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Prior-Period Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2018
ASU 2014-09 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
Summary of effect of adopting new accounting pronouncement | The following tables summarize the effects of adopting ASC topic 606 on our financial statements.
| As Reported December 31, |  | Effect of Adoption of |  | As Revised December 31,
| 2017 |  | ASC 606 |  | 2017
Assets |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 16,528 |  | $ | — |  | $ | 16,528
Marketable securities |  | 207,603 |  |  | — |  |  | 207,603
Accounts receivable |  | 1,142 |  |  | — |  |  | 1,142
Prepaid expenses and other current assets |  | 5,606 |  |  | — |  |  | 5,606
Total current assets |  | 230,879 |  |  | — |  |  | 230,879
Property and equipment, net |  | 7,088 |  |  | — |  |  | 7,088
Patents, licenses, and other intangible assets, net |  | 11,148 |  |  | — |  |  | 11,148
Marketable securities - long term |  | 139,198 |  |  | — |  |  | 139,198
Income tax receivable |  | 1,524 |  |  | — |  |  | 1,524
Loan receivable |  | — |  |  | 86 |  |  | 86
Interest receivable |  | — |  |  | 14 |  |  | 14
Other assets |  | 265 |  |  | — |  |  | 265
Total assets | $ | 390,102 |  | $ | 100 |  | $ | 390,202
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable | $ | 6,869 |  | $ | — |  | $ | 6,869
Accrued expenses |  | 5,480 |  |  | — |  |  | 5,480
Current portion of deferred rent |  | 26 |  |  | — |  |  | 26
Current portion of deferred revenue |  | 88,813 |  |  | (28,695) |  |  | 60,118
Income taxes |  | 157 |  |  | — |  |  | 157
Total current liabilities |  | 101,345 |  |  | (28,695) |  |  | 72,650
Deferred rent, less current portion |  | 1,088 |  |  | — |  |  | 1,088
Deferred revenue, less current portion |  | 5,623 |  |  | (5,623) |  |  | —
Total liabilities |  | 108,056 |  |  | (34,318) |  |  | 73,738
Commitments and contingencies |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |
Preferred stock, $0.01 par value: 10,000,000 authorized shares; -0- issued and outstanding shares at December 31, 2017 |  | — |  |  | — |  |  | —
Common stock, $0.01 par value: 200,000,000 authorized shares at December 31, 2017; 47,002,488 issued and outstanding at December 31, 2017 |  | 470 |  |  | — |  |  | 470
Additional paid-in capital |  | 570,670 |  |  | — |  |  | 570,670
Accumulated other comprehensive income loss |  | (1,808) |  |  | — |  |  | (1,808)
Accumulated deficit |  | (287,286) |  |  | 34,418 |  |  | (252,868)
Stockholders’ equity |  | 282,046 |  |  | 34,418 |  |  | 316,464
Total liabilities and stockholders’ equity | $ | 390,102 |  | $ | 100 |  | $ | 390,202
|  | As Reported |  |  |  |  | As Revised
|  | Three Months Ended |  | Effect of |  | Three Months Ended
|  | September 30, |  | Adoption of |  | September 30,
|  | 2017 |  | ASC 606 |  | 2017
Revenue |  |  |  |  |  |  |  |  |
Collaborations, licenses and milestones |  | $ | 7,090 |  | $ | (7,090) |  | $ | —
Operating expenses |  |  |  |  |  |  |  |  |
Research and development |  |  | 19,408 |  |  | — |  |  | 19,408
General and administrative |  |  | 4,172 |  |  | — |  |  | 4,172
Total operating expenses |  |  | 23,580 |  |  | — |  |  | 23,580
Loss from operations |  |  | (16,490) |  |  | (7,090) |  |  | (23,580)
Other income (expenses) |  |  |  |  |  |  |  |  |
Interest income |  |  | 1,048 |  |  | — |  |  | 1,048
Interest expense |  |  | (3) |  |  | — |  |  | (3)
Other income |  |  | 56 |  |  | — |  |  | 56
Total other income, net |  |  | 1,101 |  |  | — |  |  | 1,101
Loss before income tax expense |  |  | (15,389) |  |  | (7,090) |  |  | (22,479)
Income tax expense |  |  | 173 |  |  | — |  |  | 173
Net loss |  |  | (15,562) |  |  | (7,090) |  |  | (22,652)
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |
Net unrealized loss on marketable securities |  |  | 143 |  |  | — |  |  | 143
Comprehensive loss |  | $ | (15,419) |  | $ | (7,090) |  | $ | (22,509)
Basic and diluted net loss per common share |  | $ | (0.33) |  | $ | (0.15) |  | $ | (0.48)
|  | As Reported |  |  |  |  | As Revised
|  | Nine Months Ended |  | Effect of |  | Nine Months Ended
|  | September 30, |  | Adoption of |  | September 30,
|  | 2017 |  | ASC 606 |  | 2017
Revenue |  |  |  |  |  |  |  |  |
Collaborations, licenses and milestones |  | $ | 24,771 |  | $ | (8,771) |  | $ | 16,000
Operating expenses |  |  |  |  |  |  |  |  |
Research and development |  |  | 51,376 |  |  | — |  |  | 51,376
General and administrative |  |  | 13,074 |  |  | — |  |  | 13,074
Total operating expenses |  |  | 64,450 |  |  | — |  |  | 64,450
Loss from operations |  |  | (39,679) |  |  | (8,771) |  |  | (48,450)
Other income (expenses) |  |  |  |  |  |  |  |  |
Interest income |  |  | 3,142 |  |  | — |  |  | 3,142
Interest expense |  |  | (8) |  |  | — |  |  | (8)
Other income |  |  | 86 |  |  | — |  |  | 86
Total other income, net |  |  | 3,220 |  |  | — |  |  | 3,220
Loss before income tax expense |  |  | (36,459) |  |  | (8,771) |  |  | (45,230)
Income tax expense |  |  | 623 |  |  | — |  |  | 623
Net loss |  |  | (37,082) |  |  | (8,771) |  |  | (45,853)
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |
Net unrealized gain on marketable securities |  |  | 344 |  |  | — |  |  | 344
Comprehensive loss |  | $ | (36,738) |  | $ | (8,771) |  | $ | (45,509)
Basic and diluted net loss per common share |  | $ | (0.79) |  | $ | (0.19) |  | $ | (0.98)
|  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |
|  |  |  |  |  |  | Additional |  | Other |  |  |  |  | Total
|  | Common Stock |  | Paid |  | Comprehensive |  | Accumulated |  | Stockholders’
Stockholders’ Equity |  | Shares |  | Amount |  | in-Capital |  | Loss |  | Deficit |  | Equity
Balance, December 31, 2016 as originally reported |  | 46,567,978 |  | $ | 466 |  | $ | 552,889 |  | $ | (1,441) |  | $ | (237,960) |  | $ | 313,954
Adoption of ASU 2016-09 |  | — |  |  | — |  |  | 401 |  |  | — |  |  | (401) |  |  | —
Adoption of ASC 606 |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,979 |  |  | 23,979
Balance, December 31, 2016 as revised |  | 46,567,978 |  |  | 466 |  |  | 553,290 |  |  | (1,441) |  |  | (214,382) |  |  | 337,933
Issuance of common stock upon exercise of stock awards |  | 363,603 |  |  | 4 |  |  | 2,793 |  |  | — |  |  | — |  |  | 2,797
Issuance of common stock under the Employee Stock Purchase Plan |  | 70,907 |  |  | — |  |  | 936 |  |  | — |  |  | — |  |  | 936
Comprehensive loss |  | — |  |  | — |  |  | — |  |  | (367) |  |  | (48,925) |  |  | (49,292)
Stock-based compensation |  | — |  |  | — |  |  | 13,651 |  |  | — |  |  | — |  |  | 13,651
Balance, December 31, 2017 |  | 47,002,488 |  | $ | 470 |  | $ | 570,670 |  | $ | (1,808) |  | $ | (263,307) |  | $ | 306,025
Adoption of ASC topic 606 |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,439 |  |  | 10,439
Balance, December 31, 2017 as revised |  | 47,002,488 |  | $ | 470 |  | $ | 570,670 |  | $ | (1,808) |  | $ | (252,868) |  | $ | 316,464
|  | As Reported |  |  |  |  | As Revised
|  | Nine Months Ended |  | Effect of |  | Nine Months Ended
|  | September 30, |  | Adoption of |  | September 30,
|  | 2017 |  | ASC 606 |  | 2017
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net loss |  | $ | (37,082) |  | $ | (8,771) |  | $ | (45,853)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,420 |  |  | — |  |  | 1,420
Amortization of premium on marketable securities |  |  | 2,148 |  |  | — |  |  | 2,148
Stock-based compensation |  |  | 10,211 |  |  | — |  |  | 10,211
Abandonment of capitalized intangible assets |  |  | 273 |  |  | — |  |  | 273
Gain on disposal of assets |  |  | (2) |  |  | — |  |  | (2)
Gain on sale of marketable securities available for sale |  |  | — |  |  | — |  |  | —
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | 7,785 |  |  | — |  |  | 7,785
Interest receivable |  |  | (588) |  |  | (14) |  |  | (602)
Prepaid expenses and other assets |  |  | (3,971) |  |  | — |  |  | (3,971)
Accounts payable |  |  | 2,722 |  |  | — |  |  | 2,722
Accrued expenses |  |  | (2,056) |  |  | — |  |  | (2,056)
Income taxes |  |  | (65) |  |  | — |  |  | (65)
Deferred rent |  |  | 359 |  |  | — |  |  | 359
Deferred revenue |  |  | (8,171) |  |  | 8,871 |  |  | 700
Net cash used in operating activities |  |  | (27,017) |  |  | 86 |  |  | (26,931)
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchase of marketable securities |  |  | (49,203) |  |  | — |  |  | (49,203)
Purchase of intangible assets |  |  | (1,520) |  |  | — |  |  | (1,520)
Purchase of property and equipment |  |  | (3,834) |  |  | — |  |  | (3,834)
Proceeds from sale of property and equipment |  |  | 2 |  |  | — |  |  | 2
Proceeds from sale and maturities of marketable securities |  |  | 77,566 |  |  | — |  |  | 77,566
Issuance of loan |  |  | — |  |  | (86) |  |  | (86)
Net cash provided by investing activities |  |  | 23,011 |  |  | (86) |  |  | 22,925
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock upon exercise of stock awards |  |  | 2,669 |  |  | — |  |  | 2,669
Proceeds from issuance of common stock under the Employee Stock Purchase Plan |  |  | 443 |  |  | — |  |  | 443
Net cash provided by financing activities |  |  | 3,112 |  |  | — |  |  | 3,112
Net increase in cash and cash equivalents |  |  | (894) |  |  | — |  |  | (894)
Cash and cash equivalents, beginning of period |  |  | 14,528 |  |  | — |  |  | 14,528
Cash and cash equivalents, end of period |  | $ | 13,634 |  | $ | — |  | $ | 13,634

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