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Revenue recognition (Tables)
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Contract liabilities, rollforward and revenue recognition
The following table presents changes in the Company’s contract liabilities from December 31, 2017 to June 30, 2018:
 
 
Balance as of
December 31,
2017
 
Additions
 
Deductions
 
ASC 606 Adjustment
 
Balance as of
June 30,
2018
Deferred Revenue
 
$
11,891

 
$
2,586

 
$

 
$
(3,937
)
 
$
10,540

During the three and six months ended June 30, 2018, the Company recognized revenue in the period from:
 
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2018
Amounts included in contract liabilities at the beginning of the period
 
$

 
$

Performance obligations satisfied in previous period
 

 

Performance obligations satisfied in current period
 
68,170

 
124,151

Total product revenue
 
$
68,170

 
$
124,151

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 June 30,
2018
 
Adjustments
 
As reported Balances without adoption of Topic 606
Assets
 
 

 
 
 
 
Current assets:
 
 

 
 
 
 
Cash and cash equivalents
 
$
223,788

 
$

 
$
223,788

Marketable securities
 
72,318

 

 
72,318

Trade receivables, net
 
59,383

 

 
59,383

Inventory
 
13,852

 
(67
)
 
13,785

Prepaid expenses and other current assets
 
6,305

 

 
6,305

Total current assets
 
375,646

 
(67
)
 
375,579

Fixed assets, net
 
8,217

 

 
8,217

Intangible assets, net
 
126,290

 

 
126,290

Deposits and other assets
 
1,620

 

 
1,620

Total assets
 
$
511,773

 
$
(67
)
 
$
511,706

Liabilities and stockholders’ equity
 
 

 
 
 
 
Current liabilities:
 
 

 
 
 
 
Accounts payable and accrued expenses
 
$
82,534

 
$
(649
)
 
$
81,885

Current portion of long-term debt
 
1,666

 

 
1,666

Deferred revenue
 

 
4,141

 
4,141

Other current liabilities
 
2,274

 

 
2,274

Total current liabilities
 
86,474

 
3,492

 
89,966

Deferred revenue - long-term
 
10,540

 

 
10,540

Long-term debt
 
147,204

 

 
147,204

Other long-term liabilities
 
153

 

 
153

Total liabilities
 
244,371

 
3,492

 
247,863

 
 
 
 
 
 
 
Stockholders’ equity:
 
 

 
 
 
 
Common stock
 
47

 

 
47

Additional paid-in capital
 
1,105,124

 

 
1,105,124

Accumulated other comprehensive income
 
1,855

 

 
1,855

Accumulated deficit
 
(839,624
)
 
(3,559
)
 
(843,183
)
Total stockholders’ equity
 
267,402

 
(3,559
)
 
263,843

Total liabilities and stockholders’ equity
 
$
511,773

 
$
(67
)
 
$
511,706







ii.Consolidated statements of operations
 
 
Impact of changes in accounting policies
Three Months Ended
 
 
As reported for the period ended June 30,
2018
 
Adjustments
 
As reported Balances without adoption of Topic 606
Revenues:
 
 

 
 
 
 

Net product revenue
 
$
68,170

 
$
604

 
$
68,774

Collaboration and grant revenue
 
573

 

 
573

Total revenues
 
68,743

 
604

 
69,347

Operating expenses:
 
 

 
 
 
 

Cost of product sales, excluding amortization of acquired intangible asset
 
2,572

 
13

 
2,585

Amortization of acquired intangible asset
 
5,593

 

 
5,593

Research and development
 
32,607

 

 
32,607

Selling, general and administrative
 
33,545

 

 
33,545

Total operating expenses
 
74,317

 
13

 
74,330

Loss from operations
 
(5,574
)
 
591

 
(4,983
)
Interest expense, net
 
(2,884
)
 

 
(2,884
)
Other expense, net
 
(673
)
 

 
(673
)
Loss before income tax expense
 
(9,131
)
 
591

 
(8,540
)
Income tax expense
 
(389
)
 

 
(389
)
Net loss attributable to common stockholders
 
$
(9,520
)
 
$
591

 
$
(8,929
)
 
 
Impact of changes in accounting policies
Year to Date
 
 
As reported for the period ended June 30,
2018
 
Adjustments
 
As reported Balances without adoption of Topic 606
Revenues:
 
 

 
 
 
 

Net product revenue
 
$
124,151

 
$
(225
)
 
$
123,926

Collaboration and grant revenue
 
654

 

 
654

Total revenues
 
124,805

 
(225
)
 
124,580

Operating expenses:
 
 

 
 
 
 

Cost of product sales, excluding amortization of acquired intangible asset
 
5,616

 
(67
)
 
5,549

Amortization of acquired intangible asset
 
11,022

 

 
11,022

Research and development
 
63,970

 

 
63,970

Selling, general and administrative
 
66,514

 

 
66,514

Total operating expenses
 
147,122

 
(67
)
 
147,055

Loss from operations
 
(22,317
)
 
(158
)
 
(22,475
)
Interest expense, net
 
(6,187
)
 

 
(6,187
)
Other income, net
 
332

 

 
332

Loss before income tax expense
 
(28,172
)
 
(158
)
 
(28,330
)
Income tax expense
 
(610
)
 

 
(610
)
Net loss attributable to common stockholders
 
$
(28,782
)
 
$
(158
)
 
$
(28,940
)

iii.Consolidated statements of comprehensive loss
 
 
Impact of changes in accounting policies
Three Months Ended
 
 
As reported for the period ended June 30,
2018
 
Adjustments
 
As reported Balances without adoption of Topic 606
Net loss
 
$
(9,520
)
 
$
591

 
$
(8,929
)
Other comprehensive loss:
 
 

 
 
 
 

Unrealized gain on marketable securities, net of tax
 
40

 

 
40

Foreign currency translation loss
 
(3,138
)
 

 
(3,138
)
Comprehensive loss
 
$
(12,618
)
 
$
591

 
$
(12,027
)
 
 
Impact of changes in accounting policies
Year to Date
 
 
As reported for the period ended June 30,
2018
 
Adjustments
 
As reported Balances without adoption of Topic 606
Net loss
 
$
(28,782
)
 
$
(158
)
 
$
(28,940
)
Other comprehensive loss:
 
 

 
 
 
 

Unrealized loss on marketable securities, net of tax
 
(83
)
 

 
(83
)
Foreign currency translation loss
 
(2,031
)
 

 
(2,031
)
Comprehensive loss
 
$
(30,896
)
 
$
(158
)
 
$
(31,054
)

iv.Consolidated statements of cash flows
 
 
Impact of changes in accounting policies
 
 
As reported for the period ended June 30,
2018
 
Adjustments
 
Balances without adoption of Topic 606
Cash flows from operating activities
 
 

 
 
 
 

Net loss
 
$
(28,782
)
 
$
(158
)
 
$
(28,940
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 

 
 
 
 

Depreciation and amortization
 
12,243

 

 
12,243

Change in valuation of warrant liability
 

 

 

Non-cash interest expense
 
3,644

 

 
3,644

Loss on disposal of asset
 

 

 

Amortization of premiums and accretion of discounts on investments, net
 
(230
)
 

 
(230
)
Amortization of debt issuance costs
 
256

 

 
256

Share-based compensation expense
 
15,831

 

 
15,831

Benefit for deferred income taxes
 

 

 

Unrealized foreign currency transaction losses, net
 
(764
)
 

 
(764
)
Changes in operating assets and liabilities:
 
 

 
 
 
0

Inventory, net
 
(3,393
)
 
(67
)
 
(3,460
)
Prepaid expenses and other current assets
 
254

 

 
254

Trade receivables, net
 
(20,429
)
 

 
(20,429
)
Deposits and other assets
 
(419
)
 

 
(419
)
Accounts payable and accrued expenses
 
2,225

 
(649
)
 
1,576

Other liabilities
 
485

 

 
485

Deferred revenue
 
3,204

 
874

 
4,078

Net cash used in operating activities
 
(15,875
)
 

 
(15,875
)
Cash flows from investing activities
 
 

 
 
 
 

Purchases of fixed assets
 
(1,187
)
 

 
(1,187
)
Purchases of marketable securities
 
(28,656
)
 

 
(28,656
)
Sale and redemption of marketable securities
 
35,939

 

 
35,939

Acquisition, including transaction costs
 

 

 

Net cash provided by investing activities
 
6,096

 

 
6,096

Cash flows from financing activities
 
 

 
 
 
 

Proceeds from exercise of options
 
3,592

 

 
3,592

Net proceeds from public offerings
 
117,874

 

 
117,874

Proceeds from shares issued under employee stock purchase plan
 
1,299

 

 
1,299

Debt issuance costs related to secured term loan
 

 

 

Proceeds from issuance of secured term loan
 

 

 

Debt issuance costs related to convertible notes
 

 

 

Proceeds from issuance of convertible notes
 

 

 

Net cash provided by financing activities
 
122,765

 

 
122,765

Effect of exchange rate changes on cash
 
(990
)
 

 
(990
)
Net increase in cash and cash equivalents
 
111,996

 

 
111,996

Cash and cash equivalents, beginning of period
 
111,792

 

 
111,792

Cash and cash equivalents, end of period
 
$
223,788

 
$

 
$
223,788