Exact Sciences (EXAS) 10-Q 1 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 30, 2013
Document and Entity Information	'	'
Entity Registrant Name	'EXACT SCIENCES CORP	'
Entity Central Index Key	'0001124140	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	70,917,521
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash and cash equivalents	$9,710	$13,345
Marketable securities	138,131	94,776
Prepaid expenses and other current assets	904	593
Total current assets	148,745	108,714
Property and Equipment, at cost:	'	'
Laboratory equipment	4,546	4,051
Assets under construction	3,668	'
Office and computer equipment	855	824
Leasehold improvements	339	283
Furniture and fixtures	28	28
Property and Equipment, gross	9,436	5,186
Less-Accumulated depreciation	-2,685	-1,781
Property and Equipment, net	6,751	3,405
TOTAL ASSETS	155,496	112,119
Current Liabilities:	'	'
Accounts payable	605	3,652
Accrued expenses	5,725	3,327
Capital lease obligation, current portion	347	333
Lease incentive obligation, current portion	495	'
Deferred license fees, current portion	1,330	4,143
Total current liabilities	8,502	11,455
Long-term debt	1,000	1,000
Long-term accrued interest	79	63
Capital lease obligation, less current portion	449	711
Lease incentive obligation, less current portion	376	'
Deferred license fees, less current portion	'	295
Commitments and contingencies	'	'
Stockholders' Equity:	'	'
Preferred stock, $0.01 par value Authorized-5,000,000 shares Issued and outstanding-no shares at September 30, 2013 and December 31, 2012	'	'
Common stock, $0.01 par value Authorized-100,000,000 shares Issued and outstanding-70,897,521 and 63,909,800 shares at September 30, 2013 and December 31, 2012	709	639
Additional paid-in capital	452,836	372,123
Other comprehensive income	118	78
Accumulated deficit	-308,573	-274,245
Total stockholders' equity	145,090	98,595
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$155,496	$112,119

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Condensed Balance Sheets	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, Authorized shares	5,000,000	5,000,000
Preferred stock, Issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, Authorized shares	100,000,000	100,000,000
Common stock, Issued shares	70,897,521	63,909,800
Common stock, outstanding shares	70,897,521	63,909,800

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Statements of Operations	'	'	'	'
License fees	$1,036	$1,036	$3,108	$3,108
Operating expenses:	'	'	'	'
Research and development	6,982	10,491	20,965	31,692
General and administrative	3,686	2,547	9,962	7,085
Sales and marketing	1,615	1,006	6,676	2,931
Total operating expenses	12,283	14,044	37,603	41,708
Loss from operations	-11,247	-13,008	-34,495	-38,600
Investment income	103	67	220	188
Interest expense	-16	-11	-53	-21
Net loss	($11,160)	($12,952)	($34,328)	($38,433)
Net loss per share-basic and diluted (in dollars per share)	($0.16)	($0.21)	($0.52)	($0.66)
Weighted average common shares outstanding-basic and diluted (in shares)	70,559	60,531	66,389	58,104

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Statements of Comprehensive Loss	'	'	'	'
Net loss	($11,160)	($12,952)	($34,328)	($38,433)
Other comprehensive loss, net of tax	'	'	'	'
Unrealized holding gain on available-for-sale investments	101	39	40	106
Comprehensive loss	($11,059)	($12,913)	($34,288)	($38,327)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net loss	($34,328)	($38,433)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation of property and equipment	976	666
Loss on disposal of property and equipment	91	'
Stock-based compensation	5,660	4,024
Amortization of deferred license fees	-3,108	-3,108
Warrant licensing expense	'	152
Restricted stock licensing expense	'	1,000
Amortization of premium on short-term investments	458	359
Changes in assets and liabilities:	'	'
Prepaid expenses and other current assets	-311	-218
Accounts payable	-3,047	265
Accrued expenses	3,013	1,483
Lease incentive obligation	871	'
Accrued interest	16	15
Net cash used in operating activities	-29,709	-33,795
Cash flows from investing activities:	'	'
Purchases of marketable securities	-89,261	-90,408
Maturities of marketable securities	45,488	41,823
Purchases of property and equipment	-4,413	-586
Net cash used in investing activities	-48,186	-49,171
Cash flows from financing activities:	'	'
Proceeds from sale of common stock, net of issuance costs	73,296	57,755
Proceeds from exercise of common stock options and stock purchase plan	1,212	2,090
Payments on capital lease obligations	-248	'
Net cash provided by financing activities	74,260	59,845
Net increase (decrease) in cash and cash equivalents	-3,635	-23,121
Cash and cash equivalents, beginning of period	13,345	35,781
Cash and cash equivalents, end of period	9,710	12,660
Supplemental disclosure of non-cash investing and financing activities:	'	'
Unrealized gain (loss) on available-for-sale investments	40	106
Issuance of 30,534 and 32,872 shares of common stock to fund the Company's 401(k) matching contribution for 2012 and 2011, respectively	354	274
Conversion of accrued expenses into 34,442 and 34,336 shares of common stock in connection with the Company's Employee Stock Purchase Plan for 2013 and 2012, respectively.	261	194
Laboratory equipment acquired with a capital lease	'	$1,151

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Parenthetical)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Condensed Statements of Cash Flows	'	'
Issuance of shares of common stock to fund the Company's 401(k) matching contribution	30,534	32,872
Conversion of accrued expenses into 34,442 and 34,336 shares of common stock in connection with the Company's Employee Stock Purchase Plan for 2013 and 2012, respectively.	34,442	34,336

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2013
ORGANIZATION AND BASIS OF PRESENTATION	'
ORGANIZATION AND BASIS OF PRESENTATION	'
	(1) ORGANIZATION AND BASIS OF PRESENTATION
	Organization
	Exact Sciences Corporation was incorporated in February 1995. Exact is a molecular diagnostics company currently focused on the early detection and prevention of colorectal cancer. The Company’s non-invasive stool-based DNA (sDNA) screening technology includes proprietary and patented methods that isolate and analyze human DNA present in stool to screen for the presence of colorectal pre-cancer and cancer.
	Basis of Presentation
	The accompanying condensed consolidated financial statements include the accounts of the Company and those of its wholly-owned subsidiary, Exact Sciences Laboratories, LLC., are unaudited and have been prepared on a basis substantially consistent with the Company’s audited financial statements and notes as of and for the year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K (the “2012 Form 10-K”). These condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. In the opinion of management, all adjustments (consisting only of adjustments of a normal and recurring nature) considered necessary for a fair presentation of the results of operations have been included. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year. The statements should be read in conjunction with the audited financial statements and related notes included in the 2012 Form 10-K.  Management has evaluated subsequent events for disclosure or recognition in the accompanying financial statements up to the filing of this report.
	References to “Exact”, “we”, “us”, “our”, or the “Company” refer to Exact Sciences Corporation and its subsidiary, Exact Sciences Laboratories, LLC.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
	Cash and Cash Equivalents
	The Company considers cash on hand, demand deposits in bank, money market funds, and all highly liquid investments with an original maturity of 90 days or less to be cash and cash equivalents. The Company had no restricted cash at September 30, 2013 and December 31, 2012.
	Marketable Securities
	Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Debt securities carried at amortized cost are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive loss. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method. Such amortization is included in investment income. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in investment income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income.
	At September 30, 2013 and December 31, 2012, the Company’s investments were comprised of fixed income investments and all were deemed available-for-sale. The objectives of the Company’s investment strategy are to provide liquidity and safety of principal while striving to achieve the highest rate of return consistent with these two objectives.  The Company’s investment policy limits investments to certain types of instruments issued by institutions with investment grade credit ratings and places restrictions on maturities and concentration by type and issuer. Investments in which the Company has the ability and intent, if necessary, to liquidate in order to support its current operations (including those with a contractual term greater than one year from the date of purchase) are classified as current. All of the Company’s investments are considered current. There were no realized losses for the nine months ended September 30, 2013 and September 30, 2012.  Realized gains were $5.1 thousand and $4.2 thousand for the nine months ended September 30, 2013 and 2012, respectively. Unrealized gains or losses on investments are recorded in other comprehensive loss.
	Available-for-sale securities at September 30, 2013 consisted of the following:
		September 30, 2013
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	44,477		$	56	$	—	$	44,533
	Corporate bonds	80,973			52		—		81,025
	Certificates of deposit	7,565			9		—		7,574
	Commercial paper	4,998			1		—		4,999
	Total available-for-sale securities	$	138,013		$	118	$	—	$	138,131
	Available-for-sale securities at December 31, 2012 consisted of the following:
		December 31, 2012
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	44,270		$	38	$	—	$	44,308
	Corporate bonds	43,303			27		—		43,330
	Certificates of deposit	5,926			13		—		5,939
	Commercial paper	1,199			—		—		1,199
	Total available-for-sale securities	$	94,698		$	78	$	—	$	94,776
	Property and Equipment
	Property and equipment are stated at cost and depreciated using the straight-line method over the assets’ estimated useful lives. Maintenance and repairs are expensed when incurred; additions and improvements are capitalized. The estimated useful lives of fixed assets are as follows:
		Estimated
	Asset Classification	Useful Life
	Laboratory equipment	3 - 5 years
	Office and computer equipment	3 years
	Leasehold improvements	Lesser of the remaining lease term or useful life
	Furniture and fixtures	3 years
	At September 30, 2013, the Company had $3.7 million of assets under construction which consisted of $1.7 million of leasehold improvements for the Company’s new commercial lab facility, $1.2 million of capitalized costs related to software projects, and $0.8 million of costs related to equipment under construction. Depreciation will begin on these assets once they are placed into service. The Company expects that it will cost $3.2 million to complete the construction of the new lab facility. The Company has committed to pay $1.4 million of this amount and the landlord for the facility has committed to pay the remaining $1.8 million as part of the lease incentive obligation outlined in the lease. See Note 6 (Operating Lease).
	Net Loss Per Share
	Basic net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period.  Basic and diluted net loss per share are the same because all outstanding common stock equivalents have been excluded, as they are anti-dilutive due to the Company’s losses.
	The following potentially issuable common shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect due to net losses for each period:
		September 30,
	(In thousands)	2013		2012
	Shares issuable upon exercise of stock options	6,108		6,282
	Shares issuable upon exercise of outstanding warrants (1)	155		325
	Shares issuable upon the release of restricted stock awards	1,264		945
	Shares issuable upon the vesting of restricted stock awards related to a licensing agreement	49		73
		7,576		7,625
	(1)  At September 30, 2013, represents warrants to purchase 80,000 shares of common stock issued under a license agreement and warrants to purchase 75,000 shares of common stock issued under a consulting agreement.  At September 30, 2012, represents warrants to purchase 250,000 shares of common stock issued under a license agreement and warrants to purchase 75,000 shares of common stock issued under a consulting agreement.
	Revenue Recognition
	License fees.  License fees for the licensing of product rights are recorded as deferred revenue upon receipt of cash and recognized as revenue on a straight-line basis over the license period. As more fully described in the 2012 Form 10-K, in connection with the Company’s January 2009 strategic transaction with Genzyme Corporation, Genzyme agreed to pay the Company a total of $18.5 million, of which $16.65 million was paid on January 27, 2009 and $1.85 million was subject to a holdback by Genzyme to satisfy certain potential indemnification obligations in exchange for the assignment and licensing of certain intellectual property to Genzyme. The Company’s on-going performance obligations to Genzyme under the Collaboration, License and Purchase Agreement (the “CLP Agreement”), as described below, including its obligation to deliver through licenses certain intellectual property improvements to Genzyme, if improvements are made during the initial five-year collaboration period, were deemed to be undelivered elements of the CLP Agreement on the date of closing. Accordingly, the Company deferred the initial $16.65 million in cash received at closing and is amortizing that up-front payment on a straight-line basis into revenue over the initial five-year collaboration period ending in January 2014. The Company received the first holdback amount of $1.0 million, which included accrued interest due, from Genzyme during the first quarter of 2010. The Company received the second holdback amount of $0.9 million, which included accrued interest due, from Genzyme during the third quarter of 2010.  The amounts were deferred and are being amortized on a straight-line basis into revenue over the remaining term of the collaboration at the time of receipt.
	In addition, Genzyme purchased 3,000,000 shares of common stock on January 27, 2009 for $2.00 per share, representing a premium of $0.51 per share above the closing price of the Company’s common stock on that date of $1.49 per share. The aggregate premium paid by Genzyme over the closing price of the Company’s common stock on the date of the transaction of $1.53 million is deemed to be a part of the total consideration for the CLP Agreement. Accordingly, the Company deferred the aggregate $1.53 million premium and is amortizing that amount on a straight-line basis into revenue over the initial five-year collaboration period ending in January 2014.
	The Company recognized approximately $1.0 million in license fee revenue in connection with the amortization of the up-front payments from Genzyme, during each of the three month periods ended September 30, 2013 and September 30, 2012. The Company recognized approximately $3.1 million in license fee revenue in connection with the amortization of up-front payments from Genzyme during each of the nine month periods ended September 30, 2013 and September 30, 2012.

MAYO_LICENSE_AGREEMENT

MAYO LICENSE AGREEMENT	9 Months Ended
	Sep. 30, 2013
MAYO LICENSE AGREEMENT	'
MAYO LICENSE AGREEMENT	'
	(3) MAYO LICENSE AGREEMENT
	Overview
	On June 11, 2009, the Company entered into a license agreement (the “License Agreement”) with MAYO Foundation for Medical Education and Research (“MAYO”). Under the License Agreement, MAYO granted the Company an exclusive, worldwide license within the field (the “Field”) of stool or blood based cancer diagnostics and screening (excluding a specified proteomic target) with regard to certain MAYO patents, and a non-exclusive worldwide license within the Field with regard to certain MAYO know-how. The licensed patents cover advances in sample processing, analytical testing and data analysis associated with non-invasive, stool-based DNA screening for colorectal cancer. Under the License Agreement, the Company assumes the obligation and expense of prosecuting and maintaining the licensed patents and is obligated to make commercially reasonable efforts to bring products covered by the license to market. Pursuant to the License Agreement, the Company granted MAYO two common stock purchase warrants with an exercise price of $1.90 per share covering 1,000,000 and 250,000 shares of common stock, respectively. The Company is also required to make payments to MAYO for up-front fees, fees once certain milestones are reached by the Company, and other payments as outlined in the License Agreement. In addition to the license to intellectual property owned by MAYO, the Company receives product development and research and development efforts from MAYO personnel. The Company is also obligated to make royalty payments to MAYO on potential future net sales of any products developed from the licensed technology. The Company sought rights to the Mayo intellectual property for the specific purpose of developing a non-invasive, stool-based DNA screening test for colorectal cancer.  At the time the license agreement was executed, the sole focus of the Company was the development of such a test.  Accordingly, the Company recognized the initial payments and expense related to the warrants at the time of the transaction and the amounts were expensed to research and development as there were no anticipated alternative future uses associated with the intellectual property.
	Warrants
	The warrants granted to MAYO were valued based on a Black-Scholes pricing model at the date of the grant. The warrants were granted with an exercise price of $1.90 per share of common stock. The grant to purchase 1,000,000 shares was immediately exercisable and the grant to purchase 250,000 shares vests and becomes exercisable over a four year period.
	In March of 2010, MAYO partially exercised its warrant covering 1,000,000 shares by utilizing the cashless exercise provision contained in the warrant.  As a result of this exercise for a gross amount of 200,000 shares, in lieu of paying a cash exercise price, MAYO forfeited its rights with respect to 86,596 shares leaving it with a net amount of 113,404 shares.
	In September of 2010, MAYO partially exercised this warrant by utilizing the cashless exercise provision contained in the warrant.  As a result of this exercise for a gross amount of 300,000 shares, in lieu of paying a cash exercise price, MAYO forfeited its rights with respect to 97,853 shares leaving it with a net amount of 202,147 shares.
	In June of 2011, MAYO partially exercised this warrant by utilizing the cashless exercise provision contained in the warrant. As a result of this exercise for a gross amount of 250,000 shares, in lieu of paying a cash exercise price, MAYO forfeited its rights with respect to 60,246 shares leaving it with a net amount of 189,754 shares.
	In September of 2011, MAYO partially exercised this warrant by utilizing the cashless exercise provision contained in the warrant. As a result of this exercise for a gross amount of 250,000 shares, in lieu of paying a cash exercise price, MAYO forfeited its right with respect to 56,641 shares leaving it with a net amount of 193,359 shares. Following this exercise, the warrant covering 1,000,000 shares was fully exercised.
	In January of 2013, MAYO partially exercised its warrant covering 250,000 shares by utilizing the cashless exercise provision contained in the warrant. As a result of this exercise for a gross amount of 85,000 shares, in lieu of paying a cash exercise price, MAYO forfeited its right with respect to 14,008 shares leaving it with a net amount of 70,992 shares.
	In June of 2013, MAYO partially exercised this warrant by utilizing the cashless exercise provision contained in the warrant. As a result of this exercise for a gross amount of 85,000 shares, in lieu of paying a cash exercise price, MAYO forfeited its right with respect to 12,765 shares leaving it with a net amount of 72,235 shares. The warrant now covers a total of 80,000 shares.
	Royalty Payments
	The Company will make royalty payments to MAYO based on a percentage of net sales of products developed from the licensed technology starting in the third year of the agreement.  Minimum royalty payments were $10,000 in 2012 and will be $25,000 per year through 2029, the year the last patent expires.
	Other Payments
	Other payments under the MAYO agreement include an upfront payment of $80,000, a milestone payment of $250,000 on the commencement of patient enrollment in FDA trials for the Company’s Cologuard pre-cancer and cancer screening test, and a $500,000 payment upon FDA approval of the Company’s Cologuard test.  The upfront payment of $80,000 was made in the third quarter of 2009 and expensed to research and development in the second quarter of 2009. The Company began enrollment in its FDA trial in June of 2011 and the milestone payment of $250,000 was made in June of 2011 and expensed to research and development in the second quarter of 2011.  It is uncertain as to when the FDA will approve the Company’s pre-cancer and cancer screening test. Therefore, the $500,000 milestone payment has not been recorded as a liability. The Company evaluates the status of the FDA trial at each reporting date to determine if a liability should be recorded for the milestone payment.
	In addition, the Company is making payments to MAYO for research and development efforts.  During the three and nine months ended September 30, 2013, the Company made payments of $0.3 million and $0.6 million, respectively. At September 30, 2013 the Company recorded an estimated liability in the amount of $0.7 million for research and development efforts.  During the three and nine months ended September 30, 2012, the Company made payments of $0.3 million and $0.6 million, respectively. At September 30, 2012 the Company recorded an estimated liability in the amount of $0.2 million for research and development efforts.
	May 2012 Amendment
	In May 2012 the Company expanded the relationship with MAYO through an amendment to the License Agreement. As part of the amendment, MAYO expanded the Company’s license to include all gastrointestinal cancers and diseases, and new cancer screening applications of stool- and blood-based testing. As consideration for the expanded license, the Company granted MAYO 97,466 shares of restricted stock, one quarter of which vested immediately, with the remainder to vest in three equal annual installments. The Company recognized $1.0 million in research and development licensing expense during the twelve months ended December 31, 2012 in connection with the restricted stock grant. The Company sought rights to the Mayo intellectual property for the specific purpose of developing future non-invasive, stool-based DNA screening tests for gastrointestinal diseases other than colorectal cancer.  The Company does not believe there are alternative future uses for the intellectual property.  In addition, at the time the restricted stock grant expense was recorded for the intellectual property license, the Company believed it was unlikely they would proceed with the tests for other gastrointestinal diseases unless the significant risks related to the colorectal cancer screening test receiving FDA approval were mitigated.  Because of the significant uncertainty of receiving FDA approval for the colorectal cancer diagnostic, coupled with the uncertainty associated with funding future development of tests for other gastrointestinal diseases, the Company could not conclude that commencement of any future projects related to the acquired intellectual property was reasonably expected at the time of this license agreement amendment.
	As part of the amendment, the Company will also be responsible for making additional restricted stock grants to MAYO as certain milestones are met with respect to commercial launch of the Company’s second and third licensed products. Additionally, the Company will make milestone payments once certain sales levels are reached on the second and third licensed products. It is uncertain as to when these milestones will be met; therefore, the milestone payments have not been recorded as a liability. The Company evaluates the status of the milestone payments at each reporting date to determine if a liability should be recorded for the milestone payment.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2013
STOCK-BASED COMPENSATION	'
STOCK-BASED COMPENSATION	'
	(4) STOCK-BASED COMPENSATION
	Stock-Based Compensation Plans
	The Company maintains the 2010 Omnibus Long-Term Incentive Plan, the 2010 Employee Stock Purchase Plan,  the 2000 Stock Option and Incentive Plan and the 2000 Employee Stock Purchase Plan (collectively, the “Stock Plans”). In July 2013 the Company’s stockholders approved an amendment to the 2010 Omnibus Long-Term Incentive Plan to increase the number of shares reserved for issuance thereunder by 2,800,000 shares and to increase the fungible share ratio to 1.55 (from 1.35) so that each share of common stock covered by an award other than an option or stock appreciation right will reduce the shares available under the plan by 1.55 shares.
	Stock-Based Compensation Expense
	The Company recorded $1.8 million and $5.7 million in stock-based compensation expense during the three and nine months ended September 30, 2013 in connection with the amortization of restricted stock and restricted stock unit awards, stock purchase rights granted under the Company’s employee stock purchase plan and stock options granted to employees, non-employee consultants and non-employee directors.  The Company recorded $1.5 million and $4.0 million in stock-based compensation expense during the three and nine months ended September 30, 2012 in connection with the amortization of restricted stock and restricted stock unit awards, stock purchase rights granted under the Company’s employee stock purchase plan and stock options granted to employees and non-employee directors.
	In connection with the June 7, 2013 resignation of Laura Stoltenberg, the Company’s former Chief Commercial Officer, the Company modified the vesting of 100,000 shares of Ms. Stoltenberg’s previously unvested restricted stock units of which 41,250 of the restricted stock units vested upon the execution of the separation agreement, 10,000 will vest in March 2014, and the remaining 48,750 will vest in twenty-four equal monthly installments beginning in April 2014, subject to Ms. Stoltenberg’s continuing compliance with the terms of the separation agreement.  Ms. Stoltenberg forfeited all other unvested restricted stock units and stock option awards. It was determined that the continuing compliance and service to be provided to the Company under the separation agreement was not substantive and, as a result, the Company recorded the full value of the modified restricted stock units as additional stock-based compensation expense in the second quarter of 2013.
	Determining Fair Value
	Valuation and Recognition - The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below. The estimated fair value of employee stock options is recognized to expense using the straight-line method over the vesting period.
	Expected Term - The Company uses the simplified calculation of expected life, described in the SEC’s Staff Accounting Bulletins 107 and 110, as the Company does not currently have sufficient historical exercise data on which to base an estimate of expected life.  Using this method, the expected term is determined using the average of the vesting period and the contractual life of the stock options granted.
	Expected Volatility - Expected volatility is based on the Company’s historical stock volatility data over the expected term of the awards.
	Risk-Free Interest Rate - The Company bases the risk-free interest rate used in the Black-Scholes valuation method on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent expected term.
	Forfeitures - The Company records stock-based compensation expense only for those awards that are expected to vest.  A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates.  The Company’s forfeiture rate used in the nine months ended September 30, 2013 was 2.76%. The Company’s forfeiture rate used in the nine months ended September 30, 2012 was 1.38%.
	The fair value of each restricted stock and restricted stock unit award is determined on the date of grant using the closing stock price on that day.
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Option Plan Shares
	Risk-free interest rates	1.73%			0.81% - 0.89%			0.94% - 1.73%			0.81% - 0.89%
	Expected term (in years)	6			6			6			6
	Expected volatility	82.90%			86.00%			82.9% - 84.0%			86.0% - 92.0%
	Dividend yield	0%			0%			0%			0%
	Weighted average fair value per share of options granted during the period	$	10.34		$	7.47		$	8.12		$	6.9
	ESPP Shares
	Risk-free interest rates			-1			-1	0.11% - 0.20%			0.19% - 0.27%
	Expected term (in years)			-1			-1	0.5-2			0.5-2
	Expected volatility			-1			-1	39.1% - 45.6%			40% - 55%
	Dividend yield			-1			-1	—			—
	Weighted average fair value per share of stock purchase rights granted during the period			-1			-1	$	2.8		$	3.47
	(1) The Company did not issue stock purchase rights under its 2010 Purchase Plan during the respective period.
	Stock Option and Restricted Stock Activity
	A summary of stock option activity under the Stock Plans during the nine months ended September 30, 2013 is as follows:
							Weighted
				Weighted			Average
				Average			Remaining		Aggregate
				Exercise			Contractual		Intrinsic
	Options	Shares		Price			Term (Years)		Value (1)
	(Aggregate intrinsic value in thousands)
	Outstanding, January 1, 2013	6,181,996		$	2.62		6.6
	Granted	290,570		$	11.36
	Exercised	(234,544	)	$	5.17
	Forfeited	(129,625	)	$	10.15
	Outstanding, September 30, 2013	6,108,397		$	2.78		6.5		$	55,277
	Exercisable, September 30, 2013	5,237,044		$	1.79		5.7		$	52,461
	Vested and expected to vest September 30, 2013	6,057,354		$	2.74		6.5		$	55,142
	(1)The aggregate intrinsic value of options outstanding, exercisable and vested and expected to vest is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s common stock for options that had exercise prices that were lower than the $11.80 market price of the Company’s common stock at September 30, 2013.  The total intrinsic value of options exercised during the three and nine months ended September 30, 2013 was $1.0 million and $1.6 million, respectively. The total intrinsic value of options exercised during the three and nine months ended September 30, 2012 was $0.4 million and $3.8 million, respectively.
	As of September 30, 2013, there was $14.4 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all Stock Plans.  Total unrecognized compensation cost will be adjusted for future changes in forfeitures.  The Company expects to recognize that cost over a weighted average period of 2.72 years.
	A summary of restricted stock activity under the Stock Plans during the nine months ended September 30, 2013 is as follows:
				Weighted
		Restricted		Average Grant
		Shares		Date Fair Value
	Outstanding, January 1, 2013	813,955		$	8.51
	Granted	998,102		$	11.8
	Released	(188,981	)	$	9.06
	Forfeited	(358,981	)	$	9.45
	Outstanding, September 30, 2013	1,264,095		$	10.76
	During the first quarter of 2012, the Company granted a total of 262,500 restricted stock units to certain executives that would have vested based upon the satisfaction of certain service and performance conditions. These performance conditions were not met and the awards were forfeited during the first quarter of 2013. The expense recorded through December 31, 2012 for these awards totaling $0.6 million was reversed during the first quarter of 2013 due to the forfeiture.
	During the first quarter of 2013, the Company granted a total of 180,750 restricted stock units to certain executives that will vest based upon the satisfaction of certain service and performance conditions.  The Company performed an evaluation of internal and external factors, and determined the number of shares that are most likely to vest based on the probability of which performance conditions will be met. The expense for the fair value of the awards that are expected to vest is being recognized ratably over the vesting period.
	Warrants to purchase 75,000 shares of common stock were issued in connection with a consulting agreement in 2009. The warrants contain a performance condition and vest if the Company successfully receives FDA approval for its Cologuard test. The Company is uncertain if the performance conditions will be attained, and therefore no expense has been recorded on this warrant as of September 30, 2013. The exercise price of the warrant is $0.01.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2013
FAIR VALUE MEASUREMENTS	'
FAIR VALUE MEASUREMENTS	'
	(5) FAIR VALUE MEASUREMENTS
	The FASB has issued authoritative guidance which requires that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions.  Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy.  The fair value hierarchy establishes and prioritizes the inputs used to measure fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs.  Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company.  Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
	The three levels of the fair value hierarchy established are as follows:
	Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date.  Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
	Level 2	Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.  These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
	Level 3	Unobservable inputs that reflect the Company’s assumptions about the assumptions that market participants would use in pricing the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.
	Fixed-income securities and mutual funds are valued using a third party pricing agency. The valuation is based on observable inputs including pricing for similar assets and other observable market factors. There has been no material change from period to period.  The estimated fair value of the Company’s long-term debt based on a market approach was approximately $1.0 million as of September 30, 2013 and December 31, 2012 and represent Level 2 measurements.  When determining the estimated fair value of the Company’s long-term debt, the Company used market-based risk measurements, such as credit risk.
	The following table presents the Company’s fair value measurements as of September 30, 2013 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.  Amounts in the table are in thousands.
				Fair Value Measurement at September 30, 2013 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	September 30, 2013		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	9,710	$	9,710	$	—	$	—
	Available-for-Sale
	Marketable securities
	U.S. government agency securities	44,533		—		44,533		—
	Corporate bonds	81,025		—		81,025		—
	Certificates of deposit	7,574		—		7,574		—
	Commercial paper	4,999		—		4,999		—
	Total	$	147,841	$	9,710	$	138,131	$	—
	The following table presents the Company’s fair value measurements as of December 31, 2012 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.  Amounts in the table are in thousands.
				Fair Value Measurement at December 31, 2012 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	December 31, 2012		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	13,095	$	13,095	$	—	$	—
	Corporate bonds	250		—		250		—
	Available-for-Sale
	Marketable securities
	U.S. government agency securities	44,308		—		44,308		—
	Certificates of deposit	5,939		—		5,939		—
	Corporate bonds	43,330		—		43,330		—
	Commercial paper	1,199		—		1,199		—
	Total	$	108,121	$	13,095	$	95,026	$	—
	As of September 30, 2013 and December 31, 2012 the Company held available-for-sale securities which had been in a continuous unrealized loss position for less than twelve months, the total unrealized losses of which were $14.8 thousand, as of September 30, 2013, and $4.8 thousand, as of December 31, 2012. At September 30, 2013 and December 31, 2012 there were no available-for-sale securities in a continuous loss position for greater than twelve months.
	The following summarizes contractual underlying maturities of the Company’s available-for-sale investments in debt securities at September 30, 2013 (in thousands):
		Cost		Fair Value
	Due in one year or less	$	85,409	$	85,452
	Due after one year through two years	52,604		52,679
		$	138,013	$	138,131

OPERATING_LEASE

OPERATING LEASE	9 Months Ended
	Sep. 30, 2013
OPERATING LEASE	'
OPERATING LEASE	'
	(6) OPERATING LEASE
	During the second quarter of 2013, the Company entered into a five year lease for a 29,000 square foot facility in Madison, Wisconsin to house its commercial lab operations. This lease contains periodic rent escalation adjustments and includes provisions for tenant improvements. The Company has two options to extend the term of the lease for five years each.
	Future minimum payments under the operating lease are as follows as of September 30, 2013. Amounts included in the table are in thousands.
	Year Ending December 31,
	2013	$	112
	2014	676
	2015	680
	2016	684
	2017	689
	2018	578
	Total lease obligations	$	3,419
	During the third quarter of 2013, the Company began to make leasehold improvements to the 29,000 square foot facility in Madison, Wisconsin that is to house its commercial lab operations. At September 30, 2013 total leasehold improvements were $1.7 million and were included in assets under construction on the balance sheet. As part of the lease agreement, the landlord has agreed to pay for a portion of leasehold improvements constructed.  These payments will be recorded as a lease incentive obligation and will be amortized over the term of the lease as a reduction of rent expense.  The Company will begin to amortize the leasehold improvements upon completion of the improvements.  As of September 30, 2013, the lease incentive obligation was $0.9 million.
	The Company expects that it will cost $3.2 million to complete the construction of the new lab facility.  The Company has committed to pay $1.4 million of this amount and the landlord for the facility has committed to pay the remaining $1.8 million as part of the lease incentive obligation outlined in the lease.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2013
EQUITY	'
EQUITY	'
	(7) EQUITY
	In February 2011, we adopted a rights agreement and subsequently distributed to our stockholders preferred stock purchase rights.  Under certain circumstances, each right can be exercised for one one-thousandth of a share of Series A Junior Participating Preferred Stock.   In general, the rights will become exercisable in the event of an announcement of an acquisition of 15% or more of our outstanding common stock or the commencement or announcement of an intention to make a tender offer or exchange offer for 15% or more of our outstanding common stock.  If any person or group acquires 15% or more of our common stock, our stockholders, other than the acquiror, will have the  right to purchase additional shares of our common stock (in lieu of the Series A Junior Participating Preferred Stock) at a substantial discount to the then prevailing market price. The rights agreement could significantly dilute such acquiror’s ownership position in our shares, thereby making a takeover prohibitively expensive and encouraging such acquiror to negotiate with our board of directors. The ability to exercise these rights is contingent on events that the Company has determined to be unlikely at this time, and therefore this provision has not been considered in the computation of equity or earnings per share.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	(8) RELATED PARTY TRANSACTIONS
	During the three months ended September 30, 2013, the Company entered into a one year consulting agreement with a non-employee director under which the director provides advisory services in support of the Company’s commercialization activities. In accordance with the agreement, the Company granted a restricted stock award for 4,277 shares of common stock that  vests over one year, and will make cash payments totaling $60.0 thousand over the one year term of the agreement.

INCOME_TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2013
INCOME TAXES	'
INCOME TAXES	'
	(9) INCOME TAXES
	The Company is subject to taxation in the U.S. and various state jurisdictions. All of the Company’s tax years are subject to examination by the U.S. and state tax authorities due to the carryforward of unutilized net operating losses.
	Under financial accounting standards, deferred tax assets or liabilities are computed based on the differences between the financial statement and income tax bases of assets and liabilities using the enacted tax rates. Deferred income tax expense or benefit represents the change in the deferred tax assets or liabilities from period to period.
	A valuation allowance to reduce the deferred tax assets is reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has incurred significant losses since its inception and due to the uncertainty of the amount and timing of future taxable income, management has determined that a full valuation allowance at September  30, 2013 is necessary to reduce the tax assets to the amount that is more likely than not to be realized. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact the Company’s effective tax rate.
	The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.  At September 30, 2013 the Company had no unrecognized tax benefits, nor are there any tax positions where it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the 12 months following September 30, 2013.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers cash on hand, demand deposits in bank, money market funds, and all highly liquid investments with an original maturity of 90 days or less to be cash and cash equivalents. The Company had no restricted cash at September 30, 2013 and December 31, 2012.
Marketable Securities	'
	Marketable Securities
	Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Debt securities carried at amortized cost are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive loss. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method. Such amortization is included in investment income. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in investment income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income.
	At September 30, 2013 and December 31, 2012, the Company’s investments were comprised of fixed income investments and all were deemed available-for-sale. The objectives of the Company’s investment strategy are to provide liquidity and safety of principal while striving to achieve the highest rate of return consistent with these two objectives.  The Company’s investment policy limits investments to certain types of instruments issued by institutions with investment grade credit ratings and places restrictions on maturities and concentration by type and issuer. Investments in which the Company has the ability and intent, if necessary, to liquidate in order to support its current operations (including those with a contractual term greater than one year from the date of purchase) are classified as current. All of the Company’s investments are considered current. There were no realized losses for the nine months ended September 30, 2013 and September 30, 2012.  Realized gains were $5.1 thousand and $4.2 thousand for the nine months ended September 30, 2013 and 2012, respectively. Unrealized gains or losses on investments are recorded in other comprehensive loss.
	Available-for-sale securities at September 30, 2013 consisted of the following:
		September 30, 2013
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	44,477		$	56	$	—	$	44,533
	Corporate bonds	80,973			52		—		81,025
	Certificates of deposit	7,565			9		—		7,574
	Commercial paper	4,998			1		—		4,999
	Total available-for-sale securities	$	138,013		$	118	$	—	$	138,131
	Available-for-sale securities at December 31, 2012 consisted of the following:
		December 31, 2012
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	44,270		$	38	$	—	$	44,308
	Corporate bonds	43,303			27		—		43,330
	Certificates of deposit	5,926			13		—		5,939
	Commercial paper	1,199			—		—		1,199
	Total available-for-sale securities	$	94,698		$	78	$	—	$	94,776
Property and Equipment	'
	Property and Equipment
	Property and equipment are stated at cost and depreciated using the straight-line method over the assets’ estimated useful lives. Maintenance and repairs are expensed when incurred; additions and improvements are capitalized. The estimated useful lives of fixed assets are as follows:
		Estimated
	Asset Classification	Useful Life
	Laboratory equipment	3 - 5 years
	Office and computer equipment	3 years
	Leasehold improvements	Lesser of the remaining lease term or useful life
	Furniture and fixtures	3 years
	At September 30, 2013, the Company had $3.7 million of assets under construction which consisted of $1.7 million of leasehold improvements for the Company’s new commercial lab facility, $1.2 million of capitalized costs related to software projects, and $0.8 million of costs related to equipment under construction. Depreciation will begin on these assets once they are placed into service. The Company expects that it will cost $3.2 million to complete the construction of the new lab facility. The Company has committed to pay $1.4 million of this amount and the landlord for the facility has committed to pay the remaining $1.8 million as part of the lease incentive obligation outlined in the lease. See Note 6 (Operating Lease).
Net Loss Per Share	'
	Net Loss Per Share
	Basic net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period.  Basic and diluted net loss per share are the same because all outstanding common stock equivalents have been excluded, as they are anti-dilutive due to the Company’s losses.
	The following potentially issuable common shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect due to net losses for each period:
		September 30,
	(In thousands)	2013		2012
	Shares issuable upon exercise of stock options	6,108		6,282
	Shares issuable upon exercise of outstanding warrants (1)	155		325
	Shares issuable upon the release of restricted stock awards	1,264		945
	Shares issuable upon the vesting of restricted stock awards related to a licensing agreement	49		73
		7,576		7,625
	(1)  At September 30, 2013, represents warrants to purchase 80,000 shares of common stock issued under a license agreement and warrants to purchase 75,000 shares of common stock issued under a consulting agreement.  At September 30, 2012, represents warrants to purchase 250,000 shares of common stock issued under a license agreement and warrants to purchase 75,000 shares of common stock issued under a consulting agreement.
Revenue Recognition	'
	Revenue Recognition
	License fees.  License fees for the licensing of product rights are recorded as deferred revenue upon receipt of cash and recognized as revenue on a straight-line basis over the license period. As more fully described in the 2012 Form 10-K, in connection with the Company’s January 2009 strategic transaction with Genzyme Corporation, Genzyme agreed to pay the Company a total of $18.5 million, of which $16.65 million was paid on January 27, 2009 and $1.85 million was subject to a holdback by Genzyme to satisfy certain potential indemnification obligations in exchange for the assignment and licensing of certain intellectual property to Genzyme. The Company’s on-going performance obligations to Genzyme under the Collaboration, License and Purchase Agreement (the “CLP Agreement”), as described below, including its obligation to deliver through licenses certain intellectual property improvements to Genzyme, if improvements are made during the initial five-year collaboration period, were deemed to be undelivered elements of the CLP Agreement on the date of closing. Accordingly, the Company deferred the initial $16.65 million in cash received at closing and is amortizing that up-front payment on a straight-line basis into revenue over the initial five-year collaboration period ending in January 2014. The Company received the first holdback amount of $1.0 million, which included accrued interest due, from Genzyme during the first quarter of 2010. The Company received the second holdback amount of $0.9 million, which included accrued interest due, from Genzyme during the third quarter of 2010.  The amounts were deferred and are being amortized on a straight-line basis into revenue over the remaining term of the collaboration at the time of receipt.
	In addition, Genzyme purchased 3,000,000 shares of common stock on January 27, 2009 for $2.00 per share, representing a premium of $0.51 per share above the closing price of the Company’s common stock on that date of $1.49 per share. The aggregate premium paid by Genzyme over the closing price of the Company’s common stock on the date of the transaction of $1.53 million is deemed to be a part of the total consideration for the CLP Agreement. Accordingly, the Company deferred the aggregate $1.53 million premium and is amortizing that amount on a straight-line basis into revenue over the initial five-year collaboration period ending in January 2014.
	The Company recognized approximately $1.0 million in license fee revenue in connection with the amortization of the up-front payments from Genzyme, during each of the three month periods ended September 30, 2013 and September 30, 2012. The Company recognized approximately $3.1 million in license fee revenue in connection with the amortization of up-front payments from Genzyme during each of the nine month periods ended September 30, 2013 and September 30, 2012.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Schedule of available-for-sale securities	'
		September 30, 2013
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	44,477		$	56	$	—	$	44,533
	Corporate bonds	80,973			52		—		81,025
	Certificates of deposit	7,565			9		—		7,574
	Commercial paper	4,998			1		—		4,999
	Total available-for-sale securities	$	138,013		$	118	$	—	$	138,131
	Available-for-sale securities at December 31, 2012 consisted of the following:
		December 31, 2012
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	44,270		$	38	$	—	$	44,308
	Corporate bonds	43,303			27		—		43,330
	Certificates of deposit	5,926			13		—		5,939
	Commercial paper	1,199			—		—		1,199
	Total available-for-sale securities	$	94,698		$	78	$	—	$	94,776
Schedule of estimated useful lives of fixed assets	'
		Estimated
	Asset Classification	Useful Life
	Laboratory equipment	3 - 5 years
	Office and computer equipment	3 years
	Leasehold improvements	Lesser of the remaining lease term or useful life
	Furniture and fixtures	3 years
Schedule of potentially issuable common shares not included in the computation of diluted net loss per share because they would have an anti-dilutive effect	'
		September 30,
	(In thousands)	2013		2012
	Shares issuable upon exercise of stock options	6,108		6,282
	Shares issuable upon exercise of outstanding warrants (1)	155		325
	Shares issuable upon the release of restricted stock awards	1,264		945
	Shares issuable upon the vesting of restricted stock awards related to a licensing agreement	49		73
		7,576		7,625
	(1)  At September 30, 2013, represents warrants to purchase 80,000 shares of common stock issued under a license agreement and warrants to purchase 75,000 shares of common stock issued under a consulting agreement.  At September 30, 2012, represents warrants to purchase 250,000 shares of common stock issued under a license agreement and warrants to purchase 75,000 shares of common stock issued under a consulting agreement.

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2013
STOCK-BASED COMPENSATION	'
Schedule of valuation assumptions	'
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Option Plan Shares
	Risk-free interest rates	1.73%			0.81% - 0.89%			0.94% - 1.73%			0.81% - 0.89%
	Expected term (in years)	6			6			6			6
	Expected volatility	82.90%			86.00%			82.9% - 84.0%			86.0% - 92.0%
	Dividend yield	0%			0%			0%			0%
	Weighted average fair value per share of options granted during the period	$	10.34		$	7.47		$	8.12		$	6.9
	ESPP Shares
	Risk-free interest rates			-1			-1	0.11% - 0.20%			0.19% - 0.27%
	Expected term (in years)			-1			-1	0.5-2			0.5-2
	Expected volatility			-1			-1	39.1% - 45.6%			40% - 55%
	Dividend yield			-1			-1	—			—
	Weighted average fair value per share of stock purchase rights granted during the period			-1			-1	$	2.8		$	3.47
	(1) The Company did not issue stock purchase rights under its 2010 Purchase Plan during the respective period.
Summary of stock option activity under the Stock Plans	'
							Weighted
				Weighted			Average
				Average			Remaining		Aggregate
				Exercise			Contractual		Intrinsic
	Options	Shares		Price			Term (Years)		Value (1)
	(Aggregate intrinsic value in thousands)
	Outstanding, January 1, 2013	6,181,996		$	2.62		6.6
	Granted	290,570		$	11.36
	Exercised	(234,544	)	$	5.17
	Forfeited	(129,625	)	$	10.15
	Outstanding, September 30, 2013	6,108,397		$	2.78		6.5		$	55,277
	Exercisable, September 30, 2013	5,237,044		$	1.79		5.7		$	52,461
	Vested and expected to vest September 30, 2013	6,057,354		$	2.74		6.5		$	55,142
	(1)The aggregate intrinsic value of options outstanding, exercisable and vested and expected to vest is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s common stock for options that had exercise prices that were lower than the $11.80 market price of the Company’s common stock at September 30, 2013.  The total intrinsic value of options exercised during the three and nine months ended September 30, 2013 was $1.0 million and $1.6 million, respectively. The total intrinsic value of options exercised during the three and nine months ended September 30, 2012 was $0.4 million and $3.8 million, respectively.
Summary of restricted stock activity under the Stock Plans	'
				Weighted
		Restricted		Average Grant
		Shares		Date Fair Value
	Outstanding, January 1, 2013	813,955		$	8.51
	Granted	998,102		$	11.8
	Released	(188,981	)	$	9.06
	Forfeited	(358,981	)	$	9.45
	Outstanding, September 30, 2013	1,264,095		$	10.76

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
FAIR VALUE MEASUREMENTS	'
Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall	'
	The following table presents the Company’s fair value measurements as of September 30, 2013 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.  Amounts in the table are in thousands.
				Fair Value Measurement at September 30, 2013 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	September 30, 2013		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	9,710	$	9,710	$	—	$	—
	Available-for-Sale
	Marketable securities
	U.S. government agency securities	44,533		—		44,533		—
	Corporate bonds	81,025		—		81,025		—
	Certificates of deposit	7,574		—		7,574		—
	Commercial paper	4,999		—		4,999		—
	Total	$	147,841	$	9,710	$	138,131	$	—
	The following table presents the Company’s fair value measurements as of December 31, 2012 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.  Amounts in the table are in thousands.
				Fair Value Measurement at December 31, 2012 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	December 31, 2012		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	13,095	$	13,095	$	—	$	—
	Corporate bonds	250		—		250		—
	Available-for-Sale
	Marketable securities
	U.S. government agency securities	44,308		—		44,308		—
	Certificates of deposit	5,939		—		5,939		—
	Corporate bonds	43,330		—		43,330		—
	Commercial paper	1,199		—		1,199		—
	Total	$	108,121	$	13,095	$	95,026	$	—
Summary of contractual maturities available for the sale of investments in debt securities	'
	The following summarizes contractual underlying maturities of the Company’s available-for-sale investments in debt securities at September 30, 2013 (in thousands):
		Cost		Fair Value
	Due in one year or less	$	85,409	$	85,452
	Due after one year through two years	52,604		52,679
		$	138,013	$	138,131

OPERATING_LEASE_Tables

OPERATING LEASE (Tables)	9 Months Ended
	Sep. 30, 2013
OPERATING LEASE	'
Schedule of future minimum payments under the operating lease	'
	Future minimum payments under the operating lease are as follows as of September 30, 2013. Amounts included in the table are in thousands.
	Year Ending December 31,
	2013	$	112
	2014	676
	2015	680
	2016	684
	2017	689
	2018	578
	Total lease obligations	$	3,419

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	item
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'	'	'
Restricted cash	$0	'	$0
Number of objectives of the entity's investment strategy	2	'	'
Realized losses	0	0	'
Realized gains	5,100	4,200	'
Minimum contractual term of certain current investments which can be liquidated	'1 year	'	'
Available-for-sale securities	'	'	'
Amortized Cost	138,013,000	'	94,698,000
Gains in Accumulated Other Comprehensive Income	118,000	'	78,000
Estimated Fair Value	138,131,000	'	94,776,000
U.S. government agency securities	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	44,477,000	'	44,270,000
Gains in Accumulated Other Comprehensive Income	56,000	'	38,000
Estimated Fair Value	44,533,000	'	44,308,000
Corporate bonds	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	80,973,000	'	43,303,000
Gains in Accumulated Other Comprehensive Income	52,000	'	27,000
Estimated Fair Value	81,025,000	'	43,330,000
Certificates of deposit	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	7,565,000	'	5,926,000
Gains in Accumulated Other Comprehensive Income	9,000	'	13,000
Estimated Fair Value	7,574,000	'	5,939,000
Commercial paper	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	4,998,000	'	1,199,000
Gains in Accumulated Other Comprehensive Income	1,000	'	'
Estimated Fair Value	$4,999,000	'	$1,199,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	9 Months Ended
	Sep. 30, 2013
Property and equipment	'
Assets under construction	3,668,000
Laboratory equipment	'
Property and equipment	'
Assets under construction	800,000
Laboratory equipment | Minimum	'
Property and equipment	'
Estimated Useful Life	'3 years
Laboratory equipment | Maximum	'
Property and equipment	'
Estimated Useful Life	'5 years
Office and computer equipment	'
Property and equipment	'
Estimated Useful Life	'3 years
Furniture and fixtures	'
Property and equipment	'
Estimated Useful Life	'3 years
Leasehold improvements	'
Property and equipment	'
Assets under construction	1,700,000
Expected cost to complete construction of new lab facility	3,200,000
Amount of cost committed by the entity to complete the construction of new lab facility	1,400,000
Amount of cost committed by the landlord to complete the construction of new lab facility	1,800,000
Software projects	'
Property and equipment	'
Assets under construction	1,200,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Common shares not included in the computation of diluted net loss per share	'	'
Potentially issuable common shares not included in the computation of diluted net loss per share because they would have an anti-dilutive effect	7,576,000	7,625,000
Additional disclosure	'	'
Number of shares of common stock that can be purchased through issuance of warrants under a license agreement	80,000	250,000
Number of shares of common stock that can be purchased through issuance of warrants under a consulting agreement	75,000	75,000
Shares issuable upon exercise of stock options	'	'
Common shares not included in the computation of diluted net loss per share	'	'
Potentially issuable common shares not included in the computation of diluted net loss per share because they would have an anti-dilutive effect	6,108,000	6,282,000
Shares issuable upon exercise of outstanding warrants	'	'
Common shares not included in the computation of diluted net loss per share	'	'
Potentially issuable common shares not included in the computation of diluted net loss per share because they would have an anti-dilutive effect	155,000	325,000
Shares of restricted stock awards outstanding	'	'
Common shares not included in the computation of diluted net loss per share	'	'
Potentially issuable common shares not included in the computation of diluted net loss per share because they would have an anti-dilutive effect	1,264,000	945,000
Shares issuable upon the vesting of restricted stock awards related to licensing agreement	'	'
Common shares not included in the computation of diluted net loss per share	'	'
Potentially issuable common shares not included in the computation of diluted net loss per share because they would have an anti-dilutive effect	49,000	73,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Jan. 27, 2009

Jan. 31, 2009

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2010

Mar. 31, 2010

Sep. 30, 2013

Sep. 30, 2012

CLP Agreement

CLP Agreement

CLP Agreement

CLP Agreement

CLP Agreement

CLP Agreement

CLP Agreement

CLP Agreement

Genzyme Corporation

Genzyme Corporation

Genzyme Corporation

Genzyme Corporation

Genzyme Corporation

Genzyme Corporation

Genzyme Corporation

Genzyme Corporation

License fees

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount received

'

'

'

'

'

$16,650,000

'

'

'

$900,000

$1,000,000

'

'

Amount of Deferred Revenue

'

'

'

'

'

16,650,000

'

'

'

'

'

'

'

Total agreed consideration amount

'

'

'

'

'

'

18,500,000

'

'

'

'

'

'

Amount subject to holdback

'

'

'

'

'

'

1,850,000

'

'

'

'

'

'

Initial collaboration period

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

Sale of common stock (in shares)

70,897,521

'

70,897,521

'

63,909,800

3,000,000

'

'

'

'

'

'

'

Price at which share of common stock are sold (in dollars per share)

'

'

'

'

'

$2

'

'

'

'

'

'

'

Premium above closing price of common stock at which shares are sold (in dollars per share)

'

'

'

'

'

$0.51

'

'

'

'

'

'

'

Closing price of common stock (in dollars per share)

'

'

'

'

'

$1.49

'

'

'

'

'

'

'

Aggregate premium received over the closing price of common stock

'

'

'

'

'

1,530,000

'

'

'

'

'

'

'

Amount of premium being amortized

'

'

'

'

'

1,530,000

'

'

'

'

'

'

'

License fee revenue

$1,036,000

$1,036,000

$3,108,000

$3,108,000

'

'

'

$1,000,000

$1,000,000

'

'

$3,100,000

$3,100,000

MAYO_LICENSE_AGREEMENT_Details

MAYO LICENSE AGREEMENT (Details) (USD $)

1 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

31-May-12

Sep. 30, 2013

Dec. 31, 2009

31-May-12

Jun. 30, 2011

Jun. 30, 2009

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2009

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2011

Jun. 30, 2011

Sep. 30, 2010

Mar. 31, 2010

Jun. 11, 2009

Jun. 11, 2009

Jun. 30, 2013

Jan. 31, 2013

item

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

License Agreement

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

item

Minimum

Minimum

Warrant covering 1,000,000 shares of common stock

Warrant covering 1,000,000 shares of common stock

Warrant covering 1,000,000 shares of common stock

Warrant covering 1,000,000 shares of common stock

Warrant covering 1,000,000 shares of common stock

Warrant covering 250,000 shares of common stock

Warrant covering 250,000 shares of common stock

Warrant covering 250,000 shares of common stock

Warrants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of common stock purchase warrants granted

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercise price (in dollars per share)

'

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1.90

$1.90

'

'

Number of shares of common stock covered by warrants

'

'

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

250,000

80,000

'

Vesting period of warrant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

Warrants exercised, gross (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000

250,000

300,000

200,000

'

'

85,000

85,000

Warrants forfeited (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

56,641

60,246

97,853

86,596

'

'

12,765

14,008

Warrants exercised, net of forfeiture (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

193,359

189,754

202,147

113,404

'

'

72,235

70,992

Minimum royalty payments

'

'

'

'

'

'

'

'

'

'

'

'

$25,000

$10,000

'

'

'

'

'

'

'

'

Other Payments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Upfront payment

'

'

'

'

'

'

'

'

80,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Milestone payment on the commencement of patient enrollment in a human cancer screening clinical

'

'

'

'

'

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

'

'

Milestone payment contingent upon FDA approval

'

'

'

'

250,000

'

'

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

Payments for research and development efforts

'

'

'

'

'

'

300,000

300,000

'

600,000

600,000

'

'

'

'

'

'

'

'

'

'

'

Estimated liability for research and development efforts

'

'

'

'

'

'

700,000

200,000

'

700,000

200,000

'

'

'

'

'

'

'

'

'

'

'

Amendments - May 2012

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of restricted stock granted as a consideration for the expanded license

'

'

'

97,466

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting right percentage of restricted stock

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of equal annual installments in which restricted stock are to be vested

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Research and development licensing expense recognized in connection with the restricted stock grant

'

'

'

'

'

'

'

'

'

'

'

$1,000,000

'

'

'

'

'

'

'

'

'

'

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Jul. 31, 2013
					2010 Option Plan
Stock-based compensation expense	'	'	'	'	'
Increase in number of shares reserved for issuance	'	'	'	'	2,800,000
Fungible share ratio	'	'	'	'	1.55
Fungible share ratio before amendment	'	'	'	'	1.35
Number of shares reduced from plan for each common stock covered by award	'	'	'	'	1.55
Stock-based compensation	$1,800	$1,500	$5,660	$4,024	'

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 2) (Restricted stock units)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Jun. 07, 2013
	item	Chief Commercial Officer	Chief Commercial Officer
Shares reserved for issuance	'	'	'
Number of shares affected by modification of options held by Ms. Laura Stoltenberg	'	41,250	100,000
Number of shares that will vest	48,750	10,000	'
Number of installments for vesting of shares	24	'	'

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 3) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2009

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Mar. 31, 2013

Mar. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

Option Plan Shares

ESPP Shares

ESPP Shares

ESPP Shares

ESPP Shares

ESPP Shares

ESPP Shares

Restricted stock and restricted stock unit

Restricted stock and restricted stock unit

Restricted stock and restricted stock unit

Restricted stock and restricted stock unit

Maximum

Maximum

Maximum

Minimum

Minimum

Minimum

Maximum

Maximum

Minimum

Minimum

STOCK-BASED COMPENSATION

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeiture rate (as a percent)

'

'

2.76%

1.38%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Valuation assumptions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk-free interest rates (as a percent)

'

'

'

'

'

1.73%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk-free interest rates, minimum (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

0.81%

0.94%

0.81%

'

'

'

'

0.11%

0.19%

'

'

'

'

Risk-free interest rates, maximum (as a percent)

'

'

'

'

'

'

'

'

'

'

0.89%

1.73%

0.89%

'

'

'

'

'

0.20%

0.27%

'

'

'

'

'

'

Expected term

'

'

'

'

'

'6 years

'6 years

'6 years

'6 years

'

'

'

'

'

'

'

'

'

'2 years

'2 years

'6 months

'6 months

'

'

'

'

Expected volatility (as a percent)

'

'

'

'

'

82.90%

86.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected volatility, minimum (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

82.90%

86.00%

'

'

'

'

39.10%

40.00%

'

'

'

'

Expected volatility, maximum (as a percent)

'

'

'

'

'

'

'

'

'

'

'

84.00%

92.00%

'

'

'

'

'

45.60%

55.00%

'

'

'

'

'

'

Dividend yield (as a percent)

'

'

'

'

'

0.00%

0.00%

0.00%

0.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average fair value per share of options granted during the period (in dollars per share)

'

'

'

'

'

$10.34

$7.47

$8.12

$6.90

'

'

'

'

'

'

'

$2.80

$3.47

'

'

'

'

'

'

'

'

Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in shares)

'

'

'

'

'

'

'

6,181,996

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in shares)

'

'

'

'

'

'

'

290,570

'

'

'

'

'

'

'

'

'

'

'

'

'

'

180,750

262,500

'

'

Exercised (in shares)

'

'

'

'

'

'

'

-234,544

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in shares)

'

'

'

'

'

'

'

-129,625

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in shares)

'

'

'

'

'

6,108,397

'

6,108,397

'

6,181,996

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period (in shares)

'

'

'

'

'

5,237,044

'

5,237,044

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested and expected to vest at the end of the period (in shares)

'

'

'

'

'

6,057,354

'

6,057,354

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Exercise Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in dollars per share)

'

'

'

'

'

'

'

$2.62

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

'

'

'

'

'

'

'

$11.36

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercised (in dollars per share)

'

'

'

'

'

'

'

$5.17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in dollars per share)

'

'

'

'

'

'

'

$10.15

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in dollars per share)

'

'

'

'

'

$2.78

'

$2.78

'

$2.62

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period (in dollars per share)

'

'

'

'

'

$1.79

'

$1.79

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested and expected to vest at the end of the period (in dollars per share)

'

'

'

'

'

$2.74

'

$2.74

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Remaining Contractual Term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period

'

'

'

'

'

'

'

'6 years 6 months

'

'6 years 7 months 6 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period

'

'

'

'

'

'

'

'5 years 8 months 12 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested and expected to vest at the end of the period

'

'

'

'

'

'

'

'6 years 6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate Intrinsic Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period

'

'

'

'

'

$55,277,000

'

$55,277,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period

'

'

'

'

'

52,461,000

'

52,461,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested and expected to vest at the end of the period

'

'

'

'

'

55,142,000

'

55,142,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional disclosures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Market price (in dollars per share)

'

'

'

'

'

$11.80

'

$11.80

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total intrinsic value of options exercised

'

'

'

'

'

1,000,000

400,000

1,600,000

3,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

813,955

'

813,955

'

Granted (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

998,102

'

Released (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-188,981

'

Forfeited (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-358,981

'

Outstanding at the end of the period (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,264,095

813,955

Unrecognized compensation cost

14,400,000

'

14,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average period for recognition of unrecognized compensation cost

'

'

'2 years 8 months 19 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Grant Date Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8.51

'

$8.51

'

Granted (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$11.80

'

Released (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9.06

'

Forfeited (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9.45

'

Outstanding at the end of the period (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10.76

$8.51

Stock-based compensation

1,800,000

1,500,000

5,660,000

4,024,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-600,000

'

'

600,000

Number of shares of common stock covered by warrants issued in connection with a consulting agreement

'

'

'

'

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expense related to stock warrants

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercise price (in dollars per share)

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Marketable securities	'	'
Available-for-sale securities	$138,131,000	$94,776,000
Available-for-sale securities in a continuous unrealized loss position	'	'
Total unrealized losses of available-for-sale securities in a continuous unrealized loss position for less than twelve months	14,800	4,800
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Due in one year or less	85,452,000	'
Due after one year through two years	52,679,000	'
Estimated Fair Value	138,131,000	94,776,000
Contractual maturities of the available-for-sale investments in debt securities, Cost	'	'
Due in one year or less	85,409,000	'
Due after one year through two years	52,604,000	'
Cost	138,013,000	'
Total unrealized losses of available for sale securities in a continuous unrealized loss position for greater than twelve months	0	0
Fair Value	'	'
Marketable securities	'	'
Available-for-sale securities	147,841,000	108,121,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	147,841,000	108,121,000
Fair Value | Cash equivalents	'	'
Marketable securities	'	'
Cash and money market	9,710,000	13,095,000
Fair Value | U.S. government agency securities	'	'
Marketable securities	'	'
Available-for-sale securities	44,533,000	44,308,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	44,533,000	44,308,000
Fair Value | Corporate bonds	'	'
Marketable securities	'	'
Corporate bond	'	250,000
Available-for-sale securities	81,025,000	43,330,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	81,025,000	43,330,000
Fair Value | Certificates of deposit	'	'
Marketable securities	'	'
Available-for-sale securities	7,574,000	5,939,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	7,574,000	5,939,000
Fair Value | Commercial paper	'	'
Marketable securities	'	'
Available-for-sale securities	4,999,000	1,199,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	4,999,000	1,199,000
Quoted Prices in Active Markets for Identical Assets (Level1)	'	'
Marketable securities	'	'
Cash and money market	9,710,000	13,095,000
Quoted Prices in Active Markets for Identical Assets (Level1) | Cash equivalents	'	'
Marketable securities	'	'
Cash and money market	9,710,000	13,095,000
Significant Other Observable Inputs (Level 2)	'	'
Marketable securities	'	'
Long-term debt	1,000,000	1,000,000
Available-for-sale securities	138,131,000	95,026,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	138,131,000	95,026,000
Significant Other Observable Inputs (Level 2) | U.S. government agency securities	'	'
Marketable securities	'	'
Available-for-sale securities	44,533,000	44,308,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	44,533,000	44,308,000
Significant Other Observable Inputs (Level 2) | Corporate bonds	'	'
Marketable securities	'	'
Corporate bond	'	250,000
Available-for-sale securities	81,025,000	43,330,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	81,025,000	43,330,000
Significant Other Observable Inputs (Level 2) | Certificates of deposit	'	'
Marketable securities	'	'
Available-for-sale securities	7,574,000	5,939,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	7,574,000	5,939,000
Significant Other Observable Inputs (Level 2) | Commercial paper	'	'
Marketable securities	'	'
Available-for-sale securities	4,999,000	1,199,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	$4,999,000	$1,199,000

OPERATING_LEASE_Details

OPERATING LEASE (Details) (USD $)	3 Months Ended
	Jun. 30, 2013	Sep. 30, 2013
	sqft
	item
OPERATING LEASE	'	'
Lease term	'5 years	'
Area of laboratory office facility under operating lease (in square feet)	29,000	'
Number of extensions of lease term	2	'
Future minimum payments under the operating lease	'	'
2013	'	$112,000
2014	'	676,000
2015	'	680,000
2016	'	684,000
2017	'	689,000
2018	'	578,000
Total lease obligations	'	3,419,000
Assets under construction	'	3,668,000
Lease incentive obligation	'	900,000
Leasehold improvements	'	'
Future minimum payments under the operating lease	'	'
Assets under construction	'	1,700,000
Expected cost to complete construction of new lab facility	'	3,200,000
Amount of cost committed by the entity to complete the construction of new lab facility	'	1,400,000
Amount of cost committed by the landlord to complete the construction of new lab facility	'	$1,800,000

EQUITY_Details

EQUITY (Details) (Right agreement)	1 Months Ended
	Feb. 28, 2011
Equity	'
Number of shares of series A junior participating preferred stock which a holder is entitled to purchase upon exercise of the rights	0.001
Minimum	'
Equity	'
Percentage of outstanding common stock to be acquired by potential acquiror	15.00%
Percentage of outstanding common stock that are tendered in an offer or exchanged under offer	15.00%

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Non-employee director, USD $)	3 Months Ended
	Sep. 30, 2013
RELATED PARTY TRANSACTIONS	'
Consulting agreement term	'1 year
Restricted stock award	'
RELATED PARTY TRANSACTIONS	'
Shares of common stock granted	4,277
Vesting period of awards granted	'1 year
Cash payable over term of agreement	60,000

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	Sep. 30, 2013
INCOME TAXES	'
Unrecognized tax benefits	$0