License and collaboration agreement	9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and collaboration agreement	4. License and collaboration agreement In May 2018, the Company entered into an exclusive license and collaboration agreement with Astellas US LLC, a subsidiary of Astellas Pharma Inc. (“Astellas”). The Company has granted Astellas an exclusive, royalty-bearing license to use, research, develop, manufacture and commercialize the Company’s drug candidate, rosiptor, and related compounds for all human diseases and conditions in Japan and certain other countries in the Asia-Pacific region, including major markets such as Taiwan, Indonesia, Malaysia, South Korea, and Australia, but excluding China and India (the “Licensed Territory”). The Company’s license and collaboration agreement includes contractual milestones. These consist of development and regulatory milestones (such as the initiation of phase 2b, or phase 3 clinical trials in the primary and other indication), and commercialization milestones (such as product sales in excess of a pre-specified threshold). Astellas is solely responsible for the development, registration and commercialization of the licensed compounds in the Licensed Territory, and the achievement of the milestones is based solely on the collaborators’ efforts. Since the Company does not take a substantive role or control the research, development or commercialization of any products generated by Astellas, the Company is not able to reasonably estimate when, if at all, any milestone payments or royalties may be payable to the Company by Astellas. As such, the milestone payments associated with the exclusive license and collaboration agreement involves a substantial degree of uncertainty and risk that they may never be received. The Company determined that its performance obligations under the agreement are the license and transfer of data, ongoing information sharing with Astellas and the material right granted to Astellas to acquire rosiptor at the Company’s cost. The upfront payment of $25.0 million was allocated between each of the performance obligations. On June 27, 2018, the Company announced the Phase 3 trial of rosiptor failed to meet its primary endpoint and that all further development activities with rosiptor would be halted. As such, the Company will have no further performance obligations under the agreement. On September 4, 2018, Astellas provided notice to the Company that it was terminating the exclusive license and collaboration agreement between the Company and Astellas effective March 4, 2019, unless an earlier termination date is agreed to by the parties. The $25.0 million upfront payment is non-refundable and the full amount was recorded as revenue for the nine months ended September 30, 2018.

4. License and collaboration agreement

In May 2018, the Company entered into an exclusive license and collaboration agreement with Astellas US LLC, a subsidiary of Astellas Pharma Inc. (“Astellas”). The Company has granted Astellas an exclusive, royalty-bearing license to use, research, develop, manufacture and commercialize the Company’s drug candidate, rosiptor, and related compounds for all human diseases and conditions in Japan and certain other countries in the Asia-Pacific region, including major markets such as Taiwan, Indonesia, Malaysia, South Korea, and Australia, but excluding China and India (the “Licensed Territory”).

The Company’s license and collaboration agreement includes contractual milestones. These consist of development and regulatory milestones (such as the initiation of phase 2b, or phase 3 clinical trials in the primary and other indication), and commercialization milestones (such as product sales in excess of a pre-specified threshold). Astellas is solely responsible for the development, registration and commercialization of the licensed compounds in the Licensed Territory, and the achievement of the milestones is based solely on the collaborators’ efforts. Since the Company does not take a substantive role or control the research, development or commercialization of any products generated by Astellas, the Company is not able to reasonably estimate when, if at all, any milestone payments or royalties may be payable to the Company by Astellas. As such, the milestone payments associated with the exclusive license and collaboration agreement involves a substantial degree of uncertainty and risk that they may never be received.

The Company determined that its performance obligations under the agreement are the license and transfer of data, ongoing information sharing with Astellas and the material right granted to Astellas to acquire rosiptor at the Company’s cost. The upfront payment of $25.0 million was allocated between each of the performance obligations.

On June 27, 2018, the Company announced the Phase 3 trial of rosiptor failed to meet its primary endpoint and that all further development activities with rosiptor would be halted. As such, the Company will have no further performance obligations under the agreement. On September 4, 2018, Astellas provided notice to the Company that it was terminating the exclusive license and collaboration agreement between the Company and Astellas effective March 4, 2019, unless an earlier termination date is agreed to by the parties. The $25.0 million upfront payment is non-refundable and the full amount was recorded as revenue for the nine months ended September 30, 2018.