Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Cash as Reported in Condensed Consolidated Statements of Cash Flows

Cash as reported in the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash, and consists of the following (in thousands):

	September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
Cash and cash equivalents	$	146,700	$	181,568	$	344,021	$	188,480
Restricted cash (SRX Cardio)		30		173		170		178
Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR")		242		—		—		—
Total cash balance in condensed consolidated statements of cash flows	$	146,972	$	181,741	$	344,191	$	188,658

Percentage of Revenue from Significant Customers

Customers who accounted for 10% or more of total net revenues were as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2018	2017	2018	2017
Bayer Pharma, AG and Janssen Pharmaceuticals, Inc.	14%	14%	28%	15%
Daiichi Sankyo, Inc.	26%	53%	23%	49%
Bristol-Myers Squibb Company and Pfizer Inc.	*	27%	*	30%

*	Less than 10%

Comparison of Reported Condensed Consolidated Balance Sheet, Statement of Operations Under New Guidance

the following adjustments were made to the condensed consolidated balance sheet as of January 1, 2018 (in thousands):

	As of January 1, 2018
	As Revised Under ASC 606			As Originally Reported			Effect of Change
Assets:
Unbilled - collaboration and license revenue	$	6,694		$	—		$	6,694
Trade and other receivables, net		2,706			—			2,706
Prepaid expenses and other current assets		—			2,706			(2,706	)
Liabilities:
Deferred revenue, current portion		6,354			11,169			(4,815	)
Deferred revenue, long-term		1,269			18,798			(17,529	)
Stockholders' equity:
Accumulated deficit	$	(1,175,481	)	$	(1,204,519	)	$	29,038

The following table compares the reported condensed consolidated balance sheet and statement of operations information to the balances that do not reflect the adoption of ASC 606 as of and for the three and nine months ended September 30, 2018 (in thousands, except for per share data):

	As of September 30, 2018
	As Reported			Balances Without the Adoption of ASC 606			Effect of Change
Assets:
Unbilled - collaboration and license revenue	$	9,872		$	—		$	9,872
Trade and other receivables, net		1,545			—			1,545
Prepaid expenses and other current assets		—			1,545			(1,545	)
Liabilities:
Deferred revenue, current portion		2,358			5,157			(2,800	)
Deferred revenue, long-term		5,085			24,298			(19,213	)
Stockholders' equity:
Accumulated deficit		(1,437,156	)		(1,469,041	)		31,885

	Three Months Ended September 30, 2018
	As Reported			Balances Without the Adoption of ASC 606			Effect of Change
Revenue:
Collaboration and license revenue	$	7,001		$	1,586		$	5,415
Operating expenses:
Research and development		40,237			39,289			948
Loss from operations		(69,144	)		(73,611	)		4,467
Net loss		(71,177	)		(75,644	)		4,467
Net loss attributable to Portola		(71,303	)		(75,770	)		4,467
Net loss per share attributable to Portola common stockholders: Basic and diluted	$	(1.08	)	$	(1.15	)	$	0.07

	Nine Months Ended September 30, 2018
	As Reported			Balances Without the Adoption of ASC 606			Effect of Change
Revenue:
Collaboration and license revenue	$	14,785		$	9,511		$	5,274
Operating expenses:
Research and development		166,744			164,310			2,434
Loss from operations		(258,139	)		(260,979	)		2,840
Net loss		(261,658	)		(264,498	)		2,840
Net loss attributable to Portola		(261,675	)		(264,515	)		2,840
Net loss per share attributable to Portola common stockholders: Basic and diluted	$	(3.97	)	$	(4.02	)	$	0.04