Related Party Transactions

3 Months Ended

Mar. 31, 2018

7.	Related Party Transactions

Astellas is an equity investor in the Company and considered a related party. The Company recorded revenue related to collaboration agreements with Astellas of $5.2 million and $4.7 million during the three months ended March 31, 2018 and 2017, respectively. The related party revenue was recast for the three months ended March 31, 2017 as a result of adoption of the new revenue standards. See Note 1 for details.

The Company recorded expense related to collaboration agreements with Astellas of $0.6 million and $0.3 million during the three months ended March 31, 2018 and 2017, respectively.

As of March 31, 2018 and December 31, 2017, accounts receivable from Astellas were $4.5 million and $4.0 million, respectively, and amounts due to Astellas were $0.6 million and $0.3 million, respectively.

Julian N. Stern, a director of the Company from November 1996 through June 2017, is currently serving as corporate secretary of the Company and is of counsel to the law firm of Goodwin Procter LLP, which he joined in 2008. He has received, and continues to receive, no compensation from Goodwin Procter LLP since joining as counsel. The Company retains Goodwin Procter LLP as legal counsel for various matters, primarily consisting of intellectual property matters. There was no payment to Goodwin Procter LLP during the three months ended March 31, 2018. The Company’s payments to Goodwin Procter LLP during the three months ended March 31, 2017 were immaterial. As of March 31, 2018 and December 31, 2017, the balance of the accrued liability for Goodwin Proctor LLP was zero.