0001104659-19-027979.txt : 20190509 0001104659-19-027979.hdr.sgml : 20190509 20190509062750 ACCESSION NUMBER: 0001104659-19-027979 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190509 DATE AS OF CHANGE: 20190509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ra Pharmaceuticals, Inc. CENTRAL INDEX KEY: 0001481512 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 262908274 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37926 FILM NUMBER: 19808674 BUSINESS ADDRESS: STREET 1: 87 CAMBRIDGE PARK DRIVE CITY: CAMBRIDGE STATE: MA ZIP: 02140 BUSINESS PHONE: (617) 401-4060 MAIL ADDRESS: STREET 1: 87 CAMBRIDGE PARK DRIVE CITY: CAMBRIDGE STATE: MA ZIP: 02140 10-Q 1 a19-7743_110q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2019

o 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: 001-37926

RA PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware		26-2908274
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

87 Cambridge Park Drive Cambridge, MA		02140
(Address of principal executive offices)		(Zip code)

617-401-4060

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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 x No o

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

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 definitions of “accelerated filer,” “large accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

Smaller reporting company x

Emerging growth company x

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. x

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

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, $0.001 par value per share		RARX		Nasdaq Global Market

The number of shares outstanding of the registrant’s common stock as of May 2, 2019 was 42,303,138.

Table of Contents

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved.

Forward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions and comparable terminology intended to identify forward -looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, expectations regarding the sufficiency of our cash and cash equivalents; our anticipated capital requirements and uses of cash; safety, efficacy and regulatory and clinical progress of our product candidates, including zilucoplan; trial design, timeline and enrollment of our ongoing and planned clinical programs; timing of the release of clinical trial data; and our collaboration with Merck & Co., Inc., including without limitation potential milestone payments thereunder. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to:

· the initiation, timing, progress and results of our research and development programs and future pre-clinical and clinical studies;

· the risk that topline data from our Phase 2 clinical program in generalized myasthenia gravis may not be indicative of results from future trials;

· our ability to advance any product candidates into, and successfully complete, clinical studies and obtain regulatory approval for them;

· our ability to identify additional product candidates using our Extreme DiversityTM platform;

· the timing or likelihood of regulatory filings and approvals;

· our ability to commercialize, market and manufacture our product candidates, if approved;

· the pricing and reimbursement of our product candidates, if approved;

· the rate and degree of market acceptance and clinical utility of any products for which we receive marketing approval;

· the implementation of our strategic plans for our business, product candidates and technology;

· the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;

· our ability to maintain and establish collaborations;

· our financial performance;

· developments relating to our competitors and our industry, including the impact of government regulation; and

· other risks and uncertainties, including the important factors listed under Item 1A, “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2018, as supplemented by our subsequent filings with the Securities and Exchange Commission (“SEC”).

Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this Quarterly Report on Form 10-Q and, except as required by law, we undertake no obligation to update or revise publicly any forward looking-statements, whether as a result of new information, future events or otherwise after the date of this Quarterly Report on Form 10-Q. We qualify all of our forward-looking statements by these cautionary statements.

NOTE REGARDING TRADEMARKS

All brand names or trademarks appearing in this report are the property of their respective holders. Unless the context requires otherwise, references in this report to the “Company,” “we,” “us,” and “our” refer to Ra Pharmaceuticals, Inc.

Table of Contents

TABLE OF CONTENTS

		Page

PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018	4
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018	5
	Condensed Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2019 and 2018	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 and 2018	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	21

PART II — OTHER INFORMATION		21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 6.	Exhibits	22

SIGNATURES		23

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

RA PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except per share data)

	March 31, 2019			December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	191,647		$	209,822
Prepaid expenses and other current assets	3,911			2,585
Total current assets	195,558			212,407
Property and equipment, net	5,015			5,165
Operating lease right-of-use assets, net	2,864			—
Restricted cash	1,334			1,334
Other assets	298			314
Total assets	$	205,069		$	219,220
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,364		$	3,245
Accrued expenses	5,322			6,477
Operating lease liabilities	1,042			—
Deferred rent	—			479
Total current liabilities	9,728			10,201
Operating lease liabilities, net of current portion	4,066			—
Deferred rent, net of current portion	—			1,880
Deferred tax liabilities	21			21
Total liabilities	13,815			12,102
Commitments and contingencies	—			—
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; 42,254 and 42,072 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	42			42
Additional paid-in capital	398,408			395,233
Accumulated deficit	(207,196		)	(188,157		)
Total stockholders’ equity	191,254			207,118
Total liabilities and stockholders’ equity	$	205,069		$	219,220

See Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

RA PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

	Three Months Ended March 31,
	2019			2018
Operating expenses:
Research and development	$	15,282		$	13,412
General and administrative	4,807			3,312
Total operating expenses	20,089			16,724
Loss from operations	(20,089		)	(16,724		)
Other income (expense), net	1,050			226
Net loss	$	(19,039	)	$	(16,498	)

Net loss per common share — basic and diluted	$	(0.45	)	$	(0.61	)
Weighted average number of common shares outstanding — basic and diluted	42,174			27,242

See Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

RA PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(in thousands)

	Common Stock			Additional Paid-In Capital			Accumulated Deficit			Total Stockholders’ Equity
	Shares	Amount		Amount			Amount			Amount

December 31, 2018	42,072	$	42	$	395,233		$	(188,157	)	$	207,118
Exercise of common stock options	118	—		769			—			769
Stock-based compensation	—	—		2,890			—			2,890
Shares issued under stock option and employee purchase plans, net of tax withholdings	64	—		(484		)	—			(484		)
Net loss	—	—		—			(19,039		)	(19,039		)
March 31, 2019	42,254	$	42	$	398,408		$	(207,196	)	$	191,254

	Common Stock			Additional Paid-In Capital		Accumulated Deficit			Total Stockholders’ Equity
	Shares	Amount		Amount		Amount			Amount

December 31, 2017	22,626	$	23	$	192,375	$	(123,214	)	$	69,184
Issuance of common stock from public offerings, net of underwriter discounts and issuance costs	9,660	9		54,034		—			54,043
Exercise of common stock options	—	—		—		—			—
Stock-based compensation	—	—		1,946		—			1,946
Net loss	—	—		—		(16,498		)	(16,498		)
March 31, 2018	32,286	$	32	$	248,355	$	(139,712	)	$	108,675

Table of Contents

RA PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

	Three Months Ended March 31,
	2019			2018
Cash flows from operating activities
Net loss	$	(19,039	)	$	(16,498	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	530			386
Stock-based compensation	2,890			1,946
Other, net	49			—
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,326		)	692
Accounts payable and accrued expenses	(887		)	(2,051		)
Operating lease liabilities	(239		)	—
Other, net	—			8
Net cash used in operating activities	(18,022		)	(15,517		)
Cash flows from investing activities
Purchase of property and equipment	(195		)	(29		)
Net cash used in investing activities	(195		)	(29		)
Cash flows from financing activities
Proceeds from common stock offering, net of underwriter discounts	—			54,482
Payment of common stock offering costs	(243		)	(195		)
Payments for restricted stock units vesting	(484		)	—
Proceeds from exercises of stock options	769			—
Net cash provided by financing activities	42			54,287

Net increase (decrease) in cash, cash equivalents and restricted cash	(18,175		)	38,741
Cash, cash equivalents and restricted cash, beginning of period	211,156			71,715
Cash, cash equivalents and restricted cash, end of period	$	192,981		$	110,456

Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, end of period	192,981			110,456
Less restricted cash	(1,334		)	(1,334		)
Cash and cash equivalents, end of period	$	191,647		$	109,122
Non-cash investing and financing activities:
Common stock offering costs incurred but unpaid at period end	$	—		$	176
Changes in accounts payable and accrued expenses related to fixed asset additions	$	93		$	355

See Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

RA PHARMACEUTICALS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of Business and Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared by Ra Pharmaceuticals, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The condensed consolidated financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations.

Description of Business

The Company is a clinical-stage biopharmaceutical company using its proprietary peptide chemistry platform to create novel therapeutics to treat life-threatening diseases that are caused by excessive or uncontrolled activation of the complement system, an essential component of the body’s innate immune system. The Company’s lead product candidate, zilucoplan, is being developed as a convenient self-administered subcutaneous (‘‘SC’’) injection, which is an injection into the tissue under the skin, for the treatment of various complement-mediated diseases, including generalized myasthenia gravis (‘‘gMG’’) and other complement mediated disorders. Additionally, the Company is pursuing discovery and pre-clinical programs targeting selective inhibition of other uncontrolled complement pathway factors to treat a variety of neurologic, renal, and inflammatory diseases. In addition to the Company’s focus on developing novel therapeutics to treat complement-mediated diseases, the Company has validated its Extreme Diversity platform by successfully identifying and delivering orally-available cyclic peptides for a non-complement cardiovascular target with a large market opportunity in a collaboration with Merck & Co., Inc (“Merck”).

The Company is subject to risks common to other life science companies in the development stage, including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing, and compliance with Food and Drug Administration and other government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce, eliminate or out-license certain of its research and development programs or future commercialization efforts.

Since inception, the Company has generated an accumulated deficit of $207.2 million as of March 31, 2019 and has devoted substantially all of its efforts to research and development, business planning, acquiring operating assets, seeking protection for its technology and product candidates, and raising capital. As of March 31, 2019, we had cash and cash equivalents of $191.6 million, which is expected to fund operating expenses and capital expenditure requirements through at least the first quarter of 2021.

Principles of Consolidation

The Company’s condensed consolidated financial statements reflect its financial statements and those of its subsidiaries in which the Company holds a controlling financial interest, including Cosmix, Ra Europe Limited, and Ra Pharmaceuticals Security Corporation. Intercompany balances and transactions are eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to the prior year condensed consolidated balance sheet to conform to the current year presentation. These reclassifications have no impact on the Company’s net loss or cash flows.

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.

Table of Contents

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. There have been no material changes to the significant accounting policies during the period ended March 31, 2019, except as described below.

Leases

Effective January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”), Topic 842, Leases (“ASC 842”), using the required modified retrospective approach and utilizing the effective date as its date of initial application. The prior period is presented in accordance with the previous guidance in ASC 840, Leases.

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Then the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

Although separation of lease and non-lease components is required, certain practical expedients are available. Entities may elect the practical expedient to not separate lease and non-lease components. Rather, they would account for each lease component and the related non-lease component together as a single component. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only.

Newly Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, “Leases”, (“ASU 2016-02”), which superseded the lease accounting requirements in ASC 840, Leases and created a new ASC 842, Leases. ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. The new standard includes a short-term lease exception for leases with a term of 12 months or less, as part of which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases using classification criteria that are substantially similar to the previous guidance.

ASU 2016-02 became effective on January 1, 2019, requiring the use of a modified retrospective transition approach applied at the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements, (“ASU 2018-11”), which contains certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. ASU 2018-11 provides registrants with an option to not restate comparative periods presented in the financial statements. The Company adopted this new standard on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance in ASC 840, Leases.

In adopting the new standard, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off of its balance sheet. The initial adoption of this standard resulted in the recognition of operating lease liabilities and right-of-use assets of $5.3 million and $3.0 million, respectively, on the Company’s balance sheet. The $2.3 million difference between the account balances relates to the write-off of the previously existing ASC 840 balances, which was primarily driven by the tenant improvements allowance. The adoption of the standard did not have a material effect on the statements of operations or statement of cash flows.

Table of Contents

In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting.” The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the new guidance, the measurement of equity-classified nonemployee awards is fixed at the grant date. The Company adopted this new standard on January 1, 2019. The adoption of ASU 2018-07 did not have a significant impact on its financial statements.

2. Supplemental Balance Sheet Information

Property and equipment, net

Property and equipment, net consists of the following (in thousands):

	March 31, 2019			December 31, 2018
Computer equipment and software	$	60		$	53
Furniture, fixtures and office equipment	390			390
Laboratory equipment	6,197			6,149
Construction in progress	147			—
Leasehold improvements	3,744			3,755
	10,538			10,347
Accumulated depreciation	(5,523		)	(5,182		)
Property and equipment, net	$	5,015		$	5,165

Depreciation expense was $0.4 million for each of the three month periods ended March 31, 2019 and 2018, respectively.

Restricted cash

The Company is contingently liable under an unused letter of credit with a bank, related to the Company’s facility lease. As a result, as of March 31, 2019 and December 31, 2018, the Company had restricted cash securing the letters of credit. The cash will be restricted until the termination or modification of the lease arrangement.

Accrued expenses

Accrued expenses consist of the following (in thousands):

	March 31, 2019		December 31, 2018
Payroll and employee-related costs	$	1,586	$	3,309
Research and development costs	3,176		2,491
Other	560		677
Total	$	5,322	$	6,477

3. Fair Value Measurements

The Company has certain assets recorded at fair value, which may be classified as Level 1, 2, or 3 within the fair value hierarchy:

· Level 1 - Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

· Level 2 - Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates.

· Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The fair value hierarchy level is determined by asset and liability class based on the lowest level of significant input. During the three months ended March 31, 2019, there were no transfers between levels.

The fair value of the cash equivalents was determined through quoted prices provided by third-party pricing services.

Assets measured at fair value on a recurring basis are summarized below (in thousands):

	March 31, 2019
	Level 1		Level 2		Level 3		Total
Cash equivalents — Money market funds	$	192,050	$	—	$	—	$	192,050
Total assets	$	192,050	$	—	$	—	$	192,050

Table of Contents

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Cash equivalents — Money market funds	$	210,404	$	—	$	—	$	210,404
Total assets	$	210,404	$	—	$	—	$	210,404

4. Leases

We lease certain office space, laboratory space, and equipment. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company does not recognize right-of-use assets or lease liabilities for leases determined to have a term of 12 months or less. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only.

In September 2015, the Company entered into an operating lease for laboratory and office space at its headquarters in Cambridge, Massachusetts. The lease expires in April 2023 and contains various clauses for renewal at the Company’s option and certain rent escalation clauses. The Company is also obligated to pay operating costs, including property taxes, insurance, maintenance and other operating expenses. In connection with the lease, the Company was provided tenant improvements allowance totaling approximately $2.7 million by the landlord as reimbursement for capital improvements to the facility.

As of March 31, 2019, the Company’s balance sheet included operating lease liabilities and right-of-use assets of $5.1 million and $2.9 million, respectively. The difference between the account balances relates to the write-off of the previously existing ASC 840 balances, which was primarily driven by the tenant improvements allowance. Lease related financial information is summarized below (in thousands):

Operating leases	March 31, 2019
Operating lease cost	$	230
Short-term lease cost	10
Variable lease cost	230
Total operating lease costs	$	470

Other information	March 31, 2019
Operating cash flows used for operating leases	$	344
Weighted average remaining lease term in years	4.2
Weighted average discount rate	8		%

Year Ended December 31,	Maturity of Lease Liabilities
2019 (remaining nine months)	$	1,059
2020	1,442
2021	1,483
2022	1,524
2023	513
Total lease payments	6,021
Less: imputed interest	(913		)
Total operating lease liabilities	$	5,108

The above table excludes approximately $0.1 million of legally binding future lease payments for leases signed but not yet commenced as of March 31, 2019.

The Company adopted ASU 2016-02 on January 1, 2019 as noted above, and as required, the following disclosure is provided for periods prior to adoption. Future minimum commitments due under operating lease agreements as of December 31, 2018 were as follows (in thousands):

Year Ended December 31,	Minimum Lease Payments
2019	$	1,403
2020	1,442
2021	1,483
2022	1,524
2023	513
Total operating lease liabilities	$	6,365

Table of Contents

5. Stock-Based Compensation

The Company has stock-based compensation plans under which employees, directors and non-employees may be granted stock-based awards such as stock options, stock appreciation rights, restricted stock awards, unrestricted stock awards, restricted stock units, performance-based awards or dividend equivalent rights.

The following table provides stock-based compensation by the financial statement line item in which it is reflected (in thousands):

	Three Months Ended March 31,
	2019		2018
Research and development	$	1,658	$	1,031
General and administrative	1,232		915
Total	$	2,890	$	1,946

During the three months ended March 31, 2019, the Company issued 1.5 million stock options with a per share weighted-average grant date fair value of $14.38. During the three months ended March 31, 2019, the maximum number of common shares to be issued upon vesting of RSUs granted is 87,000 shares.

During the three months ended March 31, 2019, 23,038 shares were net settled with an aggregate value of $0.5 million in satisfaction of tax withholdings. No such net settlement occurred during the three months ended March 31, 2018.

6. Net Loss Per Share

The Company computes basic and diluted earnings (loss) per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three months ended March 31, 2019 and 2018 resulted in net losses, there is no income allocation required under the two-class method or dilution attributed to weighted average shares outstanding in the calculation of diluted loss per share.

The following common stock equivalents were excluded from the computation of diluted weighted average shares outstanding as their effect would be anti-dilutive (in thousands):

	As of March 31,
	2019	2018
Stock options	5,411	4,004
Restricted stock units	213	291
Total	5,624	4,295

Table of Contents

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

The following discussion should be read in conjunction with our condensed consolidated financial statements and accompanying footnotes appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2018. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. Actual results may differ significantly from those projected in the forward-looking statements. Important factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those set forth in Item 1A, “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2018, as supplemented by our subsequent filings with the SEC.

Overview

We are a clinical-stage biopharmaceutical company using our proprietary peptide chemistry platform to develop novel therapeutics for the treatment of serious diseases that are caused by excessive or uncontrolled activation of the complement system, a critical component of the immune system. Inappropriate activation of the complement system can quickly turn it from a beneficial defense system to an aggressor that plays a major role in immune and inflammatory diseases. The complement system, which consists of approximately 30 interacting proteins, offers a target-rich opportunity for us to leverage our proprietary peptide chemistry platform, which was pioneered by Nobel Laureate Dr. Jack Szostak and allows us to inhibit certain uncontrolled complement pathway factors involved in complement-mediated diseases. Known as our Extreme Diversity platform, this proprietary macrocyclic peptide chemistry technology allows us to produce synthetic macrocyclic peptides that combine the diversity and specificity of antibodies with the pharmacological properties of small molecules. We believe this technology will allow us to pursue challenging targets for which only monoclonal antibodies have been developed.

We are developing our lead product candidate, zilucoplan, a potent, synthetic macrocyclic peptide C5 inhibitor, formulated for convenient, self-administered, subcutaneous, or SC, injection, which is an injection into the tissue under the skin, for the treatment of various complement-mediated diseases, including generalized myasthenia gravis, or gMG, and other tissue-based, complement-mediated disorders with high unmet medical need.

Myasthenia gravis, or MG, is a rare, complement-mediated, autoimmune disease that causes weakness in the skeletal muscles. Patients with MG present with muscle weakness that characteristically becomes increasingly severe with repeated use and recovers with rest. Muscle weakness can be localized to specific muscles, such as those responsible for eye movements, but often progresses to affect a broader range, including head, limb, and respiratory muscles. This is often described as the generalized, or severe, form of the disease. We initiated a Phase 2 clinical trial with zilucoplan for gMG in the fourth quarter of 2017. In August 2018, we announced the early completion of enrollment of 44 patients in our Phase 2 trial in gMG, surpassing our original enrollment target of 36 patients. In November 2018, we announced completion of dosing of all patients, and we reported positive top-line data in December 2018. Based on feedback provided by the U.S. Food and Drug Administration, or FDA, in April 2019, we announced our plans to initiate a single, pivotal, Phase 3, randomized, double-blind, placebo-controlled trial of zilucoplan in patients with gMG. We expect to initiate the global Phase 3 clinical trial in the second half of 2019. In May 2019, we presented results from the open-label, long-term extension study, in which clinically meaningful improvements in primary and secondary endpoints were sustained in patients treated with zilucoplan at 24 weeks.

With alignment reached on a single, 12-week, pivotal Phase 3 trial, Ra Pharma has decided to prioritize gMG as the lead indication for zilucoplan as part of its goal to build a leading complement-focused neurology franchise. Leveraging the unique properties of a small peptide C5 inhibitor, the Company plans to expand development into other tissue-based, complement-mediated disorders with high unmet medical need. This effort includes the initiation of a Phase 2 study in an undisclosed neuromuscular indication in the second half of 2019. As a result, the Company has decided to postpone further clinical development of zilucoplan in paroxysmal nocturnal hemoglobinuria, or PNH. Dosing will continue in the Company’s long-term extension of the Phase 2 PNH program.

In December 2018, Ra Pharma completed dosing in a Phase 1 ethno-bridging study in healthy subjects of Japanese and non-Japanese descent, enrolling 16 subjects in a multi-dose cohort and 20 subjects in a single-dose cohort. In May 2019, Ra Pharma reported positive results from the study. The pharmacokinetic, or PK, and pharmacodynamic, or PD, profile of zilucoplan was consistent and similar across both groups, supporting development of zilucoplan for the Japanese market.

We have a life cycle management plan with an extended-release program for zilucoplan and an oral, small molecule C5 inhibitor, as well as inhibitors of other complement factors for certain renal, autoimmune, and central nervous system, or CNS, diseases.

Table of Contents

In April 2019, we presented pre-clinical data for the poly (D, L-lactic-co-glycolic acid), or PLGA, extended release, or XR, formulation of zilucoplan, in which rapid and sustained pharmacodynamic inhibition of complement C5 was achieved with once-weekly subcutaneous dosing in non-human primates, supporting once weekly or less frequent dosing. We anticipate the XR program entering human clinical studies in the first half of 2020.

In addition to our focus on developing novel therapeutics to treat complement-mediated diseases, we have validated our Extreme Diversity platform by successfully identifying and delivering orally-available cyclic peptides for a non-complement cardiovascular target with a large market opportunity in a collaboration with Merck & Co., Inc., or Merck. In December 2018, Merck paid us a development milestone as part of this collaboration.

Financial Update

Since our inception in June 2008, we have devoted substantially all of our resources to organizing and staffing our company, business planning, raising capital, acquiring and developing our proprietary chemistry technology, identifying potential product candidates and conducting pre-clinical studies of our product candidates and a clinical trial of our lead product candidate, zilucoplan. To date, we have not generated any product revenue and have financed our operations primarily through the public offering and the private placement of our securities and revenue from our collaboration with Merck. As of March 31, 2019, we had received an aggregate of $375.3 million in net proceeds from the issuance of equity and debt securities and $20.0 million in payments in connection with our collaboration and license agreement with Merck (“Merck Agreement”). As of March 31, 2019, we had cash and cash equivalents of $191.6 million.

As of March 31, 2019, we had an accumulated deficit of $207.2 million. Our net losses were $19.0 million and $16.5 million for the three months ended March 31, 2019 and 2018, respectively. We have incurred significant net operating losses in every year since our inception and expect to continue to incur increasing net operating losses and significant expenses for the foreseeable future. Our net losses may fluctuate significantly from quarter to quarter and year to year. We anticipate that our expenses will increase significantly as we:

· continue to advance our lead program, zilucoplan, a self-administered, subcutaneous C5 inhibitor, through clinical development using convenient SC administration in gMG and other tissue-based, complement-mediated disorders with high unmet medical need;

· continue our current research programs and development activities;

· seek to identify additional research programs and additional product candidates;

· initiate pre-clinical testing and clinical trials for any product candidates we identify and develop, maintain, expand and protect our intellectual property portfolio;

· hire additional research, clinical, scientific, and commercial personnel; and

· incur additional costs associated with operating as a public company, including expanding our operational, financial and management teams.

We believe that our existing cash and cash equivalents as of March 31, 2019 will enable us to fund our operating expenses and capital expenditure requirements through at least the first quarter of 2021. We do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval for a product candidate, which we expect will take a number of years and is subject to significant uncertainty. Additionally, we believe that our cash and cash equivalents as of March 31, 2019, will be sufficient to enable us to prepare, plan, initiate and obtain top-line data for our Phase 3 clinical trial of zilucoplan in gMG and advance our other pre-clinical pipeline programs. It is also possible that we will not achieve the progress that we expect with respect to zilucoplan because the actual costs and timing of clinical development activities are difficult to predict and are subject to substantial risks and delays. We will be required to obtain further funding through public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. Adequate additional financing may not be available to us on acceptable terms, or at all. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy.

Financial Overview

Revenue

We have derived all of our revenue to date from a collaboration and license agreement with Merck (“the Merck Agreement), which we entered into in April 2013. Under the Merck Agreement, we used our proprietary drug discovery technology platform to

Table of Contents

identify orally available cyclic peptides for non-complement targets nominated by Merck. As of March 31, 2019, we recorded $20.0 million in revenue in connection with our Merck Agreement. No payments were received from Merck during the three months ended March 31, 2019. We are also entitled to receive future aggregate milestone payments of up to $59.0 million and low-to-mid single digit percentage royalties on any future sales under the Merck Agreement. For additional information about the Merck Agreement, see Item 8, “Financial Statements and Supplementary Data” in our Annual Report on Form 10-K for the year ended December 31, 2018.

To date, we have not generated any revenue from product sales and do not expect to do so in the near future. We expect that our revenue will be less than our expenses for the foreseeable future and that we will experience increasing losses as we continue our development of, and seek regulatory approvals for, our product candidates and begin to commercialize any approved products. Our ability to generate revenue for each product candidate for which we receive regulatory approval will depend on numerous factors, including competition, commercial manufacturing capability and market acceptance of our products.

Research and Development Expenses

Research and development expenses consist primarily of costs incurred for our research activities, including development of our proprietary chemistry technology platform, and our pre-clinical and clinical candidates, which include:

· employee-related expenses, including salaries, benefits, and stock-based compensation expense;

· expenses incurred under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and independent contractors that conduct research and development, pre-clinical and clinical activities on our behalf;

· costs of purchasing lab supplies and non-capital equipment used in our pre-clinical activities and in manufacturing pre-clinical study and clinical trial materials;

· consulting, licensing and professional fees related to research and development activities; and

· facility costs, depreciation, and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, insurance and other supplies.

We expense research and development costs as incurred. We recognize costs for certain development activities, such as pre-clinical studies and clinical trials, based on an evaluation of the progress to completion of specific tasks using information provided to us by our vendors such as patient enrollment or clinical site activations for services received and efforts expended.

Research and development activities are central to our business model. We expect research and development costs to increase significantly for the foreseeable future as our current development programs progress and new programs are added.

The following table sets forth our research and development expenses related to our product candidate pipeline:

	Three Months Ended March 31,
	2019		2018
	(in thousands)
Zilucoplan	$	6,635	$	6,603
Other pipeline programs	567		823
Allocated costs	7,202		7,426
Unallocated costs	8,080		5,986
Total	$	15,282	$	13,412

The expenses allocated to our product pipeline in the table above relate to CRO and CMO costs associated with our pre-clinical studies and clinical trials. We do not allocate compensation, benefits and other employee-related expenses, costs related to facilities, depreciation, share-based compensation, research and development support services, laboratory supplies and certain other costs directly to programs.

Because of the numerous risks and uncertainties associated with product development, we cannot determine with certainty the duration and completion costs of the current or future pre-clinical studies, clinical trials, pharmaceutical development, and chemical, manufacturing and controls or if, when, or to what extent we will generate revenues from the commercialization and sale of our product candidates. We may never succeed in achieving regulatory approval for our product candidates. The duration, costs, and

Table of Contents

timing of pre-clinical studies and clinical trials and development of our product candidates will depend on a variety of factors, including:

· successful completion of pre-clinical studies and Investigational New Drug-enabling studies;

· successful enrollment in, and completion of, clinical trials;

· receipt of marketing approvals from applicable regulatory authorities;

· establishing commercial manufacturing capabilities or making arrangements with third-party manufacturers;

· obtaining and maintaining patent and trade secret protection and non-patent exclusivity;

· launching commercial sales of the product, if and when approved, whether alone or in collaboration with others;

· acceptance of the product, if and when approved, by patients, the medical community and third-party payors;

· effectively competing with other therapies and treatment options;

· a continued acceptable safety profile following approval;

· enforcing and defending intellectual property and proprietary rights and claims; and

· achieving desirable medicinal properties for the intended indications.

A change in the outcome of any of these factors could mean a significant change in the costs and timing associated with the development of our current and future pre-clinical and clinical product candidates. For example, if the Food and Drug Administration (“FDA”), or another regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required for the completion of clinical development, or if we experience significant delays in execution of or enrollment in any of our pre-clinical studies or clinical trials, we could be required to expend significant additional financial resources and time on the completion of pre-clinical and clinical development. We expect our research and development expenses to increase for the foreseeable future as we continue the development of product candidates.

General and Administrative Expenses

General and administrative expenses consist primarily of employee related expenses, including salaries, benefits, and stock-based compensation, for personnel in executive, finance, facility operations and administrative functions. Other significant costs include facility costs not otherwise included in research and development expenses, legal fees relating to patent and corporate matters, and fees for accounting, tax and consulting services.

We anticipate that our general and administrative expenses will increase in the future to support continued research and development activities, and potential commercialization of our product candidates. These increases will likely include increased costs related to the hiring of additional personnel and fees to outside consultants, lawyers and accountants, among other expenses.

Other Income (Expense), Net

Other income (expense), net primarily consists of interest income earned on our cash and cash equivalents.

Critical Accounting Policies and Significant Judgments and Estimates

Our discussion and analysis of our liquidity, capital resources and results of operations is based upon our condensed consolidated financial statements prepared in accordance with generally accepted accounting principles in the U.S. The preparation of these financial statements requires us to make certain estimates and assumptions that may affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses during the reported periods and related disclosures. These estimates and assumptions are monitored and analyzed by us for changes in facts and circumstances, and material changes in these estimates could occur in the future. We base our estimates on our historical experience, trends in the industry and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from our estimates under different assumptions or conditions.

Table of Contents

There have been no material changes to our critical accounting policies from those described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2018. We believe that our application of the following accounting policies, each of which require significant judgments and estimates on the part of management, and each of which is described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2018, is the most critical to aid in fully understanding and evaluating our reported financial results: (1) revenue recognition, (2) research and development expenses, and (3) stock-based compensation.

Results of Operations

Three Months Ended March 31, 2019 and 2018

The following table summarizes our results of operations:

	Three Months Ended March 31,
	2019			2018			$ Change			% Change
	(in thousands, except percentages)
Operating expenses:
Research and development	$	15,282		$	13,412		$	1,870		13.9	%
General and administrative	4,807			3,312			1,495			45.1	%
Total operating expenses	20,089			16,724			3,365			20.1	%
Loss from operations	(20,089		)	(16,724		)	(3,365		)	20.1	%
Other income, net	1,050			226			824			364.6	%
Net loss	$	(19,039	)	$	(16,498	)	$	(2,541	)	15.4	%

Table of Contents

Research and Development Expenses

Research and development expenses increased by $1.9 million to $15.3 million for the three months ended March 31, 2019, from $13.4 million for the three months ended March 31, 2018. This increase was attributable to: a $0.7 million increase in compensation, benefits and other employee-related expenses due to 2019 salary increases and higher average headcount to support our increased research and development activities; a $0.6 million increase in non-cash stock-based compensation; a $0.4 million increase in consulting and professional fees; and a $0.4 million increase in other expenses primarily relating to database licenses; partially offset by a $0.2 million decrease in CRO and CMO expenses for our non-clinical studies and clinical trials, primarily relating to our zilucoplan program.

General and Administrative Expenses

General and administrative expenses increased by $1.5 million to $4.8 million for the three months ended March 31, 2019, from $3.3 million for the three months ended March 31, 2018. This increase was attributable to: a $0.7 million increase in compensation, benefits, non-cash stock-based compensation and other employee-related expenses due to 2019 salary increases and higher average headcount to support our increased activities; a $0.4 million increase in consulting and professional fees related to pre-commercialization activities; a $0.2 million increase in legal, audit and insurance costs; and a $0.2 million increase in other expenses primarily relating to patent costs.

Other Income, Net

Other income, net increased by $0.8 million to $1.0 million in other income, net during the three months ended March 31, 2019, from $0.2 million in other income, net for the three months ended March 31, 2018. This increase was due primarily to a $0.8 million increase in interest income.

Net Loss

Net loss increased by approximately $2.5 million to $19.0 million for the three months ended March 31, 2019, from $16.5 million for the three months ended March 31, 2018. The increase in net loss was primarily due to the increases in research and development and general and administrative expenses discussed above, partially offset by the increase in interest income discussed above.

Liquidity and Capital Resources

Overview

We have funded our operations from inception through March 31, 2019 primarily through the public offerings and the private placement of our securities and revenue from our collaboration with Merck. As of March 31, 2019, we had received an aggregate of $375.3 million in net proceeds from the issuance of equity and debt securities and $20.0 million in payments in connection with our collaboration and license agreement with Merck. As of March 31, 2019, we had cash and cash equivalents of $191.6 million.

Cash Flows

The following table provides information regarding our cash flows:

	Three Months Ended March 31,
	2019			2018
	(in thousands)
Net cash provided by (used in):
Operating activities	$	(18,022	)	$	(15,517	)
Investing activities	(195		)	(29		)
Financing activities	42			54,287
Net increase (decrease) in cash	$	(18,175	)	$	38,741

Table of Contents

Net Cash Used in Operating Activities

Cash flows used in operating activities represent the cash receipts and disbursements related to all of our activities other than investing and financing activities. Operating cash flow is derived by adjusting our net loss for (1) non-cash operating items such as depreciation and amortization and stock-based compensation as well as (2) changes in operating assets and liabilities, which reflect timing differences between the receipt and payment of cash associated with transactions and when they are recognized in our results of operations.

Net cash used in operating activities was $18.0 million for the three months ended March 31, 2019 compared to $15.5 million for the three months ended March 31, 2018. The increase in net cash used in operations was attributable primarily to: a $2.5 million increase in our net loss as a result of higher operating expenses, primarily in connection with our pre-clinical studies and clinical trials related to our zilucoplan program and other research and development pipeline programs; a net decrease in operating liabilities; partially offset by a net decrease in operating assets and higher non-cash expenses, including stock-based compensation and depreciation.

Net Cash Used in Investing Activities

Net cash used in investing activities was $0.2 million for the three months ended March 31, 2019 compared to less than $0.1 million for the three months ended March 31, 2018. The increase in cash used in investing activities was due primarily to an increase in purchases of property and equipment.

Net Cash Provided by Financing Activities

Net cash provided by financing activities was less than $0.1 million for the three months ended March 31, 2019 compared to $54.3 million for the three months ended March 31, 2018. The decrease in cash provided by financing activities was due primarily to the $54.5 million in proceeds raised in the comparative period from the February 2018 follow-on offering; partially offset by the payment of issuance costs of $0.2 million.

Funding Requirements

We expect our expenses to increase in connection with our ongoing development activities, particularly as we advance the Phase 3 clinical program for zilucoplan, continue clinical trials of zilucoplan in additional indications advance the development of our pipeline programs, initiate new research and pre-clinical development efforts and seek marketing approval for any product candidates that we successfully develop. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to establishing sales, marketing, distribution and other commercial infrastructure to commercialize such products. Furthermore, we anticipate increased costs associated with being and operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our research and development programs or future commercialization efforts.

We believe that our existing cash and cash equivalents as of March 31, 2019 will enable us to fund our operating expenses and capital expenditure requirements through at least the first quarter of 2021. We have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all of our available capital resources sooner than we expect. Because of the numerous risks and uncertainties associated with the development and commercialization of zilucoplan and the research, development and commercialization of other potential product candidates, we are unable to estimate the exact amount of our operating capital requirements. Our future capital requirements will depend on many factors, including:

· the scope, progress, timing, costs and results of clinical trials of, and research and pre-clinical development efforts for, our current and future product candidates;

· our ability to enter into and the terms and timing of any collaborations, licensing agreements or other arrangements;

· the number of future product candidates that we pursue and their development requirements;

· the outcome, timing and costs of seeking regulatory approvals;

· the costs of commercialization activities for any of our product candidates that receive marketing approval to the extent such costs are not the responsibility of any future collaborators, including the costs and timing of establishing product sales, marketing, distribution and manufacturing capabilities;

· subject to receipt of marketing approval, revenue, if any, received from commercial sales of our current and future product candidates;

Table of Contents

· our headcount growth and associated costs as we expand our research and development and establish a commercial infrastructure; and

· the costs of preparing, filing and prosecuting patent applications, maintaining and protecting our intellectual property rights and defending against intellectual property related claims.

Identifying potential product candidates and conducting pre-clinical studies and clinical trials is a time-consuming, expensive and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidates, if approved, may not achieve commercial success. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all.

Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our existing stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of a common stockholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends.

If we raise funds through additional collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Contractual Commitments and Obligations

There have been no material changes to our contractual obligations and commitments during the three months ended March 31, 2019 from those included in our Annual Report on Form 10-K for the year ended December 31, 2018.

Off-Balance Sheet Arrangements

As of March 31, 2019, we did not have any significant off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K promulgated under the Exchange Act.

Recent Accounting Pronouncements

For a discussion of recently adopted or issued accounting pronouncements please refer to Note 1, “Nature of Business and Basis of Presentation” to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

We are exposed to market risk related to changes in interest rates. As of March 31, 2019, we had cash and cash equivalents of $191.6 million, consisting primarily of money market funds. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates, particularly because our cash equivalents are in held in short-term money market funds. Due to short-term duration of our investment portfolio and the low risk profile of our investments, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our portfolio.

Foreign Currency Risk

We are also exposed to market risk related to changes in foreign currency exchange rates. From time to time, we engage contract research organizations, or CROs, and investigational sites globally. We are therefore subject to fluctuations in foreign currency rates in connection with these engagements. We do not currently hedge our foreign currency exchange rate risk. As of March 31, 2019, we had minimal or no assets or liabilities denominated in foreign currencies.

Table of Contents

Effects of Inflation

We do not believe that inflation and changing prices during the three months ended March 31, 2019 had a significant impact on our results of operations or financial condition.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Our disclosure controls and procedures have been designed to provide reasonable assurance of achieving their objectives. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2019.

(b) Changes in Internal Controls

There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the quarter ended March 31, 2019 that materially affected, or were reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, careful consideration should be given to the risk factors discussed in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, which could materially affect our business, financial condition, and/or future results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results. There have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2018.

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

Recent Sales of Unregistered Securities

None.

Use of Proceeds

In October 2016, we issued and sold 7,049,230 shares of our common stock and, in November 2016, pursuant to the underwriters’ option to purchase additional shares, we issued and sold 1,057,385 shares of common stock to the underwriters of our initial public offering, or IPO, at a public offering price of $13.00 per share, for aggregate gross proceeds of $105.4 million. All of the shares issued and sold in the IPO were registered under the Securities Act pursuant to a Registration Statement on Form S-1 (File No. 333- 213917), which was declared effective by the SEC on October 25, 2016. Credit Suisse Securities (USA) LLC, Jeffries LLC and BMO Capital Markets Corp. acted as joint book-running managers of the offering and as representatives of the underwriters.

The net proceeds to us, after deducting underwriting discounts and commissions of $7.4 million and offering expenses of approximately $2.4 million, were approximately $95.6 million.

As of March 31, 2019, we fully applied the net proceeds from our IPO.

No offering expenses were paid directly or indirectly to any of our directors or officers, or their associates, or persons owning 10.0% or more of any class of our equity securities or to any other affiliates.

There was no material change in the use of proceeds from our IPO as described in our final prospectus filed with the SEC pursuant to Rule 424(b) of the Securities Act on October 26, 2016.

Table of Contents

Item 6. Exhibits

3.1		Third Amended and Restated Certificate of Incorporation of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 333-213917) filed November 29, 2016).

3.2		Amended and Restated By-laws of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 333-213917) filed November 29, 2016).

31.1	*	Certification of Chief Executive Officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	*	Certification of Chief Financial Officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	**	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, by Douglas A. Treco, Ph.D., President and Chief Executive Officer of the Company, and David C. Lubner, Executive Vice President and Chief Financial Officer of the Company.

101.INS		Extensible Business Reporting Language (XBRL) Instance Document.

101.SCH		XBRL Schema Document.

101.CAL		XBRL Calculation Linkbase Document.

101.LAB		XBRL Labels Linkbase Document.

101.PRE		XBRL Presentation Linkbase Document.

101.DEF		XBRL Definition Linkbase Document.

* Filed herewith.

** Furnished herewith.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 9, 2019

	RA PHARMACEUTICALS, INC.

	By:	/s/ Douglas A. Treco
		Douglas A. Treco, Ph.D.
		President and Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ David C. Lubner
		David C. Lubner
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-31.1 2 a19-7743_1ex31d1.htm EX-31.1

Exhibit 31.1

CERTIFICATION

I, Douglas A. Treco, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ra Pharmaceuticals, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2019

/s/ Douglas A. Treco
Douglas A. Treco, Ph.D.
President and Chief Executive Officer

EX-31.2 3 a19-7743_1ex31d2.htm EX-31.2

Exhibit 31.2

CERTIFICATION

I, David C. Lubner, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ra Pharmaceuticals, Inc.;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 9, 2019

/s/ David C. Lubner
David C. Lubner
Executive Vice President and Chief Financial Officer

EX-32.1 4 a19-7743_1ex32d1.htm EX-32.1

Exhibit 32.1

CERTIFICATIONS OF CEO AND CFO PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of Ra Pharmaceuticals, Inc. (the “Company”) for the period ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, Douglas A. Treco, Ph.D., President and Chief Executive Officer of the Company, and David C. Lubner, Executive Vice President and Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. (section) 1350, as adopted pursuant to (section) 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 9, 2019

/s/ Douglas A. Treco
Douglas A. Treco, Ph.D.
President and Chief Executive Officer

/s/ David C. Lubner
David C. Lubner
Executive Vice President and Chief Financial Officer

EX-101.INS 5 rarx-20190331.xml XBRL INSTANCE DOCUMENT 0001481512 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001481512 us-gaap:RetainedEarningsMember 2019-03-31 0001481512 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001481512 us-gaap:RetainedEarningsMember 2018-12-31 0001481512 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001481512 us-gaap:RetainedEarningsMember 2018-03-31 0001481512 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001481512 us-gaap:RetainedEarningsMember 2017-12-31 0001481512 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001481512 us-gaap:CommonStockMember 2019-03-31 0001481512 us-gaap:CommonStockMember 2018-12-31 0001481512 us-gaap:CommonStockMember 2018-03-31 0001481512 us-gaap:CommonStockMember 2017-12-31 0001481512 us-gaap:StockOptionMember 2019-01-01 2019-03-31 0001481512 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-03-31 0001481512 us-gaap:LeaseholdImprovementsMember 2019-03-31 0001481512 us-gaap:ConstructionInProgressMember 2019-03-31 0001481512 rarx:LaboratoryEquipmentMember 2019-03-31 0001481512 rarx:FurnitureFixturesAndOfficeEquipmentMember 2019-03-31 0001481512 rarx:ComputerEquipmentAndSoftwareMember 2019-03-31 0001481512 us-gaap:LeaseholdImprovementsMember 2018-12-31 0001481512 rarx:LaboratoryEquipmentMember 2018-12-31 0001481512 rarx:FurnitureFixturesAndOfficeEquipmentMember 2018-12-31 0001481512 rarx:ComputerEquipmentAndSoftwareMember 2018-12-31 0001481512 srt:RestatementAdjustmentMember us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001481512 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001481512 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001481512 2017-12-31 0001481512 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-03-31 0001481512 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-03-31 0001481512 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001481512 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001481512 2018-03-31 0001481512 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-03-31 0001481512 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-03-31 0001481512 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001481512 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001481512 us-gaap:StockOptionMember 2019-01-01 2019-03-31 0001481512 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-03-31 0001481512 us-gaap:StockOptionMember 2018-01-01 2018-03-31 0001481512 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-03-31 0001481512 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-03-31 0001481512 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-03-31 0001481512 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-03-31 0001481512 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-03-31 0001481512 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001481512 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001481512 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001481512 2015-09-30 0001481512 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001481512 2018-01-01 2018-03-31 0001481512 2019-03-31 0001481512 2018-12-31 0001481512 2019-05-02 0001481512 2019-01-01 2019-03-31 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q1 2019 2019-03-31 10-Q 0001481512 42303138 Yes true true Accelerated Filer Ra Pharmaceuticals, Inc. true RARX 2491000 3176000 <div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Other information </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31, 2019 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Operating cash flows used for operating leases </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 344 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average remaining lease term in years </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 4.2 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Weighted average discount rate </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  8 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> </table></div>   <div /></div> </div> 0 0 355000 93000 -239000 -692000 1326000 100000 2300000 2700000 195000 243000 484000 54482000 176000 23038 64000 0 -484000 -484000

3245000

3364000

6477000

5322000

5182000

5523000

395233000

398408000

1946000

2890000

1946000

915000

1031000

2890000

1232000

1658000

4295000

291000

4004000

5624000

213000

5411000

219220000

205069000

212407000

195558000

210404000

192050000

109122000

209822000

191647000

210404000

192050000

71715000

110456000

211156000

192981000

38741000

-18175000

0.001

150000000

42072000

42254000

42072000

42254000

42000

21000

479000

1880000

400000

386000

530000

-0.61

-0.45

3309000

1586000

<div> <div> 3.   Fair Value Measurements   The Company has certain assets recorded at fair value, which may be classified as Level 1, 2, or 3 within the fair value hierarchy:   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 17.00pt;"> · </td><td style="width:19pt;"></td><td align="left" valign="top"> Level 1 - Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 17.00pt;"> · </td><td style="width:19pt;"></td><td align="left" valign="top"> Level 2 - Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates. </td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 17.00pt;"> · </td><td style="width:19pt;"></td><td align="left" valign="top"> Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.</td></tr></table></div>   The fair value hierarchy level is determined by asset and liability class based on the lowest level of significant input. During the three months ended March 31, 2019, there were no transfers between levels.   The fair value of the cash equivalents was determined through quoted prices provided by third-party pricing services.   Assets measured at fair value on a recurring basis are summarized below (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="11" valign="middle" style="width:54.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">  March 31, 2019 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Total </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash equivalents - Money market funds </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 192,050 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 192,050 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 192,050 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 192,050 </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="11" valign="middle" style="width:54.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">  December 31, 2018 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Total </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash equivalents - Money market funds </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 210,404 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 210,404 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 210,404 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 210,404 </td> </tr> </table></div>   <div /></div> </div>

3312000

4807000

-2051000

-887000

-8000

470000

<div> <div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Operating leases </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:30.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31, 2019 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Operating lease cost </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 230 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Short-term lease cost </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 10 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Variable lease cost </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 230 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total operating lease costs </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 470 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> Leases   Effective January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”), Topic 842, Leases (“ASC 842”), using the required modified retrospective approach and utilizing the effective date as its date of initial application. The prior period is presented in accordance with the previous guidance in ASC 840, Leases.     At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.   In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.).  Then the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.   Although separation of lease and non-lease components is required, certain practical expedients are available. Entities may elect the practical expedient to not separate lease and non-lease components. Rather, they would account for each lease component and the related non-lease component together as a single component. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only. <div /></div> </div>

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Maturity of Lease </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Liabilities </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2019 (remaining nine months) </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,059 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,442 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,483 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2022 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,524 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2023 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 513 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total lease payments </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 6,021 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Less: imputed interest </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (913) </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total operating lease liabilities </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 5,108 </td> </tr> </table></div>   <div /></div> </div>

6021000

513000

1524000

1483000

1442000

1059000

913000

<div> <div> 4.    Leases   We lease certain office space, laboratory space, and equipment. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company does not recognize right-of-use assets or lease liabilities for leases determined to have a term of 12 months or less. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only. In September 2015, the Company entered into an operating lease for laboratory and office space at its headquarters in Cambridge, Massachusetts. The lease expires in April 2023 and contains various clauses for renewal at the Company's option and certain rent escalation clauses. The Company is also obligated to pay operating costs, including property taxes, insurance, maintenance and other operating expenses. In connection with the lease, the Company was provided tenant improvements allowance totaling approximately $2.7 million by the landlord as reimbursement for capital improvements to the facility. As of March 31, 2019, the Company’s balance sheet included operating lease liabilities and right-of-use assets of $5.1 million and $2.9 million, respectively. The difference between the account balances relates to the write-off of the previously existing ASC 840 balances, which was primarily driven by the tenant improvements allowance. Lease related financial information is summarized below (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Operating leases </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:30.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31, 2019 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Operating lease cost </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 230 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Short-term lease cost </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 10 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Variable lease cost </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 230 </td> </tr> <tr> <td valign="bottom" style="width:64.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total operating lease costs </td> <td valign="bottom" style="width:04.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:24.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 470 </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Other information </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31, 2019 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Operating cash flows used for operating leases </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 344 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average remaining lease term in years </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 4.2 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:79.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Weighted average discount rate </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  8 </td> <td valign="bottom" style="width:03.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Maturity of Lease </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Liabilities </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2019 (remaining nine months) </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,059 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,442 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,483 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2022 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,524 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2023 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 513 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total lease payments </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 6,021 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Less: imputed interest </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (913) </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total operating lease liabilities </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 5,108 </td> </tr> </table></div>   The above table excludes approximately $0.1 million of legally binding future lease payments for leases signed but not yet commenced as of March 31, 2019.   The Company adopted ASU 2016-02 on January 1, 2019 as noted above, and as required, the following disclosure is provided for periods prior to adoption. Future minimum commitments due under operating lease agreements as of December 31, 2018 were as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Minimum Lease </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Payments </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,403 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,442 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,483 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2022 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,524 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2023 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 513 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total operating lease liabilities </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,365 </td> </tr> </table></div>   <div /></div> </div>

12102000

13815000

219220000

205069000

10201000

9728000

54287000

42000

-29000

-195000

-15517000

-18022000

-16498000

-19039000

<div> <div> Newly Adopted Accounting Pronouncements   In February 2016, the FASB issued ASU 2016-02, “Leases”, (“ASU 2016-02”), which superseded the lease accounting requirements in ASC 840, Leases and created a new ASC 842, Leases. ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. The new standard includes a short-term lease exception for leases with a term of 12 months or less, as part of which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases using classification criteria that are substantially similar to the previous guidance. ASU 2016-02 became effective on January 1, 2019, requiring the use of a modified retrospective transition approach applied at the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements, (“ASU 2018-11”), which contains certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. ASU 2018-11 provides registrants with an option to not restate comparative periods presented in the financial statements. The Company adopted this new standard on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance in ASC 840, Leases. In adopting the new standard, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off of its balance sheet. The initial adoption of this standard resulted in the recognition of <a name="_Hlk7011503"></a>operating lease liabilities and right-of-use assets of $5.3 million and $3.0 million, respectively, on the Company’s balance sheet. <a name="_Hlk7444390"></a>The $2.3 million difference between the account balances relates to the write-off of the previously existing ASC 840 balances, which was primarily driven by the tenant improvements allowance. The adoption of the standard did not have a material effect on the statements of operations or statement of cash flows.   In June 2018, the FASB issued ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the new guidance, the measurement of equity-classified nonemployee awards is fixed at the grant date. The Company adopted this new standard on January 1, 2019. The adoption of ASU 2018-07 did not have a significant impact on its financial statements.  <div /></div> </div>

16724000

20089000

-16724000

-20089000

230000

5300000

5108000

1042000

4066000

344000

3000000

2864000

6365000

1403000

513000

1524000

1483000

1442000

0.08

P4Y2M12D

<div> <div> 1.   Nature of Business and Basis of Presentation   The accompanying condensed consolidated financial statements are unaudited and have been prepared by Ra Pharmaceuticals, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The condensed consolidated financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations.   Description of Business   The Company is a clinical-stage biopharmaceutical company using its proprietary peptide chemistry platform to create novel therapeutics to treat life-threatening diseases that are caused by excessive or uncontrolled activation of the complement system, an essential component of the body’s innate immune system. The Company’s lead product candidate, zilucoplan, is being developed as a convenient self-administered subcutaneous (“SC”) injection, which is an injection into the tissue under the skin, for the treatment of various complement-mediated diseases, including generalized myasthenia gravis (“gMG”) and other complement mediated disorders. Additionally, the Company is pursuing discovery and pre-clinical programs targeting selective inhibition of other uncontrolled complement pathway factors to treat a variety of neurologic, renal, and inflammatory diseases. In addition to the Company’s focus on developing novel therapeutics to treat complement-mediated diseases, the Company has validated its Extreme Diversity platform by successfully identifying and delivering orally-available cyclic peptides for a non-complement cardiovascular target with a large market opportunity in a collaboration with Merck & Co., Inc (“Merck”).   The Company is subject to risks common to other life science companies in the development stage, including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing, and compliance with Food and Drug Administration and other government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce, eliminate or out-license certain of its research and development programs or future commercialization efforts.   Since inception, the Company has generated an accumulated deficit of $207.2 million as of March 31, 2019 and has devoted substantially all of its efforts to research and development, business planning, acquiring operating assets, seeking protection for its technology and product candidates, and raising capital. As of March 31, 2019, we had cash and cash equivalents of $191.6 million, which is expected to fund operating expenses and capital expenditure requirements through at least the first quarter of 2021.   Principles of Consolidation   The Company’s condensed consolidated financial statements reflect its financial statements and those of its subsidiaries in which the Company holds a controlling financial interest, including Cosmix, Ra Europe Limited, and Ra Pharmaceuticals Security Corporation. Intercompany balances and transactions are eliminated in consolidation.   Reclassifications   Certain reclassifications have been made to the prior year condensed consolidated balance sheet to conform to the current year presentation. These reclassifications have no impact on the Company’s net loss or cash flows.   Use of Estimates   The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.   Summary of Significant Accounting Policies   The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. There have been no material changes to the significant accounting policies during the period ended March 31, 2019, except as described below.   Leases   Effective January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”), Topic 842, Leases (“ASC 842”), using the required modified retrospective approach and utilizing the effective date as its date of initial application. The prior period is presented in accordance with the previous guidance in ASC 840, Leases.     At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.   In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.).  Then the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.   Although separation of lease and non-lease components is required, certain practical expedients are available. Entities may elect the practical expedient to not separate lease and non-lease components. Rather, they would account for each lease component and the related non-lease component together as a single component. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only.   Newly Adopted Accounting Pronouncements   In February 2016, the FASB issued ASU 2016-02, “Leases”, (“ASU 2016-02”), which superseded the lease accounting requirements in ASC 840, Leases and created a new ASC 842, Leases. ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. The new standard includes a short-term lease exception for leases with a term of 12 months or less, as part of which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases using classification criteria that are substantially similar to the previous guidance. ASU 2016-02 became effective on January 1, 2019, requiring the use of a modified retrospective transition approach applied at the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements, (“ASU 2018-11”), which contains certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. ASU 2018-11 provides registrants with an option to not restate comparative periods presented in the financial statements. The Company adopted this new standard on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance in ASC 840, Leases. In adopting the new standard, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off of its balance sheet. The initial adoption of this standard resulted in the recognition of <a name="_Hlk7011503"></a>operating lease liabilities and right-of-use assets of $5.3 million and $3.0 million, respectively, on the Company’s balance sheet. <a name="_Hlk7444390"></a>The $2.3 million difference between the account balances relates to the write-off of the previously existing ASC 840 balances, which was primarily driven by the tenant improvements allowance. The adoption of the standard did not have a material effect on the statements of operations or statement of cash flows.   In June 2018, the FASB issued ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the new guidance, the measurement of equity-classified nonemployee awards is fixed at the grant date. The Company adopted this new standard on January 1, 2019. The adoption of ASU 2018-07 did not have a significant impact on its financial statements.    <div /></div> </div>

677000

560000

314000

298000

-49000

226000

1050000

29000

195000

0.001

5000000

2585000

3911000

769000

-16498000

-19039000

10347000

53000

390000

6149000

3755000

10538000

60000

390000

6197000

147000

3744000

5165000

5015000

<div> <div>   Property and equipment, net consists of the following (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31, 2019 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31, 2018 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Computer equipment and software </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 60 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 53 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Furniture, fixtures and office equipment </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 390 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 390 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Laboratory equipment </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,197 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,149 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Construction in progress </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 147 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> </tr> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Leasehold improvements </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,744 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,755 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 10,538 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 10,347 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accumulated depreciation </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (5,523) </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (5,182) </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Property and equipment, net </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 5,015 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 5,165 </td> </tr> </table></div>   <div /></div> </div>

13412000

15282000

1334000

-188157000

-207196000

<div> <div> The following common stock equivalents were excluded from the computation of diluted weighted average shares outstanding as their effect would be anti-dilutive (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="middle" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="middle" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> As of March 31,  </td> </tr> <tr> <td valign="middle" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="middle" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="middle" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> <td valign="middle" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="middle" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2018 </td> </tr> <tr> <td valign="middle" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Stock options </td> <td valign="middle" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 5,411 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 4,004 </td> </tr> <tr> <td valign="middle" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Restricted stock units </td> <td valign="middle" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 213 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 291 </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 5,624 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 4,295 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> The following table provides stock-based compensation by the financial statement line item in which it is reflected (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:73.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:09.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:73.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Three Months Ended </td> </tr> <tr> <td valign="middle" style="width:73.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31,  </td> </tr> <tr> <td valign="bottom" style="width:73.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2018 </td> </tr> <tr> <td valign="bottom" style="width:73.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,658 </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:09.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,031 </td> </tr> <tr> <td valign="bottom" style="width:73.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,232 </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 915 </td> </tr> <tr> <td valign="bottom" style="width:73.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:09.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2,890 </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:09.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,946 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> Assets measured at fair value on a recurring basis are summarized below (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="11" valign="middle" style="width:54.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">  March 31, 2019 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Total </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash equivalents - Money market funds </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 192,050 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 192,050 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 192,050 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 192,050 </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="11" valign="middle" style="width:54.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">  December 31, 2018 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Level 3 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="middle" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Total </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash equivalents - Money market funds </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 210,404 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 210,404 </td> </tr> <tr> <td valign="bottom" style="width:43.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 210,404 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="middle" style="width:10.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 210,404 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> Future minimum commitments due under operating lease agreements as of December 31, 2018 were as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Minimum Lease </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Payments </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,403 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,442 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,483 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2022 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,524 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2023 </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 513 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total operating lease liabilities </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,365 </td> </tr> </table></div>   <div /></div> </div>

1946000

2890000

87000

1500000

14.38

22626000

32286000

42072000

42254000

10000

69184000

192375000

23000

-123214000

108675000

248355000

32000

-139712000

207118000

395233000

42000

-188157000

191254000

398408000

42000

-207196000

9660000

118000

54043000

54034000

9000

769000

<div> <div> 2.   Supplemental Balance Sheet Information   Property and equipment, net   Property and equipment, net consists of the following (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31, 2019 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31, 2018 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Computer equipment and software </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 60 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 53 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Furniture, fixtures and office equipment </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 390 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 390 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Laboratory equipment </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,197 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 6,149 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Construction in progress </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 147 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> — </td> </tr> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Leasehold improvements </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,744 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,755 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 10,538 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 10,347 </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Accumulated depreciation </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (5,523) </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (5,182) </td> </tr> <tr> <td valign="middle" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Property and equipment, net </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 5,015 </td> <td valign="middle" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 5,165 </td> </tr> </table></div>   Depreciation expense was $0.4 million for each of the three month periods ended March 31, 2019 and 2018 , respectively.   Restricted cash   The Company is contingently liable under an unused letter of credit with a bank, related to the Company’s facility lease. As a result, as of March 31, 2019 and December 31, 2018, the Company had restricted cash securing the letters of credit. The cash will be restricted until the termination or modification of the lease arrangement.   Accrued expenses   Accrued expenses consist of the following (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="middle" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:13.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> March 31, 2019 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31, 2018 </td> </tr> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Payroll and employee-related costs </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,586 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="middle" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3,309 </td> </tr> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Research and development costs </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 3,176 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,491 </td> </tr> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 560 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 677 </td> </tr> <tr> <td valign="bottom" style="width:65.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 5,322 </td> <td valign="bottom" style="width:02.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 6,477 </td> </tr> </table></div>   <div /></div> </div>

230000

27242000

42174000

EX-101.SCH 6 rarx-20190331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 00100 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS - Calc 2 link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 40201 - Disclosure - Supplemental Balance Sheet Information - Property and equipment, net (Details) link:presentationLink link:calculationLink link:definitionLink 40202 - Disclosure - Supplemental Balance Sheet Information - Accrued expenses (Details) link:presentationLink link:calculationLink link:definitionLink 40301 - Disclosure - Fair Value Measurements (Details) link:presentationLink link:calculationLink link:definitionLink 40402 - Disclosure - Leases - Operating leases (Details) link:presentationLink link:calculationLink link:definitionLink 40404 - Disclosure - Leases - Maturity of Lease Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 40405 - Disclosure - Leases -Future minimum commitments under operating lease agreements (Details) link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Nature of Business and Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Supplemental Balance Sheet Information link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Net Loss Per Share link:presentationLink link:calculationLink link:definitionLink 20102 - Disclosure - Nature of Business and Basis of Presentation (Policies) link:presentationLink link:calculationLink link:definitionLink 30303 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 30503 - Disclosure - Stock-Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 30603 - Disclosure - Net Loss Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 40101 - Disclosure - Nature of Business and Basis of Presentation - Description of Business (Details) link:presentationLink link:calculationLink link:definitionLink 40102 - Disclosure - Nature of Business and Basis of Presentation - Newly Adopted Accounting Pronouncements (Details) link:presentationLink link:calculationLink link:definitionLink 40501 - Disclosure - Stock-Based Compensation - (Details) link:presentationLink link:calculationLink link:definitionLink 40601 - Disclosure - Net Loss Per Share - (Details) link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Leases link:presentationLink link:calculationLink link:definitionLink 30203 - Disclosure - Supplemental Balance Sheet Information (Tables) link:presentationLink link:calculationLink link:definitionLink 30403 - Disclosure - Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 40401 - Disclosure - Leases (Details) link:presentationLink link:calculationLink link:definitionLink 40403 - Disclosure - Leases - Other information (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 rarx-20190331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 rarx-20190331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 rarx-20190331_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Document and Entity Information Statement [Table] Statement [Line Items] Statement Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Trading Symbol Entity Current Reporting Status Entity Filer Category Entity Small Business Entity Emerging Growth Company Entity Ex Transition Period Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus CONDENSED CONSOLIDATED BALANCE SHEETS Assets [Abstract] Assets Assets, Current [Abstract] Current assets: Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash and cash equivalents, end of period Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Assets, Current Total current assets Property, Plant and Equipment, Net Property and equipment, net Property and equipment, net Operating Lease, Right-of-Use Asset Operating lease right-of-use assets, net Right-of-use assets Restricted Cash and Cash Equivalents, Noncurrent Less restricted cash Restricted cash Other Assets, Noncurrent Other assets Assets Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts Payable, Current Accounts payable Accrued Liabilities, Current Accrued expenses Total Operating Lease, Liability, Current Operating lease liabilities Deferred Rent Credit, Current Deferred rent Liabilities, Current Total current liabilities Operating Lease, Liability, Noncurrent Operating lease liabilities, net of current portion Deferred Rent Credit, Noncurrent Deferred rent, net of current portion Deferred Income Tax Liabilities, Net Deferred tax liabilities Liabilities Total liabilities Commitments and Contingencies. Commitments and contingencies Stockholders' equity: Preferred Stock, Value, Issued Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding Common Stock, Value, Issued Common stock, $0.001 par value; 150,000 shares authorized; 42,254 and 42,072 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively Additional Paid in Capital Additional paid-in capital Retained Earnings (Accumulated Deficit) Accumulated deficit Accumulated deficit Stockholders' Equity Attributable to Parent Balance Balance Total stockholders' equity Liabilities and Equity Total liabilities and stockholders' equity Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] Preferred stock Preferred Stock, Par or Stated Value Per Share Preferred stock, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] Common stock Common Stock, Par or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Operating expenses: Research and Development Expense Research and development General and Administrative Expense General and administrative Operating Expenses Total operating expenses Operating Income (Loss) Loss from operations Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Loss from operations before benefit from income taxes Other Nonoperating Income (Expense) Other income (expense), net Net Income (Loss) Attributable to Parent Net loss Net loss Earnings Per Share, Basic and Diluted Net loss per common share - basic and diluted (in dollars per share) Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average number of common shares outstanding - basic and diluted (in shares) CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity (Deficit) Shares, Outstanding Balance (in shares) Balance (in shares) Stock Issued During Period, Value, Stock Options Exercised Exercise of common stock options Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Exercise of common stock options (in shares) Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition Stock-based compensation Aggregate change in value for stock issued during the period as a result of stock option and employee stock purchase plan. Stock Issued During Period, Value, Stock Option and Employee Stock Purchase Plan Shares issued under stock option and employee purchase plans, net of tax withholdings Aggregate value of shares, net settled in satisfaction of tax withholdings Number of shares issued during the period as a result of stock option and employee stock purchase plan. Stock Issued During Period, Shares, Stock Option and Employee Stock Purchase Plan Shares issued under stock option and employee purchase plans, net of tax withholdings (in shares) Shares issued, net settled of tax withholdings (in shares) Stock Issued During Period, Value, New Issues Issuance of common stock from public offerings, net of underwriter discounts and issuance costs Stock Issued During Period, Shares, New Issues Issuance of common stock from public offerings, net of underwriter discounts and issuance costs (in shares) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Share-based Compensation Stock-based compensation Other Noncash Income (Expense) Other, net Changes in operating assets and liabilities: Amount of increase (decrease) in prepaid expenses, and current assets classified as other. Increase Decrease In Prepaid Deferred Expense And Other Current Assets Prepaid expenses and other current assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses The amount of increase (decrease) during the reporting period in the aggregate amount of operating lease liabilities Increase (Decrease) in Operating Lease Liabilities Operating lease liabilities Increase (Decrease) in Other Operating Assets and Liabilities, Net Other, net Net Cash Provided by (Used in) Operating Activities Net cash used in operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities Payments to Acquire Property, Plant, and Equipment Purchase of property and equipment Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities The cash inflow associated with the amount received from entity's offering of stock. Proceeds from Offering Proceeds from common stock offering, net of underwriter discounts The cash outflow related to the payments for common stock offering costs during the period. Payment of common stock offering costs Payment of common stock offering costs The cash outflow related to the payments for restricted stock units vesting during the period. Payments for Restricted Stock Units Vesting Payments for restricted stock units vesting Proceeds from Stock Options Exercised Proceeds from exercises of stock options Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Net increase (decrease) in cash, cash equivalents and restricted cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, cash equivalents and restricted cash, end of period Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period No definition available. Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] Reconciliation of cash, cash equivalents and restricted cash: Supplemental Cash Flow Information [Abstract] Noncash investing and financing activities: Future cash outflow to pay for stock issuance costs that have been incurred. Stock Issuance Costs Incurred But Not Yet Paid Common stock offering costs incurred but unpaid at period end Represents the increase (decrease) in future cash outflow to pay for purchases of fixed assets that have occurred. Increase Decrease In Capital Expenditures Incurred But Not Yet Paid Changes in accounts payable and accrued expenses related to fixed asset additions Nature of Business and Basis of Presentation Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Nature of Business and Basis of Presentation Supplemental Balance Sheet Information Supplemental Balance Sheet Disclosures [Text Block] Supplemental Balance Sheet Information Fair Value Measurements Fair Value Disclosures [Text Block] Fair Value Measurements Leases Lessee, Operating Leases [Text Block] Leases Stock-Based Compensation Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock-Based Compensation Net Loss Per Share Earnings Per Share [Text Block] Net Loss Per Share Consolidation, Policy [Policy Text Block] Principles of Consolidation Reclassification, Policy [Policy Text Block] Reclassifications Use of Estimates, Policy [Policy Text Block] Use of Estimates Lease, Policy [Policy Text Block] Leases New Accounting Pronouncements, Policy [Policy Text Block] Newly Adopted Accounting Pronouncements Property, Plant and Equipment [Table Text Block] Schedule of property and equipment, net Schedule of Accrued Liabilities [Table Text Block] Schedule of accrued expenses Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Schedule of assets measured at fair value on a recurring basis Lease, Cost [Table Text Block] Schedule of total operating lease costs The disclosure of other information. Disclosure of Leases, Other Information [Table Text Block] Schedule of other information Lessee, Operating Lease, Liability, Maturity [Table Text Block] Schedule of maturity of lease liabilities Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] Schedule of future minimum commitments due under operating lease agreements Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Stock Benefit Plans Stock-Based Compensation Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] Schedule of stock-based compensation expense Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Schedule of common stock equivalents excluded from the computation of diluted weighted average shares outstanding due to anti-dilutive effect New Accounting Pronouncements or Change in Accounting Principle [Table] Newly Adopted Accounting Pronouncements Operating Lease, Liability Total operating lease liabilities Operating lease liabilities The amount of difference between the account balances relates to the write-off of the tenant improvements allowance of operating leases. Operating Lease, Difference Between Account Balances Related to the write-off of Tenant Improvements Allowance Difference between account balances relates to the write-off of tenant improvements allowance Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property and equipment, net Property, Plant and Equipment, Gross Property and equipment, gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Accumulated depreciation Depreciation Depreciation expense Employee-related Liabilities, Current Payroll and employee-related costs Carrying value as of the balance sheet date of obligations incurred through that date and payable for research and development costs. Accrued Research And Development Costs, Current Research and development costs Other Accrued Liabilities, Current Other Fair Value, by Balance Sheet Grouping [Table] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Assets measured at fair value Represents the amount of transfers of assets measured on a recurring basis between Level 1, Level 2 and Level 3 of the fair value hierarchy. Fair Value Assets Amount Transferred Between Measurement Levels Fair value assets, amount transferred between measurement levels Represents the amount of transfers of liabilities measured on a recurring basis between Level 1, Level 2 and Level 3 of the fair value hierarchy. Fair Value Liabilities Amount Transferred Between Measurement Levels Fair value liabilities, amount transferred between measurement levels Financial Assets Cash and Cash Equivalents, Fair Value Disclosure Cash equivalents Assets, Fair Value Disclosure Total The amount of tenant improvements allowance relating to operating leases. Operating Leases, Tenant Improvements Allowance Tenant improvements allowance Lease, Cost [Abstract] Operating leases Operating Lease, Cost Operating lease cost Short-term Lease, Cost Short-term lease cost Variable Lease, Cost Variable lease cost Lease, Cost Total operating lease costs No definition available. Other Information [Abstract] Other information Operating Lease, Payments Operating cash flows used for operating leases Operating Lease, Weighted Average Remaining Lease Term Weighted average remaining lease term in years Operating Lease, Weighted Average Discount Rate, Percent Weighted average discount rate (as a percent) Operating Lease Liabilities, Payments Due [Abstract] Maturity of lease liabilities Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year 2019 (remaining nine months) Lessee, Operating Lease, Liability, Payments, Due Year Two 2020 Lessee, Operating Lease, Liability, Payments, Due Year Three 2021 Lessee, Operating Lease, Liability, Payments, Due Year Four 2022 Lessee, Operating Lease, Liability, Payments, Due Year Five 2023 Lessee, Operating Lease, Liability, Payments, Due Total lease payments Lessee, Operating Lease, Liability, Undiscounted Excess Amount Less: imputed interest The amount of lessee operating lease not yet commenced . Lessee Operating Lease Lease Not Yet Commenced Amount Future lease payments for leases not yet commenced Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] Future minimum commitments due under the operating lease agreements Operating Leases, Future Minimum Payments Due, Next Twelve Months 2019 Operating Leases, Future Minimum Payments, Due in Two Years 2020 Operating Leases, Future Minimum Payments, Due in Three Years 2021 Operating Leases, Future Minimum Payments, Due in Four Years 2022 Operating Leases, Future Minimum Payments, Due in Five Years 2023 Operating Leases, Future Minimum Payments Due Total operating lease liabilities Allocated Share-based Compensation Expense Stock-based compensation expense Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Number of options granted Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value Weighted-average grant date fair value per share (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Number of RSUs granted Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Common stock equivalents excluded from the computation of of diluted weighted average shares outstanding as their effect would be anti-dilutive Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Total Nonoperating Income (Expense) Net Income (Loss) Available to Common Stockholders, Basic Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Common Stock Additional Paid In Capital [Member] Additional Paid-In Capital Retained Earnings [Member] Accumulated Deficit EX-101.PRE 10 rarx-20190331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 11 g77431bai001.jpg GRAPHIC begin 644 g77431bai001.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# H'!PD'!@H)" D+"PH,#QD0#PX. M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_ MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T] M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P 1" N &\# 2( A$! Q$!_\0 M'P 04! 0$! 0$ $" P0%!@<("0H+_\0 M1 @$# P($ P4% M! 0 %] 0(# 01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#V:H+F[@M( MC)<2I&OJQJ#5=1CTNR>X<%C]U$'5F/052T_1VF<7NK8FNFY"'E(AZ 5$I.]D M4HZ78_\ X2.T;_5174J_WDA)%36NN6-U((EEV2G^"4;3^M: 7& . .U5[W3K M:_B*7$2N.Q[CZ&IM-=1WCV+(I:P;*XGTG4DTR]D,D,HS:S-UX_A/O6Z.E7&5 MQ2C86BBBJ)"BBB@ HHHH **** .>U/\ TOQ7I=HW,<2/<$>I' KH.E*M'OI#B"7=:NW8%N5S^-96O:I?VWQ%TK3H+V>.TN54RQ!N"26[]1T'2IIQ MNV54=HQ9W6:6N);6]1L_B1'HT,KW5E+$'D1QN:'()SNZXX'7UKK7U"TBD$-#>Y7B2U=9D/H0:V8)?-MXY,8WJ&Q]16!X MVN=NBBRCYGOI5@C4=3D\U9U)Y;$Z9%!,Z*\RPN!W7%1%7FS23M!-FSFEK!U* M[N+'4(H$F=XKB*0C/WHV49!!]/K5_2+@RZ59M-+NEDB#'<>6-7:RN9J2;L7Z M*89$#!690QZ GDTI<#J1^=(H=13!(C#(92/4&D\Z/9OWIM_O;N* )**:755W M,P ]2: P8 @@@]Q0!2UG28-:TR6SN,A7'##JC#HP^E>=:C;W$?Q \-VNJ2+- M<+"J2,#P^&?!_+%>IU6ETRRFG\Z6SMWE_P">C1@M^?6G%V=PE=QY3B6O)/#W MQ-2QM M>@^@_.O3[O2;"^DBDN[.":2'_5LZ E/H:8-#TM?.QI]J!/\ ZP"(8?ZBJYD9 M\C,+0=)EOKNTU>]G$RP6L4=K&#G8=@WL?]K.:T/$ !N-*&2,W:]#[5KVUM#9 MP)!;1)%$@PJ(N /PHDMH96#21([#H64'%2M'[80'FMC[#;;F M;[/%EQAOE'/UH%E;*% @B^7[ORCBCF%R,R)K*WM]=TV*&)4C*S,5'<\'GUI] ME&C:SJP*@JI3"]AE>>*UFMX7<.T2%QT8J,C\:!;0 L1#&"WWB%'/UHN/D. XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 02, 2019
Document and Entity Information
Entity Registrant Name	Ra Pharmaceuticals, Inc.
Entity Central Index Key	0001481512
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Trading Symbol	RARX
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		42,303,138
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 191,647	$ 209,822
Prepaid expenses and other current assets	3,911	2,585
Total current assets	195,558	212,407
Property and equipment, net	5,015	5,165
Operating lease right-of-use assets, net	2,864
Restricted cash	1,334	1,334
Other assets	298	314
Total assets	205,069	219,220
Current liabilities:
Accounts payable	3,364	3,245
Accrued expenses	5,322	6,477
Operating lease liabilities	1,042
Deferred rent		479
Total current liabilities	9,728	10,201
Operating lease liabilities, net of current portion	4,066
Deferred rent, net of current portion		1,880
Deferred tax liabilities	21	21
Total liabilities	13,815	12,102
Commitments and contingencies
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; 42,254 and 42,072 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	42	42
Additional paid-in capital	398,408	395,233
Accumulated deficit	(207,196)	(188,157)
Total stockholders' equity	191,254	207,118
Total liabilities and stockholders' equity	$ 205,069	$ 219,220

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2019	Dec. 31, 2018
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000	150,000
Common stock, shares issued	42,254	42,072
Common stock, shares outstanding	42,254	42,072

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating expenses:
Research and development	$ 15,282	$ 13,412
General and administrative	4,807	3,312
Total operating expenses	20,089	16,724
Loss from operations	(20,089)	(16,724)
Other income (expense), net	1,050	226
Net loss	$ (19,039)	$ (16,498)
Net loss per common share - basic and diluted (in dollars per share)	$ (0.45)	$ (0.61)
Weighted average number of common shares outstanding - basic and diluted (in shares)	42,174	27,242

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2017	$ 23	$ 192,375	$ (123,214)	$ 69,184
Balance (in shares) at Dec. 31, 2017	22,626,000
Increase (Decrease) in Stockholders' Equity (Deficit)
Stock-based compensation		1,946		1,946
Shares issued under stock option and employee purchase plans, net of tax withholdings				0
Issuance of common stock from public offerings, net of underwriter discounts and issuance costs	$ 9	54,034		54,043
Issuance of common stock from public offerings, net of underwriter discounts and issuance costs (in shares)	9,660,000
Net loss			(16,498)	(16,498)
Balance at Mar. 31, 2018	$ 32	248,355	(139,712)	108,675
Balance (in shares) at Mar. 31, 2018	32,286,000
Balance at Dec. 31, 2018	$ 42	395,233	(188,157)	207,118
Balance (in shares) at Dec. 31, 2018	42,072,000
Increase (Decrease) in Stockholders' Equity (Deficit)
Exercise of common stock options		769		769
Exercise of common stock options (in shares)	118,000
Stock-based compensation		2,890		2,890
Shares issued under stock option and employee purchase plans, net of tax withholdings		(484)		$ (484)
Shares issued under stock option and employee purchase plans, net of tax withholdings (in shares)	64,000			23,038
Net loss			(19,039)	$ (19,039)
Balance at Mar. 31, 2019	$ 42	$ 398,408	$ (207,196)	$ 191,254
Balance (in shares) at Mar. 31, 2019	42,254,000

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (19,039)	$ (16,498)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	530	386
Stock-based compensation	2,890	1,946
Other, net	49
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,326)	692
Accounts payable and accrued expenses	(887)	(2,051)
Operating lease liabilities	(239)
Other, net		8
Net cash used in operating activities	(18,022)	(15,517)
Cash flows from investing activities
Purchase of property and equipment	(195)	(29)
Net cash used in investing activities	(195)	(29)
Cash flows from financing activities
Proceeds from common stock offering, net of underwriter discounts		54,482
Payment of common stock offering costs	(243)	(195)
Payments for restricted stock units vesting	(484)
Proceeds from exercises of stock options	769
Net cash provided by financing activities	42	54,287
Net increase (decrease) in cash, cash equivalents and restricted cash	(18,175)	38,741
Cash, cash equivalents and restricted cash, beginning of period	211,156	71,715
Cash, cash equivalents and restricted cash, end of period	192,981	110,456
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, end of period	211,156	71,715
Noncash investing and financing activities:
Common stock offering costs incurred but unpaid at period end		176
Changes in accounts payable and accrued expenses related to fixed asset additions	$ 93	$ 355

XML 18 R7.htm IDEA: XBRL DOCUMENT

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2019
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by Ra Pharmaceuticals, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The condensed consolidated financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations. Description of Business The Company is a clinical-stage biopharmaceutical company using its proprietary peptide chemistry platform to create novel therapeutics to treat life-threatening diseases that are caused by excessive or uncontrolled activation of the complement system, an essential component of the body’s innate immune system. The Company’s lead product candidate, zilucoplan, is being developed as a convenient self-administered subcutaneous (“SC”) injection, which is an injection into the tissue under the skin, for the treatment of various complement-mediated diseases, including generalized myasthenia gravis (“gMG”) and other complement mediated disorders. Additionally, the Company is pursuing discovery and pre-clinical programs targeting selective inhibition of other uncontrolled complement pathway factors to treat a variety of neurologic, renal, and inflammatory diseases. In addition to the Company’s focus on developing novel therapeutics to treat complement-mediated diseases, the Company has validated its Extreme Diversity platform by successfully identifying and delivering orally-available cyclic peptides for a non-complement cardiovascular target with a large market opportunity in a collaboration with Merck & Co., Inc (“Merck”). The Company is subject to risks common to other life science companies in the development stage, including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing, and compliance with Food and Drug Administration and other government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce, eliminate or out-license certain of its research and development programs or future commercialization efforts. Since inception, the Company has generated an accumulated deficit of $207.2 million as of March 31, 2019 and has devoted substantially all of its efforts to research and development, business planning, acquiring operating assets, seeking protection for its technology and product candidates, and raising capital. As of March 31, 2019, we had cash and cash equivalents of $191.6 million, which is expected to fund operating expenses and capital expenditure requirements through at least the first quarter of 2021. Principles of Consolidation The Company’s condensed consolidated financial statements reflect its financial statements and those of its subsidiaries in which the Company holds a controlling financial interest, including Cosmix, Ra Europe Limited, and Ra Pharmaceuticals Security Corporation. Intercompany balances and transactions are eliminated in consolidation. Reclassifications Certain reclassifications have been made to the prior year condensed consolidated balance sheet to conform to the current year presentation. These reclassifications have no impact on the Company’s net loss or cash flows. Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. There have been no material changes to the significant accounting policies during the period ended March 31, 2019, except as described below. Leases Effective January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”), Topic 842, Leases (“ASC 842”), using the required modified retrospective approach and utilizing the effective date as its date of initial application. The prior period is presented in accordance with the previous guidance in ASC 840, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Then the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Although separation of lease and non-lease components is required, certain practical expedients are available. Entities may elect the practical expedient to not separate lease and non-lease components. Rather, they would account for each lease component and the related non-lease component together as a single component. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only. Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases”, (“ASU 2016-02”), which superseded the lease accounting requirements in ASC 840, Leases and created a new ASC 842, Leases. ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. The new standard includes a short-term lease exception for leases with a term of 12 months or less, as part of which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases using classification criteria that are substantially similar to the previous guidance. ASU 2016-02 became effective on January 1, 2019, requiring the use of a modified retrospective transition approach applied at the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements, (“ASU 2018-11”), which contains certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. ASU 2018-11 provides registrants with an option to not restate comparative periods presented in the financial statements. The Company adopted this new standard on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance in ASC 840, Leases. In adopting the new standard, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off of its balance sheet. The initial adoption of this standard resulted in the recognition of operating lease liabilities and right-of-use assets of $5.3 million and $3.0 million, respectively, on the Company’s balance sheet. The $2.3 million difference between the account balances relates to the write-off of the previously existing ASC 840 balances, which was primarily driven by the tenant improvements allowance. The adoption of the standard did not have a material effect on the statements of operations or statement of cash flows. In June 2018, the FASB issued ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the new guidance, the measurement of equity-classified nonemployee awards is fixed at the grant date. The Company adopted this new standard on January 1, 2019. The adoption of ASU 2018-07 did not have a significant impact on its financial statements.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2019

Supplemental Balance Sheet Information

Supplemental Balance Sheet Information

2. Supplemental Balance Sheet Information

Property and equipment, net

Property and equipment, net consists of the following (in thousands):


	March 31, 2019		December 31, 2018
Computer equipment and software	$	60	$	53
Furniture, fixtures and office equipment		390		390
Laboratory equipment		6,197		6,149
Construction in progress		147		—
Leasehold improvements		3,744		3,755
		10,538		10,347
Accumulated depreciation		(5,523)		(5,182)
Property and equipment, net	$	5,015	$	5,165

Depreciation expense was $0.4 million for each of the three month periods ended March 31, 2019 and 2018 , respectively.

Restricted cash

Accrued expenses

Accrued expenses consist of the following (in thousands):


	March 31, 2019		December 31, 2018
Payroll and employee-related costs	$	1,586	$	3,309
Research and development costs		3,176		2,491
Other		560		677
Total	$	5,322	$	6,477

XML 20 R9.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

The Company has certain assets recorded at fair value, which may be classified as Level 1, 2, or 3 within the fair value hierarchy:

Level 1 - Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates.

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The fair value of the cash equivalents was determined through quoted prices provided by third-party pricing services.

Assets measured at fair value on a recurring basis are summarized below (in thousands):


	March 31, 2019
	Level 1		Level 2		Level 3		Total
Cash equivalents - Money market funds	$	192,050	$	—	$	—	$	192,050
Total assets	$	192,050	$	—	$	—	$	192,050


	December 31, 2018
	Level 1		Level 2		Level 3		Total
Cash equivalents - Money market funds	$	210,404	$	—	$	—	$	210,404
Total assets	$	210,404	$	—	$	—	$	210,404

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 21 R10.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Mar. 31, 2019

Leases

Leases

4. Leases

In September 2015, the Company entered into an operating lease for laboratory and office space at its headquarters in Cambridge, Massachusetts. The lease expires in April 2023 and contains various clauses for renewal at the Company's option and certain rent escalation clauses. The Company is also obligated to pay operating costs, including property taxes, insurance, maintenance and other operating expenses. In connection with the lease, the Company was provided tenant improvements allowance totaling approximately $2.7 million by the landlord as reimbursement for capital improvements to the facility.


Operating leases	March 31, 2019
Operating lease cost	$	230
Short-term lease cost		10
Variable lease cost		230
Total operating lease costs	$	470


Other information	March 31, 2019
Operating cash flows used for operating leases	$	344
Weighted average remaining lease term in years		4.2
Weighted average discount rate		8	%


	Maturity of Lease
Year Ended December 31,	Liabilities
2019 (remaining nine months)	$	1,059
2020		1,442
2021		1,483
2022		1,524
2023		513
Total lease payments		6,021
Less: imputed interest		(913)
Total operating lease liabilities	$	5,108

The above table excludes approximately $0.1 million of legally binding future lease payments for leases signed but not yet commenced as of March 31, 2019.


	Minimum Lease
Year Ended December 31,	Payments
2019	$	1,403
2020		1,442
2021		1,483
2022		1,524
2023		513
Total operating lease liabilities	$	6,365

XML 22 R11.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Mar. 31, 2019

Stock-Based Compensation

Stock-Based Compensation

5. Stock-Based Compensation

The following table provides stock-based compensation by the financial statement line item in which it is reflected (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Research and development	$	1,658	$	1,031
General and administrative		1,232		915
Total	$	2,890	$	1,946

XML 23 R12.htm IDEA: XBRL DOCUMENT

Net Loss Per Share

3 Months Ended

Mar. 31, 2019

Net Loss Per Share

Net Loss Per Share

6. Net Loss Per Share

The following common stock equivalents were excluded from the computation of diluted weighted average shares outstanding as their effect would be anti-dilutive (in thousands):


	As of March 31,
	2019	2018
Stock options	5,411	4,004
Restricted stock units	213	291
Total	5,624	4,295

XML 24 R13.htm IDEA: XBRL DOCUMENT

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
Nature of Business and Basis of Presentation (Policies)	Mar. 31, 2019
Nature of Business and Basis of Presentation
Principles of Consolidation	Principles of Consolidation The Company’s condensed consolidated financial statements reflect its financial statements and those of its subsidiaries in which the Company holds a controlling financial interest, including Cosmix, Ra Europe Limited, and Ra Pharmaceuticals Security Corporation. Intercompany balances and transactions are eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year condensed consolidated balance sheet to conform to the current year presentation. These reclassifications have no impact on the Company’s net loss or cash flows.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.
Leases	Leases Effective January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”), Topic 842, Leases (“ASC 842”), using the required modified retrospective approach and utilizing the effective date as its date of initial application. The prior period is presented in accordance with the previous guidance in ASC 840, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Then the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Although separation of lease and non-lease components is required, certain practical expedients are available. Entities may elect the practical expedient to not separate lease and non-lease components. Rather, they would account for each lease component and the related non-lease component together as a single component. For new and amended leases beginning in 2019 and after, the Company has elected to account for the lease and non-lease components for leases for classes of all underlying assets and allocate all of the contract consideration to the lease component only.
Newly Adopted Accounting Pronouncements	Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases”, (“ASU 2016-02”), which superseded the lease accounting requirements in ASC 840, Leases and created a new ASC 842, Leases. ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. The new standard includes a short-term lease exception for leases with a term of 12 months or less, as part of which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases using classification criteria that are substantially similar to the previous guidance. ASU 2016-02 became effective on January 1, 2019, requiring the use of a modified retrospective transition approach applied at the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements, (“ASU 2018-11”), which contains certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. ASU 2018-11 provides registrants with an option to not restate comparative periods presented in the financial statements. The Company adopted this new standard on January 1, 2019 using a cumulative-effect adjustment on the effective date of the standard, for which comparative periods are presented in accordance with the previous guidance in ASC 840, Leases. In adopting the new standard, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: i) whether existing or expired arrangements are or contain a lease, ii) the lease classification of existing or expired leases, and iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company made an accounting policy election to keep leases with a term of 12 months or less off of its balance sheet. The initial adoption of this standard resulted in the recognition of operating lease liabilities and right-of-use assets of $5.3 million and $3.0 million, respectively, on the Company’s balance sheet. The $2.3 million difference between the account balances relates to the write-off of the previously existing ASC 840 balances, which was primarily driven by the tenant improvements allowance. The adoption of the standard did not have a material effect on the statements of operations or statement of cash flows. In June 2018, the FASB issued ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the new guidance, the measurement of equity-classified nonemployee awards is fixed at the grant date. The Company adopted this new standard on January 1, 2019. The adoption of ASU 2018-07 did not have a significant impact on its financial statements.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Supplemental Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2019

Supplemental Balance Sheet Information

Schedule of property and equipment, net

Property and equipment, net consists of the following (in thousands):


	March 31, 2019		December 31, 2018
Computer equipment and software	$	60	$	53
Furniture, fixtures and office equipment		390		390
Laboratory equipment		6,197		6,149
Construction in progress		147		—
Leasehold improvements		3,744		3,755
		10,538		10,347
Accumulated depreciation		(5,523)		(5,182)
Property and equipment, net	$	5,015	$	5,165

Schedule of accrued expenses

Accrued expenses consist of the following (in thousands):


	March 31, 2019		December 31, 2018
Payroll and employee-related costs	$	1,586	$	3,309
Research and development costs		3,176		2,491
Other		560		677
Total	$	5,322	$	6,477

XML 26 R15.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Measurements

Schedule of assets measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis are summarized below (in thousands):


	March 31, 2019
	Level 1		Level 2		Level 3		Total
Cash equivalents - Money market funds	$	192,050	$	—	$	—	$	192,050
Total assets	$	192,050	$	—	$	—	$	192,050


	December 31, 2018
	Level 1		Level 2		Level 3		Total
Cash equivalents - Money market funds	$	210,404	$	—	$	—	$	210,404
Total assets	$	210,404	$	—	$	—	$	210,404

XML 27 R16.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases

Schedule of total operating lease costs


Operating leases	March 31, 2019
Operating lease cost	$	230
Short-term lease cost		10
Variable lease cost		230
Total operating lease costs	$	470

Schedule of other information


Other information	March 31, 2019
Operating cash flows used for operating leases	$	344
Weighted average remaining lease term in years		4.2
Weighted average discount rate		8	%

Schedule of maturity of lease liabilities


	Maturity of Lease
Year Ended December 31,	Liabilities
2019 (remaining nine months)	$	1,059
2020		1,442
2021		1,483
2022		1,524
2023		513
Total lease payments		6,021
Less: imputed interest		(913)
Total operating lease liabilities	$	5,108

Schedule of future minimum commitments due under operating lease agreements

Future minimum commitments due under operating lease agreements as of December 31, 2018 were as follows (in thousands):


	Minimum Lease
Year Ended December 31,	Payments
2019	$	1,403
2020		1,442
2021		1,483
2022		1,524
2023		513
Total operating lease liabilities	$	6,365

XML 28 R17.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Stock-Based Compensation

Schedule of stock-based compensation expense

The following table provides stock-based compensation by the financial statement line item in which it is reflected (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Research and development	$	1,658	$	1,031
General and administrative		1,232		915
Total	$	2,890	$	1,946

XML 29 R18.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Net Loss Per Share

Schedule of common stock equivalents excluded from the computation of diluted weighted average shares outstanding due to anti-dilutive effect

The following common stock equivalents were excluded from the computation of diluted weighted average shares outstanding as their effect would be anti-dilutive (in thousands):


	As of March 31,
	2019	2018
Stock options	5,411	4,004
Restricted stock units	213	291
Total	5,624	4,295

XML 30 R19.htm IDEA: XBRL DOCUMENT

Nature of Business and Basis of Presentation - Description of Business (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Nature of Business and Basis of Presentation
Accumulated deficit	$ 207,196	$ 188,157
Cash and cash equivalents	$ 191,647	$ 209,822	$ 109,122

XML 31 R20.htm IDEA: XBRL DOCUMENT

Nature of Business and Basis of Presentation - Newly Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Newly Adopted Accounting Pronouncements
Operating lease liabilities	$ 5,108
Right-of-use assets	$ 2,864
ASU 2016-02
Newly Adopted Accounting Pronouncements
Difference between account balances relates to the write-off of tenant improvements allowance		$ 2,300
Restatement Adjustment \| ASU 2016-02
Newly Adopted Accounting Pronouncements
Operating lease liabilities		5,300
Right-of-use assets		$ 3,000

XML 32 R21.htm IDEA: XBRL DOCUMENT

Supplemental Balance Sheet Information - Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property and equipment, net
Property and equipment, gross	$ 10,538		$ 10,347
Accumulated depreciation	(5,523)		(5,182)
Property and equipment, net	5,015		5,165
Depreciation expense	400	$ 400
Computer equipment and software
Property and equipment, net
Property and equipment, gross	60		53
Furniture, fixtures and office equipment
Property and equipment, net
Property and equipment, gross	390		390
Laboratory equipment
Property and equipment, net
Property and equipment, gross	6,197		6,149
Construction in progress
Property and equipment, net
Property and equipment, gross	147
Leasehold improvements
Property and equipment, net
Property and equipment, gross	$ 3,744		$ 3,755

XML 33 R22.htm IDEA: XBRL DOCUMENT

Supplemental Balance Sheet Information - Accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Supplemental Balance Sheet Information
Payroll and employee-related costs	$ 1,586	$ 3,309
Research and development costs	3,176	2,491
Other	560	677
Total	$ 5,322	$ 6,477

XML 34 R23.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets measured at fair value
Fair value assets, amount transferred between measurement levels	$ 0
Fair value liabilities, amount transferred between measurement levels	0
Total
Financial Assets
Total	192,050	$ 210,404
Total \| Level 1
Financial Assets
Total	192,050	210,404
Total \| Money market funds
Financial Assets
Cash equivalents	192,050	210,404
Total \| Money market funds \| Level 1
Financial Assets
Cash equivalents	$ 192,050	$ 210,404

XML 35 R24.htm IDEA: XBRL DOCUMENT

Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2015
Leases
Tenant improvements allowance		$ 2,700
Operating lease liabilities	$ 5,108
Right-of-use assets	$ 2,864

XML 36 R25.htm IDEA: XBRL DOCUMENT

Leases - Operating leases (Details) $ in Thousands	3 Months Ended
Leases - Operating leases (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Operating leases
Operating lease cost	$ 230
Short-term lease cost	10
Variable lease cost	230
Total operating lease costs	$ 470

XML 37 R26.htm IDEA: XBRL DOCUMENT

Leases - Other information (Details) $ in Thousands	3 Months Ended
Leases - Other information (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Other information
Operating cash flows used for operating leases	$ 344
Weighted average remaining lease term in years	4 years 2 months 12 days
Weighted average discount rate (as a percent)	8.00%

XML 38 R27.htm IDEA: XBRL DOCUMENT

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Maturity of lease liabilities
2019 (remaining nine months)	$ 1,059
2020	1,442
2021	1,483
2022	1,524
2023	513
Total lease payments	6,021
Less: imputed interest	(913)
Total operating lease liabilities	5,108
Future lease payments for leases not yet commenced	$ 100

XML 39 R28.htm IDEA: XBRL DOCUMENT

Leases -Future minimum commitments under operating lease agreements (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future minimum commitments due under the operating lease agreements
2019	$ 1,403
2020	1,442
2021	1,483
2022	1,524
2023	513
Total operating lease liabilities	$ 6,365

XML 40 R29.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-Based Compensation
Stock-based compensation expense	$ 2,890	$ 1,946
Shares issued, net settled of tax withholdings (in shares)	23,038
Aggregate value of shares, net settled in satisfaction of tax withholdings	$ (484)	0
Stock options
Stock-Based Compensation
Number of options granted	1,500,000
Weighted-average grant date fair value per share (in dollars per share)	$ 14.38
Restricted stock units
Stock-Based Compensation
Number of RSUs granted	87,000
Research and development
Stock-Based Compensation
Stock-based compensation expense	$ 1,658	1,031
General and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 1,232	$ 915

XML 41 R30.htm IDEA: XBRL DOCUMENT

Net Loss Per Share - (Details) - shares shares in Thousands	3 Months Ended
Net Loss Per Share - (Details) - shares shares in Thousands	Mar. 31, 2019	Mar. 31, 2018
Common stock equivalents excluded from the computation of of diluted weighted average shares outstanding as their effect would be anti-dilutive
Total	5,624	4,295
Stock options
Common stock equivalents excluded from the computation of of diluted weighted average shares outstanding as their effect would be anti-dilutive
Total	5,411	4,004
Restricted stock units
Common stock equivalents excluded from the computation of of diluted weighted average shares outstanding as their effect would be anti-dilutive
Total	213	291

EXCEL 42 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 43 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 44 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 45 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.1 html 55 142 1 false 19 0 false 4 false false R1.htm 00090 - Document - Document and Entity Information Sheet http://www.rapharma.com/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00100 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://www.rapharma.com/role/StatementCondensedConsolidatedBalanceSheets CONDENSED CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 00105 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://www.rapharma.com/role/StatementCondensedConsolidatedBalanceSheetsParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 00200 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.rapharma.com/role/StatementCondensedConsolidatedStatementsOfOperations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Statements 4 false false R5.htm 00300 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Sheet http://www.rapharma.com/role/StatementCondensedConsolidatedStatementsOfStockholdersEquity CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Statements 5 false false R6.htm 00400 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.rapharma.com/role/StatementCondensedConsolidatedStatementsOfCashFlows CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 6 false false R7.htm 10101 - Disclosure - Nature of Business and Basis of Presentation Sheet http://www.rapharma.com/role/DisclosureNatureOfBusinessAndBasisOfPresentation Nature of Business and Basis of Presentation Notes 7 false false R8.htm 10201 - Disclosure - Supplemental Balance Sheet Information Sheet http://www.rapharma.com/role/DisclosureSupplementalBalanceSheetInformation Supplemental Balance Sheet Information Notes 8 false false R9.htm 10301 - Disclosure - Fair Value Measurements Sheet http://www.rapharma.com/role/DisclosureFairValueMeasurements Fair Value Measurements Notes 9 false false R10.htm 10401 - Disclosure - Leases Sheet http://www.rapharma.com/role/DisclosureLeases Leases Notes 10 false false R11.htm 10501 - Disclosure - Stock-Based Compensation Sheet http://www.rapharma.com/role/DisclosureStockBasedCompensation Stock-Based Compensation Notes 11 false false R12.htm 10601 - Disclosure - Net Loss Per Share Sheet http://www.rapharma.com/role/DisclosureNetLossPerShare Net Loss Per Share Notes 12 false false R13.htm 20102 - Disclosure - Nature of Business and Basis of Presentation (Policies) Sheet http://www.rapharma.com/role/DisclosureNatureOfBusinessAndBasisOfPresentationPolicies Nature of Business and Basis of Presentation (Policies) Policies 13 false false R14.htm 30203 - Disclosure - Supplemental Balance Sheet Information (Tables) Sheet http://www.rapharma.com/role/DisclosureSupplementalBalanceSheetInformationTables Supplemental Balance Sheet Information (Tables) Tables http://www.rapharma.com/role/DisclosureSupplementalBalanceSheetInformation 14 false false R15.htm 30303 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.rapharma.com/role/DisclosureFairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://www.rapharma.com/role/DisclosureFairValueMeasurements 15 false false R16.htm 30403 - Disclosure - Leases (Tables) Sheet http://www.rapharma.com/role/DisclosureLeasesTables Leases (Tables) Tables http://www.rapharma.com/role/DisclosureLeases 16 false false R17.htm 30503 - Disclosure - Stock-Based Compensation (Tables) Sheet http://www.rapharma.com/role/DisclosureStockBasedCompensationTables Stock-Based Compensation (Tables) Tables http://www.rapharma.com/role/DisclosureStockBasedCompensation 17 false false R18.htm 30603 - Disclosure - Net Loss Per Share (Tables) Sheet http://www.rapharma.com/role/DisclosureNetLossPerShareTables Net Loss Per Share (Tables) Tables http://www.rapharma.com/role/DisclosureNetLossPerShare 18 false false R19.htm 40101 - Disclosure - Nature of Business and Basis of Presentation - Description of Business (Details) Sheet http://www.rapharma.com/role/DisclosureNatureOfBusinessAndBasisOfPresentationDescriptionOfBusinessDetails Nature of Business and Basis of Presentation - Description of Business (Details) Details 19 false false R20.htm 40102 - Disclosure - Nature of Business and Basis of Presentation - Newly Adopted Accounting Pronouncements (Details) Sheet http://www.rapharma.com/role/DisclosureNatureOfBusinessAndBasisOfPresentationNewlyAdoptedAccountingPronouncementsDetails Nature of Business and Basis of Presentation - Newly Adopted Accounting Pronouncements (Details) Details 20 false false R21.htm 40201 - Disclosure - Supplemental Balance Sheet Information - Property and equipment, net (Details) Sheet http://www.rapharma.com/role/DisclosureSupplementalBalanceSheetInformationPropertyAndEquipmentNetDetails Supplemental Balance Sheet Information - Property and equipment, net (Details) Details 21 false false R22.htm 40202 - Disclosure - Supplemental Balance Sheet Information - Accrued expenses (Details) Sheet http://www.rapharma.com/role/DisclosureSupplementalBalanceSheetInformationAccruedExpensesDetails Supplemental Balance Sheet Information - Accrued expenses (Details) Details 22 false false R23.htm 40301 - Disclosure - Fair Value Measurements (Details) Sheet http://www.rapharma.com/role/DisclosureFairValueMeasurementsDetails Fair Value Measurements (Details) Details http://www.rapharma.com/role/DisclosureFairValueMeasurementsTables 23 false false R24.htm 40401 - Disclosure - Leases (Details) Sheet http://www.rapharma.com/role/DisclosureLeasesDetails Leases (Details) Details http://www.rapharma.com/role/DisclosureLeasesTables 24 false false R25.htm 40402 - Disclosure - Leases - Operating leases (Details) Sheet http://www.rapharma.com/role/DisclosureLeasesOperatingLeasesDetails Leases - Operating leases (Details) Details 25 false false R26.htm 40403 - Disclosure - Leases - Other information (Details) Sheet http://www.rapharma.com/role/DisclosureLeasesOtherInformationDetails Leases - Other information (Details) Details 26 false false R27.htm 40404 - Disclosure - Leases - Maturity of Lease Liabilities (Details) Sheet http://www.rapharma.com/role/DisclosureLeasesMaturityOfLeaseLiabilitiesDetails Leases - Maturity of Lease Liabilities (Details) Details 27 false false R28.htm 40405 - Disclosure - Leases -Future minimum commitments under operating lease agreements (Details) Sheet http://www.rapharma.com/role/DisclosureLeasesFutureMinimumCommitmentsUnderOperatingLeaseAgreementsDetails Leases -Future minimum commitments under operating lease agreements (Details) Details 28 false false R29.htm 40501 - Disclosure - Stock-Based Compensation - (Details) Sheet http://www.rapharma.com/role/DisclosureStockBasedCompensationDetails Stock-Based Compensation - (Details) Details http://www.rapharma.com/role/DisclosureStockBasedCompensationTables 29 false false R30.htm 40601 - Disclosure - Net Loss Per Share - (Details) Sheet http://www.rapharma.com/role/DisclosureNetLossPerShareDetails Net Loss Per Share - (Details) Details http://www.rapharma.com/role/DisclosureNetLossPerShareTables 30 false false All Reports Book All Reports rarx-20190331.xml rarx-20190331.xsd rarx-20190331_cal.xml rarx-20190331_def.xml rarx-20190331_lab.xml rarx-20190331_pre.xml http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/srt/2018-01-31 http://fasb.org/us-gaap/2018-01-31 true true ZIP 47 0001104659-19-027979-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-19-027979-xbrl.zip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