| Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
| Dec. 31, 2019 |
| Accounting Policies [Abstract] | |
| Consolidation and Basis of Presentation | Consolidation and Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying Consolidated Financial Statements include the accounts of Portola, our wholly owned subsidiaries and SRX Cardio,LLC (“SRX Cardio”) that is a variable interest entity (a “VIE”) for which Portola was deemed, under applicable accounting guidance, to be the primary beneficiary. During the third quarter of 2019, we deconsolidated SRX Cardio, a VIE we had consolidated since 2015, and as such, we do not have any consolidated VIE as of December 31, 2019. All intercompany transactions and balances have been eliminated upon consolidation. |
| Use of Estimates | Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of revenues and expenses in the Consolidated Financial Statements and the accompanying notes. On an ongoing basis, management evaluates its 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. Actual results may differ from those estimates . |
| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and other highly liquid investments with original maturities of three months or less from the date of purchase. Cash as Reported in Consolidated Statements of Cash Flows Cash as reported in the consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash. As of December 31, 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 consolidated statements of cash flows consists of the following (in thousands): December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents $ 215,229 $ 138,951 $ 181,568 Restricted cash (SRX Cardio) — 30 173 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 3,375 1,032 — Restricted cash (Lease) 46 — — Total cash balance in consolidated statements of cash flows $ 218,650 $ 140,013 $ 181,741 |
| Cash as Reported in Consolidated Statements of Cash Flows | Cash and Cash Equivalents Cash and cash equivalents consist of cash and other highly liquid investments with original maturities of three months or less from the date of purchase. Cash as Reported in Consolidated Statements of Cash Flows Cash as reported in the consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash. As of December 31, 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 consolidated statements of cash flows consists of the following (in thousands): December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents $ 215,229 $ 138,951 $ 181,568 Restricted cash (SRX Cardio) — 30 173 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 3,375 1,032 — Restricted cash (Lease) 46 — — Total cash balance in consolidated statements of cash flows $ 218,650 $ 140,013 $ 181,741 |
| Cash as Reported in Consolidated Statements Of Cash Flows | Cash as Reported in Consolidated Statements of Cash Flows Cash as reported in the consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash. As of December 31, 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 consolidated statements of cash flows consists of the following (in thousands): December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents $ 215,229 $ 138,951 $ 181,568 Restricted cash (SRX Cardio) — 30 173 Restricted cash for royalty payments to HealthCare Royalty Partners and its affiliates ("HCR") 3,375 1,032 — Restricted cash (Lease) 46 — — Total cash balance in consolidated statements of cash flows $ 218,650 $ 140,013 $ 181,741 |
| Investments in Marketable Securities | Investments in Marketable Securities All investments in marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of our investments in debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and were reported as a component of accumulated comprehensive income (loss). Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest and other income, net. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest and other income, net. |
| Fair Value Measurements | Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. |
| Concentration of Risk and Customer Concentration | Customer Concentration During the year ended December 31, 2019, we had four Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues, and no collaboration revenue customers who each accounted for more than 10% of total net revenues. As of December 31, 2019, we had four Andexxa specialty distributor customers who each accounted for 10% or more of total trade and other receivables, and two collaboration revenue customers who each accounted for more than 10% of total unbilled - collaboration and license revenue. During the year ended December 31, 2018, we had three Andexxa specialty distributor customers who each accounted for 10% or more of total net revenues, and two collaboration revenue customers who each accounted for 10% or more of total net revenues. As of December 31, 2018, we had three Andexxa specialty distributor customers who each accounted for 10% or more of total trade and other receivables, and two collaboration revenue customers who each accounted for more than 10% of total unbilled - collaboration and license revenue. During the year ended December 31, 2017, we had four collaboration revenue customers who each accounted for 10% or more of total net revenues. Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, trade and other receivables, receivables from collaborations, and investments. Our investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. We are exposed to credit risk in the event of a default by the financial institutions holding our cash, cash equivalents and investments and issuers of investments to the extent recorded on the consolidated balance sheets. Trade receivables and receivables from collaborations are typically unsecured and are concentrated in the pharmaceutical industry. Accordingly, we may be exposed to credit risk generally associated with pharmaceutical companies or specific to our collaboration agreements. To date, we have not experienced any losses related to these receivables. We are dependent on third-party manufacturers to manufacture our drugs and drug candidates. In particular, we rely and expect to continue to rely on a small number of manufacturers to supply us with the requirements for the bulk drug substance and active pharmaceutical ingredients related to our drugs and drug candidates. We could be adversely affected by a significant interruption in the supply of bulk drug substance and active pharmaceutical ingredients. |
| Trade Receivables | Trade Receivables Trade receivables are recorded net of estimates of variable consideration for which reserves are established and which result from chargebacks for government and other programs, discounts that are offered within contracts between us and a limited number of specialty distributors and wholesalers in the United States and hospitals and clinics in the EU (“Customers”) and fees for distribution services. Estimates for chargebacks for government and other programs are based on contractual terms, historical trends and our expectations regarding the utilization rates for these programs. Estimates for discounts and fees are based on contractual terms and our expectation regarding customers earning the discounts and fees. Estimates of our allowance for doubtful accounts are determined based on existing contractual payment terms, historical payment patterns of our customers and individual customer circumstances. Historically, estimates for uncollectible accounts receivable has been insignificant and we have not recorded any reserves. |
| Inventories | Inventories Inventories are stated at the lower of cost or estimated net realizable value, on a first-in, first-out, or FIFO, basis. We primarily use actual costs to determine our cost basis for inventories. To the extent inventories are not scheduled to be sold within twelve months of the balance sheet date, it is reported as inventories, noncurrent portion in our Consolidated Balance Sheets. Prior to the regulatory approval of our product candidates, we incur expenses for the manufacture of drug product that could potentially be available to support the commercial launch of our products. Until the first reporting period when regulatory approval has been received, we record all such costs as research and development expense. Beginning in the fourth quarter of 2017, we began to capitalize inventory costs associated with Bevyxxa when it was determined that the inventory had a probable future economic benefit after Bevyxxa received the FDA approval in June 2017. This inventory capitalization process began to be applied to Andexxa Gen 1 and Gen2 supply upon their approval dates of May 3, 2018 and December 31, 2018, respectively. We assess our inventory levels each reporting period and write-down inventory that is expected to be at risk for expiration, that has a cost basis in excess of its expected net realizable value and inventory quantities in excess of expected requirements. In evaluating the sufficiency of our inventory reserves or liabilities for firm purchase commitments, we also take into consideration our firm purchase commitments for future inventory production. If we were to decide to cancel our manufacturing commitment, such cancellation would trigger the payment of a cancellation fee. If we project to have excess inventories and that it would be more cost-efficient to pay the cancellation fee, we may accrue the cancellation fee as a liability. Our assessment of excess inventories, including future firm purchase commitments, requires management to utilize judgment in formulating estimates and assumptions that we believe to be reasonable under the circumstances. Actual results may differ from those estimates and assumptions. When we recognize a loss on such inventory or firm purchase commitments, it establishes a new, lower cost basis for that inventory, and subsequent changes in facts and circumstances will not result in the restoration or increase in that newly established cost basis. If inventory with a lower cost basis is subsequently sold, it will result in higher gross margin for those sales. The portion of our inventory that is most at risk for product dating issues is the finished goods inventory. The bulk drug substance in Andexxa has undergone significant manufacturing specific to its intended purposes at the point it is are purchased by us, therefore, we classify BDS as work-in-process inventory. |
| Intangible Assets | Intangible Assets Intangible assets as of December 31, 2018 include an in-process research and development asset related to our consolidated VIE and a milestone payment made to Takeda Pharmaceutical Company Ltd. ("Takeda") upon FDA approval of Bevyxxa. We review our intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We have a zero balance for intangible assets as of December 31, 2019. During 2019, SRX Cardio was deconsolidated and the related in-process research and development asset was derecognized. Also during 2019, the intangible asset related to the milestone payment to Takeda was fully impaired. Throughout 2019, we engaged with potential business collaborators for Bevyxxa. In the fourth quarter of 2019, we determined that it was unlikely that we will find a viable partner. Accordingly, we have begun to wind down Bevyxxa operations to eliminate future operational and financial obligations. We no longer expect to commercialize Bevyxxa or support any further development efforts. |
| Property and Equipment | Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, ranging from two to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term. |
| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Specific potential indicators of impairment include a significant decrease in the fair value of an asset, a significant change in the extent or manner in which an asset is used or a significant physical change in an asset, a significant adverse change in legal factors or in the business climate that affects the value of an asset, an adverse action or assessment by the FDA or another regulator or a projection or forecast that demonstrates continuing losses associated with an income-producing asset. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Impairment, if any, is assessed using discounted cash flows or other appropriate measures of fair value. See Note 14, "Costs from Wind Down of Bevyxxa Activities" for additional details of charges recorded in 2019 related to the wind down of the Bevyxxa-related activities. |
| Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted Accounting Standards Codification (“ASC”), Topic 606 (ASC 606), Revenue from Contracts with Customers , (created by Accounting Standards Update ("ASU") 2014-09) using the modified retrospective method to all contracts that were not completed as of January 1, 2018. Pursuant to ASC 606, we recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract, determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. |
| Product Revenue, Net | Product Revenue, Net Our product revenue consists of the U.S. sales of Andexxa and Bevyxxa, which we began shipping to customers in May 2018 and January 2018, respectively, and the EU sales of Ondexxya, which we began shipping to customers in July 2019. Prior to January 2018 we had no product revenues. We sell Andexxa and Bevyxxa to a limited number of specialty distributors and wholesalers in the United States, and Ondexxya primarily to hospitals and clinics, many of which are government-owned or supported in the EU (“Customers”). Our Customers in the United States subsequently resell our products to hospitals, pharmacies and long-term care centers. In addition to distribution agreements with Customers, we enter into arrangements with payors that provide for government-mandated and/or privately negotiated chargebacks, rebates, distribution costs and discounts with respect to the purchase of our products. Our payment terms are approximately 30 days for Andexxa in the United States and consistent with prevailing practice in the EU markets. We recognize revenue from product sales when control of the product transfers, generally upon shipment or delivery, to the Customer. Upon recognition of revenue from product sales, reserves are made for various forms of variable consideration, which include expected product returns, government rebates such as Medicaid reimbursements, government and other chargebacks, distributor fees and customer incentives such as cash discounts for prompt payment and other distributor costs. Liabilities for expected product returns and government rebates are classified as “Accrued and other liabilities”in our Consolidated Balance Sheets. Government and other chargebacks, distributor fees and customer discounts are recorded as a reduction to “Trade and other receivables, net” in our Consolidated Balance Sheets. Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted in accordance with the expected value method under ASC 606 for relevant factors. These factors include current contractual and statutory requirements, specific known historical data, specific known market events and trends, and/or forecasted customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the respective underlying contracts. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. For product revenue reserves established for the sales made in the prior period, please see Note 3, "Revenue Recognition". We expense incremental costs of obtaining a contract when incurred, if the expected amortization period of the asset that we would have recognized is one year or less. To date, we have not incurred any such costs. Reserves for Variable Consideration Product Returns: We generally offer Customers a right of return based on the product’s expiration date and certain spoilage instances for product that has been purchased from us. We estimate the amount of our product sales that may be returned by our Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. Our estimates for expected returns are based primarily on an ongoing analysis of our historical return patterns, our own sales information and our visibility into the inventory remaining in the distribution channel. Chargebacks: Chargebacks are discounts that occur when contracted customers, which currently consist primarily of Public Health Service institutions, Federal government entities purchasing via the Federal Supply Schedule, and group purchasing organizations, purchase directly from our specialty distributors and wholesalers at a discounted price. The specialty distributors and wholesalers, in turn, charge us back the difference between the price initially paid by them and the discounted price paid by the healthcare providers. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and receivables. We generally issue credits for such amounts within a few weeks of the Customer’s notification to us of the resale. Reserves for chargebacks consist of (i) credits that we expect to issue for units that remain in the distribution channel inventories at each reporting period end that we expect will be sold to qualified healthcare providers, and (ii) chargebacks that Customers have claimed but for which we have not yet issued a credit. Distributor Fees : Under our inventory management agreements with our Customers, we pay the specialty distributors and wholesalers a fee primarily for compliance with certain contractually determined covenants such as the maintenance of agreed upon inventory levels. These distributor fees are based on a contractually determined fixed percentage of sales. Discounts |
| Collaboration and License Revenue | Collaboration and License Revenue We enter into collaboration and license agreements for the development and commercialization of our products that are within the scope of ASC 606. The terms of collaboration and license agreements typically include payments to us of one or more of the following: non-refundable or partially refundable upfront or license fees; development, regulatory and commercial milestone payments; manufacturing supply services; partial or complete reimbursement of research and development costs; and royalties on net sales of licensed products. Each of these payments results in collaboration and license revenue, except for royalties on net sales of licensed products, which are classified as royalty revenues. To date, we have not received any royalty revenues. As part of the accounting for these arrangements, we must apply judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the contract. To determine the stand-alone selling price, we rely on assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Licenses of Intellectual Property: If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments: At the inception of each arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or that of the licensee, such as regulatory approvals, are constrained until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such development milestones and any related constraint and, if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration and license revenue in the period of adjustment. Manufacturing Supply Services: Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We assess whether these options provide a material right to the licensee, and if so, they are accounted for as separate performance obligations. If we are entitled to additional payments when the licensee exercises these options, any additional payments are recorded in collaboration and license revenue when the licensee obtains control of the goods, which is upon delivery. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, we have not recognized any royalty revenue resulting from any of our out-licensing arrangements. Research and Development Activities: Amounts related to research and development and regulatory activities are recognized as the related services or activities are performed, in accordance with the contract terms. Payments may be made to or by us based on the number of full-time equivalent researchers assigned to the collaboration project and the related research and development expenses incurred. We receive payments from our collaborators based on billing schedules established in each contract. Upfront payments and fees may be recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until we perform our obligations under these arrangements. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the collaborators and the transfer of the promised goods or services to the collaborators will be one year or less. |
| Cost of Sales | Cost of Sales Cost of sales represents primarily the costs associated with manufacturing of Andexxa and Bevyxxa, amortization of an intangible asset associated with a capitalized milestone payment made to Takeda upon FDA approval of Bevyxxa, and fixed costs to our contract manufacturers, if any, for anticipated shortfall in product demand relative to committed volumes. We periodically analyze our inventory levels, and write-down inventory for estimated excess, obsolete and non-sellable inventories based on assumptions about future demand, past usage, changes to manufacturing processes and overall market conditions. See Note 14, "Costs from Wind Down of Bevyxxa Activities" for additional details of charges recorded in 2019 related to the wind down of the Bevyxxa related activities. |
| Research and Development | Research and Development Research and development costs are expensed as incurred and consist of salaries and benefits, lab supplies, materials and facility costs, as well as fees paid to nonemployees and entities that conduct certain research and development activities on our behalf. Amounts incurred in connection with collaboration and license agreements are also included in research and development expense. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods are received or services are rendered. |
| Clinical Trial Expense | Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. We accrue and expense clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research organizations and clinical sites. We determine the actual costs through monitoring patient enrollment and discussions with internal personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. We have not experienced any material deviations between the accrued clinical trial expenses and actual clinical trial expenses. However, actual services performed, number of patients enrolled and the rate of patient enrollment may vary from our estimates, resulting in adjustments to clinical trial expense in futures periods. |
| Stock-Based Compensation | Stock-Based Compensation Employee stock-based compensation cost is measured at the grant date, based on the fair value of the award. The compensation cost is recognized as expense on a straight-line basis over the vesting period for options and restricted stock units (“RSUs”) and on an accelerated basis for performance stock options (“PSOs”), market-based performance stock units (“M-PSUs”) and performance-based stock units (“PSUs”). For stock option grants including PSOs, we use the Black-Scholes option pricing model to determine the fair value of stock options. This model requires us to make assumptions such as expected term and volatility that determine the stock options fair value. We are also required to make estimates as to the probability of achieving the specific performance criteria underlying the PSOs and PSUs. For M-PSU awards, we use the Monte-Carlo option pricing model to determine the fair value of awards at the date of issue. The Monte-Carlo option-pricing model uses similar input assumptions as the Black-Scholes model; however, it further incorporates into the fair-value determination the possibility that the performance-based market condition may not be satisfied. Compensation costs related to awards with a market-based condition are recognized regardless of whether the market condition is ultimately satisfied. Compensation cost is not reversed if the achievement of the market condition does not occur. For RSU and PSU awards, we base the fair value of awards on the closing market value of our common stock at the date of grant. Upon our adoption of Accounting Standards Update ("ASU") No. 2016-9, Improvements to Employee Share-Based Payment Accounting , on January 1, 2017, we made an accounting policy election to account for the forfeitures as they occur. After our adoption of ASU No. 2018-7, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting, as of January 1, 2019, compensation costs for nonemployee awards are fixed at the grant date. |
| BMS and Pfizer Promissory Notes, HCR Royalty-based Financing, and Interest Expense | BMS and Pfizer Promissory Notes, HCR Royalty-based Financing, and Interest Expense Notes payable and long-term royalty-based debt are eligible to be repaid based on royalties from our Andexxa net sales. Interest expense is accrued using the effective interest rate method over the estimated period the related debts will be paid. This requires us to estimate the total amount of future royalty payments to be generated from product sales by jurisdiction over the life of the agreements. Consequently, we impute interest on the carrying value of the Notes payable and long-term royalty-based debt and record interest expense using an imputed effective interest rate. We reassess the expected royalty payments each reporting period and account for any changes through an adjustment to the effective interest rate on a prospective basis, with a corresponding impact to the reclassification of our Notes payable and royalty-based debt. The assumptions used in determining the expected repayment term of the debt and amortization period of the issuance costs requires that we make estimates that could impact the short and long term classification of the debt carrying values, as well as the period over which debt issuance costs will be amortized. |
| Embedded Derivatives Related to Debt Instruments | Embedded Derivatives Related to Debt Instruments Embedded derivatives that are required to be bifurcated from their host contract are evaluated and valued separately from the debt instrument. Under our Notes payable agreement with BMS and Pfizer and the credit agreement with HCR and Athyrium, upon the occurrence of a change in control, we are required to make accelerated payments of the borrowings to BMS and Pfizer, and we are required to make accelerated payments of the borrowings and a prepayment penalty to HCR and Athyrium. These prepayments and prepayment penalty are considered embedded derivatives, as the holder of the loans may exercise the option to require prepayment by us. The embedded derivatives are classified as "Other long-term liabilities" in our Consolidated Balance Sheets. We remeasure the embedded derivatives each reporting period and report changes in the estimated fair value as gains or losses in "Interest and other income (expense), net" in our Consolidated Statements of Operations. |
| Income Taxes | Income Taxes We provide for income taxes under the asset and liability method. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between our consolidated financial statement reporting and tax basis of assets and liabilities and net operating loss and credit carryforwards, and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The recognition, derecognition and measurement of a tax position is based on management’s best judgment given the facts, circumstances and information available at the reporting date. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to the underpayment of income taxes. |
| Foreign Currency Transactions and Translations | Foreign Currency Transactions and Translations We have certain transactions denominated in currencies other than our functional currencies, and, as a result, are exposed to changes in foreign currency exchange rates. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within interest and other income (expense), net in our consolidated statements of operations. Non-U.S. entity operations are recorded in the functional currency of each entity. Results of operations for non-U.S. dollar functional currency entities are translated into U.S. dollars using average currency rates. Assets and liabilities are translated using currency rates at period end. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. |
| Net Loss per Share Attributable to Portola Common Stockholders | Net Loss per Share Attributable to Portola Common Stockholders Basic net loss per share attributable to Portola Common Stockholders is calculated by dividing the net loss attributable to Portola Common Stockholders by the weighted-average number of shares of Common Stock outstanding for the period. Diluted net loss per share attributable to Portola Common Stockholders is the same as basic net loss per share attributable to Portola Common Stockholders, since the effects of potentially dilutive securities are antidilutive. |
| Net Loss (Income) Attributable To SRX | Net Loss (Income) Attributable to SRX Net loss (income) attributable to SRX represents the results of operations of SRX during the periods in which we were deemed to be the primary beneficiary of SRX and consolidated the statements of operations and financial condition of SRX into our Consolidated Financial Statements. |
| Recent Accounting Pronouncements Not Yet Adopted And Adopted | Recent Accounting Pronouncements Not Yet Adopted In September 2016, the Financial Accounting Standards Board ("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, and applies to most financial assets measured at amortized cost, such as trade and other receivable, and certain other instruments, such as available-for-sale debt securities. Entities are required to estimate expected credit losses over the life of financial assets and record an allowance against the assets’ amortized cost basis to present them at the amount expected to be collected. Additionally, the guidance amends the impairment model for available-for-sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on such debt security is a credit loss. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2019. We do not expect the adoption of this standard to have a material effect on our 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. We do not expect the adoption of this standard to have a material effect on our Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-18, Collaborative arrangements (Topic 808): Clarifying the interaction between Topic 808 and Topic 606 . ASU 2018-18 clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. For public business entities, these amendments are effective for fiscal years beginning after December 2019, and interim periods therein. We do not expect the adoption of this standard to have an effect on our Consolidated Financial Statements. Recent Accounting Pronouncements Adopted In February 2016, the FASB issued 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). 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 Consolidated Balance Sheet upon adoption and did not significantly impact financial results. 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 to new or modified leases beginning on or after the adoption date. That is, we will account for each separate lease component of a contract and its associated non-lease components as a single lease component. Ongoing Accounting Policy Elections . We elected the short-term lease recognition exemption whereby ROU assets and lease liabilities will not be recognized for leasing arrangements with terms less than one year . In June 2018, the FASB issued ASU No. 2018-7, 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 opening balance of accumulated deficit at the date of adoption, and did not significantly impact our Consolidated Financial Statements. |
