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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Schedule of receivables from maximum payments from collaborative partners and licensees

		Potential Milestones (in millions)
											Total
Partner		Development-based			Regulatory-based			Sales-based			Milestones
Alexion (1)		$	51.0		$	168.0		$	180.0		$	399.0
Amgen			232.5			345.0			1,080.0			1,657.5
BI			9.0			6.0			12.0			27.0
CSL 2009 (1)			6.0			4.0			5.0			15.0
Janssen (1)			6.0			—			4.0			10.0
Merck (1)			3.5			6.0			—			9.5
MorphoSys (1)			62.0			187.0			50.0			299.0
Novo Nordisk (2)			36.3			51.0			80.0			167.3
Total		$	406.3		$	767.0		$	1,411.0		$	2,584.3

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

Xencor provides research services under the agreement with Novo Nordisk

Schedule of revenue by licensees

The $27.8 million, $9.5 million and $10.2 million of revenue recorded for the years ended December 31, 2015, 2014 and 2013, respectively was earned principally from the following licensees (in millions):

		Year Ended
		December 31,
		2015			2014			2013
Amgen		$	13.8		$	6.9		$	2.2
Alexion			8.5			1.0			0.9
Novo Nordisk			2.9			—			—
CSL			2.5			0.7			2.9
MorphoSys			—			—			3.0
Merck			0.1			0.6			1.0
Other			—			0.3			0.2
Total		$	27.8		$	9.5		$	10.2

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, 2015, 2014 and 2013 is as follows (in millions):

		Year Ended
		December 31,
		2015			2014			2013
U.S. Revenue		$	22.4		$	8.6		$	4.2
Non-U.S. Revenue			5.4			0.9			6.0
Total		$	27.8		$	9.5		$	10.2

Schedule of assets recorded at fair value

The Company measures the fair value of financial assets using the highest level of inputs that are reasonably available as of the measurement date. The assets recorded at fair value are classified within the hierarchy as follows for the periods reported (in thousands):

		December 31, 2015
		Total
		Fair Value			Level 1			Level 2
Money Market Funds in Cash and Cash Equivalents		$	9,453		$	9,453		$	—
Corporate Securities			114,846			—			114,846
Government Securities			65,885			—			65,885
		$	190,184		$	9,453		$	180,731
		December 31, 2014
		Total
		Fair Value			Level 1			Level 2
Money Market Funds in Cash and Cash Equivalents		$	54,429		$	54,429		$	—
Corporate Securities			—			—			—
Government Securities			—			—			—
		$	54,429		$	54,429		$	—

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,
		2015			2014
Patents, definite life		$	6,488		$	5,720
Patents, pending issuance			4,051			3,654
Licenses and other amortizable intangible assets			2,072			1,797
Nonamortizable intangible assets (trademarks)			399			400
Total gross carrying amount			13,010			11,571
Accumulated amortization—patents			(2,214)			(1,776)
Accumulated amortization—licenses and other			(825)			(679)
Total intangible assets, net		$	9,971		$	9,116

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

		Year ended
		December 31,
		(in thousands)
2016		$	636
2017			639
2018			628
2019			616
2020			609
Thereafter			2,393
Total		$	5,521

Schedule of potentially dilutive securites

		Year Ended
		December 31,
		2015		2014		2013
		(in thousands)
Options to purchase common stock		1,281		2,827		1,794
Employee stock purchase plan shares		75		25		—
Total		1,356		2,852		1,794

Schedule of basic and diluted net loss per common share

		Year Ended December 31,
		2015				2014			2013
		(in thousands, except
		per share data)
Basic
Numerator:
Net loss		$		(17,592)		$	(16,422)		$	(60,259)
Deemed contribution				—			—			144,765
Net income (loss) attributable to common stockholders for basic net income (loss) per share		$		(17,592)		$	(16,422)		$	84,506
Denominator:
Weighted-average common shares outstanding			39,015,131				31,390,631			2,472,581
Basic net income (loss) per common share		$		(0.45)		$	(0.52)		$	34.18
Diluted:
Numerator:
Net income (loss) attributable to common stockholders for basic net income (loss) per share		$		(17,592)		$	(16,422)		$	84,506
Deemed contribution				—			—			(144,765)
Net loss attributable to common stockholders for diluted net loss per share		$		(17,592)		$	(16,422)		$	(60,259)
Denominator:
Weighted average number of common shares outstanding used in computing basic net loss per common share			39,015,131				31,390,631			2,472,581
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			39,015,131				31,390,631			15,645,789
Diluted net loss per common share		$		(0.45)		$	(0.52)		$	(3.85)

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