Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 07, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PTLA | |
Entity Registrant Name | PORTOLA PHARMACEUTICALS INC | |
Entity Central Index Key | 1,269,021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,085,536 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 173,052 | $ 181,568 |
Short-term investments | 262,836 | 281,589 |
Restricted cash | 30 | 173 |
Trade and other receivables, net | 3,421 | 3,750 |
Unbilled - collaboration and license revenue | 6,491 | |
Inventory | 7,082 | 1,099 |
Prepaid research and development | 1,282 | 734 |
Prepaid manufacturing | 17,880 | 2,333 |
Prepaid expenses and other current assets | 6,808 | 6,677 |
Total current assets | 478,882 | 477,923 |
Property and equipment, net | 5,358 | 5,217 |
Intangible assets | 7,567 | 7,851 |
Long-term investments | 20,777 | 71,076 |
Prepaid and other long-term assets | 14 | 9,609 |
Total assets | 512,598 | 571,676 |
Current liabilities: | ||
Accounts payable | 6,746 | 9,304 |
Accrued compensation and employee benefits | 7,463 | 11,526 |
Accrued research and development | 39,015 | 44,973 |
Accrued and other liabilities | 7,456 | 3,552 |
Deferred revenue, current portion | 4,928 | 11,169 |
Current portion of notes payable and long term debt | 5,971 | |
Total current liabilities | 71,579 | 80,524 |
Notes payable, less current portion | 49,937 | 50,565 |
Long term debt, less current portion | 150,299 | 54,251 |
Long term obligation to collaborator, less current portion | 7,527 | 8,000 |
Deferred revenue, long-term | 5,194 | 18,798 |
Other long-term liabilities | 8,001 | 10,045 |
Total liabilities | 292,537 | 222,183 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.001 par value, 150,000,000 and 100,000,000 shares authorized at June 30, 2018 and December 31, 2017; 65,953,810 shares and 65,296,643 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 66 | 66 |
Additional paid-in capital | 1,584,144 | 1,551,728 |
Accumulated deficit | (1,365,853) | (1,204,519) |
Accumulated other comprehensive loss | (674) | (409) |
Total Portola stockholders’ equity | 217,683 | 346,866 |
Noncontrolling interest (SRX Cardio) | 2,378 | 2,627 |
Total stockholders’ equity | 220,061 | 349,493 |
Total liabilities and stockholders’ equity | $ 512,598 | $ 571,676 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 100,000,000 |
Common stock, shares issued | 65,953,810 | 65,296,643 |
Common stock, shares outstanding | 65,953,810 | 65,296,643 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Total revenues | $ 4,011,000 | $ 3,787,000 | $ 10,655,000 | $ 8,915,000 |
Operating expenses: | ||||
Cost of sales | 1,052,000 | 1,388,000 | ||
Research and development | 66,440,000 | 49,292,000 | 126,507,000 | 79,937,000 |
Selling, general and administrative | 40,214,000 | 20,329,000 | 71,755,000 | 35,350,000 |
Total operating expenses | 107,706,000 | 69,621,000 | 199,650,000 | 115,287,000 |
Loss from operations | (103,695,000) | (65,834,000) | (188,995,000) | (106,372,000) |
Interest and other income (expense), net | 1,828,000 | (124,000) | 5,199,000 | 289,000 |
Interest expense | (4,104,000) | (3,456,000) | (6,685,000) | (5,095,000) |
Net loss | (105,971,000) | (69,414,000) | (190,481,000) | (111,178,000) |
Net (income) loss attributable to noncontrolling interest (SRX Cardio) | (223,000) | (240,000) | 109,000 | (195,000) |
Net loss attributable to Portola | $ (106,194,000) | $ (69,654,000) | $ (190,372,000) | $ (111,373,000) |
Net loss per share attributable to Portola common stockholders: | ||||
Basic and diluted | $ (1.61) | $ (1.22) | $ (2.90) | $ (1.96) |
Shares used to compute net loss per share attributable to Portola common stockholders: | ||||
Basic and diluted | 65,884,767 | 57,050,523 | 65,698,391 | 56,872,644 |
Product Revenue, Net | ||||
Revenues: | ||||
Total revenues | $ 2,265,000 | $ 2,871,000 | ||
Collaboration and License Revenue | ||||
Revenues: | ||||
Total revenues | $ 1,746,000 | $ 3,787,000 | $ 7,784,000 | $ 8,915,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (105,971) | $ (69,414) | $ (190,481) | $ (111,178) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 127 | 21 | (265) | (58) |
Comprehensive loss | (105,844) | (69,393) | (190,746) | (111,236) |
Comprehensive (income) loss attributable to noncontrolling interest (SRX Cardio) | (223) | (240) | 109 | (195) |
Total comprehensive loss attributable to Portola | $ (106,067) | $ (69,633) | $ (190,637) | $ (111,431) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net loss | $ (190,481) | $ (111,178) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation and amortization | 1,526 | 1,002 |
Net (accretion) amortization on investment securities | (1,044) | 250 |
Non-cash interest expense | 6,685 | 5,095 |
Stock-based compensation expense | 24,194 | 22,291 |
Remeasurement (gain) loss on embedded derivatives liabilities | (1,569) | 666 |
Loss on assets disposal | 26 | |
Changes in operating assets and liabilities: | ||
Inventories | (5,983) | |
Trade and other receivables, net | 3,035 | |
Unbilled - collaboration and license revenue | 203 | |
Prepaid research and development | (548) | 3,812 |
Prepaid manufacturing | (15,547) | (6,167) |
Prepaid expenses and other current assets | (2,837) | (3,483) |
Prepaid and other long-term assets | 9,595 | (1,063) |
Accounts payable | (2,993) | (2,765) |
Accrued compensation and employee benefits | (4,063) | 754 |
Accrued research and development | (5,958) | (1,768) |
Accrued and other liabilities | 3,453 | 1,342 |
Deferred revenue | 2,499 | (8,915) |
Other long-term liabilities | (476) | (432) |
Net cash used in operating activities | (180,309) | (100,533) |
Investing activities | ||
Purchases of property and equipment | (1,263) | (304) |
Purchases of intangible assets | (5,000) | |
Purchases of investments | (166,944) | (186,407) |
Proceeds from maturities of investments | 236,775 | 170,529 |
Net cash provided by (used in) investing activities | 68,568 | (21,182) |
Financing activities | ||
Proceeds from debt issuance, net | 95,000 | 48,000 |
Debt issuance costs paid | (557) | |
Proceeds from issuance of common stock pursuant to equity award plans | 8,222 | 9,623 |
Dividends to Noncontrolling interest (SRX Cardio)'s shareholders | (140) | |
Net cash provided by financing activities | 103,082 | 57,066 |
Net decrease in cash, cash equivalents and restricted cash | (8,659) | (64,649) |
Cash, cash equivalents and restricted cash at beginning of period | 181,741 | 188,658 |
Cash, cash equivalents and restricted cash at end of period | $ 173,082 | $ 124,009 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Portola Pharmaceuticals, Inc. ® Our two medicines approved by the U.S. Food and Drug Administration (“FDA”) are Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], the first and only antidote for patients treated with rivaroxaban and apixaban, when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding, and Bevyxxa® (betrixaban), the first and only oral, once-daily Factor Xa inhibitor, for the prevention of venous thromboembolism (“VTE”) in adult patients hospitalized for an acute medical illness. We received approval for Andexxa and Bevyxxa in May 2018 and June 2017, respectively. We are also advancing cerdulatinib, a spleen tyrosine kinase, or Syk, and kinases, or JAK, inhibitor in development to treat hematologic cancers. We have a partnered program, which is focused on developing selective Syk inhibitors for inflammatory conditions. We refer to our two approved drugs in this report as Andexxa and Bevyxxa. If approved outside of the United States, each drug may be marketed under different brand names. In addition, an international nonproprietary name (“INN”) has been designated for each drug. Our previous INN for Andexxa was andexanet alfa; however, in the United States this INN has been replaced with “coagulation factor Xa (recombinant), inactivated-zhzo.” For the EU and other parts of the world, andexanet alfa could remain the INN for Andexxa. Our use of Andexxa or Bevyxxa in this document in the context of continued development activities for which we have not yet received regulatory approval should not be read to imply that we have received regulatory approval for any indication or in any jurisdiction not reflected in our product labels. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the amounts of Portola, its wholly-owned subsidiaries and a development partner that is a variable interest entity (a “VIE”) for which Portola is deemed, under applicable accounting guidance, to be the primary beneficiary as of June 30, 2018. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP has been condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of our financial information. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2017 included in our Annual Report on Form 10-K filed on March 1, 2018 with the SEC. Reclassification Certain prior period amounts on the accompanying condensed consolidated financial statements have been reclassified to conform to current period presentation. This reclassification did not have any material impact on our results of operations or financial condition or statement of cashflows as of December 31, 2017. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of revenues and expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, inventory, clinical trial accruals, fair value of assets and liabilities, income taxes, in-process research and development, carrying value of notes payable and long term debt less current royalty obligations, the consolidation of VIEs, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. Cash as Reported in Condensed Consolidated Statements of Cash Flows Cash as reported in the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash, and consists of the following (in thousands): June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents $ 173,052 $ 181,568 $ 123,837 $ 188,480 Restricted cash (SRX Cardio) 30 173 172 178 Total cash balance in condensed consolidated statements of cash flows $ 173,082 $ 181,741 $ 124,009 $ 188,658 Inventories Inventories are stated at the lower of cost or estimated net realizable value, on a first-in, first-out, or FIFO, basis. We primarily use actual costs to determine our cost basis for inventories. Prior to the regulatory approval of our product candidates, we incur expenses for the manufacture of drug product that could potentially be available to support the commercial launch of our products. Until the first reporting period when regulatory approval has been received, we record all such costs as research and development expense. Beginning in the fourth quarter of 2017, we began to capitalize inventory costs associated with Bevyxxa when it was determined that the inventory had a probable future economic benefit. We periodically analyze our inventory levels, and write down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and inventory in excess of expected sales requirements as cost of sales. This inventory capitalization process began to be applied to Andexxa Gen 1 supply upon FDA approval of Andexxa on May 3, 2018. The bulk drug substance (“BDS”) in Andexxa is currently produced by one supplier. The active pharmaceutical ingredient (“API”) in Bevyxxa is also produced by one supplier. Because the BDS and API have undergone significant manufacturing specific to their intended purposes at the point they are purchased by us, we classify them as work-in-process inventory. Customer Concentration Customers who accounted for 10% or more of total revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Bayer Pharma, AG and Janssen Pharmaceuticals, Inc. 48% 53% 48% 47% Daiichi Sankyo, Inc. * 14% 18% 15% Bristol-Myers Squibb Company and Pfizer Inc. * 27% * 31% * Less than 10% Revenue Recognition On January 1, 2018, we adopted Accounting Standards Codification (“ASC”), Topic 606 (ASC 606), Revenue from Contracts with Customers Pursuant to ASC 606, we recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract, determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue, Net Our product revenue consists of the U.S. sales of Andexxa, which we began shipping to customers in May 2018, and the U.S. sales of Bevyxxa, which we began shipping to customers in January 2018. Prior to January 2018 we had no product revenues. We sell Andexxa and Bevyxxa to a limited number of specialty distributors and wholesalers in the United States (“Customers”). These Customers subsequently resell our products to hospitals, pharmacies and long-term care centers. In addition to distribution agreements with Customers, we enter into arrangements with group purchasing organizations, indirect customers and payors that provide for privately negotiated rebates, chargebacks, distribution costs and discounts with respect to the purchase of our products. We recognize revenue on product sales when the Customer obtains control of our product, which occurs at a point in time (upon delivery). Product revenues are recorded net of applicable reserves for variable consideration, including discounts and allowances. We expense incremental costs of obtaining a contract when incurred, if the expected amortization period of the asset that we would have recognized is one year or less. To date, we have not incurred such costs. Reserves for Variable Consideration Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from discounts, returns, chargebacks, rebates, copay assistance and other allowances that are offered within contracts between us and our Customers, group purchasing organizations, payors and other indirect customers relating to our product sales. These reserves as detailed below are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the Customer) or a current liability (if the amount is payable to a party other than a Customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted in accordance with the expected value method under ASC 606 for relevant factors. These factors include current contractual and statutory requirements, specific known market events and trends, industry data, and/or forecasted customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the respective underlying contracts. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known . Trade Discounts and Allowances: We generally provide Customers with discounts which include incentive fees that are explicitly stated in our contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, we compensate our Customers and indirect customers for sales order management, data, and administrative and distribution services. However, we have determined such services received to date are not distinct from our sale of products to the Customer and therefore a fair market value for these services may not be reasonably determined. Therefore, these payments have been recorded as a reduction of revenue within the condensed consolidated statement of operations for the three and six months ended June 30, 2018. Product Returns: We generally offer Customers a right of return based on the product’s expiration date or other market-based factors for product that has been purchased from us. We estimate the amount of our product sales that may be returned by our Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We currently estimate product return liabilities using available industry data, our own sales information and our visibility into the inventory remaining in the distribution channel. Chargebacks: Chargebacks are discounts that occur when contracted customers, which currently consist primarily of group purchasing organizations purchase directly from our wholesalers at a discounted price. The wholesalers, in turn, charge us back the difference between the price initially paid by the wholesaler and the discounted price paid to the wholesaler by the healthcare providers. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and receivables. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by Customers, and we generally issue credits for such amounts within a few weeks of the Customer’s notification to us of the resale. Reserves for chargebacks consist of credits that we expect to issue for units that remain in the distribution channel inventories at each reporting period end that we expect will be sold to qualified healthcare providers, and chargebacks that Customers have claimed but for which we have not yet issued a credit. Payor Rebates: We contract with various private payor organizations, primarily insurance companies and pharmacy benefit managers, for the payment of rebates with respect to utilization of our products. We estimate these rebates and record such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Collaboration and License Revenue We enter into collaboration and license agreements for the development and commercialization of our products that are within the scope of ASC 606. The terms of collaboration and license agreements typically include payments to us of one or more of the following: non-refundable or partially refundable upfront or license fees; development, regulatory and commercial milestone payments; manufacturing supply services; partial or complete reimbursement of research and development costs; and royalties on net sales of licensed products. Each of these payments results in collaboration and license revenue, except for royalties on net sales of licensed products, which are classified as royalty revenues. To date, we have not received any royalty revenues. As part of the accounting for these arrangements, we must apply judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the contract. To determine the stand-alone selling price, we rely on assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Licenses of Intellectual Property: If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments: At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or that of the licensee, such as regulatory approvals, are constrained until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such development milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration and license revenue in the period of adjustment. Manufacturing Supply Services: Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We assess whether these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. If we are entitled to additional payments when the licensee exercises these options, any additional payments are recorded in collaboration and license revenue when the licensee obtains control of the goods, which is upon delivery. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, we have not recognized any royalty revenue resulting from any of our out-licensing arrangements. Research and Development Activities: Amounts related to research and development and regulatory activities are recognized as the related services or activities are performed, in accordance with the contract terms. Payments may be made to or by us based on the number of full-time equivalent researchers assigned to the collaboration project and the related research and development expenses incurred. We receive payments from our collaborators based on billing schedules established in each contract. Upfront payments and fees may be recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until we perform our obligations under these arrangements. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the collaborators and the transfer of the promised goods or services to the collaborators will be one year or less. Cost of Sales Cost of sales represents primarily the costs associated with manufacturing of Andexxa and Bevyxxa, Bevyxxa net sales-based royalties payable to Millennium and amortization of an intangible asset associated with a capitalized milestone payment made to Millennium upon FDA approval of Bevyxxa. We periodically write-down inventory for estimated excess, obsolete and non-sellable inventories based on assumptions about future demand, past usage, changes to manufacturing processes and overall market conditions. Net Loss per Share Attributable to Portola Common Stockholders Basic net loss per share attributable to Portola Common Stockholders is calculated by dividing the net loss attributable to Portola Common Stockholders by the weighted-average number of shares of Common Stock outstanding for the period. Diluted net loss per share attributable to Portola Common Stockholders is the same as basic net loss per share attributable to Portola Common Stockholders, since the effects of potentially dilutive securities are antidilutive. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“ ASU”) No. 2016-02, Leases (Topic 842) , which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). For lessees, leases will continue to be classified as either operating or financing in the income statement. This ASU becomes effective in the first quarter of fiscal year 2019 and early adoption is permitted. This ASU is required to be applied with a modified retrospective approach and requires application of the new standard at the beginning of the earliest comparative period presented. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In issuing ASU No. 2018-11, the FASB decided to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We are currently evaluating the impact that ASU 2016-02 and ASU 2018-11 will have on our condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting Recent Accounting Pronouncements Adopted In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash . This ASU requires changes in restricted cash during the period to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. If cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the total in the statement of cash flows to the related captions in the balance sheet. This guidance is effective for annual and interim periods of public entities beginning after December 15, 2017, with early adoption permitted . The amendments in this ASU should be applied retrospectively to all periods presented. We adopted this guidance on January 1, 2018. The adoption of this ASU our beginning and ending cash balances within our condensed consolidated statements of cash flows. The adoption had no other material impacts to our condensed consolidated statements of cash flows and had no impact on our results of operations or financial position. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . This ASU addresses the presentation of certain items on the statement of cash flows including among other things settlement of zero coupon debt instruments or other debt instruments with coupon interest rates that are insignificant to the effective interest rate of the borrowing. Pursuant to the new guidance, at the settlement of our promissory notes to Bristol-Myers Squibb Company (“BMS”) and Pfizer Inc. (“Pfizer”) and the fundings received from HeatlthCare Royalty Partners and its Affiliates, we should classify the portion of the cash payment attributable to the accreted interest related to the debt discount as cash outflows for operating activities, and the portion of the cash payment attributable to the principal as cash outflows for financing activities. Accretion of accrued interest will continue to be recorded as a non-cash item under operating activities. This guidance is effective for annual and interim periods of public entities beginning after December 15, 2017, with early adoption permitted . We adopted this guidance on January 1, 2018, and the adoption had no impact on our condensed consolidated financial statements for the period ended June 30, 2018. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Income Tax Accounting Implications of the Tax Cuts and Jobs Act In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers using the modified retrospective method to all contracts that were not completed as of January 1, 2018. The cumulative effect of applying the new guidance was recorded as an adjustment to accumulated deficit as of the adoption date. As a result, the following adjustments were made to the condensed consolidated balance sheet as of January 1, 2018 (in thousands): As of January 1, 2018 As Revised Under ASC 606 As Originally Reported Effect of Change Assets: Unbilled - collaboration and license revenue $ 6,694 $ — $ 6,694 Trade and other receivables, net 2,706 — 2,706 Prepaid expenses and other current assets — 2,706 (2,706 ) Liabilities: Deferred revenue, current portion 6,354 11,169 (4,815 ) Deferred revenue, long-term 1,269 18,798 (17,529 ) Stockholders' equity: Accumulated deficit $ (1,175,481 ) $ (1,204,519 ) $ 29,038 The following table compares the reported condensed consolidated balance sheet and statement of operations information to the balances that do not reflect the adoption of ASC 606 as of and for the three and six months ended June 30, 2018 (in thousands, except for per share data): As of June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Assets: Unbilled - collaboration and license revenue $ 6,491 $ — $ 6,491 Trade and other receivables, net 847 — 847 Prepaid expenses and other current assets — 847 (847 ) Liabilities: Deferred revenue, current portion 4,928 5,726 (798 ) Deferred revenue, long-term 5,194 25,316 (20,122 ) Stockholders' equity: Accumulated deficit (1,365,853 ) (1,393,264 ) 27,411 Three Months Ended June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Revenue: Collaboration and license revenue $ 1,746 $ 1,569 $ 177 Operating expenses: Research and development 66,440 65,676 764 Loss from operations (103,695 ) (103,107 ) (588 ) Net loss (105,971 ) (105,383 ) (588 ) Net loss attributable to Portola (106,194 ) (105,606 ) (588 ) Net loss per share attributable to Portola common stockholders: Basic and diluted $ (1.61 ) $ (1.60 ) $ (0.01 ) Six Months Ended June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Revenue: Collaboration and license revenue $ 7,784 $ 7,925 $ (141 ) Operating expenses: Research and development 126,507 125,021 1,486 Loss from operations (188,995 ) (187,368 ) (1,627 ) Net loss (190,481 ) (188,854 ) (1,627 ) Net loss attributable to Portola (190,372 ) (188,745 ) (1,627 ) Net loss per share attributable to Portola common stockholders: Basic and diluted $ (2.90 ) $ (2.87 ) $ (0.03 ) Our financial position with respect to product revenues would not have been materially different without the adoption of ASC 606, however, we would have deferred revenue recognition under ASC Topic 605 until product sold through to the end customer. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The following table presents our revenues, disaggregated by timing of transfer of goods or services (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Product Revenue, net Collaboration and License Revenue Total Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 2,265 $ — $ 2,265 $ 2,871 $ — $ 2,871 Transferred over time — 1,746 1,746 — 7,784 7,784 Total $ 2,265 $ 1,746 $ 4,011 $ 2,871 $ 7,784 $ 10,655 The following table presents changes in our contract assets and liabilities for the six months ended June 30, 2018 (in thousands): Balance at Beginning of Period Addition Deduction Balance at End of Period Contract assets: Unbilled - collaboration and license revenue $ 6,694 $ 5,439 $ (5,642 ) $ 6,491 Total contract assets $ 6,694 $ 5,439 $ (5,642 ) $ 6,491 Contract liabilities: Deferred revenue $ 7,623 $ 6,857 $ (4,359 ) $ 10,121 Total contract liabilities $ 7,623 $ 6,857 $ (4,359 ) $ 10,121 Significant changes in the contract liabilities balances during the periods are as follows (in thousands): Three Months Ended as of June 30, 2018 Six Months Ended as of June 30, 2018 Cumulative catch-up adjustment to revenue related to a change in an estimate of the transaction price $ 91 $ 1,980 Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period 753 4,032 The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2018 (in thousands): Collaborator Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 Expected Year By Which Revenue Recognition Will Be Completed Percentage of Revenue Recognized BMS and Pfizer - 2014 agreement $ 156 2019 99 % BMS and Pfizer - 2016 agreement 2,383 2021 81 % Daiichi Sankyo - 2014 agreement 3,736 2020 89 % Daiichi Sankyo - 2016 agreement 4,212 2023 69 % Bayer and Janssen - 2014 agreement 245 2019 99 % Bayer - 2016 agreement 3,762 2023 72 % Total $ 14,494 Milestone payments or refundable advance payments that are not considered probable of being achieved are excluded from the transaction price until they are probable. Sales-based royalties, including milestone payments based on the level of sales, related to license arrangements are excluded from variable consideration and will be recognized at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, we have not recognized any royalty revenue resulting from any of our licensing arrangements. Product Revenue, Net To date, our source of product revenue has been from the U.S. sales of Andexxa and Bevyxxa, which we began shipping to customers in May 2018 and January 2018, respectively. Collaboration and License Revenue BMS and Pfizer Agreement Terms In January 2014, we entered into an agreement with BMS and Pfizer to further study Andexxa as a reversal agent for their jointly-owned, FDA-approved oral Factor Xa inhibitor, apixaban, through Phase 3 studies (the “2014 BMS and Pfizer Agreement”). We are responsible for the cost of conducting this clinical study. Pursuant to our agreement with BMS and Pfizer we are obligated to provide research, development and regulatory approval services and participate in the Joint Collaboration Committee (“JCC”) in exchange for a partially refundable upfront fee of $13.0 million and up to $12.0 million of contingent milestone payments due upon achievement of certain development and regulatory events. All consideration received and to be earned under this agreement is subject to a 50% refund contingent upon achievement of certain regulatory and/or clinical events. In February 2016, we entered into a collaboration and license agreement with BMS and Pfizer whereby BMS and Pfizer obtained exclusive rights to develop and commercialize Andexxa in Japan (the “2016 BMS and Pfizer Agreement”). BMS and Pfizer are responsible for all development, regulatory and commercial activities in Japan and we will reimburse BMS and Pfizer for expenses they incur for research and development activities specific to Factor Xa inhibitors other than apixaban. Pursuant to this agreement, we are obligated to provide certain research and development activities outside of Japan, provide clinical drug supply and related manufacturing services and to participate on various committees in exchange for a non-refundable upfront fee of $15.0 million. We are also eligible to receive, contingent payments totaling up to $20.0 million which may be earned upon achievement of certain regulatory events and up to $70.0 million which may be earned upon achievement of specified annual net sales volumes in Japan. We are also entitled to receive royalties ranging from 5% to15% on net sales of Andexxa in Japan. Revenue Recognition We assessed the 2014 BMS and Pfizer Agreement and the 2016 BMS and Pfizer Agreement in accordance with ASC 606 and concluded that BMS and Pfizer are customers. We identified the following performance obligations under the 2014 BMS and Pfizer Agreement: (1) to provide research, development and regulatory services, and (2) to provide manufacturing and supply services. We determined that the research, development and regulatory services can only provide benefit to BMS and Pfizer in combination with the manufacture and supply of Andexxa and because the manufacturing know-how is proprietary to us and cannot be provided by other vendors, the services do not qualify as distinct performance obligations. As the manufacturing and supply services are a required input to the research, development and regulatory services, we have combined all activities into a single performance obligation. The nature of the combined performance obligation is to provide research, development and regulatory services necessary to obtain approval of Andexxa as a reversal agent to apixaban in both the United States and Europe. For revenue recognition purposes, we determined that the duration of the contract began on the effective date in January 2014 and ends upon Andexxa approval in United States and Europe, which we expected to be achieved in 2020. We updated the expected duration of the contract in the second quarter of 2018 following an amendment to our development plan. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. We analyzed the impact of BMS and Pfizer terminating the agreement prior to Andexxa approval and determined that there were substantive non-monetary penalties to BMS and Pfizer for doing so. We considered quantitative and qualitative factors to reach this conclusion. We determined that the transaction price of the 2014 BMS and Pfizer Agreement was $16.5 million as of June 30, 2018. In order to determine the transaction price, we evaluated all the payments to be received during the duration of the contract and whether the occurrence of the 50% refundable feature associated with such payments was probable. We have concluded that no portion of the cash receipts should be constrained related to the refund provision because the activities that would trigger a refund are under our control and considered to be remote. As of June 30, 2018, there are no additional payments eligible to be earned. We are utilizing a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. We believe this is the best measure of progress because other measures do not reflect how we transfer the performance obligation to our counterparty. In applying the cost-based input methods of revenue recognition, we use actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs and internal full-time equivalent effort. A cost-based input method of revenue recognition requires us to make estimates of costs to complete the performance obligations. The cumulative effect of revisions to estimated costs to complete the performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. For the three and six months ended June 30, 2018, we have recognized $0.8 million and $1.3 million, respectively, as license and collaboration revenue under the 2014 BMS and Pfizer Agreement and we recorded $0.2 million in deferred revenue under contract liabilities as of June 30, 2018 on the condensed consolidated balance sheets. There were no costs incurred to obtain or fulfill the contract. We identified the following performance obligations under the 2016 BMS and Pfizer Agreement: (1) grant of an intellectual property license in Japan, (2) to provide research and development services, and (3) to provide manufacturing services and supply Andexxa for development and commercial purposes. Because the Andexxa program had already progressed into a late-phase of development at the inception of the 2016 BMS and Pfizer Agreement, we concluded that the Japan license has standalone functionality and is capable of being distinct. However, we determined that the license is not distinct from the other obligations within the context of the agreement because the research and development services and manufacturing and supply services are necessary to increase the utility of the intellectual property and the performance of such services requires our unique expertise and experience. Accordingly, we have concluded that research and development services and manufacturing and supply services are not distinct from the license within the context of the contract and therefore the license, research and development services, manufacturing and supply services are combined into a single performance obligation. In addition, we have identified the following customer options that will create a manufacturing obligation for us upon exercise by BMS and Pfizer: (1) commercial supply of Andexxa for sale in Japan and (2) BMS and Pfizer’s participation in manufacturing capacity expansion. We considered the status of Andexxa approval in the United States and Europe and its impact on Japan, Andexxa’s manufacturing complexities, Andexxa’s expansion plan with our existing vendors and BMS and Pfizer’s manufacturing capabilities to determine if these options constituted options with material rights. These options are not options with material rights because the $15.0 million upfront payment received by us was not negotiated to provide incremental discount for the commercial supplies payments and BMS and Pfizer’s payment for capacity expansion to be received in the future. For revenue recognition purposes, we have determined that the duration of the contract begins on the effective date in February 2016 and ends upon estimated completion of the Andexxa Phase 4 expansion clinical trial in Japan. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. We analyzed the impact of BMS and Pfizer terminating the agreement prior to the completion of Andexxa Phase 4 expansion clinical trial in Japan and determined that there were substantive non-monetary penalties to BMS and Pfizer for doing so. We considered quantitative and qualitative factors to reach this conclusion. We determined that the transaction price of the 2016 BMS and Pfizer Agreement was $12.3 million as of June 30, 2018 which includes routine updates for estimated costs that BMS and Pfizer will incur in developing Andexxa in Japan and are eligible to be billed to us. In determining the transaction price, we evaluated all the payments to be received during the duration of the contract. As of June 30, 2018, the transaction price includes, $15.0 million of upfront payment, $5.0 million for acceptance of the Japan New Drug Application (“JNDA”) in Japan, as management expects it to be probable of achievement, $3.1 million of estimated variable consideration for cost-sharing payments from BMS and Pfizer for agreed upon research and development services for clinical trials outside of Japan, and $0.2 million for the estimated costs of Andexxa clinical supplies to BMS and Pfizer for Andexxa Phase 4 expansion clinical trial in Japan. Our transaction price is reduced by $11.0 million for estimated payments to be made to BMS and Pfizer for costs they will incur in developing Andexxa in Japan. Regulatory approval milestones were fully constrained and therefore are not included in the transaction price, as the receipts of such milestones are outside of our control. In determining whether to constrain other milestones, we considered numerous factors, including whether receipt of the milestones is within our control, contingent upon success in future clinical trials and/or the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to BMS and Pfizer and therefore have also been excluded from the transaction price. We will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. We are responsible to perform certain clinical trials outside of Japan and BMS and Pfizer are responsible to perform research and development services in Japan. Outside of Japan, we are primarily responsible to perform an ethnic sensitivity study (“ESS-Study”) of Japanese ethnicity. BMS and Pfizer are responsible to expand our current Phase 3/4 clinical trial of Andexxa into Japan and to perform any further studies requested by the Japanese regulatory authorities. BMS and Pfizer will reimburse us for 33% of our costs and expenses incurred in conducting the ESS-Study and we will reimburse 66% of the costs and expenses incurred by BMS and Pfizer related to research and development services in Japan including post-approval surveillance studies as may be required by the regulatory authority. All parties to this agreement will make quarterly cost-sharing payments to one another in amounts necessary to ensure that each party bears its contractual share of the overall shared costs incurred. We account for cost-sharing payments received from BMS and Pfizer as increases to our transaction price while cost-sharing payments we make to BMS and Pfizer are accounted for as reductions to our transaction price. Costs incurred by us related to agreed upon services under the agreement are recorded as research and development expenses in our consolidated condensed statements of operations. We are utilizing a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. We believe this is the best measure of progress because other measures do not reflect how we transfer the performance obligation to our counterparty. In applying the cost-based input methods of revenue recognition, we use actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs and internal full-time equivalent effort. A cost-based input method of revenue recognition requires management to make estimates of costs to complete the performance obligations. The cumulative effect of revisions to estimated costs to complete the performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. For the three and six months ended June 30, 2018, we have recognized $(1.1) million and $(0.6) million, respectively, as license and collaboration revenue under the 2016 BMS and Pfizer Agreement and have recorded $9.2 million as deferred revenue under contract liabilities as of June 30, 2018 on the condensed consolidated balance sheets. There were no costs incurred to obtain or fulfill the contract. Daiichi Sankyo, Inc. (“Daiichi Sankyo”) Agreement Terms In July 2014, we entered into an agreement with Daiichi Sankyo to study the safety and efficacy of Andexxa as a reversal agent to edoxaban, in our Phase 3 and Phase 4 studies (the “2014 Daiichi Sankyo Agreement”). We are responsible for the cost of conducting these clinical studies. Pursuant to our agreement with Daiichi Sankyo we are obligated to provide research, development and regulatory services and to manufacture and supply Andexxa in exchange for an upfront nonrefundable fee of $15.0 million, up to two contingent payments totaling $5.0 million which are payable upon the initiation of our Phase 3 study and achievement of certain events associated with scaling up our manufacturing process to support a commercial launch, and up to four payments totaling $20.0 million which are payable upon acceptance of filing and regulatory approval of Andexxa as a reversal agent to edoxaban by the FDA and European Medicines Agency (“EMA”). In October 2016, we amended this agreement to expedite the expansion of our Phase 4 trial in exchange for an upfront fee of $15.0 million, $8.0 million of which is payable back to Daiichi Sanko based solely on quarterly royalty payments of 1% of world-wide net sales of Andexxa. We are also eligible to receive up to three contingent payments totaling $10.0 million payable upon achieving specified clinical site activation and patient enrollment targets. Additionally, the $2.5 million contingent payment associated with scaling up our manufacturing process from the original agreement has been removed by this amendment. In March 2016, we entered into an agreement with Daiichi Sankyo to perform an ESS-Study of Japanese ethnicity, perform any further studies requested by the Japanese regulatory authorities and to deliver services in connection with our collaboration agreement to commercialize Andexxa in Japan with BMS and Pfizer (the “2016 Daiichi Sankyo Agreement”). Daiichi Sankyo will reimburse us for 33% of our costs and expenses incurred to conduct the ESS-Study and between 33% and 100% of costs and expenses we incur for other studies that involve edoxaban under the terms of the arrangement. Revenue Recognition We assessed the 2014 Daiichi Sankyo Agreement as amended in October 2016 and the 2016 Daiichi Sankyo Agreement in accordance with ASC 606 and concluded that Daiichi Sankyo is a customer. We concluded that the 2014 Daiichi Sankyo Agreement and the October 2016 amendment of this agreement are linked and should be accounted for as a combined agreement. We identified the following performance obligations under the combined agreement: (1) to provide research, development and regulatory services, and (2) to provide manufacturing and supply services. We determined that the research, development and regulatory services can only provide benefit to Daiichi Sankyo in combination with the manufacture and supply of Andexxa and because the manufacturing know-how is proprietary to us and cannot be provided by other vendors, the services do not qualify as distinct performance obligations. As the manufacturing and supply services are a required input to the research, development and regulatory services, we have combined all activities into a single performance obligation. The nature of the combined performance obligation is to provide research, development and regulatory services necessary to obtain approval of Andexxa as a reversal agent to edoxaban in both the United States and Europe. For revenue recognition purposes, we determined that the duration of the contract begins on the effective date in July 2014 and ends upon Andexxa approval as a reversal agent to edoxoban in United States and Europe, which we expect to be achieved in 2020. We updated the expected duration of the contract in the second quarter of 2018 following an amendment to our development plan. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. We analyzed the impact of Daiichi Sankyo’s terminating the agreement prior to Andexxa approval and determined that there were substantive non-monetary penalties to Daiichi Sankyo for doing so. We considered quantitative and qualitative factors to reach this conclusion. We determined that the transaction price of the 2014 Daiichi Sankyo Agreement and October 2016 amendment of this agreement was $34.0 million as of June 30, 2018. In order to determine the transaction price, we evaluated all the payments to be received during the duration of the contract. As of June 30, 2018, the transaction price includes $22.0 million of upfront payments, $9.0 million in milestones already received upon achievement of specified events and a $3.0 million milestone related to clinical metrics we have determined is probable of achievement. As of June 30, 2018, we have $5.5 million of further milestone payments eligible to be included in the transaction price but have determined they are not probable of achievement and therefore constrained. As part of our evaluation of the constraint, we considered numerous factors, including whether receipt of the milestones is outside of our control and/or contingent upon success in future clinical trial. We will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. We are utilizing a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. We believe this is the best measure of progress because other measures do not reflect how we transfer the performance obligation to our counterparty. In applying the cost-based input method of revenue recognition, we use actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs and internal full-time equivalent effort. A cost-based input method of revenue recognition requires management to make estimates of costs to complete the performance obligations. The cumulative effect of revisions to estimated costs to complete the performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. For the three and six months ended June 30, 2018, we have recognized $(0.6) million and $0.7 million, respectively, as license and collaboration revenue under the combined 2014 Daiichi Sankyo Agreement and October 2016 amendment and have recorded $0.7 million as deferred revenue under contract liabilities as of June 30, 2018 on the condensed consolidated balance sheets. There were no costs incurred to obtain or fulfill the contract. We identified the following performance obligations under the 2016 Daiichi Sankyo Agreement: (1) to provide research and development services, (2) to provide regulatory approval services, and (3) to manufacture and provide clinical supply of Andexxa. We determined that our obligation to provide research and development and regulatory services can only provide benefit to Daiichi Sankyo in combination with our supply of clinical Andexxa for the Phase 4 expansion clinical study. The Andexxa manufacturing know-how is specialized and proprietary to us and cannot be provided by other vendors. Therefore, we have concluded that the research, development, regulatory and Andexxa supply services are not distinct within the context of the contract, and thus these obligations are combined into a single performance obligation. We have exclusive rights to develop Andexxa outside of Japan and are solely responsible for performing such activities, including the ESS-Study, in support of the JNDA. Development activities occurring in Japan, including the expansion of our Phase 4 clinical trial, are the responsibility of BMS and Pfizer, however, the costs of such activities related to Factor Xa inhibitors other than apixaban are borne by us. Pursuant to this agreement, we are responsible to ensure edoxaban is included in all development activities related to Andexxa and Daiichi Sankyo will compensate us accordingly. We account for the expected cost-sharing payments from Daiichi Sankyo as an increase to the transaction price. We determined that the transaction price of the 2016 Daiichi Sankyo Agreement was $13.6 million as of June 30, 2018 which includes routine updates for estimated reimbursable costs to be incurred in future periods. In order to determine the transaction price, we evaluated all the payments to be received during the duration of the contract. As of June 30, 2018, the transaction price includes $5.0 million of upfront payment and $3.1 million of estimated variable consideration for cost-sharing payments from Daiichi Sankyo for the ESS-study, and $5.5 million of estimated variable consideration for cost-sharing payments from Daiichi Sankyo associated with the development of Andexxa in Japan. As of June 30, 2018, we have $10.0 million of further regulatory milestone payments eligible for achievement, however, regulatory milestones have been fully constrained and thus are not included in the transaction price. In determining whether to constrain these milestones, we considered numerous factors, including whether receipt of the milestones is within our control and/or contingent upon success in future clinical trials. We will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. We are utilizing a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. We believe this is the best measure of progress because other measures do not reflect how we transfer the performance obligation to our counterparty. In applying the cost-based input methods of revenue recognition, we use actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs and internal full-time equivalent effort. A cost-based input method of revenue recognition requires management to make estimates of costs to complete the performance obligations. The cumulative effect of revisions to estimated costs to complete the performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. For the three and six months ended June 30, 2018, we have recognized $0.7 million and $1.2 million, respectively, as license and collaboration revenue under the 2016 Daiichi Sankyo Agreement and have recorded $2.1 million as Unbilled - collaboration and license revenue as of June 30, 2018 on the condensed consolidated balance sheets. None of the costs to obtain or fulfill the contract were capitalized. Bayer Pharma, AG (“Bayer”) and Janssen Pharmaceuticals, Inc. (“Janssen”) Agreement Terms In January 2014, we entered into an agreement with Bayer and Janssen to study Andexxa as a reversal agent to rivaroxaban in our Phase 3 studies and to seek regulatory approval in the United States and Europe (the “2014 Bayer and Janssen Agreement”). We are responsible for the costs associated with this agreement. We are obligated to provide research, development, manufacturing and regulatory services in exchange for an upfront nonrefundable fee of $10.0 million, up to three payments totaling $7.0 million which are payable upon achievement of certain events associated with scaling up our manufacturing process to support a commercial launch, and up to three payments totaling $8.0 million which are payable upon initiation of our Phase 3 study and regulatory approval of Andexxa as a reversal agent to rivaroxaban in United States and Europe. Revenue Recognition We assessed the 2014 Bayer and Janssen Agreement in accordance with ASC 606 and concluded that Bayer and Janssen are customers. We identified the following performance obligation under the 2014 Bayer and Janssen Agreement: (1) to provide research and development services, (2) to provide manufacturing services and to supply Andexxa, and (3) to provide regulatory approval services. We determined that the research, development and regulatory services can only provide benefit to Bayer and Janssen in combination with the manufacture and supply of Andexxa and because the manufacturing know-how is specialized and proprietary to us and cannot be provided by other vendors, the services do not qualify as distinct performance obligations. As the manufacturing and supply services are a required input to the research, development and regulatory services, we have combined all activities into a single performance obligation. The nature of the combined performance obligation is to provide research, development and regulatory services necessary to obtain approval of Andexxa as a reversal agent to rivaroxaban in both the United States and Europe. For revenue recognition purposes, we determined that the duration of the contract begins on the effective date of the 2014 Bayer and Janssen Agreement and ends upon Andexxa approval in the United States and Europe for rivaroxaban, expected to be achieved in 2019. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. We analyzed the impact of Bayer and Janssen terminating the agreement prior to Andexxa approval and determined that there were substantive non-monetary penalties to Bayer and Janssen Pfizer for doing so. We considered quantitative and qualitative factors to reach this conclusion. We determined that the transaction price of the 2014 Bayer and Janssen Agreement was $25.0 million as of June 30, 2018. In order to determine the transaction price, we evaluated all the payments to be received during the duration of the contract. As of June 30, 2018, the transaction price includes, $10.0 million of upfront payment, $13.0 million in milestones that have already been achieved and a $2.0 million milestone that we deem probable of achievement following the Committee for Medicinal Products for Human Use positive trend vote and subsequent discussions with the EMA during the six months ended June 30, 2018. There is no further consideration eligible to be included in the transaction price. We are utilizing a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. We believe this is the best measure of progress because other measures do not reflect how we transfer the performance obligation to our counterparty. In applying the cost-based input method of revenue recognition, we use actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of third-party contract costs and internal full-time equivalent effort. A cost-based input method of revenue recognition requires management to make estimates of costs to complete the performance obligations. The cumulative effect of revisions to estimated costs to complete the performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. For the three and six months ended June 30, 2018, we have recognized $1.2 million and $3.9 million, respectively, as license and collaboration revenue under the 2014 Bayer and Janssen Agreement and have recorded $1.8 million as Unbilled - collaboration and license revenue as of June 30, 2018 on the condensed con |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The carrying amounts of certain of our financial instruments, including cash and cash equivalents, restricted cash, short-term investments, receivables from collaborations, prepaid research and development, prepaid expenses and other current assets and accounts payable, accrued research and development, accrued compensation and employee benefits, accrued and other liabilities and deferred revenue and approximate their fair value due to their short maturities. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In certain cases where there is limited activity or less transparency around inputs to valuation, the related assets or liabilities are classified as Level 3. Our embedded derivative liabilities are measured at fair value using a Monte Carlo simulation model and are included as a component of other long-term liabilities on the consolidated balance sheets. The embedded derivative liabilities are subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of interest and other income (expense), net, in our condensed consolidated statements of operations. The assumptions used in the Monte Carlo simulation model include: (1) our estimates of both the probability and timing of manufacturing regulatory approval of Andexxa and other related events; (2) the probability-weighted net sales of Andexxa; (3) our risk-adjusted discount rate that includes a company specific risk premium; (4) our cost of debt; (5) volatility; (6) the probability of a change in control occurring during the term of the note; and (7) the probability of an event of default. Our noncontrolling interest in SRX Cardio includes the fair value of the contingent milestone and royalty payments, which is valued based on Level 3 inputs. See Note 8, "Asset Acquisition and License Agreements," to these condensed consolidated financial statements for further information. There were no transfers between Level 1, Level 2 and Level 3 during the periods presented. In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Our noncontrolling interest in SRX Cardio includes the fair value of the contingent milestone and royalty payments, which is valued based on Level 3 inputs. See Note 8, “Asset Acquisition and License Agreements,” to these condensed consolidated financial statements for further information. The following table sets forth the fair value of our financial assets and liabilities (excluding consolidated SRX Cardio’s cash), allocated into Level 1, Level 2 and Level 3, that was measured on a recurring basis (in thousands): June 30, 2018 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 27,208 $ — $ — $ 27,208 Corporate notes and commercial paper — 247,081 — 247,081 U.S. Treasury bills and government agency securities — 163,121 — 163,121 Total financial assets $ 27,208 $ 410,202 $ — $ 437,410 Financial Liabilities: Embedded derivatives liabilities $ — $ — $ 7,286 $ 7,286 December 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 31,836 $ — $ — $ 31,836 Corporate notes and commercial paper — 313,164 — 313,164 U.S. Treasury bills and government agency securities — 170,458 — 170,458 Total financial assets $ 31,836 $ 483,622 $ — $ 515,458 Financial Liabilities: Embedded derivatives liabilities $ — $ — $ 8,854 $ 8,854 Level 3 liabilities are comprised of embedded derivative liabilities as described in Note 9 “Notes Payable” The following table sets forth a summary of the changes in the estimated fair value of our embedded derivative liabilities, which were measured at fair value on a recurring basis (in thousands): Balance as of December 31, 2017 $ 8,854 Net decrease in fair value included in interest and other income (expense), net (1,568 ) Balance as of June 30, 2018 $ 7,286 We estimate the fair values of our corporate notes and commercial paper and U.S government agency securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry-standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. There were no transfers between any of the levels of the fair value hierarchy during the periods presented. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Financial Instruments | 5. Financial Instruments Cash equivalents and investments, all of which are classified as available-for-sale securities, consisted of the following (in thousands): June 30, 2018 December 31, 2017 Estimated Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value Money market funds $ 27,208 $ — $ — $ 27,208 $ 31,836 $ — $ — $ 31,836 Corporate notes and commercial paper 247,454 — (373 ) 247,081 313,307 2 (145 ) 313,164 U.S. Treasury bills and government agency securities 163,422 3 (304 ) 163,121 170,724 — (266 ) 170,458 $ 438,084 $ 3 $ (677 ) $ 437,410 $ 515,867 $ 2 $ (411 ) $ 515,458 Classified as: Cash equivalents $ 153,797 $ 162,793 Short-term investments 262,836 281,589 Long-term investments 20,777 71,076 Total cash equivalents and investments $ 437,410 $ 515,458 At June 30, 2018, the remaining contractual maturities of available-for-sale securities were less than two years |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 6. Balance Sheet Components Inventories Inventories consisted of the following (in thousands): June 30, 2018 December 31, 2017 Work in process $ 6,894 $ 1,032 Finished goods 188 67 Total inventories $ 7,082 $ 1,099 We began capitalizing inventory during each of the quarters ended June 30, 2018 and December 31, 2017 as a result of the FDA’s approval of Andexxa and Bevyxxa, respectively, as the related costs are expected to be recoverable through the commercialization of the product. As of June 30, 2018 and December 31, 2017, prepaid manufacturing on the Condensed Consolidated Balance Sheets represent prepayments of $17.9 million and $2.3 million, respectively, made to manufacturers for the purchase of inventories which we expect to be converted to finished goods within the next twelve months. Prepayment of $9.6 million as of December 31, 2017 is classified as prepaid and other long-term assets as the production is expected after the next twelve months and the amount is deemed recoverable. As of June 30, 2018, there was no prepaid and other-term asset related to manufacturing of inventories. We established a reserve of $0.6 million for obsolescence inventories, which was charged to cost of sales, during the three months ended June 30, 2018. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, 2018 December 31, 2017 Prepaid insurances 1,992 654 Prepaid subscriptions 1,482 1,161 Prepaid other 1,474 528 Interest receivable 849 900 Prepaid rent and maintenance 658 526 Other receivable 353 2,908 Total prepaid expenses and other current assets $ 6,808 $ 6,677 Accrued and Other Liabilities Accrued and other liabilities consist of the following (in thousands): June 30, 2018 December 31, 2017 Commercial related $ 3,639 $ 1,694 Legal and accounting fees 727 256 Deferred rent 919 879 Current portion of long term obligation to collaborator 451 — Other 1,720 723 Total accrued and other liabilities $ 7,456 $ 3,552 |
Contract Manufacturing Agreemen
Contract Manufacturing Agreements | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contract Manufacturing Agreements | 7. Contract Manufacturing Agreements Andexxa Manufacturing Agreements AGC Biologics Commercial Supply Agreement (“CSA”) In July 2014, we entered into a CSA with AGC Biologics, formerly CMC ICOS Biologics, Inc. (“AGC”), pursuant to which AGC will manufacture clinical and commercial supply of andexanet alfa. The terms of the CSA required us to purchase an aggregate fixed number of batches from AGC through 2021. In December 2016, we entered into an Amended and Restated Commercial Supply Agreement (“aCSA”) with AGC that amends and restates the terms of the original CSA. Under the aCSA, AGC will continue to manufacture bulk drug substance for Andexxa under our Gen 1 manufacturing process and will support other regulatory and manufacturing activities. Under the consolidation guidance, we determined that AGC is a Variable Interest Entity (“VIE”) and we are not the primary beneficiary and therefore consolidation of AGC is not required. As of June 30, 2018, we have not provided financial or other support to AGC that was not previously contractually required. We have recorded $0.3 million of accounts payable and $0.5 million of accrued research and development in our condensed consolidated balance sheet as of June 30, 2018. Neither the original CSA nor the aCSA require us to fund operations at AGC and therefore, historically we have quantified our maximum exposure to loss as the aggregate value of prepaid manufacturing services as of each reporting date. We have recorded $3.7 million of prepaid manufacturing services in our condensed consolidated balance sheet as of June 30, 2018. We believe that our total exposure to losses associated with the fixed pricing terms of this agreement is de minimis given the cost per batch, number of batches and time frame over which the batches will be manufactured, pursuant to the amended agreement. Lonza Manufacturing Services Agreement In August 2017, we executed a Manufacturing Services Agreement with Lonza AG (“Lonza”) to develop our Gen 2 manufacturing process for Andexxa bulk drug substance. The manufacturing commitments included therein are contingent upon marketing approval by either the FDA or the EMA of Andexxa manufactured at the current Porrino facility under the Gen 2 process and will remain in effect for a period of ten years. Additionally, the agreement provides Lonza with two separate rights to purchase shares of our common stock at a purchase price of $1.00 per share, contingent upon certain events. The first purchase right will be earned by Lonza upon the approval of the Gen 2 process and the commencement of process transfer activities to an additional, new facility. The second purchase right will be earned by Lonza upon the approval of the drug substance manufactured at the new facility and the number of shares will be determined based on the achievement of specified performance metrics at the new facility. The number of shares subject to each of the first and the second purchase right will be capped at the lesser of either: (1) the number of shares with an aggregate market value of $15.0 million based on a 20 day trailing market value average from the date such purchase right is earned by Lonza, or (2) 500,000 shares. We measure the fair value of the equity instrument contingently issuable to Lonza by using the stock price and other measurement assumptions as of the earlier of the date at which either: (1) a commitment for performance by the counterparty has been reached; or (2) the counterparty’s performance is complete. We determined that Lonza does not have a performance commitment in this arrangement because there is no substantive disincentive for nonperformance. As such, our measurement date for the contingently issuable equity awards will be when the specified performance criteria have been achieved. Until such achievement, the contingently issuable equity awards will be measured at their then-current lowest aggregate fair value at each financial reporting date. As of June 30, 2018, the lowest aggregate fair value of the awards was zero. Bevyxxa Manufacturing Agreement In 2016 we entered into a Manufacturing Agreement, as amended, with Hovione, Limited, (“Hovione”), pursuant to which Hovione will manufacture active pharmaceutical ingredient (“API”) for Bevyxxa at commercial scale and perform process validation during the term of the agreement. As of June 30, 2018, we have recorded $14.2 million in prepaid manufacturing and will make up to $4.3 million of additional payments over the remaining term of the Agreement, ending June 2019. |
Asset Acquisition and License A
Asset Acquisition and License Agreements | 6 Months Ended |
Jun. 30, 2018 | |
Research And Development [Abstract] | |
Asset Acquisition and License Agreements | 8. Asset Acquisition and License Agreements SRX Cardio, LLC In December 2015, we entered into an option agreement with SRX Cardio to explore a novel approach to develop a drug in the field of hypercholesterolemia. This agreement provided us an option to enter into an exclusive license agreement as well as responsibility to lead and fund the development effort during the option period. We made an upfront payment of $0.5 million. In September 2016, we exercised our right to enter into an exclusive license agreement. Pursuant to the terms of the agreement, we made an upfront payment of $2.2 million to acquire the license and are obligated to pay up to $152.5 million in research and development milestones related to the advancement of the program and royalties in the range of 2% to 6% of worldwide net sales. We may terminate the license agreement upon 90 days’ notice for convenience and the agreement may also be terminated by either party for a material breach by the other party. We determined that SRX Cardio is and continues to be a variable interest entity and that we hold a variable interest in SRX Cardio’s intellectual property assets and the related potential future product candidates these assets may produce. Due to the absence of other significant development programs at SRX Cardio, we concluded that the variable interest was in the entity as a whole. Given the stage of development, we concluded that SRX Cardio is not considered a business as they lack the processes required to generate outputs. Further, because we control those activities most significant to SRX Cardio, we are considered to be the primary beneficiary of SRX Cardio. Accordingly, SRX Cardio is subject to consolidation and we have consolidated the financial statements of SRX Cardio by (a) eliminating all intercompany balances and transactions; and (b) allocating income or loss attributable to the noncontrolling interest in SRX Cardio to net income or loss attributable to noncontrolling interest in our consolidated statement of operations and reflecting noncontrolling interest on our consolidated balance sheet. Our interest in SRX Cardio is limited to the development of the intellectual property asset. The upfront payments of $0.5 million and $2.2 million and the obligation to fund the development plan represent our maximum exposure to loss under the agreement. We did not acquire any equity interest in SRX Cardio, any interest in SRX Cardio's cash and cash equivalents or any control over their activities that do not relate to the exclusive license agreement. SRX Cardio does not have any right to our assets except as provided in the exclusive license agreement. At the inception of the agreement, the identifiable assets, assumed liabilities and non-controlling interest of SRX Cardio were recorded at their estimated fair value upon the initial consolidation of SRX Cardio, including the in-process research and development intangible asset. We estimated the fair value of these indefinite-lived intangible assets to be $3.2 million and the noncontrolling interest to be $2.9 million. The fair value was estimated using present-value models on potential contingent milestones and royalty payments (“contingent future payments”), based on assumptions regarding the probability of achieving the development milestones, estimate of time to develop the drug candidate, estimates of future cash flows from potential product sales and assumptions regarding the appropriate discount rate. As of June 30, 2018, we have not provided financial or other support to SRX Cardio that was not previously contracted or required. We recorded SRX Cardio’s $30,000 and $ 173,000 Millennium Pharmaceuticals, Inc. In August 2004, we entered into an agreement with Millennium to license certain exclusive rights to research, develop and commercialize certain compounds that inhibit Factor Xa, including Bevyxxa. The license agreement requires us to make license fee, milestone, royalty and sublicense sharing payments to Millennium as we develop, commercialize or sublicense Bevyxxa. The license agreement will continue in force, on a country-by-country basis, until the expiration of the relevant patents or ten years after the launch, whichever is later, or termination by either party pursuant to the agreement. This license agreement may be terminated by either party for the other party’s uncured material breach. Under the agreement, milestone payments are determined based on the indication included in our filing and become payable upon acceptance of our new drug application, or NDA, and regulatory approval in the United States and Europe. In December 2016, the FDA accepted our NDA for Bevyxxa for extended-duration prophylaxis of venous thromboembolism, triggering a $2.0 million milestone payment to Millennium which was recorded as a research and development expense. In June 2017, Bevyxxa received regulatory approval in the United States, triggering a $5.0 million milestone payment to Millennium which is recorded as finite-lived intangible assets in our condensed consolidated balance sheet and will be amortized on a straight-line basis over the remaining estimated patent life. Amortization expenses were $0.1 million and $0.3 million for the three and six months ended June 30, 2018, respectively. These amortization expenses were recorded as cost of sales. Net product sales of Bevyxxa generated by us is subject to a tier royalty ranging between 2% and 8%. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable | 9. Notes Payable BMS and Pfizer Promissory Notes In December 2016, we entered into a supplemental funding support agreement with BMS and Pfizer whereby we received $50.0 million in exchange for two promissory notes totaling $65.0 million that become due in December 2024 (“Notes”). The use of funds is restricted to development activities needed for regulatory approval of Andexxa by the FDA and EMA as provided in the agreement. Pursuant to the terms of the agreement, we are required to pay down the Notes each quarter in an amount equal to 5% of net sales of Andexxa in the United States and the European Union (“EU”). If the approval of Andexxa in the United States and EU is not achieved by January 1, 2019, we are able to reduce the repayment amount to $60.0 million if such amount is paid by December 31, 2021 and regardless of the timing of regulatory approval, we may reduce the repayment amount to $62.5 million if such amount is paid by December 31, 2023. Any unpaid amounts shall become immediately due upon: (1) a change of control of our company; (2) an event of default; and (3) termination of the agreement for breach. We have the right to prepay the repayment amount at any time without any penalty. The accounting for such funding agreement requires us to make certain estimates and assumptions, including timing of Andexxa approval, timing of royalty payments due to BMS and Pfizer, the expected rate of return to BMS and Pfizer, the split between current and long-term portions of the obligation and accretion of related interest expense. The upfront cash receipt of $50.0 million is recorded as Notes payable at issuance. We are accruing for interest over the term of the related note. The carrying values of the Notes payable at June 30, 2018 and December 31, 2017 are $49.9 million and $50.6 million, respectively, including accrued interest of $6.0 million and $ 4.2 We evaluated the features of the Notes and determined that certain features require acceleration of payments such as pursuant to a change of control or an event of default. We determined that these features (embedded derivatives) require bifurcation and fair value recognition. We determined the fair value of each derivative using a Monte Carlo simulation model taking into account the probability of these events occurring and potential repayment amounts and timing of such payments that would result under various scenarios (see Note 4 “Fair Value Measurements” to these condensed consolidated financial statements). We will remeasure the embedded derivatives to fair value each reporting period until the repayment, termination or maturity of the Notes. For the three and six months ended June 30, 2018, we recognized losses upon remeasurement of the embedded derivatives of $0.2 million and $0.8 million, respectively. The estimated fair value of the Notes at June 30, 2018 and December 31, 2017 was $54.7 million and $55.5 million, respectively, and the fair value was measured using Level 3 inputs. The estimated fair market value was calculated using a Monte Carlo simulation model with inputs consistent with those used in determining the embedded derivative values as described in Note 4 “ Fair Value Measurements Royalty-based Financing In February 2017, we entered into a purchase and sale agreement (the “Royalty Sales Agreement”) with HealthCare Royalty Partners and its affiliates. (“HCR”) whereby HCR acquired a royalty interest in future worldwide net sales of Andexxa. We received $50.0 million upon closing and received additional $100.0 million following the U.S. regulatory approval of Andexxa in May 2018. We are required to pay royalties to HCR based on tiered net worldwide sales of Andexxa in a range of 8.21% to 3.94%. The applicable rate decreases starting at worldwide net sales levels above $150.0 million. Total royalty payments are capped at 195% of the funding received less certain transaction expenses, or $290.6 million. These royalty rates are subject to further increases based on the timing of potential approval by the FDA of Andexxa manufactured under the Gen 2 manufacturing process. We have evaluated the terms of the Royalty Sales Agreement and concluded that the features of the funded amount are similar to those of a debt instrument. Accordingly, we have accounted for the transaction as long-term debt. As the repayment of the We evaluated the terms of the debt and determined that certain features, such as the variability in the royalty payments based upon the timing of manufacturing approval from the FDA, is an embedded derivative that requires bifurcation from the debt instrument and fair value recognition. We determined the fair value of each derivative using a Monte Carlo simulation model taking into account the probability of these events occurring and potential repayment amounts and timing of such payments that would result under various scenarios, as further described in Note 4 “Fair Value Measurements” to these condensed consolidated financial statements. We will remeasure the embedded derivative to fair value each reporting period until the time the features lapse and/or termination of the Royalty Sales Agreement. The effective interest rate as of June 30, 2018 was 14.4%. For the three and six months ended June 30, 2018, accrued interest of $3.3 million and $5.0 million, respectively, was added to the principal balance of the debt. The total net royalties to be paid, less the net proceeds received will be recorded to interest expense using the effective interest method over the life of the royalty agreement. We will estimate the payments to be made to HCR over the term of the agreement based on forecasted royalties and will calculate the interest rate required to discount such payments back to the liability balance. Over the course of the royalty agreement, the actual interest rate will be affected by the amount and timing of net royalty revenue recognized and changes in forecasted revenue. On a quarterly basis, we will reassess the effective interest rate and adjust the rate prospectively as necessary. Upon the closing of Royalty Sales Agreement in February 2017, we incurred a fee to HCR of $2.0 million and paid additional debt issuance costs totaling $0.6 million, which includes expenses that we paid on behalf of HCR and expenses incurred directly by us. Upon the subsequent funding of $100.0 million in May 2018, we incurred fees to HCR of $5.0 million. Fees and debt issuance costs have been netted against the debt as of June 30, 2018 and are being amortized over the estimated term of the debt using the effective interest method. The assumptions used in determining the expected repayment term of the debt and amortization period of the issuance costs requires that we make estimates that could impact the short and long-term classification of these costs, as well as the period over which these costs will be amortized. The carrying value of the long term debt as of June 30, 2018 and December 31, 2017 was $150.3 million and $54.3 million, respectively, including accrued interest of $12.4 million and $7.4 million, respectively, net of unamortized debt discount of $7.2 million and $2.3 million, respectively, and net of current portion and accounts payable of $4.0 million and zero, respectively. Current portion of notes payable and long term debt and a portion of accounts payable on the condensed consolidated balance sheet represents expected future payments to be made in the next 12 months from the balance sheet date based on the current quarter sales and the most current sales forecast. The royalty obligation relating to net sales recorded in the second quarter of 2018 is included in accounts payable on the balance sheet. The estimated fair value of long-term debt at June 30, 2018 and December 31, 2017 was $154.4 million and $58.8 million, respectively, and the fair value was measured using Level 3 inputs. The estimated fair market value was calculated using a Monte Carlo simulation model with inputs consistent with those used in determining the embedded derivative values as described in Note 4 “Fair Value Measurements” to these condensed consolidated financial statements. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 10. Stock Based Compensation Stock Options The following table summarizes stock option activity under our 2013 Equity Incentive Plan (the “2013 Plan”) and an Inducement Plan, and related information during the six months ended June 30, 2018: Shares Subject to Weighted- Outstanding Average Exercise Options Price Per Share Balance at December 31, 2017 6,514,538 $ 31.36 Options granted 1,421,928 46.13 Options exercised (273,477 ) 23.76 Options canceled (271,578 ) 40.12 Balance at June 30, 2018 7,391,411 $ 34.16 Performance Stock Options (“PSOs”) The following table summarizes PSO activities under our 2013 Plan and related information during the six months ended June 30, 2018: Shares Subject to Weighted- Outstanding Average Exercise PSOs Price Per Share Balance at December 31, 2017 164,783 $ 23.76 Options granted — — Options exercised (9,114 ) 23.76 Options canceled — — Balance at June 30, 2018 155,669 $ 23.76 Restricted Stock Units (“RSUs”) The following table summarizes RSU activity under our 2013 Plan and Inducement Plan, and related information during the six months ended June 30, 2018: Shares Subject to Weighted- Outstanding Average Grant Date RSUs Fair Value Per Share Balance at December 31, 2017 600,334 $ 27.87 RSUs granted 468,281 46.49 RSUs released (279,555 ) 28.49 RSUs canceled (39,648 ) 35.70 Balance at June 30, 2018 749,412 $ 38.87 Performance Stock Units In March 2018, the Compensation Committee of our Board of Directors approved a program to award up to 102,600 PSUs to the management team based on the achievement of certain regulatory and net revenue goals . Shares Subject to Weighted- Outstanding Average Grant Date PSUs Fair Value Per Share Balance at December 31, 2017 304,754 $ 25.34 PSUs granted 102,600 32.66 PSUs released (53,107 ) 28.29 PSUs canceled (23,831 ) 25.54 Balance at June 30, 2018 330,416 $ 27.13 The table below sets forth the functional classification of stock-based compensation expense for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 5,320 $ 6,670 $ 9,772 $ 10,820 Selling, general and administrative 7,894 6,587 14,422 11,471 Total stock-based compensation $ 13,214 $ 13,257 $ 24,194 $ 22,291 |
Net Loss per Share Attributable
Net Loss per Share Attributable to Portola Common Stockholders | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Portola Common Stockholders | 11. Net Loss per Share Attributable to Portola Common Stockholders Basic net loss per share attributable to Portola Common Stockholders has been computed by dividing the net loss attributable to Portola Common Stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net loss per share attributable to Portola Common Stockholders is calculated by dividing net loss attributable to Portola Common Stockholders by the weighted average number of shares of Common Stock and potential dilutive securities outstanding during the period. The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to Portola Common Stockholders for the periods presented because including them would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Stock options to purchase common stock 7,391,411 6,176,302 7,391,411 6,176,302 Performance stock options 155,669 180,752 155,669 180,752 Common stock warrants 1,500 1,500 1,500 1,500 Restricted stock units 749,412 646,653 749,412 646,653 Performance stock units 330,416 368,418 330,416 368,418 Employee stock purchase plan 47,743 22,982 47,743 22,982 Up to 1.0 . |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation and Basis of Presentation | Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the amounts of Portola, its wholly-owned subsidiaries and a development partner that is a variable interest entity (a “VIE”) for which Portola is deemed, under applicable accounting guidance, to be the primary beneficiary as of June 30, 2018. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP has been condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of our financial information. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2017 included in our Annual Report on Form 10-K filed on March 1, 2018 with the SEC. |
Reclassification | Reclassification Certain prior period amounts on the accompanying condensed consolidated financial statements have been reclassified to conform to current period presentation. This reclassification did not have any material impact on our results of operations or financial condition or statement of cashflows as of December 31, 2017. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of revenues and expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, inventory, clinical trial accruals, fair value of assets and liabilities, income taxes, in-process research and development, carrying value of notes payable and long term debt less current royalty obligations, the consolidation of VIEs, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. |
Cash as Reported in Condensed Consolidated Statements of Cash Flows | Cash as Reported in Condensed Consolidated Statements of Cash Flows Cash as reported in the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash, and consists of the following (in thousands): June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents $ 173,052 $ 181,568 $ 123,837 $ 188,480 Restricted cash (SRX Cardio) 30 173 172 178 Total cash balance in condensed consolidated statements of cash flows $ 173,082 $ 181,741 $ 124,009 $ 188,658 |
Inventories | Inventories Inventories are stated at the lower of cost or estimated net realizable value, on a first-in, first-out, or FIFO, basis. We primarily use actual costs to determine our cost basis for inventories. Prior to the regulatory approval of our product candidates, we incur expenses for the manufacture of drug product that could potentially be available to support the commercial launch of our products. Until the first reporting period when regulatory approval has been received, we record all such costs as research and development expense. Beginning in the fourth quarter of 2017, we began to capitalize inventory costs associated with Bevyxxa when it was determined that the inventory had a probable future economic benefit. We periodically analyze our inventory levels, and write down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and inventory in excess of expected sales requirements as cost of sales. This inventory capitalization process began to be applied to Andexxa Gen 1 supply upon FDA approval of Andexxa on May 3, 2018. The bulk drug substance (“BDS”) in Andexxa is currently produced by one supplier. The active pharmaceutical ingredient (“API”) in Bevyxxa is also produced by one supplier. Because the BDS and API have undergone significant manufacturing specific to their intended purposes at the point they are purchased by us, we classify them as work-in-process inventory. |
Customer Concentration | Customer Concentration Customers who accounted for 10% or more of total revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Bayer Pharma, AG and Janssen Pharmaceuticals, Inc. 48% 53% 48% 47% Daiichi Sankyo, Inc. * 14% 18% 15% Bristol-Myers Squibb Company and Pfizer Inc. * 27% * 31% * Less than 10% |
Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted Accounting Standards Codification (“ASC”), Topic 606 (ASC 606), Revenue from Contracts with Customers Pursuant to ASC 606, we recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract, determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. |
Product Revenue, Net | Product Revenue, Net Our product revenue consists of the U.S. sales of Andexxa, which we began shipping to customers in May 2018, and the U.S. sales of Bevyxxa, which we began shipping to customers in January 2018. Prior to January 2018 we had no product revenues. We sell Andexxa and Bevyxxa to a limited number of specialty distributors and wholesalers in the United States (“Customers”). These Customers subsequently resell our products to hospitals, pharmacies and long-term care centers. In addition to distribution agreements with Customers, we enter into arrangements with group purchasing organizations, indirect customers and payors that provide for privately negotiated rebates, chargebacks, distribution costs and discounts with respect to the purchase of our products. We recognize revenue on product sales when the Customer obtains control of our product, which occurs at a point in time (upon delivery). Product revenues are recorded net of applicable reserves for variable consideration, including discounts and allowances. We expense incremental costs of obtaining a contract when incurred, if the expected amortization period of the asset that we would have recognized is one year or less. To date, we have not incurred such costs. Reserves for Variable Consideration Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from discounts, returns, chargebacks, rebates, copay assistance and other allowances that are offered within contracts between us and our Customers, group purchasing organizations, payors and other indirect customers relating to our product sales. These reserves as detailed below are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the Customer) or a current liability (if the amount is payable to a party other than a Customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted in accordance with the expected value method under ASC 606 for relevant factors. These factors include current contractual and statutory requirements, specific known market events and trends, industry data, and/or forecasted customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the respective underlying contracts. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known . Trade Discounts and Allowances: We generally provide Customers with discounts which include incentive fees that are explicitly stated in our contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, we compensate our Customers and indirect customers for sales order management, data, and administrative and distribution services. However, we have determined such services received to date are not distinct from our sale of products to the Customer and therefore a fair market value for these services may not be reasonably determined. Therefore, these payments have been recorded as a reduction of revenue within the condensed consolidated statement of operations for the three and six months ended June 30, 2018. Product Returns: We generally offer Customers a right of return based on the product’s expiration date or other market-based factors for product that has been purchased from us. We estimate the amount of our product sales that may be returned by our Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We currently estimate product return liabilities using available industry data, our own sales information and our visibility into the inventory remaining in the distribution channel. Chargebacks: Chargebacks are discounts that occur when contracted customers, which currently consist primarily of group purchasing organizations purchase directly from our wholesalers at a discounted price. The wholesalers, in turn, charge us back the difference between the price initially paid by the wholesaler and the discounted price paid to the wholesaler by the healthcare providers. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and receivables. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by Customers, and we generally issue credits for such amounts within a few weeks of the Customer’s notification to us of the resale. Reserves for chargebacks consist of credits that we expect to issue for units that remain in the distribution channel inventories at each reporting period end that we expect will be sold to qualified healthcare providers, and chargebacks that Customers have claimed but for which we have not yet issued a credit. Payor Rebates: We contract with various private payor organizations, primarily insurance companies and pharmacy benefit managers, for the payment of rebates with respect to utilization of our products. We estimate these rebates and record such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. |
Collaboration and License Revenue | Collaboration and License Revenue We enter into collaboration and license agreements for the development and commercialization of our products that are within the scope of ASC 606. The terms of collaboration and license agreements typically include payments to us of one or more of the following: non-refundable or partially refundable upfront or license fees; development, regulatory and commercial milestone payments; manufacturing supply services; partial or complete reimbursement of research and development costs; and royalties on net sales of licensed products. Each of these payments results in collaboration and license revenue, except for royalties on net sales of licensed products, which are classified as royalty revenues. To date, we have not received any royalty revenues. As part of the accounting for these arrangements, we must apply judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the contract. To determine the stand-alone selling price, we rely on assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Licenses of Intellectual Property: If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments: At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or that of the licensee, such as regulatory approvals, are constrained until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such development milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration and license revenue in the period of adjustment. Manufacturing Supply Services: Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We assess whether these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. If we are entitled to additional payments when the licensee exercises these options, any additional payments are recorded in collaboration and license revenue when the licensee obtains control of the goods, which is upon delivery. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, we have not recognized any royalty revenue resulting from any of our out-licensing arrangements. Research and Development Activities: Amounts related to research and development and regulatory activities are recognized as the related services or activities are performed, in accordance with the contract terms. Payments may be made to or by us based on the number of full-time equivalent researchers assigned to the collaboration project and the related research and development expenses incurred. We receive payments from our collaborators based on billing schedules established in each contract. Upfront payments and fees may be recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until we perform our obligations under these arrangements. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the collaborators and the transfer of the promised goods or services to the collaborators will be one year or less. |
Cost of Sales | Cost of Sales Cost of sales represents primarily the costs associated with manufacturing of Andexxa and Bevyxxa, Bevyxxa net sales-based royalties payable to Millennium and amortization of an intangible asset associated with a capitalized milestone payment made to Millennium upon FDA approval of Bevyxxa. We periodically write-down inventory for estimated excess, obsolete and non-sellable inventories based on assumptions about future demand, past usage, changes to manufacturing processes and overall market conditions. |
Net Loss per Share Attributable to Portola Common Stockholders | Net Loss per Share Attributable to Portola Common Stockholders Basic net loss per share attributable to Portola Common Stockholders is calculated by dividing the net loss attributable to Portola Common Stockholders by the weighted-average number of shares of Common Stock outstanding for the period. Diluted net loss per share attributable to Portola Common Stockholders is the same as basic net loss per share attributable to Portola Common Stockholders, since the effects of potentially dilutive securities are antidilutive. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In February 2016, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“ ASU”) No. 2016-02, Leases (Topic 842) , which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). For lessees, leases will continue to be classified as either operating or financing in the income statement. This ASU becomes effective in the first quarter of fiscal year 2019 and early adoption is permitted. This ASU is required to be applied with a modified retrospective approach and requires application of the new standard at the beginning of the earliest comparative period presented. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In issuing ASU No. 2018-11, the FASB decided to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We are currently evaluating the impact that ASU 2016-02 and ASU 2018-11 will have on our condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting |
Recent Accounting Pronouncements Adopted | Recent Accounting Pronouncements Adopted In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash . This ASU requires changes in restricted cash during the period to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. If cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the total in the statement of cash flows to the related captions in the balance sheet. This guidance is effective for annual and interim periods of public entities beginning after December 15, 2017, with early adoption permitted . The amendments in this ASU should be applied retrospectively to all periods presented. We adopted this guidance on January 1, 2018. The adoption of this ASU our beginning and ending cash balances within our condensed consolidated statements of cash flows. The adoption had no other material impacts to our condensed consolidated statements of cash flows and had no impact on our results of operations or financial position. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . This ASU addresses the presentation of certain items on the statement of cash flows including among other things settlement of zero coupon debt instruments or other debt instruments with coupon interest rates that are insignificant to the effective interest rate of the borrowing. Pursuant to the new guidance, at the settlement of our promissory notes to Bristol-Myers Squibb Company (“BMS”) and Pfizer Inc. (“Pfizer”) and the fundings received from HeatlthCare Royalty Partners and its Affiliates, we should classify the portion of the cash payment attributable to the accreted interest related to the debt discount as cash outflows for operating activities, and the portion of the cash payment attributable to the principal as cash outflows for financing activities. Accretion of accrued interest will continue to be recorded as a non-cash item under operating activities. This guidance is effective for annual and interim periods of public entities beginning after December 15, 2017, with early adoption permitted . We adopted this guidance on January 1, 2018, and the adoption had no impact on our condensed consolidated financial statements for the period ended June 30, 2018. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Income Tax Accounting Implications of the Tax Cuts and Jobs Act In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers using the modified retrospective method to all contracts that were not completed as of January 1, 2018. The cumulative effect of applying the new guidance was recorded as an adjustment to accumulated deficit as of the adoption date. As a result, the following adjustments were made to the condensed consolidated balance sheet as of January 1, 2018 (in thousands): As of January 1, 2018 As Revised Under ASC 606 As Originally Reported Effect of Change Assets: Unbilled - collaboration and license revenue $ 6,694 $ — $ 6,694 Trade and other receivables, net 2,706 — 2,706 Prepaid expenses and other current assets — 2,706 (2,706 ) Liabilities: Deferred revenue, current portion 6,354 11,169 (4,815 ) Deferred revenue, long-term 1,269 18,798 (17,529 ) Stockholders' equity: Accumulated deficit $ (1,175,481 ) $ (1,204,519 ) $ 29,038 The following table compares the reported condensed consolidated balance sheet and statement of operations information to the balances that do not reflect the adoption of ASC 606 as of and for the three and six months ended June 30, 2018 (in thousands, except for per share data): As of June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Assets: Unbilled - collaboration and license revenue $ 6,491 $ — $ 6,491 Trade and other receivables, net 847 — 847 Prepaid expenses and other current assets — 847 (847 ) Liabilities: Deferred revenue, current portion 4,928 5,726 (798 ) Deferred revenue, long-term 5,194 25,316 (20,122 ) Stockholders' equity: Accumulated deficit (1,365,853 ) (1,393,264 ) 27,411 Three Months Ended June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Revenue: Collaboration and license revenue $ 1,746 $ 1,569 $ 177 Operating expenses: Research and development 66,440 65,676 764 Loss from operations (103,695 ) (103,107 ) (588 ) Net loss (105,971 ) (105,383 ) (588 ) Net loss attributable to Portola (106,194 ) (105,606 ) (588 ) Net loss per share attributable to Portola common stockholders: Basic and diluted $ (1.61 ) $ (1.60 ) $ (0.01 ) Six Months Ended June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Revenue: Collaboration and license revenue $ 7,784 $ 7,925 $ (141 ) Operating expenses: Research and development 126,507 125,021 1,486 Loss from operations (188,995 ) (187,368 ) (1,627 ) Net loss (190,481 ) (188,854 ) (1,627 ) Net loss attributable to Portola (190,372 ) (188,745 ) (1,627 ) Net loss per share attributable to Portola common stockholders: Basic and diluted $ (2.90 ) $ (2.87 ) $ (0.03 ) Our financial position with respect to product revenues would not have been materially different without the adoption of ASC 606, however, we would have deferred revenue recognition under ASC Topic 605 until product sold through to the end customer. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Cash as Reported in Condensed Consolidated Statements of Cash Flows | Cash as reported in the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash, and consists of the following (in thousands): June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents $ 173,052 $ 181,568 $ 123,837 $ 188,480 Restricted cash (SRX Cardio) 30 173 172 178 Total cash balance in condensed consolidated statements of cash flows $ 173,082 $ 181,741 $ 124,009 $ 188,658 |
Percentage of Revenue from Significant Customers | Customers who accounted for 10% or more of total revenues were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Bayer Pharma, AG and Janssen Pharmaceuticals, Inc. 48% 53% 48% 47% Daiichi Sankyo, Inc. * 14% 18% 15% Bristol-Myers Squibb Company and Pfizer Inc. * 27% * 31% * Less than 10% |
Comparison of Reported Condensed Consolidated Balance Sheet, Statement of Operations Under New Guidance | the following adjustments were made to the condensed consolidated balance sheet as of January 1, 2018 (in thousands): As of January 1, 2018 As Revised Under ASC 606 As Originally Reported Effect of Change Assets: Unbilled - collaboration and license revenue $ 6,694 $ — $ 6,694 Trade and other receivables, net 2,706 — 2,706 Prepaid expenses and other current assets — 2,706 (2,706 ) Liabilities: Deferred revenue, current portion 6,354 11,169 (4,815 ) Deferred revenue, long-term 1,269 18,798 (17,529 ) Stockholders' equity: Accumulated deficit $ (1,175,481 ) $ (1,204,519 ) $ 29,038 The following table compares the reported condensed consolidated balance sheet and statement of operations information to the balances that do not reflect the adoption of ASC 606 as of and for the three and six months ended June 30, 2018 (in thousands, except for per share data): As of June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Assets: Unbilled - collaboration and license revenue $ 6,491 $ — $ 6,491 Trade and other receivables, net 847 — 847 Prepaid expenses and other current assets — 847 (847 ) Liabilities: Deferred revenue, current portion 4,928 5,726 (798 ) Deferred revenue, long-term 5,194 25,316 (20,122 ) Stockholders' equity: Accumulated deficit (1,365,853 ) (1,393,264 ) 27,411 Three Months Ended June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Revenue: Collaboration and license revenue $ 1,746 $ 1,569 $ 177 Operating expenses: Research and development 66,440 65,676 764 Loss from operations (103,695 ) (103,107 ) (588 ) Net loss (105,971 ) (105,383 ) (588 ) Net loss attributable to Portola (106,194 ) (105,606 ) (588 ) Net loss per share attributable to Portola common stockholders: Basic and diluted $ (1.61 ) $ (1.60 ) $ (0.01 ) Six Months Ended June 30, 2018 As Reported Balances Without the Adoption of ASC 606 Effect of Change Revenue: Collaboration and license revenue $ 7,784 $ 7,925 $ (141 ) Operating expenses: Research and development 126,507 125,021 1,486 Loss from operations (188,995 ) (187,368 ) (1,627 ) Net loss (190,481 ) (188,854 ) (1,627 ) Net loss attributable to Portola (190,372 ) (188,745 ) (1,627 ) Net loss per share attributable to Portola common stockholders: Basic and diluted $ (2.90 ) $ (2.87 ) $ (0.03 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregated Revenues by Timing of Transfer of Goods or Services | The following table presents our revenues, disaggregated by timing of transfer of goods or services (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Product Revenue, net Collaboration and License Revenue Total Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 2,265 $ — $ 2,265 $ 2,871 $ — $ 2,871 Transferred over time — 1,746 1,746 — 7,784 7,784 Total $ 2,265 $ 1,746 $ 4,011 $ 2,871 $ 7,784 $ 10,655 |
Schedule of Changes in Contract Assets and Liabilities | The following table presents changes in our contract assets and liabilities for the six months ended June 30, 2018 (in thousands): Balance at Beginning of Period Addition Deduction Balance at End of Period Contract assets: Unbilled - collaboration and license revenue $ 6,694 $ 5,439 $ (5,642 ) $ 6,491 Total contract assets $ 6,694 $ 5,439 $ (5,642 ) $ 6,491 Contract liabilities: Deferred revenue $ 7,623 $ 6,857 $ (4,359 ) $ 10,121 Total contract liabilities $ 7,623 $ 6,857 $ (4,359 ) $ 10,121 Significant changes in the contract liabilities balances during the periods are as follows (in thousands): Three Months Ended as of June 30, 2018 Six Months Ended as of June 30, 2018 Cumulative catch-up adjustment to revenue related to a change in an estimate of the transaction price $ 91 $ 1,980 Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period 753 4,032 |
Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2018 (in thousands): Collaborator Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 Expected Year By Which Revenue Recognition Will Be Completed Percentage of Revenue Recognized BMS and Pfizer - 2014 agreement $ 156 2019 99 % BMS and Pfizer - 2016 agreement 2,383 2021 81 % Daiichi Sankyo - 2014 agreement 3,736 2020 89 % Daiichi Sankyo - 2016 agreement 4,212 2023 69 % Bayer and Janssen - 2014 agreement 245 2019 99 % Bayer - 2016 agreement 3,762 2023 72 % Total $ 14,494 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table sets forth the fair value of our financial assets and liabilities (excluding consolidated SRX Cardio’s cash), allocated into Level 1, Level 2 and Level 3, that was measured on a recurring basis (in thousands): June 30, 2018 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 27,208 $ — $ — $ 27,208 Corporate notes and commercial paper — 247,081 — 247,081 U.S. Treasury bills and government agency securities — 163,121 — 163,121 Total financial assets $ 27,208 $ 410,202 $ — $ 437,410 Financial Liabilities: Embedded derivatives liabilities $ — $ — $ 7,286 $ 7,286 December 31, 2017 Level 1 Level 2 Level 3 Total Financial Assets: Money market funds $ 31,836 $ — $ — $ 31,836 Corporate notes and commercial paper — 313,164 — 313,164 U.S. Treasury bills and government agency securities — 170,458 — 170,458 Total financial assets $ 31,836 $ 483,622 $ — $ 515,458 Financial Liabilities: Embedded derivatives liabilities $ — $ — $ 8,854 $ 8,854 |
Summary of Changes in Estimated Fair Value of Embedded Derivative Liabilities Measured on Recurring Basis | The following table sets forth a summary of the changes in the estimated fair value of our embedded derivative liabilities, which were measured at fair value on a recurring basis (in thousands): Balance as of December 31, 2017 $ 8,854 Net decrease in fair value included in interest and other income (expense), net (1,568 ) Balance as of June 30, 2018 $ 7,286 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Cash Equivalents and Investments Classified as Available-for-sale Securities | Cash equivalents and investments, all of which are classified as available-for-sale securities, consisted of the following (in thousands): June 30, 2018 December 31, 2017 Estimated Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value Money market funds $ 27,208 $ — $ — $ 27,208 $ 31,836 $ — $ — $ 31,836 Corporate notes and commercial paper 247,454 — (373 ) 247,081 313,307 2 (145 ) 313,164 U.S. Treasury bills and government agency securities 163,422 3 (304 ) 163,121 170,724 — (266 ) 170,458 $ 438,084 $ 3 $ (677 ) $ 437,410 $ 515,867 $ 2 $ (411 ) $ 515,458 Classified as: Cash equivalents $ 153,797 $ 162,793 Short-term investments 262,836 281,589 Long-term investments 20,777 71,076 Total cash equivalents and investments $ 437,410 $ 515,458 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): June 30, 2018 December 31, 2017 Work in process $ 6,894 $ 1,032 Finished goods 188 67 Total inventories $ 7,082 $ 1,099 |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): June 30, 2018 December 31, 2017 Prepaid insurances 1,992 654 Prepaid subscriptions 1,482 1,161 Prepaid other 1,474 528 Interest receivable 849 900 Prepaid rent and maintenance 658 526 Other receivable 353 2,908 Total prepaid expenses and other current assets $ 6,808 $ 6,677 |
Accrued and Other Liabilities | Accrued and other liabilities consist of the following (in thousands): June 30, 2018 December 31, 2017 Commercial related $ 3,639 $ 1,694 Legal and accounting fees 727 256 Deferred rent 919 879 Current portion of long term obligation to collaborator 451 — Other 1,720 723 Total accrued and other liabilities $ 7,456 $ 3,552 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity under our 2013 Equity Incentive Plan (the “2013 Plan”) and an Inducement Plan, and related information during the six months ended June 30, 2018: Shares Subject to Weighted- Outstanding Average Exercise Options Price Per Share Balance at December 31, 2017 6,514,538 $ 31.36 Options granted 1,421,928 46.13 Options exercised (273,477 ) 23.76 Options canceled (271,578 ) 40.12 Balance at June 30, 2018 7,391,411 $ 34.16 |
Summary of PSO Activities | The following table summarizes PSO activities under our 2013 Plan and related information during the six months ended June 30, 2018: Shares Subject to Weighted- Outstanding Average Exercise PSOs Price Per Share Balance at December 31, 2017 164,783 $ 23.76 Options granted — — Options exercised (9,114 ) 23.76 Options canceled — — Balance at June 30, 2018 155,669 $ 23.76 |
Summary of RSU Activity | The following table summarizes RSU activity under our 2013 Plan and Inducement Plan, and related information during the six months ended June 30, 2018: Shares Subject to Weighted- Outstanding Average Grant Date RSUs Fair Value Per Share Balance at December 31, 2017 600,334 $ 27.87 RSUs granted 468,281 46.49 RSUs released (279,555 ) 28.49 RSUs canceled (39,648 ) 35.70 Balance at June 30, 2018 749,412 $ 38.87 |
Summary of PSU Activity | Shares Subject to Weighted- Outstanding Average Grant Date PSUs Fair Value Per Share Balance at December 31, 2017 304,754 $ 25.34 PSUs granted 102,600 32.66 PSUs released (53,107 ) 28.29 PSUs canceled (23,831 ) 25.54 Balance at June 30, 2018 330,416 $ 27.13 |
Classification of Stock-Based Compensation Expense | The table below sets forth the functional classification of stock-based compensation expense for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 5,320 $ 6,670 $ 9,772 $ 10,820 Selling, general and administrative 7,894 6,587 14,422 11,471 Total stock-based compensation $ 13,214 $ 13,257 $ 24,194 $ 22,291 |
Net Loss per Share Attributab25
Net Loss per Share Attributable to Portola Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss | The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to Portola Common Stockholders for the periods presented because including them would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Stock options to purchase common stock 7,391,411 6,176,302 7,391,411 6,176,302 Performance stock options 155,669 180,752 155,669 180,752 Common stock warrants 1,500 1,500 1,500 1,500 Restricted stock units 749,412 646,653 749,412 646,653 Performance stock units 330,416 368,418 330,416 368,418 Employee stock purchase plan 47,743 22,982 47,743 22,982 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Schedule of Cash as Reported in
Schedule of Cash as Reported in Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 173,052 | $ 181,568 | $ 123,837 | $ 188,480 |
Restricted cash (SRX Cardio) | 30 | 173 | 172 | 178 |
Total cash balance in condensed consolidated statements of cash flows | $ 173,082 | $ 181,741 | $ 124,009 | $ 188,658 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018Supplier | |
Andexxa | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of suppliers | 1 |
Bevyxxa | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of suppliers | 1 |
Customers Accounted for 10% or
Customers Accounted for 10% or More of Total Revenues (Detail) - Customer Concentration Risk - Sales Revenue, Net | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 48.00% | 53.00% | 48.00% | 47.00% |
Daiichi Sankyo, Inc ("Daiichi") | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 14.00% | 18.00% | 15.00% | |
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 27.00% | 31.00% |
Schedule of Adjustments to Cond
Schedule of Adjustments to Condensed Consolidated Balance Sheet Under New Guidance (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets: | |||
Unbilled - collaboration and license revenue | $ 6,491 | $ 6,694 | |
Trade and other receivables, net | 3,421 | 2,706 | $ 3,750 |
Prepaid expenses and other current assets | 0 | 0 | |
Liabilities: | |||
Deferred revenue, current portion | 4,928 | 6,354 | 11,169 |
Deferred revenue, long-term | 5,194 | 1,269 | 18,798 |
Stockholders’ equity: | |||
Accumulated deficit | (1,365,853) | (1,175,481) | $ (1,204,519) |
As Originally Reported | Accounting Standards Update 2014-09 | |||
Assets: | |||
Prepaid expenses and other current assets | 847 | 2,706 | |
Liabilities: | |||
Deferred revenue, current portion | 5,726 | 11,169 | |
Deferred revenue, long-term | 25,316 | 18,798 | |
Stockholders’ equity: | |||
Accumulated deficit | (1,393,264) | (1,204,519) | |
Effect of Change | Accounting Standards Update 2014-09 | |||
Assets: | |||
Unbilled - collaboration and license revenue | 6,491 | 6,694 | |
Trade and other receivables, net | 2,706 | ||
Prepaid expenses and other current assets | (847) | (2,706) | |
Liabilities: | |||
Deferred revenue, current portion | (798) | (4,815) | |
Deferred revenue, long-term | (20,122) | (17,529) | |
Stockholders’ equity: | |||
Accumulated deficit | $ 27,411 | $ 29,038 |
Comparison of Reported Condense
Comparison of Reported Condensed Consolidated Balance Sheet Under New Guidance (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets: | |||
Unbilled - collaboration and license revenue | $ 6,491 | $ 6,694 | |
Trade and other receivables, net | 847 | ||
Prepaid expenses and other current assets | 0 | 0 | |
Liabilities: | |||
Deferred revenue, current portion | 4,928 | 6,354 | $ 11,169 |
Deferred revenue, long-term | 5,194 | 1,269 | 18,798 |
Stockholders’ equity: | |||
Accumulated deficit | (1,365,853) | (1,175,481) | $ (1,204,519) |
Balances Without the Adoption of ASC 606 | Accounting Standards Update 2014-09 | |||
Assets: | |||
Prepaid expenses and other current assets | 847 | 2,706 | |
Liabilities: | |||
Deferred revenue, current portion | 5,726 | 11,169 | |
Deferred revenue, long-term | 25,316 | 18,798 | |
Stockholders’ equity: | |||
Accumulated deficit | (1,393,264) | (1,204,519) | |
Effect of Change | Accounting Standards Update 2014-09 | |||
Assets: | |||
Unbilled - collaboration and license revenue | 6,491 | 6,694 | |
Trade and other receivables, net | 847 | ||
Prepaid expenses and other current assets | (847) | (2,706) | |
Liabilities: | |||
Deferred revenue, current portion | (798) | (4,815) | |
Deferred revenue, long-term | (20,122) | (17,529) | |
Stockholders’ equity: | |||
Accumulated deficit | $ 27,411 | $ 29,038 |
Comparison of Reported Conden32
Comparison of Reported Condensed Consolidated Statement of Operations Under New Guidance (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Collaboration and license revenue | $ 4,011 | $ 3,787 | $ 10,655 | $ 8,915 |
Operating expenses: | ||||
Research and development | 66,440 | 49,292 | 126,507 | 79,937 |
Loss from operations | (103,695) | (65,834) | (188,995) | (106,372) |
Net loss | (105,971) | (69,414) | (190,481) | (111,178) |
Net loss attributable to Portola | $ (106,194) | $ (69,654) | $ (190,372) | $ (111,373) |
Basic and diluted | $ (1.61) | $ (1.22) | $ (2.90) | $ (1.96) |
Collaboration and License Revenue | ||||
Revenues: | ||||
Collaboration and license revenue | $ 1,746 | $ 3,787 | $ 7,784 | $ 8,915 |
Balances Without the Adoption of ASC 606 | Accounting Standards Update 2014-09 | ||||
Operating expenses: | ||||
Research and development | 65,676 | 125,021 | ||
Loss from operations | (103,107) | (187,368) | ||
Net loss | (105,383) | (188,854) | ||
Net loss attributable to Portola | $ (105,606) | $ (188,745) | ||
Basic and diluted | $ (1.60) | $ (2.87) | ||
Balances Without the Adoption of ASC 606 | Collaboration and License Revenue | Accounting Standards Update 2014-09 | ||||
Revenues: | ||||
Collaboration and license revenue | $ 1,569 | $ 7,925 | ||
Effect of Change | Accounting Standards Update 2014-09 | ||||
Operating expenses: | ||||
Research and development | 764 | 1,486 | ||
Loss from operations | (588) | (1,627) | ||
Net loss | (588) | (1,627) | ||
Net loss attributable to Portola | $ (588) | $ (1,627) | ||
Basic and diluted | $ (0.01) | $ (0.03) | ||
Effect of Change | Collaboration and License Revenue | Accounting Standards Update 2014-09 | ||||
Revenues: | ||||
Collaboration and license revenue | $ 177 | $ (141) |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenues by Timing of Transfer of Goods or Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Disaggregated Revenue | $ 4,011 | $ 3,787 | $ 10,655 | $ 8,915 |
Product Revenue, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated Revenue | 2,265 | 2,871 | ||
Collaboration and License Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated Revenue | 1,746 | 7,784 | ||
Transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated Revenue | 2,265 | 2,871 | ||
Transferred at a point in time | Product Revenue, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated Revenue | 2,265 | 2,871 | ||
Transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated Revenue | 1,746 | 7,784 | ||
Transferred over time | Collaboration and License Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated Revenue | $ 1,746 | $ 7,784 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Changes in Contract Assets and Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Capitalized Contract Cost [Line Items] | |
Total contract assets, Balance at Beginning of Period | $ 6,694 |
Contract assets, Addition | 5,439 |
Contract assets, Deduction | (5,642) |
Total contract assets, Balance at End of Period | 6,491 |
Total contract liabilities, Balance at Beginning of Period | 7,623 |
Contract liabilities, Addition | 6,857 |
Contract liabilities, Deduction | (4,359) |
Total contract liabilities, Balance at End of Period | 10,121 |
Unbilled - collaboration and license revenue | |
Capitalized Contract Cost [Line Items] | |
Total contract assets, Balance at Beginning of Period | 6,694 |
Contract assets, Addition | 5,439 |
Contract assets, Deduction | (5,642) |
Total contract assets, Balance at End of Period | 6,491 |
Deferred revenue | |
Capitalized Contract Cost [Line Items] | |
Total contract liabilities, Balance at Beginning of Period | 7,623 |
Contract liabilities, Addition | 6,857 |
Contract liabilities, Deduction | (4,359) |
Total contract liabilities, Balance at End of Period | $ 10,121 |
Revenue Recognition - Significa
Revenue Recognition - Significant Changes in Contract Liabilities Balances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Contract Liabilities | ||
Cumulative catch-up adjustment to revenue related to a change in an estimate of the transaction price | $ 91 | $ 1,980 |
Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period | $ 753 | $ 4,032 |
Revenue Recognition - Estimated
Revenue Recognition - Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 | $ 14,494 |
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | 2014 Agreement | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 | $ 156 |
Expected Year By Which Revenue Recognition Will Be Completed | 2,019 |
Percentage of Revenue Recognized | 99.00% |
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | 2016 Agreement | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 | $ 2,383 |
Expected Year By Which Revenue Recognition Will Be Completed | 2,021 |
Percentage of Revenue Recognized | 81.00% |
Daiichi Sankyo, Inc ("Daiichi") | 2014 Agreement | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 | $ 3,736 |
Expected Year By Which Revenue Recognition Will Be Completed | 2,020 |
Percentage of Revenue Recognized | 89.00% |
Daiichi Sankyo, Inc ("Daiichi") | 2016 Agreement | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 | $ 4,212 |
Expected Year By Which Revenue Recognition Will Be Completed | 2,023 |
Percentage of Revenue Recognized | 69.00% |
Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | 2014 Agreement | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 | $ 245 |
Expected Year By Which Revenue Recognition Will Be Completed | 2,019 |
Percentage of Revenue Recognized | 99.00% |
Bayer Pharma AG | 2016 Agreement | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction Price Allocated to the Remaining Performance Obligation as of June 30, 2018 | $ 3,762 |
Expected Year By Which Revenue Recognition Will Be Completed | 2,023 |
Percentage of Revenue Recognized | 72.00% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jul. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2017 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | $ 4,011,000 | $ 3,787,000 | $ 10,655,000 | $ 8,915,000 | ||||||||
Costs to obtain or fulfill the contract capitalized | 0 | 0 | ||||||||||
Contract liabilities | 10,121,000 | 10,121,000 | $ 7,623,000 | |||||||||
Unbilled - collaboration and license revenue | 6,491,000 | 6,491,000 | $ 6,694,000 | |||||||||
Deferred revenue | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Contract liabilities | 10,121,000 | 10,121,000 | $ 7,623,000 | |||||||||
Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Unbilled - collaboration and license revenue | 6,491,000 | 6,491,000 | $ 6,694,000 | |||||||||
BMS and Pfizer | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront fee | $ 13,000,000 | |||||||||||
Milestone payments of development and regulatory event | $ 12,000,000 | |||||||||||
Percentage of consideration received under agreement | 50.00% | |||||||||||
BMS and Pfizer | 2016 Agreement | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Non-refundable upfront fee | $ 15,000,000 | |||||||||||
Contingent payment receivable upon achievement of regulatory events | 20,000,000 | |||||||||||
Contingent payment receivable upon achievement of annual net sales volumes | $ 70,000,000 | |||||||||||
BMS and Pfizer | 2016 Agreement | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront payment received | $ 15,000,000 | |||||||||||
BMS and Pfizer | 2016 Agreement | Accounting Standards Update 2014-09 | Ethnic Sensitivity Study | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 33.00% | |||||||||||
BMS and Pfizer | 2016 Agreement | Accounting Standards Update 2014-09 | Factor Xa Inhibitors Other Than Apixaban | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 66.00% | |||||||||||
BMS and Pfizer | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Transaction price | $ 12,300,000 | |||||||||||
Costs to obtain or fulfill the contract | 0 | 0 | ||||||||||
Upfront payment | 15,000,000 | 15,000,000 | ||||||||||
BMS and Pfizer | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | Deferred revenue | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Contract liabilities | 9,200,000 | $ 9,200,000 | ||||||||||
BMS and Pfizer | 2016 Agreement | Minimum | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Percentage of royalties entitle to receive under agreement | 5.00% | |||||||||||
BMS and Pfizer | 2016 Agreement | Maximum | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Percentage of royalties entitle to receive under agreement | 15.00% | |||||||||||
BMS and Pfizer | 2014 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Transaction price | $ 16,500,000 | |||||||||||
Percentage of refundable transaction price | 50.00% | |||||||||||
Additional payments eligible to be earned | $ 0 | |||||||||||
Costs to obtain or fulfill the contract | 0 | 0 | ||||||||||
BMS and Pfizer | 2014 Agreement | Topic 606 | Accounting Standards Update 2014-09 | Deferred revenue | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Contract liabilities | 200,000 | 200,000 | ||||||||||
Daiichi Sankyo, Inc ("Daiichi") | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Costs to obtain or fulfill the contract capitalized | 0 | 0 | ||||||||||
Transaction price | 13,600,000 | |||||||||||
Upfront payment | 5,000,000 | 5,000,000 | ||||||||||
Estimated variable consideration transaction price | 5,500,000 | 5,500,000 | ||||||||||
Regulatory milestone payments | 10,000,000 | |||||||||||
Daiichi Sankyo, Inc ("Daiichi") | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | Ethnic Sensitivity Study | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration transaction price | 3,100,000 | 3,100,000 | ||||||||||
Daiichi Sankyo, Inc ("Daiichi") | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | Deferred revenue | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Unbilled - collaboration and license revenue | 2,100,000 | 2,100,000 | ||||||||||
Daiichi Sankyo, Inc ("Daiichi") | 2014 Agreement | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront fee | $ 15,000,000 | |||||||||||
Milestone payments of development and regulatory event | 20,000,000 | |||||||||||
Contingent payment receivable upon achievement | $ 5,000,000 | |||||||||||
Daiichi Sankyo, Inc ("Daiichi") | October 2016 Agreement | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront fee | $ 15,000,000 | |||||||||||
Milestone payments of development and regulatory event | $ 2,500,000 | |||||||||||
Percentage of consideration received under agreement | 1.00% | |||||||||||
Contingent payment receivable upon achievement of annual net sales volumes | $ 8,000,000 | |||||||||||
Contingent payment receivable upon achievement | $ 10,000,000 | |||||||||||
Daiichi Sankyo, Inc ("Daiichi") | March 2016 Agreement | Ethnic Sensitivity Study | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 33.00% | |||||||||||
Daiichi Sankyo, Inc ("Daiichi") | March 2016 Agreement | Minimum | Edoxaban | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 33.00% | |||||||||||
Daiichi Sankyo, Inc ("Daiichi") | March 2016 Agreement | Maximum | Edoxaban | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 100.00% | |||||||||||
Daiichi Sankyo, Inc ("Daiichi") | 2014 and October 2016 Amendment | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Transaction price | 34,000,000 | |||||||||||
Costs to obtain or fulfill the contract | 0 | 0 | ||||||||||
Upfront payment | 22,000,000 | 22,000,000 | ||||||||||
Milestones already received on achieving performance obligations | 9,000,000 | |||||||||||
Milestone payments eligible for achievement of certain events | 3,000,000 | |||||||||||
Milestone payments eligible for achievement | 5,500,000 | |||||||||||
Daiichi Sankyo, Inc ("Daiichi") | 2014 and October 2016 Amendment | Topic 606 | Accounting Standards Update 2014-09 | Deferred revenue | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Contract liabilities | 700,000 | 700,000 | ||||||||||
Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | 2014 Agreement | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront fee | $ 10,000,000 | |||||||||||
Milestone payments of development and regulatory event | 8,000,000 | |||||||||||
Contingent payment receivable upon achievement | $ 7,000,000 | |||||||||||
Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | 2014 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Costs to obtain or fulfill the contract capitalized | 0 | 0 | ||||||||||
Transaction price | 25,000,000 | |||||||||||
Upfront payment | 10,000,000 | 10,000,000 | ||||||||||
Milestone payments eligible for achievement | 0 | |||||||||||
Unbilled - collaboration and license revenue | 1,800,000 | 1,800,000 | ||||||||||
Milestones already received on achieving performance obligations | 13,000,000 | |||||||||||
Probable milestone payment to be achieved | 2,000,000 | |||||||||||
Bayer Pharma AG | 2016 Agreement | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront fee | $ 5,000,000 | |||||||||||
Contingent payment receivable upon achievement | 10,000,000 | |||||||||||
Reduced contingent payment receivable upon achievement | $ 7,000,000 | |||||||||||
Bayer Pharma AG | 2016 Agreement | Ethnic Sensitivity Study | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 33.00% | |||||||||||
Bayer Pharma AG | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Transaction price | 13,600,000 | |||||||||||
Costs to obtain or fulfill the contract | 0 | 0 | ||||||||||
Upfront payment | 5,000,000 | 5,000,000 | ||||||||||
Milestone payments eligible for achievement | 10,000,000 | |||||||||||
Estimated variable consideration transaction price | 5,500,000 | 5,500,000 | ||||||||||
Unbilled - collaboration and license revenue | 2,600,000 | 2,600,000 | ||||||||||
Bayer Pharma AG | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | Ethnic Sensitivity Study | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration transaction price | 3,100,000 | 3,100,000 | ||||||||||
Bayer Pharma AG | 2016 Agreement | Minimum | Rivaroxaban | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 33.00% | |||||||||||
Bayer Pharma AG | 2016 Agreement | Maximum | Rivaroxaban | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reimbursement of costs and expenses percentage | 100.00% | |||||||||||
Chargebacks and Returns | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Reduction to revenue | (1,400,000) | (2,100,000) | ||||||||||
Royalty | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | 0 | |||||||||||
Collaboration and License Revenue | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | 1,746,000 | $ 3,787,000 | 7,784,000 | $ 8,915,000 | ||||||||
Collaboration and License Revenue | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | 177,000 | (141,000) | ||||||||||
Collaboration and License Revenue | BMS and Pfizer | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | (1,100,000) | (600,000) | ||||||||||
Collaboration and License Revenue | BMS and Pfizer | 2014 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | 800,000 | 1,300,000 | ||||||||||
Collaboration and License Revenue | Daiichi Sankyo, Inc ("Daiichi") | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | 700,000 | 1,200,000 | ||||||||||
Collaboration and License Revenue | Daiichi Sankyo, Inc ("Daiichi") | 2014 and October 2016 Amendment | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | (600,000) | 700,000 | ||||||||||
Collaboration and License Revenue | Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | 2014 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | 1,200,000 | 3,900,000 | ||||||||||
Collaboration and License Revenue | Bayer Pharma AG | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration and license revenue | 800,000 | 1,200,000 | ||||||||||
New Drug Application | BMS and Pfizer | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration transaction price | 3,100,000 | |||||||||||
New Drug Application | BMS and Pfizer | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | Japan | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront payment | $ 5,000,000 | 5,000,000 | ||||||||||
Phase Four Clinical Trial | BMS and Pfizer | 2016 Agreement | Topic 606 | Accounting Standards Update 2014-09 | Japan | ||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration transaction price | 200,000 | |||||||||||
Decrease in transaction price | $ 11,000,000 |
Fair Values Measurements - Addi
Fair Values Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Fair value assets transfers from level 1 to level 2 | $ 0 | $ 0 |
Fair value assets transfers from level 2 to level 1 | 0 | 0 |
Fair value liabilities transfers from level 1 to level 2 | 0 | 0 |
Fair value liabilities transfers from level 2 to level 1 | 0 | 0 |
Fair value assets transfers into level 3 | 0 | 0 |
Fair value assets transfers out of level 3 | 0 | 0 |
Fair value liabilities transfers into level 3 | 0 | 0 |
Fair value liabilities transfers out of level 3 | $ 0 | $ 0 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities, Allocated into Level 1, Level 2, and Level 3 Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financial Assets: | ||
Total financial assets | $ 437,410 | $ 515,458 |
Money market funds | ||
Financial Assets: | ||
Total financial assets | 27,208 | 31,836 |
Corporate notes and commercial paper | ||
Financial Assets: | ||
Total financial assets | 247,081 | 313,164 |
U.S. Treasury bills and government agency securities | ||
Financial Assets: | ||
Total financial assets | 163,121 | 170,458 |
Embedded derivative liabilities | ||
Financial Liabilities: | ||
Total financial liabilities | 7,286 | 8,854 |
Fair Value, Inputs, Level 1 | ||
Financial Assets: | ||
Total financial assets | 27,208 | 31,836 |
Fair Value, Inputs, Level 1 | Money market funds | ||
Financial Assets: | ||
Total financial assets | 27,208 | 31,836 |
Fair Value, Inputs, Level 2 | ||
Financial Assets: | ||
Total financial assets | 410,202 | 483,622 |
Fair Value, Inputs, Level 2 | Corporate notes and commercial paper | ||
Financial Assets: | ||
Total financial assets | 247,081 | 313,164 |
Fair Value, Inputs, Level 2 | U.S. Treasury bills and government agency securities | ||
Financial Assets: | ||
Total financial assets | 163,121 | 170,458 |
Fair Value, Inputs, Level 3 | Embedded derivative liabilities | ||
Financial Liabilities: | ||
Total financial liabilities | $ 7,286 | $ 8,854 |
Summary of Changes in Estimated
Summary of Changes in Estimated Fair Value of Embedded Derivative Liabilities Measured on Recurring Basis (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract] | |
Balance as of December 31, 2017 | $ 8,854 |
Net decrease in fair value included in interest and other income (expense), net | (1,568) |
Balance as of June 30, 2018 | $ 7,286 |
Cash Equivalents and Investment
Cash Equivalents and Investments Classified as Available-for-sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 438,084 | $ 515,867 |
Unrealized Gains | 3 | 2 |
Unrealized (Losses) | (677) | (411) |
Estimated Fair Value | 437,410 | 515,458 |
Money market funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 27,208 | 31,836 |
Estimated Fair Value | 27,208 | 31,836 |
Corporate notes and commercial paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 247,454 | 313,307 |
Unrealized Gains | 2 | |
Unrealized (Losses) | (373) | (145) |
Estimated Fair Value | 247,081 | 313,164 |
U.S. Treasury bills and government agency securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 163,422 | 170,724 |
Unrealized Gains | 3 | |
Unrealized (Losses) | (304) | (266) |
Estimated Fair Value | 163,121 | 170,458 |
Cash equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | 153,797 | 162,793 |
Short-term investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | 262,836 | 281,589 |
Long-term investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | $ 20,777 | $ 71,076 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-sale securities, contractual maturities | 2 years |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Work in process | $ 6,894 | $ 1,032 |
Finished goods | 188 | 67 |
Total inventories | $ 7,082 | $ 1,099 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Inventory [Line Items] | ||
Prepaid manufacturing | $ 17,880,000 | $ 2,333,000 |
Cost of Sales | ||
Inventory [Line Items] | ||
Reserve for obsolescence inventories | 600,000 | |
Prepaid And Other Long-term Assets | ||
Inventory [Line Items] | ||
Prepayment for purchase of inventory | $ 0 | $ 9,600,000 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid insurances | $ 1,992 | $ 654 |
Prepaid subscriptions | 1,482 | 1,161 |
Prepaid other | 1,474 | 528 |
Interest receivable | 849 | 900 |
Prepaid rent and maintenance | 658 | 526 |
Other receivable | 353 | 2,908 |
Total prepaid expenses and other current assets | $ 6,808 | $ 6,677 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Commercial related | $ 3,639 | $ 1,694 |
Legal and accounting fees | 727 | 256 |
Deferred rent | 919 | 879 |
Current portion of long term obligation to collaborator | 451 | |
Other | 1,720 | 723 |
Total accrued and other liabilities | $ 7,456 | $ 3,552 |
Contract Manufacturing Agreem47
Contract Manufacturing Agreements - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | |
Aug. 31, 2017USD ($)Right$ / sharesshares | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Long Term Purchase Commitment [Line Items] | |||
Accounts payable | $ 6,746,000 | $ 9,304,000 | |
Accrued research and development | 39,015,000 | 44,973,000 | |
Prepaid expenses and other current assets | 6,808,000 | $ 6,677,000 | |
Lonza Manufacturing Services Agreement | |||
Long Term Purchase Commitment [Line Items] | |||
Contingently issuable equity awards aggregate fair value | 0 | ||
Term of manufacturing commitments | 10 years | ||
Lonza Manufacturing Services Agreement | Common Stock | |||
Long Term Purchase Commitment [Line Items] | |||
Number of separate rights to purchase shares of common stock | Right | 2 | ||
Follow on offering price per share | $ / shares | $ 1 | ||
Average trading period from date of purchase right | 20 days | ||
Lonza Manufacturing Services Agreement | Common Stock | Maximum | |||
Long Term Purchase Commitment [Line Items] | |||
Aggregate market value of shares to be purchased under each right | $ 15,000,000 | ||
Number of shares to be purchased under each right | shares | 500,000 | ||
CMC ICOS Biologics Inc | |||
Long Term Purchase Commitment [Line Items] | |||
Accounts payable | 300,000 | ||
Accrued research and development | 500,000 | ||
Prepaid manufacturing services | 3,700,000 | ||
Hovione, Limited | |||
Long Term Purchase Commitment [Line Items] | |||
Prepaid expenses and other current assets | 14,200,000 | ||
Hovione, Limited | Maximum | |||
Long Term Purchase Commitment [Line Items] | |||
Cancellable additional purchase commitments | $ 4,300,000 |
Asset Acquisition and License48
Asset Acquisition and License Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Asset Acquisition [Line Items] | |||||||||
Restricted cash (SRX Cardio) | $ 172,000 | $ 178,000 | $ 30,000 | $ 172,000 | $ 30,000 | $ 172,000 | $ 173,000 | ||
Net Income (loss) attributable to noncontrolling interest (SRX Cardio) | 223,000 | $ 240,000 | (109,000) | 195,000 | |||||
Milestone payment on regulatory approval | $ 5,000,000 | ||||||||
Millennium Pharmaceuticals, Inc | United States | |||||||||
Asset Acquisition [Line Items] | |||||||||
Milestone payment on regulatory approval | $ 5,000,000 | ||||||||
Millennium Pharmaceuticals, Inc | Research and Development Expense | |||||||||
Asset Acquisition [Line Items] | |||||||||
Milestone payment | $ 2,000,000 | ||||||||
Millennium Pharmaceuticals, Inc | Cost of Sales | United States | |||||||||
Asset Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, amortization expenses | 100,000 | $ 300,000 | |||||||
Maximum | Millennium Pharmaceuticals, Inc | |||||||||
Asset Acquisition [Line Items] | |||||||||
Percentage of royalty on product sales | 8.00% | ||||||||
Minimum | Millennium Pharmaceuticals, Inc | |||||||||
Asset Acquisition [Line Items] | |||||||||
Percentage of royalty on product sales | 2.00% | ||||||||
SRX Cardio | |||||||||
Asset Acquisition [Line Items] | |||||||||
Variable interest entity, Upfront payment | $ 2,200,000 | $ 500,000 | |||||||
Variable interest entity, Terms of arrangements | Accordingly, SRX Cardio is subject to consolidation and we have consolidated the financial statements of SRX Cardio by (a) eliminating all intercompany balances and transactions; and (b) allocating income or loss attributable to the noncontrolling interest in SRX Cardio to net income or loss attributable to noncontrolling interest in our consolidated statement of operations and reflecting noncontrolling interest on our consolidated balance sheet. | ||||||||
Fair value of indefinite lived intangible assets | 3,200,000 | $ 3,200,000 | |||||||
Noncontrolling interest in variable Interest entity | 2,900,000 | 2,900,000 | |||||||
Restricted cash (SRX Cardio) | $ 30,000 | $ 30,000 | $ 173,000 | ||||||
SRX Cardio | License Agreement | |||||||||
Asset Acquisition [Line Items] | |||||||||
Notice period for agreement termination | 90 days | ||||||||
SRX Cardio | License Agreement | Maximum | |||||||||
Asset Acquisition [Line Items] | |||||||||
Research and development milestone payment obligation | $ 152,500,000 | ||||||||
Percentage of royalties on worldwide net sales, obligated to pay | 6.00% | ||||||||
SRX Cardio | License Agreement | Minimum | |||||||||
Asset Acquisition [Line Items] | |||||||||
Percentage of royalties on worldwide net sales, obligated to pay | 2.00% |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2017USD ($) | Dec. 31, 2016USD ($)PromissoryNote | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | May 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||
Carrying value of Notes payable | $ 49,937,000 | $ 49,937,000 | $ 50,565,000 | ||||
Net of current portion and accounts payable | 6,746,000 | 6,746,000 | 9,304,000 | ||||
Gains on remeasurement of embedded derivative | 1,569,000 | $ (666,000) | |||||
Long-term debt | 150,299,000 | 150,299,000 | 54,251,000 | ||||
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | |||||||
Debt Instrument [Line Items] | |||||||
Accrued interest | 12,400,000 | 12,400,000 | 7,400,000 | ||||
Net of current portion and accounts payable | 4,000,000 | 4,000,000 | 0 | ||||
Amount received under royalty sales agreement | $ 50,000,000 | ||||||
Additional amount receivable upon U.S. regulatory approval | $ 100,000,000 | ||||||
Gains on remeasurement of embedded derivative | $ 100,000 | $ 2,400,000 | |||||
Effective interest rate | 14.40% | 14.40% | |||||
Debt instrument increase, accrued interest | $ 3,300,000 | $ 5,000,000 | |||||
Royalty sales agreement fee | 2,000,000 | 2,000,000 | $ 5,000,000 | ||||
Additional debt issuance costs | 600,000 | ||||||
Long-term debt | 150,300,000 | 150,300,000 | 54,300,000 | ||||
Outstanding debt, net of unamortized debt discount | 7,200,000 | 7,200,000 | 2,300,000 | ||||
Funding amount | $ 100,000,000 | ||||||
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Scenario Two | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of royalty obligated to pay of net worldwide sales | 8.21% | ||||||
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Scenario Two | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of royalty obligated to pay of net worldwide sales | 3.94% | ||||||
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Scenario Three | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of royalty obligated to pay of net worldwide sales | 195.00% | ||||||
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Scenario Three | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Transaction expense | $ 290,600,000 | ||||||
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Scenario Three | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Target payment for royalty obligation | $ 150,000,000 | ||||||
Andexxa | Fair Value, Inputs, Level 3 | HealthCare Royalty Partners and its Affiliates (“HCR”) | |||||||
Debt Instrument [Line Items] | |||||||
Estimated fair value of long-term debt | 154,400,000 | $ 154,400,000 | 58,800,000 | ||||
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument repayment terms, description | if the approval of Andexxa in the United States and EU is not achieved by January 1, 2019, we are able to reduce the repayment amount to $60.0 million if such amount is paid by December 31, 2021 and regardless of the timing of regulatory approval, we may reduce the repayment amount to $62.5 million if such amount is paid by December 31, 2023. Any unpaid amounts shall become immediately due upon: (1) a change of control of our company; (2) an event of default; and (3) termination of the agreement for breach. We have the right to prepay the repayment amount at any time without any penalty. | ||||||
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | Paid by December 31, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Repayment amount | $ 60,000,000 | ||||||
Repayment date | Dec. 31, 2021 | ||||||
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | Paid by December 31, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Repayment amount | $ 62,500,000 | ||||||
Repayment date | Dec. 31, 2023 | ||||||
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | United States and EU | |||||||
Debt Instrument [Line Items] | |||||||
Initial regulatory approval date | Jan. 1, 2019 | ||||||
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | United States and EU | Andexxa | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of net sales to be paid in each quarter | 5.00% | ||||||
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | Promissory Notes | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from notes payable | $ 50,000,000 | ||||||
Number of debt instruments | PromissoryNote | 2 | ||||||
Promissory notes, face amount | $ 65,000,000 | ||||||
Promissory notes due date | 2024-12 | ||||||
Accrued interest | 6,000,000 | $ 6,000,000 | 4,200,000 | ||||
Carrying value of Notes payable | 49,900,000 | 49,900,000 | 50,600,000 | ||||
Net of current portion and accounts payable | 2,300,000 | 2,300,000 | 0 | ||||
Losses on remeasurement of embedded derivatives | 200,000 | 800,000 | |||||
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | Promissory Notes | Fair Value, Inputs, Level 3 | |||||||
Debt Instrument [Line Items] | |||||||
Estimated fair value of Notes | $ 54,700,000 | $ 54,700,000 | $ 55,500,000 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - Employee Stock Option - 2013 Equity Incentive Plan and Inducement Plan | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares Subject to Outstanding Stock Options | |
Beginning balance | shares | 6,514,538 |
Options granted | shares | 1,421,928 |
Options exercised | shares | (273,477) |
Options canceled | shares | (271,578) |
Ending balance | shares | 7,391,411 |
Weighted-Average Exercise Price Per Share | |
Beginning balance | $ / shares | $ 31.36 |
Options granted | $ / shares | 46.13 |
Options exercised | $ / shares | 23.76 |
Options canceled | $ / shares | 40.12 |
Ending balance | $ / shares | $ 34.16 |
Summary of PSO Activities (Deta
Summary of PSO Activities (Detail) - Performance Stock Options (PSOs) - 2013 Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares Subject to Outstanding PSOs | |
Beginning balance | shares | 164,783 |
Options exercised | shares | (9,114) |
Ending balance | shares | 155,669 |
Weighted-Average Exercise Price Per Share | |
Beginning balance | $ / shares | $ 23.76 |
Options exercised | $ / shares | 23.76 |
Ending balance | $ / shares | $ 23.76 |
Summary of RSU Activity (Detail
Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) - 2013 Plan and Inducement Plan | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares Subject to Outstanding RSUs | |
Beginning balance | shares | 600,334 |
RSUs granted | shares | 468,281 |
RSUs released | shares | (279,555) |
RSUs canceled | shares | (39,648) |
Ending balance | shares | 749,412 |
Weighted-Average Grant Date Fair Value Per Share | |
Beginning balance | $ / shares | $ 27.87 |
RSUs granted | $ / shares | 46.49 |
RSUs released | $ / shares | 28.49 |
RSUs canceled | $ / shares | 35.70 |
Ending balance | $ / shares | $ 38.87 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Mar. 31, 2018shares |
Performance Stock Units (PSUs) | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares available for issuance | 102,600 |
Summary of PSU Activity (Detail
Summary of PSU Activity (Detail) - Performance Stock Units (PSUs) - 2013 Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares Subject to Outstanding PSUs | |
Beginning balance | shares | 304,754 |
PSUs granted | shares | 102,600 |
PSUs released | shares | (53,107) |
PSUs canceled | shares | (23,831) |
Ending balance | shares | 330,416 |
Weighted-Average Grant Date Fair Value Per Share | |
Beginning balance | $ / shares | $ 25.34 |
PSUs granted | $ / shares | 32.66 |
PSUs released | $ / shares | 28.29 |
PSUs canceled | $ / shares | 25.54 |
Ending balance | $ / shares | $ 27.13 |
Classification of Stock-Based C
Classification of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 13,214 | $ 13,257 | $ 24,194 | $ 22,291 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 5,320 | 6,670 | 9,772 | 10,820 |
Selling, General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 7,894 | $ 6,587 | $ 14,422 | $ 11,471 |
Outstanding Shares of Common St
Outstanding Shares of Common Stock Shares Excluded from Computation of Diluted Net Loss per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock options to purchase common stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from computation of diluted net loss per share | 7,391,411 | 6,176,302 | 7,391,411 | 6,176,302 |
Performance stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from computation of diluted net loss per share | 155,669 | 180,752 | 155,669 | 180,752 |
Common stock warrants | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from computation of diluted net loss per share | 1,500 | 1,500 | 1,500 | 1,500 |
Restricted stock units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from computation of diluted net loss per share | 749,412 | 646,653 | 749,412 | 646,653 |
Performance stock units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from computation of diluted net loss per share | 330,416 | 368,418 | 330,416 | 368,418 |
Employee stock purchase plan | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock equivalents excluded from computation of diluted net loss per share | 47,743 | 22,982 | 47,743 | 22,982 |
Net Loss per Share Attributab57
Net Loss per Share Attributable to Portola Common Stockholders - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018shares | |
Maximum | Contingently issuable shares to contract manufacturer | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Common stock equivalents excluded from computation of diluted net loss per share | 1,000,000 |