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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of computation of basic and diluted net income (loss) per share | The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts) as restated for the impact of the $0.4 million adjustment to net income (loss) per share:
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Net (loss) income from continuing operations | $ | (6,170 | ) |  | $ | 23,564 |  |  | $ | (293 | ) |  | $ | 24,318 |
Net income from discontinued operations | — |  |  | — |  |  | 731 |  |  | — |
Net (loss) income | $ | (6,170 | ) |  | $ | 23,564 |  |  | $ | 438 |  |  | $ | 24,318 |
Shares used to compute basic income per share | 20,831,809 |  |  | 19,725,410 |  |  | 20,765,053 |  |  | 19,668,183 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | — |  |  | 42,836 |  |  | — |  |  | 52,187 |
Stock options | — |  |  | 1,044,926 |  |  | — |  |  | 1,001,147 |
2019 convertible senior notes | — |  |  | 463,232 |  |  | — |  |  | 231,617 |
Shares used to compute diluted income per share | 20,831,809 |  |  | 21,276,404 |  |  | 20,765,053 |  |  | 20,953,134 |
Basic per share amounts(2): |  |  |  |  |  |  |
(Loss) income from continuing operations | $ | (0.30 | ) |  | $ | 1.19 |  |  | $ | (0.01 | ) |  | $ | 1.24 |
Income from discontinued operations | — |  |  | — |  |  | 0.04 |  |  | — |
Basic net (loss) income per share | $ | (0.30 | ) |  | $ | 1.19 |  |  | $ | 0.02 |  |  | $ | 1.24 |
Diluted per share amounts(2): |  |  |  |  |  |  |
(Loss) income from continuing operations | $ | (0.30 | ) |  | $ | 1.11 |  |  | $ | (0.01 | ) |  | $ | 1.16 |
Income from discontinued operations | — |  |  | — |  |  | 0.04 |  |  | — |
Diluted net (loss) income per share | $ | (0.30 | ) |  | $ | 1.11 |  |  | $ | 0.02 |  |  | $ | 1.16 |
Summary of investment categories | The following table summarizes the various investment categories at June 30, 2016 and December 31, 2015 (in thousands):
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
June 30, 2016 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |  |
Bank deposits | $ | 10,000 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 10,028 |
Corporate bonds | 23,210 |  |  | 174 |  |  | (1 | ) |  | 23,383 |
Commercial paper | 6,665 |  |  | 3 |  |  | — |  |  | 6,668 |
Asset backed securities | 695 |  |  | — |  |  | — |  |  | 695 |
Corporate equity securities | 1,700 |  |  | 3,129 |  |  | — |  |  | 4,829 |
| $ | 42,270 |  |  | $ | 3,334 |  |  | $ | (1 | ) |  | $ | 45,603 |
December 31, 2015 |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |
Bank deposits | $ | 43,043 |  |  | $ | — |  |  | $ | (4 | ) |  | $ | 43,039 |
Corporate bonds | 41,238 |  |  | — |  |  | (35 | ) |  | 41,203 |
Commercial paper | 1,747 |  |  | — |  |  | — |  |  | 1,747 |
Asset backed securities | 10,020 |  |  | — |  |  | (5 | ) |  | 10,015 |
Corporate equity securities | 1,843 |  |  | 4,944 |  |  | — |  |  | 6,787 |
| $ | 97,891 |  |  | $ | 4,944 |  |  | $ | (44 | ) |  | $ | 102,791 |
Summary of goodwill and other identifiable intangible assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Indefinite lived intangible assets |  |  |
Acquired IPR&D | $ | 12,556 |  |  | $ | 12,556 |
Goodwill | 72,360 |  |  | 12,238 |
Definite lived intangible assets |  |  |
Complete technology | 182,267 |  |  | 15,267 |
Less: Accumulated amortization | (8,161 | ) |  | (3,762 | )
Trade name | 2,642 |  |  | 2,642 |
Less: Accumulated amortization | (718 | ) |  | (652 | )
Customer relationships | 29,600 |  |  | 29,600 |
Less: Accumulated amortization | (8,044 | ) |  | (7,304 | )
Total goodwill and other identifiable intangible assets, net | $ | 282,502 |  |  | $ | 60,585 |
Schedule of commercial license rights | Commercial License Rights consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
CorMatrix | $ | 17,692 |  |  | $ | — |
Selexis | 8,602 |  |  | 8,602 |
| 26,294 |  |  | 8,602 |
Less: accumulated amortization | (153 | ) |  | (48 | )
Total commercial rights, net | $ | 26,141 |  |  | $ | 8,554 |
Summary of property and equipment | Property and equipment is stated at cost and consists of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Lab and office equipment | $ | 1,063 |  |  | $ | 2,248 |
Leasehold improvements | 929 |  |  | 273 |
Computer equipment and software | 692 |  |  | 632 |
| 2,684 |  |  | 3,153 |
Less accumulated depreciation and amortization | (1,503 | ) |  | (2,781 | )
Total property and equipment, net | $ | 1,181 |  |  | $ | 372 |
Summary of other current assets | Other current assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Prepaid expenses | $ | 2,122 |  |  | $ | 1,177 |
Other receivables | 480 |  |  | 731 |
Total other current assets | $ | 2,602 |  |  | $ | 1,908 |
Summary of accrued liabilities | Accrued liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Compensation | $ | 1,463 |  |  | $ | 1,711 |
Professional fees | 828 |  |  | 726 |
Amounts owed to former licensees | 852 |  |  | 915 |
Royalties owed to third parties | 1,037 |  |  | 823 |
Other | 771 |  |  | 1,222 |
Total accrued liabilities | $ | 4,951 |  |  | $ | 5,397 |
Summary of other long-term liabilities | Other long-term liabilities consist of the following (in thousands):
| June 30, |  | December 31,
| 2016 |  | 2015
Deposits | $ | 42 |  |  | $ | 268 |
Deferred rent | 326 |  |  | — |
Other | 30 |  |  | 29 |
Total other long-term liabilities | $ | 398 |  |  | $ | 297 |
Schedule for accounting for share-based compensation | The following table summarizes stock-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Stock-based compensation expense as a component of: |  |  |  |  |  |  |
Research and development expenses | $ | 2,089 |  |  | $ | 1,253 |  |  | $ | 3,674 |  |  | $ | 2,174 |
General and administrative expenses | 2,558 |  |  | 2,507 |  |  | 5,092 |  |  | 4,501 |
| $ | 4,647 |  |  | $ | 3,760 |  |  | $ | 8,766 |  |  | $ | 6,675 |
Summary of fair-value options awarded to employees and directors | The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Risk-free interest rate | 1.7% |  | 1.7% |  | 1.5% |  | 1.8%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 49% |  | 58% |  | 50% |  | 58%
Expected term | 6.7 |  | 6.6 |  | 6.6 |  | 6.6
Forfeiture rate | 5.0% |  | 8.5% |  | 5.0% |  | 8.5%

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