Portola Pharmaceuticals (PTLA) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	PTLA
Entity Registrant Name	PORTOLA PHARMACEUTICALS INC
Entity Central Index Key	0001269021
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		68,109,684

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 226,793	$ 138,951
Short-term investments	96,048	178,013
Restricted cash	1,528	1,062
Trade and other receivables, net	11,787	5,849
Unbilled - collaboration and license revenue	6,317	9,880
Inventories	2,672	7,873
Prepaid and other current assets	9,713	11,699
Total current assets	354,858	353,327
Property and equipment, net	5,032	5,236
Intangible assets	7,137	7,279
Prepaid and other long-term assets	33,355	20,577
Total assets	400,382	386,419
Current liabilities:
Accounts payable	9,748	13,215
Accrued research and development	18,376	19,831
Accrued and other liabilities	28,413	22,310
Deferred revenue, current portion	2,212	1,847
Current portion of notes payable and long term royalty-based debt	15,079	11,802
Total current liabilities	73,828	69,005
Notes payable, less current portion	46,860	48,298
Long term royalty-based debt, less current portion	156,926	155,256
Long term debt	56,839
Long term obligation to collaborator, less current portion	6,438	6,881
Deferred revenue, long-term less current portion	4,426	4,488
Other long-term liabilities	4,415	11,924
Total liabilities	349,732	295,852
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value, 150,000 shares authorized at March 31, 2019 and December 31, 2018; 67,977 shares and 66,618 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	70	68
Additional paid-in capital	1,652,292	1,614,320
Accumulated deficit	(1,603,860)	(1,525,704)
Accumulated other comprehensive loss	(80)	(283)
Total Portola stockholders’ equity	48,422	88,401
Noncontrolling interest	2,228	2,166
Total stockholders’ equity	50,650	90,567
Total liabilities and stockholders’ equity	$ 400,382	$ 386,419

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	150,000,000
Common stock, shares issued	67,977,000	66,618,000
Common stock, shares outstanding	67,977,000	66,618,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 22,169	$ 6,644
Operating expenses:
Cost of sales	7,150	336
Research and development	35,584	60,067
Selling, general and administrative	53,034	31,541
Total operating expenses	95,768	91,944
Loss from operations	(73,599)	(85,300)
Interest and other income, net	1,984	3,371
Interest expense	(6,481)	(2,581)
Net loss	(78,096)	(84,510)
Net (income) loss attributable to noncontrolling interest	(60)	332
Net loss attributable to Portola	$ (78,156)	$ (84,178)
Net loss per share attributable to Portola common stockholders:
Basic and diluted	$ (1.17)	$ (1.28)
Shares used to compute net loss per share attributable to Portola common stockholders:
Basic and diluted	67,070,168	65,509,945
Product Revenue, Net
Revenues:
Total revenues	$ 20,362	$ 606
Collaboration and License Revenue
Revenues:
Total revenues	$ 1,807	$ 6,038

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (78,096)	$ (84,510)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net of tax	203	(392)
Comprehensive loss	(77,893)	(84,902)
Comprehensive (income) loss attributable to noncontrolling interest	(60)	332
Total comprehensive loss attributable to Portola	$ (77,953)	$ (84,570)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unadited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at beginning of year at Dec. 31, 2017	$ 349,493	$ 66	$ 1,551,728	$ (1,204,519)	$ (409)	$ 2,627
Balance at beginning of year (in shares) at Dec. 31, 2017		65,297
Adjustment to accumulated deficit due to adoption of ASC 606	29,037			29,037
Issuance of common stock pursuant to equity award plans	5,679	$ 1	5,678
Issuance of common stock pursuant to equity award plans (in shares)		514
Stock-based compensation expense	10,980		10,980
Other comprehensive income (loss)	(392)				(392)
Net income (loss)	(84,510)			(84,178)		(332)
Change in noncontrolling interest	(119)					(119)
Balance at end of the year at Mar. 31, 2018	310,168	$ 67	1,568,386	(1,259,660)	(801)	2,176
Balance at end of the year (in shares) at Mar. 31, 2018		65,811
Balance at beginning of year at Dec. 31, 2018	90,567	$ 68	1,614,320	(1,525,704)	(283)	2,166
Balance at beginning of year (in shares) at Dec. 31, 2018		66,618
Issuance of common stock pursuant to equity award plans	25,662	$ 2	25,660
Issuance of common stock pursuant to equity award plans (in shares)		1,359
Stock-based compensation expense	12,312		12,312
Other comprehensive income (loss)	203				203
Net income (loss)	(78,096)			(78,156)		60
Change in noncontrolling interest	2					2
Balance at end of the year at Mar. 31, 2019	$ 50,650	$ 70	$ 1,652,292	$ (1,603,860)	$ (80)	$ 2,228
Balance at end of the year (in shares) at Mar. 31, 2019		67,977

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net loss	$ (78,096)	$ (84,510)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	792	756
Amortization of right-of-use asset	459
Accretion of discount on investment securities	(262)	(491)
Non-cash interest expense	6,481	2,581
Stock-based compensation expense, net of capitalized labor	17,894	10,980
Remeasurement gain on embedded derivatives liabilities	(472)	(1,634)
Provision for excess and obsolete inventories	3,945
Changes in operating assets and liabilities:
Inventories	1,498	(2,149)
Trade and other receivables, net	(5,938)	4,763
Unbilled - collaboration and license revenue	3,563	2,034
Prepaid expenses and other current assets	1,986	(11,244)
Prepaid and other long-term assets	(11,042)	4,797
Accounts payable	(4,489)	11,469
Accrued research and development	(1,455)	(22,868)
Accrued and other liabilities	3,225	(4,324)
Deferred revenue	303	1,650
Notes payable, long term royalty-based debt and long term obligation to collaborator	(2,027)
Other long-term liabilities		(230)
Net cash used in operating activities	(63,635)	(88,420)
Investing activities
Capital expenditures, net	(327)	(512)
Purchases of investments	(41,708)	(78,048)
Proceeds from maturities of investments	124,138	148,141
Net cash provided by investing activities	82,103	69,581
Financing activities
Proceeds from debt issuance, net	59,203
Proceeds from issuance of common stock pursuant to equity award plans, net	10,637	5,678
Other		(119)
Net cash provided by financing activities	69,840	5,559
Net (decrease) increase in cash, cash equivalents and restricted cash	88,308	(13,280)
Cash, cash equivalents and restricted cash at beginning of period	140,013	181,741
Cash, cash equivalents and restricted cash at end of period	$ 228,321	$ 168,461

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization Portola Pharmaceuticals, Inc. ® 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. For example, Andexanet alfa received conditional approval under the brand name Ondexxya by the European Commission (“EC”) on April 26, 2019. 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 European Union (“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	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019. 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 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, 2018 included in our Annual Report on Form 10-K filed on March 1, 2019 with the SEC. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2018 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. 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, we evaluate our significant accounting policies and estimates. 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, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. 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. Restricted cash consists of cash restricted for royalty payments to HealthCare Royalty Partners and its Affiliates (“HCR”) and cash held by SRX Cardio, LLC (“SRX Cardio”). Cash as reported in the condensed consolidated statements of cash flows consists of the following (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 226,793 $ 138,951 Restricted cash (SRX Cardio) 29 30 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 1,499 1,032 Total cash balance in condensed consolidated statements of cash flows $ 228,321 $ 140,013 Customer Concentration We have four Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues during the three months ended March 31, 2019. We have three collaboration revenue customers who each accounted for less than 10% of total net revenues during the three months ended March 31, 2019. Each of these collaboration revenue customers accounted for more than 10% of total net revenues during the three months ended March 31, 2018. Recent Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases The new standard provides a number of optional practical expedients and we elected the following: • Transition Elections. We elected the package of practical expedients that permits us to not reassess under the new standard our prior conclusions about lease identification, lease classification, and initial direct costs. We also elected the practical expedient to not separate lease and non-lease components for facility lease classes of underlying assets to new or modified leases beginning on or after the adoption date. That is, we will account for each separate lease component of a contract and its associated non-lease components as a single lease component. • Ongoing Accounting Policy Elections. We elected the short-term lease recognition exemption whereby ROU assets and lease liabilities will not be recognized for leasing arrangements with terms less than one year. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 20,362 $ — $ 20,362 Transferred over time — 1,807 1,807 Total $ 20,362 $ 1,807 $ 22,169 The following table presents changes in our contract assets and liabilities for the three months ended March 31, 2019 (in thousands): Balance at Beginning of Period Addition Deduction Balance at End of Period Contract assets: Unbilled - collaboration and license revenue $ 9,880 $ 1,634 $ (5,197 ) $ 6,317 Total contract assets $ 9,880 $ 1,634 $ (5,197 ) $ 6,317 Contract liabilities: Deferred revenue $ 6,335 $ 1,112 $ (809 ) $ 6,638 Total contract liabilities $ 6,335 $ 1,112 $ (809 ) $ 6,638 Significant changes in the contract liabilities balances during the period are as follows (in thousands): Three Months Ended as of March 31, 2019 Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period 173 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 March 31, 2019 (in thousands): Collaborator Transaction Price Allocated to the Remaining Performance Obligation as of March 31, 2019 Expected Year By Which Revenue Recognition Will Be Completed Percentage of Revenue Recognized BMS and Pfizer - 2016 agreement $ 1,525 2021 88 % Daiichi Sankyo - 2014 agreement 1,112 2020 97 % Daiichi Sankyo - 2016 agreement 3,257 2023 79 % Bayer - 2016 agreement 2,911 2023 81 % Total $ 8,805 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, U.S. Food and Drug Administration (“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. 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% to 15% 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. For the 2014 BMS and Pfizer Agreement, 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 2019. All the performance obligations under this agreement were delivered and we recognized all related revenues by the first quarter of 2019. For the three months ended March 31, 2019, we recognized less than $0.1 million as license and collaboration revenue under the 2014 BMS and Pfizer Agreement. For the 2016 BMS and Pfizer Agreement, we 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. We determined that the transaction price of the 2016 BMS and Pfizer Agreement was $12.9 million as of March 31, 2019 which includes routine updates for estimated costs that BMS and Pfizer will incur in developing Andexxa in Japan. In determining the transaction price, we evaluated all the payments to be received during the duration of the contract. As of March 31, 2019, the transaction price included $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, $4.4 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 $0.6 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 $12.1 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. For the three months ended March 31, 2019, we recognized $0.2 million as license and collaboration revenue under the 2016 BMS and Pfizer Agreement and recorded $5.5 million as deferred revenue under contract liabilities as of March 31, 2019 on the condensed consolidated balance sheets. 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 the 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. For the 2014 Daiichi Sankyo Agreement, 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 edoxaban in the United States and Europe, which we expect to be achieved in 2020. 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 March 31, 2019. In order to determine the transaction price, we evaluated all the payments to be received during the duration of the contract. As of March 31, 2019, the transaction price included $22.0 million of upfront payments and $12.0 million in milestones already received upon achievement of specified events. As of March 31, 2019, we had $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 a 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. For the three months ended March 31, 2019, we recognized $0.5 million as license and collaboration revenue under the combined 2014 Daiichi Sankyo Agreement and October 2016 amendment and recorded $1.1 million as deferred revenue under contract liabilities as of March 31, 2019 on the condensed consolidated balance sheets. There were no costs incurred to obtain or fulfill the contract. For the 2016 Daiichi Sankyo Agreement, we determined that the transaction price of the 2016 Daiichi Sankyo Agreement was $15.5 million as of March 31, 2019 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 March 31, 2019, the transaction price included $5.0 million of upfront payment and $4.3 million of estimated variable consideration for cost-sharing payments from Daiichi Sankyo for agreed upon research and development services incurred and to be incurred outside of Japan including the ESS-study, and $6.2 million of estimated variable consideration for cost-sharing payments from Daiichi Sankyo associated with the development of Andexxa in Japan. As of March 31, 2019, we had $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. For the three months ended March 31, 2019, we recognized $0.6 million as license and collaboration revenue under the 2016 Daiichi Sankyo Agreement and recorded $3.0 million as Unbilled - collaboration and license revenue as of March 31, 2019 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. Revenue Recognition We assessed the 2014 Bayer and Janssen Agreement in accordance with ASC 606 and concluded that Bayer and Janssen are customers. For the 2014 Bayer and Janssen Agreement, 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, which was expected to be achieved in 2019. All the performance obligations under this agreement were delivered and we recognized all related revenues by the first quarter of 2019. For the three months ended March 31, 2019, we recognized less than $0.1 million as license and collaboration revenue under the 2014 Bayer and Janssen Agreement. None of the costs to obtain or fulfill the contract were capitalized. Bayer Pharma, AG (“Bayer”) Agreement Terms In February 2016, we entered into an agreement with Bayer 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 Bayer Agreement”). Bayer will reimburse us 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 rivaroxaban under the terms of the arrangement. We are obligated to provide research and development services, to provide clinical drug supply and related manufacturing services and to provide regulatory approval services in exchange for an upfront nonrefundable fee of $5.0 million. We are also eligible to receive, one payment of $10.0 million which is payable upon the initial regulatory approval for Andexxa for rivaroxaban in Japan. The $10.0 million payment will be reduced to $7.0 million if Japanese regulatory approval is attained based only upon the ESS Study results. Revenue Recognition We assessed the 2016 Bayer Agreement in accordance with ASC 606 and concluded that Bayer is a customer. We determined that the transaction price of the 2016 Bayer Agreement was $15.5 million as of March 31, 2019 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 March 31, 2019, the transaction price included a $5.0 million upfront payment, $4.3 million of estimated variable consideration for cost-sharing payments from Bayer for agreed upon research and development services incurred and to be incurred outside of Japan including the ESS-study and $6.2 million of estimated variable consideration for cost-sharing payments from Bayer associated with the development of Andexxa in Japan. As of March 31, 2019, we had $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. For the three months ended March 31, 2019, we recognized $0.5 million as license and collaboration revenue under the 2016 Bayer Agreement and recorded $3.3 million as Unbilled - collaboration and license revenue as of March 31, 2019 on the condensed consolidated balance sheets. There were no costs incurred to obtain or fulfill the contract.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 and other current assets, accounts payable, accrued research and development, 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 or a discounted cash flow model and are included as a component of other long-term liabilities on the condensed 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, net, in our condensed consolidated statements of operations. The assumptions used in the Monte Carlo simulation model or the discounted cash flow 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; and (6) the probability of a change in control occurring during the term of the note. 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 7, "Asset Acquisition and License Agreements", to these condensed consolidated financial statements for further information. Our liability-classified Lonza AG (“Lonza”) award was measured at fair value using a Black-Scholes model until the settlement date during the first quarter of 2019. Change in the fair value of the liability-classified Lonza award was recognized as research and development expense in our condensed consolidated statements of operations. The assumptions used in the Black-Scholes model include: (1) expected risk free rate; (2) expected volatility; and (3) expected dividend yield rate. See Note 6, "Contract Manufacturing 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. The following table sets forth the fair value of our financial assets and liabilities (excluding restricted cash) allocated into Level 1 and Level 2 that were measured on a recurring basis (in thousands): March 31, 2019 December 31, 2018 Estimated Estimated Fair Value Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Hierarchy Cost Gain (Loss) Value Cost Gain (Loss) Value Money market funds Level 1 $ 34,054 $ — $ — $ 34,054 $ 19,500 $ — $ — $ 19,500 Corporate notes and commercial paper Level 2 168,707 2 (77 ) 168,632 166,363 1 (205 ) 166,159 U.S. Treasury bills and government agency securities Level 2 84,919 3 (9 ) 84,913 110,270 1 (81 ) 110,190 $ 287,680 $ 5 $ (86 ) $ 287,599 $ 296,133 $ 2 $ (286 ) $ 295,849 Classified as: Cash equivalents $ 191,551 $ 117,836 Short-term investments 96,048 178,013 Total cash equivalents and investments $ 287,599 $ 295,849 At March 31, 2019, the remaining contractual maturities of available-for-sale securities were less than one year. There have been no significant realized losses on available-for-sale securities for the periods presented. We do not intend to sell the investments with unrealized losses at March 31, 2019, and it is not more likely than not that we will be required to sell those investments with unrealized losses before recovery of their amortized cost bases, which may be maturity. Available-for-sale debt securities that were in a continuous loss position but were not deemed to be other than temporarily impaired were immaterial at both March 31, 2019 and December 31, 2018. Level 3 liabilities are comprised of embedded derivative liabilities as described in Note 8, “Long Term Obligations”, to these condensed consolidated financial statements Embedded derivative liabilities Lonza award Total Balance as of December 31, 2018 $ 2,497 $ 9,201 $ 11,698 Net change in the fair value (472 ) 5,824 5,352 Addition of derivative related to 2019 Secured Term Loan 2,372 — 2,372 Settlement of Lonza award — (15,025 ) (15,025 ) Balance as of March 31, 2019 $ 4,397 $ — $ 4,397

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	5. Balance Sheet Components Inventories Inventories consisted of the following (in thousands): March 31, 2019 December 31, 2018 Raw materials $ 5,534 $ 279 Work in process 18,349 14,395 Finished goods 2,594 2,844 Total inventories $ 26,477 $ 17,518 Balance Sheet Classification Inventories $ 2,672 $ 7,873 Prepaid and other long-term assets 23,805 9,645 Total inventories $ 26,477 $ 17,518 As of March 31, 2019, and December 31, 2018, long-term inventories of $23.8 million and $9.6 million, respectively are classified as prepaid and other long-term assets as these inventories are not expected to be sold within the next twelve months, and the amount is deemed recoverable. As of March 31, 2019, and December 31, 2018, we have made prepayments to manufacturers for the purchase of inventories. These are classified as short and long-term assets based on when the inventories are expected to be utilized in the manufacturing process and/or sold within the next twelve months. As of March 31, 2019, we maintain a reserve of $6.6 million for excess and obsolescence inventories. We recorded a related charge to cost of sales of $3.9 million during the three months ended March 31, 2019. In developing the estimate for inventory reserve, we used estimates of demand. If it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. Prepaid and Other Long-Term Assets Prepaid and other long-term assets consist of the following (in thousands): March 31, 2019 December 31, 2018 Long-term inventories $ 23,805 $ 9,645 Prepaid manufacturing and others 9,550 10,932 Total prepaid and other long-term assets $ 33,355 $ 20,577 As of March 31, 2019 and December 31, 2018, long-term prepaid manufacturing of $7.8 million and $10.9 million, respectively, are classified as prepaid and other long-term assets as these inventories are not expected to be utilized in the manufacturing process and/or sold within the next twelve months. Accrued and Other Liabilities Accrued and other liabilities consist of the following (in thousands): March 31, 2019 December 31, 2018 Manufacturing related $ 8,571 $ 5,465 Compensation and employee benefits 7,412 10,794 Current portion of lease liability 2,683 — Others 9,747 6,051 Total accrued and other liabilities $ 28,413 $ 22,310

Contract Manufacturing Agreemen

Contract Manufacturing Agreements	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Contract Manufacturing Agreements	6. Contract Manufacturing Agreements Lonza Manufacturing Services Agreement In August 2017, we executed a Manufacturing Services Agreement with Lonza to develop our Gen 2 manufacturing process for Andexxa bulk drug substance. The manufacturing commitments included therein were contingent upon marketing approval by either the FDA or the EMA of Andexxa manufactured 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 was earned by Lonza in the first quarter of 2019 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. The first purchase right was earned by Lonza during the first quarter ended March 31, 2019. The FDA approved Andexxa Gen2 on December 31, 2018 and, in February 2019, Lonza commenced process transfer activities to an additional new facility. During the first quarter of 2019, Lonza exercised their right to purchase 500,000 shares of our common stock at $1.00 per share. We marked to market the liability-classified award up to the settlement date using the valuation assumptions described in Note 4, “Fair Value Measurements”, to these condensed consolidated financial statements As of March 31, 2019, we have not recognized any expense for the second tranche award because the related performance conditions were not considered probable.

Asset Acquisition and License A

Asset Acquisition and License Agreements	3 Months Ended
	Mar. 31, 2019
Research And Development [Abstract]
Asset Acquisition and License Agreements	7. 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. As of March 31, 2019, we have not provided financial or other support to SRX Cardio that was not previously contracted or required. We recorded SRX Cardio’s $29,000 and $ 30,000

Long Term Obligations

Long Term Obligations	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long Term Obligations	8. Long Term Obligations 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”). We may reduce the repayment amount to $62.5 million if such amount is paid by December 31, 2023. The use of funds is restricted to development activities needed for regulatory approval of Andexxa by the FDA and the 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 EU. 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 Notes. The carrying values of the Notes payable includes accrued interest of $8.4 million and $ 7.6 Our payment obligations for BMS and Pfizer Promissory Notes are as follows (in thousands): March 31, 2019 December 31, 2018 Total repayment obligations $ 62,500 $ 62,500 Less: interests to be accreted in future periods (7,828 ) (8,643 ) Less: payments made (1,198 ) (497 ) Carrying value of notes payable 53,474 53,360 Less: current portion of royalties (6,614 ) (5,062 ) Non-current portion of notes payable $ 46,860 $ 48,298 We evaluated the features of the Notes and determined that certain features require acceleration of payments such as pursuant to a change of control. 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 months ended March 31, 2019 and 2018, we recognized a gain of $0.5 million and a loss of $0.6 million, respectively, upon remeasurement of the embedded derivatives. The estimated fair value of the Notes at March 31, 2019 and December 31, 2018 was $53.2 million and $53.2 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 term royalty interest in future worldwide net sales of Andexxa. We received $50.0 million upon closing and received an 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 8.46% to 4.19%. The applicable rate decreases starting at worldwide net annual 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. 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 and are being amortized over the estimated term of the debt using the effective interest method. The effective interest rate as of March 31, 2019 was 14.2%. We are accruing for interest over the term of the royalty-based debt. The carrying value of the royalty-based debt includes accrued interest of $28.3 million and $22.9 million, net of unamortized debt discount of $6.6 million and $6.8 million, at March 31, 2019 and December 31, 2018, respectively. Our payment obligations for HCR royalty-based debt are as follows (in thousands): March 31, 2019 December 31, 2018 Total repayment obligations $ 290,550 $ 290,550 Less: interests to be accreted in future periods (120,431 ) (125,851 ) Less: payments made (2,001 ) (816 ) Carrying value of long term royalty-based debt 168,118 163,883 Less: current portion of royalties (11,192 ) (8,627 ) Non-current portion of long term royalty-based debt $ 156,926 $ 155,256 We determined that certain feature, such as the variability in the royalty payments based upon the timing of regulatory approval, is an embedded derivative that requires bifurcation from the royalty-based debt instrument. Upon the Andexxa Gen2 FDA approval on December 31, 2018, it was determined that there was no longer a derivative associated with the debt contract. For the three months ended March 31, 2018, we recognized a gain of $2.2 million upon remeasurement of the embedded derivative. The estimated fair value of royalty-based debt at March 31, 2019 and December 31, 2018 was $150.5 million and $154.2 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 as described in Note 4, “Fair Value Measurements”, to these condensed consolidated financial statements. Secured Term Loan In February 2019, we entered into a credit agreement (the “Credit Agreement”) with HCR and Athyrium Opportunities III Acquisition LP (“Athyrium”) whereby we received the first tranche of $62.5 million (“Secured Term Loan”) in March 2019 and we have access to the second tranche of $62.5 million at our option if we receive regulatory approval from the EMA for Ondexxya, brand name of andexanet alfa in the EU, and achieve a U.S. Andexxa net product revenue of $50.0 million for the nine-months period ended September 30, 2019. If we satisfy both conditions, we have until November 15, 2019 to access the second tranche. All obligations under the Credit Agreement are due on February 28, 2025 with certain scheduled payments of the principal starting from March 31, 2022. The outstanding principal balance of the loan bears interest at 9.75% per annum. The loan is secured by substantially all of our assets. The Credit Agreement contains certain covenants that, among others, require us to deliver financial reports at designated times of the year and limit or restrict our ability to incur additional indebtedness or liens, acquire, own or make any investments, pay cash dividends or enter into certain corporate transactions, including mergers and changes of control, and require us to maintain $31.3 million of cash, such amount to be increased if we draw on the second tranche of funding. Violating covenants would put us in default and that the lenders would then have the option to demand repayment plus certain penalties or allow us to continue to service the loan but at the default interest rate of 12.75%. As of March 31, 2019, we were not in violation of any covenants. For the three months ended March 31, 2019, coupon interest of $0.2 million was accrued. Upon the closing of Credit Agreement, we incurred fees of $2.8 million to HCR and Athyrium and other debt issuance cost of $0.5 million. Loan origination fees and debt issuance costs are netted against the loan balance and are amortized over the contractual term of the loan using the effective interest method. The effective interest rate as of March 31, 2019 was 11.3%. As of March 31, 2019, the future principal maturities of our Secured Term Loan for each of the next five years are as follows (in thousands): Years ending March 31, 2022 $ 2,404 2023 9,615 2024 9,615 Thereafter 40,866 Total $ 62,500 We evaluated the terms of the loan and determined that one feature could require acceleration of payments and a prepayment penalty (make-whole provision) upon a change of control if it occurs prior to the 30-month anniversary period from the funding date in March 2019. We determined that this feature (embedded derivative) requires bifurcation from the debt instrument and fair value recognition. We determined the fair value of the derivative using a discounted cash flow model taking into account the probability of a change of control 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 feature with make-whole provision lapses after 30 months from the funding date in March 2019. The estimated fair value of long-term debt at March 31, 2019 was $67.0 million, and the fair value was measured using Level 3 inputs. The estimated fair market value was calculated using a discounted cash flow 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	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	9. 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 three months ended March 31, 2019: Shares Subject to Weighted- Outstanding Average Exercise Options Price Per Share Balance at December 31, 2018 7,507,690 $ 33.25 Options granted 1,557,406 27.53 Options exercised (424,589 ) 17.84 Options canceled (309,175 ) 38.31 Balance at March 31, 2019 8,331,332 $ 32.78 Performance Stock Options (“PSOs”) In March 2019, the Compensation Committee of our Board of Directors approved a program to award up to 490,986 PSOs to the management team based on the achievement of certain net revenue goals. The following table summarizes PSO activities under our 2013 Plan and related information Shares Subject to Weighted- Outstanding Average Exercise PSOs Price Per Share Balance at December 31, 2018 143,335 $ 23.76 Options granted 490,986 33.29 Options exercised (10,000 ) 23.76 Options canceled — — Balance at March 31, 2019 624,321 $ 31.25 Restricted Stock Units (“RSUs”) The following table summarizes RSU activity under our 2013 Plan and Inducement Plan, and related information during the three months ended March 31, 2019: Shares Subject to Weighted- Outstanding Average Grant Date RSUs Fair Value Per Share Balance at December 31, 2018 979,278 $ 34.00 RSUs granted 559,287 27.64 RSUs released (314,311 ) 35.29 RSUs canceled (44,774 ) 36.51 Balance at March 31, 2019 1,179,480 $ 30.55 Performance Stock Units The following table summarizes PSU activity under our 2013 Plan and related information during the nine months ended March 31, 2019: Shares Subject to Weighted- Outstanding Average Grant Date PSUs Fair Value Per Share Balance at December 31, 2018 153,503 $ 29.85 PSUs granted — — PSUs released (18,575 ) 32.66 PSUs canceled (26,801 ) 28.67 Balance at March 31, 2019 108,127 $ 29.66 The table below sets forth the functional classification of stock-based compensation expense for the periods presented (in thousands): Three Months Ended March 31, 2019 2018 Research and development $ 10,137 $ 4,452 Selling, general and administrative 7,999 6,528 Subtotal $ 18,136 $ 10,980 Capitalized stock-based compensation costs (242 ) — Stock-based compensation expense included in total expenses $ 17,894 $ 10,980

Net Loss per Share Attributable

Net Loss per Share Attributable to Portola Common Stockholders	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Portola Common Stockholders	10. 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. Since we were in a loss position for all periods presented, basic net loss per share attributable to Portola Common Stockholders is the same as diluted net loss per share attributable to Portola Common Stockholders as the inclusion of all potentially dilutive common shares would have been anti-dilutive. 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: As of March 31, 2019 2018 Stock options to purchase common stock 8,331,332 7,293,733 Performance stock options 624,321 163,481 Common stock warrants 1,500 1,500 Restricted stock units 1,179,480 646,125 Performance stock units 108,127 393,225 Employee stock purchase plan 14,619 12,391 Up to 500,000 .

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	11. Leases We have operating leases for our office facilities. Our leases have remaining lease terms of 1 year or less as of March 31, 2019. Our operating lease provides an option to renew for up to 3 years. Upon adoption of ASC 842, we did not elect to apply the hindsight expedient in evaluating our renewal option, and as such, we did not include the renewal period in our lease term because at the inception we were not reasonably certain that we would exercise the renewal option. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Our operating lease right-of-use asset and liability were recognized at the adoption date of ASC 842 based on the present value of lease payments over the remaining lease term at the adoption date. In determining the net present value of lease payments, we used our incremental borrowing rate based on the information available, including remaining lease term, at the adoption date of ASC 842. The components of lease expense are as follows (in thousands): Three months ended March 31, 2019 Operating lease cost $ 459 Short-term lease cost 89 Supplemental cash flow information related to leases are as follows (in thousands): Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from operating lease $ 676 Supplemental balance sheet information related to leases are as follows (in thousands): Classification As of March 31, 2019 Operating lease Lease right-of-use asset Non-current Prepaid and other long-term assets $ 1,734 Lease liability Current Accrued and other liabilities $ 2,683 Weighted Average Remaining Lease Term Operating lease 1 year Weighted Average Discount Rate Operating lease 7.06% Maturity of a lease liability is as follows (in thousands): Operating Lease Year ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 2,088 2020 696 Total lease payments 2,784 Less imputed interests (101 ) Total lease liability $ 2,683

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019. 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 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, 2018 included in our Annual Report on Form 10-K filed on March 1, 2019 with the SEC. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2018 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.
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, we evaluate our significant accounting policies and estimates. 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, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. 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. Restricted cash consists of cash restricted for royalty payments to HealthCare Royalty Partners and its Affiliates (“HCR”) and cash held by SRX Cardio, LLC (“SRX Cardio”). Cash as reported in the condensed consolidated statements of cash flows consists of the following (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 226,793 $ 138,951 Restricted cash (SRX Cardio) 29 30 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 1,499 1,032 Total cash balance in condensed consolidated statements of cash flows $ 228,321 $ 140,013
Customer Concentration	Customer Concentration We have four Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues during the three months ended March 31, 2019. We have three collaboration revenue customers who each accounted for less than 10% of total net revenues during the three months ended March 31, 2019. Each of these collaboration revenue customers accounted for more than 10% of total net revenues during the three months ended March 31, 2018.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases The new standard provides a number of optional practical expedients and we elected the following: • Transition Elections. We elected the package of practical expedients that permits us to not reassess under the new standard our prior conclusions about lease identification, lease classification, and initial direct costs. We also elected the practical expedient to not separate lease and non-lease components for facility lease classes of underlying assets to new or modified leases beginning on or after the adoption date. That is, we will account for each separate lease component of a contract and its associated non-lease components as a single lease component. • Ongoing Accounting Policy Elections. We elected the short-term lease recognition exemption whereby ROU assets and lease liabilities will not be recognized for leasing arrangements with terms less than one year. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
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 consists of the following (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 226,793 $ 138,951 Restricted cash (SRX Cardio) 29 30 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 1,499 1,032 Total cash balance in condensed consolidated statements of cash flows $ 228,321 $ 140,013

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 20,362 $ — $ 20,362 Transferred over time — 1,807 1,807 Total $ 20,362 $ 1,807 $ 22,169
Schedule of Changes in Contract Assets and Liabilities	The following table presents changes in our contract assets and liabilities for the three months ended March 31, 2019 (in thousands): Balance at Beginning of Period Addition Deduction Balance at End of Period Contract assets: Unbilled - collaboration and license revenue $ 9,880 $ 1,634 $ (5,197 ) $ 6,317 Total contract assets $ 9,880 $ 1,634 $ (5,197 ) $ 6,317 Contract liabilities: Deferred revenue $ 6,335 $ 1,112 $ (809 ) $ 6,638 Total contract liabilities $ 6,335 $ 1,112 $ (809 ) $ 6,638 Significant changes in the contract liabilities balances during the period are as follows (in thousands): Three Months Ended as of March 31, 2019 Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period 173
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 March 31, 2019 (in thousands): Collaborator Transaction Price Allocated to the Remaining Performance Obligation as of March 31, 2019 Expected Year By Which Revenue Recognition Will Be Completed Percentage of Revenue Recognized BMS and Pfizer - 2016 agreement $ 1,525 2021 88 % Daiichi Sankyo - 2014 agreement 1,112 2020 97 % Daiichi Sankyo - 2016 agreement 3,257 2023 79 % Bayer - 2016 agreement 2,911 2023 81 % Total $ 8,805

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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 restricted cash) allocated into Level 1 and Level 2 that were measured on a recurring basis (in thousands): March 31, 2019 December 31, 2018 Estimated Estimated Fair Value Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Hierarchy Cost Gain (Loss) Value Cost Gain (Loss) Value Money market funds Level 1 $ 34,054 $ — $ — $ 34,054 $ 19,500 $ — $ — $ 19,500 Corporate notes and commercial paper Level 2 168,707 2 (77 ) 168,632 166,363 1 (205 ) 166,159 U.S. Treasury bills and government agency securities Level 2 84,919 3 (9 ) 84,913 110,270 1 (81 ) 110,190 $ 287,680 $ 5 $ (86 ) $ 287,599 $ 296,133 $ 2 $ (286 ) $ 295,849 Classified as: Cash equivalents $ 191,551 $ 117,836 Short-term investments 96,048 178,013 Total cash equivalents and investments $ 287,599 $ 295,849
Summary of Changes in Estimated Fair Value	The following table sets forth a summary of the changes in the estimated fair value of our embedded derivative liabilities and Lonza award during the three-month period ended March 31, 2019 (in thousands): Embedded derivative liabilities Lonza award Total Balance as of December 31, 2018 $ 2,497 $ 9,201 $ 11,698 Net change in the fair value (472 ) 5,824 5,352 Addition of derivative related to 2019 Secured Term Loan 2,372 — 2,372 Settlement of Lonza award — (15,025 ) (15,025 ) Balance as of March 31, 2019 $ 4,397 $ — $ 4,397

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Inventories	Inventories consisted of the following (in thousands): March 31, 2019 December 31, 2018 Raw materials $ 5,534 $ 279 Work in process 18,349 14,395 Finished goods 2,594 2,844 Total inventories $ 26,477 $ 17,518 Balance Sheet Classification Inventories $ 2,672 $ 7,873 Prepaid and other long-term assets 23,805 9,645 Total inventories $ 26,477 $ 17,518
Prepaid and Other Long Term Assets	Prepaid and other long-term assets consist of the following (in thousands): March 31, 2019 December 31, 2018 Long-term inventories $ 23,805 $ 9,645 Prepaid manufacturing and others 9,550 10,932 Total prepaid and other long-term assets $ 33,355 $ 20,577
Accrued and Other Liabilities	Accrued and other liabilities consist of the following (in thousands): March 31, 2019 December 31, 2018 Manufacturing related $ 8,571 $ 5,465 Compensation and employee benefits 7,412 10,794 Current portion of lease liability 2,683 — Others 9,747 6,051 Total accrued and other liabilities $ 28,413 $ 22,310

Long Term Obligations (Tables)

Long Term Obligations (Tables)	3 Months Ended
	Mar. 31, 2019
Secured Term Loan
Schedule of Future Principal Maturities of Secured Term Loan	As of March 31, 2019, the future principal maturities of our Secured Term Loan for each of the next five years are as follows (in thousands): Years ending March 31, 2022 $ 2,404 2023 9,615 2024 9,615 Thereafter 40,866 Total $ 62,500
HealthCare Royalty Partners and its Affiliates (“HCR”)
Schedule of Payment Obligations	Our payment obligations for HCR royalty-based debt are as follows (in thousands): March 31, 2019 December 31, 2018 Total repayment obligations $ 290,550 $ 290,550 Less: interests to be accreted in future periods (120,431 ) (125,851 ) Less: payments made (2,001 ) (816 ) Carrying value of long term royalty-based debt 168,118 163,883 Less: current portion of royalties (11,192 ) (8,627 ) Non-current portion of long term royalty-based debt $ 156,926 $ 155,256
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer")
Schedule of Payment Obligations	Our payment obligations for BMS and Pfizer Promissory Notes are as follows (in thousands): March 31, 2019 December 31, 2018 Total repayment obligations $ 62,500 $ 62,500 Less: interests to be accreted in future periods (7,828 ) (8,643 ) Less: payments made (1,198 ) (497 ) Carrying value of notes payable 53,474 53,360 Less: current portion of royalties (6,614 ) (5,062 ) Non-current portion of notes payable $ 46,860 $ 48,298

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019: Shares Subject to Weighted- Outstanding Average Exercise Options Price Per Share Balance at December 31, 2018 7,507,690 $ 33.25 Options granted 1,557,406 27.53 Options exercised (424,589 ) 17.84 Options canceled (309,175 ) 38.31 Balance at March 31, 2019 8,331,332 $ 32.78
Summary of PSO Activities	The following table summarizes PSO activities under our 2013 Plan and related information Shares Subject to Weighted- Outstanding Average Exercise PSOs Price Per Share Balance at December 31, 2018 143,335 $ 23.76 Options granted 490,986 33.29 Options exercised (10,000 ) 23.76 Options canceled — — Balance at March 31, 2019 624,321 $ 31.25
Summary of RSU Activity	The following table summarizes RSU activity under our 2013 Plan and Inducement Plan, and related information during the three months ended March 31, 2019: Shares Subject to Weighted- Outstanding Average Grant Date RSUs Fair Value Per Share Balance at December 31, 2018 979,278 $ 34.00 RSUs granted 559,287 27.64 RSUs released (314,311 ) 35.29 RSUs canceled (44,774 ) 36.51 Balance at March 31, 2019 1,179,480 $ 30.55
Summary of PSU Activity	The following table summarizes PSU activity under our 2013 Plan and related information during the nine months ended March 31, 2019: Shares Subject to Weighted- Outstanding Average Grant Date PSUs Fair Value Per Share Balance at December 31, 2018 153,503 $ 29.85 PSUs granted — — PSUs released (18,575 ) 32.66 PSUs canceled (26,801 ) 28.67 Balance at March 31, 2019 108,127 $ 29.66
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 March 31, 2019 2018 Research and development $ 10,137 $ 4,452 Selling, general and administrative 7,999 6,528 Subtotal $ 18,136 $ 10,980 Capitalized stock-based compensation costs (242 ) — Stock-based compensation expense included in total expenses $ 17,894 $ 10,980

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Portola Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2019
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: As of March 31, 2019 2018 Stock options to purchase common stock 8,331,332 7,293,733 Performance stock options 624,321 163,481 Common stock warrants 1,500 1,500 Restricted stock units 1,179,480 646,125 Performance stock units 108,127 393,225 Employee stock purchase plan 14,619 12,391

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense are as follows (in thousands): Three months ended March 31, 2019 Operating lease cost $ 459 Short-term lease cost 89
Summary of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases are as follows (in thousands): Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from operating lease $ 676
Summary of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases are as follows (in thousands): Classification As of March 31, 2019 Operating lease Lease right-of-use asset Non-current Prepaid and other long-term assets $ 1,734 Lease liability Current Accrued and other liabilities $ 2,683 Weighted Average Remaining Lease Term Operating lease 1 year Weighted Average Discount Rate Operating lease 7.06%
Summary of Maturity of Lease Liability	Maturity of a lease liability is as follows (in thousands): Operating Lease Year ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 2,088 2020 696 Total lease payments 2,784 Less imputed interests (101 ) Total lease liability $ 2,683

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Segment
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 ($)	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Restricted Cash And Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 226,793,000	$ 138,951,000
Restricted cash	1,528,000	1,062,000
Total cash balance in condensed consolidated statements of cash flows	228,321,000	140,013,000	$ 168,461,000	$ 181,741,000
SRX Cardio
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	29,000	30,000
Royalty Payments | HealthCare Royalty Partners and its Affiliates (“HCR”)
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 1,499,000	$ 1,032,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Customer	Mar. 31, 2018Customer
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets	$ 1,734,000
Operating leases, liabilities	2,683,000
Accounting Standards Update (“ASU”) No. 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets	2,100
Operating leases, liabilities	$ 3,300
Maximum
Summary Of Significant Accounting Policies [Line Items]
Leasing arrangements terms	1 year
Andexxa Specialty Distributor | Customer Concentration Risk | Sales Revenue, Net
Summary Of Significant Accounting Policies [Line Items]
Number of customers representing more than ten percent of revenue | Customer	4
Andexxa Specialty Distributor | Customer Concentration Risk | Sales Revenue, Net | Minimum
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%
Collaboration Revenue Customers | Customer Concentration Risk | Sales Revenue, Net
Summary Of Significant Accounting Policies [Line Items]
Number of customers representing more than ten percent of revenue | Customer		3
Number of customers representing less than ten percent of revenue | Customer	3
Collaboration Revenue Customers | Customer Concentration Risk | Sales Revenue, Net | Minimum
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		10.00%
Collaboration Revenue Customers | Customer Concentration Risk | Sales Revenue, Net | Maximum
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenues by Timing of Transfer of Goods or Services (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Disaggregated Revenue	$ 22,169	$ 6,644
Product Revenue, Net
Disaggregation of Revenue [Line Items]
Disaggregated Revenue	20,362	606
Collaboration and License Revenue
Disaggregation of Revenue [Line Items]
Disaggregated Revenue	1,807	$ 6,038
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Disaggregated Revenue	20,362
Transferred at a point in time | Product Revenue, Net
Disaggregation of Revenue [Line Items]
Disaggregated Revenue	20,362
Transferred over time
Disaggregation of Revenue [Line Items]
Disaggregated Revenue	1,807
Transferred over time | Collaboration and License Revenue
Disaggregation of Revenue [Line Items]
Disaggregated Revenue	$ 1,807

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Changes in Contract Assets and Liabilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Capitalized Contract Cost [Line Items]
Total contract assets, Balance at Beginning of Period	$ 9,880
Contract assets, Addition	1,634
Contract assets, Deduction	(5,197)
Total contract assets, Balance at End of Period	6,317
Total contract liabilities, Balance at Beginning of Period	6,335
Contract liabilities, Addition	1,112
Contract liabilities, Deduction	(809)
Total contract liabilities, Balance at End of Period	6,638
Unbilled - collaboration and license revenue
Capitalized Contract Cost [Line Items]
Total contract assets, Balance at Beginning of Period	9,880
Contract assets, Addition	1,634
Contract assets, Deduction	(5,197)
Total contract assets, Balance at End of Period	6,317
Deferred revenue
Capitalized Contract Cost [Line Items]
Total contract liabilities, Balance at Beginning of Period	6,335
Contract liabilities, Addition	1,112
Contract liabilities, Deduction	(809)
Total contract liabilities, Balance at End of Period	$ 6,638

Revenue Recognition - Significa

Revenue Recognition - Significant Changes in Contract Liabilities Balances (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Contract Liabilities
Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period	$ 173

Revenue Recognition - Estimated

Revenue Recognition - Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction Price Allocated to the Remaining Performance Obligation as of March 31, 2019	$ 8,805
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 March 31, 2019	$ 1,525
Expected Year By Which Revenue Recognition Will Be Completed	2021
Percentage of Revenue Recognized	88.00%
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 March 31, 2019	$ 3,257
Expected Year By Which Revenue Recognition Will Be Completed	2023
Percentage of Revenue Recognized	79.00%
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 March 31, 2019	$ 1,112
Expected Year By Which Revenue Recognition Will Be Completed	2020
Percentage of Revenue Recognized	97.00%
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 March 31, 2019	$ 2,911
Expected Year By Which Revenue Recognition Will Be Completed	2023
Percentage of Revenue Recognized	81.00%

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		12 Months Ended
	Oct. 31, 2016	Mar. 31, 2016	Feb. 29, 2016	Jul. 31, 2014	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2016	Dec. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and license revenue					$ 22,169,000	$ 6,644,000
Costs to obtain or fulfill the contract capitalized					0
Contract liabilities					6,638,000			$ 6,335,000
Unbilled - collaboration and license revenue					6,317,000			9,880,000
Deferred revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract liabilities					6,638,000			$ 6,335,000
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 | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price					12,900,000
Upfront payment					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					$ 5,500,000
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%
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
Transaction price					15,500,000
Upfront payment					5,000,000
Estimated variable consideration transaction price					6,200,000
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					4,300,000
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					3,000,000
Daiichi Sankyo, Inc ("Daiichi") | 2014 Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fee				$ 15,000,000
Contingent payment receivable upon achievement				5,000,000
Milestone payments of development and regulatory event				$ 20,000,000
Daiichi Sankyo, Inc ("Daiichi") | October 2016 Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent payment receivable upon achievement of annual net sales volumes	$ 8,000,000
Upfront fee	15,000,000
Contingent payment receivable upon achievement	10,000,000
Milestone payments of development and regulatory event	$ 2,500,000
Percentage of consideration received under agreement	1.00%
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
Upfront payment					22,000,000
Milestones already received on achieving performance obligations					12,000,000
Milestone payments eligible for achievement					5,500,000
Costs to obtain or fulfill the contract					0
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					1,100,000
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
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					15,500,000
Upfront payment					5,000,000
Milestone payments eligible for achievement					10,000,000
Costs to obtain or fulfill the contract					0
Estimated variable consideration transaction price					6,200,000
Unbilled - collaboration and license revenue					3,300,000
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					4,300,000
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%
Distribution Fees and Reserves for Cargebacks and Returns
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Reduction to revenue					(2,400,000)
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					1,807,000	$ 6,038,000
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					200,000
Collaboration and License Revenue | BMS and Pfizer | 2014 Agreement | Maximum | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and license revenue					100,000
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					600,000
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					500,000
Collaboration and License Revenue | Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | 2014 Agreement | Maximum | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and license revenue					100,000
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					500,000
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					4,400,000
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
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]
Costs on clinical trial					600,000
Decrease in transaction price					$ 12,100,000

Fair Values Measurements - Addi

Fair Values Measurements - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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	Mar. 31, 2019	Dec. 31, 2018
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	$ 287,680	$ 296,133
Unrealized Gains	5	2
Unrealized (Losses)	(86)	(286)
Estimated Fair Value	287,599	295,849
Money market funds | Level 1
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	34,054	19,500
Estimated Fair Value	34,054	19,500
Cash equivalents
Fair Value Measurement Inputs Disclosure [Line Items]
Estimated Fair Value	191,551	117,836
Corporate notes and commercial paper | Level 2
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	168,707	166,363
Unrealized Gains	2	1
Unrealized (Losses)	(77)	(205)
Estimated Fair Value	168,632	166,159
Short-term investments
Fair Value Measurement Inputs Disclosure [Line Items]
Estimated Fair Value	96,048	178,013
U.S. Treasury bills and government agency securities | Level 2
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	84,919	110,270
Unrealized Gains	3	1
Unrealized (Losses)	(9)	(81)
Estimated Fair Value	$ 84,913	$ 110,190

Summary of Changes in Estimated

Summary of Changes in Estimated Fair Value (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2018	$ 11,698
Net change in the fair value	5,352
Addition of derivative related to 2019 Secured Term Loan	2,372
Settlement of Lonza award	(15,025)
Balance as of March 31, 2019	4,397
Embedded derivative liabilities
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2018	2,497
Net change in the fair value	(472)
Addition of derivative related to 2019 Secured Term Loan	2,372
Balance as of March 31, 2019	4,397
Lonza award
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2018	9,201
Net change in the fair value	5,824
Settlement of Lonza award	$ (15,025)

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 5,534	$ 279
Work in process	18,349	14,395
Finished goods	2,594	2,844
Total inventories	26,477	17,518
Inventories	2,672	7,873
Prepaid and other long-term assets	$ 23,805	$ 9,645

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Inventory [Line Items]
Long-term inventories	$ 23,805	$ 9,645
Charge for reserve on excess and obsolescence of inventories	3,945
Reserve for excess and obsolescence of inventories	6,600
Long-term prepaid manufacturing	7,800	$ 10,900
Cost of Sales
Inventory [Line Items]
Charge for reserve on excess and obsolescence of inventories	$ 3,900

Prepaid Expenses and Other Long

Prepaid Expenses and Other Long Term Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Prepaid Expense And Other Assets [Abstract]
Long-term inventories	$ 23,805	$ 9,645
Prepaid manufacturing and others	9,550	10,932
Total prepaid and other long-term assets	$ 33,355	$ 20,577

Accrued and Other Liabilities (

Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Manufacturing related	$ 8,571	$ 5,465
Compensation and employee benefits	7,412	10,794
Current portion of lease liability	2,683
Others	9,747	6,051
Total accrued and other liabilities	$ 28,413	$ 22,310

Contract Manufacturing Agreem_2

Contract Manufacturing Agreements - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Aug. 31, 2017USD ($)Right$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)
Long Term Purchase Commitment [Line Items]
Share based compensation		$ 17,894,000	$ 10,980,000
Lonza Manufacturing Services Agreement
Long Term Purchase Commitment [Line Items]
Term of manufacturing commitments	10 years
Lonza Manufacturing Services Agreement | Nonemployee Stock | Research and Development Expense
Long Term Purchase Commitment [Line Items]
Share based compensation		5,800,000
Lonza Manufacturing Services Agreement | Second Tranche
Long Term Purchase Commitment [Line Items]
Share based compensation		$ 0
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 | First Tranche
Long Term Purchase Commitment [Line Items]
Transfer and exercised the right to purchase | shares		500,000
Transfer and exercised the right to purchase price | $ / shares		$ 1
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

Asset Acquisition and License_2

Asset Acquisition and License Agreements - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2015	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Asset Acquisition [Line Items]
Restricted cash (SRX Cardio)		$ 1,528,000		$ 1,062,000
Net Income (loss) attributable to noncontrolling interest (SRX Cardio)		$ 60,000	$ (332,000)
SRX Cardio
Asset Acquisition [Line Items]
Variable interest entity, Upfront payment	$ 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.
Restricted cash (SRX Cardio)		$ 29,000		$ 30,000

Long Term Obligations - Additio

Long Term Obligations - Additional Information (Detail)	1 Months Ended			3 Months Ended		9 Months Ended
	Feb. 28, 2019USD ($)	Feb. 28, 2017USD ($)	Dec. 31, 2016USD ($)PromissoryNote	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	May 31, 2018USD ($)
Debt Instrument [Line Items]
Gain (loss) on remeasurement of embedded derivatives				$ 472,000	$ 1,634,000
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Accrued interest				$ 28,300,000				$ 22,900,000
Gain (loss) on remeasurement of embedded derivatives					2,200,000
Amount received under royalty sales agreement		$ 50,000,000
Additional amount receivable upon U.S. regulatory approval		$ 100,000,000
Sales agreement fee							$ 2,000,000		$ 5,000,000
Additional debt issuance costs							$ 600,000
Funding amount									$ 100,000,000
Effective interest rate				14.20%
Unamortized debt discount				$ 6,600,000				6,800,000
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		8.46%
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		4.19%
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
Ondexxya | HealthCare Royalty Partners and its Affiliates (“HCR”) | Secured Term Loan
Debt Instrument [Line Items]
Sales agreement fee				$ 2,800,000
Effective interest rate				11.30%
Debt instrument, maturity date	Feb. 28, 2025
Debt instrument, interest rate	9.75%
Debt instrument, covenant description				The loan is secured by substantially all of our assets. The Credit Agreement contains certain covenants that, among others, require us to deliver financial reports at designated times of the year and limit or restrict our ability to incur additional indebtedness or liens, acquire, own or make any investments, pay cash dividends or enter into certain corporate transactions, including mergers and changes of control, and require us to maintain $31.3 million of cash, such amount to be increased if we draw on the second tranche of funding.
Maintain cash increased	$ 31,300,000
Debt instrument, accrued interest				$ 200,000
Other debt issuance cost				500,000
Debt instrument default interest rate	12.75%
Ondexxya | HealthCare Royalty Partners and its Affiliates (“HCR”) | First Tranche | Secured Term Loan
Debt Instrument [Line Items]
Promissory notes, face amount	$ 62,500,000
Ondexxya | HealthCare Royalty Partners and its Affiliates (“HCR”) | Second Tranche | Secured Term Loan
Debt Instrument [Line Items]
Promissory notes, face amount	$ 62,500,000
Ondexxya | HealthCare Royalty Partners and its Affiliates (“HCR”) | Scenario, Forecast | Secured Term Loan
Debt Instrument [Line Items]
Expected revenue upon approval of EMA						$ 50,000,000
Ondexxya | Fair Value, Inputs, Level 3 | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Estimated fair value of long-term debt				67,000,000
Royalty Based Debt | Andexxa | Fair Value, Inputs, Level 3 | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Estimated fair value of long-term debt				150,500,000				154,200,000
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
Repayment amount			$ 62,500,000
Repayment date			Dec. 31, 2023
Accrued interest				8,400,000				7,600,000
Gain (loss) on remeasurement of embedded derivatives				500,000	$ (600,000)
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				$ 53,200,000				$ 53,200,000

Long Term Obligations - Schedul

Long Term Obligations - Schedule of Payment Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Notes payable, less current portion	$ 46,860	$ 48,298
Long term debt	56,839
Royalty Based Debt | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Less: interests to be accreted in future periods	(120,431)	(125,851)
Less: payments made	(2,001)	(816)
Less: current portion of royalties	(11,192)	(8,627)
Total repayment obligations	290,550	290,550
Carrying value of long term royalty-based debt	168,118	163,883
Long term debt	156,926	155,256
Bristol-Myers Squibb Company ("BMS") and Pfizer Inc. ("Pfizer") | Promissory Notes
Debt Instrument [Line Items]
Total repayment obligations	62,500	62,500
Less: interests to be accreted in future periods	(7,828)	(8,643)
Less: payments made	(1,198)	(497)
Carrying value of notes payable	53,474	53,360
Less: current portion of royalties	(6,614)	(5,062)
Notes payable, less current portion	$ 46,860	$ 48,298

Long Term Obligations - Sched_2

Long Term Obligations - Schedule of Future Principal Maturities of Secured Term Loan (Detail) - Secured Term Loan $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
2022	$ 2,404
2023	9,615
2024	9,615
Thereafter	40,866
Carrying value of long term royalty-based debt	$ 62,500

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) - Employee Stock Option - 2013 Equity Incentive Plan and Inducement Plan	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Shares Subject to Outstanding Stock Options
Beginning balance | shares	7,507,690
Options granted | shares	1,557,406
Options exercised | shares	(424,589)
Options canceled | shares	(309,175)
Ending balance | shares	8,331,332
Weighted-Average Exercise Price Per Share
Beginning balance | $ / shares	$ 33.25
Options granted | $ / shares	27.53
Options exercised | $ / shares	17.84
Options canceled | $ / shares	38.31
Ending balance | $ / shares	$ 32.78

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	Mar. 31, 2019shares
Performance Stock Options (PSOs) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance	490,986

Summary of PSO Activities (Deta

Summary of PSO Activities (Detail) - Performance Stock Options (PSOs) - 2013 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Shares Subject to Outstanding PSOs
Beginning balance | shares	143,335
Options granted | shares	490,986
Options exercised | shares	(10,000)
Ending balance | shares	624,321
Weighted-Average Exercise Price Per Share
Beginning balance | $ / shares	$ 23.76
Options granted | $ / shares	33.29
Options exercised | $ / shares	23.76
Ending balance | $ / shares	$ 31.25

Summary of RSU Activity (Detail

Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) - 2013 Plan and Inducement Plan	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Shares Subject to Outstanding RSUs
Beginning balance | shares	979,278
RSUs granted | shares	559,287
RSUs released | shares	(314,311)
RSUs canceled | shares	(44,774)
Ending balance | shares	1,179,480
Weighted-Average Grant Date Fair Value Per Share
Beginning balance | $ / shares	$ 34
RSUs granted | $ / shares	27.64
RSUs released | $ / shares	35.29
RSUs canceled | $ / shares	36.51
Ending balance | $ / shares	$ 30.55

Summary of PSU Activity (Detail

Summary of PSU Activity (Detail) - Performance Stock Units (PSUs) - 2013 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Shares Subject to Outstanding PSUs
Beginning balance | shares	153,503
PSUs released | shares	(18,575)
PSUs canceled | shares	(26,801)
Ending balance | shares	108,127
Weighted-Average Grant Date Fair Value Per Share
Beginning balance | $ / shares	$ 29.85
PSUs released | $ / shares	32.66
PSUs canceled | $ / shares	28.67
Ending balance | $ / shares	$ 29.66

Classification of Stock-Based C

Classification of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 18,136	$ 10,980
Capitalized stock-based compensation costs	(242)
Stock-based compensation expense included in total expenses	17,894	10,980
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	10,137	4,452
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,999	$ 6,528

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
	Mar. 31, 2019	Mar. 31, 2018
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	8,331,332	7,293,733
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	624,321	163,481
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
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	1,179,480	646,125
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	108,127	393,225
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	14,619	12,391

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Portola Common Stockholders - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019shares
Maximum | Contingently issuable shares to a 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	500,000

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Operating lease, renewal term	3 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Amortization of right-of-use asset	$ 459
Short-term lease cost	$ 89

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liability:
Operating cash flows from operating lease	$ 676

Leases - Summary of Supplemen_2

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Lease right-of-use asset, Non-current	$ 1,734
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpenseAndOtherAssetsNoncurrent
Operating lease liability, Current	$ 2,683
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities
Operating lease, Weighted Average Remaining Lease Term	1 year
Operating lease, Weighted Average Discount Rate	7.06%

Leases - Summary of Maturity of

Leases - Summary of Maturity of Lease Liability (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019 (excluding the three months ended March 31, 2019)	$ 2,088
Operating Lease, Year ending March 31, 2020	696
Operating Lease, Total lease payments	2,784
Operating Lease, Less imputed interests	(101)
Operating Lease, Total lease liability	$ 2,683