License and Collaboration Agreements (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Revenue Recognized and Assets and Liabilities under Collaborative Arrangements

During the three and nine months ended September 30, 2016 and 2015, the Company recognized revenue based on the following components of the Baxalta Agreement:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2016		2015		2016		2015
Proportional performance revenue recognition model	$	12,417	$	16,440	$	33,062	$	47,839
Substantive milestones		—		—		10,000		20,000
Total	$	12,417	$	16,440	$	43,062	$	67,839

As of September 30, 2016 and December 31, 2015, the Company maintained the following assets and liabilities related to the Baxalta Agreement:

(in thousands)	September 30, 2016		December 31, 2015
Accounts receivable, billed	$	594	$	1,336
Accounts receivable, unbilled		385		626
Deferred revenues		68,944		97,365