Subsequent Event

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Event

10. Subsequent Events

Betrixaban manufacturing agreement

In April 2016, we entered into a Manufacturing Agreement (“the Agreement”) with Hovione, Limited, (“Hovione”), pursuant to which Hovione will manufacture active pharmaceutical ingredient (“API”) for betrixaban at commercial scale and perform process validation during the term of the agreement.

Pursuant to the Agreement, we have non-cancellable purchase commitments of $6.0 million and up to $34.0 million of additional payments throughout the term of the Agreement ending June 2018. The additional payments can be cancelled with notice being provided by dates indicated in the Agreement. Further, if the regulatory approval timeline for betrixaban is delayed for regulatory reasons, there is no cancellation right, however the timing of manufacturing and payments under the Agreement will be adjusted up to one year to align with the new regulatory approval timeline.This Agreement may be early terminated by either party for the other party’s uncured material breach or insolvency. Also, we may terminate the Agreement if the FDA does not approve betrixaban or the regulatory application for betrixaban with the FDA is withdrawn by us or the FDA.

Equity awards

In May 2016, we granted equity awards to all employees hired prior to March 1, 2016. These awards consisted of 510,593 stock options, of which 271,122 were granted to the management team and included performance conditions associated with achievement of regulatory and manufacturing milestones through 2018. We also granted 255,301 RSUs to all employees that will vest annually over three years.