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Prior-Period Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 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. Balance Sheet
| 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
Statement of Operation
|  | As Reported |  |  |  |  | As Revised
|  | Year Ended |  | Effect of |  | Year Ended
|  | December 31, |  | Adoption of |  | December 31,
|  | 2017 |  | ASC 606 |  | 2017
Revenue |  |  |  |  |  |  |  |  |
Collaborations, licenses and milestones |  | $ | 35,711 |  | $ | 10,439 |  | $ | 46,150
Operating expenses |  |  |  |  |  |  |  |  |
Research and development |  |  | 71,772 |  |  | — |  |  | 71,772
General and administrative |  |  | 17,501 |  |  | — |  |  | 17,501
Total operating expenses |  |  | 89,273 |  |  | — |  |  | 89,273
Loss from operations |  |  | (53,562) |  |  | 10,439 |  |  | (43,123)
Other income (expenses) |  |  |  |  |  |  |  |  |
Interest income |  |  | 4,194 |  |  | — |  |  | 4,194
Interest expense |  |  | (13) |  |  | — |  |  | (13)
Other income |  |  | (7) |  |  | — |  |  | (7)
Total other income, net |  |  | 4,174 |  |  | — |  |  | 4,174
Loss before income tax benefit |  |  | (49,388) |  |  | 10,439 |  |  | (38,949)
Income tax benefit |  |  | (463) |  |  | — |  |  | (463)
Net loss |  |  | (48,925) |  |  | 10,439 |  |  | (38,486)
Other comprehensive loss |  |  |  |  |  |  |  |  |
Net unrealized loss on marketable securities |  |  | (367) |  |  | — |  |  | (367)
Comprehensive loss |  | $ | (49,292) |  | $ | 10,439 |  | $ | (38,853)
Basic and diluted net loss per common share |  | $ | (1.05) |  | $ | 0.23 |  | $ | (0.82)
|  | As Reported |  |  |  |  | As Revised
|  | Year Ended |  | Effect of |  | Year Ended
|  | December 31, |  | Adoption of |  | December 31,
|  | 2016 |  | ASC 606 |  | 2016
Revenue |  |  |  |  |  |  |  |  |
Collaborations, licenses and milestones |  | $ | 87,520 |  | $ | 21,500 |  | $ | 109,020
Operating expenses |  |  |  |  |  |  |  |  |
Research and development |  |  | 51,872 |  |  | — |  |  | 51,872
General and administrative |  |  | 13,108 |  |  | — |  |  | 13,108
Total operating expenses |  |  | 64,980 |  |  | — |  |  | 64,980
Income from operations |  |  | 22,540 |  |  | 21,500 |  |  | 44,040
Other income (expenses) |  |  |  |  |  |  |  |  |
Interest income |  |  | 2,091 |  |  | — |  |  | 2,091
Interest expense |  |  | (21) |  |  | — |  |  | (21)
Other income |  |  | 6 |  |  | — |  |  | 6
Total other income, net |  |  | 2,076 |  |  | — |  |  | 2,076
Income before income tax expense |  |  | 24,616 |  |  | 21,500 |  |  | 46,116
Income tax expense |  |  | 991 |  |  | — |  |  | 991
Net income |  |  | 23,625 |  |  | 21,500 |  |  | 45,125
Other comprehensive loss |  |  |  |  |  |  |  |  |
Net unrealized loss on marketable securities |  |  | (925) |  |  | — |  |  | (925)
Comprehensive income |  | $ | 22,700 |  | $ | 21,500 |  | $ | 44,200
Basic net income per common share |  | $ | 0.57 |  | $ | 0.52 |  | $ | 1.09
Diluted net income per common share |  | $ | 0.56 |  | $ | 0.51 |  | $ | 1.07
Statement of Stockholders’ Equity
|  |  |  |  |  |  |  |  |  | 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
|  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |
|  |  |  |  |  |  | Additional |  | Other |  |  |  |  | Total
|  | Common Stock |  | Paid |  | Comprehensive |  | Accumulated |  | Stockholders’
Stockholders’ Equity |  | Shares |  | Amount |  | in-Capital |  | Loss |  | Deficit |  | Equity
Balance, December 31, 2015 as originally reported |  | 40,551,039 |  | $ | 405 |  | $ | 424,128 |  | $ | (516) |  | $ | (261,585) |  | $ | 162,432
Adoption of ASC Topic 606 |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,479 |  |  | 2,479
Balance, December 31, 2015 as revised |  | 40,551,039 |  |  | 405 |  |  | 424,128 |  |  | (516) |  |  | (259,106) |  |  | 164,911
Sale of common stock, net of issuance cost |  | 5,272,750 |  |  | 53 |  |  | 119,216 |  |  | — |  |  | — |  |  | 119,269
Issuance of common stock upon exercise of stock awards |  | 699,066 |  |  | 7 |  |  | 1,153 |  |  | — |  |  | — |  |  | 1,160
Issuance of common stock under the Employee Stock Purchase Plan |  | 45,123 |  |  | 1 |  |  | 544 |  |  | — |  |  | — |  |  | 545
Comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | (925) |  |  | 23,625 |  |  | 22,700
Stock-based compensation |  | — |  |  | — |  |  | 7,848 |  |  | — |  |  | — |  |  | 7,848
Balance, December 31, 2016 |  | 46,567,978 |  |  | 466 |  |  | 552,889 |  |  | (1,441) |  |  | (235,481) |  |  | 316,433
Adoption of ASC Topic 606 |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,500 |  |  | 21,500
Balance, December 31, 2016 as revised |  | 46,567,978 |  | $ | 466 |  | $ | 552,889 |  | $ | (1,441) |  | $ | (213,981) |  | $ | 337,933
Statement of Cash Flows
|  | As Reported |  |  |  |  | As Revised
|  | Year Ended |  | Effect of |  | Year Ended
|  | December 31, |  | Adoption of |  | December 31,
|  | 2017 |  | ASC 606 |  | 2017
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net loss |  | $ | (48,925) |  | $ | 10,439 |  | $ | (38,486)
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 2,030 |  |  | — |  |  | 2,030
Amortization of premium on marketable securities |  |  | 2,845 |  |  | — |  |  | 2,845
Stock-based compensation |  |  | 13,651 |  |  | — |  |  | 13,651
Abandonment of capitalized intangible assets |  |  | 396 |  |  | — |  |  | 396
Loss on disposal of assets |  |  | 83 |  |  | — |  |  | 83
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | 7,474 |  |  | — |  |  | 7,474
Interest receivable |  |  | (293) |  |  | (14) |  |  | (307)
Prepaid expenses and other assets |  |  | (2,705) |  |  | — |  |  | (2,705)
Income tax receivable |  |  | (1,524) |  |  | — |  |  | (1,524)
Other assets |  |  | (161) |  |  | — |  |  | (161)
Accounts payable |  |  | 2,989 |  |  | — |  |  | 2,989
Accrued expenses |  |  | (1,212) |  |  | — |  |  | (1,212)
Deferred rent |  |  | 589 |  |  | — |  |  | 589
Income tax payable |  |  | 91 |  |  | — |  |  | 91
Deferred revenue |  |  | (9,011) |  |  | (10,339) |  |  | (19,350)
Net cash used in operating activities |  |  | (33,683) |  |  | 86 |  |  | (33,597)
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Proceeds from sale and maturities of marketable securities available-for-sale |  |  | 115,757 |  |  | — |  |  | 115,757
Purchase of marketable securities |  |  | (76,529) |  |  | — |  |  | (76,529)
Purchase of intangible assets |  |  | (1,967) |  |  | — |  |  | (1,967)
Purchase of property and equipment |  |  | (5,311) |  |  | — |  |  | (5,311)
Issuance of loan |  |  | — |  |  | (86) |  |  | (86)
Net cash provided by (used in) investing activities |  |  | 31,950 |  |  | (86) |  |  | 31,864
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock upon exercise of stock awards |  |  | 2,797 |  |  | — |  |  | 2,797
Proceeds from issuance of common stock from Employee Stock Purchase Plan |  |  | 936 |  |  | — |  |  | 936
Net cash provided by financing activities |  |  | 3,733 |  |  | — |  |  | 3,733
Net increase in cash and cash equivalents |  |  | 2,000 |  |  | — |  |  | 2,000
Cash and cash equivalents, beginning of period |  |  | 14,528 |  |  | — |  |  | 14,528
Cash and cash equivalents, end of period |  | $ | 16,528 |  | $ | — |  | $ | 16,528
|  | As Reported |  |  |  |  | As Revised
|  | Year Ended |  | Effect of |  | Year Ended
|  | December 31, |  | Adoption of |  | December 31,
|  | 2016 |  | ASC 606 |  | 2016
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 23,625 |  | $ | 21,500 |  | $ | 45,125
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,466 |  |  | — |  |  | 1,466
Amortization of premium on marketable securities |  |  | 2,037 |  |  | — |  |  | 2,037
Stock-based compensation |  |  | 7,848 |  |  | — |  |  | 7,848
Abandonment of capitalized intangible assets |  |  | 356 |  |  | — |  |  | 356
Gain on sale of marketable securities available for sale |  |  | (5) |  |  | — |  |  | (5)
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | (8,572) |  |  | — |  |  | (8,572)
Interest receivable |  |  | (530) |  |  | (79) |  |  | (609)
Prepaid expenses and other assets |  |  | (1,700) |  |  | — |  |  | (1,700)
Other assets |  |  | (40) |  |  | — |  |  | (40)
Accounts payable |  |  | (2,520) |  |  | — |  |  | (2,520)
Accrued expenses |  |  | 3,058 |  |  | — |  |  | 3,058
Deferred rent |  |  | (89) |  |  | — |  |  | (89)
Deferred tax liability |  |  | 65 |  |  | — |  |  | 65
Deferred revenue |  |  | 69,618 |  |  | (20,800) |  |  | 48,818
Net cash provided by operating activities |  |  | 94,617 |  |  | 621 |  |  | 95,238
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Proceeds from sale and maturities of marketable securities available-for-sale |  |  | 105,505 |  |  | — |  |  | 105,505
Purchase of marketable securities |  |  | (316,149) |  |  | — |  |  | (316,149)
Purchase of intangible assets |  |  | (1,502) |  |  | — |  |  | (1,502)
Purchase of property and equipment |  |  | (1,507) |  |  | — |  |  | (1,507)
Proceeds from repayment of (investment in) loan receivable |  |  | — |  |  | (621) |  |  | (621)
Net cash used in investing activities |  |  | (213,653) |  |  | (621) |  |  | (214,274)
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock upon exercise of stock awards |  |  | 1,160 |  |  | — |  |  | 1,160
Proceeds from issuance of common stock from Employee Stock Purchase Plan |  |  | 545 |  |  | — |  |  | 545
Proceeds from issuance of common stock |  |  | 126,546 |  |  | — |  |  | 126,546
Common stock issuance costs |  |  | (7,277) |  |  | — |  |  | (7,277)
Net cash provided by financing activities |  |  | 120,974 |  |  | — |  |  | 120,974
Net increase in cash and cash equivalents |  |  | 1,938 |  |  | — |  |  | 1,938
Cash and cash equivalents, beginning of period |  |  | 12,590 |  |  | — |  |  | 12,590
Cash and cash equivalents, end of period |  | $ | 14,528 |  | $ | — |  | $ | 14,528

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