Revenue recognition (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Contract liabilities, rollforward and revenue recognition

The following table presents changes in the Company’s contract liabilities for the three months ended March 31, 2018:



	Balance as of December 31, 2017		Additions		Deductions		ASC 606 Adjustment			Balance as of March 31, 2018
Deferred Revenue	$	11,891	$	1,346	$	—	$	(3,937	)	$	9,300.265

During the three months ended March 31, 2018, the Company recognized revenue in the period from:



	March 31, 2018
Amounts included in contract liabilities at the beginning of the period	$	—
Performance obligations satisfied in previous period	—
Performance obligations satisfied in current period	55,981
Total product revenue	$	55,981

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The impact of adoption using the modified retrospective method on the Company’s consolidated financial statements is as follows:

i.Consolidated balance sheets



	Impact of changes in accounting policies
	As reported March 31, 2018			Adjustments			As reported Balances without adoption of Topic 606
Assets
Current assets:
Cash and cash equivalents	$	97,675		$	—		$	97,675
Marketable securities	80,595			—			80,595
Trade receivables, net	45,611			—			45,611
Inventory	12,355			80			12,435
Prepaid expenses and other current assets	5,760			—			5,760
Total current assets	241,996			80			242,076
Fixed assets, net	8,302			—			8,302
Intangible assets, net	127,565			—			127,565
Deposits and other assets	1,548			—			1,548
Total assets	$	379,411		$	80		$	379,491
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	71,437		$	(839	)	$	70,598
Deferred revenue	—			4,935			4,935
Other current liabilities	1,279			—			1,279
Total current liabilities	72,716			4,096			76,812
Deferred revenue - long-term	9,300			—			9,300
Long-term debt	146,878			—			146,878
Other long-term liabilities	209			—			209
Total liabilities	229,103			4,096			233,199

Stockholders’ equity:
Common stock	42			—			42
Additional paid-in capital	975,418			—			975,418
Accumulated other comprehensive income	4,953			—			4,953
Accumulated deficit	(830,105		)	(4,016		)	(834,121		)
Total stockholders’ equity	150,308			(4,016		)	146,292
Total liabilities and stockholders’ equity	$	379,411		$	80		$	379,491

ii.Consolidated statements of operations



	Impact of changes in accounting policies
	As reported for the period ended March 31, 2018			Adjustments			As reported Balances without adoption of Topic 606
Revenues:
Net product revenue	$	55,981		$	(829	)	$	55,152
Collaboration and grant revenue	81			—			81
Total revenues	56,062			(829		)	55,233
Operating expenses:
Cost of product sales, excluding amortization of acquired intangible asset	3,045			(80		)	2,965
Amortization of acquired intangible asset	5,428			—			5,428
Research and development	31,363			—			31,363
Selling, general and administrative	32,969			—			32,969
Total operating expenses	72,805			(80		)	72,725
Loss from operations	(16,743		)	(749		)	(17,492		)
Interest expense, net	(3,303		)	—			(3,303		)
Other income, net	1,004			—			1,004
Loss before income tax expense	(19,042		)	(749		)	(19,791		)
Income tax expense	(221		)	—			(221		)
Net loss attributable to common stockholders	$	(19,263	)	$	(749	)	$	(20,012	)

iii.Consolidated statements of comprehensive loss



	Impact of changes in accounting policies
	As reported for the period ended March 31, 2018			Adjustments			As reported Balances without adoption of Topic 606
Net loss	$	(19,263	)	$	(749	)	$	(20,012	)
Other comprehensive loss:
Unrealized loss on marketable securities, net of tax	(123		)	—			(123		)
Foreign currency translation gain	1,107			—			1,107
Comprehensive loss	$	(18,279	)	$	(749	)	$	(19,028	)

iv.Consolidated statements of cash flows



	Impact of changes in accounting policies
	As reported for the period ended March 31, 2018			Adjustments			Balances without adoption of Topic 606
Cash flows from operating activities
Net loss	$	(19,263	)	$	(749	)	$	(20,012	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,022			—			6,022
Non-cash interest expense	1,780			—			1,780
Amortization of premiums on investments	(96		)	—			(96		)
Amortization of debt issuance costs	126			—			126
Share-based compensation expense	7,748			—			7,748
Unrealized foreign currency transaction losses, net	(1,300		)	—			(1,300		)
Changes in operating assets and liabilities:							0
Inventory, net	(1,446		)	(80		)	(1,526		)
Prepaid expenses and other current assets	958			—			958
Trade receivables, net	(4,223		)	—			(4,223		)
Deposits and other assets	(308		)	—			(308		)
Accounts payable and accrued expenses	(6,810		)	(839		)	(7,649		)
Other liabilities	(475		)	—			(475		)
Deferred revenue	1,409			1,668			3,077
Net cash used in operating activities	(15,878		)	—			(15,878		)
Cash flows from investing activities
Purchases of fixed assets	(479		)	—			(479		)
Purchases of marketable securities	(22,683		)	—			(22,683		)
Sale and redemption of marketable securities	21,514			—			21,514
Net cash used in investing activities	(1,648		)	—			(1,648		)
Cash flows from financing activities
Proceeds from exercise of options	1,136			—			1,136
Net cash provided by financing activities	1,136			—			1,136
Effect of exchange rate changes on cash	2,273			—			2,273
Net decrease in cash and cash equivalents	(14,117		)	—			(14,117		)
Cash and cash equivalents, beginning of period	111,792			—			111,792
Cash and cash equivalents, end of period	$	97,675		$	—		$	97,675