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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable
Inputs
TotalLevel 1Level 2Level 3
Assets:
Money market funds$46,257 $46,257 $— $— 
U.S Treasury securities12,488 — 12,488 — 
Corporate debt securities100,214 — 100,214 — 
Common stock warrants1,890 — — $1,890 
Total assets measured at fair value (a)
$160,849 $46,257 $112,702 $1,890 
Fair Value Measurement at December 31, 2017
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable
Inputs
TotalLevel 1Level 2Level 3
Assets:
Money market funds$61,512 $61,512 $— $— 
U.S Treasury securities3,989 — 3,989 — 
Government-sponsored enterprises11,991 — 11,991 — 
Corporate debt securities78,418 — 78,418 — 
Total assets measured at fair value (b)
$155,910 $61,512 $94,398 $— 
(a) Total assets measured at fair value at December 31, 2018 includes approximately $146.2 million reported in cash and cash equivalents on the balance sheet.
(b) 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.
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,
201820172016
Incyte Corporation (Incyte)68%  96 %—%  
Janssen Biotech, Inc. (Janssen)*  *  85%  
Provention Bio, Inc. (Provention)10%  —%  —%  
The following table includes those counterparties that represent more than 10% of accounts receivable at the date indicated:
December 31,
20182017
Zai Lab Limited (Zai Lab)76%  —%  
Incyte16%  —%  
F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (Roche)—%  73%  
Les Laboratoires Servier and Institut de Recherches Servier (Servier)*  12%  
* 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 equipment3 years
Software3 years
Furniture10 years
Laboratory and office equipment5 years
Leasehold improvementsShorter of lease term or useful life
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
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)(6,478)(318,818)

The transition adjustment resulted primarily from changes in the pattern of revenue recognition for upfront fees and license grant fees.
The following table shows the impact of adoption to the consolidated statement of income and balance sheet (in thousands):
 
Year Ended December 31, 2018 
As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) 
Revenue from collaborative agreements $58,644 $58,104 $540 
Net loss (171,453)(171,993)(540)
Basic and diluted net loss per common share $(4.19)$(4.20)$0.01 
As of December 31, 2018
As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) 
Deferred revenue, current $21,721 $22,210 $(489)
Deferred revenue, net of current portion 19,001 12,573 6,428 
Accumulated deficit (490,271)$(484,332)$(5,939)
Rollforward of Contract Liabilities
The following table presents changes in the Company’s contract liabilities during the year ended December 31, 2018 (in thousands):
 
Balance at Beginning of Period Additions Deductions Balance at End of Period 
   Deferred revenue (current and non-current) $27,318 $22,992 $(9,588)$40,722