XML 40 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Research Agreements
12 Months Ended
Dec. 31, 2016
Research and Development [Abstract]  
Research Agreements
Research Agreements
Abaloparatide-SC Phase 3 Clinical Trial— The Company contracted with Nordic Bioscience Clinical Development VII A/S ("Nordic") to conduct the Company's Phase 3 clinical trial of abaloparatide-SC (the "Phase 3 Clinical Trial"). The Company also contracted with Nordic for Nordic to perform an extension study to evaluate six months of standard-of-care osteoporosis management following the completion of the Phase 3 Clinical Trial (the "Extension Study"), and, upon completion of this initial six months, an additional period of 18 months of standard-of-care osteoporosis management (the "Second Extension").
In April 2015, the Company contracted with Nordic to perform additional services, including additional monitoring of patients enrolled in the Second Extension. Payments in cash to be made to Nordic for these additional services are denominated in euros and total up to approximately €4.1 million (approximately $4.3 million).
Payments in cash to be made to Nordic for the services related to the Extension Study and Second Extension are denominated in both euros and U.S. dollars and total up to €11.9 million (approximately $12.5 million) and $1.1 million, respectively. As of December 31, 2016, the last patient's final visit in the Second Extension had occurred and all obligations due to Nordic in relation to the Extension Study have been paid.
The Company recognizes research and development expense for the amounts due to Nordic under the Extension Study and the Second Extension ratably over the estimated per patient treatment periods beginning upon enrollment, or over a nine-month and nineteen-month period, respectively. The Company recorded $2.5 million, $5.4 million, and $9.6 million, for the years ended December 31, 2016, 2015, and 2014 respectively, for per patient costs incurred.
As of December 31, 2016, the Company had a liability of $1.2 million reflected in accrued expenses and other current liabilities on the consolidated balance sheet resulting from services provided by Nordic under the Second Extension, which are payable in cash.