentages on the net sales of all products sold, subject to certain adjustments as provided in the agreement. The Company is also obligated to make certain payments based upon amounts received by sublicensees under the agreement. License agreement with AOP Orphan In August 2021, we entered into a licensing agreement with AOP Orphan Pharmaceuticals GmbH (“AOP Orphan”), a privately owned Austrian company devoted to the treatment of rare and special diseases, for the commercial rights to its product, landiolol in the United States, including an exclusive royalty-bearing license under certain patent rights and know-how to develop, commercialize and otherwise exploit any pharmaceutical product that contains landiolol. Landiolol, a leading hospital emergency use product, is currently approved in Europe for the treatment of non-compensatory sinus tachycardia and tachycardic supraventricular arrhythmias. We supported the submission of a new drug application (“NDA”) in the second quarter of 2022 by AOP Orphan to the FDA seeking approval for landiolol for the short term reduction of ventricular rate in patients with supraventricular tachycardia (“SVT”), including atrial fibrillation and atrial flutter. Under the terms of the agreement, we made a $5 million upfront payment as consideration that was expensed immediately as research and development and was reflected within the operating activities of the consolidated statements of cash flows as of December 31, 2021. The licensing agreement provided for potential additional payments up to $25 million upon regulatory approval(s) and based upon commercial sales. We also entered into a supply agreement at the same time as the licensing agreement. On June 6, 2023, we delivered notice (the “Notice”) of termination to AOP Orphan with respect to the above referenced license agreement, following AOP Orphan’s receipt of a complete response letter from the FDA whereby the FDA refused to approve the NDA for landiolol. The Notice provides that the licensing agreement be terminated as of June 6, 2023, which we believe alleviates any previous obligation for us to make any further payments to AOP Orphan. The Company cannot be certain that AOP Orphan will not dispute the Notice or on what terms any potential dispute may be resolved. Collaboration with Syros On January 7, 2020, we announced a strategic collaboration to advance SM-88, an oral product candidate for the treatment of patients with cancer, with a predecessor entity of Syros. SM-88 is an investigational agent in two Phase II studies, one for pancreatic cancer and another for prostate cancer. Under the terms of a related co-promotion agreement, we would be responsible for 25% of the promotional sales effort of SM-88 and would receive 15% royalty on the net revenues of SM-88 in the United States. Syros is responsible for clinical development, regulatory approval, commercial strategy, marketing, reimbursement and manufacturing of SM-88. Syros retains the remaining 85% of net U.S. revenues and reserves the right to repurchase our U.S. co-promotion right for $200.0 million. Our equity investment in Syros is included in Other assets on our condensed consolidated balance sheet. For the three months ended June 30, 2023 and 2022, the fair value adjustments for the equity investment were a gain of $0.2 million and a loss of $0.7 million, respectively. For the six months ended June 30, 2023 and 2022, the fair value adjustments for the equity investment was a loss of $0.2 million and a loss of $3.2 million, respectively. These adjustments were recorded in Other (expense) income on our condensed consolidated statements of operations.

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

Property and equipment consisted of the following:


	June 30, 2023		December 31, 2022		Estimated Useful Life (years)
Furniture and fixtures	$	1,525	$	1,525	7
Office equipment	1,077		1,077		3
Equipment	4,077		4,012		7
Leasehold improvements	1,155		1,155		2
	7,834		7,769
Less: accumulated depreciation	(6,821)		(6,601)
Property and equipment, net	$	1,013	$	1,168

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,164	$ (9,450)	$ 10,914	$ 34,608
Other comprehensive (loss) income, net of tax:
Unrealized gain for convertible promissory note	0	92	0	604
Foreign currency translation	0	1,771	0	1,771
Total other comprehensive income	0	1,863	0	2,375
Comprehensive income (loss)	$ 5,164	$ (7,587)	$ 10,914	$ 36,983

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of financial assets and liabilities measured and recognized at fair value

Financial assets and liabilities measured and recognized at fair value are as follows:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,281	$	11,281	$	—	$	—
Investment in Syros Pharmaceuticals, Inc. ("Syros")	1,380		1,380		—		—
Investment in Enalare Therapeutics, Inc.	16,952		—		—		16,952
Acquisition rights of Enalare Therapeutics, Inc.	8,125		—		—		8,125


	December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	47,567	$	47,567	$	—	$	—
Investment in Syros Pharmaceuticals, Inc. ("Syros")	1,573		1,573		—		—
Investment in Enalare Therapeutics, Inc.	8,438		—		—		8,438
Acquisition rights of Enalare Therapeutics, Inc.	8,125		—		—		8,125


Liabilities:
Forward Liability	$	4,063	$	—	$	—	$	4,063

Schedule of revenues and accounts receivables by major customers

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues
Teva - See Revenue Recognition	38	%	36	%	35	%	29	%
Customer A	35	%	19	%	33	%	19	%
Customer B	10	%	7	%	12	%	12	%
Customer C	5	%	12	%	7	%	13	%
Customer D	8	%	7	%	8	%	9	%

Other	4	%	19	%	5	%	18	%
	100	%	100	%	100	%	100	%


	June 30,		December 31,
	2023		2022
Accounts receivable
Teva - See Revenue Recognition	19	%	31	%
Customer A	61	%	1	%
Customer B	13	%	57	%
Customer C	1	%	5	%
Customer D	6	%	2	%
Other	0	%	4	%
	100	%	100	%

Schedule of dilutive and anti-dilutive common shares equivalents outstanding

The anti-dilutive common share equivalents outstanding for the three and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Stock options	2,351,791	2,499,165	2,351,791	2,092,420
Restricted stock units	400,917	77,149	251,867	77,149
Total	2,752,708	2,576,314	2,603,658	2,169,569

Computation for basic and diluted net (loss) earnings per share

The following table sets forth the computation for basic and diluted net earnings (loss) per share for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator
Net income (loss)	$	5,164	$	(9,450)	$	10,914	$	34,608
Denominator
Basic weighted average common shares outstanding	13,090,852		12,836,116		13,075,090		12,773,727
Dilutive effect of stock awards	63,747		—		76,017		178,061
Diluted weighted average common shares outstanding	13,154,599		12,836,116		13,151,107		12,951,788
Basic net earnings (loss) per share
Basic net earnings (loss) per share	$	0.39	$	(0.74)	$	0.83	$	2.71
Diluted net earnings (loss) per share
Diluted net earnings (loss) per share	$	0.39	$	(0.74)	$	0.83	$	2.67

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36306
Entity Registrant Name	Eagle Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8179278
Entity Address, Address Line One	50 Tice Boulevard
Entity Address, Address Line Two	Suite 315
Entity Address, City or Town	Woodcliff Lake
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07677
City Area Code	(201)
Local Phone Number	326-5300
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	EGRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		12,986,971
Entity Central Index Key	0000827871
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	true
Amendment Description	Eagle Pharmaceuticals, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (“Amendment”) to its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, which was originally filed on August 8, 2023 (“Original Filing”), to include certain inline eXtensible Business Reporting Language ("iXBRL") data tagging information that was inadvertently omitted in the original filing.Except for the iXBRL specifically noted above, this Amendment does not modify or update disclosures in the Original Filing. Accordingly, this Amendment does not reflect events occurring after the filing of the Original Filing or modify or update any related or other disclosures, other than those identified above.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	1,500,000	1,500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	17,647,390	17,569,375
Treasury stock (in shares)	4,552,730	4,552,730

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income tax provision	$	(4,134)		$	(3,582)		$	(8,615)		$	(17,184)
Effective tax rate	44		%	(61)		%	44		%	33		%

Balance Sheet Accounts - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Classification as of June 30, 2023:
Current lease liabilities (included within Accrued expenses and other liabilities)	$ 1,422	$ 1,534
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term lease liabilities (included within Other long-term liabilities)	$ 839
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Total lease liabilities	$ 2,261

Common Stock and Stock-Based Compensation - Summary of Stock Options, RSU and PSU Activity (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock Options
Outstanding beginning balance (in shares)	2,425,833	2,814,878
Granted (in shares)	116,268	91,700
Options Exercised (in shares)	(26,672)	(62,321)
Forfeited or expired (in shares)	(44,674)	(40,044)
Outstanding ending balance (in shares)	2,470,755	2,804,213
RSUs
RSUs and PSUs
Outstanding beginning balance (in shares)	269,163	263,306
Granted (in shares)	253,700	148,000
Vested (in shares)	(105,071)	(101,898)
Forfeited or expired (in shares)	(16,875)	(7,082)
Outstanding ending balance (in shares)	400,917	302,326
PSUs
RSUs and PSUs
Outstanding beginning balance (in shares)	319,100	137,300
Granted (in shares)	211,800	228,200
Vested (in shares)	0	0
Forfeited or expired (in shares)	0	0
Outstanding ending balance (in shares)	530,900	365,500

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income tax provision	$	(4,134)		$	(3,582)		$	(8,615)		$	(17,184)
Effective tax rate	44		%	(61)		%	44		%	33		%

For interim periods, we recognize an income tax provision based on our estimated annual effective tax rate expected for the entire year plus the effects of certain discrete items occurring in the quarter. The interim annual estimated effective tax rate is based on the statutory tax rates then in effect, as adjusted for changes in estimated permanent differences, and certain discrete items whose tax effect, when material, is recognized in the interim period in which they occur.

The effective tax rate for the three and six months ended June 30, 2023, reflects an interim tax provision resulting from the impact of certain non-deductible executive compensation and the impact of a valuation allowance recorded against the tax losses of Acacia, partially offset by credits for research and development activity.

The effective tax rate for the three and six months ended June 30, 2022, reflects an interim tax provision resulting from impact of certain non-deductible executive compensation and the impact of certain non-deductible costs from the acquisition of Acacia, partially offset by credits for research and development activity.

We review the realizability of our deferred tax assets on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset are considered, along with any other positive or negative evidence. Since future financial results may differ from previous estimates, periodic adjustments to our valuation allowances may be necessary.

Deferred income tax assets as of June 30, 2023 consisted of temporary differences primarily related to the net operating losses of Acacia, stock-based compensation and capitalized research and development expenses, partially offset by the temporary differences related to intangible assets and valuation allowance of Acacia.

We file income tax returns in the U.S. federal jurisdiction and several states. We are currently under audit by the Internal Revenue Service (IRS) and three state tax jurisdictions. We had no amount recorded for any unrecognized tax benefits as of June 30, 2023. We regularly evaluate our tax positions for additional unrecognized tax benefits and associated interest and penalties, if applicable. There are many factors that are considered when evaluating these tax positions including: interpretation of tax laws, recent tax litigation on a position, past audit or examination history, and subjective estimates and assumptions. We reflect interest and penalties attributable to income taxes, to the extent they arise, as a component of income tax provision or benefit.

- 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
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details