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Subsequent Event | 12 Months Ended
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Dec. 31, 2017
Subsequent Events [Abstract] |
Subsequent Events |
19. | Subsequent Events
HEPLISAV-B We commenced commercial shipments of HEPLISAV-B in the first quarter of 2018. On February 21, 2018, the Centers for Disease Control and Prevention's (“CDC”) Advisory Committee on Immunization Practices (“ACIP”) voted unanimously in favor of including HEPLISAV-B on its list of ACIP recommended products for use to vaccinate adults against hepatitis B. Term Loan Agreement On February 20, 2018, we entered into a $175.0 million term loan agreement (“Loan Agreement”) with CRG Servicing LLC. The Loan Agreement provides for a $175.0 million term loan facility, $100.0 million of which was borrowed at closing and, subject to the satisfaction of certain market capitalization and other borrowing conditions, up to an additional $75.0 million at our option on or before July 17, 2019. The loans have a maturity date of December 31, 2023, unless earlier prepaid. The loans bear interest at a rate equal to 9.50% per annum. Sublicense Agreement On February 16, 2018, we entered into a Sublicense Agreement (the “Sublicense Agreement”) with Merck Sharpe & Dohme Corp. (the “Sublicensor”). The Sublicense Agreement grants us, under certain non-exclusive U.S. patent rights controlled by the Sublicensor which relate to recombinant production of Hepatitis B surface antigen, the right to manufacture, use, offer for sale, sell and import HEPLISAV-B, adult Hepatitis B Vaccine, to prevent hepatitis B and diseases caused by hepatitis B in the United States and includes the right to grant further sublicenses. In consideration, we made a $7.0 million payment to the Sublicensor in February 2018. The remaining two payments of $7.0 million each are due in the first quarter of each of 2019 and 2020.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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