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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2016
Summary of Fair Value Measurement Financial Assets | Financial assets measured at fair value on a recurring basis were as follows (in thousands):
| Fair Value Measurement at December 31, 2016
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Money market funds | $ | 46,781 |  |  | $ | 46,781 |  |  | $ | — |  |  | $ | — |
U.S Treasury securities | 8,826 |  |  | — |  |  | 8,826 |  |  | — |
Government-sponsored enterprises | 29,759 |  |  | — |  |  | 29,759 |  |  | — |
Corporate debt securities | 166,300 |  |  | — |  |  | 166,300 |  |  | — |
Total assets measured at fair value (a) | $ | 251,666 |  |  | $ | 46,781 |  |  | $ | 204,885 |  |  | $ | — |
(a) Total assets measured at fair value at December 31, 2016 includes approximately $50.8 million reported in cash and cash equivalents on the balance sheet.
| Fair Value Measurement at December 31, 2015
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Money market funds | $ | 62,353 |  |  | $ | 62,353 |  |  | $ | — |  |  | $ | — |
U.S Treasury securities | 9,348 |  |  | — |  |  | 9,348 |  |  | — |
Government-sponsored enterprises | 41,202 |  |  | — |  |  | 41,202 |  |  | — |
Corporate debt securities | 137,928 |  |  | — |  |  | 137,928 |  |  | — |
Total assets measured at fair value (a) | $ | 250,831 |  |  | $ | 62,353 |  |  | $ | 188,478 |  |  | $ | — |
(a) Total assets measured at fair value at December 31, 2015 includes approximately $108.0 million reported in cash and cash equivalents on the balance sheet.
Estimated Useful Lives | 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 Loss Per Common Share | Basic and diluted loss per common share is computed as follows (in thousands except share and per share data):
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Numerator: |  |  |  |  |
Net loss used for calculation of basic and diluted EPS | $ | (58,528 | ) |  | $ | (20,140 | ) |  | $ | (38,313 | )
Denominator: |  |  |  |  |
Weighted average shares outstanding, basic | 34,685,274 |  |  | 31,801,645 |  |  | 27,384,990 |
Effect of dilutive securities: |  |  |  |  |
Stock options and restricted stock units | — |  |  | — |  |  | — |
Weighted average shares outstanding, diluted | 34,685,274 |  |  | 31,801,645 |  |  | 27,384,990 |
Net loss per share, basic and diluted | $ | (1.69 | ) |  | $ | (0.63 | ) |  | $ | (1.40 | )
Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Loss Per Share | The following common stock equivalents were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive:
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Stock options | 1,394,608 |  |  | 1,955,398 |  |  | 2,094,904 |
Customer Concentration Risk |
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,
| 2016 |  | 2015 |  | 2014
Janssen Biotech, Inc. (Janssen) | 85 | % |  | 72 | % |  | * |
Les Laboratoires Servier and Institut de Reserches Servier (collectively, Servier) | * |  |  | * |  |  | 36 | %
Boehringer Ingelheim GmbH (Boehringer) | * |  |  | 12 | % |  | 29 | %
Takeda Pharmaceutical Company Limited (Takeda) | * |  |  | * |  |  | 17 | %
Gilead Sciences, Inc. (Gilead) | * |  |  | * |  |  | 11 | %
The following table includes those collaborators that represent more than 10% of accounts receivable at the date indicated:
| December 31,
| 2016 |  | 2015
Janssen | 40 | % |  | 39 | %
U.S. government | 19 | % |  | 20 | %
Servier | 31 | % |  | 14 | %
Takeda | * |  |  | 14 | %
Eli Lilly | * |  |  | 13 | %
* Balance is less than 10%

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