Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AGTC | |
Entity Registrant Name | APPLIED GENETIC TECHNOLOGIES CORP | |
Entity Central Index Key | 1,273,636 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,083,563 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 42,499 | $ 28,868 |
Investments | 74,826 | 69,664 |
Grants receivable | 78 | 954 |
Prepaid and other current assets | 2,574 | 3,089 |
Total current assets | 119,977 | 102,575 |
Investments | 41,754 | 74,183 |
Property and equipment, net | 2,881 | 2,627 |
Intangible assets, net | 1,288 | 1,321 |
Other assets | 52 | 91 |
Total assets | 165,952 | 180,797 |
Current liabilities: | ||
Accounts payable | 718 | 1,331 |
Accrued and other liabilities | 6,167 | 6,514 |
Deferred revenue | 36,033 | 46,898 |
Total current liabilities | 42,918 | 54,743 |
Deferred revenue, net of current portion | 5,103 | 16,766 |
Total liabilities | 48,021 | 71,509 |
Stockholders' equity: | ||
Common stock—par value $.001 per share; shares authorized: 150,000 at December 31, 2016 and June 30, 2016; shares issued and outstanding: 18,074 and 18,053 at December 31, 2016 and June 30, 2016, respectively. | 18 | 18 |
Additional paid-in capital | 202,240 | 199,303 |
Accumulated deficit | (84,327) | (90,033) |
Total stockholders' equity | 117,931 | 109,288 |
Total liabilities and stockholders' equity | $ 165,952 | $ 180,797 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 18,074,000 | 18,053,000 |
Common stock, shares outstanding | 18,074,000 | 18,053,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | ||||
Collaboration revenue | $ 10,890,000 | $ 11,843,000 | $ 22,662,000 | $ 22,835,000 |
Grant and other revenue | 43,000 | 346,000 | 77,000 | 416,000 |
Total revenue | 10,933,000 | 12,189,000 | 22,739,000 | 23,251,000 |
Operating expenses: | ||||
Research and development | 6,041,000 | 7,203,000 | 11,612,000 | 24,240,000 |
General and administrative and other | 2,740,000 | 2,116,000 | 5,586,000 | 5,354,000 |
Total operating expenses | 8,781,000 | 9,319,000 | 17,198,000 | 29,594,000 |
Income (loss) from operations | 2,152,000 | 2,870,000 | 5,541,000 | (6,343,000) |
Other income: | ||||
Investment income, net | 227,000 | 175,000 | 463,000 | 265,000 |
Total other income, net | 227,000 | 175,000 | 463,000 | 265,000 |
Income (loss) before provision for income taxes | 2,379,000 | 3,045,000 | 6,004,000 | (6,078,000) |
Less provision for income taxes | 298,000 | 0 | 298,000 | 0 |
Net income (loss) | $ 2,081,000 | $ 3,045,000 | $ 5,706,000 | $ (6,078,000) |
Weighted Average Shares Outstanding | ||||
Weighted average shares outstanding - basic | 18,067 | 17,998 | 18,061 | 17,585 |
Weighted average shares outstanding - diluted | 18,393 | 18,262 | 18,430 | 17,585 |
Net income (loss) per common share | ||||
Net income (loss) per share, basic | $ 0.12 | $ 0.17 | $ 0.32 | $ (0.35) |
Net income (loss) per share, diluted | $ 0.11 | $ 0.17 | $ 0.31 | $ (0.35) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ 5,706 | $ (6,078) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Share-based compensation expense | 2,912 | 2,489 |
Share-based collaboration expense | 636 | |
Depreciation and amortization | 434 | 196 |
Changes in operating assets and liabilities: | ||
Grants receivable | 876 | 467 |
Prepaid and other assets | 772 | (876) |
Deferred revenues | (22,528) | 87,113 |
Accounts payable | (614) | (374) |
Accrued and other liabilities | (346) | 2,671 |
Net cash provided by (used in) operating activities | (12,788) | 86,244 |
Cash flows from investing activities | ||
Purchase of property and equipment | (563) | (106) |
Purchase of and capitalized costs related to intangible assets | (92) | (85) |
Maturity of investments | 64,269 | 20,344 |
Purchase of investments | (37,219) | (120,628) |
Net cash provided by (used in) investing activities | 26,395 | (100,475) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | 19,211 | |
Proceeds from exercise of common stock options | 24 | 235 |
Net cash provided by financing activities | 24 | 19,446 |
Net change in cash and cash equivalents | 13,631 | 5,215 |
Cash and cash equivalents, beginning of period | 28,868 | 39,187 |
Cash and cash equivalents, end of period | $ 42,499 | $ 44,402 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Operations | 1. Organization and Operations: Applied Genetic Technologies Corporation (the “Company” or “AGTC”) was incorporated as a Florida corporation on January 19, 1999 and reincorporated as a Delaware corporation on October 24, 2003. The Company is a clinical-stage biotechnology company developing gene therapy products designed to transform the lives of patients with severe diseases, primarily in ophthalmology. In April 2014, the Company completed its initial public offering (“IPO”) in which it sold 4,166,667 shares of common stock at a price of $12.00 per share. The Company now trades on NASDAQ under the ticker symbol AGTC. In April 2014, the Company sold an additional 625,000 shares of common stock at the offering price of $12.00 per share pursuant to the exercise of the underwriters’ over-allotment option. The aggregate net proceeds received by the Company from the IPO offering, including exercise of the over-allotment option, amounted to $51.6 million, net of underwriting discounts and commissions and other issuance costs incurred by the Company. In July 2014, the Company completed a follow on public offering in which it sold 2,000,000 shares of common stock at a public offering price of $15.00 per share. In August 2014, the Company sold an additional 300,000 shares of common stock at a public offering price of $15.00 per share pursuant to the full exercise of an overallotment option granted to the underwriters in connection with the follow-on offering. The aggregate net proceeds received by the Company from the follow-on offering, including exercise of the overallotment option, amounted to $32.0 million, net of underwriting discounts and commissions and other offering expenses. In July 2015, the Company entered into a collaboration agreement (the “Collaboration Agreement”) with Biogen MA, Inc., a wholly owned subsidiary of Biogen Inc. (“Biogen”), pursuant to which the Company and Biogen will collaborate to develop, seek regulatory approval for and commercialize gene therapy products to treat X-linked retinoschisis (“XLRS”), X-linked retinitis pigmentosa (“XLRP”), and discovery programs targeting three indications based on the Company’s adeno-associated virus vector technologies. The Collaboration Agreement became effective in August 2015. Under the Collaboration Agreement, the Company received a non-refundable upfront payment of $94.0 million and a milestone payment of $5.0 million during the fiscal year ended June 30, 2016. As a result of the upfront and milestone payments made by Biogen, the Company became liable to its various research partner institutions for sub-license and milestone payments, which led the Company to record an expense for collaboration-related license fees of $12.0 million during the fiscal year ended June 30, 2016. These collaboration costs included $0.6 million of expense that was settled during that period by the issuance of 40,000 shares of the Company’s common stock to a research partner institution, pursuant to the terms of the existing agreement with that institution. The remainder of these sub-license and milestone fees were fully paid in cash during the fiscal year ended June 30, 2016. The Company is also eligible to receive payments of up to $467.5 million under the Collaboration Agreement based on the successful achievement of future milestones under the two lead programs and up to $592.5 million based on the exercise of the option for and the successful achievement of future milestones under the three discovery programs. Biogen will pay revenue-based royalties for each licensed product at tiered rates ranging from high single digit to mid-teen percentages of annual net sales of the XLRS or XLRP products and at rates ranging from mid-single digit to low-teen percentages of annual net sales for the discovery products. Due to the uncertainty surrounding the achievement of the future milestones, such payments were not considered fixed or determinable at the inception of the Collaboration Agreement and accordingly, will not be recognized as revenue unless and until they become earned. The Company achieved the first milestone under the XLRS program in August 2015, which triggered a milestone payment from Biogen of $5.0 million and the recording of milestone revenue. The Company is not able to reasonably predict if and when any of the remaining milestones will be achieved. In addition to the Collaboration Agreement, in July 2015, the Company also entered into an equity agreement with Biogen. Under the terms of the equity agreement, Biogen purchased 1,453,957 shares of common stock, at a purchase price equal to $20.63 per share, for an aggregate cash purchase price of $30.0 million. The Company received these cash proceeds from Biogen in August 2015. The shares issued to Biogen constitute restricted securities that may not be resold by Biogen other than in a transaction registered under the Securities Act of 1933, as amended, or pursuant to an exemption from such registration requirement. The Company also entered into a Manufacturing License and Technology Transfer Agreement, or manufacturing license, under which Biogen will receive an exclusive license to use AGTC’s proprietary technology platform to make AAV vectors for up to six genes based on the selection process specified in the agreement. For each gene selected, we are eligible to receive a selection fee, clinical and regulatory development milestones, and commercial sales milestones. Biogen will pay us incremental royalties for each licensed product that are a low single digit percentage of annual net sales of each product containing a gene of interest. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies: (a) Basis of presentation The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations for interim reporting. Certain amounts reported previously have been reclassified to conform to the current period presentation, with no effect on stockholders’ equity or net income (loss) as previously presented. The Condensed Balance Sheet as of June 30, 2016 was derived from audited financial statements, but does not include all disclosures required by GAAP. These Unaudited Condensed Financial Statements should be read in conjunction with the audited financial statements included in the Company’s 2016 Annual Report on Form 10-K, as amended, (“June 30, 2016 Form 10-K”). Results of operations for the three and six months ended December 31, 2016 are not necessarily indicative of the results to be expected for the full year or any other interim period. (b) Use of estimates (c) Cash and cash equivalents (d) Investments The Company uses the specific identification method to determine the cost basis of securities sold. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new cost basis in the investment is established. (e) Fair value of financial instruments Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. (f) Intangible assets (g) Revenue recognition Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s unaudited condensed balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities. The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied. Collaboration revenue On July 1, 2015, the Company entered into the Collaboration Agreement. This collaboration is discussed further in Note 6 to these financial statements. The terms of this agreement and other potential collaboration or commercialization agreements the Company may enter into generally contain multiple elements, or deliverables, which may include, among others, (i) licenses, or options to obtain licenses, to its technology, and (ii) research and development activities to be performed on behalf of the collaborative partner. Payments made under such arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. Multiple element arrangements are analyzed to determine whether the deliverables within the agreement can be separated or whether they must be accounted for as a single unit of accounting. Deliverables under an agreement are required to be accounted for as separate units of accounting provided that (i) a delivered item has value to the customer on a stand-alone basis; and (ii) if the agreement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units. The Company determines the estimated selling price for deliverables within each agreement using vendor-specific objective evidence ("VSOE") of selling price, if available, third-party evidence ("TPE") of selling price if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE are available. Determining the best estimate of selling price for a deliverable requires significant judgment. The Company uses BESP to estimate the selling price related to licenses to its proprietary technology, since it often does not have VSOE or TPE of selling price for these deliverables. In those circumstances where it utilizes BESP to determine the estimated selling price of a license to its proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements as well as internally developed models that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating its best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. If the delivered element does not have stand-alone value, the arrangement is then accounted for as a single unit of accounting and the Company recognizes the consideration received under the arrangement as revenue on a straight-line basis over its estimated period of performance. The Company’s anticipated periods of performance, typically the terms of its research and development obligations, are subject to estimates by management and may change over the course of the collaboration agreement. Such changes could have a material impact on the amount of revenue recorded in future periods. Milestone revenue The Company applies the milestone method of accounting to recognize revenue from milestone payments when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved and the payment is non-refundable, provided that the milestone event is substantive. A milestone event is defined as an event (i) that can only be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance; (ii) for which there is substantive uncertainty at the inception of the arrangement that the event will be achieved; and (iii) that would result in additional payments being due to the Company. Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. A milestone event is substantive if all of the following conditions are met: (i) the consideration is commensurate with either the Company’s performance to achieve the milestone, or the enhancement of the value to the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) the consideration relates solely to past performance; and (iii) the consideration is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement. The Company assesses whether a milestone is substantive at the inception of the arrangement. If a milestone is deemed substantive and the milestone payment is nonrefundable, the Company recognizes revenue upon the successful accomplishment of that milestone. Where a milestone is deemed non-substantive, we account for that milestone payment in accordance with the multiple element arrangements guidance and recognize revenue consistent with the related units of accounting for the arrangement over the related performance period. No milestone revenues were recognized during the three and six month periods ended December 31, 2016. During the three and six month periods ended December 31, 2015, the Company recognized $0 million and $5.0 million, respectively, in milestone revenues that is reflected in collaboration revenue on our unaudited statements of operations. Deferred revenue Amounts received by the Company prior to satisfying the above revenue recognition criteria are recorded as deferred revenue on the balance sheet. Amounts not expected to be recognized within 12 months of the balance sheet date are classified as non-current deferred revenue. (h) Research and development ( i ) Share-based compensation Compensation—Stock Compensation Equity-Based Payments to Non-employees For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of share-based payment awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. If factors change and the Company employs different assumptions, stock-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining stock-based compensation expense and the actual factors which become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining stock-based compensation costs for future grants. These changes, if any, may materially impact the Company’s results of operations in the period such changes are made. ( j ) Income taxes For each of the three and six month periods ended December 31, 2016, the Company recorded an income tax provision of $0.3 million based on the Company’s alternative minimum taxable income (“AMTI”). The Company calculates its AMTI using the alternative minimum tax (AMT) system. The Company’s federal income tax liability is the greater of the tax computed using the regular tax system or the tax under the AMT system. Corporations are exempt from AMT for all prior years in which their annual gross receipts for the 3-year period ending before the current tax year did not exceed $7.5 million. For the fiscal year ending June 30, 2017, the Company no longer qualifies for the small company exclusion. The AMT system limits the use of net operating losses used by taxpayers to offset taxable income. In 2017, the Company anticipates being subject to alternative income tax and therefore estimated tax payments of approximately $0.3 million have been made as of December 31, 2016. A credit may be earned for the tax paid on an alternative minimum tax basis and this credit can be carried forward indefinitely and used to reduce regular tax, but not below the alternative minimum tax for that future year. There were no income tax provisions during the three and six month periods ended December 31, 2015, due to the cumulative operating losses for the six months ended December 31, 2015. As of December 31, 2016 and June 30, 2016, the Company did not have any significant uncertain tax positions. (k) Net income (loss) per share - The dilutive impact of options and other share-based compensation awards during the three and six months ended December 31, 2016, were 0.3 million shares and 0.4 million shares, respectively, and 0.3 million shares during the three months ended December 31, 2015. Due to the net loss in the six months ended December 31, 2015, common stock equivalents of 0.4 million shares were excluded from the computation of diluted loss per share due to their anti-dilutive effect. (l) Comprehensive income or loss (m) New accounting pronouncements Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation In May 2014, the FASB issued guidance that requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. It also requires enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively, and improves guidance for multiple-element arrangements. The guidance applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. In July 2015, the FASB delayed the effective date of this guidance by one year. The guidance is now effective for public companies for annual periods beginning after December 15, 2017 as well as interim periods within those annual periods using either the full retrospective approach or modified retrospective approach. The Company is currently evaluating the impact of the new guidance on its financial statements. |
Share-based Compensation Plans
Share-based Compensation Plans | 6 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Compensation Plans | 3. Share-based Compensation Plans: The Company uses stock options and awards of restricted stock to provide long-term incentives for its employees, non-employee directors and certain consultants. The Company has two equity compensation plans under which awards are currently authorized for issuance, the 2013 Employee Stock Purchase Plan and the 2013 Equity and Incentive Plan. No awards have been issued to date under the 2013 Employee Stock Purchase Plan and all of the 128,571 shares previously authorized under this plan remain available for issuance. A summary of the stock option activity for the six months ended December 31, 2016 and 2015 is as follows: For the Six Months Ended December 31, 2016 2015 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at June 30, 2,037 $ 13.71 1,484 $ 11.83 Granted 658 11.85 514 17.76 Exercised (21 ) 1.16 (44 ) 5.27 Forfeited (31 ) 17.80 (29 ) 10.31 Expired (3 ) 22.64 (5 ) 15.19 Outstanding at December 31, 2,640 $ 13.28 1,920 $ 13.60 Exercisable at December 31, 1,267 550 Weighted average fair value of options granted during the period $ 8.12 $ 11.90 For the three and six months ended December 31, 2016, share-based compensation expense related to stock options awarded to employees, non-employee directors and consultants amounted to approximately $1.5 million and $2.9 million, respectively, compared to $1.3 million and $2.3 million, respectively, for the three and six months ended December 31, 2015. For the three and six months ended December 31, 2016 share-based compensation expense associated with restricted share awards granted to employees and non-employee consultants was not material. For the three and six months ended December 31, 2015, share-based compensation expense associated with restricted share awards granted to employees and non-employee consultants amounted to $68 thousand and $166 thousand, respectively. As of December 31, 2016, there was $13.5 million of unrecognized compensation expense related to non-vested stock options. |
Investments
Investments | 6 Months Ended |
Dec. 31, 2016 | |
Investments Schedule [Abstract] | |
Investments | 4. Investments: Cash in excess of immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. The following table summarizes the Company’s investments by category as of December 31, 2016 and June 30, 2016: December 31, June 30, In thousands 2016 2016 Investments - Current: Certificates of deposit $ 7,110 $ 18,093 Debt securities - held-to-maturity 67,716 51,571 Total investments - current $ 74,826 $ 69,664 Investments - Noncurrent: Certificates of deposit $ 2,603 $ 2,544 Debt securities - held-to-maturity 39,151 71,639 Total investments - non-current $ 41,754 $ 74,183 A summary of the Company’s debt securities classified as held-to-maturity is as follows: At December 31, 2016 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 61,558 $ — $ (42 ) 61,516 Corporate obligations 6,158 — (1 ) 6,157 Total investments - current $ 67,716 $ — $ (43 ) $ 67,673 Investments - Noncurrent: U.S. government and agency obligations $ 37,024 $ — $ (148 ) $ 36,876 Corporate obligations 2,127 — (11 ) 2,116 Total investments - non-current $ 39,151 $ — $ (159 ) $ 38,992 At June 30, 2016 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 40,609 $ 12 $ (2 ) 40,619 Corporate obligations 10,962 3 (1 ) 10,964 $ 51,571 $ 15 $ (3 ) $ 51,583 Investments - Noncurrent: U.S. government and agency obligations $ 71,639 $ 53 $ (11 ) $ 71,681 $ 71,639 $ 53 $ (11 ) $ 71,681 The amortized cost and fair value of held-to-maturity debt securities as of December 31, 2016, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 67,716 $ 67,673 Due after one year through two years 39,151 38,992 $ 106,867 $ 106,665 The Company believes that the unrealized losses disclosed above were primarily driven by interest rate changes rather than by unfavorable changes in the credit ratings associated with these securities and as a result, the Company continues to expect to collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting neither a significant deterioration since purchase nor other factors leading to an other-than-temporary impairment. Therefore, the Company believes these losses to be temporary. As of December 31, 2016, the Company did not have the intent to sell any of the securities that were in an unrealized loss position at that date. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Investments | 6 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Investments | 5. Fair Value of Financial Instruments and Investments: Certain assets and liabilities are measured at fair value in the Company’s financial statements or have fair values disclosed in the notes to the financial statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following methods and assumptions were used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument included in the table below. Cash and Cash Equivalents. The carrying value of cash and cash equivalents approximates fair value as maturities are less than three months. Certificates of Deposit. The Company’s certificates of deposit are placed through an account registry service. The fair value measurement of the Company’s certificates of deposit is considered Level 2 of the fair value hierarchy as the inputs are based on quoted prices for identical assets in markets that are not active. The carrying amounts of the Company’s certificates of deposit reported in the unaudited condensed balance sheets approximate fair value. Debt securities – held-to-maturity. The Company’s investments in debt securities classified as held-to-maturity generally include U.S. Treasury Securities, government agency obligations, and corporate obligations. U.S. Treasury Securities are valued using quoted market prices. Valuation adjustments are not applied. Accordingly, U.S. Treasury Securities are considered Level 1 of the fair value hierarchy. The fair values of U.S. government agency obligations and corporate obligations are generally determined using recently executed transactions, broker quotes, market price quotations where these are available or other observable market inputs for the same or similar securities. As such, the Company classifies its investments in U.S. government agency obligations and corporate obligations within Level 2 of the hierarchy. The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis: In thousands Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fair Value Total Carrying Value December 31, 2016 Cash and cash equivalents $ 42,499 $ — $ — $ 42,499 $ 42,499 Certificates of deposit — 9,694 — 9,694 9,713 Held-to-maturity investments: Corporate obligations — 8,273 — 8,273 8,285 U.S. government and agency obligations 75,519 22,873 — 98,392 98,582 Total assets $ 118,018 $ 40,840 $ — $ 158,858 $ 159,079 June 30, 2016 Cash and cash equivalents $ 28,868 $ — $ — $ 28,868 $ 28,868 Certificates of deposit — 20,626 — 20,626 20,637 Held-to-maturity investments: Corporate obligations — 10,964 — 10,964 10,962 U.S. government and agency obligations 73,809 38,491 — 112,300 112,248 Total assets $ 102,677 $ 70,081 $ — $ 172,758 $ 172,715 |
Collaborative Agreement with Bi
Collaborative Agreement with Biogen | 6 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborative Agreement with Biogen | 6. Collaboration Agreement with Biogen On July 1, 2015, the Company entered into a Collaboration Agreement with Biogen, pursuant to which the Company and Biogen will collaborate to develop, seek regulatory approval for and commercialize gene therapy products to treat XLRS, XLRP, and discovery programs targeting three indications based on the Company’s adeno-associated virus vector technologies. The Collaboration Agreement became effective on August 14, 2015. Under the Collaboration Agreement, the Company will conduct all development activities through regulatory approval in the United States for the XLRS program, and all development activities through the completion of the first in human clinical trial for the XLRP program. In addition, the Collaboration Agreement provides for discovery programs targeting three indications whereby the Company will conduct discovery, research and development activities for those additional drug candidates through the stage of clinical candidate designation, after which, Biogen may exercise an option to continue to develop, seek regulatory approval for and commercialize the designated clinical candidate. In February 2016, the Company announced Biogen’s selection of adrenoleukodystrophy as the non-ophthalmic indication of the three discovery programs. Under the terms of the Collaboration Agreement, the Company, in part through its participation in joint committees with Biogen, will participate in overseeing the development and commercialization of these specific programs. The Company has granted to Biogen with respect to the XLRS and XLRP programs, and upon exercise of the option for the applicable discovery program, an exclusive, royalty-bearing license, with the right to grant sublicenses, to use adeno-associated virus vector technology and other technology controlled by the Company for the licensed products or discovery programs developed under the Collaboration Agreement. Biogen and the Company have also granted each other worldwide licenses, with the right to grant sublicenses, of their respective interests in other intellectual property developed under the collaboration outside of the licensed products or discovery programs. Biogen will also receive an exclusive license to use the Company’s proprietary manufacturing technology platform to make Adeno-Associated Virus (“AAV”) vectors for up to six genes, three of which are at the Company’s discretion, in exchange for payment of milestones and royalties. Activities under the Collaboration Agreement were evaluated under ASC 605-25, Revenue Recognition—Multiple Element Arrangements Revenue Recognition The Company determined that all of the License Deliverables and Option Deliverables did not have stand-alone value and did not meet the criteria to be accounted for as separate units of accounting under ASC 605-25. The factors considered by the Company in making this determination included, among other things, the unique and specialized nature of its proprietary technology and intellectual property, and the development stages of each of the XLRS, XLRP and the discovery programs targeting three indications. Accordingly, the License Deliverables under each of the XLRS and XLRP programs and the Option Deliverables under each of the discovery programs have been combined with the R&D Activity Deliverables associated with each related program and as a result, the Company’s separate units of accounting under its collaboration with Biogen, comprise the XLRS program, the XLRP program, and each of the three discovery programs. Under the Collaboration Agreement, the Company received a non-refundable upfront payment of $94.0 million in August 2015 which it recorded as deferred revenue. This upfront payment of $94.0 million was allocated among the separate units of accounting discussed above using the relative selling price method. In addition to the Collaboration Agreement, on July 1, 2015, the Company also entered into an equity agreement with Biogen. Under the terms of this equity agreement, Biogen purchased 1,453,957 shares of the Company’s common stock, at a purchase price equal to $20.63 per share, for an aggregate cash purchase price of $30.0 million which the Company also received in August 2015. The shares issued to Biogen represented approximately 8.1 percent of the Company’s outstanding common stock on a post-issuance basis, calculated on the number of shares that were outstanding at June 30, 2015, and constitute restricted securities that may not be resold by Biogen other than in a transaction registered under, or pursuant to an exemption from the registration requirements of, the Securities Act of 1933, as amended. Accounting standards for multiple element arrangements contain a presumption that separate contracts negotiated or entered into at or near to the same time with the same entity were likely negotiated as a package and should be evaluated as a single agreement. The Company determined that the price of $20.63 paid by Biogen included a premium of $7.45 per share over the fair value of the Company’s stock price, calculated based upon the stock price on the date of close of the agreement and adjusted for lack of marketability due to restrictions. Accordingly, the total premium of $10.8 million was also recorded as deferred revenue and, together with the $94.0 million, allocated to the separate units of accounting identified above using the relative selling price method as discussed in Note 2 to these financial statements. The Company will record revenue based on the revenue recognition criteria applicable to each separate unit of accounting. For amounts received up-front and initially deferred, the Company will recognize the deferred revenue on a straight-line basis over the estimated service periods in which it is required to perform the research and development activities associated with each unit of accounting, anticipated to be between 2 and 4 years. The Company recognized collaboration revenue of $10.9 million and $11.8 million during the three months ended December 31, 2016 and 2015, respectively, and $22.7 million and $22.8 million during the six months ended December 31, 2016 and 2015, respectively, from its collaboration with Biogen. Below is a summary of the components of the collaboration revenue: For the Three Months Ended December 31, For the Six Months Ended December 31, 2016 2015 2016 2015 (dollars in thousands) Amortization of non-refundable upfront fees $ 10,803 $ 11,725 $ 22,528 $ 17,717 Milestone revenue — — — 5,000 Other 87 118 134 118 Total collaboration revenue $ 10,890 $ 11,843 $ 22,662 $ 22,835 During the six months ended December 31, 2015, the Company recorded $5.0 million of milestone revenue after having achieved a patient enrollment-based milestone under the Collaboration Agreement. Other revenue is primarily comprised of reimbursable costs for post-funding development activities conducted by the Company. As a result of the upfront payment of $94.0 million made by Biogen and achievement of the $5.0 million milestone as discussed above, the Company became liable to various research partner institutions for sub-license and other payments under existing agreements with such institutions. These agreements obligate the Company to pay to each research partner institution, amounts that range from 5 percent to 10 percent of certain proceeds received from collaboration and other arrangements, including any milestone payments received under such arrangements. As a result, the Company recorded total collaboration costs of approximately $12.0 million associated with such obligations during the six months ended December 31, 2015. These collaboration costs included $0.6 million of expense that was settled during that period by the issuance of 40,000 shares of the Company’s common stock to a research partner institution, pursuant to the terms of the existing agreement with that institution. The remainder of these sub-license and milestone fees were fully paid in cash during the fiscal year ended June 30, 2016. The Company is also eligible to receive payments of up to $467.5 million based on the successful achievement of future milestones under the two lead programs and up to $592.5 million based on the exercise of the option for and the successful achievement of future milestones under the three discovery programs. Biogen will pay revenue-based royalties for each licensed product at tiered rates ranging from high single digit to mid-teen percentages of annual net sales of the XLRS or XLRP products and at rates ranging from mid-single digit to low-teen percentages of annual net sales for the discovery products. Due to the uncertainty surrounding the achievement of the future milestones, such payments were not considered fixed or determinable at the inception of the Collaboration Agreement and accordingly, will not be recognized as revenue unless and until they become earned. The Company is not able to reasonably predict if or when the remaining milestones will be achieved. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of presentation The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations for interim reporting. Certain amounts reported previously have been reclassified to conform to the current period presentation, with no effect on stockholders’ equity or net income (loss) as previously presented. The Condensed Balance Sheet as of June 30, 2016 was derived from audited financial statements, but does not include all disclosures required by GAAP. These Unaudited Condensed Financial Statements should be read in conjunction with the audited financial statements included in the Company’s 2016 Annual Report on Form 10-K, as amended, (“June 30, 2016 Form 10-K”). Results of operations for the three and six months ended December 31, 2016 are not necessarily indicative of the results to be expected for the full year or any other interim period. |
Use of Estimates | (b) Use of estimates |
Cash and Cash Equivalents | (c) Cash and cash equivalents |
Investments | (d) Investments The Company uses the specific identification method to determine the cost basis of securities sold. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new cost basis in the investment is established. |
Fair Value of Financial Instruments | (e) Fair value of financial instruments Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |
Intangible Assets | (f) Intangible assets |
Revenue Recognition | (g) Revenue recognition Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s unaudited condensed balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities. The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied. Collaboration revenue On July 1, 2015, the Company entered into the Collaboration Agreement. This collaboration is discussed further in Note 6 to these financial statements. The terms of this agreement and other potential collaboration or commercialization agreements the Company may enter into generally contain multiple elements, or deliverables, which may include, among others, (i) licenses, or options to obtain licenses, to its technology, and (ii) research and development activities to be performed on behalf of the collaborative partner. Payments made under such arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. Multiple element arrangements are analyzed to determine whether the deliverables within the agreement can be separated or whether they must be accounted for as a single unit of accounting. Deliverables under an agreement are required to be accounted for as separate units of accounting provided that (i) a delivered item has value to the customer on a stand-alone basis; and (ii) if the agreement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units. The Company determines the estimated selling price for deliverables within each agreement using vendor-specific objective evidence ("VSOE") of selling price, if available, third-party evidence ("TPE") of selling price if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE are available. Determining the best estimate of selling price for a deliverable requires significant judgment. The Company uses BESP to estimate the selling price related to licenses to its proprietary technology, since it often does not have VSOE or TPE of selling price for these deliverables. In those circumstances where it utilizes BESP to determine the estimated selling price of a license to its proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements as well as internally developed models that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating its best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. If the delivered element does not have stand-alone value, the arrangement is then accounted for as a single unit of accounting and the Company recognizes the consideration received under the arrangement as revenue on a straight-line basis over its estimated period of performance. The Company’s anticipated periods of performance, typically the terms of its research and development obligations, are subject to estimates by management and may change over the course of the collaboration agreement. Such changes could have a material impact on the amount of revenue recorded in future periods. Milestone revenue The Company applies the milestone method of accounting to recognize revenue from milestone payments when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved and the payment is non-refundable, provided that the milestone event is substantive. A milestone event is defined as an event (i) that can only be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance; (ii) for which there is substantive uncertainty at the inception of the arrangement that the event will be achieved; and (iii) that would result in additional payments being due to the Company. Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. A milestone event is substantive if all of the following conditions are met: (i) the consideration is commensurate with either the Company’s performance to achieve the milestone, or the enhancement of the value to the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) the consideration relates solely to past performance; and (iii) the consideration is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement. The Company assesses whether a milestone is substantive at the inception of the arrangement. If a milestone is deemed substantive and the milestone payment is nonrefundable, the Company recognizes revenue upon the successful accomplishment of that milestone. Where a milestone is deemed non-substantive, we account for that milestone payment in accordance with the multiple element arrangements guidance and recognize revenue consistent with the related units of accounting for the arrangement over the related performance period. No milestone revenues were recognized during the three and six month periods ended December 31, 2016. During the three and six month periods ended December 31, 2015, the Company recognized $0 million and $5.0 million, respectively, in milestone revenues that is reflected in collaboration revenue on our unaudited statements of operations. Deferred revenue Amounts received by the Company prior to satisfying the above revenue recognition criteria are recorded as deferred revenue on the balance sheet. Amounts not expected to be recognized within 12 months of the balance sheet date are classified as non-current deferred revenue. |
Research and Development | (h) Research and development |
Share-based Compensation | ( i ) Share-based compensation Compensation—Stock Compensation Equity-Based Payments to Non-employees For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of share-based payment awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. If factors change and the Company employs different assumptions, stock-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining stock-based compensation expense and the actual factors which become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining stock-based compensation costs for future grants. These changes, if any, may materially impact the Company’s results of operations in the period such changes are made. |
Income Taxes | ( j ) Income taxes For each of the three and six month periods ended December 31, 2016, the Company recorded an income tax provision of $0.3 million based on the Company’s alternative minimum taxable income (“AMTI”). The Company calculates its AMTI using the alternative minimum tax (AMT) system. The Company’s federal income tax liability is the greater of the tax computed using the regular tax system or the tax under the AMT system. Corporations are exempt from AMT for all prior years in which their annual gross receipts for the 3-year period ending before the current tax year did not exceed $7.5 million. For the fiscal year ending June 30, 2017, the Company no longer qualifies for the small company exclusion. The AMT system limits the use of net operating losses used by taxpayers to offset taxable income. In 2017, the Company anticipates being subject to alternative income tax and therefore estimated tax payments of approximately $0.3 million have been made as of December 31, 2016. A credit may be earned for the tax paid on an alternative minimum tax basis and this credit can be carried forward indefinitely and used to reduce regular tax, but not below the alternative minimum tax for that future year. There were no income tax provisions during the three and six month periods ended December 31, 2015, due to the cumulative operating losses for the six months ended December 31, 2015. As of December 31, 2016 and June 30, 2016, the Company did not have any significant uncertain tax positions. |
Net Income (Loss) per Share | (k) Net income (loss) per share - The dilutive impact of options and other share-based compensation awards during the three and six months ended December 31, 2016, were 0.3 million shares and 0.4 million shares, respectively, and 0.3 million shares during the three months ended December 31, 2015. Due to the net loss in the six months ended December 31, 2015, common stock equivalents of 0.4 million shares were excluded from the computation of diluted loss per share due to their anti-dilutive effect. |
Comprehensive Income or Loss | (l) Comprehensive income or loss |
New Accounting Pronouncements | (m) New accounting pronouncements Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation In May 2014, the FASB issued guidance that requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. It also requires enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively, and improves guidance for multiple-element arrangements. The guidance applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. In July 2015, the FASB delayed the effective date of this guidance by one year. The guidance is now effective for public companies for annual periods beginning after December 15, 2017 as well as interim periods within those annual periods using either the full retrospective approach or modified retrospective approach. The Company is currently evaluating the impact of the new guidance on its financial statements. |
Certificates of Deposit | Certificates of Deposit. The Company’s certificates of deposit are placed through an account registry service. The fair value measurement of the Company’s certificates of deposit is considered Level 2 of the fair value hierarchy as the inputs are based on quoted prices for identical assets in markets that are not active. The carrying amounts of the Company’s certificates of deposit reported in the unaudited condensed balance sheets approximate fair value. |
Debt Securities - Held-to-maturity | Debt securities – held-to-maturity. The Company’s investments in debt securities classified as held-to-maturity generally include U.S. Treasury Securities, government agency obligations, and corporate obligations. U.S. Treasury Securities are valued using quoted market prices. Valuation adjustments are not applied. Accordingly, U.S. Treasury Securities are considered Level 1 of the fair value hierarchy. The fair values of U.S. government agency obligations and corporate obligations are generally determined using recently executed transactions, broker quotes, market price quotations where these are available or other observable market inputs for the same or similar securities. As such, the Company classifies its investments in U.S. government agency obligations and corporate obligations within Level 2 of the hierarchy. |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the stock option activity for the six months ended December 31, 2016 and 2015 is as follows: For the Six Months Ended December 31, 2016 2015 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at June 30, 2,037 $ 13.71 1,484 $ 11.83 Granted 658 11.85 514 17.76 Exercised (21 ) 1.16 (44 ) 5.27 Forfeited (31 ) 17.80 (29 ) 10.31 Expired (3 ) 22.64 (5 ) 15.19 Outstanding at December 31, 2,640 $ 13.28 1,920 $ 13.60 Exercisable at December 31, 1,267 550 Weighted average fair value of options granted during the period $ 8.12 $ 11.90 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Investments Schedule [Abstract] | |
Summary of Company's Investments | The following table summarizes the Company’s investments by category as of December 31, 2016 and June 30, 2016: December 31, June 30, In thousands 2016 2016 Investments - Current: Certificates of deposit $ 7,110 $ 18,093 Debt securities - held-to-maturity 67,716 51,571 Total investments - current $ 74,826 $ 69,664 Investments - Noncurrent: Certificates of deposit $ 2,603 $ 2,544 Debt securities - held-to-maturity 39,151 71,639 Total investments - non-current $ 41,754 $ 74,183 |
Summary of Company's Debt Securities Held-to-Maturity | A summary of the Company’s debt securities classified as held-to-maturity is as follows: At December 31, 2016 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 61,558 $ — $ (42 ) 61,516 Corporate obligations 6,158 — (1 ) 6,157 Total investments - current $ 67,716 $ — $ (43 ) $ 67,673 Investments - Noncurrent: U.S. government and agency obligations $ 37,024 $ — $ (148 ) $ 36,876 Corporate obligations 2,127 — (11 ) 2,116 Total investments - non-current $ 39,151 $ — $ (159 ) $ 38,992 At June 30, 2016 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 40,609 $ 12 $ (2 ) 40,619 Corporate obligations 10,962 3 (1 ) 10,964 $ 51,571 $ 15 $ (3 ) $ 51,583 Investments - Noncurrent: U.S. government and agency obligations $ 71,639 $ 53 $ (11 ) $ 71,681 $ 71,639 $ 53 $ (11 ) $ 71,681 |
Summary of Amortized Cost and Fair Value of Held-to-Maturity Debt Securities | The amortized cost and fair value of held-to-maturity debt securities as of December 31, 2016, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 67,716 $ 67,673 Due after one year through two years 39,151 38,992 $ 106,867 $ 106,665 |
Fair Value of Financial Instr15
Fair Value of Financial Instruments and Investments (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis: In thousands Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fair Value Total Carrying Value December 31, 2016 Cash and cash equivalents $ 42,499 $ — $ — $ 42,499 $ 42,499 Certificates of deposit — 9,694 — 9,694 9,713 Held-to-maturity investments: Corporate obligations — 8,273 — 8,273 8,285 U.S. government and agency obligations 75,519 22,873 — 98,392 98,582 Total assets $ 118,018 $ 40,840 $ — $ 158,858 $ 159,079 June 30, 2016 Cash and cash equivalents $ 28,868 $ — $ — $ 28,868 $ 28,868 Certificates of deposit — 20,626 — 20,626 20,637 Held-to-maturity investments: Corporate obligations — 10,964 — 10,964 10,962 U.S. government and agency obligations 73,809 38,491 — 112,300 112,248 Total assets $ 102,677 $ 70,081 $ — $ 172,758 $ 172,715 |
Collaborative Agreement with 16
Collaborative Agreement with Biogen (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Components of Collaboration Revenue | Below is a summary of the components of the collaboration revenue: For the Three Months Ended December 31, For the Six Months Ended December 31, 2016 2015 2016 2015 (dollars in thousands) Amortization of non-refundable upfront fees $ 10,803 $ 11,725 $ 22,528 $ 17,717 Milestone revenue — — — 5,000 Other 87 118 134 118 Total collaboration revenue $ 10,890 $ 11,843 $ 22,662 $ 22,835 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | Aug. 14, 2015TargetIndication | Aug. 31, 2015USD ($)$ / sharesshares | Aug. 31, 2014USD ($)$ / sharesshares | Apr. 30, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2016USD ($)Programshares | Dec. 31, 2015USD ($)shares | Jun. 30, 2016USD ($)shares | Jul. 31, 2014$ / sharesshares |
Summary Of Organization And Operations [Line Items] | ||||||||||
Common stock, shares issued | shares | 18,074,000 | 18,074,000 | 18,053,000 | |||||||
Aggregate net proceeds received | $ 19,211,000 | |||||||||
Milestone payment received | $ 0 | $ 0 | $ 0 | 5,000,000 | ||||||
Share-settled collaboration expense | 636,000 | |||||||||
Aggregate cash purchase price | 18,000 | 18,000 | $ 18,000 | |||||||
Accumulated deficit | (84,327,000) | (84,327,000) | (90,033,000) | |||||||
Cash, cash equivalents and short-term and long term investments | 159,100,000 | 159,100,000 | ||||||||
Net income | 2,081,000 | $ 3,045,000 | 5,706,000 | (6,078,000) | ||||||
Collaboration Agreement [Member] | BIOGEN [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Common stock, shares issued | shares | 1,453,957 | |||||||||
Aggregate net proceeds received | $ 30,000,000 | |||||||||
Non-refundable upfront payments received | $ 94,000,000 | 94,000,000 | ||||||||
Milestone payment received | 5,000,000 | 5,000,000 | ||||||||
Collaboration related license fees | 12,000,000 | 12,000,000 | ||||||||
Share-settled collaboration expense | $ 600,000 | $ 600,000 | ||||||||
Number of target indications | TargetIndication | 3 | |||||||||
Purchase price of common stock | $ / shares | $ 20.63 | |||||||||
Aggregate cash purchase price | $ 30,000,000 | |||||||||
Collaboration Agreement [Member] | BIOGEN [Member] | Lead programs [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Potential future milestone payments receivable | 467,500,000 | $ 467,500,000 | ||||||||
Number of programs | Program | 2 | |||||||||
Collaboration Agreement [Member] | BIOGEN [Member] | Discovery programs [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Potential future milestone payments receivable | $ 592,500,000 | $ 592,500,000 | ||||||||
Number of programs | Program | 3 | |||||||||
Collaboration Agreement [Member] | Research Partner Institution [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Common stock, shares issued | shares | 40,000 | 40,000 | 40,000 | 40,000 | ||||||
IPO [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Initial public offering closing date | Apr. 30, 2014 | |||||||||
Common stock, shares issued | shares | 4,166,667 | |||||||||
Common stock, share price | $ / shares | $ 12 | |||||||||
Over Allotment Option [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Common stock, shares issued | shares | 625,000 | |||||||||
Common stock, share price | $ / shares | $ 12 | |||||||||
IPO and Over Allotment Option [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Proceeds from initial public offering | $ 51,600,000 | |||||||||
Follow on Public Offerings [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Common stock, shares issued | shares | 2,000,000 | |||||||||
Common stock, share price | $ / shares | $ 15 | |||||||||
Underwritten Follow On Offering [Member] | ||||||||||
Summary Of Organization And Operations [Line Items] | ||||||||||
Common stock, shares issued | shares | 300,000 | |||||||||
Common stock, share price | $ / shares | $ 15 | |||||||||
Aggregate net proceeds received | $ 32,000,000 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Milestone revenue | $ 0 | $ 0 | $ 0 | $ 5,000,000 | |
Income tax provision | 298,000 | $ 0 | 298,000 | $ 0 | |
Estimated tax payments | $ 300,000 | $ 300,000 | |||
Dilutive impact of options and other share based compensation awards | 0.3 | 0.3 | 0.4 | ||
Anti-dilutive shares excluded from computation of diluted loss per share | 0.4 | ||||
Prepaid and other current assets [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Advance payments | $ 1,800,000 | $ 1,800,000 | $ 2,000,000 | ||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of intangible assets | 8 years | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of intangible assets | 20 years | ||||
Tax exemption from AMT on annual gross receipts for last three years period | $ 7,500,000 |
Share-based Compensation Plan19
Share-based Compensation Plans - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)Planshares | Dec. 31, 2015USD ($) | |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,500 | $ 1,300 | $ 2,900 | $ 2,300 |
Unrecognized compensation expense | $ 13,500 | $ 13,500 | ||
Restricted Share Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 68 | $ 166 | ||
2013 Employee Stock Purchase Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of equity compensation plans | Plan | 2 | |||
Share based awards issued | shares | 0 | |||
Number of shares authorized | shares | 128,571 | 128,571 |
Share-based Compensation Plan20
Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Outstanding Beginning Balance, Shares | 2,037 | 1,484 |
Granted, Shares | 658 | 514 |
Exercised, Shares | (21) | (44) |
Forfeited, Shares | (31) | (29) |
Expired, Shares | (3) | (5) |
Outstanding Ending Balance, Shares | 2,640 | 1,920 |
Exercisable, end of period, Shares | 1,267 | 550 |
Weighted average fair value of options granted during the period | $ 8.12 | $ 11.90 |
Outstanding Beginning Balance, Weighted Average Exercise Price | 13.71 | 11.83 |
Granted, Weighted Average Exercise Price | 11.85 | 17.76 |
Exercised, Weighted Average Exercise Price | 1.16 | 5.27 |
Forfeited, Weighted Average Exercise Price | 17.80 | 10.31 |
Expired, Weighted Average Exercise Price | 22.64 | 15.19 |
Outstanding Ending Balance, Weighted Average Exercise Price | $ 13.28 | $ 13.60 |
Investments - Summary of Compan
Investments - Summary of Company's Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Investments - Current: | ||
Certificates of deposit | $ 7,110 | $ 18,093 |
Debt securities - held-to-maturity | 67,716 | 51,571 |
Total investments - current | 74,826 | 69,664 |
Investments - Noncurrent: | ||
Certificates of deposit | 2,603 | 2,544 |
Debt securities - held-to-maturity | 39,151 | 71,639 |
Total investments - non-current | $ 41,754 | $ 74,183 |
Investments - Summary of Comp22
Investments - Summary of Company's Debt Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Investments - Current [Member] | ||
Investments | ||
Amortized Cost | $ 67,716 | $ 51,571 |
Gross Unrealized Gains | 15 | |
Gross Unrealized Losses | (43) | (3) |
Fair Value | 67,673 | 51,583 |
Investments - Noncurrent [Member] | ||
Investments | ||
Amortized Cost | 39,151 | 71,639 |
Gross Unrealized Gains | 53 | |
Gross Unrealized Losses | (159) | (11) |
Fair Value | 38,992 | 71,681 |
US Government and Agencies Obligations [Member] | Investments - Current [Member] | ||
Investments | ||
Amortized Cost | 61,558 | 40,609 |
Gross Unrealized Gains | 12 | |
Gross Unrealized Losses | (42) | (2) |
Fair Value | 61,516 | 40,619 |
US Government and Agencies Obligations [Member] | Investments - Noncurrent [Member] | ||
Investments | ||
Amortized Cost | 37,024 | 71,639 |
Gross Unrealized Gains | 53 | |
Gross Unrealized Losses | (148) | (11) |
Fair Value | 36,876 | 71,681 |
Corporate Obligations [Member] | Investments - Current [Member] | ||
Investments | ||
Amortized Cost | 6,158 | 10,962 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (1) | (1) |
Fair Value | 6,157 | $ 10,964 |
Corporate Obligations [Member] | Investments - Noncurrent [Member] | ||
Investments | ||
Amortized Cost | 2,127 | |
Gross Unrealized Losses | (11) | |
Fair Value | $ 2,116 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Value of Held-to-Maturity Debt Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Investments Schedule [Abstract] | ||
Amortized cost due in one year or less | $ 67,716 | |
Amortized cost due after one year through two years | 39,151 | $ 71,639 |
Total amortized cost | 106,867 | |
Fair value due in one year or less | 67,673 | |
Fair value due after one year through two years | 38,992 | |
Total fair value | $ 106,665 |
Fair Value of Financial Instr24
Fair Value of Financial Instruments and Investments - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 30, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, carrying value | $ 165,952 | $ 180,797 |
Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 158,858 | 172,758 |
Assets, carrying value | 159,079 | 172,715 |
Fair Value on a Recurring Basis [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 42,499 | 28,868 |
Assets, carrying value | 42,499 | 28,868 |
Fair Value on a Recurring Basis [Member] | Certificate of Deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 9,694 | 20,626 |
Assets, carrying value | 9,713 | 20,637 |
Fair Value on a Recurring Basis [Member] | Corporate Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 8,273 | 10,964 |
Assets, carrying value | 8,285 | 10,962 |
Fair Value on a Recurring Basis [Member] | US Government and Agencies Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 98,392 | 112,300 |
Assets, carrying value | 98,582 | 112,248 |
Fair Value on a Recurring Basis [Member] | Quoted Prices in Active markets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 118,018 | 102,677 |
Fair Value on a Recurring Basis [Member] | Quoted Prices in Active markets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 42,499 | 28,868 |
Fair Value on a Recurring Basis [Member] | Quoted Prices in Active markets (Level 1) [Member] | US Government and Agencies Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 75,519 | 73,809 |
Fair Value on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 40,840 | 70,081 |
Fair Value on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Certificate of Deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 9,694 | 20,626 |
Fair Value on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 8,273 | 10,964 |
Fair Value on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Government and Agencies Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 22,873 | $ 38,491 |
Collaboration Agreement with Bi
Collaboration Agreement with Biogen - Additional Information (Detail) | Aug. 14, 2015TargetIndication | Jun. 30, 2015 | Aug. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)Geneshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2016USD ($)ProgramGeneshares | Dec. 31, 2015USD ($)shares | Jun. 30, 2016USD ($)shares |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Common stock, shares issued | shares | 18,074,000 | 18,074,000 | 18,053,000 | |||||
Aggregate cash purchase price | $ 18,000 | $ 18,000 | $ 18,000 | |||||
Aggregate net proceeds received | $ 19,211,000 | |||||||
Collaboration revenue | 10,890,000 | $ 11,843,000 | 22,662,000 | 22,835,000 | ||||
Milestone revenue | $ 0 | 0 | $ 0 | 5,000,000 | ||||
Share-settled collaboration expense | 636,000 | |||||||
Collaboration Agreement [Member] | BIOGEN [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Number of target indications | TargetIndication | 3 | |||||||
Number of genes | Gene | 6 | 6 | ||||||
Number of genes discrete | Gene | 3 | 3 | ||||||
Non-refundable upfront payments received | $ 94,000,000 | 94,000,000 | ||||||
Common stock, shares issued | shares | 1,453,957 | |||||||
Purchase price of common stock | $ / shares | $ 20.63 | |||||||
Aggregate cash purchase price | $ 30,000,000 | |||||||
Aggregate net proceeds received | $ 30,000,000 | |||||||
Percentage common stock post-issuance | 8.10% | |||||||
Premium price per share | $ / shares | $ 7.45 | |||||||
Premium recorded as deferred revenue | $ 10,800,000 | |||||||
Deferred revenue recognition period | For amounts received up-front and initially deferred, the Company will recognize the deferred revenue on a straight-line basis over the estimated service periods in which it is required to perform the research and development activities associated with each unit of accounting, anticipated to be between 2 and 4 years. | |||||||
Collaboration revenue | $ 10,890,000 | $ 11,843,000 | $ 22,662,000 | 22,835,000 | ||||
Milestone revenue | 5,000,000 | 5,000,000 | ||||||
Total collaboration costs | 12,000,000 | 12,000,000 | ||||||
Share-settled collaboration expense | $ 600,000 | $ 600,000 | ||||||
Collaboration Agreement [Member] | BIOGEN [Member] | Lead programs [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Potential future milestone payments receivable | 467,500,000 | $ 467,500,000 | ||||||
Number of programs | Program | 2 | |||||||
Collaboration Agreement [Member] | BIOGEN [Member] | Discovery programs [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Potential future milestone payments receivable | $ 592,500,000 | $ 592,500,000 | ||||||
Number of programs | Program | 3 | |||||||
Collaboration Agreement [Member] | BIOGEN [Member] | Minimum [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Deferred revenue recognition estimated service period | 2 years | |||||||
Percentage of proceeds from collaboration and other arrangements payable to sub-license and other payments | 5.00% | |||||||
Collaboration Agreement [Member] | BIOGEN [Member] | Maximum [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Deferred revenue recognition estimated service period | 4 years | |||||||
Percentage of proceeds from collaboration and other arrangements payable to sub-license and other payments | 10.00% | |||||||
Collaboration Agreement [Member] | Research Partner Institution [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Common stock, shares issued | shares | 40,000 | 40,000 | 40,000 | 40,000 |
Collaboration Agreement with 26
Collaboration Agreement with Biogen - Components of Collaboration Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone revenue | $ 0 | $ 0 | $ 0 | $ 5,000,000 | |
Total collaboration revenue | 10,890,000 | 11,843,000 | 22,662,000 | 22,835,000 | |
Collaboration Agreement [Member] | BIOGEN [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Amortization of non-refundable upfront fees | 10,803,000 | 11,725,000 | 22,528,000 | 17,717,000 | |
Milestone revenue | 5,000,000 | $ 5,000,000 | |||
Other | 87,000 | 118,000 | 134,000 | 118,000 | |
Total collaboration revenue | $ 10,890,000 | $ 11,843,000 | $ 22,662,000 | $ 22,835,000 |