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Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Effect of New Accounting Pronouncement

As a result of applying the modified retrospective method to adopt the new guidance, the following adjustments were made to accounts on the consolidated balance sheet as of January 1, 2018 (in thousands):

	Pre-Adoption				ASC 606 Adjustment				Post-Adoption
Deferred revenue, current	$	7,202			$	540			$	7,742
Deferred revenue, net of current portion	13,637				5,939				19,576
Accumulated deficit	(312,340		)		(6,479		)		(318,819		)

The transition adjustment resulted primarily from changes in the pattern of revenue recognition for upfront fees and the accounting for milestones.

The following table shows the impact of adoption to our consolidated statement of income and balance sheet (in thousands):

	Three Months Ended June 30, 2018
	As Reported				Balances without adoption of ASC 606				Effect of Change Higher/(Lower)
Revenue from collaborative agreements	$	18,552			$	18,416			$	136
Net loss	(43,244		)		(43,380		)		$	(136	)
Basic and diluted net loss per common share	$	(1.03	)		$	(1.03	)		$	—
	Six Months Ended June 30, 2018
	As Reported				Balances without adoption of ASC 606				Effect of Change Higher/(Lower)
Revenue from collaborative agreements	$	23,053			$	22,783			$	270
Net loss	(92,780		)		(93,050		)		$	(270	)
Basic and diluted net loss per common share	$	(2.35	)		$	(2.35	)		$	—
	As of June 30, 2018
	As Reported				Balances without adoption of ASC 606				Effect of Change Higher/(Lower)
Deferred revenue, current	$	7,999			$	7,133			$	866
Deferred revenue, net of current portion	15,948				10,606				$	5,342
Accumulated deficit	(411,599		)		(405,391		)		$	(6,208	)

Schedule of Changes in Contract Liabilities

The following table presents changes in the Company’s contract liabilities during the six months ended June 30, 2018 (in thousands):

	Balance at Beginning of Period				Additions				Deductions				Balance at End of Period
Deferred revenue	$	27,318			$	500			$	(3,871	)		$	23,947

X

- Definition

Tabular disclosure of contract balances and changes in contract balances.

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Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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