XML 43 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
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, 2017
 
 
 
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
$
61,512

 
$
61,512

 
$
—

 
$
—

U.S Treasury securities
3,990

 
—

 
3,990

 
—

Government-sponsored enterprises
11,990

 
—

 
11,990

 
—

Corporate debt securities
78,418

 
—

 
78,418

 
—

Total assets measured at fair value (a)
$
155,910

 
$
61,512

 
$
94,398

 
$
—

(a) Total assets measured at fair value at December 31, 2017 includes approximately $62.5 million reported in cash and cash equivalents on the balance sheet.

 
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.
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,
 
2017
 
2016
 
2015
Incyte Corporation (Incyte)
96%
 
*
 
*
Janssen Biotech, Inc. (Janssen)
*
 
85%
 
72%
Boehringer Ingelheim GmbH (Boehringer)
*
 
*
 
12%

The following table includes those counterparties that represent more than 10% of accounts receivable at the date indicated:
 
December 31,
 
2017
 
2016
F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (Roche)
73%
 
*
Les Laboratoires Servier and Institut de Recherches Servier (Servier)
12%
 
31%
Janssen
*
 
40%
U.S. Government
*
 
19%
* Balance is less than 10%
Estimated Useful Lives
Depreciation and amortization are 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,
 
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
Net loss used for calculation of basic and diluted EPS
$
(19,626
)
 
$
(58,528
)
 
$
(20,140
)
 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average shares outstanding, basic
36,095,080

 
34,685,274

 
31,801,645

Effect of dilutive securities:
 
 
 
 
 
Stock options and restricted stock units
—

 
—

 
—

 
 
 
 
 
 
Weighted average shares outstanding, diluted
36,095,080

 
34,685,274

 
31,801,645

Net loss per share, basic and diluted
$
(0.54
)
 
$
(1.69
)
 
$
(0.63
)
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,
 
2017
 
2016
 
2015
Stock options
4,504,642

 
3,838,060

 
4,146,064