Infinity Pharmaceuticals (INFIQ) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	INFI
Entity Registrant Name	INFINITY PHARMACEUTICALS, INC.
Entity Central Index Key	1,113,148
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		49,587,998

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 122,351	$ 188,170
Available-for-sale securities	24,041	57,061
Prepaid expenses and other current assets	11,085	9,466
Total current assets	157,477	254,697
Property and equipment, net	25,719	28,240
Restricted cash	1,182	1,681
Long-term receivable	2,525	1,821
Other assets	387	2,382
Total assets	187,290	288,821
Current liabilities:
Accounts payable	12,741	9,628
Accrued expenses	31,102	24,604
Deferred revenue, current	0	35,408
Financing obligation, current	429	416
Total current liabilities	44,272	70,056
Deferred revenue, less current portion	0	95,531
Deferred rent	4,667	4,632
Financing obligation, less current portion	19,373	19,591
Other liabilities	147	454
Total liabilities	68,459	190,264
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, $0.001 par value; 1,000,000 shares authorized, no shares issued 00 and outstanding at June 30, 2016 and December 31, 2015	0	0
Common Stock, $0.001 par value; 100,000,000 shares authorized, and 49,508,929 00 and 49,305,136 shares issued and outstanding, at June 30, 2016 and December 31, 00 2015, respectively	50	49
Additional paid-in capital	702,040	694,051
Accumulated deficit	(583,261)	(595,588)
Accumulated other comprehensive income	2	45
Total stockholders’ equity	118,831	98,557
Total liabilities and stockholders’ equity	$ 187,290	$ 288,821

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	49,508,929	49,305,136
Common Stock, shares outstanding	49,508,929	49,305,136

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Collaboration revenue	$ 9,467	$ 4,880	$ 18,723	$ 9,244
Operating expenses:
Research and development	52,947	34,062	92,135	122,490
General and administrative	15,692	9,410	26,528	17,960
Total operating expenses	68,639	43,472	118,663	140,450
Gain on AbbVie Opt-Out	112,216	0	112,216	0
Loss from operations	53,044	(38,592)	12,276	(131,206)
Other income (expense):
Interest expense	(307)	(99)	(616)	(747)
Investment and other income (loss)	254	263	667	223
Total other income (expense)	(53)	164	51	(524)
Net income (loss)	$ 52,991	$ (38,428)	$ 12,327	$ (131,730)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 1.05	$ (0.78)	$ 0.24	$ (2.69)
Diluted (in dollars per share)	$ 1.05	$ (0.78)	$ 0.24	$ (2.69)
Weighted average number of common shares outstanding:
Basic (in shares)	49,437,062	49,076,031	49,388,475	49,008,085
Diluted (in shares)	49,439,537	49,076,031	49,399,926	49,008,085
Other comprehensive loss:
Net unrealized holding losses on available-for-sale securities arising during the period	$ (38)	$ (7)	$ (43)	$ (11)
Comprehensive income (loss)	$ 52,953	$ (38,435)	$ 12,284	$ (131,741)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net income (loss)	$ 12,327	$ (131,730)
Non-cash gain on AbbVie Opt-Out	(112,216)	0
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	1,386	968
Stock-based compensation including 401(k) match	7,528	7,365
Impairment of property and equipment	1,773	0
Amortization of loan commitment asset	0	647
Other, net	114	140
Changes in operating assets and liabilities:
Prepaid expenses and other assets	172	2,491
Accounts payable, accrued expenses and other liabilities	9,307	3,027
Due to Takeda	0	(6,667)
Deferred revenue	(18,723)	(9,244)
Deferred rent	32	1,500
Net cash used in operating activities	(98,300)	(131,503)
Investing activities
Purchases of property and equipment	(638)	(3,969)
Purchases of available-for-sale securities	(39,692)	(64,440)
Proceeds from maturities of available-for-sale securities	60,601	25,259
Proceeds from sales of available-for-sale securities	11,953	0
Net cash provided by (used in) investing activities	32,224	(43,150)
Financing activities
Proceeds from issuances of common stock related to stock incentive plans and awards	444	1,693
Proceeds from issuances of common stock related to employee stock purchase plan	18	472
Payments on construction liability	0	(273)
Payments on financing obligation	(205)	(37)
Net cash provided by financing activities	257	1,855
Net decrease in cash and cash equivalents	(65,819)	(172,798)
Cash and cash equivalents at beginning of period	188,170	307,405
Cash and cash equivalents at end of period	122,351	134,607
Supplemental cash flow information
Cash paid for interest	616	99
Cash paid for income taxes	0	175
Supplemental schedule of noncash investing and financing activities
Property and equipment in accrued expenses	0	581
Increase in property and equipment for amount paid by landlord	$ 0	$ 4,840

Organization

Organization	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Infinity Pharmaceuticals, Inc. is an innovative biopharmaceutical company dedicated to developing and delivering best-in-class medicines to patients with difficult-to-treat diseases. As used throughout these unaudited, condensed consolidated financial statements, the terms “Infinity,” “we,” “us,” and “our” refer to the business of Infinity Pharmaceuticals, Inc. and its wholly-owned subsidiaries.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated financial statements include the accounts of Infinity and its wholly-owned subsidiaries. We have eliminated all significant intercompany accounts and transactions in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed consolidated financial statements have been included. Interim results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 . The information presented in the condensed consolidated financial statements and related footnotes at June 30, 2016 , and for the three and six months ended June 30, 2016 and 2015 , is unaudited, and the condensed consolidated balance sheet amounts and related footnotes at December 31, 2015 have been derived from our audited financial statements. For further information, please refer to the consolidated financial statements and accompanying footnotes included in our annual report on Form 10-K for the fiscal year ended December 31, 2015 , which was filed with the U.S. Securities and Exchange Commission on February 23, 2016 (our “2015 Annual Report on Form 10-K”). Liquidity We have generated an accumulated deficit of $ 583.3 million and will require substantial additional capital to fund operations. Our future success is dependent on our ability to develop our product candidates and ultimately upon our ability to attain profitable operations. We are subject to a number of risks similar to other life science companies, including, but not limited to, successful development of our drug candidates and our need for additional funding, which may not be available. As of June 30, 2016, we had cash, cash equivalents and short-term investments of $146.4 million . We are exploring a broad range of strategic options for duvelisib, including a potential sale of the program. If we are unsuccessful in our efforts to sell duvelisib, we may need to curtail or terminate the development of duvelisib. In the absence of additional funding or business development activities, we believe that our existing cash, cash equivalents and available-for-sale securities at June 30, 2016 , will be adequate to satisfy our capital needs into the third quarter of 2017 based on our operational plans, which do not include duvelisib expenses beyond the fourth quarter of 2016. Our operational plans also include lower 2017 monthly cash burn as a result of the announced restructuring plan (see Note 12). On June 24, 2016, AbbVie Inc., or AbbVie, delivered to us a written notice to terminate the collaboration and license agreement, dated September 2, 2014, between us and AbbVie (the “AbbVie Agreement”) unilaterally upon 90 days ’ written notice. The termination of the AbbVie Agreement will become effective on September 23, 2016 (see Note 9). We will not receive additional milestone payments from AbbVie. For more information, refer to the section titled “Liquidity and Capital Resources” in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Our significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in our 2015 Annual Report on Form 10-K. Segment Information We operate in one business segment, which focuses on drug discovery and development. We make operating decisions based upon performance of the enterprise as a whole and utilize our consolidated financial statements for decision making. All of our revenues since September 2006 have been generated under research collaboration agreements. Basic and Diluted Net Income (Loss) per Common Share Basic net income (loss) per share is based upon the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is based upon the weighted average number of common shares outstanding during the period plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed exercise of outstanding stock options and the exercise of outstanding warrants (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method). In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options. The two-class method is used for outstanding warrants as it is considered to be a participating security, and it is more dilutive than the treasury stock method. The following outstanding shares of common stock equivalents were excluded from the computation of net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Stock options 9,194,421 8,013,356 9,128,732 8,013,356 Warrants (excluded from treasury stock method) 1,000,000 1,000,000 1,000,000 1,000,000 Basic and diluted earnings (loss) per common share were determined as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands, except share and per share amounts) Basic Net income (loss) $ 52,991 $ (38,428 ) $ 12,327 $ (131,730 ) Undistributed earnings allocated to warrants (1,051 ) — (245 ) — Net income (loss) $ 51,940 $ (38,428 ) $ 12,082 $ (131,730 ) Weighted average common shares outstanding 49,437,062 49,076,031 49,388,475 49,008,085 Basic earnings (loss) per common share $ 1.05 $ (0.78 ) $ 0.24 $ (2.69 ) Diluted Net income (loss) $ 52,991 $ (38,428 ) $ 12,327 $ (131,730 ) Undistributed earnings allocated to warrants (1,051 ) — (245 ) — Net income (loss) $ 51,940 $ (38,428 ) $ 12,082 $ (131,730 ) Weighted average common shares outstanding 49,437,062 49,076,031 49,388,475 49,008,085 Effect of dilutive options 2,475 — 11,451 — Weighted average common shares outstanding assuming dilution 49,439,537 49,076,031 49,399,926 49,008,085 Diluted earnings (loss) per common share $ 1.05 $ (0.78 ) $ 0.24 $ (2.69 ) New Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) , which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern. ASU No. 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance would have resulted in additional disclosure in our financial statements as of June 30, 2016 had we adopted. See Note 2 for additional information on our existing cash, cash equivalents and available-for-sale securities. We will continue to evaluate the potential impact that ASU No. 2014-15 may have. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU No. 2016-02”) , which requires lessees to recognize the assets and liabilities arising from leases on the balance sheet. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the method of adoption and the potential impact that ASU No. 2016-02 may have on our financial position and results of operations. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU No. 2016-09”) , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and for interim periods within those annual periods. Early adoption is permitted in any interim or annual period. We are currently evaluating the method of adoption and the potential impact that ASU No. 2016-09 may have on our financial position and results of operations.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Total stock-based compensation expense related to all equity awards for the three and six months ended June 30, 2016 and 2015 was comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) Research and development $ 2,090 $ 2,137 $ 3,966 $ 4,372 General and administrative 1,723 1,479 3,562 2,993 Total stock-based compensation expense $ 3,813 $ 3,616 $ 7,528 $ 7,365 As of June 30, 2016 , we had approximately $9.3 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options, which are expected to be recognized over a weighted-average period of 2.3 years . Stock Options During the six months ended June 30, 2016 , we granted options to purchase 1,617,472 shares of our common stock at a weighted average fair value of $3.75 per share and a weighted average exercise price of $6.14 per share. During the six months ended June 30, 2015 , we granted options to purchase 1,948,941 shares of our common stock at a weighted average fair value of $9.35 per share and a weighted average exercise price of $15.46 per share. For the three and six months ended June 30, 2016 and 2015 , the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Risk-free interest rate 1.3 % 1.4 % 1.8 % 1.4 % Expected annual dividend yield — — — — Expected stock price volatility 86.7 % 69.7 % 73.0 % 71.0 % Expected term of options 4.9 years 5.5 years 5.4 years 5.4 years During the six months ended June 30, 2016 , options to purchase 67,077 shares of common stock were exercised, with a weighted-average exercise price of $5.57 . Employee Stock Purchase Plan The weighted-average fair value of each purchase right granted during the six months ended June 30, 2016 and 2015 was $2.91 and $7.62 , respectively. We suspended the Employee Stock Purchase Plan program on June 24, 2016. For the six months ended June 30, 2016 and 2015 , the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions: Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Risk-free interest rate 0.8 % 0.4 % Expected annual dividend yield — — Expected stock price volatility 63.5 % 70.3 % Expected term 1.3 years 1.2 years

Cash, Cash Equivalents and Avai

Cash, Cash Equivalents and Available-for-Sale Securities	6 Months Ended
	Jun. 30, 2016
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Available-for-Sale Securities	Cash, Cash Equivalents and Available-for-Sale Securities The following is a summary of cash, cash equivalents and available-for-sale securities: June 30, 2016 Cost Gross Gross Estimated (in thousands) Cash and cash equivalents due in 90 days or less $ 122,351 $ — $ — $ 122,351 Available-for-sale securities: Corporate obligations due in one year or less 18,578 2 (2 ) 18,578 U.S. government-sponsored enterprise obligations due in one year or less 5,461 2 — 5,463 Total available-for-sale securities 24,039 4 (2 ) 24,041 Total cash, cash equivalents and available-for-sale securities $ 146,390 $ 4 $ (2 ) $ 146,392 December 31, 2015 Cost Gross Gross Estimated (in thousands) Cash and cash equivalents due in 90 days or less $ 188,170 $ — $ — $ 188,170 Available-for-sale securities: Corporate obligations due in one year or less 46,049 52 (4 ) 46,097 Asset-backed securities due in one year or less 10,967 — (3 ) 10,964 Total available-for-sale securities 57,016 52 (7 ) 57,061 Total cash, cash equivalents and available-for-sale securities $ 245,186 $ 52 $ (7 ) $ 245,231 We held five debt securities at June 30, 2016 that had been in an unrealized loss position for less than 12 months and no debt securities that had been in an unrealized loss position for 12 months or greater. The fair value of these securities was $14.0 million . There were no material unrealized losses from these securities. We evaluated our securities for other-than-temporary impairments based on quantitative and qualitative factors. We considered the decline in market value for these securities to be primarily attributable to current economic and market conditions. It is not more likely than not that we will be required to sell these securities, and we do not intend to sell these securities before the recovery of their amortized cost basis. Based on our analysis, we do not consider these investments to be other-than-temporarily impaired as of June 30, 2016 . As of June 30, 2016 , we held four securities in financial institutions and other corporate debt securities located in Switzerland, Sweden, Canada and Australia with an aggregate fair value of $8.4 million . These securities are short term in nature and are scheduled to mature within the next six months. There were no material unrealized losses from these securities. Based on our analysis, we do not consider these investments to be other-than-temporarily impaired as of June 30, 2016 . We had no material realized gains or losses on our available-for-sale securities for the three and six months ended June 30, 2016 and 2015 . There were no other-than-temporary impairments recognized for the three and six months ended June 30, 2016 and 2015 .

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value We use a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs, which we consider the highest level inputs, are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. For our fixed income securities, we reference pricing data supplied by our custodial agent and nationally known pricing vendors, using a variety of daily data sources, largely readily-available market data and broker/dealer quotes. We validate the prices provided by our third party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. After completing our validation procedures, we did not adjust or override any fair value measurements provided by our pricing services as of June 30, 2016 and December 31, 2015 . The following table provides the assets carried at fair value measured on a recurring basis as of June 30, 2016 : Level 1 Level 2 (in thousands) Assets: Cash and cash equivalents $ 118,850 $ 3,501 Corporate obligations (including commercial paper) — 18,578 U.S. government-sponsored enterprise obligations — 5,463 Total $ 118,850 $ 27,542 The fair value of the available-for-sale securities and cash and cash equivalents (including asset types listed below with maturities of three months or less at the time of purchase) is based on the following inputs: • Corporate Obligations : • Commercial paper: calculations by custodian based on the three month Treasury bill published on the last business day of the month. • Other: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including TRACE® reported trades. • U.S. Government-Sponsored Enterprise Obligations : benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including TRACE® reported trades. The carrying amounts reflected in the condensed consolidated balance sheets for prepaid expenses and other current assets, other assets, accounts payable and accrued expenses approximate their fair value due to their short-term maturities. There have been no changes to our valuation methods during the six months ended June 30, 2016 . We evaluate transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between Level 1 and Level 2 during the six months ended June 30, 2016 . We had no available-for-sale securities that were classified as Level 3 at any point during the six months ended June 30, 2016 or during the year ended December 31, 2015 .

Prepaid expenses and other curr

Prepaid expenses and other current assets	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses and other current assets	Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: June 30, 2016 December 31, 2015 (in thousands) Other prepaid expenses $ 8,132 $ 6,898 Value-added tax receivable 1,786 — Other current assets 667 1,383 Restricted cash 500 — Short-term receivable (note 11) — 1,185 Total prepaid expenses and other current assets $ 11,085 $ 9,466

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other assets Other assets consist of the following: June 30, 2016 December 31, 2015 (in thousands) Long term prepaid expense $ 273 $ 284 Long term value-added tax receivable 59 2,034 Other assets 55 64 Total prepaid expenses and other current assets $ 387 $ 2,382

Collaborations

Collaborations	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations	Collaborations AbbVie The AbbVie Agreement On September 2, 2014, we entered into the AbbVie Agreement. Under the AbbVie Agreement, we and AbbVie agreed to develop and commercialize in oncology indications products containing duvelisib, an oral, dual inhibitor of the delta and gamma isoforms of phosphoinositide-3-kinase, or PI3K. We refer to products containing duvelisib as Duvelisib Products. IPI-549, an orally administered, selective PI3K-gamma inhibitor, was excluded from the collaboration. Under the terms of the AbbVie Agreement, we and AbbVie agreed to share equally commercial profits or losses of Duvelisib Products in the United States, including sharing equally the existing royalty obligations to Mundipharma International Corporation Limited, or Mundipharma, and Purdue Pharmaceutical Products L.P., or Purdue, for sales of Duvelisib Products in the United States, as well as sharing equally the existing U.S. milestone payment obligations to Takeda Pharmaceutical Company Limited, or Takeda, our PI3K program licensor. For more information about such obligations, refer to the section below titled "Takeda." AbbVie agreed to pay us tiered royalties on net sales of Duvelisib Products outside the United States ranging from 23.5% to 30.5% , depending on annual net sales of Duvelisib Products by AbbVie, its affiliates and its sublicensees. This tiered royalty could have been further reduced based on specified factors, including patent expiry, generic entry, and royalties paid to third parties. We and AbbVie shared oversight of development and agreed to use diligent efforts, as defined in the AbbVie Agreement, to carry out our development activities under an agreed upon development plan. We had primary responsibility for the conduct of development of Duvelisib Products, unless otherwise agreed, and AbbVie had responsibility for the conduct of certain contemplated combination clinical studies, including those examining duvelisib and venetoclax, which we refer to as the AbbVie Studies. The development and manufacturing costs for the AbbVie Studies were shared equally. During the three and six months ended June 30, 2016 , we recognized an expense of $0.4 million and $1.0 million , respectively, in research and development expense related to our share of the AbbVie Studies cost. During the three and six months ended June 30, 2015 , we recognized an expense of $0.1 million and $0.2 million , respectively, in research and development expense related to our share of the AbbVie Studies cost. We had the responsibility to manufacture Duvelisib Products until the transition of manufacturing responsibility to AbbVie, which we expected to occur as promptly as practicable while ensuring continuity of supply. Excluding the AbbVie Studies, we were responsible for all costs to develop and manufacture Duvelisib Products up to a maximum amount of $667 million . During the three and six months ended June 30, 2016 , we recognized an expense of $2.9 million and $6.6 million , respectively, in research and development expense related to costs incurred by AbbVie for other than the AbbVie Studies. During the three and six months ended June 30, 2015 , we recognized an expense of $3.0 million and $4.1 million , respectively, in research and development expense related to costs incurred by AbbVie for other than the AbbVie Studies. We and AbbVie shared operational responsibility and decision making authority for commercialization of Duvelisib Products in the United States. Prior to commercialization and regulatory approval, we recognized the cost of manufacturing as a component of research and development and the cost of commercialization as a component of general and administrative expenses. During the three and six months ended June 30, 2016 and 2015 , we accounted for AbbVie’s share of the costs as a reduction of the related expense. We recognized credits of approximately $0.1 million during the three and six months ended June 30, 2016 and $0.1 million and $0.3 million during the three and six months ended June 30, 2015 , respectively, in research and development expense related to these costs. During the three and six months ended June 30, 2016 , we recognized credits of $1.6 million and $2.6 million , respectively, in general and administrative expense related to these costs. We recognized credits of $35,000 and $0.3 million during the three and six months ended June 30, 2015 , respectively, in general and administrative expense related to these costs. Under the AbbVie Agreement, AbbVie paid us a non-refundable $275 million upfront payment in 2014 and a $130 million milestone payment in November 2015 associated with the completion of enrollment of DYNAMO, our Phase 2 clinical study evaluating the efficacy and safety of duvelisib in patients with refractory indolent non-Hodgkin lymphoma, or iNHL. Of the total $405 million received from AbbVie, we allocated $234.3 million to the license which was recognized as revenue upon receipt of the upfront payment and achievement of the milestone payment. Revenue related to development services and committee services was recognized using the proportionate performance method. We initially estimated that services would be performed through 2019. The AbbVie Agreement was intended to remain in effect until all development, manufacturing and commercialization of Duvelisib Products cease, unless terminated earlier. AbbVie had the right to terminate the AbbVie Agreement for convenience after a specified notice period as described below. AbbVie Opt-Out On June 24, 2016, AbbVie delivered to us a written notice that AbbVie was exercising its right to terminate the AbbVie Agreement unilaterally upon 90 days ' written notice, which we refer to as the AbbVie Opt-Out. The termination of the AbbVie agreement will become effective on September 23, 2016. The AbbVie Opt-Out is irrevocable and we have no obligation to continue to provide AbbVie any services related to Duvelisib Products after June 24, 2016. We recognized $9.5 million and $18.7 million during the three and six months ended June 30, 2016 , respectively, of revenue related to the development and committee services provided through June 24, 2016. We have recorded the remaining amounts already received from AbbVie and allocated to development and committee services of $112.2 million as a gain during the three months ended June 30, 2016 , reflecting the fact that we are no longer obligated to provide any such services and have no obligation to refund any of the payments received to date. Upon formal termination of the AbbVie Agreement, which will occur on September 23, 2016, we will receive all rights to the regulatory filings related to duvelisib upon our request, our license to AbbVie will terminate, and AbbVie will grant us an exclusive, perpetual, irrevocable, royalty-free license, under certain patent rights and know-how controlled by AbbVie, to develop, manufacture and commercialize in oncology indications worldwide products containing duvelisib, excluding any compound which is covered by patent rights controlled by AbbVie or its affiliates. We and AbbVie are negotiating a termination and wind-down plan to ensure a smooth transition of the responsibilities of the parties to us. Other than pursuant to the wind-down plan, which will not include any development or committee service obligations for us, neither party has any financial obligation to the other. In connection with the AbbVie Opt-Out, AbbVie will not pay any of the additional $400 million in milestone payments that we could have potentially earned under the AbbVie Agreement. Takeda In July 2010, we entered into a development and license agreement with Intellikine, Inc., or Intellikine, under which we obtained rights to discover, develop and commercialize pharmaceutical products targeting the delta and/or gamma isoforms of PI3K, which covers duvelisib and IPI-549. In January 2012, Intellikine was acquired by Takeda, acting through its Millennium business unit. In December 2012, we amended and restated our development and license agreement with Takeda. We refer to our PI3K inhibitor program licensor as Takeda and to the amended and restated development and license agreement as the Takeda Agreement. Under the terms of the Takeda Agreement, we are obligated to pay Takeda an aggregate of up to $5 million in success-based milestone payments for the development of a product candidate other than duvelisib, which could include IPI-549. We are also obligated to pay Takeda up to an aggregate of $450 million in success-based milestone payments related to the approval and commercialization of two distinct products, one of which could be a Duvelisib Product and the other of which could be a product containing IPI-549. On March 31, 2015, we paid a $52.5 million fee to exercise an option that we purchased from Takeda in July 2014 for a one-time upfront payment of $5 million . As a result of our exercise of this option, we are no longer obligated under the Takeda Agreement to pay to Takeda tiered royalties with respect to worldwide net sales in oncology indications of products containing or comprised of duvelisib. We recognized the $5 million upfront payment and the $52.5 million exercise payment as research and development expense during the year ended December 31, 2014 and the year ended December 31, 2015, respectively, as there is no alternative future use beyond the existing research and development activities. Except for Duvelisib Products in oncology indications, we are obligated to pay Takeda tiered royalties ranging from 7% to 11% on worldwide net sales of products described in the agreement, which could include IPI-549 if successfully developed and commercialized. Such royalties are payable until the later to occur of the expiration of specified patent rights and the expiration of non-patent regulatory exclusivities in a country, subject to reduction of the royalties and, in certain circumstances, limits on the number of products subject to a royalty obligation. The Takeda Agreement expires on the later of the expiration of certain patents and the expiration of the royalty payment terms for the products, unless earlier terminated in accordance with its terms. Either party may terminate the Takeda Agreement on 75 days ’ prior written notice if the other party materially breaches the agreement and fails to cure such breach within the applicable notice period, provided that the notice period is reduced to 30 days where the alleged breach is non-payment. Takeda may also terminate the Takeda Agreement if we are not diligent in developing or commercializing the licensed products and do not, within three months after notice from Takeda, demonstrate to Takeda’s reasonable satisfaction that we have not failed to be diligent. The foregoing periods are subject to extension in certain circumstances. Additionally, Takeda may terminate the Takeda Agreement upon 30 days’ prior written notice if we or a related party bring an action challenging the validity of any of the licensed patents, provided that we have not withdrawn such action before the end of the 30 -day notice period. We may terminate the agreement at any time upon 180 days ’ prior written notice. The Takeda Agreement also provides for customary reciprocal indemnification obligations of the parties.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following: June 30, 2016 December 31, 2015 (in thousands) Accrued restructuring $ 13,190 $ — Accrued compensation and benefits 3,294 8,732 Accrued drug manufacturing costs 636 3,494 Accrued clinical studies 9,422 8,531 Accrued preclinical studies 274 539 Deferred rent, current 258 261 Other 4,028 3,047 Total accrued expenses $ 31,102 $ 24,604

Leases

Leases	6 Months Ended
	Jun. 30, 2016
Leases [Abstract]
Leases	Leases We lease our office and laboratory space under two separate lease agreements with BHX, LLC, as trustee of 784 Realty Trust for space in Cambridge, Massachusetts at 784 Memorial Drive and ARE-770/784/790 Memorial Drive, LLC for space at 780 and 790 Memorial Drive. 784 Memorial Drive Lease Arrangement On September 25, 2014, we entered into a lease agreement, or the Lease, with BHX, LLC, as trustee of 784 Realty Trust, or the Landlord, for the lease of office space at 784 Memorial Drive. The term of the Lease commenced on November 1, 2014 , the Commencement Date, and expires on March 31, 2025 . Pursuant to the Lease, on the Commencement Date we agreed to lease 61,000 square feet of the leased premises, which represents the entire building, the Leased Premises. We provided a security deposit to BHX, LLC in the form of a letter of credit in the initial amount of $1.0 million , which may be reduced by up to $750,000 over time in accordance with the terms of the Lease. The letter of credit plus the associated bank fee of $30,000 have been included in our accompanying condensed consolidated balance sheets as restricted cash. We have two consecutive rights to extend the term of the Lease for five years under each extension, provided that we provide notice to the Landlord no earlier than 18 months and no later than 12 months prior to the expiration of the Lease. On the Commencement Date, building construction was initiated to suit our then-anticipated future needs. We were responsible for the construction project, including having responsibility to pay for a portion of the structural elements of the building and bearing the risk of cost overruns. As such, we were deemed the owner of the building for accounting purposes and we recorded the building in our fixed asset balance, although legal ownerships remains with BHX, LLC. Our balance sheet also reflects a financing obligation related to this building. Depreciation on the building and building improvements commenced in June 2015. At June 30, 2016 , future minimum payments under the Lease for 784 Memorial Drive were approximately $19.1 million , which is comprised of $1.0 million for the remainder of 2016, $2.0 million for each of calendar years 2017 through 2019, $2.3 million for the calendar year 2020 and $9.8 million through March 2025. We divide our future payments under the Lease into a portion that is allocated to the financing obligation and a portion that is allocated to the land on which the building is located. The portion of the lease obligation allocated to the land is treated for accounting purposes as an operating lease which commenced in November 2014 and is recorded on a straight-line basis over the initial term of the Lease. Rent expense pertaining to the land was approximately $0.1 million and $0.2 million for the three and six months ended June 30, 2016 and June 30, 2015 , respectively. 780/790 Memorial Drive Lease Arrangement On November 6, 2014, we entered into a Seventh Amendment to Lease, or the Lease Amendment, by and between us and ARE-770/784/790 Memorial Drive, LLC, the landlord, which amends the original lease agreement dated July 2, 2002, as amended to date, or the Original Lease. We refer to the Original Lease together with the Lease Amendment as the Memorial Drive Lease. We refer to the area rented under the Memorial Drive Lease as the Premises. Under the Lease Amendment: (i) the Premises consist of 54,837 square feet, of which 51,000 square feet are located at 780 Memorial Drive, or the 780 Premises, and the remaining 3,837 square feet are located at 790 Memorial Drive, or the 790 Premises; effective February 1, 2016, we surrendered 13,183 square feet of the previously leased 17,020 square feet at the 790 Premises; (ii) we have extended the base term of the Memorial Drive Lease through March 31, 2025 ; and (iii) we have two separate five -year options to extend the term of the Memorial Drive Lease to 2035 on the same terms and conditions (other than with respect to base rent or any work letter). At June 30, 2016, future minimum payments under the lease for 780 / 790 Memorial Drive were approximately $32.9 million , which is comprised of $1.9 million for the remainder of 2016, $ 3.6 million for each of calendar years 2017 through 2018, $3.8 million for each of the calendar years 2019 through 2024 and $1.0 million through March 2025. We also received the right to receive allowances totaling $3.0 million for the design and construction of tenant improvements. Upon execution of the Lease Amendment, the allowances totaling $3.0 million were reflected on our condensed consolidated balance sheets as a receivable, with a corresponding amount included in deferred rent liability. See Note 12 for Restructuring Activities. Pursuant to the terms of the Lease Amendment, the security deposit in the form of a letter of credit has been reduced from $1.1 million to $0.6 million . The security deposit has been included in our accompanying condensed consolidated balance sheets as restricted cash.

Restructuring Activities

Restructuring Activities	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities In June 2016, we reported the top line data from DYNAMO™, a registration-focused Phase 2 monotherapy study evaluating the efficacy and safety of duvelisib, an investigational, oral, dual inhibitor of phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma, in patients with refractory indolent non-Hodgkin lymphoma (iNHL). The study met its primary endpoint with an overall response rate of 46 percent, all of which were partial responses, among 129 patients with iNHL. We are exploring a broad range of strategic options for duvelisib, including a potential sale of the program. As a result of our discussions with AbbVie regarding our collaboration and the subsequent AbbVie Opt-Out, our board of directors approved a strategic restructuring in order to preserve our resources as we determine future strategic plans, which included significant employee headcount reductions during June 2016. We recognized $11.9 million and $4.7 million in total restructuring charges for the three months ended June 30, 2016 in research and development expenses and general and administrative expenses, respectively. We are evaluating the leases for the various facilities that we currently occupy at this time. If we pursue and successfully restructure these facility leases in 2016, we could potentially incur additional charges during the second half of 2016 upon our exit from the space. Such potential future charges could include further impairments and lease exit payments related to our office and laboratory space at 784 Memorial Drive and 780 / 790 Memorial Drive in Cambridge, Massachusetts. At June 30, 2016 and December 31, 2015, the accompanying condensed consolidated balance sheets reflect the 784 Memorial Drive building and accumulated construction costs of $22.5 million and $23.0 million , respectively, and a total financing obligation of approximately $19.8 million and $20.0 million , respectively. The following table summarizes the impact of the restructuring activities on our operating expenses and payments for the three months ended June 30, 2016 and the current liability remaining on our balance sheet as of June 30, 2016, in thousands: Total Charges Incurred Through June 30, 2016 Amounts Paid Through June 30, 2016 Less Non-Cash Charges Through June 30, 2016 Amounts Accrued at June 30, 2016 (in thousands) Employee severance, benefits and related costs for work force reduction $ 13,007 $ — $ 218 $ 12,789 Long-lived asset impairment 2,254 — 2,254 — Contract termination, prepaid write-offs and other related costs 1,380 97 882 401 Total restructuring charges $ 16,641 $ 97 $ 3,354 $ 13,190 We reduced our employee headcount by approximately 66% compared to our employee headcount as of December 31, 2015. We have existing severance plans which outline contractual termination benefits. We recognized all contractual severance and benefits outlined in the plan when termination was probable and reasonably estimable, which occurred during the three months ended June 30, 2016 in accordance with FASB ASC Topic 712, Compensation - Nonretirement Postemployment Benefits . We expect to incur an additional $0.7 million in remaining stock-based compensation restructuring expenses related to these individuals in the second half of 2016. We made strategic decisions to close BRAVURA, a Phase 3 study of duvelisib in patients with relapsed iNHL, and decided not to enroll additional patients in CONTEMPO, a Phase 1b/2 study of duvelisib in treatment-naïve patients with follicular lymphoma. We estimate incurring between $3.0 million to $5.0 million during the second half of 2016 related to closing BRAVURA and treating existing patients on CONTEMPO as the services are rendered by our contract research organizations. None of these amounts are accrued as of June 30, 2016. Approximately $1.4 million of expense was recorded during the three months ended June 30, 2016 related to the write-off of prepaid expenses that were not expected to continue and other payments that were due as a result of early terminations. The non-cash asset impairment loss of approximately $2.3 million relates to fixed assets that were written down to fair value during the three months ended June 30, 2016. For long-lived assets, we evaluated the asset groups for potential impairment as of June 30, 2016. We impaired approximately $1.0 million of unique and identifiable laboratory equipment, as well as $0.4 million in furniture and fixtures. In performing the recoverability test for the 780 / 790 Memorial Drive asset group, we concluded that the asset group was not recoverable. We recorded an impairment charge of $0.8 million related to 780 / 790 Memorial Drive assets, including the related tenant improvement allowance (see Note 11) after comparing the fair value (using probability weighted scenarios with discounted cash flows) to the asset group’s carrying value. In performing the recoverability test for the 784 Memorial Drive asset group, we concluded that the asset group was not recoverable. We had an independent appraisal performed for the 784 Memorial building and improvements. We concluded no impairment was needed as the fair market value (considering the cost approach, sales comparison approach and the income approach) exceeded the asset group’s carrying value. In June 2016, our board of directors approved cash retention incentive awards to the remaining eligible employees who continue employment with us to explore and execute our potential future strategic options. The award is payable in equal installments on December 30, 2016 and July 1, 2017 based on services earned by the employee during this period.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In July 2016, our board of directors approved grants of 1,486,600 shares of restricted common stock to eligible employees who continue employment with us to explore and execute our future strategic options. The restricted stock was granted pursuant to our 2010 stock incentive plan, is subject to forfeiture and will vest based on the achievement of specified performance or other conditions. We are currently assessing the accounting implications of the restricted stock.

Significant Accounting Polici19

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Segment Information	Segment Information We operate in one business segment, which focuses on drug discovery and development. We make operating decisions based upon performance of the enterprise as a whole and utilize our consolidated financial statements for decision making. All of our revenues since September 2006 have been generated under research collaboration agreements.
Basic and Diluted Net Income (Loss) per Common Share	Basic and Diluted Net Income (Loss) per Common Share Basic net income (loss) per share is based upon the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is based upon the weighted average number of common shares outstanding during the period plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed exercise of outstanding stock options and the exercise of outstanding warrants (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method). In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options. The two-class method is used for outstanding warrants as it is considered to be a participating security, and it is more dilutive than the treasury stock method.
New Accounting Pronouncements	New Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) , which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern. ASU No. 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance would have resulted in additional disclosure in our financial statements as of June 30, 2016 had we adopted. See Note 2 for additional information on our existing cash, cash equivalents and available-for-sale securities. We will continue to evaluate the potential impact that ASU No. 2014-15 may have. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU No. 2016-02”) , which requires lessees to recognize the assets and liabilities arising from leases on the balance sheet. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the method of adoption and the potential impact that ASU No. 2016-02 may have on our financial position and results of operations. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU No. 2016-09”) , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and for interim periods within those annual periods. Early adoption is permitted in any interim or annual period. We are currently evaluating the method of adoption and the potential impact that ASU No. 2016-09 may have on our financial position and results of operations.

Significant Accounting Polici20

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Total Potential Gross Common Equivalent Shares	The following outstanding shares of common stock equivalents were excluded from the computation of net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Stock options 9,194,421 8,013,356 9,128,732 8,013,356 Warrants (excluded from treasury stock method) 1,000,000 1,000,000 1,000,000 1,000,000
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings (loss) per common share were determined as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands, except share and per share amounts) Basic Net income (loss) $ 52,991 $ (38,428 ) $ 12,327 $ (131,730 ) Undistributed earnings allocated to warrants (1,051 ) — (245 ) — Net income (loss) $ 51,940 $ (38,428 ) $ 12,082 $ (131,730 ) Weighted average common shares outstanding 49,437,062 49,076,031 49,388,475 49,008,085 Basic earnings (loss) per common share $ 1.05 $ (0.78 ) $ 0.24 $ (2.69 ) Diluted Net income (loss) $ 52,991 $ (38,428 ) $ 12,327 $ (131,730 ) Undistributed earnings allocated to warrants (1,051 ) — (245 ) — Net income (loss) $ 51,940 $ (38,428 ) $ 12,082 $ (131,730 ) Weighted average common shares outstanding 49,437,062 49,076,031 49,388,475 49,008,085 Effect of dilutive options 2,475 — 11,451 — Weighted average common shares outstanding assuming dilution 49,439,537 49,076,031 49,399,926 49,008,085 Diluted earnings (loss) per common share $ 1.05 $ (0.78 ) $ 0.24 $ (2.69 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense, Related to All Equity Awards	Total stock-based compensation expense related to all equity awards for the three and six months ended June 30, 2016 and 2015 was comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) Research and development $ 2,090 $ 2,137 $ 3,966 $ 4,372 General and administrative 1,723 1,479 3,562 2,993 Total stock-based compensation expense $ 3,813 $ 3,616 $ 7,528 $ 7,365
Black-Scholes Valuation Model, Weighted-Average Assumptions for Stock Options	For the three and six months ended June 30, 2016 and 2015 , the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Risk-free interest rate 1.3 % 1.4 % 1.8 % 1.4 % Expected annual dividend yield — — — — Expected stock price volatility 86.7 % 69.7 % 73.0 % 71.0 % Expected term of options 4.9 years 5.5 years 5.4 years 5.4 years
Black-Scholes Valuation Model, Weighted-Average Assumptions for Employee Stock Purchase Plan	For the six months ended June 30, 2016 and 2015 , the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions: Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Risk-free interest rate 0.8 % 0.4 % Expected annual dividend yield — — Expected stock price volatility 63.5 % 70.3 % Expected term 1.3 years 1.2 years

Cash, Cash Equivalents and Av22

Cash, Cash Equivalents and Available-for-Sale Securities (Tables)	6 Months Ended
	Jun. 30, 2016
Cash and Cash Equivalents [Abstract]
Summary of Cash, Cash Equivalents and Available-for-sale Securities	The following is a summary of cash, cash equivalents and available-for-sale securities: June 30, 2016 Cost Gross Gross Estimated (in thousands) Cash and cash equivalents due in 90 days or less $ 122,351 $ — $ — $ 122,351 Available-for-sale securities: Corporate obligations due in one year or less 18,578 2 (2 ) 18,578 U.S. government-sponsored enterprise obligations due in one year or less 5,461 2 — 5,463 Total available-for-sale securities 24,039 4 (2 ) 24,041 Total cash, cash equivalents and available-for-sale securities $ 146,390 $ 4 $ (2 ) $ 146,392 December 31, 2015 Cost Gross Gross Estimated (in thousands) Cash and cash equivalents due in 90 days or less $ 188,170 $ — $ — $ 188,170 Available-for-sale securities: Corporate obligations due in one year or less 46,049 52 (4 ) 46,097 Asset-backed securities due in one year or less 10,967 — (3 ) 10,964 Total available-for-sale securities 57,016 52 (7 ) 57,061 Total cash, cash equivalents and available-for-sale securities $ 245,186 $ 52 $ (7 ) $ 245,231

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table provides the assets carried at fair value measured on a recurring basis as of June 30, 2016 : Level 1 Level 2 (in thousands) Assets: Cash and cash equivalents $ 118,850 $ 3,501 Corporate obligations (including commercial paper) — 18,578 U.S. government-sponsored enterprise obligations — 5,463 Total $ 118,850 $ 27,542

Prepaid expenses and other cu24

Prepaid expenses and other current assets (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following: June 30, 2016 December 31, 2015 (in thousands) Other prepaid expenses $ 8,132 $ 6,898 Value-added tax receivable 1,786 — Other current assets 667 1,383 Restricted cash 500 — Short-term receivable (note 11) — 1,185 Total prepaid expenses and other current assets $ 11,085 $ 9,466

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets, Noncurrent	Other assets consist of the following: June 30, 2016 December 31, 2015 (in thousands) Long term prepaid expense $ 273 $ 284 Long term value-added tax receivable 59 2,034 Other assets 55 64 Total prepaid expenses and other current assets $ 387 $ 2,382

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: June 30, 2016 December 31, 2015 (in thousands) Accrued restructuring $ 13,190 $ — Accrued compensation and benefits 3,294 8,732 Accrued drug manufacturing costs 636 3,494 Accrued clinical studies 9,422 8,531 Accrued preclinical studies 274 539 Deferred rent, current 258 261 Other 4,028 3,047 Total accrued expenses $ 31,102 $ 24,604

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the impact of the restructuring activities on our operating expenses and payments for the three months ended June 30, 2016 and the current liability remaining on our balance sheet as of June 30, 2016, in thousands: Total Charges Incurred Through June 30, 2016 Amounts Paid Through June 30, 2016 Less Non-Cash Charges Through June 30, 2016 Amounts Accrued at June 30, 2016 (in thousands) Employee severance, benefits and related costs for work force reduction $ 13,007 $ — $ 218 $ 12,789 Long-lived asset impairment 2,254 — 2,254 — Contract termination, prepaid write-offs and other related costs 1,380 97 882 401 Total restructuring charges $ 16,641 $ 97 $ 3,354 $ 13,190

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Jun. 24, 2016	Jun. 30, 2016	Dec. 31, 2015
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accumulated deficit		$ 583,261	$ 595,588
Cash, cash equivalents and short-term investments		$ 146,392	$ 245,231
AbbVie Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Prior written notice for termination term period	90 days

Significant Accounting Polici29

Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016Segment
Accounting Policies [Abstract]
Number of operating segments	1

Significant Accounting Polici30

Significant Accounting Policies - Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common equivalent shares excluded from computation of earnings per share, amount	9,194,421	8,013,356	9,128,732	8,013,356
Warrants (excluded from treasury stock method)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common equivalent shares excluded from computation of earnings per share, amount	1,000,000	1,000,000	1,000,000	1,000,000

Significant Accounting Polici31

Significant Accounting Policies Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Basic
Net income (loss)	$ 52,991	$ (38,428)	$ 12,327	$ (131,730)
Net income (loss)	$ 51,940	$ (38,428)	$ 12,082	$ (131,730)
Weighted average common shares outstanding, basic	49,437,062	49,076,031	49,388,475	49,008,085
Basic earnings (loss) per common share	$ 1.05	$ (0.78)	$ 0.24	$ (2.69)
Diluted
Net income (loss)	$ 51,940	$ (38,428)	$ 12,082	$ (131,730)
Effect of dilutive options (in shares)	2,475	0	11,451	0
Weighted average common shares outstanding assuming dilution	49,439,537	49,076,031	49,399,926	49,008,085
Diluted earnings (loss) per common share	$ 1.05	$ (0.78)	$ 0.24	$ (2.69)
Warrant
Basic
Undistributed earnings allocated to warrants	$ (1,051)	$ 0	$ (245)	$ 0
Diluted
Undistributed earnings allocated to warrants	$ (1,051)	$ 0	$ (245)	$ 0

Stock-Based Compensation - All

Stock-Based Compensation - All Equity Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 3,813	$ 3,616	$ 7,528	$ 7,365
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,090	2,137	3,966	4,372
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,723	$ 1,479	$ 3,562	$ 2,993

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options and Employee Stock Purchase Plan (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.30%	1.40%	1.80%	1.40%
Expected annual dividend yield	0.00%	0.00%	0.00%	0.00%
Expected stock price volatility	86.70%	69.70%	73.00%	71.00%
Expected term of options	4 years 10 months 18 days	5 years 5 months 18 days	5 years 4 months 18 days	5 years 4 months 18 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate			0.80%	0.40%
Expected annual dividend yield			0.00%	0.00%
Expected stock price volatility			63.50%	70.30%
Expected term of options			1 year 3 months	1 year 2 months 26 days

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options and awards under ESPP	$ 9.3
Unrecognized compensation cost, weighted-average recognition period	2 years 3 months 24 days
Stock options exercised	67,077
Stock options exercised, weighted average exercise price	$ 5.57
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	1,617,472	1,948,941
Stock options granted, weighted average fair value	$ 3.75	$ 9.35
Stock options granted, weighted average exercise price	6.14	15.46
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share of ESPP granted	$ 2.91	$ 7.62

Cash, Cash Equivalents and Av35

Cash, Cash Equivalents and Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents due in 90 days or less	$ 122,351	$ 188,170
Cash and cash equivalents due in 90 days or less, gross unrealized gains	0	0
Cash and cash equivalents due in 90 days or less, gross unrealized losses	0	0
Cash and cash equivalents due in 90 days or less, estimated fair value	122,351	188,170	$ 134,607	$ 307,405
Total available-for-sale securities	24,039	57,016
Total available-for-sale securities, gross unrealized gains	4	52
Total available-for-sale securities, gross unrealized losses	(2)	(7)
Total available-for-sale securities, estimated fair value	24,041	57,061
Total cash, cash equivalents and available-for-sale securities	146,390	245,186
Total cash, cash equivalents and available-for-sale securities, gross unrealized gains	4	52
Total cash, cash equivalents and available-for-sale securities, gross unrealized losses	(2)	(7)
Cash And Cash Equivalents And Available For Sale Securities Estimated Fair Value	146,392	245,231
Corporate obligations due in one year or less
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, due in one year or less, cost	18,578	46,049
Available-for-sale securities, due in one year or less, gross unrealized gains	2	52
Available-for-sale securities, due in one year or less, gross unrealized losses	(2)	(4)
Available-for-sale securities, due in one year or less, estimated fair value	18,578	46,097
Asset-backed securities due in one year or less
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, due in one year or less, cost		10,967
Available-for-sale securities, due in one year or less, gross unrealized gains		0
Available-for-sale securities, due in one year or less, gross unrealized losses		(3)
Available-for-sale securities, due in one year or less, estimated fair value		$ 10,964
U.S. government-sponsored enterprise obligations due in one year or less
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, due in one year or less, cost	5,461
Available-for-sale securities, due in one year or less, gross unrealized gains	2
Available-for-sale securities, due in one year or less, gross unrealized losses	0
Available-for-sale securities, due in one year or less, estimated fair value	$ 5,463

Cash, Cash Equivalents and Av36

Cash, Cash Equivalents and Available-for-Sale Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)FacilitySecurity	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)FacilitySecurity	Jun. 30, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year | Security	5		5
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | Security	0		0
Available for sale securities debt fair value | $	$ 14,000,000		$ 14,000,000
Available-for-sale securities realized gains or losses | $	0	$ 0	0	$ 0
Other-than-temporary impairments on Available-for-sale securities | $	$ 0	$ 0	$ 0	$ 0
Twelve months or greater
Schedule of Available-for-sale Securities [Line Items]
Number of debt securities held in an unrealized loss position | Security	0		0
Foreign Financial Institution and Other Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Number of debt securities held in an unrealized loss position | Security	0		0
Available for sale securities number of financial institution debt securities and other corporate debt securities located in foreign countries | Facility	4		4
Available for sale securities debt fair value | $	$ 8,400,000		$ 8,400,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	$ 118,850
Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	118,850
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	27,542
Level 2 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	3,501
Corporate obligations (including commercial paper)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt maturities, next twelve months, fair value	18,578	$ 46,097
Corporate obligations (including commercial paper) | Level 1 | Corporate obligations (including commercial paper)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt maturities, next twelve months, fair value	0
Corporate obligations (including commercial paper) | Level 2 | Corporate obligations (including commercial paper)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt maturities, next twelve months, fair value	18,578
U.S. government-sponsored enterprise obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt maturities, next twelve months, fair value	5,463
U.S. government-sponsored enterprise obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt maturities, next twelve months, fair value	0
U.S. government-sponsored enterprise obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, debt maturities, next twelve months, fair value	$ 5,463

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers of assets or liabilities between Level 1 and Level 2	$ 0
Available-for-sale securities	24,041,000	$ 57,061,000
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 0	$ 0

Prepaid Expenses and Other Cu39

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other prepaid expenses	$ 8,132	$ 6,898
Value-added tax receivable	1,786	0
Other current assets	667	1,383
Restricted cash	500	0
Short-term receivable	0	1,185
Total prepaid expenses and other current assets	$ 11,085	$ 9,466

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Long term prepaid expense	$ 273	$ 284
Long term value-added tax receivable	59	2,034
Other assets	55	64
Total prepaid expenses and other current assets	$ 387	$ 2,382

Collaborations - Additional Inf

Collaborations - Additional Information (Details)	Jun. 24, 2016	Mar. 31, 2015USD ($)	Sep. 02, 2014USD ($)	Jul. 31, 2014USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Product	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2015USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of tiered royalty payments receivable maximum							30.50%
Research and development					$ 52,947,000	$ 34,062,000	$ 92,135,000	$ 122,490,000
Collaboration revenue					9,467,000	4,880,000	18,723,000	9,244,000
Gain from written notice of termination					112,216,000	0	$ 112,216,000	0
Number of distinct product candidates | Product							2
Current
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of tiered royalty payments receivable minimum							23.50%
Prior written notice for termination term period							180 days
Exercise fee		$ 52,500,000
Option fees				$ 5,000,000
Prior written notice for termination on breach of agreement by other party period							75 days
Prior written notice for termination on non payment by other party period							30 days
Duvelisib Products | Current
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development					400,000	100,000	$ 1,000,000	200,000
AbbVie Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative agreement upfront payments received										$ 275,000,000
Collaborative Agreement Upfront and Milestone Payments Received											$ 405,000,000
Prior written notice for termination term period	90 days
AbbVie Agreement | Current
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Other research and development expense					2,900,000	3,000,000	6,600,000	4,100,000
Reduction to research and development expense					100,000	100,000	100,000	300,000
Reduction in general and administrative expenses					1,600,000	$ 35,000	2,600,000	$ 300,000
Milestone payment amount											$ 130,000,000
License Agreement Terms | Current
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development									$ 52,500,000	$ 5,000,000
AbbVie Opt-Out
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Prior written notice for termination term period	90 days
Collaboration revenue					9,500,000		18,700,000
Gain from written notice of termination					112,200,000
Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development			$ 667,000,000
Approval and commercialization cost of distinct products payable					450,000,000		450,000,000
Maximum | Current
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Development cost of distinct product candidates					5,000,000		$ 5,000,000
Percent of royalty on net sale							11.00%
Maximum | AbbVie Opt-Out | Regulatory And Commercial Milestone
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential milestone payment amount					$ 400,000,000		$ 400,000,000
Minimum | Current
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percent of royalty on net sale							7.00%
License | AbbVie Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue							$ 234,300,000

Accrued Expenses (Detail)

Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued restructuring	$ 13,190	$ 0
Accrued compensation and benefits	3,294	8,732
Accrued drug manufacturing costs	636	3,494
Accrued clinical studies	9,422	8,531
Accrued preclinical studies	274	539
Deferred rent, current	258	261
Other	4,028	3,047
Total accrued expenses	$ 31,102	$ 24,604

Leases - Additional Information

Leases - Additional Information (Details)	Feb. 01, 2016ft²	Nov. 06, 2014USD ($)ft²	Sep. 25, 2014USD ($)ft²	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)option	Jun. 30, 2016USD ($)Right	Jun. 30, 2016USD ($)agreement	Jun. 30, 2015USD ($)
Leases Of Lessee Disclosure [Line Items]
Number of lease agreements | agreement										2
Area of premises leased under lease agreement | ft²		54,837
Letters of credit outstanding, amount			$ 1,000,000
Letter of credit, banking fees			$ 30,000
Future minimum payments, due in three years				$ 2,000,000		$ 2,000,000	$ 2,000,000	$ 2,000,000	$ 2,000,000	$ 2,000,000
Future minimum payments, due in four years				2,000,000		$ 2,000,000	2,000,000	$ 2,000,000	$ 2,000,000	2,000,000
Lease Agreements
Leases Of Lessee Disclosure [Line Items]
Lease commencement date						Nov. 1, 2014
Lease expiration date						Mar. 31, 2025
Area of premises leased under lease agreement | ft²			61,000
Number of options to extend terms of the lease								2	2
Extended lease term period						5 years
Before Lease Agreement
Leases Of Lessee Disclosure [Line Items]
Letters of credit outstanding, amount				1,100,000		$ 1,100,000	1,100,000	$ 1,100,000	$ 1,100,000	1,100,000
After Lease Amendment
Leases Of Lessee Disclosure [Line Items]
Letters of credit outstanding, amount				600,000		$ 600,000	600,000	600,000	600,000	600,000
Land
Leases Of Lessee Disclosure [Line Items]
Lease rent expense				100,000	$ 100,000		200,000				$ 200,000
790 Memorial Drive, or the 790 Premises
Leases Of Lessee Disclosure [Line Items]
Lease expiration date						Mar. 31, 2025
Area of premises leased under lease agreement | ft²		3,837
Extended term of lease agreement		5 years
790 Memorial Drive, or the 790 Premises | February 1, 2016
Leases Of Lessee Disclosure [Line Items]
Land subject to ground leases | ft²	13,183
790 Memorial Drive, or the 790 Premises | Previously Leased Area
Leases Of Lessee Disclosure [Line Items]
Area of premises leased under lease agreement | ft²		17,020
780 Memorial Drive, or the 780 Premises
Leases Of Lessee Disclosure [Line Items]
Area of premises leased under lease agreement | ft²		51,000
780/790 Memorial Drive Premises
Leases Of Lessee Disclosure [Line Items]
Total minimum lease payments				32,900,000		$ 32,900,000	32,900,000	32,900,000	32,900,000	32,900,000
Future minimum payments , remainder of 2016				1,900,000		1,900,000	1,900,000	1,900,000	1,900,000	1,900,000
Future minimum payments, due in two years				3,600,000		3,600,000	3,600,000	3,600,000	3,600,000	3,600,000
Future minimum payments, due in three years				3,500,000		3,500,000	3,500,000	3,500,000	3,500,000	3,500,000
Future minimum payments, due in four years				3,800,000		3,800,000	3,800,000	3,800,000	3,800,000	3,800,000
Future minimum payments, due through March 2025				1,000,000		1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Lease arrangement description		$ 3,000,000					3,000,000
784 Memorial Drive Premises
Leases Of Lessee Disclosure [Line Items]
Total minimum lease payments				19,100,000		19,100,000	19,100,000	19,100,000	19,100,000	19,100,000
Future minimum payments , remainder of 2016				1,000,000		1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Future minimum payments, due in two years				2,000,000		2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Future minimum payments, due in five years				2,300,000		2,300,000	2,300,000	2,300,000	2,300,000	2,300,000
Future minimum payments, due through March 2025				$ 9,800,000		$ 9,800,000	$ 9,800,000	$ 9,800,000	$ 9,800,000	$ 9,800,000
Maximum
Leases Of Lessee Disclosure [Line Items]
Letter of credit potential reduction			$ 750,000
Maximum | Lease Agreements
Leases Of Lessee Disclosure [Line Items]
Lease cancellation notice period						18 months
Minimum | Lease Agreements
Leases Of Lessee Disclosure [Line Items]
Lease cancellation notice period						12 months

Restructuring and Related Activ

Restructuring and Related Activities (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2012	Jun. 30, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Financing obligation current and noncurrent	$ 19,800,000	$ 19,800,000		$ 19,800,000	$ 20,000,000
Headcount reduction percentage	66.00%
Restructuring and related cost, write-off prepaid expenses and other				16,641,000
Employee severance, benefits and related costs for work force reduction
Restructuring Cost and Reserve [Line Items]
Expected cost remaining	$ 700,000	700,000		700,000
Restructuring and related cost, write-off prepaid expenses and other				13,007,000
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, write-off prepaid expenses and other				1,380,000
Minimum | Trial Closure
Restructuring Cost and Reserve [Line Items]
Expected cost remaining	3,000,000	3,000,000		3,000,000
Maximum | Trial Closure
Restructuring Cost and Reserve [Line Items]
Expected cost remaining	5,000,000	5,000,000		5,000,000
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges		11,900,000
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges		4,700,000
Building
Restructuring Cost and Reserve [Line Items]
Building and accumulated construction costs	$ 22,500,000	$ 22,500,000		$ 22,500,000	$ 23,000,000
Equipment
Restructuring Cost and Reserve [Line Items]
Asset impairment charges			$ 2,300,000
Laboratory Equipment
Restructuring Cost and Reserve [Line Items]
Asset impairment charges			1,000,000
Furniture and Fixtures
Restructuring Cost and Reserve [Line Items]
Asset impairment charges			400,000
780/790 Memorial Drive Premises, Tenant Improvement
Restructuring Cost and Reserve [Line Items]
Asset impairment charges			800,000
784 Memorial Drive Premises
Restructuring Cost and Reserve [Line Items]
Asset impairment charges			$ 0

Restructuring Activities (Detai

Restructuring Activities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Charges Incurred Through June 30, 2016	$ 16,641
Amounts Paid Through June 30, 2016	97
Less Non-Cash Charges Through June 30, 2016	3,354
Amounts Accrued at June 30, 2016	13,190
Employee severance, benefits and related costs for work force reduction
Restructuring Cost and Reserve [Line Items]
Charges Incurred Through June 30, 2016	13,007
Amounts Paid Through June 30, 2016	0
Less Non-Cash Charges Through June 30, 2016	218
Amounts Accrued at June 30, 2016	12,789
Long-lived asset impairment
Restructuring Cost and Reserve [Line Items]
Charges Incurred Through June 30, 2016	2,254
Amounts Paid Through June 30, 2016	0
Less Non-Cash Charges Through June 30, 2016	2,254
Amounts Accrued at June 30, 2016	0
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Charges Incurred Through June 30, 2016	1,380
Amounts Paid Through June 30, 2016	97
Less Non-Cash Charges Through June 30, 2016	882
Amounts Accrued at June 30, 2016	$ 401

Subsequent Event (Details)

Subsequent Event (Details)	Jul. 31, 2016shares
Restricted Stock | Subsequent Event
Subsequent Event [Line Items]
Approved grants to eligible employees	1,486,600