Subsequent Event

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

In October 2016, we amended our Phase 3 and Phase 4 clinical collaboration agreement with Daiichi Sankyo dated July 2014 to include additional activities and obligations. Under the amended collaboration agreement, we will be responsible to expand our andexanet alfa Phase 4 clinical study to clinical sites in Germany with the highest expected enrollment of edoxaban patients. Daiichi Sankyo will assist us in this expansion by identifying sites and assisting us with communication. We will also be responsible for expanding our operations with third party vendors to support opening of these new sites and ongoing operations. Further, we will be responsible to supply andexanet alfa to these additional sites.

Under the terms of the amendment, we will receive an upfront payment of $15.0 million and are eligible to receive additional clinical milestone payments totaling up to $10.0 million. One of the substantive milestones from the original Phase 3 and Phase 4 clinical collaboration agreement totaling $2.5 million relating to FDA and EMA acceptance of scaled commercial materials has been deleted in its entirety by this amendment. Upon FDA or EMA approval of andexanet alfa, we are obligated to pay a royalty of 1% of net global commercial sales to Daiichi Sankyo until a total aggregate payment of $8.0 million is reached.