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Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30, 2018
			As Reported						Balances without adoption of ASC 606						Effect of Change Higher/(Lower)
Revenue from collaborative agreements			$	20,617					$	20,482					$	135
Net loss			(34,029)						(34,164)						(135)
Basic and diluted net loss per common share			$	(0.81)					$	(0.81)					$	—
			Nine Months Ended September 30, 2018
			As Reported						Balances without adoption of ASC 606						Effect of Change Higher/(Lower)
Revenue from collaborative agreements			$	43,670					$	43,265					$	405
Net loss			(126,809)						(127,214)						(405)
Basic and diluted net loss per common share			$	(3.13)					$	(3.14)					$	0.01
			As of September 30, 2018
			As Reported						Balances without adoption of ASC 606						Effect of Change Higher/(Lower)
Deferred revenue, current			$	7,377					$	6,348					$	1,029
Deferred revenue, net of current portion			14,134						9,090						5,044
Accumulated deficit			$	(445,627)					$	(439,554)					$	(6,073)

Schedule of Changes in Contract Liabilities

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

			Balance at Beginning of Period						Additions						Deductions						Balance at End of Period
Deferred revenue (current and non-current)			$	27,318					$	500					$	(6,307)					$	21,511

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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