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Revenue | 6 Months Ended
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Jun. 30, 2013
Revenue | Revenue We have received Small Business Innovative Research grants from the National Institutes of Health, or NIH, which are used to support the research and development of our products. We recorded revenue related to these grants of $140,000 and $329,000 for the three months ended June 30, 2013 and 2012, respectively, and $265,000 and $489,000 for the six months ended June 30, 2013 and 2012, respectively. As of June 30, 2013, $1.6 million remained available under these grants. In October 2010, we entered into a platform development funding agreement with Vulcan Inc. and its affiliate, which we refer to collectively as Vulcan, pursuant to which we received $20.0 million for our G protein-coupled receptor, or GPCR, program. Of the funds received from Vulcan, $10.8 million was recorded as a reduction of the cost of the intellectual property assets that we purchased from Patobios Limited, or Patobios, $994,000 was recorded in equity for the fair value of warrants issued to Vulcan, and the remaining $8.2 million was recorded as deferred revenue. The deferred revenue balance was recognized as revenue or as a reduction to the costs of assets purchased in direct proportion to the related GPCR expenses as they were incurred. We recognized as revenue the remaining deferred revenue balance of $970,000 under the Vulcan agreement during the first quarter of 2013 and therefore, no additional revenue was recognized during the three months ended June 30, 2013. For the three months ended June 30, 2012, we recorded reductions to the Vulcan deferred revenue balance of $1.3 million, which includes $1.2 million recognized as revenue and $60,000 recorded as cost reductions to assets. For the six months ended June 30, 2013 and 2012, we recorded reductions of $970,000 and $2.0 million to the Vulcan deferred revenue balance, respectively. For the six months ended June 30, 2012, the reduction included $1.9 million recorded as revenue and $60,000 recorded as cost reductions to assets. Also in October 2010, we entered into an agreement with the Life Sciences Discovery Fund Authority, a granting agency of the State of Washington, or LSDF, under which we received a $5.0 million grant award from LSDF that was paid to reimburse us for expenses we incurred and equipment we purchased related to our GPCR program. We recognized the remaining $624,000 of revenue under the LSDF agreement during the first quarter of 2012.

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