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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2014
Summary of Fair Value Measurement Financial Asset and Liabilities

Financial assets and liabilities subject to fair value measurements were as follows (in thousands):

 

     Fair Value Measurements at December 31, 2014  
            Quoted Prices in
Active Markets
for
Identical Assets		      Significant Other
Observable
Inputs		      Significant
Unobservable
Inputs		  
     Total      Level 1      Level 2      Level 3  

Assets:

            

Cash and cash equivalents

    $ 131,545       $ 131,545       $ —         $ —     

Money market funds

      26,046         26,046         —           —     

Restricted cash

      300         300         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Assets

 $ 157,891    $ 157,891    $ —      $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  
     Fair Value Measurements at December 31, 2013  
            Quoted Prices in
Active Markets
for
Identical Assets		      Significant Other
Observable
Inputs		      Significant
Unobservable
Inputs		  
     Total      Level 1      Level 2      Level 3  

Assets:

            

Cash and cash equivalents

    $ 90,434       $ 90,434       $ —         $ —     

Money market funds

      26,047         26,047         —           —     

Restricted cash

      405         405         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Assets

 $ 116,886    $ 116,886    $       —      $         —     
  

 

 

     

 

 

     

 

 

     

 

 

  
Estimated Useful Lives

Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives:

 

Computer equipment

    3 years

Software

    3 years

Furniture

    10 years

Laboratory and office equipment

    5 years

Leasehold improvements

    Shorter of lease term or useful life
Computation of Basic and Diluted Income (Loss) Per Common Share

Basic and diluted income (loss) per common share is computed as follows (in thousands except share and per share data):

 

     Year Ended December 31,  
     2014      2013      2012  

Net income (loss)

    $ (38,313 )     $ (261 )     $ 8,362   

Less: undistributed earnings allocated to participating securities

      —           —           (8,362 ) 
  

 

 

     

 

 

     

 

 

  

Net income (loss) allocable to common shares

 $ (38,313 )  $ (261 )  $ —     
  

 

 

     

 

 

     

 

 

  

Basic weighted average common shares outstanding

   27,384,990      6,847,697      1,083,276   

Basic income (loss) per common share

 $ (1.40 )  $ (0.04 )  $ 0.00   

Net income (loss)

 $ (38,313 )  $ (261 )  $ 8,362   

Less: undistributed earnings allocated to participating securities and other add-backs to net income (loss)

   —        —        (8,362 ) 
  

 

 

     

 

 

     

 

 

  

Net income (loss) allocable to common shares

 $ (38,313 )  $ (261 )  $ —     
  

 

 

     

 

 

     

 

 

  

Basic weighted average common shares outstanding

   27,384,990      6,847,697      1,083,276   

Effect of dilutive securities

   —        —        —     
  

 

 

     

 

 

     

 

 

  

Diluted weighted average common shares outstanding

   27,384,990      6,847,697      1,083,276   
  

 

 

     

 

 

     

 

 

  

Diluted income (loss) per common share

 $ (1.40 )  $ (0.04 )  $ 0.00   
Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Income (Loss) Per Share

The following common stock equivalents were excluded from the calculation of diluted net income (loss) per share because their effect would be anti-dilutive:

 

     Year Ended December 31,  
     2014      2013      2012  

Series A-1 Preferred Stock

      —           —           2,156,114   

Series A-2 Preferred Stock

      —           —           392,274   

Series B Preferred Stock

      —           —           4,336,037   

Series C Preferred Stock

      —           —           5,909,906   

Series D Preferred Stock

      —           —           769,468   

Series D-2 Preferred Stock

      —           —           3,391,991   

Effect of Converted Preferred Stock

      —           13,189,920         —     

Warrants to purchase Series D-2 Preferred Stock

      —           —           180,784   

Stock Options

      2,094,904         2,313,970         3,249,702   
Summary of Significant Revenue [Member]  
Summary of Percentage of Customer Concentration

The following table includes those collaborators that represent more than 10% of total revenue earned in the periods indicated:

 

     Year Ended December 31,  
         2014             2013             2012      

Servier

      36.4 %      51.6 %      17.3 % 

Boehringer

      28.6 %      24.8 %      18.4 % 

Takeda

      16.8 %      —          —     

Gilead

      11.4 %      13.8 %      —     

Eli Lilly

      0.9 %      1.4 %      48.9 % 
Summary of Significant Accounts Receivable[Member]  
Summary of Percentage of Customer Concentration

The following table includes those collaborators that represent more than 10% of accounts receivable at the date indicated:

 

     December 31,  
         2014             2013      

Servier

      33.3 %      6.4 % 

Boehringer

      21.2 %      12.2 % 

Green Cross

      17.9 %      —     

Gilead

      —          53.4 % 

Pfizer

      —          12.3 %