XML 46 R31.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Revenue recognition (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Revenue from Contract with Customer [Abstract] |
Contract liabilities, rollforward and revenue recognition | During the three and nine months ended September 30, 2018, the Company recognized revenue in the period from:
|  | Three Months Ended September 30, 2018 |  | Nine Months Ended September 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 |  | 53,021 |  |  | 177,172 |
Total product revenue |  | $ | 53,021 |  |  | $ | 177,172 |
The following table presents changes in the Company’s contract liabilities from December 31, 2017 to September 30, 2018:
|  | Balance as of December 31, 2017 |  | Additions |  | Deductions |  | ASC 606 Adjustment |  | Balance as of September 30, 2018
Deferred Revenue |  | $ | 11,891 |  |  | $ | 4,706 |  |  | $ | — |  |  | $ | (3,937 | ) |  | $ | 12,660 |
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 September 30, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 206,913 |  |  | $ | — |  |  | $ | 206,913 |
Marketable securities |  | 42,491 |  |  | — |  |  | 42,491 |
Trade receivables, net |  | 42,197 |  |  | — |  |  | 42,197 |
Inventory |  | 13,660 |  |  | (84 | ) |  | 13,576 |
Prepaid expenses and other current assets |  | 8,020 |  |  | — |  |  | 8,020 |
Total current assets |  | 313,281 |  |  | (84 | ) |  | 313,197 |
Fixed assets, net |  | 8,805 |  |  | — |  |  | 8,805 |
Intangible assets, net |  | 604,612 |  |  | — |  |  | 604,612 |
Goodwill |  | 100,309 |  |  | — |  |  | 100,309 |
Deposits and other assets |  | 1,620 |  |  | — |  |  | 1,620 |
Total assets |  | $ | 1,028,627 |  |  | $ | (84 | ) |  | $ | 1,028,543 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 102,788 |  |  | $ | (794 | ) |  | $ | 101,994 |
Current portion of long-term debt |  | 6,667 |  |  | — |  |  | 6,667 |
Deferred revenue |  | 2,004 |  |  | 5,120 |  |  | 7,124 |
Other current liabilities |  | 3,463 |  |  | — |  |  | 3,463 |
Total current liabilities |  | 114,922 |  |  | 4,326 |  |  | 119,248 |
Deferred revenue - long-term |  | 11,156 |  |  | — |  |  | 11,156 |
Long-term debt |  | 144,258 |  |  | — |  |  | 144,258 |
Contingent consideration payable |  | 218,700 |  |  | — |  |  | 218,700 |
Deferred consideration payable |  | 38,200 |  |  | — |  |  | 38,200 |
Deferred tax liability |  | 115,200 |  |  | — |  |  | 115,200 |
Other long-term liabilities |  | 101 |  |  | — |  |  | 101 |
Total liabilities |  | 642,537 |  |  | 4,326 |  |  | 646,863 |
Stockholders’ equity: |  |  |  |  |  |  |
Common stock |  | 51 |  |  | — |  |  | 51 |
Additional paid-in capital |  | 1,275,004 |  |  | — |  |  | 1,275,004 |
Accumulated other comprehensive income |  | 1,628 |  |  | — |  |  | 1,628 |
Accumulated deficit |  | (890,593 | ) |  | (4,410 | ) |  | (895,003 | )
Total stockholders’ equity |  | 386,090 |  |  | (4,410 | ) |  | 381,680 |
Total liabilities and stockholders’ equity |  | $ | 1,028,627 |  |  | $ | (84 | ) |  | $ | 1,028,543 |
ii.Consolidated statements of operations
|  | Impact of changes in accounting policies Three Months Ended
|  | As reported for the period ended September 30, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Revenues: |  |  |  |  |  |  |  |
Net product revenue |  | $ | 53,021 |  |  | $ | (834 | ) |  | $ | 52,187 |
Collaboration and grant revenue |  | 570 |  |  | — |  |  | 570 |
Total revenues |  | 53,591 |  |  | (834 | ) |  | 52,757 |
Operating expenses: |  |  |  |  |  |  |  |
Cost of product sales, excluding amortization of acquired intangible asset |  | 3,292 |  |  | (17 | ) |  | 3,275 |
Amortization of acquired intangible asset |  | 5,793 |  |  | — |  |  | 5,793 |
Research and development |  | 54,368 |  |  | — |  |  | 54,368 |
Selling, general and administrative |  | 38,368 |  |  | — |  |  | 38,368 |
Total operating expenses |  | 101,821 |  |  | (17 | ) |  | 101,804 |
Loss from operations |  | (48,230 | ) |  | (817 | ) |  | (49,047 | )
Interest expense, net |  | (3,118 | ) |  | — |  |  | (3,118 | )
Other expense, net |  | 734 |  |  | — |  |  | 734 |
Loss before income tax expense |  | (50,614 | ) |  | (817 | ) |  | (51,431 | )
Income tax expense |  | (355 | ) |  | — |  |  | (355 | )
Net loss attributable to common stockholders |  | $ | (50,969 | ) |  | $ | (817 | ) |  | $ | (51,786 | )
|  | Impact of changes in accounting policies Year to Date
|  | As reported for the period ended September 30, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Revenues: |  |  |  |  |  |  |  |
Net product revenue |  | $ | 177,172 |  |  | $ | (1,059 | ) |  | $ | 176,113 |
Collaboration and grant revenue |  | 1,224 |  |  | — |  |  | 1,224 |
Total revenues |  | 178,396 |  |  | (1,059 | ) |  | 177,337 |
Operating expenses: |  |  |  |  |  |  |  |
Cost of product sales, excluding amortization of acquired intangible asset |  | 8,909 |  |  | (84 | ) |  | 8,825 |
Amortization of acquired intangible asset |  | 16,815 |  |  | — |  |  | 16,815 |
Research and development |  | 118,337 |  |  | — |  |  | 118,337 |
Selling, general and administrative |  | 104,882 |  |  | — |  |  | 104,882 |
Total operating expenses |  | 248,943 |  |  | (84 | ) |  | 248,859 |
Loss from operations |  | (70,547 | ) |  | (975 | ) |  | (71,522 | )
Interest expense, net |  | (9,306 | ) |  | — |  |  | (9,306 | )
Other income, net |  | 1,066 |  |  | — |  |  | 1,066 |
Loss before income tax expense |  | (78,787 | ) |  | (975 | ) |  | (79,762 | )
Income tax expense |  | (964 | ) |  | — |  |  | (964 | )
Net loss attributable to common stockholders |  | $ | (79,751 | ) |  | $ | (975 | ) |  | $ | (80,726 | )
iii.Consolidated statements of comprehensive loss
|  | Impact of changes in accounting policies Three Months Ended
|  | As reported for the period ended September 30, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Net loss |  | $ | (50,969 | ) |  | $ | (817 | ) |  | $ | (51,786 | )
Other comprehensive loss: |  |  |  |  |  |  |  |
Unrealized gain on marketable securities, net of tax |  | 33 |  |  | — |  |  | 33 |
Foreign currency translation loss |  | (260 | ) |  | — |  |  | (260 | )
Comprehensive loss |  | $ | (51,196 | ) |  | $ | (817 | ) |  | $ | (52,013 | )
|  | Impact of changes in accounting policies Year to Date
|  | As reported for the period ended September 30, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Net loss |  | $ | (79,751 | ) |  | $ | (975 | ) |  | $ | (80,726 | )
Other comprehensive loss: |  |  |  |  |  |  |  |
Unrealized loss on marketable securities, net of tax |  | (50 | ) |  | — |  |  | (50 | )
Foreign currency translation loss |  | (2,291 | ) |  | — |  |  | (2,291 | )
Comprehensive loss |  | $ | (82,092 | ) |  | $ | (975 | ) |  | $ | (83,067 | )
iv.Consolidated statements of cash flows
|  | Impact of changes in accounting policies
|  | As reported for the period ended September 30, 2018 |  | Adjustments |  | Balances without adoption of Topic 606
Cash flows from operating activities |  |  |  |  |  |  |  |
Net loss |  | $ | (79,751 | ) |  | $ | (975 | ) |  | $ | (80,726 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 19,316 |  |  | — |  |  | 19,316 |
Change in valuation of warrant liability |  | 3 |  |  | — |  |  | 3 |
Non-cash interest expense |  | 5,563 |  |  | — |  |  | 5,563 |
Loss on disposal of asset |  | 2 |  |  | — |  |  | 2 |
Amortization of premiums and accretion of discounts on investments, net |  | (354 | ) |  | — |  |  | (354 | )
Amortization of debt issuance costs |  | 390 |  |  | — |  |  | 390 |
Share-based compensation expense |  | 24,773 |  |  | — |  |  | 24,773 |
Unrealized foreign currency transaction gain |  | (977 | ) |  | — |  |  | (977 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  | 0 |
Inventory, net |  | (3,252 | ) |  | (84 | ) |  | (3,336 | )
Prepaid expenses and other current assets |  | (1,301 | ) |  | — |  |  | (1,301 | )
Trade receivables, net |  | (2,681 | ) |  | — |  |  | (2,681 | )
Deposits and other assets |  | (385 | ) |  | — |  |  | (385 | )
Accounts payable and accrued expenses |  | 18,606 |  |  | (794 | ) |  | 17,812 |
Other liabilities |  | 1,617 |  |  | — |  |  | 1,617 |
Deferred revenue |  | 5,933 |  |  | 1,853 |  |  | 7,786 |
Net cash used in operating activities |  | (12,498 | ) |  | — |  |  | (12,498 | )
Cash flows from investing activities |  |  |  |  |  |  |  |
Purchases of fixed assets |  | (2,489 | ) |  | — |  |  | (2,489 | )
Purchases of marketable securities |  | (28,656 | ) |  | — |  |  | (28,656 | )
Sale and redemption of marketable securities |  | 65,923 |  |  | — |  |  | 65,923 |
Acquisition of product rights |  | (3,903 | ) |  | — |  |  | (3,903 | )
Business acquisition, net of cash acquired |  | (48,892 | ) |  | — |  |  | (48,892 | )
Net cash (used in) / provided by investing activities |  | (18,017 | ) |  | — |  |  | (18,017 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Proceeds from exercise of options |  | 8,631 |  |  | — |  |  | 8,631 |
Net proceeds from public offerings |  | 117,915 |  |  | — |  |  | 117,915 |
Proceeds from shares issued under employee stock purchase plan |  | 1,299 |  |  | — |  |  | 1,299 |
Net cash provided by financing activities |  | 127,845 |  |  | — |  |  | 127,845 |
Effect of exchange rate changes on cash |  | (2,209 | ) |  | — |  |  | (2,209 | )
Net increase in cash and cash equivalents |  | 95,121 |  |  | — |  |  | 95,121 |
Cash and cash equivalents, beginning of period |  | 111,792 |  |  | — |  |  | 111,792 |
Cash and cash equivalents, end of period |  | $ | 206,913 |  |  | $ | — |  |  | $ | 206,913 |

X
- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration