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OvaXon Joint Venture
6 Months Ended
Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
OvaXon Joint Venture
OvaXon Joint Venture
 
In December 2013, we entered into a joint venture with Intrexon Corporation (“Intrexon”) to leverage Intrexon’s synthetic biology technology platform and OvaScience’s technology relating to EggPC cells to focus on developing significant improvements in human and animal health. We and Intrexon formed OvaXon, LLC (“OvaXon”) to conduct the joint venture. Each party initially contributed $1.5 million of cash to OvaXon, each has a 50% equity interest and all costs and profits will be split accordingly. Each party will also have 50% control over OvaXon and any disputes between us and Intrexon will be resolved through arbitration, if necessary. Since the initial contributions, each party has contributed an additional $2.3 million.
 
We consider OvaXon a variable interest entity. OvaXon does not have a primary beneficiary as both we and Intrexon have equal ability to direct the activities of OvaXon through membership in a Joint Steering Committee and an Intellectual Property Committee and 50% voting rights. OvaXon has been accounted for under the equity method and is not consolidated. This analysis and conclusion will be updated annually or as changes occur to reflect any changes in ownership or control over OvaXon.

We have recorded losses from equity method investments related to OvaXon of $0.4 million and $0.8 million for the three and six months ended June 30, 2016, respectively. We have recorded losses from equity method investments related to OvaXon of $0.4 million and $0.9 million for the three and six months ended June 30, 2015, respectively. Each party contributed an additional $0.8 million during the six months ended June 30, 2016 and an additional $1.5 million during the six months ended June 30, 2015. As of June 30, 2016 and December 31, 2015, OvaXon has incurred expenses of $0.2 million and $0.1 million, respectively, in excess of the investment, which is included within accrued expenses on our balance sheet as we committed to provide additional funding in the following quarter. Each party contributed an additional $1.0 million in July 2016. Our maximum exposure to loss with respect to our joint venture is limited to the carrying amount of the investment and the unfunded commitment that was paid in July 2016.