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Consolidated Financial Statement Detail | 12 Months Ended
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Dec. 31, 2011
Condensed Consolidated Financial Statement Detail [Abstract] |
Consolidated Financial Statement Detail |
3. | Consolidated Financial Statement Detail
Cash and Cash Equivalents At December 31, 2011, cash equivalents consisted of demand deposits of $21.1 million and money market funds of $27.2 million with maturities of less than 90 days at the date of purchase. At December 31, 2010, cash equivalents consisted of demand deposits of $29.5 million, money market funds of $6.4 million and repurchase agreements of $1.4 million with maturities of less than 90 days at the date of purchase. Foreign Exchange Options The Company holds debt and may incur expenses denominated in foreign currencies, which exposes it to market risk associated with foreign currency exchange rate fluctuations between the U.S. dollar and the Euro. The Company is required to make principal and accrued interest payments in Euros on its €15.0 million loan from Les Laboratoires Servier (“Servier”) (See Note 7: Long-Term Debt and Other Arrangements). In order to manage its foreign currency exposure related to these payments, in May of 2011, the Company entered into two foreign exchange option contracts to buy €15.0 million and €1.5 million on January 2016 and January 2014, respectively. By having these option contracts in place, the Company's foreign exchange rate risk is reduced if the U.S. dollar weakens against the Euro. However, if the U.S. dollar strengthens against the Euro, the Company is not required to exercise these options, but will not receive any refund on premiums paid. Upfront premiums paid on these foreign exchange option contracts totaled $1.5 million. The fair values of these option contracts are re-valued at each reporting period and are estimated based on pricing models using readily observable inputs from actively quoted markets. The fair values of these option contracts are included in other assets on the condensed consolidated balance sheet and changes in fair value on these contracts are included in other income (expense) on the condensed consolidated statements of operations. The foreign exchange options were revalued at December 31, 2011 and had an aggregate fair value of $1.2 million, and the Company recognized a loss of $0.3 million related to the revaluation for the year ended December 31, 2011. Receivables Receivables consisted of the following at December 31, 2011 and 2010 (in thousands):
|  | December 31, |
|  | 2011 |  |  | 2010 |
Trade receivables, net |  | $ | 11,820 |  |  | $ | 20,309 |
Other receivables |  |  | 512 |  |  |  | 555 |
Total |  | $ | 12,332 |  |  | $ | 20,864 |
Property and Equipment Property and equipment consisted of the following at December 31, 2011 and 2010 (in thousands):
|  | December 31, |
|  | 2011 |  |  | 2010 |
Furniture and equipment |  | $ | 33,483 |  |  | $ | 31,700 |
Buildings, leasehold and building improvements |  |  | 21,490 |  |  |  | 21,463 |
Construction-in-progress |  |  | 973 |  |  |  | 203 |
Land |  |  | 310 |  |  |  | 310 |
|  |  | 56,256 |  |  |  | 53,676 |
Less: Accumulated depreciation and amortization |  |  | (43,547 | ) |  |  | (38,807 | )
Property and equipment, net |  | $ | 12,709 |  |  | $ | 14,869 |
Depreciation and amortization expense was $5.4 million, $5.7 million and $6.8 million for the years ended December 31, 2011, 2010 and 2009, respectively. Accrued Liabilities Accrued liabilities consisted of the following at December 31, 2011 and 2010 (in thousands):
|  | December 31, |
|  | 2011 |  |  | 2010 |
Accrued management incentive compensation |  | $ | 4,096 |  |  | $ | 4,982 |
Accrued payroll and other benefits |  |  | 3,007 |  |  |  | 2,752 |
Accrued severance payments |  |  | 1,207 |  |  |  | - |
Accrued professional fees |  |  | 917 |  |  |  | 1,020 |
Accrued clinical trial costs |  |  | 140 |  |  |  | 1,020 |
Other |  |  | 645 |  |  |  | 884 |
Total |  | $ | 10,012 |  |  | $ | 10,658 |
Deferred Revenue In 2011, the Company deferred $12.7 million of revenue from contracts including Servier, NIH and Takeda Pharmaceutical Company Limited (“Takeda”) and recognized $17.6 million in revenue. In 2010, the Company deferred $15.9 million of revenue from contracts including Servier, NIH, Takeda, Schering-Plough Research Institute, a division of Schering Corporation, now a subsidiary of Merck & Co., Inc. (referred to herein as “Merck/Schering-Plough”) and AVEO Pharmaceuticals, Inc. (“AVEO”) and recognized $2.8 million of revenue. The following table shows the activity in deferred revenue for the years ended December 31, 2011 and 2010 (in thousands):
|  | Year ended December 31, |
|  | 2011 |  |  | 2010 |
Beginning deferred revenue |  | $ | 18,130 |  |  | $ | 5,008 |
Revenue deferred |  |  | 12,673 |  |  |  | 15,949 |
Revenue recognized |  |  | (17,569 | ) |  |  | (2,827 | )
Ending deferred revenue |  | $ | 13,234 |  |  | $ | 18,130 |

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