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Revenue recognition (Tables) | 12 Months Ended
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Dec. 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 from December 31, 2017 to December 31, 2018:
|  | Balance as of December 31, 2017 |  | Additions |  | Deductions |  | ASC 606 Adjustment |  | Balance as of December 31, 2018
Deferred Revenue |  | $ | 11,891 |  |  | $ | 6,417 |  |  | $ | (1,433 | ) |  | $ | (3,937 | ) |  | $ | 12,938 |
The Company did not have any contract assets for the During the twelve months ended December 31, 2018. During the twelve months ended December 31, 2018, the Company recognized revenue in the period from:
|  | December 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 |  | 263,005 |
Total product revenue |  | $ | 263,005 |
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 December 31, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 169,498 |  |  | $ | — |  |  | $ | 169,498 |
Marketable securities |  | 58,088 |  |  | — |  |  | 58,088 |
Trade receivables, net |  | 67,907 |  |  | — |  |  | 67,907 |
Inventory |  | 16,117 |  |  | (84 | ) |  | 16,033 |
Prepaid expenses and other current assets |  | 9,247 |  |  | — |  |  | 9,247 |
Total current assets |  | 320,857 |  |  | (84 | ) |  | 320,773 |
Fixed assets, net |  | 12,694 |  |  | — |  |  | 12,694 |
Intangible assets, net |  | 701,031 |  |  | — |  |  | 701,031 |
Goodwill |  | 82,341 |  |  | — |  |  | 82,341 |
Deposits and other assets |  | 2,299 |  |  | — |  |  | 2,299 |
Total assets |  | $ | 1,119,222 |  |  | $ | (84 | ) |  | $ | 1,119,138 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 128,199 |  |  | $ | (2,120 | ) |  | $ | 126,079 |
Current portion of long-term debt |  | 11,667 |  |  | — |  |  | 11,667 |
Deferred revenue |  | 3,716 |  |  | 10,563 |  |  | 14,279 |
Other current liabilities |  | 3,814 |  |  | — |  |  | 3,814 |
Deferred consideration payable- current |  | 19,400 |  |  | — |  |  | 19,400 |
Total current liabilities |  | 166,796 |  |  | 8,443 |  |  | 175,239 |
Deferred revenue - long-term |  | 9,722 |  |  | — |  |  | 9,722 |
Long-term debt |  | 141,347 |  |  | — |  |  | 141,347 |
Contingent consideration payable |  | 310,240 |  |  | — |  |  | 310,240 |
Deferred consideration payable - long-term |  | 18,300 |  |  | — |  |  | 18,300 |
Deferred tax liability |  | 122,032 |  |  | — |  |  | 122,032 |
Other long-term liabilities |  | 58 |  |  | — |  |  | 58 |
Total liabilities |  | 768,495 |  |  | 8,443 |  |  | 776,938 |
Stockholders’ equity: |  |  |  |  |  |  |
Common stock |  | 51 |  |  | — |  |  | 51 |
Additional paid-in capital |  | 1,288,137 |  |  | — |  |  | 1,288,137 |
Accumulated other comprehensive income |  | 1,462 |  |  | — |  |  | 1,462 |
Accumulated deficit |  | (938,923 | ) |  | (8,527 | ) |  | (947,450 | )
Total stockholders’ equity |  | 350,727 |  |  | (8,527 | ) |  | 342,200 |
Total liabilities and stockholders’ equity |  | $ | 1,119,222 |  |  | $ | (84 | ) |  | $ | 1,119,138 |
Consolidated statements of operations
|  | Impact of changes in accounting policies Twelve Months Ended
|  | As reported for the period ended December 31, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Revenues: |  |  |  |  |  |  |  |
Net product revenue |  | $ | 263,005 |  |  | $ | (5,177 | ) |  | $ | 257,828 |
Collaboration and grant revenue |  | 1,729 |  |  | — |  |  | 1,729 |
Total revenues |  | 264,734 |  |  | (5,177 | ) |  | 259,557 |
Operating expenses: |  |  |  |  |  |  |  |
Cost of product sales, excluding amortization of acquired intangible asset |  | 12,670 |  |  | (84 | ) |  | 12,586 |
Amortization of acquired intangible asset |  | 22,877 |  |  | — |  |  | 22,877 |
Research and development |  | 171,984 |  |  | — |  |  | 171,984 |
Selling, general and administrative |  | 153,548 |  |  | — |  |  | 153,548 |
Change in the fair value of deferred and contingent consideration |  | 19,340 |  |  | — |  |  | 19,340 |
Total operating expenses |  | 380,419 |  |  | (84 | ) |  | 380,335 |
Loss from operations |  | (115,685 | ) |  | (5,093 | ) |  | (120,778 | )
Interest expense, net |  | (12,554 | ) |  | — |  |  | (12,554 | )
Other income, net |  | 129 |  |  | — |  |  | 129 |
Loss before income tax expense |  | (128,110 | ) |  | (5,093 | ) |  | (133,203 | )
Income tax benefit |  | 29 |  |  | — |  |  | 29 |
Net loss attributable to common stockholders |  | $ | (128,081 | ) |  | $ | (5,093 | ) |  | $ | (133,174 | )
iii.Consolidated statements of comprehensive loss
|  | Impact of changes in accounting policies Twelve Months Ended
|  | As reported for the period ended December 31, 2018 |  | Adjustments |  | As reported Balances without adoption of Topic 606
Net loss |  | $ | (128,081 | ) |  | $ | (5,093 | ) |  | $ | (133,174 | )
Other comprehensive loss: |  |  |  |  |  |  |  |
Unrealized gain on marketable securities, net of tax |  | 9 |  |  | — |  |  | 9 |
Foreign currency translation loss |  | (2,516 | ) |  | — |  |  | (2,516 | )
Comprehensive loss |  | $ | (130,588 | ) |  | $ | (5,093 | ) |  | $ | (135,681 | )
iv.Consolidated statements of cash flows
|  | Impact of changes in accounting policies
|  | As reported for the period ended December 31, 2018 |  | Adjustments |  | Balances without adoption of Topic 606
Cash flows from operating activities |  |  |  |  |  |  |  |
Net loss |  | $ | (128,081 | ) |  | $ | (5,093 | ) |  | $ | (133,174 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 26,087 |  |  | — |  |  | 26,087 |
Change in valuation of deferred and contingent consideration |  | 19,340 |  |  | — |  |  | 19,340 |
Amortization of premiums on investments |  | (433 | ) |  | — |  |  | (433 | )
Amortization of debt issuance costs |  | 524 |  |  | — |  |  | 524 |
Share-based compensation expense |  | 33,252 |  |  | — |  |  | 33,252 |
Non-cash interest expense |  | 7,518 |  |  | — |  |  | 7,518 |
Disposal of asset |  | 2 |  |  | — |  |  | 2 |
Unrealized foreign currency transaction (gains) losses, net |  | (59 | ) |  | — |  |  | (59 | )
Changes in operating assets and liabilities: |  |  |  |  |  | 0 |
Inventory, net |  | (5,823 | ) |  | (84 | ) |  | (5,907 | )
Prepaid expenses and other current assets |  | (1,609 | ) |  | — |  |  | (1,609 | )
Trade receivables, net |  | (29,589 | ) |  | — |  |  | (29,589 | )
Deposits and other assets |  | (1,093 | ) |  | — |  |  | (1,093 | )
Accounts payable and accrued expenses |  | 43,877 |  |  | (2,120 | ) |  | 41,757 |
Other long-term liabilities |  | 1,932 |  |  | — |  |  | 1,932 |
Deferred revenue |  | 6,514 |  |  | 7,297 |  |  | 13,811 |
Net cash used in operating activities |  | (27,641 | ) |  | — |  |  | (27,641 | )
Cash flows from investing activities |  |  |  |  |  |  |  |
Purchases of fixed assets |  | (7,097 | ) |  | — |  |  | (7,097 | )
Purchases of marketable securities |  | (68,614 | ) |  | — |  |  | (68,614 | )
Sale & redemption of marketable securities |  | 90,423 |  |  | — |  |  | 90,423 |
Acquisition of product rights |  | (8,433 | ) |  | — |  |  | (8,433 | )
Business acquisition, net of cash acquired |  | (48,892 | ) |  | — |  |  | (48,892 | )
Net cash used in investing activities |  | (42,613 | ) |  | — |  |  | (42,613 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Proceeds from exercise of options |  | 10,868 |  |  | — |  |  | 10,868 |
Proceeds from shares issued under employee stock purchase plan |  | 2,787 |  |  | — |  |  | 2,787 |
Net proceeds from public offerings |  | 117,916 |  |  | — |  |  | 117,916 |
Net cash provided by financing activities |  | 131,571 |  |  | — |  |  | 131,571 |
Effect of exchange rate changes on cash |  | (3,611 | ) |  | — |  |  | (3,611 | )
Net increase in cash and cash equivalents |  | 57,706 |  |  | — |  |  | 57,706 |
Cash and cash equivalents, beginning of period |  | 111,792 |  |  | — |  |  | 111,792 |
Cash and cash equivalents, end of period |  | $ | 169,498 |  |  | $ | — |  |  | $ | 169,498 |

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