Government Programs	9 Months Ended
Sep. 30, 2018
Government Programs
Government Programs	Note 7. Government Programs Research and Development Tax Incentive The Company recognized AUD 409,000 ($297,000) and AUD 1.6 million ($1.3 million) as a reduction of research and development expenses for the three and nine months ended September 30, 2018, respectively, in connection with the research and development tax incentive from Australia. The Company recognized AUD 493,000 ($389,000) and AUD 1.1 million ($0.9 million) for the three and nine months ended September 30, 2017, respectively, in connection with the research and development tax incentive from Australia. As of September 30, 2018, and December 31, 2017, the research and development tax incentive receivable was AUD 1.6 million ($1.2 million) and AUD 1.7 million ($1.3 million), respectively. Based on the nature of the amounts received under the Janssen License and Collaboration Agreement, the Company concluded that these amounts should be classified as statutory income for Australian taxation purposes. Accordingly, these amounts are not included in the calculation of annual turnover for the purposes of determining eligibility for the refundable research and development tax offset. SBIR Grant In September 2018, the Company was awarded a Phase 2 Small Business Innovation Research ("SBIR") Grant from the National Heart, Lung and Blood Institute of the National Institutes of Health ("NIH") in support of research aimed at developing the Company’s novel hepcidin mimetic PTG-300 for the potential treatment of chronic anemia and iron overload in rare blood disorders, including beta-thalassemia. The total grant award was $1.5 million and is for the period from September 2018 to August 2020. In May 2017, the Company was awarded a Phase 2 SBIR Grant from the National Institute of Diabetes and Digestive and Kidney Diseases of the NIH in support of research aimed at developing biomarkers that define IL‑23R target engagement by oral peptide antagonists and the effects of that engagement of downstream signaling. The total grant award was $1.3 million and is for the period from May 2017 to April 2019. In July 2016, the Company was awarded a Phase 1 SBIR Grant from the National Institute of Heart and Lung Diseases of the NIH in support of pre-clinical research aimed at discovering and optimizing lead molecules as novel peptide mimetics of the natural hepcidin hormone. The total grant award was $219,000 and was for the period from August 2016 to January 2017. The Company recognizes a reduction to research and development expenses when expenses related to the grants have been incurred and the grant funds become contractually due from NIH. The Company recorded $229,000 and $354,000 as a reduction of research and development expenses for the three and nine months ended September 30, 2018, respectively. The Company recorded $103,000 and $123,000 as a reduction of research and development expenses for the three and nine months ended September 30, 2017, respectively. The Company recorded a receivable for $229,000 and $58,000 as of September 30, 2018 and December 31, 2017, respectively, to reflect the eligible costs incurred under the grants that are contractually due to the Company, and such amounts are included in prepaid expenses and other current assets on the condensed consolidated balance sheets.

Note 7. Government Programs

Research and Development Tax Incentive

The Company recognized AUD 409,000 ($297,000) and AUD 1.6 million ($1.3 million) as a reduction of research and development expenses for the three and nine months ended September 30, 2018, respectively, in connection with the research and development tax incentive from Australia. The Company recognized AUD 493,000 ($389,000) and AUD 1.1 million ($0.9 million) for the three and nine months ended September 30, 2017, respectively, in connection with the research and development tax incentive from Australia. As of September 30, 2018, and December 31, 2017, the research and development tax incentive receivable was AUD 1.6 million ($1.2 million) and AUD 1.7 million ($1.3 million), respectively.

Based on the nature of the amounts received under the Janssen License and Collaboration Agreement, the Company concluded that these amounts should be classified as statutory income for Australian taxation purposes. Accordingly, these amounts are not included in the calculation of annual turnover for the purposes of determining eligibility for the refundable research and development tax offset.

SBIR Grant

In September 2018, the Company was awarded a Phase 2 Small Business Innovation Research ("SBIR") Grant from the National Heart, Lung and Blood Institute of the National Institutes of Health ("NIH") in support of research aimed at developing the Company’s novel hepcidin mimetic PTG-300 for the potential treatment of chronic anemia and iron overload in rare blood disorders, including beta-thalassemia. The total grant award was $1.5 million and is for the period from September 2018 to August 2020.

In May 2017, the Company was awarded a Phase 2 SBIR Grant from the National Institute of Diabetes and Digestive and Kidney Diseases of the NIH in support of research aimed at developing biomarkers that define IL‑23R target engagement by oral peptide antagonists and the effects of that engagement of downstream signaling. The total grant award was $1.3 million and is for the period from May 2017 to April 2019.

In July 2016, the Company was awarded a Phase 1 SBIR Grant from the National Institute of Heart and Lung Diseases of the NIH in support of pre-clinical research aimed at discovering and optimizing lead molecules as novel peptide mimetics of the natural hepcidin hormone. The total grant award was $219,000 and was for the period from August 2016 to January 2017.

The Company recognizes a reduction to research and development expenses when expenses related to the grants have been incurred and the grant funds become contractually due from NIH. The Company recorded $229,000 and $354,000 as a reduction of research and development expenses for the three and nine months ended September 30, 2018, respectively. The Company recorded $103,000 and $123,000 as a reduction of research and development expenses for the three and nine months ended September 30, 2017, respectively. The Company recorded a receivable for $229,000 and $58,000 as of September 30, 2018 and December 31, 2017, respectively, to reflect the eligible costs incurred under the grants that are contractually due to the Company, and such amounts are included in prepaid expenses and other current assets on the condensed consolidated balance sheets.