Collaboration Agreement	9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreement	7. Collaboration Agreement Grifols License and Collaboration Agreement See Note 6 to the audited consolidated financial statements included in Part II, Item 8 of the 2015 Annual Report on Form 10-K for information on the Grifols Collaboration Transaction. Grifols is a related party of the Company. Pursuant to the License Agreement, the Company recognized reimbursements for services performed and costs incurred related to the development of the Pulmaquin^® product candidate for non-cystic bronchiectasis from Grifols as Contract revenue – related party totaling zero and $4.7 million for the three months ended September 30, 2016 and 2015, respectively. During the nine months ended September 30, 2016 and 2015, respectively, the Company recognized zero and $23.3 million in contract revenue - related party for services performed and costs incurred. As of September 30, 2015, the Company had fully utilized the Grifols-funded budget of $65 million provided under the License Agreement and will not be recognizing any future revenue related to this budget. In addition, the Company has a long-term deferred revenue - related party balance of $5 million. The long term deferred revenue - related party balance consists of a $5 million milestone received upon the dosing of the first patient in a Phase III clinical trial that will be recognized as revenue upon receiving the first regulatory approval. Under the License Agreement, the Company is eligible to receive up to an additional $20 million in payments upon the achievement of regulatory filing and approval milestones. Reimbursable costs incurred under the Grifols License Agreement in the quarters ended September 30, 2016 and 2015 are zero and $4.7 million, respectively. Costs incurred under the Grifols License Agreement for the nine months ended September 30, 2016 and 2015 are zero and $23.3 million, respectively. Research and development expenses incurred under the Grifols License Agreement for the three and nine months ended September 30, 2015, were $4.7 million and $22.1 million, respectively. General and administrative expenses incurred under the Grifols License Agreement for the three and nine months ended September 30, 2015, were zero and $1.2 million, respectively. Development expenses are fully burdened and include direct costs reported as research and development expenses and collaboration-related general and administrative expenses.

7. Collaboration Agreement

Grifols License and Collaboration Agreement

See Note 6 to the audited consolidated financial statements included in Part II, Item 8 of the 2015 Annual Report on Form 10-K for information on the Grifols Collaboration Transaction. Grifols is a related party of the Company.

Pursuant to the License Agreement, the Company recognized reimbursements for services performed and costs incurred related to the development of the Pulmaquin^® product candidate for non-cystic bronchiectasis from Grifols as Contract revenue – related party totaling zero and $4.7 million for the three months ended September 30, 2016 and 2015, respectively. During the nine months ended September 30, 2016 and 2015, respectively, the Company recognized zero and $23.3 million in contract revenue - related party for services performed and costs incurred. As of September 30, 2015, the Company had fully utilized the Grifols-funded budget of $65 million provided under the License Agreement and will not be recognizing any future revenue related to this budget. In addition, the Company has a long-term deferred revenue - related party balance of $5 million. The long term deferred revenue - related party balance consists of a $5 million milestone received upon the dosing of the first patient in a Phase III clinical trial that will be recognized as revenue upon receiving the first regulatory approval. Under the License Agreement, the Company is eligible to receive up to an additional $20 million in payments upon the achievement of regulatory filing and approval milestones.

Reimbursable costs incurred under the Grifols License Agreement in the quarters ended September 30, 2016 and 2015 are zero and $4.7 million, respectively. Costs incurred under the Grifols License Agreement for the nine months ended September 30, 2016 and 2015 are zero and $23.3 million, respectively. Research and development expenses incurred under the Grifols License Agreement for the three and nine months ended September 30, 2015, were $4.7 million and $22.1 million, respectively. General and administrative expenses incurred under the Grifols License Agreement for the three and nine months ended September 30, 2015, were zero and $1.2 million, respectively. Development expenses are fully burdened and include direct costs reported as research and development expenses and collaboration-related general and administrative expenses.