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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

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)		$	—		$	28.0		$	30.0		$	58.0
Amgen			222.5			345.0			1,080.0			1,647.5
BI (1)			9.0			6.0			12.0			27.0
CSL Janssen 2009 (1)			—			4.0			5.0			9.0
Janssen (1)			6.0			—			4.0			10.0
MorphoSys (1)			49.5			187.0			50.0			286.5
Novartis			540.0			920.0			950.0			2,410.0
Total		$	827.0		$	1,490.0		$	2,131.0		$	4,448.0

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

Schedule of revenue by licensees

The $35.7 million, $87.5 million and $27.8 million of revenue recorded for the years ended December 31, 2017, 2016 and 2015, respectively, was earned principally from the following licensees (in millions):

		Year Ended
		December 31,
		2017			2016			2015
Amgen		$	16.2		$	18.7		$	13.8
Alexion			1.0			6.0			8.5
MorphoSys			12.5			—			—
Novo Nordisk			—			2.7			2.9
Novartis			2.3			59.7			—
CSL			3.5			—			2.5
Other			0.2			0.4			0.1
Total		$	35.7		$	87.5		$	27.8

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, 2017, 2016 and 2015 is as follows (in millions):

		Year Ended
		December 31,
		2017			2016			2015
U.S. Revenue		$	19.7		$	84.8		$	22.4
Non-U.S. Revenue			16.0			2.7			5.4
Total		$	35.7		$	87.5		$	27.8

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, 2017
		Total
		Fair Value			Level 1			Level 2
Money Market Funds in Cash and Cash Equivalents		$	5,175		$	5,175		$	—
Corporate Securities			123,270			—			123,270
Government Securities			223,530			—			223,530
		$	351,975		$	5,175		$	346,800
		December 31, 2016
		Total
		Fair Value			Level 1			Level 2
Money Market Funds in Cash and Cash Equivalents		$	12,137		$	12,137		$	—
Corporate Securities			181,483			—			181,483
Government Securities			207,465			—			207,465
		$	401,085		$	12,137		$	388,948

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 indefinite-lived intangible assets

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

		December 31,
		2017			2016
Patents, definite life		$	8,915		$	7,570
Patents, pending issuance			4,360			4,134
Licenses and other amortizable intangible assets			2,011			2,011
Nonamortizable intangible assets (trademarks)			399			399
Total gross carrying amount			15,685			14,114
Accumulated amortization—patents			(3,413)			(2,792)
Accumulated amortization—licenses and other			(1,124)			(960)
Total intangible assets, net		$	11,148		$	10,362

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

		Year ended
		December 31,
		(in thousands)
2018		$	838
2019			827
2020			780
2021			704
2022			676
Thereafter			2,364
Total		$	6,189

Schedule of potentially dilutive securities

		Year Ended
		December 31,
		2017		2016		2015
		(in thousands)
Options to purchase common stock		1,291		—		1,281
Employee stock purchase plan shares		—		—		75
Total		1,291		—		1,356

Schedule of basic and diluted net income (loss) per common share

		Year Ended December 31,
		2017			2016			2015
		(in thousands, except
		share and per share data)
Basic
Numerator:
Net income (loss) attributable to common stockholders for basic net income (loss) per share		$	(48,925)		$	23,625		$	(17,592)
Denominator:
Weighted-average common shares outstanding			46,817,756			41,267,329			39,015,131
Basic net income (loss) per common share		$	(1.05)		$	0.57		$	(0.45)
Diluted
Numerator:
Net income (loss) attributable to common stockholders for diluted net income (loss) per share		$	(48,925)		$	23,625		$	(17,592)
Denominator:
Weighted average number of common shares outstanding used in computing basic net income (loss) per common share			46,817,756			41,267,329			39,015,131
Dilutive effect of employee stock options and ESPP			—			1,121,538			—
Weighted-average number of common shares outstanding used in computing diluted net income (loss) per common share			46,817,756			42,388,867			39,015,131
Diluted net income (loss) per common share		$	(1.05)		$	0.56		$	(0.45)

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