Portola Pharmaceuticals (PTLA) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-35935
Entity Registrant Name	PORTOLA PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0216859
Entity Address, Address Line One	270 E. Grand Avenue
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	246-7000
Title of 12(b) Security	Common Stock
Trading Symbol	PTLA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,819,156
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001269021
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 304,265	$ 138,951
Short-term investments	172,542	178,013
Restricted cash	3,201	1,062
Trade and other receivables, net	18,236	5,849
Unbilled - collaboration and license revenue	3,788	9,880
Inventories	2,357	7,873
Prepaid and other current assets	10,106	11,699
Total current assets	514,495	353,327
Property and equipment, net	4,561	5,236
Intangible assets	3,699	7,279
Operating lease right-of-use asset	11,836
Inventories, noncurrent portion	33,296	9,645
Prepaid and other long-term assets	9,298	10,932
Total assets	577,185	386,419
Current liabilities:
Accounts payable	13,760	13,215
Accrued research and development	15,629	19,831
Accrued and other liabilities	32,852	22,310
Deferred revenue, current portion	1,061	1,847
Current portion of notes payable and long-term royalty-based debt	24,189	11,802
Total current liabilities	87,491	69,005
Notes payable, less current portion	41,928	48,298
Long term royalty-based debt, less current portion	157,182	155,256
Long term debt	57,269	0
Long term obligation to collaborator, less current portion	5,124	6,881
Deferred revenue, long-term	4,399	4,488
Long-term portion of lease liability	9,464
Other long-term liabilities	1,440	11,924
Total liabilities	364,297	295,852
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value, 150,000 shares authorized at September 30, 2019 and December 31, 2018; 77,784 shares and 66,618 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	79	68
Additional paid-in capital	1,932,428	1,614,320
Accumulated deficit	(1,719,691)	(1,525,704)
Accumulated other comprehensive income (loss)	72	(283)
Total Portola stockholders’ equity	212,888	88,401
Noncontrolling interest	0	2,166
Total stockholders’ equity	212,888	90,567
Total liabilities and stockholders’ equity	$ 577,185	$ 386,419

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	77,784,000	66,618,000
Common stock, shares outstanding (in shares)	77,784,000	66,618,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 36,799	$ 14,177	$ 87,392	$ 24,832
Operating expenses:
Cost of sales	2,684	4,292	14,825	5,680
Research and development	25,647	40,237	94,769	166,744
Selling, general and administrative	52,050	38,792	158,939	110,547
Total operating expenses	80,381	83,321	268,533	282,971
Loss from operations	(43,582)	(69,144)	(181,141)	(258,139)
Interest and other income, net	1,953	3,924	7,958	9,123
Interest expense	(7,998)	(5,957)	(23,017)	(12,642)
Net loss	(49,627)	(71,177)	(196,200)	(261,658)
Net (income) loss attributable to noncontrolling interest	0	(126)	2,213	(17)
Net loss attributable to Portola	$ (49,627)	$ (71,303)	$ (193,987)	$ (261,675)
Net loss per share attributable to Portola common stockholders:
Basic and diluted (in dollars per share)	$ (0.68)	$ (1.08)	$ (2.79)	$ (3.97)
Shares used to compute net loss per share attributable to Portola common stockholders:
Basic and diluted (in shares)	73,017,609	66,165,104	69,427,124	65,855,672
Product revenue, net
Revenues:
Total revenues	$ 35,743	$ 7,176	$ 83,269	$ 10,047
Collaboration and license revenue
Revenues:
Total revenues	$ 1,056	$ 7,001	$ 4,123	$ 14,785

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (49,627)	$ (71,177)	$ (196,200)	$ (261,658)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net of tax	(6)	237	355	(28)
Foreign currency translation adjustment	117	0	75	0
Comprehensive loss	(49,516)	(70,940)	(195,770)	(261,686)
Comprehensive (income) loss attributable to noncontrolling interest	0	(126)	2,213	(17)
Total comprehensive loss attributable to Portola	$ (49,516)	$ (71,066)	$ (193,557)	$ (261,703)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at beginning of year (in shares) at Dec. 31, 2017		65,297
Balance at beginning of year at Dec. 31, 2017	$ 349,493	$ 66	$ 1,551,728	$ (1,204,519)	$ (409)	$ 2,627
Adjustment to accumulated deficit due to adoption of ASC 606	29,037			29,037
Issuance of common stock pursuant to equity award plans (in shares)		514
Issuance of common stock pursuant to equity award plans	5,679	$ 1	5,678
Stock-based compensation expense	10,980		10,980
Other comprehensive income (loss)	(392)				(392)
Net (loss) income	(84,510)			(84,178)		(332)
Change in noncontrolling interest	(119)					(119)
Balance at end of the year (in shares) at Mar. 31, 2018		65,811
Balance at end of the year at Mar. 31, 2018	310,168	$ 67	1,568,386	(1,259,660)	(801)	2,176
Balance at beginning of year (in shares) at Dec. 31, 2017		65,297
Balance at beginning of year at Dec. 31, 2017	349,493	$ 66	1,551,728	(1,204,519)	(409)	2,627
Net (loss) income	(261,658)
Balance at end of the year (in shares) at Sep. 30, 2018		66,434
Balance at end of the year at Sep. 30, 2018	166,928	$ 67	1,601,950	(1,437,157)	(437)	2,505
Balance at beginning of year (in shares) at Mar. 31, 2018		65,811
Balance at beginning of year at Mar. 31, 2018	310,168	$ 67	1,568,386	(1,259,660)	(801)	2,176
Issuance of common stock pursuant to equity award plans (in shares)		143
Issuance of common stock pursuant to equity award plans	2,543		2,543
Stock-based compensation expense	13,214		13,214
Other comprehensive income (loss)	127				127
Net (loss) income	(105,971)			(106,194)		223
Change in noncontrolling interest	(20)					(20)
Balance at end of the year (in shares) at Jun. 30, 2018		65,954
Balance at end of the year at Jun. 30, 2018	220,061	$ 67	1,584,143	(1,365,854)	(674)	2,379
Issuance of common stock pursuant to equity award plans (in shares)		480
Issuance of common stock pursuant to equity award plans	6,413		6,413
Stock-based compensation expense	11,394		11,394
Other comprehensive income (loss)	237				237
Net (loss) income	(71,177)			(71,303)		126
Balance at end of the year (in shares) at Sep. 30, 2018		66,434
Balance at end of the year at Sep. 30, 2018	166,928	$ 67	1,601,950	(1,437,157)	(437)	2,505
Balance at beginning of year (in shares) at Dec. 31, 2018		66,618
Balance at beginning of year at Dec. 31, 2018	90,567	$ 68	1,614,320	(1,525,704)	(283)	2,166
Issuance of common stock pursuant to equity award plans (in shares)		1,359
Issuance of common stock pursuant to equity award plans	25,662	$ 2	25,660
Stock-based compensation expense	12,312		12,312
Other comprehensive income (loss)	203				203
Net (loss) income	(78,096)			(78,156)		60
Change in noncontrolling interest	2					2
Balance at end of the year (in shares) at Mar. 31, 2019		67,977
Balance at end of the year at Mar. 31, 2019	50,650	$ 70	1,652,292	(1,603,860)	(80)	2,228
Balance at beginning of year (in shares) at Dec. 31, 2018		66,618
Balance at beginning of year at Dec. 31, 2018	90,567	$ 68	1,614,320	(1,525,704)	(283)	2,166
Net (loss) income	(196,200)
Balance at end of the year (in shares) at Sep. 30, 2019		77,784
Balance at end of the year at Sep. 30, 2019	212,888	$ 79	1,932,428	(1,719,691)	72	0
Balance at beginning of year (in shares) at Mar. 31, 2019		67,977
Balance at beginning of year at Mar. 31, 2019	50,650	$ 70	1,652,292	(1,603,860)	(80)	2,228
Issuance of common stock pursuant to equity award plans (in shares)		258
Issuance of common stock pursuant to equity award plans	5,966		5,966
Stock-based compensation expense	12,369		12,369
Other comprehensive income (loss)	41				41
Net (loss) income	(68,477)			(66,204)		(2,273)
Change in noncontrolling interest	45					45
Balance at end of the year (in shares) at Jun. 30, 2019		68,235
Balance at end of the year at Jun. 30, 2019	594	$ 70	1,670,627	(1,670,064)	(39)	0
Issuance of common stock pursuant to equity award plans (in shares)		308
Issuance of common stock pursuant to equity award plans	6,479		6,479
Issuance of common stock pursuant to public offering, net (in shares)		9,241
Issuance of common stock pursuant to public offering, net	243,715	$ 9	243,706
Stock-based compensation expense	11,616		11,616
Other comprehensive income (loss)	111				111
Net (loss) income	(49,627)			(49,627)
Balance at end of the year (in shares) at Sep. 30, 2019		77,784
Balance at end of the year at Sep. 30, 2019	$ 212,888	$ 79	$ 1,932,428	$ (1,719,691)	$ 72	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net loss	$ (196,200)	$ (261,658)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	2,337	2,303
Amortization of right-of-use asset	2,056
Accretion of discount on investment securities	(946)	(1,519)
Non-cash interest expense	21,216	12,642
Stock-based compensation expense, net of capitalized labor	41,193	35,587
Remeasurement gain on embedded derivatives liabilities	(3,447)	(3,668)
Provision for excess and obsolete inventories	4,131	2,246
Loss on impairment of intangibles	3,151	0
Others	67	14
Changes in operating assets and liabilities:
Inventories	2,312	(15,597)
Trade and other receivables, net	(12,387)	(694)
Unbilled - collaboration and license revenue	6,092	(3,178)
Prepaid expenses and other current assets	1,656	(3,253)
Inventories, noncurrent portion	(23,651)	(8,327)
Prepaid and other long-term assets	1,636	5,475
Accounts payable	(2,967)	4,749
Accrued research and development	(4,202)	(28,298)
Accrued and other liabilities	3,114	1,715
Deferred revenue	(875)	(180)
Notes payable, long term royalty-based debt and long-term obligation to collaborator	(8,871)	(316)
Other long-term liabilities	0	(720)
Net cash used in operating activities	(164,585)	(262,677)
Investing activities
Capital expenditures, net	(1,085)	(1,577)
Purchases of investments	(214,534)	(218,330)
Proceeds from maturities of investments	221,231	338,320
Net cash provided by investing activities	5,612	118,413
Financing activities
Proceeds from debt issuance, net	59,203	95,000
Proceeds from issuance of common stock from public offering, net	244,065	0
Proceeds from issuance of common stock pursuant to equity award plans	23,082	14,635
Other	0	(140)
Net cash provided by financing activities	326,350	109,495
Effect of exchange rate changes on cash, cash equivalents and restricted cash	76	0
Net increase (decrease) in cash, cash equivalents and restricted cash	167,453	(34,769)
Cash, cash equivalents and restricted cash at beginning of period	140,013	181,741
Cash, cash equivalents and restricted cash at end of period	$ 307,466	$ 146,972

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Portola Pharmaceuticals, Inc. ® (the “Company” or “we” or “our” or “us”) is a biopharmaceutical company focused on the development and commercialization of novel therapeutics in the areas of thrombosis, other hematologic diseases and inflammation for patients who currently have limited or no approved treatment options. We were incorporated in September 2003 in Delaware. We have operations in the United States and in select countries in Europe, with headquarters in South San Francisco, California. We operate in one segment. 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. In August 2019, we completed an underwritten public offering of 9,241,072 shares of our common stock, which included 1,205,357 shares of common stock issued pursuant to the over-allotment option granted to our underwriters, at a public offering price of $28 per share. The total proceeds from the offering and over-allotment, net of underwriting discounts and commissions of approximately $14.2 million , were approximately $244.5 million . After deducting offering expenses accrued of approximately $0.8 million , net proceeds to us will be approximately $243.7 million .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. During the third quarter of 2019, we deconsolidated SRX Cardio, LLC (“SRX Cardio”), a VIE we had consolidated since 2015, and as such, we do not have any consolidated VIE as of September 30, 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 and nine months ended September 30, 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 these 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 these condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash. As of September 30, 2019 , restricted cash represents cash restricted for royalty payments to HealthCare Royalty Partners and its Affiliates (“HCR”) and cash held as a security deposit for our office lease in Europe. Cash as reported in these condensed consolidated statements of cash flows consists of the following (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 304,265 $ 138,951 $ 146,700 $ 181,568 Restricted cash (SRX Cardio) — 30 30 173 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 3,155 1,032 242 — Restricted cash (lease) 46 — — — Total cash balance in condensed consolidated statements of cash flows $ 307,466 $ 140,013 $ 146,972 $ 181,741 Customer Concentration During the three and nine months ended September 30, 2019 , we had four Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues. During the three and nine months ended September 30, 2019 , we had no collaboration revenue customers who accounted for more than 10% of total net revenues. During the three and nine months ended September 30, 2018 , we had three Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues. During the three and nine months ended September 30, 2018 , we had two collaboration revenue customers who each accounted for more than 10% of total revenues. Recent Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-2, Leases (Topic 842), which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). This new standard is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual reporting periods, with early adoption permitted. We adopted this new standard effective January 1, 2019 using the optional transition method, which allows us to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit at the date of adoption and apply the new disclosure requirements beginning in the period of adoption. Our adoption of the standard added approximately $2.1 million in ROU assets and $3.3 million in lease liabilities to our condensed consolidated balance sheet upon adoption and did not significantly impact financial results. In addition, our adoption of the standard had no cumulative impact on the accumulated deficit to our condensed consolidated balance sheet as of the adoption date. 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 September 2018 , the FASB issued ASU No. 2018-7, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting , which amends the existing accounting standards for share-based payments to nonemployees. This ASU aligns much of the guidance on measuring and classifying nonemployee awards with that of awards to employees. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. We adopted this new standard effective January 1, 2019. Adoption of this standard did not result in an adjustment to our beginning accumulated deficit upon the adoption, and did not significantly impact our financial results. Recent Accounting Pronouncements Not Yet Adopted In September 2016 , the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) . This ASU implements an impairment model, known as the current expected credit loss model that is based on expected losses rather than incurred losses. For trade receivables, entities will be required to estimate lifetime expected credit losses. This could result in the earlier recognition of credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than an other-than-temporary impairment that reduces the cost basis of the investment. Further, an entity will recognize any improvements in estimated credit losses immediately in earnings. Under the current guidance, a recovery of an impairment loss on an available-for-sale debt security is recognized prospectively as interest income. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are in the process of assessing the impact of ASU 2016-13 on our condensed consolidated financial statements. 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 . This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Accordingly, this ASU requires a customer in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This ASU is effective for us for all interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are in the process of assessing the impact of ASU 2018-15 on our condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 tables present our revenues disaggregated by timing of transfer of goods or services (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Product Revenue, net Collaboration and License Revenue Total Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 35,743 $ — $ 35,743 $ 83,269 $ — $ 83,269 Transferred over time — 1,056 1,056 — 4,123 4,123 Total $ 35,743 $ 1,056 $ 36,799 $ 83,269 $ 4,123 $ 87,392 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Product Revenue, net Collaboration and License Revenue Total Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 7,176 $ — $ 7,176 $ 10,047 $ — $ 10,047 Transferred over time — 7,001 7,001 — 14,785 14,785 Total $ 7,176 $ 7,001 $ 14,177 $ 10,047 $ 14,785 $ 24,832 The following table presents our net product revenues disaggregated by geographic region (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 32,968 $ 7,176 $ 80,494 $ 10,047 Europe 2,775 — 2,775 — Total revenues $ 35,743 $ 7,176 $ 83,269 $ 10,047 Net product revenues are attributed to geographic region based on the bill-to location. Collaboration and license revenues are all attributed to the United States based on the location of our collaboration partners’ headquarters. The following table presents changes in our contract assets and liabilities for the nine months ended September 30, 2019 (in thousands): Balance at Beginning of Period Addition Deduction Balance at End of Period Contract assets: Unbilled - collaboration and license revenue $ 9,880 $ 3,461 $ (9,553 ) $ 3,788 Total contract assets $ 9,880 $ 3,461 $ (9,553 ) $ 3,788 Contract liabilities: Deferred revenue $ 6,335 $ 1,402 $ (2,277 ) $ 5,460 Total contract liabilities $ 6,335 $ 1,402 $ (2,277 ) $ 5,460 Significant changes in the contract liabilities balances during the period are as follows (in thousands): Three Months Nine Months Ended September 30, 2019 Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period $ 47 $ 662 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 September 30, 2019 (in thousands): Collaborator Transaction Price Expected Year By Which Revenue Recognition Will Be Completed Percentage of Revenue Recognized BMS and Pfizer - 2016 agreement $ 450 2021 96 % Daiichi Sankyo - 2014 agreement 772 2020 98 % Daiichi Sankyo - 2016 agreement 2,485 2023 84 % Bayer - 2016 agreement 2,018 2023 87 % Total $ 5,725 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 no t recognized any royalty revenue resulting from any of our licensing arrangements. Product Revenue, Net To date, our sources of product revenue have been from the U.S. sales of Andexxa and Bevyxxa, which we began shipping to customers in May 2018 and January 2018, respectively, and from the EU sales of Ondexxya, which we began shipping to customers in July 2019. No costs to obtain or fulfill the contracts have been capitalized. For the three and nine months ended September 30, 2019 , we recorded a total of $5.6 million and $11.7 million , respectively, as a reduction to revenue consisting primarily of distribution fees and reserves for chargebacks and product returns. 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 the United States and Europe, which was 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 nine months ended September 30, 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 $12.0 million as of September 30, 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 September 30, 2019 , the transaction price included a $15.0 million 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, $4.2 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 cost of Andexxa clinical supply provided to BMS and Pfizer for Andexxa Phase 4 expansion clinical trial in Japan. Our transaction price is reduced by $12.8 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 and nine months ended September 30, 2019 , we recognized a $0.1 million reversal and $0.3 million of license and collaboration revenue, respectively, under the 2016 BMS and Pfizer Agreement and recorded $4.4 million as deferred revenue under contract liabilities as of September 30, 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 September 30, 2019 . In order to determine the transaction price, we evaluated all the payments to be received during the duration of the contract. As of September 30, 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 September 30, 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 and nine months ended September 30, 2019 , we recognized $0.2 million and $0.9 million , respectively, as license and collaboration revenue under the combined 2014 Daiichi Sankyo Agreement and October 2016 amendment and recorded $0.8 million as deferred revenue under contract liabilities as of September 30, 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 $15.6 million as of September 30, 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 September 30, 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 $6.3 million of estimated variable consideration for cost-sharing payments from Daiichi Sankyo associated with the development of Andexxa in Japan. As of September 30, 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 and nine months ended September 30, 2019 , we recognized $0.6 million and $1.4 million , respectively, as license and collaboration revenue under the 2016 Daiichi Sankyo Agreement and recorded $1.7 million as Unbilled - collaboration and license revenue as of September 30, 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 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 nine months ended September 30, 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 $15.6 million as of September 30, 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 September 30, 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 $6.3 million of estimated variable consideration for cost-sharing payments from Bayer associated with the development of Andexxa in Japan. As of September 30, 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 and nine months ended September 30, 2019 , we recognized $0.4 million and $1.5 million , respectively, as license and collaboration revenue under the 2016 Bayer Agreement and recorded $2.1 million as Unbilled - collaboration and license revenue as of September 30, 2019 on the condensed consolidated balance sheet. There were no costs incurred to obtain or fulfill the contract.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are recorded at fair value. The carrying amounts of our receivables from collaborations, prepaid and other current assets, accounts payable, accrued research and development and accrued and other liabilities 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, and as remeasurement gain or loss on embedded derivatives liabilities in our condensed consolidated statements of cash flows. 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 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. Changes 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. In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. 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): September 30, 2019 December 31, 2018 Fair Value Hierarchy Amortized Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Amortized Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds Level 1 $ 88,619 $ — $ — $ 88,619 $ 19,500 $ — $ — $ 19,500 Corporate notes and commercial paper Level 2 228,354 2 (8 ) 228,348 166,363 1 (205 ) 166,159 U.S. Treasury bills and government agency securities Level 2 98,432 10 (7 ) 98,435 110,270 1 (81 ) 110,190 $ 415,405 $ 12 $ (15 ) $ 415,402 $ 296,133 $ 2 $ (286 ) $ 295,849 Classified as: Cash equivalents $ 242,860 $ 117,836 Short-term investments 172,542 178,013 Total cash equivalents and investments $ 415,402 $ 295,849 At September 30, 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 September 30, 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 September 30, 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 and includes a liability-classified Lonza award that was settled in the first quarter of 2019. The estimated fair value of the Notes, long term royalty-based debt and long term debt are discussed in Note 8. 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 nine -month period ended September 30, 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 (3,447 ) 5,824 2,377 Addition of derivative related to 2019 Secured Term Loan 2,372 — 2,372 Settlement of Lonza award — (15,025 ) (15,025 ) Balance as of September 30, 2019 $ 1,422 $ — $ 1,422

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Inventories Inventories consisted of the following (in thousands): September 30, 2019 December 31, 2018 Raw materials $ 13,716 $ 279 Work in process 21,118 14,395 Finished goods 819 2,844 Total inventories $ 35,653 $ 17,518 Balance Sheet Classification Inventories $ 2,357 $ 7,873 Inventories, noncurrent portion 33,296 9,645 Total inventories $ 35,653 $ 17,518 We began capitalizing inventory for costs associated with Andexxa Gen 1 and Gen 2 supply upon FDA approval on May 3, 2018 and December 31, 2018 , respectively. We began capitalizing inventory for costs associated with Bevyxxa during the fourth quarter of 2017 when it was determined that the inventory had a probable future economic benefit. As of September 30, 2019 and December 31, 2018 , long-term inventories of $33.3 million and $9.6 million , respectively, are classified as inventories, noncurrent portion, as these inventories are not expected to be sold within the next twelve months, and the amount is deemed recoverable. As of September 30, 2019 and December 31, 2018 , we have made prepayments to manufacturers for the purchase of inventories. We classify prepayments to manufacturers as short or long-term assets based on whether the related inventories are expected to be utilized in the manufacturing process and/or sold within the next twelve months. As of September 30, 2019 and December 31, 2018 , long-term prepaid manufacturing of $9.1 million and $10.9 million , respectively, are classified as prepaid and other long-term assets. We recorded an excess and obsolescence inventory charge to cost of sales of $4.1 million during the nine months ended September 30, 2019 . In developing the estimate for inventory reserve, we used estimates of demand compared to shelf life. If it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. Accrued and Other Liabilities Accrued and other liabilities consist of the following (in thousands): September 30, 2019 December 31, 2018 Manufacturing related $ 6,349 $ 5,465 Compensation and employee benefits 13,480 10,794 Current portion of lease liability 3,566 — Others 9,457 6,051 Total accrued and other liabilities $ 32,852 $ 22,310

Contract Manufacturing Agreemen

Contract Manufacturing Agreements	9 Months Ended
	Sep. 30, 2019
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Contract Manufacturing Agreements	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 rights 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 quarter ended March 31, 2019. The FDA approved Andexxa Gen 2 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 and recognized $5.8 million of non-employee stock based compensation expense classified as research and development expense during the nine months ended September 30, 2019 . As of September 30, 2019 , we have no t 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	9 Months Ended
	Sep. 30, 2019
Research and Development [Abstract]
Asset Acquisition and License Agreements	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. During the second quarter of 2019 , we made a decision to discontinue the clinical development of the intellectual property asset that was licensed from SRX Cardio, and a notice was provided to terminate the SRX Cardio relationship. As a result, in the second quarter of 2019, we recorded (1) a full impairment charge of $3.2 million related to the in-process research and development intangible asset, which was recorded in research and development expense, and (2) a gain of $2.3 million for the de-recognition of the contingent milestone payable to SRX Cardio associated with the licensed hypercholesterolemia program, which was recorded in net loss attributable to noncontrolling interest in these condensed consolidated financial statements. During the third quarter of 2019, the exclusive license agreement signed in September 2016 was formally terminated, and SRX Cardio was deconsolidated from our condensed consolidated financial statements as of September 30, 2019. We recorded a loss of $76 thousand upon deconsolidation which was measured as a difference between the carrying amount of noncontrolling interest in SRX and the carrying amount of the SRX’s net assets. There was no fair value associated with consideration received or any retained noncontrolling interest in SRX upon the deconsolidation. In addition, our discontinuance of the hypercholesterolemia program from SRX was not a development that represented a significant strategic shift that has a material impact on our operations and financial results. As such, the deconsolidation of SRX was not presented as a discontinued operation in our condensed consolidated financial statements as of September 30, 2019 .

Long Term Obligations

Long Term Obligations	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long Term Obligations	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 $10.0 million and $7.6 million at September 30, 2019 and December 31, 2018 , respectively. Our payment obligations for BMS and Pfizer Promissory Notes are as follows (in thousands): September 30, 2019 December 31, 2018 Total repayment obligations $ 62,500 $ 62,500 Less: interests to be accreted in future periods (6,191 ) (8,643 ) Less: payments made (3,564 ) (497 ) Carrying value of notes payable 52,745 53,360 Less: current portion of royalties (10,817 ) (5,062 ) Non-current portion of notes payable $ 41,928 $ 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 and nine months ended September 30, 2019 , we recognized a gain of $0.2 million and a gain of $1.4 million , respectively, upon remeasurement of the embedded derivatives. For the three and nine months ended September 30, 2018 , we recognized a gain of $0.2 million and a loss of $0.6 million , respectively, upon remeasurement of the embedded derivatives. The estimated fair value of the Notes at September 30, 2019 and December 31, 2018 was $50.7 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”, to these condensed consolidated financial statements. Royalty-based Financing In February 2017, we entered into a purchase and sale agreement (the “Royalty Sales Agreement”) with 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 the 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 included 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 September 30, 2019 was 14.0% . 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 $39.7 million and $22.9 million , net of unamortized debt discount of $6.1 million and $6.8 million , at September 30, 2019 and December 31, 2018 , respectively. Our payment obligations for HCR royalty-based debt are as follows (in thousands): September 30, 2019 December 31, 2018 Total repayment obligations $ 290,550 $ 290,550 Less: interests to be accreted in future periods (109,060 ) (125,851 ) Less: payments made (6,006 ) (816 ) Carrying value of long term royalty-based debt 175,484 163,883 Less: current portion of royalties (18,302 ) (8,627 ) Non-current portion of long term royalty-based debt $ 157,182 $ 155,256 We determined that certain features, such as the variability in the royalty payments based upon the timing of regulatory approval, were embedded derivatives that required bifurcation from the royalty-based debt instrument. Upon the Andexxa Gen 2 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 and nine months ended September 30, 2018 , we recognized gains of $1.9 million and $4.3 million , respectively, upon remeasurement of the embedded derivative. The estimated fair value of royalty-based debt at September 30, 2019 and December 31, 2018 was $170.6 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. We have until November 15, 2019 to exercise our option 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 September 30, 2019 , we were not in violation of any covenants. For the three and nine months ended September 30, 2019 , we accrued interest of $1.8 million and $3.8 million , respectively. Upon the closing of the 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 September 30, 2019 was 12.3% . As of September 30, 2019 , the future principal maturities of our Secured Term Loan for each of the next five years are as follows (in thousands): Year ended December 31, 2022 $ 9,615 2023 9,615 2024 9,615 Thereafter 33,655 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. For the three and nine months ended September 30, 2019 , we recognized a gain of $0.4 million and $2.1 million , respectively, upon remeasurement of the embedded derivatives. The estimated fair value of long-term debt at September 30, 2019 was $71.2 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	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	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 nine months ended September 30, 2019 : Shares Subject to Outstanding Options Weighted- Average Exercise Price Per Share Balance at December 31, 2018 7,507,690 $ 33.25 Options granted 1,962,744 27.65 Options exercised (821,489 ) 21.68 Options canceled (996,552 ) 38.69 Balance at September 30, 2019 7,652,393 $ 32.35 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 during the nine months ended September 30, 2019 : Shares Subject to Outstanding PSOs Weighted- Average Exercise Price Per Share Balance at December 31, 2018 143,335 $ 23.76 Options granted 490,986 33.29 Options exercised (31,667 ) 23.76 Options canceled (24,187 ) 33.29 Balance at September 30, 2019 578,467 $ 31.45 Restricted Stock Units (“RSUs”) The following table summarizes RSU activity under our 2013 Plan and Inducement Plan, and related information during the nine months ended September 30, 2019 : Shares Subject to Outstanding RSUs Weighted- Average Grant Date Fair Value Per Share Balance at December 31, 2018 979,278 $ 34.00 RSUs granted 767,143 27.75 RSUs released (359,726 ) 35.24 RSUs canceled (133,114 ) 34.88 Balance at September 30, 2019 1,253,581 $ 29.73 Performance Stock Units (“PSUs”) The following table summarizes PSU activity under our 2013 Plan and related information during the nine months ended September 30, 2019 : Subject to Outstanding PSUs Weighted- Average Grant Date Fair Value Per Share Balance at December 31, 2018 153,503 $ 29.85 PSUs granted — — PSUs released (52,670 ) 28.29 PSUs canceled (87,708 ) 30.36 Balance at September 30, 2019 13,125 $ 32.66 The table below sets forth the functional classification of stock-based compensation expense for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 3,731 $ 4,379 $ 17,437 $ 14,151 Selling, general and administrative 7,315 7,014 23,756 21,436 Stock-based compensation expense included in total expenses $ 11,046 $ 11,393 $ 41,193 $ 35,587 Capitalized stock-based compensation costs $ (569 ) $ — $ (927 ) $ —

Net Loss per Share Attributable

Net Loss per Share Attributable to Portola Common Stockholders	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Portola Common Stockholders	Net Loss per Share Attributable to Portola Common Stockholders Basic net loss per share attributable to Portola Common Stockholders 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: Nine Months Ended September 30, 2019 2018 Stock options to purchase common stock 7,652,393 7,200,427 Performance stock options 578,467 147,335 Common stock warrants 1,500 1,500 Restricted stock units 1,253,581 809,014 Performance stock units 13,125 160,378 Employee stock purchase plan 18,754 19,062 Up to 500,000 shares of our common stock may be contingently issued, if certain regulatory and performance conditions are met under an agreement with a contract manufacturer, as described in Note 6, “Contract Manufacturing Agreements”, to these condensed consolidated financial statements.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases We have operating leases for our office facilities. We renewed one operating lease for our office facilities in June 2019. 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. Upon the renewal of the operating lease in June 2019, we remeasured the lease liability to reflect the changes to the lease term and the lease payments using a discount rate at the date of remeasurement on the basis of the remaining lease term and the remaining lease payments. We recognized the remeasurement amount of the lease liability as an adjustment to the lease right-of-use asset. This resulted in an $11.1 million increase to the lease liability and the lease right-of-use asset at the remeasurement date in June 2019. The components of lease expense are as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease costs $ 975 $ 2,056 Short-term lease cost 89 267 Total $ 1,064 $ 2,323 Cash flow information related to leases are as follows (in thousands): Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,093 Supplemental non-cash information: Right-of-use asset obtained in exchange for lease obligation due to remeasurement $ 11,103 Right-of-use asset obtained in exchange for a new operating lease liability $ 270 Supplemental balance sheet information related to leases are as follows (in thousands): Classification As of September 30, 2019 Operating lease Lease right-of-use assets Non-current Operating lease right-of-use asset $ 11,836 Lease liabilities Current Accrued and other liabilities $ 3,566 Non-current Long-term portion of lease liability $ 9,464 Weighted Average Remaining Lease Term Operating leases 3.5 years Weighted Average Discount Rate Operating leases 6.60% As of September 30, 2019 , the maturity of our lease liabilities were as follows (in thousands): Year ending December 31, Operating Lease Remainder of 2019 $ 733 2020 4,173 2021 4,628 2022 4,713 2023 1,188 Total lease payments 15,435 Less imputed interests (2,405 ) Total lease liabilities $ 13,030

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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. During the third quarter of 2019, we deconsolidated SRX Cardio, LLC (“SRX Cardio”), a VIE we had consolidated since 2015, and as such, we do not have any consolidated VIE as of September 30, 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 and nine months ended September 30, 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 these 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 these condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash. As of September 30, 2019 , restricted cash represents cash restricted for royalty payments to HealthCare Royalty Partners and its Affiliates (“HCR”) and cash held as a security deposit for our office lease in Europe. Cash as reported in these condensed consolidated statements of cash flows consists of the following (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 304,265 $ 138,951 $ 146,700 $ 181,568 Restricted cash (SRX Cardio) — 30 30 173 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 3,155 1,032 242 — Restricted cash (lease) 46 — — — Total cash balance in condensed consolidated statements of cash flows $ 307,466 $ 140,013 $ 146,972 $ 181,741
Cash as Reported in Condensed Consolidated Statements of Cash Flows	Cash as Reported in Condensed Consolidated Statements of Cash Flows Cash as reported in these condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash. As of September 30, 2019 , restricted cash represents cash restricted for royalty payments to HealthCare Royalty Partners and its Affiliates (“HCR”) and cash held as a security deposit for our office lease in Europe. Cash as reported in these condensed consolidated statements of cash flows consists of the following (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 304,265 $ 138,951 $ 146,700 $ 181,568 Restricted cash (SRX Cardio) — 30 30 173 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 3,155 1,032 242 — Restricted cash (lease) 46 — — — Total cash balance in condensed consolidated statements of cash flows $ 307,466 $ 140,013 $ 146,972 $ 181,741
Customer Concentration	Customer Concentration During the three and nine months ended September 30, 2019 , we had four Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues. During the three and nine months ended September 30, 2019 , we had no collaboration revenue customers who accounted for more than 10% of total net revenues. During the three and nine months ended September 30, 2018 , we had three Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues. During the three and nine months ended September 30, 2018 , we had two collaboration revenue customers who each accounted for more than 10% of total revenues.
Recent Accounting Pronouncements Adopted And Not Yet Adopted	Recent Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-2, Leases (Topic 842), which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use (“ROU”) asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). This new standard is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual reporting periods, with early adoption permitted. We adopted this new standard effective January 1, 2019 using the optional transition method, which allows us to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit at the date of adoption and apply the new disclosure requirements beginning in the period of adoption. Our adoption of the standard added approximately $2.1 million in ROU assets and $3.3 million in lease liabilities to our condensed consolidated balance sheet upon adoption and did not significantly impact financial results. In addition, our adoption of the standard had no cumulative impact on the accumulated deficit to our condensed consolidated balance sheet as of the adoption date. 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 September 2018 , the FASB issued ASU No. 2018-7, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting , which amends the existing accounting standards for share-based payments to nonemployees. This ASU aligns much of the guidance on measuring and classifying nonemployee awards with that of awards to employees. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. We adopted this new standard effective January 1, 2019. Adoption of this standard did not result in an adjustment to our beginning accumulated deficit upon the adoption, and did not significantly impact our financial results. Recent Accounting Pronouncements Not Yet Adopted In September 2016 , the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) . This ASU implements an impairment model, known as the current expected credit loss model that is based on expected losses rather than incurred losses. For trade receivables, entities will be required to estimate lifetime expected credit losses. This could result in the earlier recognition of credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than an other-than-temporary impairment that reduces the cost basis of the investment. Further, an entity will recognize any improvements in estimated credit losses immediately in earnings. Under the current guidance, a recovery of an impairment loss on an available-for-sale debt security is recognized prospectively as interest income. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are in the process of assessing the impact of ASU 2016-13 on our condensed consolidated financial statements. 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 . This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Accordingly, this ASU requires a customer in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This ASU is effective for us for all interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are in the process of assessing the impact of ASU 2018-15 on our condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of Cash as Reported in Condensed Consolidated Statements of Cash Flows	Cash as reported in these condensed consolidated statements of cash flows consists of the following (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 304,265 $ 138,951 $ 146,700 $ 181,568 Restricted cash (SRX Cardio) — 30 30 173 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 3,155 1,032 242 — Restricted cash (lease) 46 — — — Total cash balance in condensed consolidated statements of cash flows $ 307,466 $ 140,013 $ 146,972 $ 181,741

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregated Revenues by Timing of Transfer of Goods or Services	The following tables present our revenues disaggregated by timing of transfer of goods or services (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Product Revenue, net Collaboration and License Revenue Total Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 35,743 $ — $ 35,743 $ 83,269 $ — $ 83,269 Transferred over time — 1,056 1,056 — 4,123 4,123 Total $ 35,743 $ 1,056 $ 36,799 $ 83,269 $ 4,123 $ 87,392 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Product Revenue, net Collaboration and License Revenue Total Product Revenue, net Collaboration and License Revenue Total Timing of revenue recognition: Transferred at a point in time $ 7,176 $ — $ 7,176 $ 10,047 $ — $ 10,047 Transferred over time — 7,001 7,001 — 14,785 14,785 Total $ 7,176 $ 7,001 $ 14,177 $ 10,047 $ 14,785 $ 24,832
Schedule of Net Product Revenues Disaggregated by Geographic Region	The following table presents our net product revenues disaggregated by geographic region (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 32,968 $ 7,176 $ 80,494 $ 10,047 Europe 2,775 — 2,775 — Total revenues $ 35,743 $ 7,176 $ 83,269 $ 10,047
Schedule of Changes in Contract Assets and Liabilities	The following table presents changes in our contract assets and liabilities for the nine months ended September 30, 2019 (in thousands): Balance at Beginning of Period Addition Deduction Balance at End of Period Contract assets: Unbilled - collaboration and license revenue $ 9,880 $ 3,461 $ (9,553 ) $ 3,788 Total contract assets $ 9,880 $ 3,461 $ (9,553 ) $ 3,788 Contract liabilities: Deferred revenue $ 6,335 $ 1,402 $ (2,277 ) $ 5,460 Total contract liabilities $ 6,335 $ 1,402 $ (2,277 ) $ 5,460 Significant changes in the contract liabilities balances during the period are as follows (in thousands): Three Months Nine Months Ended September 30, 2019 Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period $ 47 $ 662
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 September 30, 2019 (in thousands): Collaborator Transaction Price Expected Year By Which Revenue Recognition Will Be Completed Percentage of Revenue Recognized BMS and Pfizer - 2016 agreement $ 450 2021 96 % Daiichi Sankyo - 2014 agreement 772 2020 98 % Daiichi Sankyo - 2016 agreement 2,485 2023 84 % Bayer - 2016 agreement 2,018 2023 87 % Total $ 5,725

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Fair Value Hierarchy Amortized Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Amortized Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds Level 1 $ 88,619 $ — $ — $ 88,619 $ 19,500 $ — $ — $ 19,500 Corporate notes and commercial paper Level 2 228,354 2 (8 ) 228,348 166,363 1 (205 ) 166,159 U.S. Treasury bills and government agency securities Level 2 98,432 10 (7 ) 98,435 110,270 1 (81 ) 110,190 $ 415,405 $ 12 $ (15 ) $ 415,402 $ 296,133 $ 2 $ (286 ) $ 295,849 Classified as: Cash equivalents $ 242,860 $ 117,836 Short-term investments 172,542 178,013 Total cash equivalents and investments $ 415,402 $ 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 nine -month period ended September 30, 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 (3,447 ) 5,824 2,377 Addition of derivative related to 2019 Secured Term Loan 2,372 — 2,372 Settlement of Lonza award — (15,025 ) (15,025 ) Balance as of September 30, 2019 $ 1,422 $ — $ 1,422

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Inventories	Inventories consisted of the following (in thousands): September 30, 2019 December 31, 2018 Raw materials $ 13,716 $ 279 Work in process 21,118 14,395 Finished goods 819 2,844 Total inventories $ 35,653 $ 17,518 Balance Sheet Classification Inventories $ 2,357 $ 7,873 Inventories, noncurrent portion 33,296 9,645 Total inventories $ 35,653 $ 17,518
Accrued and Other Liabilities	Accrued and other liabilities consist of the following (in thousands): September 30, 2019 December 31, 2018 Manufacturing related $ 6,349 $ 5,465 Compensation and employee benefits 13,480 10,794 Current portion of lease liability 3,566 — Others 9,457 6,051 Total accrued and other liabilities $ 32,852 $ 22,310

Long Term Obligations (Tables)

Long Term Obligations (Tables)	9 Months Ended
	Sep. 30, 2019
Secured Term Loan
Schedule of Future Principal Maturities of Secured Term Loan	As of September 30, 2019 , the future principal maturities of our Secured Term Loan for each of the next five years are as follows (in thousands): Year ended December 31, 2022 $ 9,615 2023 9,615 2024 9,615 Thereafter 33,655 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): September 30, 2019 December 31, 2018 Total repayment obligations $ 290,550 $ 290,550 Less: interests to be accreted in future periods (109,060 ) (125,851 ) Less: payments made (6,006 ) (816 ) Carrying value of long term royalty-based debt 175,484 163,883 Less: current portion of royalties (18,302 ) (8,627 ) Non-current portion of long term royalty-based debt $ 157,182 $ 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): September 30, 2019 December 31, 2018 Total repayment obligations $ 62,500 $ 62,500 Less: interests to be accreted in future periods (6,191 ) (8,643 ) Less: payments made (3,564 ) (497 ) Carrying value of notes payable 52,745 53,360 Less: current portion of royalties (10,817 ) (5,062 ) Non-current portion of notes payable $ 41,928 $ 48,298

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based 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 nine months ended September 30, 2019 : Shares Subject to Outstanding Options Weighted- Average Exercise Price Per Share Balance at December 31, 2018 7,507,690 $ 33.25 Options granted 1,962,744 27.65 Options exercised (821,489 ) 21.68 Options canceled (996,552 ) 38.69 Balance at September 30, 2019 7,652,393 $ 32.35
Summary of PSO Activities	The following table summarizes PSO activities under our 2013 Plan and related information during the nine months ended September 30, 2019 : Shares Subject to Outstanding PSOs Weighted- Average Exercise Price Per Share Balance at December 31, 2018 143,335 $ 23.76 Options granted 490,986 33.29 Options exercised (31,667 ) 23.76 Options canceled (24,187 ) 33.29 Balance at September 30, 2019 578,467 $ 31.45
Summary of RSU Activity	The following table summarizes RSU activity under our 2013 Plan and Inducement Plan, and related information during the nine months ended September 30, 2019 : Shares Subject to Outstanding RSUs Weighted- Average Grant Date Fair Value Per Share Balance at December 31, 2018 979,278 $ 34.00 RSUs granted 767,143 27.75 RSUs released (359,726 ) 35.24 RSUs canceled (133,114 ) 34.88 Balance at September 30, 2019 1,253,581 $ 29.73
Summary of PSU Activity	The following table summarizes PSU activity under our 2013 Plan and related information during the nine months ended September 30, 2019 : Subject to Outstanding PSUs Weighted- Average Grant Date Fair Value Per Share Balance at December 31, 2018 153,503 $ 29.85 PSUs granted — — PSUs released (52,670 ) 28.29 PSUs canceled (87,708 ) 30.36 Balance at September 30, 2019 13,125 $ 32.66
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 3,731 $ 4,379 $ 17,437 $ 14,151 Selling, general and administrative 7,315 7,014 23,756 21,436 Stock-based compensation expense included in total expenses $ 11,046 $ 11,393 $ 41,193 $ 35,587 Capitalized stock-based compensation costs $ (569 ) $ — $ (927 ) $ —

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Portola Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share	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: Nine Months Ended September 30, 2019 2018 Stock options to purchase common stock 7,652,393 7,200,427 Performance stock options 578,467 147,335 Common stock warrants 1,500 1,500 Restricted stock units 1,253,581 809,014 Performance stock units 13,125 160,378 Employee stock purchase plan 18,754 19,062

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense are as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease costs $ 975 $ 2,056 Short-term lease cost 89 267 Total $ 1,064 $ 2,323
Summary of Cash Flow Information Related to Leases	Cash flow information related to leases are as follows (in thousands): Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,093 Supplemental non-cash information: Right-of-use asset obtained in exchange for lease obligation due to remeasurement $ 11,103 Right-of-use asset obtained in exchange for a new operating lease liability $ 270
Summary of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases are as follows (in thousands): Classification As of September 30, 2019 Operating lease Lease right-of-use assets Non-current Operating lease right-of-use asset $ 11,836 Lease liabilities Current Accrued and other liabilities $ 3,566 Non-current Long-term portion of lease liability $ 9,464 Weighted Average Remaining Lease Term Operating leases 3.5 years Weighted Average Discount Rate Operating leases 6.60%
Summary of Maturity of Lease Liability	As of September 30, 2019 , the maturity of our lease liabilities were as follows (in thousands): Year ending December 31, Operating Lease Remainder of 2019 $ 733 2020 4,173 2021 4,628 2022 4,713 2023 1,188 Total lease payments 15,435 Less imputed interests (2,405 ) Total lease liabilities $ 13,030

Organization - Additional Infor

Organization - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2019segment
Subsidiary, Sale of Stock [Line Items]
Number of operating segments | segment		1
Public Stock Offering and Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Payments of stock issuance costs	$ 14.2
Total proceeds from stock offering	244.5
Payments of stock issuance costs, portion accrued	0.8
Total proceeds from stock offering, net of offering expenses accrued	$ 243.7
Public Stock Offering
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares) | shares	9,241,072
Offering price per share (dollars per share) | $ / shares	$ 28
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares) | shares	1,205,357

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash as Reported in Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 304,265	$ 138,951	$ 146,700	$ 181,568
Restricted cash	3,201	1,062
Total cash balance in condensed consolidated statements of cash flows	307,466	140,013	146,972	181,741
Security Deposit for Office Lease
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	46	0	0	0
Royalty Payments | HealthCare Royalty Partners and its Affiliates (“HCR”)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,155	1,032	242	0
SRX Cardio
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0	$ 30	$ 30	$ 173

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail)	Jan. 01, 2019USD ($)	Sep. 30, 2019USD ($)customer	Sep. 30, 2018customer	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)customer	Sep. 30, 2018customer
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets		$ 11,836,000			$ 11,836,000
Operating leases, liabilities		$ 13,030,000			$ 13,030,000
Cumulative impact on accumulated deficit				$ 29,037,000
Accounting Standards Update (“ASU”) No. 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets	$ 2,100,000
Operating leases, liabilities	3,300,000
Cumulative impact on accumulated deficit	$ 0
Maximum
Summary Of Significant Accounting Policies [Line Items]
Leasing arrangements terms		1 year			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	3		4	3
Andexxa Specialty Distributor | Customer Concentration Risk | Sales Revenue, Net | Minimum
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		10.00%	10.00%		10.00%	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		0	2		0	2
Collaboration Revenue Customers | Customer Concentration Risk | Sales Revenue, Net | Minimum
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		10.00%	10.00%		10.00%	10.00%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenues by Timing of Transfer of Goods or Services (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 36,799	$ 14,177	$ 87,392	$ 24,832
Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenues	35,743	7,176	83,269	10,047
Collaboration and license revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,056	7,001	4,123	14,785
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues	35,743	7,176	83,269	10,047
Transferred at a point in time | Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenues	35,743	7,176	83,269	10,047
Transferred at a point in time | Collaboration and license revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	1,056	7,001	4,123	14,785
Transferred over time | Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Transferred over time | Collaboration and license revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,056	$ 7,001	$ 4,123	$ 14,785

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Product Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 36,799	$ 14,177	$ 87,392	$ 24,832
Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenues	35,743	7,176	83,269	10,047
Product revenue, net | United States
Disaggregation of Revenue [Line Items]
Total revenues	32,968	7,176	80,494	10,047
Product revenue, net | Europe
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,775	$ 0	$ 2,775	$ 0

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Changes in Contract Assets and Liabilities (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Contract assets:
Total contract assets, Balance at Beginning of Period	$ 9,880
Contract assets, Addition	3,461
Contract assets, Deduction	(9,553)
Total contract assets, Balance at End of Period	3,788
Contract liabilities:
Total contract liabilities, Balance at Beginning of Period	6,335
Contract liabilities, Addition	1,402
Contract liabilities, Deduction	(2,277)
Total contract liabilities, Balance at End of Period	5,460
Unbilled - collaboration and license revenue
Contract assets:
Total contract assets, Balance at Beginning of Period	9,880
Contract assets, Addition	3,461
Contract assets, Deduction	(9,553)
Total contract assets, Balance at End of Period	3,788
Deferred revenue
Contract liabilities:
Total contract liabilities, Balance at Beginning of Period	6,335
Contract liabilities, Addition	1,402
Contract liabilities, Deduction	(2,277)
Total contract liabilities, Balance at End of Period	$ 5,460

Revenue Recognition - Significa

Revenue Recognition - Significant Changes in Contract Liabilities Balances (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Contract liabilities:
Revenue recognized according to the current period performance that was included in the contract liability at the beginning of the period	$ 47	$ 662

Revenue Recognition - Estimated

Revenue Recognition - Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction Price Allocated to the Remaining Performance Obligation as of September 30, 2019	$ 5,725
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 September 30, 2019	$ 450
Expected Year By Which Revenue Recognition Will Be Completed	2021
Percentage of Revenue Recognized	96.00%
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 September 30, 2019	$ 2,485
Expected Year By Which Revenue Recognition Will Be Completed	2023
Percentage of Revenue Recognized	84.00%
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 September 30, 2019	$ 772
Expected Year By Which Revenue Recognition Will Be Completed	2020
Percentage of Revenue Recognized	98.00%
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 September 30, 2019	$ 2,018
Expected Year By Which Revenue Recognition Will Be Completed	2023
Percentage of Revenue Recognized	87.00%

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		9 Months Ended
	Oct. 31, 2016	Mar. 31, 2016	Feb. 29, 2016	Jul. 31, 2014	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)					$ 36,799,000	$ 14,177,000	$ 87,392,000	$ 24,832,000
Costs to obtain or fulfill the contract capitalized					0		0
Contract liabilities					5,460,000		5,460,000		$ 6,335,000
Unbilled - collaboration and license revenue					3,788,000		3,788,000		9,880,000
Deferred revenue
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Contract liabilities					5,460,000		5,460,000		$ 6,335,000
2016 Agreement | BMS and Pfizer
Collaborative Arrangements and Non-collaborative 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
2016 Agreement | BMS and Pfizer | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Transaction price							12,000,000
Upfront payment					15,000,000		15,000,000
2016 Agreement | BMS and Pfizer | Topic 606 | Accounting Standards Update 2014-09 | Deferred revenue
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Contract liabilities					4,400,000		4,400,000
2016 Agreement | BMS and Pfizer | Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of royalties entitle to receive under agreement			5.00%
2016 Agreement | BMS and Pfizer | Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of royalties entitle to receive under agreement			15.00%
2016 Agreement | Daiichi Sankyo, Inc ("Daiichi") | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Costs to obtain or fulfill the contract capitalized					0		0
Transaction price							15,600,000
Upfront payment					5,000,000		5,000,000
Estimated variable consideration transaction price					6,300,000		6,300,000
Regulatory milestone payments							10,000,000
2016 Agreement | Daiichi Sankyo, Inc ("Daiichi") | Topic 606 | Accounting Standards Update 2014-09 | Ethnic Sensitivity Study
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Estimated variable consideration transaction price					4,300,000		4,300,000
2016 Agreement | Daiichi Sankyo, Inc ("Daiichi") | Topic 606 | Accounting Standards Update 2014-09 | Deferred revenue
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Unbilled - collaboration and license revenue					1,700,000		1,700,000
2016 Agreement | Bayer Pharma AG
Collaborative Arrangements and Non-collaborative 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
2016 Agreement | Bayer Pharma AG | Ethnic Sensitivity Study
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of costs and expenses percentage			33.00%
2016 Agreement | Bayer Pharma AG | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Transaction price							15,600,000
Upfront payment					5,000,000		5,000,000
Milestone payments eligible for achievement							10,000,000
Costs to obtain or fulfill the contract					0		0
Estimated variable consideration transaction price					6,300,000		6,300,000
Unbilled - collaboration and license revenue					2,100,000		2,100,000
2016 Agreement | Bayer Pharma AG | Topic 606 | Accounting Standards Update 2014-09 | Ethnic Sensitivity Study
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Estimated variable consideration transaction price					4,300,000		4,300,000
2016 Agreement | Bayer Pharma AG | Minimum | Rivaroxaban
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of costs and expenses percentage			33.00%
2016 Agreement | Bayer Pharma AG | Maximum | Rivaroxaban
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of costs and expenses percentage			100.00%
2014 Agreement | Daiichi Sankyo, Inc ("Daiichi")
Collaborative Arrangements and Non-collaborative 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
2014 Agreement | Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Costs to obtain or fulfill the contract capitalized					0		0
October 2016 Agreement | Daiichi Sankyo, Inc ("Daiichi")
Collaborative Arrangements and Non-collaborative 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%
March 2016 Agreement | Daiichi Sankyo, Inc ("Daiichi") | Ethnic Sensitivity Study
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of costs and expenses percentage		33.00%
March 2016 Agreement | Daiichi Sankyo, Inc ("Daiichi") | Minimum | Edoxaban
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of costs and expenses percentage		33.00%
March 2016 Agreement | Daiichi Sankyo, Inc ("Daiichi") | Maximum | Edoxaban
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of costs and expenses percentage		100.00%
2014 Agreement and October 2016 Amendment | Daiichi Sankyo, Inc ("Daiichi") | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Transaction price							34,000,000
Upfront payment					22,000,000		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		0
2014 Agreement and October 2016 Amendment | Daiichi Sankyo, Inc ("Daiichi") | Topic 606 | Accounting Standards Update 2014-09 | Deferred revenue
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Contract liabilities					800,000		800,000
Distribution Fees and Reserves for Cargebacks and Product Returns
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reduction to revenue					5,600,000		11,700,000
Royalty
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)							0
Collaboration and license revenue
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)					1,056,000	$ 7,001,000	4,123,000	$ 14,785,000
Collaboration and license revenue | 2016 Agreement | BMS and Pfizer | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)					(100,000)		300,000
Collaboration and license revenue | 2016 Agreement | Daiichi Sankyo, Inc ("Daiichi") | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)					600,000		1,400,000
Collaboration and license revenue | 2016 Agreement | Bayer Pharma AG | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)					400,000		1,500,000
Collaboration and license revenue | 2014 Agreement | BMS and Pfizer | Maximum | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)							100,000
Collaboration and license revenue | 2014 Agreement | Bayer Pharma, AG ('Bayer") and Janssen Pharmaceuticals, Inc. ("Janssen") | Maximum | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)							100,000
Collaboration and license revenue | 2014 Agreement and October 2016 Amendment | Daiichi Sankyo, Inc ("Daiichi") | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue (reversal of revenue)					200,000		900,000
New Drug Application | 2016 Agreement | BMS and Pfizer | Topic 606 | Accounting Standards Update 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Estimated variable consideration transaction price							4,200,000
New Drug Application | 2016 Agreement | BMS and Pfizer | Topic 606 | Accounting Standards Update 2014-09 | Japan
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment					$ 5,000,000		5,000,000
Phase Four Clinical Trial | 2016 Agreement | BMS and Pfizer | Topic 606 | Accounting Standards Update 2014-09 | Japan
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Costs on clinical trial							600,000
Decrease in transaction price							$ 12,800,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 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 Measurements - Fair

Fair Value Measurements - Fair Value of Financial Assets and Liabilities, Allocated into Level 1, Level 2, and Level 3 Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	$ 415,405	$ 296,133
Unrealized Gain	12	2
Unrealized (Loss)	(15)	(286)
Estimated Fair Value	415,402	295,849
Money market funds | Level 1
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	88,619	19,500
Unrealized Gain	0	0
Unrealized (Loss)	0	0
Estimated Fair Value	88,619	19,500
Corporate notes and commercial paper | Level 2
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	228,354	166,363
Unrealized Gain	2	1
Unrealized (Loss)	(8)	(205)
Estimated Fair Value	228,348	166,159
U.S. Treasury bills and government agency securities | Level 2
Fair Value Measurement Inputs Disclosure [Line Items]
Amortized Cost	98,432	110,270
Unrealized Gain	10	1
Unrealized (Loss)	(7)	(81)
Estimated Fair Value	98,435	110,190
Cash equivalents
Fair Value Measurement Inputs Disclosure [Line Items]
Estimated Fair Value	242,860	117,836
Short-term investments
Fair Value Measurement Inputs Disclosure [Line Items]
Estimated Fair Value	$ 172,542	$ 178,013

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Estimated Fair Value (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 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	2,377
Addition of derivative related to 2019 Secured Term Loan	2,372
Settlement of Lonza award	(15,025)
Balance as of September 30, 2019	1,422
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	(3,447)
Addition of derivative related to 2019 Secured Term Loan	2,372
Settlement of Lonza award	0
Balance as of September 30, 2019	1,422
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
Addition of derivative related to 2019 Secured Term Loan	0
Settlement of Lonza award	(15,025)
Balance as of September 30, 2019	$ 0

Balance Sheet Components - Inve

Balance Sheet Components - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 13,716	$ 279
Work in process	21,118	14,395
Finished goods	819	2,844
Total inventories	35,653	17,518
Inventories	2,357	7,873
Inventories, noncurrent portion	$ 33,296	$ 9,645

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Inventory [Line Items]
Long-term inventories	$ 33,296		$ 9,645
Long-term prepaid manufacturing	9,100		$ 10,900
Charge for reserve on excess and obsolescence of inventories	4,131	$ 2,246
Cost of Sales
Inventory [Line Items]
Charge for reserve on excess and obsolescence of inventories	$ 4,100

Balance Sheet Components - Accr

Balance Sheet Components - Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Manufacturing related	$ 6,349	$ 5,465
Compensation and employee benefits	13,480	10,794
Current portion of lease liability	3,566	0
Others	9,457	6,051
Total accrued and other liabilities	$ 32,852	$ 22,310

Contract Manufacturing Agreem_2

Contract Manufacturing Agreements - Additional Information (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2017USD ($)right$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2019$ / sharesshares
Long-term Purchase Commitment [Line Items]
Share based compensation		$ 11,046,000	$ 11,393,000	$ 41,193,000	$ 35,587,000
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 (in shares) | shares						500,000
Transfer and exercised the right to purchase price (in dollars per share) | $ / 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 rights | shares	500,000

Asset Acquisition and License_2

Asset Acquisition and License Agreements - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Asset Acquisition [Line Items]
Impairment charge of intangible asset				$ 3,151	$ 0
SRX Cardio
Asset Acquisition [Line Items]
Variable interest entity, Upfront payment	$ 500
Gain on de-recognition of contingent milestone payable			$ 2,300
Loss from deconsolidation		$ 76
SRX Cardio | In-process Research and Development
Asset Acquisition [Line Items]
Impairment charge of intangible asset			$ 3,200

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 ($)promissory_note	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	May 31, 2018USD ($)
Debt Instrument [Line Items]
Gain (loss) on remeasurement of embedded derivatives						$ 3,447,000	$ 3,668,000
Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Accrued interest				$ 39,700,000		$ 39,700,000		$ 22,900,000
Gain (loss) on remeasurement of embedded derivatives					$ 1,900,000		4,300,000
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				14.00%		14.00%
Unamortized debt discount				$ 6,100,000		$ 6,100,000		6,800,000
Ondexxya | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Gain (loss) on remeasurement of embedded derivatives				400,000		$ 2,100,000
Remeasurement of embedded derivative to fair value, whole provision lapses from funding date, period						30 months
Ondexxya | HealthCare Royalty Partners and its Affiliates (“HCR”) | Secured Term Loan
Debt Instrument [Line Items]
Sales agreement fee				$ 2,800,000		$ 2,800,000
Effective interest rate				12.30%		12.30%
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 default interest rate	12.75%
Debt instrument, accrued interest				$ 1,800,000		$ 3,800,000
Other debt issuance cost				500,000		500,000
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 | Fair Value, Inputs, Level 3 | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Estimated fair value of long-term debt				71,200,000		71,200,000
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				170,600,000		170,600,000		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 | promissory_note			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				10,000,000		10,000,000		7,600,000
Gain (loss) on remeasurement of embedded derivatives				200,000	$ 200,000	1,400,000	$ (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				$ 50,700,000		$ 50,700,000		$ 53,200,000
Scenario Two | Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Maximum
Debt Instrument [Line Items]
Percentage of royalty obligated to pay of net worldwide sales		8.46%
Scenario Two | Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Minimum
Debt Instrument [Line Items]
Percentage of royalty obligated to pay of net worldwide sales		4.19%
Scenario Three | Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Percentage of royalty obligated to pay of net worldwide sales		195.00%
Scenario Three | Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Maximum
Debt Instrument [Line Items]
Transaction expense		$ 290,600,000
Scenario Three | Andexxa | HealthCare Royalty Partners and its Affiliates (“HCR”) | Minimum
Debt Instrument [Line Items]
Target payment for royalty obligation		$ 150,000,000

Long Term Obligations - Schedul

Long Term Obligations - Schedule of Payment Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Non-current portion of notes payable	$ 41,928	$ 48,298
Non-current portion of long term royalty-based debt	57,269	0
Royalty Based Debt | HealthCare Royalty Partners and its Affiliates (“HCR”)
Debt Instrument [Line Items]
Less: interests to be accreted in future periods	(109,060)	(125,851)
Less: payments made	(6,006)	(816)
Less: current portion of royalties	(18,302)	(8,627)
Total repayment obligations	290,550	290,550
Carrying value of long term royalty-based debt	175,484	163,883
Non-current portion of long term royalty-based debt	157,182	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	(6,191)	(8,643)
Less: payments made	(3,564)	(497)
Carrying value of notes payable	52,745	53,360
Less: current portion of royalties	(10,817)	(5,062)
Non-current portion of notes payable	$ 41,928	$ 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	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
2022	$ 9,615
2023	9,615
2024	9,615
Thereafter	33,655
Carrying value of long term royalty-based debt	$ 62,500

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option - 2013 Equity Incentive Plan and Inducement Plan	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares Subject to Outstanding Stock Options
Beginning balance (in shares) | shares	7,507,690
Options granted (in shares) | shares	1,962,744
Options exercised (in shares) | shares	(821,489)
Options canceled (in shares) | shares	(996,552)
Ending balance (in shares) | shares	7,652,393
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share) | $ / shares	$ 33.25
Options granted (in dollars per share) | $ / shares	27.65
Options exercised (in dollars per share) | $ / shares	21.68
Options canceled (in dollars per share) | $ / shares	38.69
Ending balance (in dollars per share) | $ / shares	$ 32.35

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 (in shares)	490,986

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of PSO Activities (Detail) - Performance Stock Options (PSOs) - 2013 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares Subject to Outstanding PSOs
Beginning balance (in shares) | shares	143,335
Options granted (in shares) | shares	490,986
Options exercised (in shares) | shares	(31,667)
Options canceled (in shares) | shares	(24,187)
Ending balance (in shares) | shares	578,467
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share) | $ / shares	$ 23.76
Options granted (in dollars per share) | $ / shares	33.29
Options exercised (in dollars per share) | $ / shares	23.76
Options canceled (in dollars per share) | $ / shares	33.29
Ending balance (in dollars per share) | $ / shares	$ 31.45

Stock Based Compensation - Su_3

Stock Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) - 2013 Plan and Inducement Plan	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares Subject to Outstanding RSUs
Beginning balance (in shares) | shares	979,278
RSUs granted (in shares) | shares	767,143
RSUs released (in shares) | shares	(359,726)
RSUs canceled (in shares) | shares	(133,114)
Ending balance (in shares) | shares	1,253,581
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 34
RSUs granted (in dollars per share) | $ / shares	27.75
RSUs released (in dollars per share) | $ / shares	35.24
RSUs canceled (in dollars per share) | $ / shares	34.88
Ending balance (in dollars per share) | $ / shares	$ 29.73

Stock Based Compensation - Su_4

Stock Based Compensation - Summary of PSU Activity (Detail) - Performance Stock Units (PSUs) - 2013 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Subject to Outstanding PSUs
Beginning balance (in shares) | shares	153,503
PSUs granted (in shares) | shares	0
PSUs released (in shares) | shares	(52,670)
PSUs canceled (in shares) | shares	(87,708)
Ending balance (in shares) | shares	13,125
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 29.85
PSUs granted (in dollars per share) | $ / shares	0
PSUs released (in dollars per share) | $ / shares	28.29
PSUs canceled (in dollars per share) | $ / shares	30.36
Ending balance (in dollars per share) | $ / shares	$ 32.66

Stock Based Compensation - Clas

Stock Based Compensation - Classification of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense included in total expenses	$ 11,046	$ 11,393	$ 41,193	$ 35,587
Capitalized stock-based compensation costs	(569)	0	(927)	0
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	3,731	4,379	17,437	14,151
Selling, General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 7,315	$ 7,014	$ 23,756	$ 21,436

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Portola Common Stockholders - Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 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	7,652,393	7,200,427
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	578,467	147,335
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	1,253,581	809,014
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	13,125	160,378
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	18,754	19,062

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Portola Common Stockholders - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2019USD ($)lease	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease renewed | lease	1,000,000
Increase (decrease) in operating lease liability	$ 11,100
Increase (decrease) in operating lease right of use asset	$ 11,100	$ 11,103

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease costs	$ 975	$ 2,056
Short-term lease cost	89	267
Total	$ 1,064	$ 2,323

Leases - Summary of Cash Flow I

Leases - Summary of Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$ 2,093
Supplemental non-cash information:
Right-of-use asset obtained in exchange for lease obligation due to remeasurement	$ 11,100	11,103
Right-of-use asset obtained in exchange for a new operating lease liability		$ 270

Leases - Summary of Supplementa

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Lease right-of-use assets, Non-current	$ 11,836
Operating lease liabilities, Current	3,566	$ 0
Operating lease liabilities, Non-current	$ 9,464
Operating leases, Weighted Average Remaining Lease Term	3 years 6 months
Operating leases, Weighted Average Discount Rate	6.60%

Leases - Summary of Maturity of

Leases - Summary of Maturity of Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 733
2020	4,173
2021	4,628
2022	4,713
2023	1,188
Total lease payments	15,435
Less imputed interests	(2,405)
Total lease liabilities	$ 13,030