Exact Sciences (EXAS) 10-Q 2 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	1-May-14
Document and Entity Information	'	'
Entity Registrant Name	'EXACT SCIENCES CORP	'
Entity Central Index Key	'0001124140	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	82,814,518
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash and cash equivalents	$17,806	$12,851
Marketable securities	98,204	120,408
Prepaid expenses and other current assets	2,842	2,199
Total current assets	118,852	135,458
Property and Equipment, at cost:	'	'
Laboratory equipment	7,508	5,087
Assets under construction	4,926	2,592
Office and computer equipment	1,218	1,217
Leasehold improvements	5,050	5,043
Furniture and fixtures	268	268
Property and Equipment, gross	18,970	14,207
Less-Accumulated depreciation	-3,694	-3,038
Property and Equipment, net	15,276	11,169
TOTAL ASSETS	134,128	146,627
Current Liabilities:	'	'
Accounts payable	1,331	761
Accrued expenses	6,806	5,806
Capital lease obligation, current portion	356	351
Lease incentive obligation, current portion	540	540
Deferred license fees, current portion	'	294
Total current liabilities	9,033	7,752
Long-term debt	1,000	1,000
Long-term accrued interest	90	84
Capital lease obligation, less current portion	269	360
Lease incentive obligation, less current portion	1,980	2,115
Commitments and contingencies	'	'
Stockholders' Equity:	'	'
Preferred stock, $0.01 par value Authorized-5,000,000 shares Issued and outstanding-no shares at March 31, 2014 and December 31, 2013	'	'
Common stock, $0.01 par value Authorized-100,000,000 shares Issued and outstanding-71,262,715 and 71,071,838 shares at March 31, 2014 and December 31, 2013	713	711
Additional paid-in capital	457,776	455,239
Accumulated other comprehensive income	133	125
Accumulated deficit	-336,866	-320,759
Total stockholders' equity	121,756	135,316
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$134,128	$146,627

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Condensed Consolidated 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	71,262,715	71,071,838
Common stock, outstanding shares	71,262,715	71,071,838

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements of Operations	'	'
License fees	$294	$1,036
Operating expenses:	'	'
Research and development	7,430	7,526
General and administrative	4,586	2,648
Sales and marketing	4,456	1,759
Total operating expenses	16,472	11,933
Loss from operations	-16,178	-10,897
Investment income	86	62
Interest expense	-15	-19
Net loss	($16,107)	($10,854)
Net loss per share-basic and diluted (in dollars per share)	($0.23)	($0.17)
Weighted average common shares outstanding-basic and diluted (in shares)	70,987	63,836

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements of Comprehensive Loss	'	'
Net loss	($16,107)	($10,854)
Other comprehensive loss, net of tax	'	'
Unrealized holding gain (loss) on available-for-sale investments	8	-7
Comprehensive loss	($16,099)	($10,861)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($16,107)	($10,854)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation of fixed assets	656	314
Loss on disposal of fixed asset	'	25
Stock-based compensation	1,995	955
Amortization of deferred license fees	-294	-1,036
Amortization of premium on short-term investments	145	140
Changes in assets and liabilities:	'	'
Prepaid expenses and other current assets	-643	-474
Accounts payable	570	-1,571
Accrued expenses	1,456	372
Lease incentive obligation	-135	'
Accrued interest	6	5
Net cash used in operating activities	-12,351	-12,124
Cash flows from investing activities:	'	'
Purchases of marketable securities	-2,352	-9,231
Maturities of marketable securities	24,419	16,431
Purchases of property and equipment	-4,763	-376
Net cash provided by investing activities	17,304	6,824
Cash flows from financing activities:	'	'
Proceeds from exercise of common stock options	88	90
Payments on capital lease obligations	-86	-82
Net cash provided by financing activities	2	8
Net increase (decrease) in cash and cash equivalents	4,955	-5,292
Cash and cash equivalents, beginning of period	12,851	13,345
Cash and cash equivalents, end of period	17,806	8,053
Supplemental disclosure of non-cash investing and financing activities:	'	'
Unrealized gain (loss) on available-for-sale investments	8	-7
Issuance of 32,666 and 30,534 shares of common stock to fund the Company's 401(k) matching contribution for 2013 and 2012, respectively	$456	$354

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Condensed Consolidated Statements of Cash Flows	'	'
Issuance of shares of common stock to fund the Company's 401(k) matching contribution	32,666	30,534

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2014
ORGANIZATION AND BASIS OF PRESENTATION	'
ORGANIZATION AND BASIS OF PRESENTATION	'
	(1) ORGANIZATION AND BASIS OF PRESENTATION
	Organization
	Exact Sciences Corporation (together with its subsidiary, “Exact”, “we”, “us” or the “Company”) 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 Exact Sciences Corporation 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, 2013 included in the Company’s Annual Report on Form 10-K (the “2013 Form 10-K”). These condensed 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 2013 Form 10-K.  Management has evaluated subsequent events for disclosure or recognition in the accompanying financial statements up to the filing of this report.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Exact Sciences Laboratories, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.
	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 March 31, 2014 and December 31, 2013.
	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 March 31, 2014 and December 31, 2013, 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 three months ended March 31, 2014 and 2013.  Realized gains were $6.3 thousand and $2.2 thousand for the three months ended March 31, 2014 and 2013, respectively. Unrealized gains or losses on investments are recorded in other comprehensive loss.
	Available-for-sale securities at March 31, 2014 consisted of the following:
		March 31, 2014
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	29,662		$	48	$	—	$	29,710
	Corporate bonds	61,857			83		—		61,940
	Certificates of deposit	5,052			2		—		5,054
	Commercial paper	1,500			—		—		1,500
	Total available-for-sale securities	$	98,071		$	133	$	—	$	98,204
	Available-for-sale securities at December 31, 2013 consisted of the following:
		December 31, 2013
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	Corporate bonds	$	77,935		$	75	—		$	78,010
	U.S. government agency securities	34,291			47		—		34,338
	Certificates of deposit	6,558			3		—		6,561
	Commercial paper	1,499			—		—		1,499
	Total available-for-sale securities	$	120,283		$	125	$	—	$	120,408
	Changes in Accumulated Other Comprehensive Income
	The amounts recognized in accumulated other comprehensive income (AOCI) for the three months ended March 31, 2014, were as follows (in thousands):
		Change in value of
		available-for-sale
		investments
	Beginning balance	$	125
	Other comprehensive income before reclassifications	14
	Amounts reclassified from accumulated other comprehensive income	(6		)
	Net current period change in accumulated other comprehensive income	8
	Ending balance	$	133
	Amounts reclassified from accumulated other comprehensive income were as follows (in thousands):
	Details about AOCI Components	Affected Line Item in the		The three
		Statement Where Net		months ended
		Income is Presented		March 31, 2014
	Change in value of available-for-sale investments
	Sales and maturities of available-for-sale investments	Investment income		$	(6	)
	Total reclassifications			$	(6	)
	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 March 31, 2014, the Company had $4.9 million of assets under construction which consisted of $3.1 million of capitalized costs related to software projects and $1.8 million of costs related to an equipment project. Depreciation will begin on these assets once they are placed into service. We expect that it will cost $0.5 million to complete the equipment project and $1.0 million to complete the software projects, and these projects are expected to be completed in 2014.
	Software Capitalization Policy
	Software development costs related to internal use software are incurred in three stages of development: the preliminary project stage, the application development stage, and the post-implementation stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Costs in the application development stage that meet the criteria for capitalization are capitalized and amortized using the straight-line basis over the estimated economic useful life of the software.
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:
	March 31,
(In thousands)	2014		2013
Shares issuable upon exercise of stock options	6,261		6,379
Shares issuable upon exercise of outstanding warrants (1)	155		240
Shares issuable upon the release of restricted stock awards	1,519		1,003
Shares issuable upon the vesting of restricted stock awards related to a licensing agreement	49		73
	7,984		7,695
(1)  At March 31, 2014, 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 March 31, 2013, represents warrants to purchase 165,000 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 2013 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 which ended 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 amortized that amount on a straight-line basis into revenue over the initial five-year collaboration period which ended in January 2014.
The Company recognized approximately $0.3 million and $1.0 million in license fee revenue in connection with the amortization of the up-front payments from Genzyme, during the three month periods ended March 31, 2014 and 2013, respectively.

MAYO_LICENSE_AGREEMENT

MAYO LICENSE AGREEMENT	3 Months Ended
	Mar. 31, 2014
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 expenses 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.
	MAYO exercised the warrant to purchase 1,000,000 shares through several partial exercises. As of September 2011, 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. Following this exercise, the warrant originally covering 250,000 shares covered a total of 80,000 shares at March 31, 2014.
	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. In 2012, minimum royalty payments were $10,000. For each year from 2013 through 2029 (the year the last patent expires), the minimum royalty payments are $25,000 per year.
	Other Payments
	Other payments under the License Agreement include an upfront payment of $80,000, a milestone payment of $250,000 on the commencement of patient enrollment in a human cancer screening clinical trial, 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 a human cancer screening clinical trial in June 2011 and the milestone payment of $250,000 was made and expensed to research and development in June 2011.  It is uncertain as to when or if the FDA will approve the Company’s Cologuard 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 paying MAYO for research and development efforts. As part of the Company’s research collaborations with MAYO, the Company has incurred charges of $0.5 million and has made payments of $0.2 million for the three months ended March 31, 2014. The Company has recorded an estimated liability in the amount of $1.0 million for research and development efforts as of March 31, 2014. The Company incurred charges of $0.4 million and made payments of $0.1 million for the three months ended March 31, 2013. The Company recorded an estimated liability in the amount of $0.4 million for research and development efforts at March 31, 2013.
	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 until following receipt of FDA approval for the Company’s Cologuard test. Because of the significant uncertainty of receiving this FDA approval, 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 licensed products. It is uncertain as to when or if 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	3 Months Ended
	Mar. 31, 2014
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 and  the 2000 Stock Option and Incentive Plan (collectively, the “Stock Plans”).
	Stock-Based Compensation Expense
	The Company recorded $2.0 million in stock-based compensation expense during the three months ended March 31, 2014 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 $1.0 million in stock-based compensation expense during the three months ended March 31, 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.
	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 three months ended March 31, 2014 was 4.99%. The Company’s forfeiture rate used in the three months ended March 31, 2013 was 2.76%.
	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
		March 31,
		2014			2013
	Option Plan Shares
	Risk-free interest rates	1.96		%	1.15		%
	Expected term (in years)	6			6
	Expected volatility	80.8		%	84		%
	Dividend yield	0		%	0		%
	Weighted average fair value per share of options granted during the period	$	9.86		$	7.73
	ESPP Shares
	Risk-free interest rates			-1			-1
	Expected term (in years)			-1			-1
	Expected volatility			-1			-1
	Dividend yield			-1			-1
	Weighted average fair value per share of stock purchase rights granted during the period			-1			-1
	(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 three months ended March 31, 2014 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, 2014	6,062,587		$	2.78		6.6
	Granted	233,000		$	13.96
	Exercised	(30,439	)	$	2.9
	Forfeited	(4,375	)	$	7.59
	Outstanding, March 31, 2014	6,260,773		$	3.19		6.5	$	68,765
	Exercisable, March 31, 2014	5,390,794		$	2.05		5.4	$	65,358
	Vested and expected to vest, March 31, 2014	6,217,361		$	3.21		6.5	$	68,582
	(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 $14.17 market price of the Company’s common stock at March 31, 2014.  The total intrinsic value of options exercised during the three months ended March 31, 2014 and 2013 was $0.3 million and $0.1 million, respectively.
	As of March 31, 2014, there was $20.6 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 3.06 years.
	A summary of restricted stock activity under the Stock Plans during the three months ended March 31, 2014 is as follows:
				Weighted
		Restricted		Average Grant
		Shares		Date Fair Value
	Outstanding, January 1, 2014	1,150,694		$	11.24
	Granted	527,245		$	13.96
	Released	(146,522	)	$	9.16
	Forfeited	(12,187	)	$	12.1
	Outstanding, March 31, 2014	1,519,230		$	12.48

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013 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 March 31, 2014 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 March 31, 2014 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	March 31, 2014		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	17,806	$	17,806	$	—	$	—
	Available-for-Sale
	Marketable securities
	U.S. government agency securities	29,710		—		29,710		—
	Corporate bonds	61,940		—		61,940		—
	Certificates of deposit	5,054		—		5,054		—
	Commercial paper	1,500		—		1,500		—
	Total	$	116,010	$	17,806	$	98,204	$	—
	The following table presents the Company’s fair value measurements as of December 31, 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 December 31, 2013 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	December 31, 2013		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	12,851	$	12,851	$	—	$	—
	Available-for-Sale
	Marketable securities
	Corporate bonds	78,010		—		78,010		—
	U.S. government agency securities	34,338		—		34,338		—
	Certificates of deposit	6,561		—		6,561		—
	Commercial paper	1,499		—		1,499		—
	Total	$	133,259	$	12,851	$	120,408	$	—
	As of March 31, 2014 and December 31, 2013 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 $1.8 thousand, as of March 31, 2014, and $7.2 thousand, as of December 31, 2013. At March 31, 2014 and December 31, 2013 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 March 31, 2014 (in thousands):
		Cost		Fair Value
	Due in one year or less	$	67,853	$	67,918
	Due after one year through two years	30,218		30,286
		$	98,071	$	98,204

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2014
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	(6) 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. The Company recorded $15.0 thousand of expense and $18.6 thousand of non-cash stock-based compensation expense related to this agreement in the three months ended March 31, 2014.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2014
RECENT ACCOUNTING PRONOUNCEMENTS	'
RECENT ACCOUNTING PRONOUNCEMENTS	'
	(7) RECENT ACCOUNTING PRONOUNCEMENTS
	In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires enhanced disclosures of amounts reclassified out of Accumulated Other Comprehensive Income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of Accumulated Other Comprehensive Income by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The guidance was effective for us beginning in the first quarter of fiscal year 2014 and did not have a material effect on the condensed consolidated financial statements, as amounts reclassified out of other comprehensive income are immaterial for all periods presented.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	(8) SUBSEQUENT EVENTS
	On April 9, 2014 the Company completed an underwritten public offering of 11.5 million shares of common stock at a price of $12.75 per share to the public. The Company received approximately $137.7 million of net proceeds from the offering, after deducting $8.9 million for the underwriting discount and estimated expenses of the offering payable by the Company. The Company expects to use the net proceeds from the offering to fund the Company’s efforts to obtain FDA approval of its Cologuard test, to fund the Company’s Cologuard commercialization activities, to fund the Company’s product development efforts, and for general corporate and working capital purposes.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Principles of Consolidation	'
	Principles of Consolidation
	The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Exact Sciences Laboratories, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.
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 March 31, 2014 and December 31, 2013.
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 March 31, 2014 and December 31, 2013, 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 three months ended March 31, 2014 and 2013.  Realized gains were $6.3 thousand and $2.2 thousand for the three months ended March 31, 2014 and 2013, respectively. Unrealized gains or losses on investments are recorded in other comprehensive loss.
	Available-for-sale securities at March 31, 2014 consisted of the following:
		March 31, 2014
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	29,662		$	48	$	—	$	29,710
	Corporate bonds	61,857			83		—		61,940
	Certificates of deposit	5,052			2		—		5,054
	Commercial paper	1,500			—		—		1,500
	Total available-for-sale securities	$	98,071		$	133	$	—	$	98,204
	Available-for-sale securities at December 31, 2013 consisted of the following:
		December 31, 2013
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	Corporate bonds	$	77,935		$	75	—		$	78,010
	U.S. government agency securities	34,291			47		—		34,338
	Certificates of deposit	6,558			3		—		6,561
	Commercial paper	1,499			—		—		1,499
	Total available-for-sale securities	$	120,283		$	125	$	—	$	120,408
Changes in Accumulated Other Comprehensive Income	'
	Changes in Accumulated Other Comprehensive Income
	The amounts recognized in accumulated other comprehensive income (AOCI) for the three months ended March 31, 2014, were as follows (in thousands):
		Change in value of
		available-for-sale
		investments
	Beginning balance	$	125
	Other comprehensive income before reclassifications	14
	Amounts reclassified from accumulated other comprehensive income	(6		)
	Net current period change in accumulated other comprehensive income	8
	Ending balance	$	133
	Amounts reclassified from accumulated other comprehensive income were as follows (in thousands):
	Details about AOCI Components	Affected Line Item in the		The three
		Statement Where Net		months ended
		Income is Presented		March 31, 2014
	Change in value of available-for-sale investments
	Sales and maturities of available-for-sale investments	Investment income		$	(6	)
	Total reclassifications			$	(6	)
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 March 31, 2014, the Company had $4.9 million of assets under construction which consisted of $3.1 million of capitalized costs related to software projects and $1.8 million of costs related to an equipment project. Depreciation will begin on these assets once they are placed into service. We expect that it will cost $0.5 million to complete the equipment project and $1.0 million to complete the software projects, and these projects are expected to be completed in 2014.
Software Capitalization Policy	'
	Software Capitalization Policy
	Software development costs related to internal use software are incurred in three stages of development: the preliminary project stage, the application development stage, and the post-implementation stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Costs in the application development stage that meet the criteria for capitalization are capitalized and amortized using the straight-line basis over the estimated economic useful life of the software.
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:
		March 31,
	(In thousands)	2014		2013
	Shares issuable upon exercise of stock options	6,261		6,379
	Shares issuable upon exercise of outstanding warrants (1)	155		240
	Shares issuable upon the release of restricted stock awards	1,519		1,003
	Shares issuable upon the vesting of restricted stock awards related to a licensing agreement	49		73
		7,984		7,695
	(1)  At March 31, 2014, 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 March 31, 2013, represents warrants to purchase 165,000 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 2013 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 which ended 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 amortized that amount on a straight-line basis into revenue over the initial five-year collaboration period which ended in January 2014.
	The Company recognized approximately $0.3 million and $1.0 million in license fee revenue in connection with the amortization of the up-front payments from Genzyme, during the three month periods ended March 31, 2014 and 2013, respectively.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Schedule of available-for-sale securities	'
		March 31, 2014
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	U.S. government agency securities	$	29,662		$	48	$	—	$	29,710
	Corporate bonds	61,857			83		—		61,940
	Certificates of deposit	5,052			2		—		5,054
	Commercial paper	1,500			—		—		1,500
	Total available-for-sale securities	$	98,071		$	133	$	—	$	98,204
		December 31, 2013
	(In thousands)	Amortized			Gains in		Losses in		Estimated
		Cost			Accumulated		Accumulated		Fair Value
					Other		Other
					Comprehensive		Comprehensive
					Income		Income
	Corporate bonds	$	77,935		$	75	—		$	78,010
	U.S. government agency securities	34,291			47		—		34,338
	Certificates of deposit	6,558			3		—		6,561
	Commercial paper	1,499			—		—		1,499
	Total available-for-sale securities	$	120,283		$	125	$	—	$	120,408
Schedule of amounts recognized in accumulated other comprehensive income (AOCI)	'
	The amounts recognized in accumulated other comprehensive income (AOCI) for the three months ended March 31, 2014, were as follows (in thousands):
		Change in value of
		available-for-sale
		investments
	Beginning balance	$	125
	Other comprehensive income before reclassifications	14
	Amounts reclassified from accumulated other comprehensive income	(6		)
	Net current period change in accumulated other comprehensive income	8
	Ending balance	$	133
Schedule of amounts reclassified from accumulated other comprehensive income	'
	Amounts reclassified from accumulated other comprehensive income were as follows (in thousands):
	Details about AOCI Components	Affected Line Item in the		The three
		Statement Where Net		months ended
		Income is Presented		March 31, 2014
	Change in value of available-for-sale investments
	Sales and maturities of available-for-sale investments	Investment income		$	(6	)
	Total reclassifications			$	(6	)
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	'
		March 31,
	(In thousands)	2014		2013
	Shares issuable upon exercise of stock options	6,261		6,379
	Shares issuable upon exercise of outstanding warrants (1)	155		240
	Shares issuable upon the release of restricted stock awards	1,519		1,003
	Shares issuable upon the vesting of restricted stock awards related to a licensing agreement	49		73
		7,984		7,695
	(1)  At March 31, 2014, 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 March 31, 2013, represents warrants to purchase 165,000 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)	3 Months Ended
	Mar. 31, 2014
STOCK-BASED COMPENSATION	'
Schedule of valuation assumptions	'
		Three Months Ended
		March 31,
		2014			2013
	Option Plan Shares
	Risk-free interest rates	1.96		%	1.15		%
	Expected term (in years)	6			6
	Expected volatility	80.8		%	84		%
	Dividend yield	0		%	0		%
	Weighted average fair value per share of options granted during the period	$	9.86		$	7.73
	ESPP Shares
	Risk-free interest rates			-1			-1
	Expected term (in years)			-1			-1
	Expected volatility			-1			-1
	Dividend yield			-1			-1
	Weighted average fair value per share of stock purchase rights granted during the period			-1			-1
	(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, 2014	6,062,587		$	2.78		6.6
	Granted	233,000		$	13.96
	Exercised	(30,439	)	$	2.9
	Forfeited	(4,375	)	$	7.59
	Outstanding, March 31, 2014	6,260,773		$	3.19		6.5	$	68,765
	Exercisable, March 31, 2014	5,390,794		$	2.05		5.4	$	65,358
	Vested and expected to vest, March 31, 2014	6,217,361		$	3.21		6.5	$	68,582
	(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 $14.17 market price of the Company’s common stock at March 31, 2014.  The total intrinsic value of options exercised during the three months ended March 31, 2014 and 2013 was $0.3 million and $0.1 million, respectively.
Summary of restricted stock activity under the Stock Plans	'
				Weighted
		Restricted		Average Grant
		Shares		Date Fair Value
	Outstanding, January 1, 2014	1,150,694		$	11.24
	Granted	527,245		$	13.96
	Released	(146,522	)	$	9.16
	Forfeited	(12,187	)	$	12.1
	Outstanding, March 31, 2014	1,519,230		$	12.48

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 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 March 31, 2014 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	March 31, 2014		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	17,806	$	17,806	$	—	$	—
	Available-for-Sale
	Marketable securities
	U.S. government agency securities	29,710		—		29,710		—
	Corporate bonds	61,940		—		61,940		—
	Certificates of deposit	5,054		—		5,054		—
	Commercial paper	1,500		—		1,500		—
	Total	$	116,010	$	17,806	$	98,204	$	—
	The following table presents the Company’s fair value measurements as of December 31, 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 December 31, 2013 Using:
				Quoted Prices in Active		Significant Other		Significant Unobservable
		Fair Value at		Markets for Identical Assets		Observable Inputs		Inputs
	Description	December 31, 2013		(Level 1)		(Level 2)		(Level 3)
	Cash and cash equivalents
	Cash and money market	$	12,851	$	12,851	$	—	$	—
	Available-for-Sale
	Marketable securities
	Corporate bonds	78,010		—		78,010		—
	U.S. government agency securities	34,338		—		34,338		—
	Certificates of deposit	6,561		—		6,561		—
	Commercial paper	1,499		—		1,499		—
	Total	$	133,259	$	12,851	$	120,408	$	—
Summary of contractual maturities of available-for-sale investments in debt securities	'
	The following summarizes contractual underlying maturities of the Company’s available-for-sale investments in debt securities at March 31, 2014 (in thousands):
		Cost		Fair Value
	Due in one year or less	$	67,853	$	67,918
	Due after one year through two years	30,218		30,286
		$	98,071	$	98,204

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	objective
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'	'	'
Restricted cash	$0	'	$0
Number of objectives of the entity's investment strategy	2	'	'
Minimum contractual term of certain current investments which can be liquidated	'1 year	'	'
Realized losses	0	0	'
Realized gains	6,300	2,200	'
Available-for-sale securities	'	'	'
Amortized Cost	98,071,000	'	120,283,000
Gains in Accumulated Other Comprehensive Income	133,000	'	125,000
Estimated Fair Value	98,204,000	'	120,408,000
U.S. government agency securities	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	29,662,000	'	34,291,000
Gains in Accumulated Other Comprehensive Income	48,000	'	47,000
Estimated Fair Value	29,710,000	'	34,338,000
Corporate bonds	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	61,857,000	'	77,935,000
Gains in Accumulated Other Comprehensive Income	83,000	'	75,000
Estimated Fair Value	61,940,000	'	78,010,000
Certificates of deposit	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	5,052,000	'	6,558,000
Gains in Accumulated Other Comprehensive Income	2,000	'	3,000
Estimated Fair Value	5,054,000	'	6,561,000
Commercial paper	'	'	'
Available-for-sale securities	'	'	'
Amortized Cost	1,500,000	'	1,499,000
Estimated Fair Value	$1,500,000	'	$1,499,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
In Thousands, unless otherwise specified			Change in value of available-for-sale investments
Changes in accumulated other comprehensive income	'	'	'
Beginning balance	$133	$125	$125
Other comprehensive income before reclassifications	'	'	14
Amounts reclassified from accumulated other comprehensive income	'	'	-6
Net current period change in accumulated other comprehensive income	'	'	8
Ending balance	$133	$125	$133

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Amounts reclassified from accumulated other comprehensive income	'	'
Investment income	$86	$62
Reclassification	'	'
Amounts reclassified from accumulated other comprehensive income	'	'
Investment income	-6	'
Change in value of available-for-sale investments | Reclassification	'	'
Amounts reclassified from accumulated other comprehensive income	'	'
Investment income	($6)	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
	item		Laboratory equipment	Laboratory equipment	Laboratory equipment	Office and computer equipment	Furniture and fixtures	Software projects
				Minimum	Maximum
Property and equipment	'	'	'	'	'	'	'	'
Estimated Useful Life	'	'	'	'3 years	'5 years	'3 years	'3 years	'
Assets under construction	$4,926,000	$2,592,000	$1,800,000	'	'	'	'	$3,100,000
Expected cost to complete construction of new lab facility	'	'	$500,000	'	'	'	'	$1,000,000
Software Capitalization Policy	'	'	'	'	'	'	'	'
Software development stages	3	'	'	'	'	'	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
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	7,984,000	7,695,000
Additional disclosure	'	'
Number of shares of common stock that can be purchased through issuance of warrants under a license agreement	80,000	165,000
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	6,261,000	6,379,000
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	240,000
Shares issuable upon the release of restricted stock awards	'	'
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	1,519,000	1,003,000
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_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) (USD $)	3 Months Ended			0 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Jan. 27, 2009	Mar. 31, 2014	Mar. 31, 2013	Sep. 30, 2010	Mar. 31, 2010
				CLP Agreement	CLP Agreement	CLP Agreement	CLP Agreement	CLP Agreement
				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)	71,262,715	'	71,071,838	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)	$14.17	'	'	$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	$294,000	$1,036,000	'	'	$300,000	$1,000,000	'	'

MAYO_LICENSE_AGREEMENT_Details

MAYO LICENSE AGREEMENT (Details) (USD $)

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

31-May-12

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2011

Mar. 31, 2014

Sep. 30, 2009

Mar. 31, 2014

31-May-12

Jun. 30, 2009

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2012

Sep. 30, 2011

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

Warrant covering 250,000 shares of common stock

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

MAYO

warrant

Minimum

Minimum

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)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1.90

$1.90

'

'

Number of shares of common stock covered by warrants

'

'

'

'

'

'

80,000

'

'

'

'

'

'

'

'

1,000,000

250,000

'

250,000

Vesting period of warrant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

Warrants exercised, gross (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

85,000

85,000

Warrants forfeited (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,765

14,008

Warrants exercised, net of forfeiture (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

72,235

70,992

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 trial

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Milestone payment contingent upon FDA approval

'

'

'

250,000

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Charges incurred as part of the research collaborations

'

7,430,000

7,526,000

'

'

'

'

'

'

500,000

400,000

'

'

'

'

'

'

'

'

Payments for research and development efforts

'

'

'

'

'

'

'

'

'

200,000

100,000

'

'

'

'

'

'

'

'

Estimated liability for research and development efforts

'

'

'

'

'

'

'

'

'

1,000,000

400,000

'

'

'

'

'

'

'

'

May 2012 Amendment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
STOCK-BASED COMPENSATION	'	'	'
Stock-based compensation expense	$2,000,000	$1,000,000	'
Forfeiture rate (as a percent)	4.99%	2.76%	'
Additional disclosures	'	'	'
Market price (in dollars per share)	$14.17	'	'
Total intrinsic value of options exercised	300,000	100,000	'
Unrecognized compensation cost	20,600,000	'	'
Weighted average period for recognition of unrecognized compensation cost	'3 years 22 days	'	'
Option Plan Shares	'	'	'
Valuation assumptions	'	'	'
Risk-free interest rates (as a percent)	1.96%	1.15%	'
Expected term	'6 years	'6 years	'
Expected volatility (as a percent)	80.80%	84.00%	'
Dividend yield (as a percent)	0.00%	0.00%	'
Weighted average fair value per share of options granted during the period (in dollars per share)	$9.86	$7.73	'
Shares	'	'	'
Outstanding at the beginning of the period (in shares)	6,062,587	'	'
Granted (in shares)	233,000	'	'
Exercised (in shares)	-30,439	'	'
Forfeited (in shares)	-4,375	'	'
Outstanding at the end of the period (in shares)	6,260,773	'	6,062,587
Exercisable at the end of the period (in shares)	5,390,794	'	'
Vested and expected to vest at the end of the period (in shares)	6,217,361	'	'
Weighted Average Exercise Price	'	'	'
Outstanding at the beginning of the period (in dollars per share)	$2.78	'	'
Granted (in dollars per share)	$13.96	'	'
Exercised (in dollars per share)	$2.90	'	'
Forfeited (in dollars per share)	$7.59	'	'
Outstanding at the end of the period (in dollars per share)	$3.19	'	$2.78
Exercisable at the end of the period (in dollars per share)	$2.05	'	'
Vested and expected to vest at the end of the period (in dollars per share)	$3.21	'	'
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 4 months 24 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	68,765,000	'	'
Exercisable at the end of the period	65,358,000	'	'
Vested and expected to vest at the end of the period	$68,582,000	'	'
Restricted stock and restricted stock unit	'	'	'
Restricted Shares	'	'	'
Outstanding at the beginning of the period (in shares)	1,150,694	'	'
Granted (in shares)	527,245	'	'
Released (in shares)	-146,522	'	'
Forfeited (in shares)	-12,187	'	'
Outstanding at the end of the period (in shares)	1,519,230	'	'
Weighted Average Grant Date Fair Value	'	'	'
Outstanding at the beginning of the period (in dollars per share)	$11.24	'	'
Granted (in dollars per share)	$13.96	'	'
Released (in dollars per share)	$9.16	'	'
Forfeited (in dollars per share)	$12.10	'	'
Outstanding at the end of the period (in dollars per share)	$12.48	'	'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Marketable securities	'	'
Available-for-sale securities	$98,204,000	$120,408,000
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	1,800	7,200
Total unrealized losses of available for sale securities in a continuous loss position for greater than twelve months	0	0
Contractual maturities of the available-for-sale investments in debt securities, Cost	'	'
Due in one year or less	67,853,000	'
Due after one year through two years	30,218,000	'
Cost	98,071,000	'
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Due in one year or less	67,918,000	'
Due after one year through two years	30,286,000	'
Estimated Fair Value	98,204,000	120,408,000
Fair Value	'	'
Marketable securities	'	'
Available-for-sale securities	116,010,000	133,259,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	116,010,000	133,259,000
Fair Value | Cash equivalents	'	'
Marketable securities	'	'
Cash and money market	17,806,000	12,851,000
Fair Value | U.S. government agency securities	'	'
Marketable securities	'	'
Available-for-sale securities	29,710,000	34,338,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	29,710,000	34,338,000
Fair Value | Corporate bonds	'	'
Marketable securities	'	'
Available-for-sale securities	61,940,000	78,010,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	61,940,000	78,010,000
Fair Value | Certificates of deposit	'	'
Marketable securities	'	'
Available-for-sale securities	5,054,000	6,561,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	5,054,000	6,561,000
Fair Value | Commercial paper	'	'
Marketable securities	'	'
Available-for-sale securities	1,500,000	1,499,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	1,500,000	1,499,000
Quoted Prices in Active Markets for Identical Assets (Level1)	'	'
Marketable securities	'	'
Available-for-sale securities	17,806,000	12,851,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	17,806,000	12,851,000
Quoted Prices in Active Markets for Identical Assets (Level1) | Cash equivalents	'	'
Marketable securities	'	'
Cash and money market	17,806,000	12,851,000
Significant Other Observable Inputs (Level 2)	'	'
Marketable securities	'	'
Long-term debt	1,000,000	1,000,000
Available-for-sale securities	98,204,000	120,408,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	98,204,000	120,408,000
Significant Other Observable Inputs (Level 2) | U.S. government agency securities	'	'
Marketable securities	'	'
Available-for-sale securities	29,710,000	34,338,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	29,710,000	34,338,000
Significant Other Observable Inputs (Level 2) | Corporate bonds	'	'
Marketable securities	'	'
Available-for-sale securities	61,940,000	78,010,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	61,940,000	78,010,000
Significant Other Observable Inputs (Level 2) | Certificates of deposit	'	'
Marketable securities	'	'
Available-for-sale securities	5,054,000	6,561,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	5,054,000	6,561,000
Significant Other Observable Inputs (Level 2) | Commercial paper	'	'
Marketable securities	'	'
Available-for-sale securities	1,500,000	1,499,000
Contractual maturities of the available-for-sale investments in debt securities, Fair Value	'	'
Estimated Fair Value	$1,500,000	$1,499,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2013
			Non-employee director	Non-employee director	Non-employee director
					Restricted stock award
RELATED PARTY TRANSACTIONS	'	'	'	'	'
Consulting agreement term	'	'	'	'1 year	'
Shares of common stock granted	'	'	'	'	4,277
Vesting period of awards granted	'	'	'	'	'1 year
Cash payable over term of agreement	'	'	'	'	$60,000
Consulting agreement expenses	'	'	15,000	'	'
Non-cash stock-based compensation expense	$2,000,000	$1,000,000	$18,600	'	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent event, USD $)	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Apr. 09, 2014
Subsequent event	'
Subsequent Event [Line Items]	'
Shared issued	$11.50
Share issue price (in dollars per share)	$12.75
Net proceeds from the offering	137.7
Underwriting discount and estimated expenses of offerings	$8.90