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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019
									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			$	46,149					$	46,149					$	—					$	—
Government-sponsored enterprises			13,222						—						13,222						—
Corporate debt securities			103,135						—						103,135						—
Total assets measured at fair value (a)			$	162,506					$	46,149					$	116,357					$	—

			Fair Value Measurement at December 31, 2018
									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			$	46,257					$	46,257					$	—					$	—
U.S Treasury securities			12,488						—						12,488						—
Corporate debt securities			100,214						—						100,214						—
Common stock warrants			1,890						—						—						$	1,890
Total assets measured at fair value (b)			$	160,849					$	46,257					$	112,702					$	1,890

(a) Total assets measured at fair value at December 31, 2019 includes approximately $73.2 million reported in cash and cash equivalents on the balance sheet.

(b) 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.

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,
			2019						2018						2017
Incyte Corporation (Incyte)			35%						68%						96%
Zai Lab Limited (Zai Lab)			29%						*						*
Les Laboratoires Servier and Institut de Recherches Servier (Servier)			18%						*						*

* Balance is less than 10%

The following table includes those counterparties that represent more than 10% of accounts receivable at the date indicated:

			December 31,
			2019						2018
Incyte			62%						16%
Zai Lab			23%						76%

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

Schedule of Stock Options and RSUs Excluded from the Calculation of Net Loss Per Share

The following table presents the number of stock options and RSUs that were excluded from the calculation of net loss per share:

			Year Ended December 31,
			2019						2018						2017
Stock options and RSUs			7,159,494						5,273,964						4,504,642

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

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