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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Schedule of receivables from maximum payments from collaborative partners and licensees

		Potential Milestones (in millions) (1)
											Total
Partner		Development-based			Regulatory-based			Sales-based			Milestones
MorphoSys		$	62.0		$	187.0		$	50.0		$	299.0
Alexion			51.0			168.0			180.0			399.0
BI			9.0			6.0			12.0			27.0
CSL 2009			6.0			4.0			5.0			15.0
CSL 2013			8.0			4.0			24.5			36.5
Merck			3.5			6.0			—			9.5
Novo Nordisk			36.3			51.0			80.0			167.3
Janssen			6.0			—			4.0			10.0
Total		$	181.8		$	426.0		$	355.5		$	963.3

(1) The payments are solely dependent upon activities of the collaborative partner or licensee.

Schedule of revenue by licensees

The $9.5 million, $10.2 million and $9.5 million of revenue recorded for the years ended December 31, 2014, 2013 and 2012, respectively was earned principally from the following licensees (in millions):

		Year Ended December 31,
											2014			2013			2012
Amgen		$	6.9		$	2.2		$	1.8
MorphoSys			—			3.0			2.0
Janssen			—			—			1.4
Merck			0.6			1.0			—
Alexion			1.0			0.9			—
CSL			0.7			2.9			1.8
BI			—			—			1.2
Other			0.3			0.2			1.3
Total		$	9.5		$	10.2		$	9.5

Schedule of revenue from U.S. and Non U.S. sources

A breakdown of our revenue from U.S. and Non‑U.S. sources for the years ended December 31, 2014, 2013 and 2012 is as follows (in millions):

		Year Ended
		December 31,
		2014			2013			2012
U.S. Revenue		$	8.6		$	4.2		$	4.4
Non-U.S. Revenue			0.9			6.0			5.1
Total		$	9.5		$	10.2		$	9.5

Schedule of useful lives by asset category

Computers, software and equipment		3 - 5 years
Furniture and fixtures		5 - 7 years
Leasehold improvements		5 - 7 years or remaining
		lease term, whichever is less

Schedule of carrying amount and accumulated amortization of patents, licenses, and other intangibles

The carrying amount and accumulated amortization of patents, licenses, and other intangibles is as follows (in thousands):

		December 31,
		2014			2013
Patents, definite life		$	5,720		$	4,834
Patents, pending issuance			3,654			3,515
Licenses and other amortizable intangible assets			1,797			1,917
Nonamortizable intangible assets (trademarks)			400			369
Total gross carrying amount			11,571			10,635
Accumulated amortization—patents			(1,776)			(1,395)
Accumulated amortization—licenses and other			(679)			(426)
Total intangible assets, net		$	9,116		$	8,814

Future amortization expense for patents, licenses, and other intangible assets

		Years ending
		December 31,
		(in thousands)
2015		$	535
2016			538
2017			538
2018			527
2019			515
Thereafter			2,408
Total		$	5,061

Schedule of potentially dilutive securities excluded from the calculation of diluted net loss per share as the effect would have been antidilutive

		Year Ended
		December 31,
		2014		2013		2012
		(in thousands)
Convertible preferred stock		—		—		12,188
Convertible promissory notes		—		—		2,800
Options to purchase common stock		2,827		1,794		1,305
Employee stock purchase plan shares		25		—		—
Total		2,852		1,794		16,293

Schedule of calculation of diluted loss per shares

		Year Ended December 31
		2014				2013				2012
		(in thousands, except
		per share data)
Basic
Numerator:
Net loss		$		(16,422)		$		(60,259)		$	(8,594)
Deemed contribution				—				144,765			—
Net income (loss) attributable to common stockholders for basic income per share		$		(16,422)		$		84,506		$	(8,594)
Denominator:
Weighted-average common shares outstanding			31,390,631					2,472,581			72,302
Basic net income (loss) per common share		$		(0.52)		$		34.18		$	(118.86)
Diluted:
Numerator:
Net income (loss) attributable to common stockholders for basic net loss per share		$		(16,422)		$		84,506		$	(8,594)
Deemed contribution				—				(144,765)			—
Net loss attributable to common stockholders for diluted net loss per share		$		(16,422)		$		(60,259)		$	(8,594)
Denominator:
Weighted average number of common shares outstanding used in computing basic net (loss) income per common share			31,390,631					2,472,581			72,302
Dilutive effect of conversion of convertible preferred stock				—			13,173,208				—
Weighted-average number of common shares outstanding used in computing net loss per common share			31,390,631				15,645,789				72,302
Diluted net loss per common share		$		(0.52)		$		(3.85)		$	(118.86)

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