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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 are as follows:
 
($ in thousands)
    Fair Value Measurements at Reporting Date Using 
Description
 Balance as of
December 31,
2018		  Quoted Prices in
Active Markets for
Identical
Assets/Liabilities
(Level 1)		  Significant Other
Observable
Inputs
(Level 2)		  Significant
Unobservable
Inputs
(Level 3)		 
Cash equivalents
 $24,437  $24,437  $—    $—   
  
 
 
  
 
 
  
 
 
  
 
 
 
   
($ in thousands)
    Fair Value Measurements at Reporting Date Using 
Description
 Balance as of
December 31,
2017		  Quoted Prices in
Active Markets for
Identical
Assets/Liabilities
(Level 1)		  Significant Other
Observable
Inputs
(Level 2)		  Significant
Unobservable
Inputs
(Level 3)		 
Cash equivalents
 $66,156  $66,156  $—    $—   
  
 
 
  
 
 
  
 
 
  
 
 
 
Derivative liabilities
 $(2,424)  $—    $—    $(2,424) 
  
 
 
  
 
 
  
 
 
  
 
 
 
Impact of Topic 606 Adoption on Financial Statements
Impact of Topic 606 Adoption
As a result of adopting ASC 606, the Company recorded an $8.1 million adjustment to the opening balance of accumulated deficit in the first quarter of 2018 as a result of the treatment of the up-front consideration received in July 2015 under ASC 605-25 versus ASC 606. Refer below for a summary of the amount by which each financial statement line item was affected by the impact of the cumulative adjustment:
 
($ in thousands)
 Impact of Topic 606 Adoption
on the Balance Sheet
as of January 1, 2018		 
Description
 As reported under
Topic 606		  Adjustments  Balances without
adoption of Topic
606		 
Contract liability, current portion
 $622  $(5,767)  $6,389 
Contract liability, net of current portion
 $49,037  $13,898  $35,139 
Accumulated deficit
 $(720,573)  $(8,131)  $(712,442) 
 
($ in thousands)
 Impact of Topic 606 Adoption
on the Statement of Operations
for the Year Ended December 31, 2018		 
Description
 As reported under
Topic 606		  Adjustments  Balances without
adoption of Topic
606		 
Collaboration revenue
 $146  $(4,732)  $4,878 
Net loss
 $(53,117)  $(4,732)  $(48,385) 
Net income (loss) applicable to common shareholders
 $137,246  $(4,732)  $141,978 
Net income (loss) per share - basic
 $0.96  $(0.03) $0.99 
Net income (loss) per share - diluted
 $0.96  $(0.03)  $0.99 
 
($ in thousands)
 Impact of Topic 606 Adoption
on the Statement of Cash Flows
for the Year Ended December 31, 2018		 
Description
 As reported under
Topic 606		  Adjustments  Balances without
adoption of Topic
606		 
Net loss
 $(53,117)  $(4,732)  $(48,385) 
Changes in contract liability
 $—    $—    $—   
Share-Based Compensation Expense Included in Statements of Operations The following table presents share-based compensation expense included in the Company’s Statements of Operations:
 
  
Year ended December 31,
 
(in thousands)
 
2018
  
2017
  
2016
 
Research and development
 $1,683  $2,401  $2,077 
General and administrative
  5,851   6,053   6,375 
  
 
 
  
 
 
  
 
 
 
Share based employee compensation expense before tax
  7,534   8,454   8,452 
Income tax benefit
  —     —     —   
  
 
 
  
 
 
  
 
 
 
Net share based employee compensation expense
 $7,534  $8,454  $8,452 
  
 
 
  
 
 
  
 
 
 
Assumptions for Volatility, Expected life, Dividend Yield and Risk-free Interest Rate The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:
  
2018
 
2017
 
2016
Weighted average risk-free interest rate
 2.55 - 3.06% 1.85 - 2.27% 1.27 - 2.09%
Expected life in years
 6 6 6
Expected volatility
 80.75 - 84.71% 80.31 - 81.03% 79.15 - 82.95%
Expected dividend yield
 0 0 0
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Basic net loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options and warrants, using the treasury stock method and the average market price of the Company’s common stock during the applicable period.
 
  For the Year Ended December 31, 
in thousands, except share and per share data
 2018  2017  2016 
Basic
            
Net loss
 $(53,117) $(54,323)  $(165,297)
Preferred stock dividends
  (16,998)   (18,938)   (7,123) 
Settlement of a related party relationship
  207,361   —     —   
  
 
 
  
 
 
  
 
 
 
Net income / (loss) applicable to common shareholders
 $137,246  $(73,261)  $(172,420) 
  
 
 
  
 
 
  
 
 
 
Weighted-average common shares outstanding
  143,508,674   136,938,264   130,391,463 
  
 
 
  
 
 
  
 
 
 
Earnings per share, basic
 $0.96  $(0.53)  $(1.32) 
  
 
 
  
 
 
  
 
 
 
Diluted
            
Net Loss
 $(53,117)  $(54,323)  $(165,297) 
Preferred stock dividends
  (16,998)   (18,938)   (7,123) 
Precigen license transaction
  207,361   —     —   
  
 
 
  
 
 
  
 
 
 
Net income / (loss) applicable to common shareholders
 $137,246  $(73,261)  $(172,420) 
  
 
 
  
 
 
  
 
 
 
Weighted-average common shares outstanding
  143,508,674   136,938,264   130,391,463 
Effect of dilutive securities
            
Stock options
  201,362   —     —   
Unvested restricted common stock
  124   —     —   
Warrants
  —     —     —   
  
 
 
  
 
 
  
 
 
 
Dilutive potential common shares
  201,486   —     —   
  
 
 
  
 
 
  
 
 
 
Shares used in calculating diluted earnings per share
  143,710,160   136,938,264   130,391,463 
  
 
 
  
 
 
  
 
 
 
Earnings per share, diluted
 $0.96  $(0.53)  $(1.32) 
  
 
 
  
 
 
  
 
 
 
Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share
  
December 31,
 
  
2018
  
2017
  
2016
 
Stock options
  5,075,723   4,352,135   3,465,335 
Unvested restricted stock
  681,946   1,808,559   1,680,492 
Preferred stock
  —     34,134,524   20,465,067 
Warrants
  18,939,394   —     —   
  
 
 
  
 
 
  
 
 
 
   24,697,063   40,295,218   25,610,894 
  
 
 
  
 
 
  
 
 
 
Restrictions on Cash and Cash Equivalents [Table Text Block] The following table provides a reconciliation of cash, cash equivalents, and restricted cash within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.
 
  December 31, 
(in thousands)
 2018  2017  2016 
Cash and cash equivalents
 $61,729  $70,946  $81,053 
Restricted cash included in prepaid expenses and other current assets
  —     388   —   
Restricted cash included in other non-current assets
  —     —     388 
  
 
 
  
 
 
  
 
 
 
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
 $61,729  $71,334  $81,441