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Collaboration Revenue (Tables) - ASU 2014-09 [Member]
9 Months Ended
Sep. 30, 2018
Adjustments to Accounts on Condensed Consolidated Balance Sheet

The cumulative effect of applying the new guidance to all contracts with customers that were not completed as of January 1, 2018, was recorded as an adjustment to accumulated deficit as of the adoption date. As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to accounts on the condensed consolidated balance sheet as of January 1, 2018:

 

 

 

As Reported at

 

 

Adjustments Due to

 

 

Balance at

 

 

 

December 31, 2017

 

 

ASC 606

 

 

January 1, 2018

 

Deferred revenue - related party

 

 

12,079

 

 

 

5,339

 

 

 

17,418

 

Deferred revenue, net of current portion - related party

 

 

84,847

 

 

 

21,518

 

 

 

106,365

 

Accumulated deficit

 

 

(263,571

)

 

 

(26,857

)

 

 

(290,428

)

 

Comparison of Reported Condensed Consolidated Balance Sheet, Statement of Operations and Cash Flows to Pro-forma Amounts

The following table compares the reported condensed consolidated balance sheet, statement of operations and cash flows, as of and for the three and nine months ended September 30, 2018 to the pro-forma amounts had the previous guidance (ASC 605) been in effect:

 

 

 

As of September 30, 2018

 

 

 

As Reported under

ASC 606

 

 

Pro forma as if

accounted for

under ASC 605

 

Deferred revenue - related party

 

 

17,901

 

 

 

12,118

 

Deferred revenue, net of current portion - related party

 

 

89,554

 

 

 

76,034

 

Accumulated deficit

 

 

(368,083

)

 

 

(348,780

)

 

 

Three Months Ended

September 30, 2018

 

 

Nine Months Ended

September 30, 2018

 

 

 

As Reported under

ASC 606

 

 

Pro forma as if

accounted for

under ASC 605

 

 

As Reported under

ASC 606

 

 

Pro forma as if

accounted for

under ASC 605

 

Collaboration revenue - related party

 

$

8,684

 

 

$

3,084

 

 

$

16,721

 

 

$

9,167

 

Loss from operations

 

 

(22,211

)

 

 

(27,811

)

 

 

(78,613

)

 

 

(86,167

)

Net loss

 

$

(21,949

)

 

$

(27,549

)

 

$

(77,655

)

 

$

(85,209

)

Net loss per share attributable to common stockholders,

   basic and diluted

 

$

(0.54

)

 

$

(0.68

)

 

$

(1.91

)

 

$

(2.09

)

 

 

 

Nine Months Ended September 30, 2018

 

 

 

As Reported under

ASC 606

 

 

Pro forma as if

accounted for

under ASC 605

 

Net loss

 

$

(77,655

)

 

$

(85,209

)

Deferred revenue

 

 

(16,328

)

 

 

(8,774

)

 

Changes in Contract Liabilities

The following table presents changes in the Company’s contract liabilities during the nine months ended September 30, 2018 and 2017(in thousands):

 

 

 

Balance as of

January 1, 2018

 

 

Additions

 

 

Deductions

 

 

Balance as of

September

30, 2018

 

Nine months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred revenue

 

 

123,783

 

 

 

393

 

 

 

(16,721

)

 

 

107,455

 

 

 

 

Balance as of January 1, 2017

 

 

Additions

 

 

Deductions

 

 

Balance as of

September

30, 2017

 

Nine months ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred revenue

 

 

108,814

 

 

 

 

 

 

(9,044

)

 

 

99,770

 

During the three and nine months ended September 30, 2018 we recognized the following revenues as a result of changes in the the contract liability balances in the respective periods (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue recognized in the period from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts included in the contract liability at the beginning

   of the period

 

 

8,684

 

 

 

3,015

 

 

 

16,721

 

 

 

9,044