false 2019 Q2 PORTOLA PHARMACEUTICALS INC 0001269021 --12-31 Large Accelerated Filer false 200216859 200216859 us-gaap:AccruedLiabilitiesAndOtherLiabilities 0001269021 2019-01-01 2019-06-30 xbrli:shares 0001269021 2019-08-01 iso4217:USD 0001269021 2019-06-30 0001269021 2018-12-31 iso4217:USD xbrli:shares 0001269021 us-gaap:ProductMember 2019-04-01 2019-06-30 0001269021 us-gaap:ProductMember 2018-04-01 2018-06-30 0001269021 us-gaap:ProductMember 2019-01-01 2019-06-30 0001269021 us-gaap:ProductMember 2018-01-01 2018-06-30 0001269021 us-gaap:LicenseAndServiceMember 2019-04-01 2019-06-30 0001269021 us-gaap:LicenseAndServiceMember 2018-04-01 2018-06-30 0001269021 us-gaap:LicenseAndServiceMember 2019-01-01 2019-06-30 0001269021 us-gaap:LicenseAndServiceMember 2018-01-01 2018-06-30 0001269021 2019-04-01 2019-06-30 0001269021 2018-04-01 2018-06-30 0001269021 2018-01-01 2018-06-30 0001269021 us-gaap:CommonStockMember 2018-12-31 0001269021 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001269021 us-gaap:RetainedEarningsMember 2018-12-31 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001269021 us-gaap:NoncontrollingInterestMember 2018-12-31 0001269021 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001269021 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001269021 2019-01-01 2019-03-31 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001269021 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001269021 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001269021 us-gaap:CommonStockMember 2019-03-31 0001269021 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001269021 us-gaap:RetainedEarningsMember 2019-03-31 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001269021 us-gaap:NoncontrollingInterestMember 2019-03-31 0001269021 2019-03-31 0001269021 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001269021 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001269021 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001269021 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001269021 us-gaap:CommonStockMember 2019-06-30 0001269021 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001269021 us-gaap:RetainedEarningsMember 2019-06-30 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001269021 us-gaap:CommonStockMember 2017-12-31 0001269021 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001269021 us-gaap:RetainedEarningsMember 2017-12-31 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001269021 us-gaap:NoncontrollingInterestMember 2017-12-31 0001269021 2017-12-31 0001269021 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001269021 2018-01-01 2018-03-31 0001269021 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001269021 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001269021 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001269021 us-gaap:CommonStockMember 2018-03-31 0001269021 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001269021 us-gaap:RetainedEarningsMember 2018-03-31 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001269021 us-gaap:NoncontrollingInterestMember 2018-03-31 0001269021 2018-03-31 0001269021 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001269021 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001269021 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001269021 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0001269021 us-gaap:CommonStockMember 2018-06-30 0001269021 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001269021 us-gaap:RetainedEarningsMember 2018-06-30 0001269021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001269021 us-gaap:NoncontrollingInterestMember 2018-06-30 0001269021 2018-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember 2019-01-01 2019-06-30 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2019-01-01 2019-06-30 0001269021 ptla:SecuredTermLoanMember 2019-01-01 2019-06-30 ptla:Segment 0001269021 ptla:SRXCardioLLCMember 2018-12-31 0001269021 ptla:SRXCardioLLCMember 2018-06-30 0001269021 ptla:SRXCardioLLCMember 2017-12-31 0001269021 ptla:RoyaltyPaymentsMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2019-06-30 0001269021 ptla:RoyaltyPaymentsMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2018-12-31 ptla:Customer 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2019-04-01 2019-06-30 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2019-04-01 2019-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2019-01-01 2019-06-30 xbrli:pure 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2019-04-01 2019-06-30 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2019-04-01 2019-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2019-01-01 2019-06-30 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2018-04-01 2018-06-30 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2018-01-01 2018-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2018-04-01 2018-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2018-01-01 2018-06-30 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2018-04-01 2018-06-30 0001269021 ptla:AndexxaSpecialtyDistributorMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2018-01-01 2018-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2018-04-01 2018-06-30 0001269021 ptla:CollaborationRevenueCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:MinimumMember 2018-01-01 2018-06-30 0001269021 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001269021 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-01-01 0001269021 srt:MaximumMember 2019-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember us-gaap:ProductMember 2019-04-01 2019-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember 2019-04-01 2019-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember us-gaap:ProductMember 2019-01-01 2019-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember 2019-01-01 2019-06-30 0001269021 us-gaap:TransferredOverTimeMember us-gaap:LicenseAndServiceMember 2019-04-01 2019-06-30 0001269021 us-gaap:TransferredOverTimeMember 2019-04-01 2019-06-30 0001269021 us-gaap:TransferredOverTimeMember us-gaap:LicenseAndServiceMember 2019-01-01 2019-06-30 0001269021 us-gaap:TransferredOverTimeMember 2019-01-01 2019-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember us-gaap:ProductMember 2018-04-01 2018-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember 2018-04-01 2018-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember us-gaap:ProductMember 2018-01-01 2018-06-30 0001269021 us-gaap:TransferredAtPointInTimeMember 2018-01-01 2018-06-30 0001269021 us-gaap:TransferredOverTimeMember us-gaap:LicenseAndServiceMember 2018-04-01 2018-06-30 0001269021 us-gaap:TransferredOverTimeMember 2018-04-01 2018-06-30 0001269021 us-gaap:TransferredOverTimeMember us-gaap:LicenseAndServiceMember 2018-01-01 2018-06-30 0001269021 us-gaap:TransferredOverTimeMember 2018-01-01 2018-06-30 0001269021 ptla:UnbilledCollaborationAndLicenseRevenueMember 2018-12-31 0001269021 ptla:UnbilledCollaborationAndLicenseRevenueMember 2019-01-01 2019-06-30 0001269021 ptla:UnbilledCollaborationAndLicenseRevenueMember 2019-06-30 0001269021 ptla:DeferredRevenueMember 2018-12-31 0001269021 ptla:DeferredRevenueMember 2019-01-01 2019-06-30 0001269021 ptla:DeferredRevenueMember 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandFourteenAgreementMember 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandSixteenAgreementMember 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandFourteenAgreementMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandSixteenAgreementMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember 2019-01-01 2019-06-30 0001269021 us-gaap:RoyaltyMember 2019-01-01 2019-06-30 0001269021 ptla:DistributionFeesAndReservesForCargebacksAndProductReturnsMember 2019-04-01 2019-06-30 0001269021 ptla:DistributionFeesAndReservesForCargebacksAndProductReturnsMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember 2016-01-01 2016-12-31 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember srt:MinimumMember ptla:TwoThousandSixteenAgreementMember 2016-01-01 2016-12-31 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember srt:MaximumMember ptla:TwoThousandSixteenAgreementMember 2016-01-01 2016-12-31 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember us-gaap:AccountingStandardsUpdate201409Member ptla:TwoThousandFourteenAgreementMember us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember srt:MaximumMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember ptla:NewDrugApplicationMember country:JP us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember ptla:NewDrugApplicationMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:TwoThousandSixteenAgreementMember ptla:PhaseFourClinicalTrialMember country:JP us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-01-01 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-04-01 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-01-01 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member ptla:CollaborativeArrangementWithBristolMyersSquibbCompanyAndPfizerIncMember ptla:DeferredRevenueMember us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandFourteenAgreementMember 2014-07-01 2014-07-31 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:OctoberTwoThousandAndSixteenAgreementMember 2016-10-01 2016-10-31 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:MarchTwoThousandAndSixteenAgreementMember ptla:EthnicSensitivityStudyMember 2016-03-01 2016-03-31 0001269021 srt:MinimumMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:MarchTwoThousandAndSixteenAgreementMember ptla:EdoxabanMember 2016-03-01 2016-03-31 0001269021 srt:MaximumMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:MarchTwoThousandAndSixteenAgreementMember ptla:EdoxabanMember 2016-03-01 2016-03-31 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandAndFourteenAgreementAndOctoberTwoThousandAndSixteenAmendmentMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandAndFourteenAgreementAndOctoberTwoThousandAndSixteenAmendmentMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandAndFourteenAgreementAndOctoberTwoThousandAndSixteenAmendmentMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-04-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandAndFourteenAgreementAndOctoberTwoThousandAndSixteenAmendmentMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:TwoThousandAndFourteenAgreementAndOctoberTwoThousandAndSixteenAmendmentMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member ptla:DeferredRevenueMember 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-01-01 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember ptla:EthnicSensitivityStudyMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-04-01 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-01-01 2019-06-30 0001269021 ptla:TwoThousandSixteenAgreementMember ptla:CollaborativeArrangementWithDaiichiSankyoIncMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member ptla:DeferredRevenueMember 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGAndJanssenPharmaceuticalsIncMember ptla:TwoThousandFourteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember srt:MaximumMember 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGAndJanssenPharmaceuticalsIncMember ptla:TwoThousandFourteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember ptla:EthnicSensitivityStudyMember 2016-02-01 2016-02-29 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember srt:MinimumMember ptla:RivaroxabanMember 2016-02-01 2016-02-29 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember srt:MaximumMember ptla:RivaroxabanMember 2016-02-01 2016-02-29 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember 2016-02-01 2016-02-29 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-01-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member ptla:EthnicSensitivityStudyMember 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-04-01 2019-06-30 0001269021 ptla:CollaborativeArrangementWithBayerPharmaAGMember ptla:TwoThousandSixteenAgreementMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member us-gaap:LicenseAndServiceMember 2019-01-01 2019-06-30 0001269021 2018-01-01 2018-12-31 0001269021 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2019-06-30 0001269021 ptla:CommercialPaperAndCorporateSecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0001269021 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0001269021 us-gaap:CashEquivalentsMember 2019-06-30 0001269021 us-gaap:ShortTermInvestmentsMember 2019-06-30 0001269021 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0001269021 ptla:CommercialPaperAndCorporateSecuritiesMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001269021 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001269021 us-gaap:CashEquivalentsMember 2018-12-31 0001269021 us-gaap:ShortTermInvestmentsMember 2018-12-31 0001269021 us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2018-12-31 0001269021 ptla:LiabilityClassifiedLonzaAwardMember 2018-12-31 0001269021 us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2019-01-01 2019-06-30 0001269021 ptla:LiabilityClassifiedLonzaAwardMember 2019-01-01 2019-06-30 0001269021 us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2019-06-30 0001269021 us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0001269021 ptla:LonzaManufacturingServicesAgreementMember 2017-08-01 2017-08-31 ptla:Right 0001269021 ptla:LonzaManufacturingServicesAgreementMember us-gaap:CommonStockMember 2017-08-31 0001269021 ptla:LonzaManufacturingServicesAgreementMember us-gaap:CommonStockMember srt:MaximumMember 2017-08-31 0001269021 ptla:LonzaManufacturingServicesAgreementMember us-gaap:CommonStockMember 2017-08-01 2017-08-31 0001269021 ptla:LonzaManufacturingServicesAgreementMember us-gaap:CommonStockMember srt:MaximumMember 2017-08-01 2017-08-31 0001269021 ptla:FirstTrancheMember ptla:LonzaManufacturingServicesAgreementMember us-gaap:CommonStockMember 2019-03-31 0001269021 us-gaap:ResearchAndDevelopmentExpenseMember ptla:NonEmployeeStockMember ptla:LonzaManufacturingServicesAgreementMember 2019-01-01 2019-06-30 0001269021 ptla:LonzaManufacturingServicesAgreementMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2019-01-01 2019-06-30 0001269021 ptla:SRXCardioLLCMember 2015-12-01 2015-12-31 0001269021 ptla:SRXCardioLLCMember us-gaap:InProcessResearchAndDevelopmentMember 2019-04-01 2019-06-30 0001269021 ptla:SRXCardioLLCMember us-gaap:InProcessResearchAndDevelopmentMember 2019-01-01 2019-06-30 0001269021 ptla:SRXCardioLLCMember 2019-04-01 2019-06-30 0001269021 ptla:SRXCardioLLCMember 2019-01-01 2019-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2016-12-01 2016-12-31 ptla:PromissoryNote 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2016-12-31 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:UnitedStatesAndEuropeanUnitsMember ptla:AndexxaMember 2016-12-01 2016-12-31 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2019-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2018-12-31 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2019-04-01 2019-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2019-01-01 2019-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2018-04-01 2018-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember ptla:PromissoryNotesMember 2018-01-01 2018-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember us-gaap:FairValueInputsLevel3Member ptla:PromissoryNotesMember 2019-06-30 0001269021 ptla:BristolMyersSquibbCompanyAndPfizerIncMember us-gaap:FairValueInputsLevel3Member ptla:PromissoryNotesMember 2018-12-31 0001269021 ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2017-02-01 2017-02-28 0001269021 ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2017-02-28 0001269021 srt:MaximumMember ptla:ScenarioTwoMember ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2017-02-01 2017-02-28 0001269021 srt:MinimumMember ptla:ScenarioTwoMember ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2017-02-01 2017-02-28 0001269021 srt:MinimumMember ptla:ScenarioThreeMember ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2017-02-01 2017-02-28 0001269021 ptla:ScenarioThreeMember ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2017-02-01 2017-02-28 0001269021 srt:MaximumMember ptla:ScenarioThreeMember ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2017-02-01 2017-02-28 0001269021 ptla:AndexxaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2018-05-31 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:AndexxaMember 2019-06-30 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:AndexxaMember 2018-12-31 0001269021 ptla:RoyaltyBasedDebtMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2019-06-30 0001269021 ptla:RoyaltyBasedDebtMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2018-12-31 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:AndexxaMember 2018-04-01 2018-06-30 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:AndexxaMember 2018-01-01 2018-06-30 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember us-gaap:FairValueInputsLevel3Member ptla:AndexxaMember ptla:RoyaltyBasedDebtMember 2019-06-30 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember us-gaap:FairValueInputsLevel3Member ptla:AndexxaMember ptla:RoyaltyBasedDebtMember 2018-12-31 0001269021 ptla:DebtInstrumentTrancheOneMember ptla:OndexxyaMember ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2019-02-28 0001269021 ptla:DebtInstrumentTrancheTwoMember ptla:OndexxyaMember ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2019-02-28 0001269021 ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember us-gaap:ScenarioForecastMember ptla:OndexxyaMember 2019-01-01 2019-09-30 0001269021 ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:OndexxyaMember 2019-02-01 2019-02-28 0001269021 ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:OndexxyaMember 2019-02-28 0001269021 ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:OndexxyaMember 2019-01-01 2019-06-30 0001269021 ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:OndexxyaMember 2019-04-01 2019-06-30 0001269021 ptla:SecuredTermLoanMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember ptla:OndexxyaMember 2019-06-30 0001269021 ptla:SecuredTermLoanMember 2019-06-30 0001269021 ptla:OndexxyaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2019-04-01 2019-06-30 0001269021 ptla:OndexxyaMember ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember 2019-01-01 2019-06-30 0001269021 ptla:PurchaseAndSalesAgreementWithHealthCareRoyaltyPartnersAndItsAffiliatesMember us-gaap:FairValueInputsLevel3Member ptla:OndexxyaMember 2019-06-30 0001269021 us-gaap:EmployeeStockOptionMember ptla:TwentyThirteenEquityIncentivePlanAndInducementPlanMember 2018-12-31 0001269021 us-gaap:EmployeeStockOptionMember ptla:TwentyThirteenEquityIncentivePlanAndInducementPlanMember 2019-01-01 2019-06-30 0001269021 us-gaap:EmployeeStockOptionMember ptla:TwentyThirteenEquityIncentivePlanAndInducementPlanMember 2019-06-30 0001269021 ptla:PerformanceStockOptionAwardsMember srt:MaximumMember 2019-03-31 0001269021 ptla:PerformanceStockOptionAwardsMember ptla:TwentyThirteenEquityIncentivePlanMember 2018-12-31 0001269021 ptla:PerformanceStockOptionAwardsMember ptla:TwentyThirteenEquityIncentivePlanMember 2019-01-01 2019-06-30 0001269021 ptla:PerformanceStockOptionAwardsMember ptla:TwentyThirteenEquityIncentivePlanMember 2019-06-30 0001269021 us-gaap:RestrictedStockUnitsRSUMember ptla:TwentyThirteenEquityIncentivePlanAndInducementPlanMember 2018-12-31 0001269021 us-gaap:RestrictedStockUnitsRSUMember ptla:TwentyThirteenEquityIncentivePlanAndInducementPlanMember 2019-01-01 2019-06-30 0001269021 us-gaap:RestrictedStockUnitsRSUMember ptla:TwentyThirteenEquityIncentivePlanAndInducementPlanMember 2019-06-30 0001269021 us-gaap:PerformanceSharesMember ptla:TwentyThirteenEquityIncentivePlanMember 2018-12-31 0001269021 us-gaap:PerformanceSharesMember ptla:TwentyThirteenEquityIncentivePlanMember 2019-01-01 2019-06-30 0001269021 us-gaap:PerformanceSharesMember ptla:TwentyThirteenEquityIncentivePlanMember 2019-06-30 0001269021 us-gaap:ResearchAndDevelopmentExpenseMember 2019-04-01 2019-06-30 0001269021 us-gaap:ResearchAndDevelopmentExpenseMember 2018-04-01 2018-06-30 0001269021 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-06-30 0001269021 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-06-30 0001269021 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-04-01 2019-06-30 0001269021 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-04-01 2018-06-30 0001269021 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-06-30 0001269021 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-01-01 2018-06-30 0001269021 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0001269021 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-06-30 0001269021 ptla:PerformanceStockOptionAwardsMember 2019-01-01 2019-06-30 0001269021 ptla:PerformanceStockOptionAwardsMember 2018-01-01 2018-06-30 0001269021 us-gaap:WarrantMember 2019-01-01 2019-06-30 0001269021 us-gaap:WarrantMember 2018-01-01 2018-06-30 0001269021 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-06-30 0001269021 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-06-30 0001269021 us-gaap:PerformanceSharesMember 2019-01-01 2019-06-30 0001269021 us-gaap:PerformanceSharesMember 2018-01-01 2018-06-30 0001269021 us-gaap:EmployeeStockMember 2019-01-01 2019-06-30 0001269021 us-gaap:EmployeeStockMember 2018-01-01 2018-06-30 0001269021 srt:MaximumMember ptla:ContingentIssuableSharesMember 2019-01-01 2019-06-30 ptla:Lease

fs

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission file number: 001-35935

 

 

PORTOLA PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

20-0216859

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

 

 

270 E. Grand Avenue

South San Francisco, California

94080

(Address of Principal Executive Offices)

(Zip Code)

(650) 246-7000

(Registrant’s Telephone Number, Including Area Code)

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

PTLA

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 1, 2019, the number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 68,323,733.

 

 

 


 

PORTOLA PHARMACEUTICALS, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2019

INDEX

 

 

 

 

Page

Part I —

 

Financial Information

 

 

 

 

Item 1. Financial Statements

F-1

 

 

 

Condensed Consolidated Balance Sheets (Unaudited)

F-1

 

 

 

Condensed Consolidated Statements of Operations (Unaudited)

F-2

 

 

 

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

F-3

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

F-4

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

F-5

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

F-6

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

1

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

8

 

 

 

Item 4. Controls and Procedures

8

 

Part II —

 

Other Information

 

 

 

 

Item 1. Legal Proceedings

9

 

 

 

Item 1A. Risk Factors

9

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

30

 

 

 

Item 3. Defaults Upon Senior Securities

30

 

 

 

Item 4. Mine Safety Disclosures

31

 

 

 

Item 5. Other Information

31

 

 

 

Item 6. Exhibits

32

 

Signatures

34

 

 

 

 


PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

PORTOLA PHARMACEUTICALS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except per share data)

 

 

June 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

185,385

 

 

$

138,951

 

Short-term investments

 

 

88,553

 

 

 

178,013

 

Restricted cash

 

 

2,280

 

 

 

1,062

 

Trade and other receivables, net

 

 

13,955

 

 

 

5,849

 

Unbilled - collaboration and license revenue

 

 

4,795

 

 

 

9,880

 

Inventories

 

 

1,547

 

 

 

7,873

 

Prepaid and other current assets

 

 

9,408

 

 

 

11,699

 

Total current assets

 

 

305,923

 

 

 

353,327

 

Property and equipment, net

 

 

4,769

 

 

 

5,236

 

Intangible assets

 

 

3,844

 

 

 

7,279

 

Operating lease right-of-use asset

 

 

12,316

 

 

 

 

Inventories, noncurrent portion

 

 

31,608

 

 

 

9,645

 

Prepaid and other long-term assets

 

 

8,037

 

 

 

10,932

 

Total assets

 

$

366,497

 

 

$

386,419

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

11,832

 

 

$

13,215

 

Accrued research and development

 

 

18,399

 

 

 

19,831

 

Accrued and other liabilities

 

 

33,242

 

 

 

22,310

 

Deferred revenue, current portion

 

 

1,267

 

 

 

1,847

 

Current portion of notes payable and long-term royalty-based debt

 

 

19,567

 

 

 

11,802

 

Total current liabilities

 

 

84,307

 

 

 

69,005

 

Notes payable, less current portion

 

 

44,664

 

 

 

48,298

 

Long term royalty-based debt, less current portion

 

 

157,434

 

 

 

155,256

 

Long term debt

 

 

57,061

 

 

 

 

Long term obligation to collaborator, less current portion

 

 

5,833

 

 

 

6,881

 

Deferred revenue, long-term

 

 

4,415

 

 

 

4,488

 

Long-term portion of lease liability

 

 

10,204

 

 

 

 

Other long-term liabilities

 

 

1,985

 

 

 

11,924

 

Total liabilities

 

 

365,903

 

 

 

295,852

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued

   and outstanding

 

 

 

 

Common stock, $0.001 par value, 150,000 shares authorized at June 30, 2019 and December 31, 2018; 68,235 shares and 66,618 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

 

 

70

 

 

 

68

 

Additional paid-in capital

 

 

1,670,627

 

 

 

1,614,320

 

Accumulated deficit

 

 

(1,670,064

)

 

 

(1,525,704

)

Accumulated other comprehensive loss

 

 

(39

)

 

 

(283

)

Total Portola stockholders’ equity

 

 

594

 

 

 

88,401

 

Noncontrolling interest

 

 

-

 

 

 

2,166

 

Total stockholders’ equity

 

 

594

 

 

 

90,567

 

Total liabilities and stockholders’ equity

 

$

366,497

 

 

$

386,419

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

F-1

 


PORTOLA PHARMACEUTICALS, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

 

$

27,164

 

 

$

2,265

 

 

$

47,526

 

 

$

2,871

 

Collaboration and license revenue

 

 

1,260

 

 

 

1,746

 

 

 

3,067

 

 

 

7,784

 

Total revenues

 

 

28,424

 

 

 

4,011

 

 

 

50,593

 

 

 

10,655

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

4,991

 

 

 

1,052

 

 

 

12,141

 

 

 

1,388

 

Research and development

 

 

33,538

 

 

 

66,440

 

 

 

69,122

 

 

 

126,507

 

Selling, general and administrative

 

 

53,855

 

 

 

40,214

 

 

 

106,889

 

 

 

71,755

 

Total operating expenses

 

 

92,384

 

 

 

107,706

 

 

 

188,152

 

 

 

199,650

 

Loss from operations

 

 

(63,960

)

 

 

(103,695

)

 

 

(137,559

)

 

 

(188,995

)

Interest and other income, net

 

 

4,021

 

 

 

1,828

 

 

 

6,005

 

 

 

5,199

 

Interest expense

 

 

(8,538

)

 

 

(4,104

)

 

 

(15,019

)

 

 

(6,685

)

Net loss

 

 

(68,477

)

 

 

(105,971

)

 

 

(146,573

)

 

 

(190,481

)

Net (income) loss attributable to noncontrolling interest

 

 

2,273

 

 

 

(223

)

 

 

2,213

 

 

 

109

 

Net loss attributable to Portola

 

$

(66,204

)

 

$

(106,194

)

 

$

(144,360

)

 

$

(190,372

)

Net loss per share attributable to Portola common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.97

)

 

$

(1.61

)

 

$

(2.14

)

 

$

(2.90

)

Shares used to compute net loss per share attributable to Portola common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

68,128,238

 

 

 

65,884,767

 

 

 

67,602,126

 

 

 

65,698,391

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

F-2

 


PORTOLA PHARMACEUTICALS, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(In thousands)

  

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(68,477

)

 

$

(105,971

)

 

$

(146,573

)

 

$

(190,481

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on available-for-sale securities, net of tax

 

 

83

 

 

 

127

 

 

 

244

 

 

 

(265

)

Foreign currency translation adjustment

 

 

(42

)

 

 

-

 

 

 

(42

)

 

 

-

 

Comprehensive loss

 

 

(68,436

)

 

 

(105,844

)

 

 

(146,371

)

 

 

(190,746

)

Comprehensive (income) loss attributable to noncontrolling interest

 

 

2,273

 

 

 

(223

)

 

 

2,213

 

 

 

109

 

Total comprehensive loss attributable to Portola

 

$

(66,163

)

 

$

(106,067

)

 

$

(144,158

)

 

$

(190,637

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.


F-3

 


PORTOLA PHARMACEUTICALS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Interest

 

 

Equity

 

Balance at December 31, 2018

 

 

66,618

 

 

$

68

 

 

$

1,614,320

 

 

$

(1,525,704

)

 

$

(283

)

 

$

2,166

 

 

$

90,567

 

Issuance of common stock pursuant to equity award plans

 

 

1,359

 

 

 

2

 

 

 

25,660

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25,662

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

12,312

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,312

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

203

 

 

 

-

 

 

 

203

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(78,156

)

 

 

-

 

 

 

60

 

 

 

(78,096

)

Change in noncontrolling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

 

 

2

 

Balance at March 31, 2019

 

 

67,977

 

 

$

70

 

 

$

1,652,292

 

 

$

(1,603,860

)

 

$

(80

)

 

$

2,228

 

 

$

50,650

 

Issuance of common stock pursuant to equity award plans

 

 

258

 

 

 

 

 

 

5,966

 

 

 

 

 

 

 

 

 

 

 

 

5,966

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

12,369

 

 

 

 

 

 

 

 

 

 

 

 

12,369

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83

 

 

 

 

 

 

83

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(66,204

)

 

 

 

 

 

(2,273

)

 

 

(68,477

)

Change in noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

45

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42

)

 

 

 

 

 

(42

)

Balance at June 30, 2019

 

 

68,235

 

 

$

70

 

 

$

1,670,627

 

 

$

(1,670,064

)

 

$

(39

)

 

$

 

 

$

594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Interest

 

 

Equity

 

Balance at December 31, 2017

 

 

65,297

 

 

$

66

 

 

$

1,551,728

 

 

$

(1,204,519

)

 

$

(409

)

 

$

2,627

 

 

$

349,493

 

Adjustment to accumulated deficit due to adoption of ASC 606

 

 

 

 

 

 

 

 

 

 

 

29,037

 

 

 

 

 

 

 

 

 

29,037

 

Issuance of common stock pursuant to equity award plans

 

 

514

 

 

 

1

 

 

 

5,678

 

 

 

 

 

 

 

 

 

 

 

 

5,679

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

10,980

 

 

 

 

 

 

 

 

 

 

 

 

10,980

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(392

)

 

 

 

 

 

(392

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(84,178

)

 

 

 

 

 

(332

)

 

 

(84,510

)

Change in noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(119

)

 

 

(119

)

Balance at March 31, 2018

 

 

65,811

 

 

$

67

 

 

$

1,568,386

 

 

$

(1,259,660

)

 

$

(801

)

 

$

2,176

 

 

$

310,168

 

Issuance of common stock pursuant to equity award plans

 

 

143

 

 

 

 

 

 

2,543

 

 

 

 

 

 

 

 

 

 

 

 

2,543