Clovis Oncology (CLVSQ) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-35347
Entity Registrant Name	Clovis Oncology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-0475355
Entity Address, Address Line One	5500 Flatiron Parkway, Suite 100
Entity Address, City or Town	Boulder
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80301
City Area Code	303
Local Phone Number	625-5000
Title of 12(b) Security	Common Stock
Trading Symbol	CLVS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,815,202
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001466301
Amendment Flag	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Product revenue	$ 37,603	$ 22,757	$ 103,699	$ 65,037
Product revenue - extensible list	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Operating expenses:
Research and development	$ 77,896	$ 63,887	$ 210,674	$ 160,138
Selling, general and administrative	41,811	42,495	137,601	126,634
Acquired in-process research and development	9,440		9,440
Other operating expenses	5,539		5,539
Total expenses	144,032	111,919	388,787	301,885
Operating loss	(106,429)	(89,162)	(285,088)	(236,848)
Other income (expense):
Interest expense	(5,278)	(3,376)	(12,684)	(9,592)
Foreign currency (loss) gain	(229)	151	(648)	(34)
Legal settlement loss	(1,750)		(26,750)	(27,975)
Gain on extinguishment of debt	18,480		18,480
Other income	781	2,536	5,081	5,419
Other expense, net	12,004	(689)	(16,521)	(32,182)
Loss before income taxes	(94,425)	(89,851)	(301,609)	(269,030)
Income tax benefit (expense)	350	(13)	686	280
Net loss	(94,075)	(89,864)	(300,923)	(268,750)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	(143)	(495)	(149)	(2,448)
Net unrealized gain (loss) on available-for-sale securities, net of tax	(68)	(10)	84	71
Other comprehensive (loss) income:	(211)	(505)	(65)	(2,377)
Comprehensive loss	$ (94,286)	$ (90,369)	$ (300,988)	$ (271,127)
Loss per basic and diluted common share:
Basic and diluted net loss per common share	$ (1.72)	$ (1.71)	$ (5.62)	$ (5.18)
Basic and diluted weighted average common shares outstanding	54,707	52,669	53,549	51,844
Product
Operating expenses:
Cost of sales	$ 8,134	$ 4,766	$ 21,984	$ 13,262
Intangible assets amortization
Operating expenses:
Cost of sales	$ 1,212	$ 771	$ 3,549	$ 1,851

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 201,481	$ 221,876
Accounts receivable, net	16,816	12,889
Inventories, net	24,864	27,072
Available-for-sale securities	152,622	298,270
Prepaid research and development expenses	4,597	3,579
Other current assets	18,095	8,613
Total current assets	418,475	572,299
Inventories	97,221	113,908
Deposit on inventory	12,350	12,350
Property and equipment, net	15,223	26,524
Right-of-use assets, net	25,427
Intangible assets, net	64,132	51,930
Goodwill	63,074	63,074
Other assets	20,990	23,475
Total assets	716,892	863,560
Current liabilities:
Accounts payable	31,655	28,517
Accrued research and development expenses	43,981	29,676
Lease liabilities	4,458
Other accrued expenses	31,266	67,556
Total current liabilities	111,360	125,749
Long-term lease liabilities - less current portion	27,768
Convertible senior notes	644,095	575,470
Borrowings under financing agreement	19,944
Other long-term liabilities	1,220	15,872
Total liabilities	804,387	717,091
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018
Common stock, $0.001 par value per share, 200,000,000 and 100,000,000 shares authorized at September 30, 2019 and December 31, 2018, respectively; 54,805,525 and 52,797,516 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	55	53
Additional paid-in capital	2,101,162	2,034,142
Accumulated other comprehensive loss	(44,699)	(44,634)
Accumulated deficit	(2,144,013)	(1,843,092)
Total stockholders' equity (deficit)	(87,495)	146,469
Total liabilities and stockholders' equity (deficit)	$ 716,892	$ 863,560

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	100,000,000
Common stock, shares issued	54,805,525	52,797,516
Common stock, shares outstanding	54,805,525	52,797,516

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2017	$ 51	$ 1,887,197	$ (42,173)	$ (1,477,441)	$ 367,634
Beginning Balance (in shares) at Dec. 31, 2017	50,565,119
Exercise of stock options		514			514
Exercise of stock options (in shares)	21,463
Issuance of common stock from vesting of restricted stock units (in shares)	110,889
Issuance of common stock from vesting of restricted stock units (in shares)	110,889
Share-based compensation expense		11,913			11,913
Net unrealized gain (loss) on available-for-sale securities			(5)		(5)
Foreign currency translation adjustments			1,517		1,517
Adoption of new revenue recognition standard				2,356	2,356
Net loss				(77,694)	(77,694)
Ending Balance at Mar. 31, 2018	$ 51	1,899,624	(40,661)	(1,552,779)	306,235
Ending Balance (in shares) at Mar. 31, 2018	50,697,471
Beginning Balance at Dec. 31, 2017	$ 51	1,887,197	(42,173)	(1,477,441)	367,634
Beginning Balance (in shares) at Dec. 31, 2017	50,565,119
Net unrealized gain (loss) on available-for-sale securities					71
Foreign currency translation adjustments					(2,448)
Net loss					(268,750)
Ending Balance at Sep. 30, 2018	$ 53	2,021,997	(44,550)	(1,743,834)	233,666
Ending Balance (in shares) at Sep. 30, 2018	52,708,767
Beginning Balance at Mar. 31, 2018	$ 51	1,899,624	(40,661)	(1,552,779)	306,235
Beginning Balance (in shares) at Mar. 31, 2018	50,697,471
Issuance of common stock, net of issuance costs	$ 2	93,752			93,754
Issuance of common stock, net of issuance costs (in shares)	1,837,898
Issuance of common stock under employee stock purchase plan		1,377			1,377
Issuance of common stock under employee stock purchase plan (in shares)	35,636
Exercise of stock options		703			703
Exercise of stock options (in shares)	25,753
Issuance of common stock from vesting of restricted stock units (in shares)	40,617
Issuance of common stock from vesting of restricted stock units (in shares)	40,617
Share-based compensation expense		14,855			14,855
Net unrealized gain (loss) on available-for-sale securities			86		86
Foreign currency translation adjustments			(3,470)		(3,470)
Net loss				(101,191)	(101,191)
Ending Balance at Jun. 30, 2018	$ 53	2,010,311	(44,045)	(1,653,970)	312,349
Ending Balance (in shares) at Jun. 30, 2018	52,637,375
Issuance of common stock, net of issuance costs		135			135
Exercise of stock options		604			604
Exercise of stock options (in shares)	23,514
Issuance of common stock from vesting of restricted stock units (in shares)	47,878
Issuance of common stock from vesting of restricted stock units (in shares)	47,878
Share-based compensation expense		10,947			10,947
Net unrealized gain (loss) on available-for-sale securities			(10)		(10)
Foreign currency translation adjustments			(495)		(495)
Net loss				(89,864)	(89,864)
Ending Balance at Sep. 30, 2018	$ 53	2,021,997	(44,550)	(1,743,834)	233,666
Ending Balance (in shares) at Sep. 30, 2018	52,708,767
Beginning Balance at Dec. 31, 2018	$ 53	2,034,142	(44,634)	(1,843,092)	$ 146,469
Beginning Balance (in shares) at Dec. 31, 2018	52,797,516				52,797,516
Exercise of stock options		1,093			$ 1,093
Exercise of stock options (in shares)	83,132
Issuance of common stock from vesting of restricted stock units (in shares)	113,402
Issuance of common stock from vesting of restricted stock units (in shares)	113,402
Share-based compensation expense		13,639			13,639
Net unrealized gain (loss) on available-for-sale securities			75		75
Foreign currency translation adjustments			(5)		(5)
Net loss				(86,420)	(86,420)
Ending Balance at Mar. 31, 2019	$ 53	2,048,874	(44,564)	(1,929,512)	74,851
Ending Balance (in shares) at Mar. 31, 2019	52,994,050
Beginning Balance at Dec. 31, 2018	$ 53	2,034,142	(44,634)	(1,843,092)	$ 146,469
Beginning Balance (in shares) at Dec. 31, 2018	52,797,516				52,797,516
Exercise of stock options (in shares)					188,355
Net unrealized gain (loss) on available-for-sale securities					$ 84
Foreign currency translation adjustments					(149)
Net loss					(300,923)
Ending Balance at Sep. 30, 2019	$ 55	2,101,162	(44,699)	(2,144,013)	$ (87,495)
Ending Balance (in shares) at Sep. 30, 2019	54,805,525				54,805,525
Beginning Balance at Mar. 31, 2019	$ 53	2,048,874	(44,564)	(1,929,512)	$ 74,851
Beginning Balance (in shares) at Mar. 31, 2019	52,994,050
Issuance of common stock under employee stock purchase plan		1,166			1,166
Issuance of common stock under employee stock purchase plan (in shares)	92,275
Exercise of stock options		223			223
Exercise of stock options (in shares)	20,741
Issuance of common stock from vesting of restricted stock units (in shares)	63,413
Issuance of common stock from vesting of restricted stock units (in shares)	63,413
Share-based compensation expense		14,130			14,130
Net unrealized gain (loss) on available-for-sale securities			77		77
Foreign currency translation adjustments			(1)		(1)
Net loss				(120,426)	(120,426)
Ending Balance at Jun. 30, 2019	$ 53	2,064,393	(44,488)	(2,049,938)	(29,980)
Ending Balance (in shares) at Jun. 30, 2019	53,170,479
Exercise of stock options		45			45
Exercise of stock options (in shares)	84,482
Issuance of common stock from vesting of restricted stock units (in shares)	68,506
Issuance of common stock from vesting of restricted stock units (in shares)	68,506
Share-based compensation expense		13,979			13,979
Litigation settlement	$ 2	22,745			22,747
Litigation settlement (in shares)	1,482,058
Net unrealized gain (loss) on available-for-sale securities			(68)		(68)
Foreign currency translation adjustments			(143)		(143)
Net loss				(94,075)	(94,075)
Ending Balance at Sep. 30, 2019	$ 55	$ 2,101,162	$ (44,699)	$ (2,144,013)	$ (87,495)
Ending Balance (in shares) at Sep. 30, 2019	54,805,525				54,805,525

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net loss	$ (300,923)	$ (268,750)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	41,748	37,715
Depreciation and amortization	5,727	2,497
Amortization of premiums and discounts on available-for-sale securities	(1,269)	1,079
Amortization of debt issuance costs	2,070	1,536
Legal settlement loss	22,747
Acquired in-process research and development	9,440
Gain on extinguishment of debt	(18,480)
Loss on sale of property and equipment	783
Allowance for obsolete inventories	521
Lease liabilities	(716)
Changes in operating assets and liabilities:
Accounts receivable	(3,952)	(4,978)
Inventory	(23,473)	(25,540)
Prepaid and accrued research and development expenses	13,293	1,390
Deposit on inventory		(24,173)
Other operating assets	(5,263)	(7,507)
Accounts payable	2,384	4,765
Other accrued expenses	1,895	(1,304)
Net cash used in operating activities	(253,468)	(283,270)
Investing activities
Purchases of property and equipment	(2,887)	(7,763)
Proceeds from sale of property and equipment	275
Purchases of available-for-sale securities	(335,104)	(320,000)
Sales of available-for-sale securities	480,097	105,000
Acquired in-process research and development - milestone payment	(15,750)	(55,000)
Net cash provided by (used in) investing activities	126,631	(277,763)
Financing activities
Proceeds from the sale of common stock, net of issuance costs		93,890
Proceeds from the issuance of convertible senior notes, net of issuance costs	254,965	290,887
Proceeds from borrowings under financing agreement, net of issuance costs	19,044
Proceeds from the exercise of stock options and employee stock purchases	2,526	3,197
Extinguishment of convertible senior notes	(169,853)
Net cash provided by financing activities	106,682	387,974
Effect of exchange rate changes on cash and cash equivalents	(240)	(286)
Decrease in cash and cash equivalents	(20,395)	(173,345)
Cash and cash equivalents at beginning of period	221,876	464,198
Cash and cash equivalents at end of period	201,481	290,853
Supplemental disclosure of cash flow information:
Cash paid for interest	8,640	9,188
Non-cash investing and financing activities:
Vesting of restricted stock units	$ 4,735	$ 10,130

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	​ 1. Nature of Business and Basis of Presentation ​ Clovis Oncology, Inc. (together with its consolidated subsidiaries, the “Company”, “Clovis”, “we”, “our”, “us”) is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the United States, the European Union (“EU”) and additional international markets. We target our development programs for the treatment of specific subsets of cancer populations, and simultaneously develop, with partners, for those indications that require them, diagnostic tools intended to direct a compound in development to the population that is most likely to benefit from its use. We have and intend to continue to license or acquire rights to oncology compounds in all stages of development. In exchange for the right to develop and commercialize these compounds, we generally expect to provide the licensor with a combination of upfront payments, milestone payments and royalties on future sales. In addition, we generally expect to assume the responsibility for future drug development and commercialization costs. We currently operate in one segment. Since inception, our operations have consisted primarily of developing in-licensed compounds, evaluating new product acquisition candidates and general corporate activities and since 2016 we have also marketed and sold products. ​ Our marketed product Rubraca® (rucaparib), an oral small molecule inhibitor of poly ADP-ribose polymerase (“PARP”), is available in the United States for two indications specific to recurrent epithelial ovarian, fallopian tube or primary peritoneal cancer. The initial indication received approval from the United States Food and Drug Administration (“FDA”) in December 2016 and covers the treatment of adult patients with deleterious BRCA (human genes associated with the repair of damaged DNA) mutation (germline and/or somatic)-associated epithelial ovarian, fallopian tube, or primary peritoneal cancer who have been treated with two or more chemotherapies and selected for therapy based on an FDA-approved companion diagnostic for Rubraca. In April 2018, the FDA also approved Rubraca for the maintenance treatment of adult patients with recurrent epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in a complete or partial response to platinum-based chemotherapy. The approval in this second, broader and earlier-line indication on a priority review timeline was based on positive data from the phase 3 ARIEL3 clinical trial. Diagnostic testing is not required for patients to be prescribed Rubraca in this maintenance treatment indication. ​ In May 2018, the European Commission granted a conditional marketing authorization for Rubraca as monotherapy treatment of adult patients with platinum-sensitive, relapsed or progressive, BRCA mutated (germline and/or somatic), high-grade epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have been treated with two or more prior lines of platinum-based chemotherapy, and who are unable to tolerate further platinum-based chemotherapy. As this is a conditional approval, it will be necessary to complete certain confirmatory post marketing commitments. In January 2019, the European Commission granted a variation to the marketing authorization to include the maintenance treatment of adult patients with recurrent epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in a complete or partial response to platinum-based chemotherapy. With this approval, Rubraca is now authorized in the EU for certain patients in the recurrent ovarian cancer maintenance setting regardless of their BRCA mutation status. Rubraca was the first PARP inhibitor licensed for an ovarian cancer treatment indication in the EU and is the only drug to be authorized for both treatment and maintenance treatment among eligible patients with ovarian cancer. We completed our launch of Rubraca as maintenance therapy in Germany and patients with private insurance in the United Kingdom in March 2019, and are currently launching Rubraca in England with reimbursement now provided via the Cancer Drugs Fund. ​ In addition to Rubraca, we have a second product candidate currently in clinical development. Lucitanib is an investigational, oral, potent inhibitor of the tyrosine kinase activity of vascular endothelial growth factor receptors 1 through 3 (VEGFR1-3), platelet-derived growth factor receptors alpha and beta (PDGFR α/β) and fibroblast growth factor receptors 1 through 3 (FGFR1-3). We believe that recent data for a drug similar to lucitanib that inhibits these same pathways – when combined with a PD-1 inhibitor – represent a scientific rationale for the development of lucitanib in combination with a PD-1 inhibitor, and a Clovis-sponsored study of lucitanib in combination with nivolumab is underway in advanced gynecologic cancers and other solid tumors. In addition, we have initiated a study of lucitanib in combination with Rubraca in ovarian cancer, based on encouraging data of VEGF and PARP inhibitors in combination. Each of these Phase 1b/2 studies is currently enrolling patients. We hold the global development and commercialization rights (except for China) for lucitanib. ​ In September 2019, we acquired rights from 3B Pharmaceuticals GmbH (“3BP”) to develop and commercialize a peptide-targeted radionuclide therapy (“PTRT”) and imaging agent targeting fibroblast activation protein alpha (“FAP”), which is expressed by cancer-associated fibroblasts found in many epithelial cancers, including more than 90 percent of breast, lung, colorectal and pancreatic carcinomas. The collaboration is initially focused on the development of a FAP-targeted pre-clinical candidate identified by 3BP’s technology platform. Following completion of pre-clinical work to support an investigational new drug application for the lead candidate, FAP-2286, we plan to conduct global clinical trials in multiple solid tumor types. We hold global development rights, and U.S. and global commercialization rights, excluding Europe (inclusive of Russia, Turkey and Israel), where 3BP retains rights. The parties have also entered into a non-binding letter of intent to negotiate the terms of a definitive agreement to collaborate on a discovery program directed to up to three additional, undisclosed targets for peptide-targeted radionuclide therapy, to which we would obtain global rights for any resulting product candidates. Basis of Presentation ​ All financial information presented includes the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. ​ The unaudited financial statements of Clovis Oncology, Inc. included herein reflect all adjustments that, in the opinion of management, are necessary to fairly state our financial position, results of operations and cash flows for the periods presented herein. Interim results may not be indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”) for a broader discussion of our business and the opportunities and risks inherent in such business. ​ Use of Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and revenue and related disclosures. On an ongoing basis, we evaluate our estimates, including estimates related to revenue deductions, intangible asset impairment, clinical trial accruals and share-based compensation expense. We base our estimates on historical experience and other market-specific or other relevant assumptions that we believe to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. ​ Liquidity ​ We have incurred significant net losses since inception and have relied on our ability to fund our operations through debt and equity financings. We expect operating losses and negative cash flows to continue for the foreseeable future. As we continue to incur losses, transition to profitability is dependent upon achieving a level of revenues from Rubraca adequate to support our cost structure. We may never achieve profitability, and unless or until we do, we will continue to need to raise additional cash. ​ Based on current estimates, we believe that our existing cash, cash equivalents and available-for-sale securities will allow us to fund our operating plan through at least the next 12 months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies ​ Recently Adopted Accounting Standards ​ In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 requires modified retrospective adoption for all leases existing at, or entered after, the date of initial application, with an option to use certain transition relief. We adopted ASU 2016-02 as of January 1, 2019 using the modified retrospective method which leaves the comparative period reporting unchanged. Comparative reporting periods are presented in accordance with Topic 840, while periods subsequent to the effective date are presented in accordance with Topic 842. We have elected to adopt the package practical expedient which allows us: 1) to not reassess whether any expired or existing contracts are or contain leases, 2) to not reassess the lease classification for any expired or existing leases and 3) to not reassess initial direct costs for any existing leases. We also elected not to recognize on the balance sheet leases with terms of 12 months or less. For these short-term leases, we will recognize the lease payments in profit or loss on a straight-line basis over the lease term and the variable lease payments in the period in which the obligation for those payments is incurred. ​ Adoption of the new lease standard resulted in the recording of net right-of-use assets and lease liabilities of $24.9 million and $31.4 million, respectively, as of January 1, 2019. In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which allow a reclassification from accumulated other comprehensive income (loss) (“AOCI”) to retained earnings for stranded tax effects resulting from the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts at the date of enactment of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We adopted the new standard on January 1, 2019 and elected not to reclassify the income tax effects of the Tax Act from AOCI to retained earnings. We continue to release disproportionate income tax effects from AOCI based on the aggregate portfolio approach. The adoption of this standard did not have an impact on our condensed consolidated financial statements. ​ In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, simplifies the accounting for share-based payment granted to nonemployees for goods and services. Under the standard, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We adopted ASU 2018-07 as of January 1, 2019. There was no material impact on our consolidated financial statements and related disclosures. ​ Recently Issued Accounting Standards ​ From time to time, the FASB or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an ASU. ​ In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We will adopt ASU 2018-02 as of January 1, 2020. We do not expect significant impact on our consolidated financial statements and related disclosures. ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We will adopt ASU 2016-13 as of January 1, 2020 and we expect to recognize an allowance for credit losses related to our accounts receivable and available-for-sale securities. We do not expect significant impact on our consolidated financial statements and related disclosures. ​ Revenue Recognition ​ We are currently approved to sell Rubraca in the United States and the EU markets. We distribute our product principally through a limited number of specialty distributor and specialty pharmacy providers, collectively, our customers. Our customers subsequently sell our products to patients and health care providers. Separately, we have arrangements with certain payors and other third parties that provide for government-mandated and privately-negotiated rebates, chargebacks and discounts. ​ Product Revenue ​ Revenue from product sales are recognized when the performance obligation is satisfied, which is when customers obtain control of our product at a point in time, typically upon delivery. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is one year or less. ​ Reserves for Variable Consideration Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from price concessions that include rebates, chargebacks, discounts, co-pay assistance, estimated product returns and other allowances that are offered within contracts between us and our customers, health care providers, payors and other indirect customers relating to the sales of our product. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customers) or a current liability (if the amount is payable to a party other than a customer). Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and 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 contract. The amount of variable consideration which 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 adjust these estimates, which would affect product revenue and earnings in the period such variances become known. ​ Rebates ​ Chargebacks ​ Discounts and Fees ​ Co-pay assistance Returns product returns and we currently have a minimal accrual for product returns. We will continue to assess our estimate for product returns as we gain additional historical experience. ​ Cost of Sales – Product ​ Product cost of sales consists primarily of materials, third-party manufacturing costs as well as freight and royalties owed to our licensing partners for Rubraca sales. ​ Cost of Sales – Intangible Asset Amortization ​ Cost of sales for intangible asset amortization consists of the amortization of capitalized milestone payments made to our licensing partners upon FDA approval of Rubraca. Milestone payments are amortized on a straight-line basis over the estimated remaining patent life of Rubraca. ​ Inventory ​ Inventories are stated at the lower of cost or estimated net realizable value, on a first-in, first-out (“FIFO”) basis. Inventories include active pharmaceutical ingredient (“API”), contract manufacturing costs and overhead allocations. We began capitalizing incurred inventory related costs upon the regulatory approval of Rubraca. Prior to the regulatory approval of Rubraca, we incurred costs for the manufacture of the drug that could potentially be available to support the commercial launch of Rubraca and all such costs were recognized as research and development expense. ​ We regularly analyze our inventory levels for excess quantities and obsolescence (expiration), taking into account factors such as historical and anticipated future sales compared to quantities on hand and the remaining shelf-life of Rubraca. Rubraca finished goods have a shelf-life of four years from the date of manufacture. The API currently has a shelf-life of four years from the date of manufacture but can be retested at an immaterial cost with no expected reduction in potency, thereby extending its shelf-life as needed. We expect to consume substantially all of the API over a period of approximately nine years based on our long-range sales projections of Rubraca. ​ We write down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and/or inventory in excess of expected sales requirements. Expired inventory would be disposed of and the related costs would be written off as cost of product revenue. Inventories that are not expected to be consumed within 12 months following the balance sheet date are classified as long-term inventories. Long-term inventories primarily consist of API. ​ API is currently produced by a single supplier. As the API has undergone significant manufacturing specific to its intended purpose at the point it is purchased by us, we classify the API as work-in-process inventory. In addition, we currently manufacture Rubraca finished goods with a single third-party manufacturer. The disruption or termination of the supply of API or the disruption or termination of the manufacturing of our commercial products could have a material adverse effect on our business, financial position and results of operations. ​ Inventory used in clinical trials is expensed as research and development expense when it has been identified for such use. ​ Our other significant accounting policies are described in Note 2, Summary of Significant Accounting Policies ​

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Financial Instruments and Fair Value Measurements
Financial Instruments and Fair Value Measurements	3. Financial Instruments and Fair Value Measurements ​ Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (at exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ​ The three levels of inputs that may be used to measure fair value include: ​ Level 1: Quoted prices in active markets for identical assets or liabilities. Our Level 1 assets consist of money market investments and U.S. treasury securities. We do not have Level 1 liabilities. ​ ​ Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Our Level 2 assets consist of U.S. treasury securities. We do not have Level 2 liabilities. ​ ​ Level 3: Unobservable inputs that are supported by little or no market activity. We do not have Level 3 assets or liabilities that are measured at fair value on a recurring basis. ​ The following table identifies our assets and liabilities that were measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Level 1 Level 2 Level 3 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market ​ $ 98,103 ​ $ 98,103 ​ $ — ​ $ — ​ U.S. treasury securities ​ 152,622 ​ — ​ 152,622 ​ — ​ Total assets at fair value ​ $ 250,725 ​ $ 98,103 ​ $ 152,622 ​ $ — ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market ​ $ 81,968 ​ $ 81,968 ​ $ — ​ $ — ​ U.S. treasury securities ​ 308,251 ​ 9,981 ​ 298,270 ​ — ​ Total assets at fair value ​ $ 390,219 ​ $ 91,949 ​ $ 298,270 ​ $ — ​ ​ There we no liabilities that were measured at fair value on a recurring basis as of September 30, 2019. There were no transfers between the Level 1 and Level 2 categories or into or out of the Level 3 category during the three and nine months ended September 30, 2019. ​ Financial instruments not recorded at fair value include our convertible senior notes. At September 30, 2019, the carrying amount of the 2021 Notes was $96.3 million, which represents the aggregate principal amount net of remaining debt issuance costs, and the fair value was $84.3 million. At September 30, 2019, the carrying amount of the 2024 Notes was $255.1 million, which represents the aggregate principal amount net of remaining debt issuance costs, and the fair value was $187.8 million. At September 30, 2019, the carrying amount of the 2025 Notes was $292.7 million, which represents the aggregate principal amount net of remaining debt issuance costs, and the fair value was $126.0 million. The fair value was determined using Level 2 inputs based on the indicative pricing published by certain investment banks or trading levels of these notes, which are not listed on any securities exchange or quoted on an inter-dealer automated quotation system. See Note 10, Long-term Debt

Available-for-Sale Securities

Available-for-Sale Securities	9 Months Ended
	Sep. 30, 2019
Debt Securities, Available-for-sale [Abstract]
Available-for-Sale Securities	4. Available-for-Sale Securities ​ As of September 30, 2019, available-for-sale securities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Aggregate ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost ​ Gains ​ Losses ​ Value U.S. treasury securities ​ $ 152,575 ​ $ 47 ​ $ — ​ $ 152,622 ​ ​ As of December 31, 2018, available-for-sale securities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Aggregate ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ ​ Cost ​ Gains ​ Losses ​ Value ​ U.S. treasury securities ​ $ 298,305 ​ $ — ​ $ (35) ​ $ 298,270 ​ ​ As of September 30, 2019, there were no available-for-sale securities that have been in a continuous unrealized loss position for more than 12 months. ​ As of September 30, 2019, the amortized cost and fair value of available-for-sale securities by contractual maturity were (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Fair ​ ​ Cost ​ Value Due in one year or less ​ $ 152,575 ​ $ 152,622 ​ Due in one year to two years ​ — ​ — ​ Total ​ $ 152,575 ​ $ 152,622 ​ ​

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
Inventories
Inventories	5. Inventories ​ The following table presents current and long-term inventories as of September 30, 2019 and December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2019 2018 Work-in-process $ 106,781 $ 126,620 Finished goods ​ 15,651 ​ 14,360 Allowance for obsolete inventories ​ ​ (347) ​ ​ — Total inventories $ 122,085 $ 140,980 ​ Some of the costs related to our finished goods on-hand as of December 31, 2018 were expensed as incurred prior to the commercialization of Rubraca on December 19, 2016. ​ At September 30, 2019, we had $24.9 million of current inventory and $97.2 million of long-term inventory. In addition, we had $12.4 million long-term deposit on inventory, which consists of API which we expect to be converted to finished goods and sold beyond the next twelve months.

Other Current Assets

Other Current Assets	9 Months Ended
	Sep. 30, 2019
Other Current Assets
Other Current Assets	​ 6. Other Current Assets ​ Other current assets were comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2019 2018 Prepaid insurance ​ $ 1,186 ​ $ 243 ​ Prepaid advertising ​ ​ — ​ ​ 1,802 ​ Prepaid IT ​ ​ 1,080 ​ ​ 666 ​ Prepaid expenses - other ​ 3,925 ​ 2,672 ​ Value-added tax ("VAT") receivable ​ ​ 9,897 ​ ​ — ​ Receivable - other ​ 1,851 ​ 2,274 ​ Other ​ 156 ​ 956 ​ Total ​ $ 18,095 ​ $ 8,613 ​ ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2019
Intangible Assets and Goodwill
Intangible Assets and Goodwill	7. Intangible Assets and Goodwill ​ Intangible assets related to capitalized milestones under license agreements consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2019 2018 Intangible asset - milestones ​ $ 71,850 ​ $ 56,100 Accumulated amortization ​ (7,718) ​ (4,170) Total intangible asset, net ​ $ 64,132 ​ $ 51,930 ​ ​ The increase in our intangible asset – milestones since December 31, 2018 is due to a $15.0 million milestone payment to Pfizer related to the January 2019 European Commission approval and a $0.75 million milestone payment in June 2019 due to the launch of Rubraca as maintenance therapy in Germany in March 2019. See Note 13, License Agreements ​ The estimated useful lives of these intangible assets are based on the estimated remaining patent life of Rubraca and extend through 2031 in Europe and 2035 in the U.S. ​ We recorded amortization expense of $1.2 million and $3.5 million related to capitalized milestone payments during the three and nine months ended September 30, 2019, respectively. We recorded amortization expense of $0.8 million and $1.9 million related to capitalized milestone payments during the three and nine months ended September 30, 2018. Amortization expense is included in cost of sales – intangible asset amortization on the Consolidated Statements of Operations and Comprehensive Loss. ​ Estimated future amortization expense associated with intangibles is expected to be as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ $ 1,212 2020 ​ ​ ​ ​ ​ 4,847 2021 ​ ​ ​ ​ ​ 4,847 2022 ​ ​ ​ ​ ​ 4,847 2023 ​ ​ ​ ​ ​ 4,847 Thereafter ​ ​ ​ ​ ​ 43,532 ​ ​ ​ ​ ​ $ 64,132 ​

Other Accrued Expenses

Other Accrued Expenses	9 Months Ended
	Sep. 30, 2019
Other Accrued Expenses
Other Accrued Expenses	8. Other Accrued Expenses ​ Other accrued expenses were comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2019 2018 Accrued personnel costs ​ $ 14,631 ​ $ 15,265 ​ Accrued interest payable ​ 3,275 ​ 2,721 ​ Income tax payable ​ ​ 732 ​ ​ 847 ​ Accrued corporate legal fees and professional services ​ ​ 99 ​ ​ 677 ​ Accrued royalties ​ ​ 5,805 ​ ​ 4,854 ​ Accrued variable considerations ​ ​ 3,317 ​ ​ 2,183 ​ Current portion of capital lease obligations ​ ​ — ​ ​ 1,031 ​ Purchase of API received not yet invoiced ​ ​ 135 ​ ​ 35,472 ​ Accrued expenses - other ​ 3,272 ​ 4,506 ​ Total ​ $ 31,266 ​ $ 67,556 ​ ​

Lease

Lease	9 Months Ended
	Sep. 30, 2019
Lease
Lease	9. Lease ​ At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. We elected not to recognize on the balance sheet leases with terms of one year or less. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, we utilize the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. ​ The components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, maintenance, consumables, etc.) and non-components (e.g. property taxes, insurance, etc.). Then the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on fair values assigned to the lease components and non-lease components. ​ Our facilities operating leases have lease components, non-lease components and non-components, which we have separated because the non-lease components and non-components have variable lease payments and are excluded from the measurement of the lease liabilities. The lease component results in a right-of-use asset being recorded on the balance sheet and amortized as lease expense on a straight-line basis to the statements of operations. ​ We lease all of our office facilities in the U.S. and Europe. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew. The exercise of lease renewal options is at our sole discretion. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. ​ We have a finance lease for certain equipment at the dedicated production train at Lonza, our non-exclusive manufacturer of the Rubraca API. ​ The components of lease expense and related cash flows were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2019 2019 Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 356 ​ $ 1,068 Interest on lease liabilities ​ 174 ​ 537 Operating lease cost ​ 667 ​ 2,811 Short-term lease cost ​ 80 ​ 177 Variable lease cost ​ ​ 379 ​ ​ 1,749 Total lease cost ​ $ 1,656 ​ $ 6,342 ​ ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ $ 174 ​ $ 537 Operating cash flows from operating leases ​ $ 667 ​ $ 2,811 Financing cash flows from finance leases ​ $ 260 ​ $ 765 ​ ​ The weighted-average remaining lease term and weighted-average discount rate were as follows: ​ ​ ​ ​ ​ ​ September 30, 2019 Weighted-average remaining lease term (years) ​ ​ ​ Operating leases ​ ​ 7.2 Finance leases ​ ​ 6.3 Weighted-average discount rate ​ ​ ​ Operating leases ​ ​ 8% Finance leases ​ ​ 8% ​ Future minimum commitments due under these lease agreements as of September 30, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases ​ Total 2019 (remaining three months) ​ $ 1,130 ​ $ 434 ​ $ 1,564 2020 ​ 5,278 ​ 1,736 ​ 7,014 2021 ​ 5,325 ​ 1,736 ​ 7,061 2022 ​ 3,388 ​ 1,736 ​ 5,124 2023 ​ 2,949 ​ 1,736 ​ 4,685 Thereafter ​ 13,560 ​ 3,472 ​ 17,032 Present value adjustment ​ ​ (7,920) ​ ​ (2,334) ​ ​ (10,254) Present value of lease payments ​ $ 23,710 ​ $ 8,516 ​ $ 32,226 ​

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2019
Long-term Debt
Long-term Debt	10. Long-term Debt ​ 2021 Notes ​ On September 9, 2014, we completed a private placement of $287.5 million aggregate principal amount of 2.5% convertible senior notes due 2021 (the “2021 Notes”) resulting in net proceeds of $278.3 million after deducting offering expenses. In accordance with the accounting guidance, the conversion feature did not meet the criteria for bifurcation, and the entire principal amount was recorded as a long-term liability on the Consolidated Balance Sheets. ​ The 2021 Notes are governed by the terms of the indenture between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2021 Notes are senior unsecured obligations and bear interest at a rate of 2.5% per year, payable semi-annually in arrears on March 15 and September 15 of each year. The 2021 Notes will mature on September 15, 2021, unless earlier converted, redeemed or repurchased. ​ Holders may convert all or any portion of the 2021 Notes at any time prior to the close of business on the business day immediately preceding the maturity date. Upon conversion, the holders will receive shares of our common stock at an initial conversion rate of 16.1616 shares per $1,000 in principal amount of 2021 Notes, equivalent to a conversion price of approximately $61.88 per share. The conversion rate is subject to adjustment upon the occurrence of certain events described in the indenture. In addition, following certain corporate events that occur prior to the maturity date or upon our issuance of a notice of redemption, we will increase the conversion rate for holders who elect to convert the 2021 Notes in connection with such a corporate event or during the related redemption period in certain circumstances. ​ On or after September 15, 2018, we may redeem the 2021 Notes, at our option, in whole or in part, if the last reported sale price of our common stock has been at least 150% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending not more than two trading days preceding the date on which we provide written notice of redemption at a redemption price equal to 100% of the principal amount of the 2021 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2021 Notes. ​ If we undergo a fundamental change, as defined in the indenture, prior to the maturity date of the 2021 Notes, holders may require us to repurchase for cash all or any portion of the 2021 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2021 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. ​ The 2021 Notes rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the 2021 Notes; equal in right of payment to all of our liabilities that are not so subordinated; effectively junior in right of payment to any secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. ​ Concurrently with the 2024 Notes offering, in separate transactions, we entered into privately negotiated transactions with a limited number of holders to repurchase, for settlement on or about August 13, 2019, $190.3 million aggregate principal amount of our outstanding 2021 Notes for an aggregate repurchase price of $171.8 million, including accrued interest. This repurchase resulted in the recognition of $18.5 million gain on extinguishment of debt. ​ In connection with the issuance of the 2021 Notes, we incurred $9.2 million of debt issuance costs, of which $2.0 million of unamortized debt issuance costs were derecognized in connection with the repurchase of the 2021 Notes. The remaining debt issuance costs are presented as a deduction from the convertible senior notes on the Consolidated Balance Sheets and are amortized as interest expense over the expected life of the 2021 Notes using the effective interest method. We determined the expected life of the debt was equal to the seven-year term of the 2021 Notes. ​ 2025 Notes ​ On April 16, 2018, we completed an underwritten public offering of $300.0 million aggregate principal amount of 1.25% convertible senior notes due 2025 (the “2025 Notes”) resulting in net proceeds of $290.9 million, after deducting underwriting discounts and commissions and offering expenses. In accordance with the accounting guidance, the conversion feature did not meet the criteria for bifurcation, and the entire principal amount was recorded as a long-term liability on the Consolidated Balance Sheets. ​ The 2025 Notes are governed by the terms of the indenture between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by the terms of that certain first supplemental indenture thereto. The 2025 Notes are senior unsecured obligations and bear interest at a rate of 1.25% per year, payable semi-annually in arrears on May 1 and November 1 of each year. The 2025 Notes will mature on May 1, 2025, unless earlier converted, redeemed or repurchased. ​ Holders may convert all or any portion of the 2025 Notes at any time prior to the close of business on the business day immediately preceding the maturity date. Upon conversion, the holders will receive shares of our common stock at an initial conversion rate of 13.1278 shares per $1,000 in principal amount of 2025 Notes, equivalent to a conversion price of approximately $76.17 per share. The conversion rate is subject to adjustment upon the occurrence of certain events described in the indenture. In addition, following certain corporate events that occur prior to the maturity date or upon our issuance of a notice of redemption, we will increase the conversion rate for holders who elect to convert the 2025 Notes in connection with such a corporate event or during the related redemption period in certain circumstances. ​ On or after May 2, 2022, we may redeem the 2025 Notes, at our option, in whole or in part, if the last reported sale price of our common stock has been at least 150% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending not more than two trading days preceding the date on which we provide written notice of redemption at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2025 Notes. ​ If we undergo a fundamental change, as defined in the indenture, prior to the maturity date of the 2025 Notes, holders may require us to repurchase for cash all or any portion of the 2025 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. ​ The 2025 Notes rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the 2025 Notes; equal in right of payment to all of our liabilities that are not so subordinated, including the 2021 Notes; effectively junior in right of payment to any secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. ​ In connection with the issuance of the 2025 Notes, we incurred $9.1 million of debt issuance costs. The debt issuance costs are presented as a deduction from the convertible senior notes on the Consolidated Balance Sheets and are amortized as interest expense over the expected life of the 2025 Notes using the effective interest method. We determined the expected life of the debt was equal to the seven-year term of the 2025 Notes. ​ 2024 Notes ​ On August 13, 2019, we completed a private placement sale to qualified institutional buyers of $263.0 million aggregate principal amount of 4.50% convertible senior notes due 2024 (the “2024 Notes”) resulting in net proceeds of $255.0 million, after deducting underwriting discounts and commissions and offering expenses. In accordance with the accounting guidance, the conversion feature did not meet the criteria for bifurcation, and the entire principal amount was recorded as a long-term liability on the Consolidated Balance Sheets. ​ The 2024 Notes are governed by the terms of the indenture between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2024 Notes are senior unsecured obligations and bear interest at a rate of 4.50% per year, payable semi-annually in arrears on February 1 and August 1 of each year. The 2024 Notes will mature on August 1, 2024, unless earlier repurchased or converted. ​ Holders may convert all or any portion of the 2024 Notes at any time prior to the close of business on the business day immediately preceding the maturity date. Upon conversion, the holders will receive shares of our common stock at an initial conversion rate of 137.2213 shares per $1,000 in principal amount of 2024 Notes, equivalent to a conversion price of approximately $7.29 per share. The conversion rate is subject to adjustment upon the occurrence of certain events described in the indenture. In addition, following certain corporate events that occur prior to the maturity date or upon our issuance of a notice of redemption, we will increase the conversion rate for holders who elect to convert the 2024 Notes in connection with such a corporate event or during the related redemption period in certain circumstances. ​ We will not have the right to redeem the 2024 Notes prior to their maturity. If we undergo a fundamental change, as defined in the indenture, prior to the maturity date of the 2024 Notes, holders may require us to repurchase for cash all or any portion of the 2024 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. No sinking fund is provided for the 2024 Notes. ​ The 2024 Notes rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the 2024 Notes; equal in right of payment to all of our liabilities that are not so subordinated, including the 2021 Notes and 2025 Notes; effectively junior in right of payment to any secured indebtedness to the extent of the value of the assets securing such indebtedness, including our borrowing under the TPG financing agreement; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. ​ In connection with the issuance of the 2024 Notes, we incurred $8.0 million of debt issuance costs. The debt issuance costs are presented as a deduction from the convertible senior notes on the Consolidated Balance Sheets and are amortized as interest expense over the expected life of the 2024 Notes using the effective interest method. We determined the expected life of the debt was equal to the five-year term of the 2024 Notes. ​ As of September 30, 2019 and December 31, 2018, the balance of unamortized debt issuance costs related to the 2021 Notes, 2025 Notes and 2024 Notes was $16.1 million and $12.0 million, respectively . ​ TPG Financing Agreement ​ On May 1, 2019, we entered into a financing agreement with certain affiliates of TPG Sixth Street Partners, LLC (“TPG”) in which we plan to borrow from TPG amounts required to reimburse our actual costs and expenses incurred during each fiscal quarter (limited to agreed budgeted amounts), as such expenses are incurred, related to the ATHENA clinical trial, in an aggregate amount of up to $175 million. ATHENA is our largest clinical trial, with a planned target enrollment of 1,000 patients across more than 270 sites in at least 25 countries. The Clovis-sponsored phase 3 ATHENA study in advanced ovarian cancer is the first-line maintenance treatment setting evaluating Rubraca plus nivolumab (PD-1 inhibitor), Rubraca, nivolumab and a placebo in newly-diagnosed patients who have completed platinum-based chemotherapy. This study initiated in the second quarter of 2018 and is currently enrolling patients. ​ We expect to incur borrowings under the financing agreement on a quarterly basis, beginning with such expenses incurred during the quarter ended March 31, 2019 and ending generally on the earliest to occur of (i) the termination of the ATHENA Trial, (ii) the date of completion of all activities under the ATHENA Trial Clinical Study Protocol, (iii) the date on which we pay the Discharge Amount (as defined in the financing agreement), (iv) the date of the occurrence of a change of control of us (or a sale of all or substantially all of our assets related to Rubraca) or our receipt of notice of certain breaches by us of our obligations under material in-license agreements related to Rubraca and (v) September 30, 2022. ​ We are obligated to repay the loan on a quarterly basis, beginning on the earliest to occur of (i) the termination of the ATHENA Trial, (ii) the approval by the FDA of an update to the label portion of the Rubraca new drug application (“NDA”) to include in such label the treatment of an indication resulting from the ATHENA Trial, (iii) the date on which we determine that the results of the ATHENA Trial are insufficient to achieve such an expansion of the Rubraca label to cover an indication based on the ATHENA Trial and (iv) September 30, 2022. ​ Payments are based on a certain percentage of the revenues generated from the sales and any future out-licensing of Rubraca with quarterly payment capped at $8.5 million, unless the label portion of the Rubraca NDA is expanded by the FDA to include such label the treatment of an indication resulting from the ATHENA Trial, in which case the quarterly payment is capped at $13.5 million. In the event the aggregate borrowed amount exceeds $166.5 million, such quarterly limits will be incrementally increased to a maximum of approximately $8.94 million and $14.19 million, respectively. The maximum amount required to be repaid under the agreement is two times the aggregate borrowed amount, which may be $350 million in the event we borrow the full $175 million under the financing agreement. ​ In the event we have not made payments on or before December 30, 2025 equal to at least the borrowed amount, we are required to make a lump sum payment in an amount equal to such borrowed amount less the aggregate of all prior quarterly payments described above. All other payments are contingent on the performance of Rubraca. There is no final maturity date on the financing agreement. ​ Our obligations under the financing agreement will be secured under a Pledge and Security agreement by a first priority security interest in all of our assets related to Rubraca, including intellectual property rights and a pledge of the equity of our wholly owned subsidiaries, Clovis Oncology UK Limited and Clovis Oncology Ireland Limited. In addition, the obligations will initially be guaranteed by Clovis Oncology UK Limited and Clovis Oncology Ireland Limited, secured by a first priority security interest in all the assets of those subsidiary. ​ For the nine months ended September 30, 2019, we recorded $19.9 million as a long-term liability on the Consolidated Balance Sheet and future quarterly draws will be recorded as a long-term liability on the Consolidated Balance Sheet. In connection with the transaction, we incurred $1.8 million of debt issuance costs. The debt issuance costs are presented as a deduction from the TPG financing liability on the Consolidated Balance Sheet and are amortized as interest expense over the expected life of the financing agreement using the straight-line method. As of September 30, 2019, the balance of unamortized debt issuance costs was $1.7 million. ​ For the nine months ended September 30, 2019, we used an effective interest rate of 15.4%. For subsequent periods, we will use the prospective method whereby a new effective interest rate is determined based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will be used to recognize interest expense for the remaining periods. Under this method, the effective interest rate is not constant, and any change in expected cash flows is recognized prospectively as an adjustment to the effective yield. ​ The following table sets forth total interest expense recognized during the three and nine months ended September 30, 2019 and 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2019 2018 2019 2018 Interest on convertible notes ​ $ 3,708 ​ $ 2,735 ​ $ 9,176 ​ $ 7,078 ​ Amortization of debt issuance costs ​ 746 ​ 641 ​ 2,070 ​ 1,536 ​ Interest on finance lease ​ ​ 174 ​ ​ — ​ ​ 537 ​ ​ — ​ Interest on borrowings under financing agreement ​ ​ 625 ​ ​ — ​ ​ 824 ​ ​ — ​ Accretion of interest on milestone liability ​ ​ — ​ ​ — ​ ​ — ​ ​ 978 ​ Other interest ​ ​ 25 ​ ​ — ​ ​ 77 ​ ​ — ​ Total interest expense ​ $ 5,278 ​ $ 3,376 ​ $ 12,684 ​ $ 9,592 ​ ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity
Stockholders' Equity	11. Stockholders’ Equity ​ Common Stock ​ The holders of common stock are entitled to one vote per share on all matters to be voted upon by our stockholders. Subject to the preferences that may be applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by our Board of Directors. ​ Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive loss consists of changes in foreign currency translation adjustments, which includes changes in a subsidiary’s functional currency, and unrealized gains and losses on available-for-sale securities. ​ The changes in accumulated balances related to each component of other comprehensive income (loss) are summarized for the three months ended September 30, 2019 and 2018, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ Unrealized ​ Total Accumulated ​ ​ Translation Adjustments ​ (Losses) Gains ​ Other Comprehensive Loss ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ Balance at July 1, ​ $ (44,466) ​ $ (43,870) ​ $ (22) ​ $ (175) ​ $ (44,488) ​ $ (44,045) ​ Other comprehensive (loss) income ​ ​ (143) ​ ​ (495) ​ ​ (68) ​ ​ (10) ​ ​ (211) ​ ​ (505) ​ Total before tax ​ ​ (44,609) ​ ​ (44,365) ​ ​ (90) ​ ​ (185) ​ ​ (44,699) ​ ​ (44,550) ​ Tax effect ​ — ​ ​ — ​ — ​ ​ — ​ — ​ ​ — ​ Balance at September 30, ​ $ (44,609) ​ $ (44,365) ​ $ (90) ​ $ (185) ​ $ (44,699) ​ $ (44,550) ​ ​ The changes in accumulated balances related to each component of other comprehensive income (loss) are summarized for the nine months ended September 30, 2019 and 2018, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ Unrealized ​ Total Accumulated ​ ​ Translation Adjustments ​ (Losses) Gains ​ Other Comprehensive Loss ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ Balance at January 1, ​ $ (44,460) ​ $ (41,917) ​ $ (174) ​ $ (256) ​ $ (44,634) ​ $ (42,173) ​ Other comprehensive (loss) income ​ ​ (149) ​ ​ (2,448) ​ ​ 84 ​ ​ 71 ​ ​ (65) ​ ​ (2,377) ​ Total before tax ​ ​ (44,609) ​ ​ (44,365) ​ ​ (90) ​ ​ (185) ​ ​ (44,699) ​ ​ (44,550) ​ Tax effect ​ — ​ ​ — ​ — ​ ​ — ​ — ​ ​ — ​ Balance at September 30, ​ $ (44,609) ​ $ (44,365) ​ $ (90) ​ $ (185) ​ $ (44,699) ​ $ (44,550) ​ ​ The period change in each of the periods was primarily due to the deferred income taxes associated with the acquisition of EOS in November 2013. There were no reclassifications out of accumulated other comprehensive loss in each of the three and nine months ended September 30, 2019 and 2018.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-Based Compensation
Share-Based Compensation	12. Share-Based Compensation ​ Share-based compensation expense for all equity-based programs, including stock options, restricted stock units and the employee stock purchase plan, for the three and nine months ended September 30, 2019 and 2018 was recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2019 2018 2019 2018 Research and development ​ $ 6,561 ​ $ 5,038 ​ $ 19,805 ​ $ 15,380 ​ ​ Selling, general and administrative ​ 7,418 ​ 5,909 ​ 21,943 ​ 22,335 ​ ​ Total share-based compensation expense ​ $ 13,979 ​ $ 10,947 ​ $ 41,748 ​ $ 37,715 ​ ​ ​ We did not recognize a tax benefit related to share-based compensation expense during the three and nine months ended September 30, 2019 and 2018, as we maintain net operating loss carryforwards and have established a valuation allowance against the entire net deferred tax asset as of September 30, 2019. ​ Stock Options ​ The following table summarizes the activity relating to our options to purchase common stock for the nine months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term (Years) ​ (Thousands) Outstanding at December 31, 2018 ​ 6,311,513 ​ $ 46.05 ​ ​ Granted ​ 987,862 ​ ​ 19.74 ​ ​ Exercised ​ (188,355) ​ ​ 7.22 ​ ​ Forfeited ​ (512,425) ​ ​ 51.63 ​ ​ Outstanding at September 30, 2019 ​ 6,598,595 ​ $ 42.79 6.1 ​ $ 89 ​ Unvested as of September 30, 2019 ​ 6,360,899 ​ $ 43.27 6.0 ​ $ 89 ​ Vested and exercisable at September 30, 2019 ​ 4,673,118 ​ $ 46.79 5.1 ​ $ 89 ​ ​ The aggregate intrinsic value in the table above represents the pretax intrinsic value, based on our closing stock price of $3.93 as of September 30, 2019, which would have been received by the option holders had all option holders with in-the-money options exercised their options as of that date. ​ The following table summarizes information about our stock options as of and for the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2019 2018 2019 2018 Weighted-average grant date fair value per share ​ $ 4.40 ​ $ 28.97 ​ $ 14.40 ​ $ 38.52 ​ Intrinsic value of options exercised ​ $ 560 ​ $ 325 ​ $ 1,523 ​ $ 1,697 ​ Cash received from stock option exercises ​ $ 44 ​ $ 604 ​ $ 1,360 ​ $ 1,820 ​ ​ As of September 30, 2019, the unrecognized share-based compensation expense related to unvested options, adjusted for expected forfeitures, was $42.7 million and the estimated weighted-average remaining vesting period was 2.1 years. ​ Restricted Stock ​ The following table summarizes the activity relating to our unvested restricted stock units (“RSUs”) for the nine months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Units ​ Fair Value Unvested at December 31, 2018 ​ 795,684 ​ $ 47.73 ​ Granted ​ 2,073,338 ​ 25.12 ​ Vested ​ (245,446) ​ 48.91 ​ Forfeited ​ (288,306) ​ 32.98 ​ Unvested as of September 30, 2019 ​ 2,335,270 ​ $ 29.36 ​ Expected to vest after September 30, 2019 ​ 2,017,001 ​ $ 29.53 ​ ​ As of September 30, 2019, the unrecognized share-based compensation expense related to unvested RSUs, adjusted for expected forfeitures, was $51.8 million and the estimated weighted-average remaining vesting period was 2.3 years.

License Agreements

License Agreements	9 Months Ended
	Sep. 30, 2019
License Agreements
License Agreements	13. License Agreements ​ Rucaparib ​ In June 2011, we entered into a worldwide license agreement with Pfizer, Inc. to obtain exclusive global rights to develop and commercialize Rubraca. The exclusive rights are exclusive even as to Pfizer and include the right to grant sublicenses. Pursuant to the terms of the license agreement, we made a $7.0 million upfront payment to Pfizer and are required to make additional payments to Pfizer for the achievement of certain development and regulatory and sales milestones and royalties on sales as required by the license agreement. Prior to the FDA approval of Rubraca, we made milestone payments of $1.4 million, which were recognized as acquired in-process research and development expense. ​ On August 30, 2016, we entered into a first amendment to the worldwide license agreement with Pfizer, which amends the June 2011 existing worldwide license agreement to permit us to defer payment of the milestone payments payable upon (i) FDA approval of an NDA for 1 st st ​ On December 19, 2016, Rubraca received its initial FDA approval. This approval resulted in a $0.75 million milestone payment to Pfizer as required by the license agreement, which was paid in the first quarter of 2017. This FDA approval also resulted in the obligation to pay a $20.0 million milestone payment, for which we exercised the option to defer payment by agreeing to pay $23.0 million within 18 months after the date of the FDA approval. We paid the $23.0 million milestone payment in June 2018. ​ On April 6, 2018, Rubraca received a second FDA approval. This approval resulted in an obligation to pay a $15.0 million milestone payment, which we paid in April 2018. ​ In May 2018, Rubraca received its initial European Commission approval. This approval resulted in an obligation to pay a $20.0 million milestone payment, which we paid in June 2018. ​ In January 2019, Rubraca received its second European Commission approval. This approval resulted in an obligation to pay a $15.0 million milestone payment, which we paid in February 2019. ​ In June 2019, we paid a $0.75 million milestone payment due to the launch of Rubraca as maintenance therapy in Germany in March 2019. ​ These milestone payments were recognized as intangible assets and will be amortized over the estimated remaining useful life of Rubraca. ​ We are obligated under the license agreement to use commercially reasonable efforts to develop and commercialize Rubraca and we are responsible for all remaining development and commercialization costs for Rubraca. We are required to make regulatory milestone payments to Pfizer of up to an additional $16.0 million in aggregate if specified clinical study objectives and regulatory filings, acceptances and approvals are achieved. In addition, we are obligated to make sales milestone payments to Pfizer if specified annual sales targets for Rubraca are met, which relate to annual sales targets of $250.0 million and above, which, in the aggregate, could amount to total milestone payments of $170.0 million, and tiered royalty payments at a mid-teen percentage rate on our net sales, with standard provisions for royalty offsets to the extent we need to obtain any rights from third parties to commercialize Rubraca. ​ The license agreement with Pfizer will remain in effect until the expiration of all of our royalty and sublicense revenue obligations to Pfizer, determined on a product-by-product and country-by-country basis, unless we elect to terminate the license agreement earlier. If we fail to meet our obligations under the agreement and are unable to cure such failure within specified time periods, Pfizer can terminate the agreement, resulting in a loss of our rights to Rubraca and an obligation to assign or license to Pfizer any intellectual property rights or other rights we may have in Rubraca, including our regulatory filings, regulatory approvals, patents and trademarks for Rubraca. ​ In April 2012, we entered into a license agreement with AstraZeneca UK Limited to acquire exclusive rights associated with Rubraca under a family of patents and patent applications that claim methods of treating patients with PARP inhibitors in certain indications. The license enables the development and commercialization of Rubraca for the uses claimed by these patents. AstraZeneca receives royalties on any net sales of Rubraca. ​ Lucitanib ​ In connection with our acquisition of EOS in November 2013, we gained rights to develop and commercialize lucitanib, an oral, selective tyrosine kinase inhibitor. As further described below, in October 2008, EOS entered into an exclusive license agreement with Advenchen Laboratories LLC (“Advenchen”) to develop and commercialize lucitanib on a global basis, excluding China. We are obligated to pay Advenchen tiered royalties at percentage rates in the mid-single digits on net sales of lucitanib, based on the volume of annual net sales achieved. In addition, after giving effect to the first and second amendments to the license agreement, we are required to pay to Advenchen 25% of any consideration, excluding royalties, we receive from sublicensees, in lieu of the milestone obligations set forth in the agreement. We are obligated under the agreement to use commercially reasonable efforts to develop and commercialize at least one product candidate containing lucitanib, and we are also responsible for all remaining development and commercialization costs for lucitanib. The license agreement with Advenchen will remain in effect until the expiration of all our royalty obligations to Advenchen, determined on a product-by-product and country-by-country basis, unless we elect to terminate the agreement earlier. If we fail to meet our obligations under the agreement and are unable to cure such failure within specified time periods, Advenchen can terminate the agreement, resulting in a loss of our rights to lucitanib. ​ FAP Program ​ In September 2019, we entered into a global license and collaboration agreement with 3BP to develop and commercialize a PTRT and imaging agent targeting FAP. The lead candidate, designated internally as FAP-2286, is being developed pursuant to a global development plan agreed to by the parties. We are responsible for the costs of all preclinical and clinical development activities described in the plan, including the costs for a limited number of 3BP full-time equivalents and external costs incurred during the preclinical development phase of the collaboration. Upon the signing of the license and collaboration agreement, we made a $9.4 million upfront payment to 3BP, which we recognized as acquired in-process research and development expense. An initial technology access fee is due in December 2019, and will be recognized as acquired in-process research and development expense. ​ Pursuant to the terms of the agreement, we are required to make additional payments to 3BP for annual technology access fees and upon the achievement of certain development and regulatory events (or on certain dates, whichever occur earlier). We are also obligated to pay 3BP single- to low-double-digit royalties on net sales of the FAP-targeted therapeutic product and imaging agent, based on the volume of annual net sales achieved. In addition, 3BP is entitled to receive 34% of any consideration, excluding royalties on the therapeutic product, pursuant to any sublicenses we may grant. ​ We are obligated under the license and collaboration agreement to use diligent efforts to develop FAP-2286 and commercialize a FAP-targeted therapeutic product and imaging agent, and we are responsible for all commercialization costs in our territory. The agreement with 3BP will remain in effect until the expiration of our royalty obligations to 3BP, determined on a product-by-product and country-by-country basis, unless we elect to terminate the agreement earlier. If we fail to meet our obligations under the agreement and are unable to cure such failure within specified time periods, 3BP can terminate the agreement, resulting in a loss of our rights. 3BP also has the right to terminate the agreement under certain circumstances in connection with our change of control in which the acquiring party retains a product competitive with the FAP-targeted therapeutic product or, in the event marketing authorization has not yet been obtained, does not agree to the then-current global development plan. ​ Pursuant to a non-binding letter of intent, the parties are negotiating the terms of a definitive agreement to collaborate on a discovery program directed to three additional undisclosed targets for radionuclide therapy, to which we would obtain global rights for any resulting product candidates. ​ Terms of both transactions comprise approximately $12.0 million in initial upfront payments to 3BP, with the upfront payment with respect to the discovery program collaboration subject to the parties reaching agreement on the terms of the definitive discovery collaboration agreement. ​

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2019
Net Loss Per Common Share
Net Loss Per Common Share	14. Net Loss Per Common Share ​ Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common share equivalents outstanding using the treasury-stock method for the stock options and RSUs and the if-converted method for the 2021 Notes, 2025 Notes and 2024 Notes. As a result of our net losses for the periods presented, all potentially dilutive common share equivalents were considered anti-dilutive and were excluded from the computation of diluted net loss per share. ​ The shares outstanding at the end of the respective periods presented in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine months ended September 30, ​ ​ 2019 2018 Common shares under option plans ​ 2,460 ​ 3,381 ​ Convertible senior notes ​ 41,598 ​ 8,584 ​ Total potential dilutive shares ​ 44,058 ​ 11,965 ​ ​ ​ ​ ​ ​ ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies ​ Royalty and License Fee Commitments ​ We have entered into certain license agreements, as identified in Note 13, License Agreements ​ Manufacture and Services Agreement Commitments ​ On October 3, 2016, we entered into a Manufacturing and Services Agreement (the “Agreement”) with a non-exclusive third-party supplier for the production of the active ingredient for Rubraca. Under the terms of the Agreement, we will provide the third-party supplier a rolling forecast for the supply of the active ingredient in Rubraca that will be updated by us on a quarterly basis. We are obligated to order material sufficient to satisfy an initial quantity specified in any forecast. In addition, the third-party supplier will construct, in its existing facility, a production train that will be exclusively dedicated to the manufacture of the Rubraca active ingredient. We are obligated to make scheduled capital program fee payments toward capital equipment and other costs associated with the construction of the dedicated production train. Further, once the production train became operational in October 2018, we are obligated to pay a fixed facility fee each quarter for the duration of the Agreement, which expires on December 31, 2025, unless extended by mutual consent of the parties. As of September 30, 2019, $96.7 million of purchase commitments exist under the Agreement. ​ At the time we entered into the Agreement, we evaluated the Agreement as a whole and bifurcated into lease and non-lease components, which consisted of an operating lease of warehouse space, capital lease of equipment, purchase of leasehold improvements and manufacturing costs based upon the relative fair values of each of the deliverables. During October 2018, the production train was placed into service and we recorded the various components of the Agreement. ​ Legal Proceedings ​ We and certain of our officers were named as defendants in several lawsuits, as described below. We cannot reasonably predict the outcome of these legal proceedings, nor can we estimate the amount of loss or range of loss, if any, that may result. An adverse outcome in these proceedings could have a material adverse effect on our results of operations, cash flows or financial condition. ​ Rociletinib-Related Litigation ​ Following Clovis’ regulatory announcement in November 2015 of adverse developments in its ongoing clinical trials for rociletinib, Clovis and certain of its current and former executives were named in various securities lawsuits, the largest of which was a putative class action lawsuit in the District of Colorado (the “Medina Action”) which was settled on October 26, 2017 (the “Medina Settlement”). The remaining actions are discussed below. In March 2017, two putative shareholders of the Company, Macalinao and McKenry (the “Derivative Plaintiffs”), filed shareholder derivative complaints against certain directors and officers of the Company in the Court of Chancery of the State of Delaware. On May 4, 2017, the Macalinao and McKenry actions were consolidated for all purposes in a single proceeding under the caption In re Clovis Oncology, Inc. Derivative Litigation, Case No, 2017-0222 (the “Consolidated Derivative Action”). On May 18, 2017, the Derivative Plaintiffs filed a Consolidated Verified Shareholder Derivative Complaint (the “Consolidated Derivative Complaint”). The Consolidated Derivative Complaint generally alleged that the defendants breached their fiduciary duties owed to the Company by allegedly causing or allowing misrepresentations of the Company’s business operations and prospects, failing to ensure that the TIGER-X clinical trial was being conducted in accordance with applicable rules, regulations and protocols, and engaging in insider trading. The Consolidated Derivative Complaint sought, among other things, an award of money damages. On July 31, 2017, the defendants filed a motion to dismiss the Consolidated Derivative Complaint. Plaintiffs filed an opposition to the motion to dismiss on August 31, 2017, and the defendants filed a reply in further support of the motion to dismiss on September 26, 2017. ​ While the motion to dismiss remained pending, on November 19, 2018, Plaintiffs filed a motion for leave to file a supplemental consolidated complaint, and on November 20, 2018, the Court granted that motion. On November 27, 2018, Plaintiffs filed their supplemental complaint (the “Supplemental Derivative Complaint”), which adds allegations concerning the Company’s, Mr. Mahaffy’s and Mr. Mast’s settlements with the United States Securities and Exchange Commission. Pursuant to a briefing schedule entered by the Court, the defendants filed a supplemental motion to dismiss the Supplemental Derivative Complaint on February 6, 2019; plaintiffs filed an opposition brief on February 22, 2019; and the defendants filed a reply brief on March 5, 2019. The Court held oral arguments on the defendants’ motions to dismiss on June 19, 2019. At the oral arguments, the Court ordered the parties to submit supplemental letter briefs on the motion to dismiss; plaintiffs filed their letter brief on June 25, 2019 and the defendants filed theirs on July 1, 2019. On October 1, 2019, Vice Chancellor Joseph R. Slights III of the Delaware Chancery Court, issued a Memorandum Opinion granting in part and denying in part defendants’ motions to dismiss. The Supplemental Derivative Complaint was dismissed as to Plaintiffs’ derivative claims for unjust enrichment and insider trading. The Court allowed Plaintiffs’ remaining derivative claim for breach of fiduciary duty to proceed. While the Company continues to evaluate the remaining claim, it does not believe this litigation will have a material impact on its financial position or results of operations. ​ On March 20, 2017, a purported shareholder of the Company, filed a shareholder derivative complaint (the “Guo Complaint”) against certain officers and directors of the Company in the United States District Court for the District of Colorado. The Guo Complaint generally alleged that the defendants breached their fiduciary duties owed to the Company by either recklessly or with gross negligence approving or permitting misrepresentations of the Company’s business operations and prospects. The Guo Complaint also alleged claims for waste of corporate assets and unjust enrichment. Finally, the Guo Complaint alleged that certain of the individual defendants violated Section 14(a) of the Securities Exchange Act, by allegedly negligently issuing, causing to be issued, and participating in the issuance of materially misleading statements to stockholders in the Company’s Proxy Statement on Schedule DEF 14A in connection with the 2015 Annual Meeting of Stockholders, held on June 11, 2015. The Guo Complaint sought, among other things, an award of money damages. On June 19, 2017, the parties filed a joint motion to stay the Guo action pending resolution of the motion to dismiss the Consolidated Derivative Complaint. On June 20, 2017, the court granted the motion to stay and entered an order administratively closing the case. Based on the October 1, 2019 ruling in the Consolidated Derivative Action, on October 22, 2019, the court reinstated the Guo action pursuant to a joint motion filed by the parties to reopen the case. ​ European Patent Opposition ​ Two oppositions were filed in the granted European counterpart of the rucaparib camsylate salt/polymorph patent on June 20, 2017. The European Patent Office’s Opposition Division held an oral hearing on December 4, 2018, during which it upheld claims, narrowed from the originally granted patent, to certain crystalline forms of rucaparib camsylate, including, but not limited to, rucaparib S-camsylate Form A, the crystalline form in Rubraca. On February 4, 2019, the Opposition Division issued a written decision confirming its decision at the oral hearing. In June 2019, Clovis and one opponent, Hexal, appealed the written decision of the European Opposition Division and filed reply appeal briefs in early November 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ All financial information presented includes the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. ​ The unaudited financial statements of Clovis Oncology, Inc. included herein reflect all adjustments that, in the opinion of management, are necessary to fairly state our financial position, results of operations and cash flows for the periods presented herein. Interim results may not be indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in audited financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”) for a broader discussion of our business and the opportunities and risks inherent in such business. ​
Use of Estimates	Use of Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and revenue and related disclosures. On an ongoing basis, we evaluate our estimates, including estimates related to revenue deductions, intangible asset impairment, clinical trial accruals and share-based compensation expense. We base our estimates on historical experience and other market-specific or other relevant assumptions that we believe to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. ​
Liquidity	Liquidity ​ We have incurred significant net losses since inception and have relied on our ability to fund our operations through debt and equity financings. We expect operating losses and negative cash flows to continue for the foreseeable future. As we continue to incur losses, transition to profitability is dependent upon achieving a level of revenues from Rubraca adequate to support our cost structure. We may never achieve profitability, and unless or until we do, we will continue to need to raise additional cash. ​ Based on current estimates, we believe that our existing cash, cash equivalents and available-for-sale securities will allow us to fund our operating plan through at least the next 12 months.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards ​ In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 requires modified retrospective adoption for all leases existing at, or entered after, the date of initial application, with an option to use certain transition relief. We adopted ASU 2016-02 as of January 1, 2019 using the modified retrospective method which leaves the comparative period reporting unchanged. Comparative reporting periods are presented in accordance with Topic 840, while periods subsequent to the effective date are presented in accordance with Topic 842. We have elected to adopt the package practical expedient which allows us: 1) to not reassess whether any expired or existing contracts are or contain leases, 2) to not reassess the lease classification for any expired or existing leases and 3) to not reassess initial direct costs for any existing leases. We also elected not to recognize on the balance sheet leases with terms of 12 months or less. For these short-term leases, we will recognize the lease payments in profit or loss on a straight-line basis over the lease term and the variable lease payments in the period in which the obligation for those payments is incurred. ​ Adoption of the new lease standard resulted in the recording of net right-of-use assets and lease liabilities of $24.9 million and $31.4 million, respectively, as of January 1, 2019. In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which allow a reclassification from accumulated other comprehensive income (loss) (“AOCI”) to retained earnings for stranded tax effects resulting from the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts at the date of enactment of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We adopted the new standard on January 1, 2019 and elected not to reclassify the income tax effects of the Tax Act from AOCI to retained earnings. We continue to release disproportionate income tax effects from AOCI based on the aggregate portfolio approach. The adoption of this standard did not have an impact on our condensed consolidated financial statements. ​ In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, simplifies the accounting for share-based payment granted to nonemployees for goods and services. Under the standard, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We adopted ASU 2018-07 as of January 1, 2019. There was no material impact on our consolidated financial statements and related disclosures.
Recently Issued Accounting Standards	Recently Issued Accounting Standards ​ From time to time, the FASB or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an ASU. ​ In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We will adopt ASU 2018-02 as of January 1, 2020. We do not expect significant impact on our consolidated financial statements and related disclosures. ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We will adopt ASU 2016-13 as of January 1, 2020 and we expect to recognize an allowance for credit losses related to our accounts receivable and available-for-sale securities. We do not expect significant impact on our consolidated financial statements and related disclosures.
Revenue Recognition	Revenue Recognition ​ We are currently approved to sell Rubraca in the United States and the EU markets. We distribute our product principally through a limited number of specialty distributor and specialty pharmacy providers, collectively, our customers. Our customers subsequently sell our products to patients and health care providers. Separately, we have arrangements with certain payors and other third parties that provide for government-mandated and privately-negotiated rebates, chargebacks and discounts. ​ Product Revenue ​ Revenue from product sales are recognized when the performance obligation is satisfied, which is when customers obtain control of our product at a point in time, typically upon delivery. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is one year or less. ​ Reserves for Variable Consideration Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from price concessions that include rebates, chargebacks, discounts, co-pay assistance, estimated product returns and other allowances that are offered within contracts between us and our customers, health care providers, payors and other indirect customers relating to the sales of our product. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customers) or a current liability (if the amount is payable to a party other than a customer). Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and 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 contract. The amount of variable consideration which 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 adjust these estimates, which would affect product revenue and earnings in the period such variances become known. ​ Rebates ​ Chargebacks ​ Discounts and Fees ​ Co-pay assistance Returns product returns and we currently have a minimal accrual for product returns. We will continue to assess our estimate for product returns as we gain additional historical experience.
Cost of Sales	Cost of Sales – Product ​ Product cost of sales consists primarily of materials, third-party manufacturing costs as well as freight and royalties owed to our licensing partners for Rubraca sales. ​ Cost of Sales – Intangible Asset Amortization ​ Cost of sales for intangible asset amortization consists of the amortization of capitalized milestone payments made to our licensing partners upon FDA approval of Rubraca. Milestone payments are amortized on a straight-line basis over the estimated remaining patent life of Rubraca. ​
Inventory	Inventory ​ Inventories are stated at the lower of cost or estimated net realizable value, on a first-in, first-out (“FIFO”) basis. Inventories include active pharmaceutical ingredient (“API”), contract manufacturing costs and overhead allocations. We began capitalizing incurred inventory related costs upon the regulatory approval of Rubraca. Prior to the regulatory approval of Rubraca, we incurred costs for the manufacture of the drug that could potentially be available to support the commercial launch of Rubraca and all such costs were recognized as research and development expense. ​ We regularly analyze our inventory levels for excess quantities and obsolescence (expiration), taking into account factors such as historical and anticipated future sales compared to quantities on hand and the remaining shelf-life of Rubraca. Rubraca finished goods have a shelf-life of four years from the date of manufacture. The API currently has a shelf-life of four years from the date of manufacture but can be retested at an immaterial cost with no expected reduction in potency, thereby extending its shelf-life as needed. We expect to consume substantially all of the API over a period of approximately nine years based on our long-range sales projections of Rubraca. ​ We write down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and/or inventory in excess of expected sales requirements. Expired inventory would be disposed of and the related costs would be written off as cost of product revenue. Inventories that are not expected to be consumed within 12 months following the balance sheet date are classified as long-term inventories. Long-term inventories primarily consist of API. ​ API is currently produced by a single supplier. As the API has undergone significant manufacturing specific to its intended purpose at the point it is purchased by us, we classify the API as work-in-process inventory. In addition, we currently manufacture Rubraca finished goods with a single third-party manufacturer. The disruption or termination of the supply of API or the disruption or termination of the manufacturing of our commercial products could have a material adverse effect on our business, financial position and results of operations. ​ Inventory used in clinical trials is expensed as research and development expense when it has been identified for such use. ​ Our other significant accounting policies are described in Note 2, Summary of Significant Accounting Policies
Convertible Senior Notes	The remaining debt issuance costs are presented as a deduction from the convertible senior notes on the Consolidated Balance Sheets and are amortized as interest expense over the expected life of the 2021 Notes using the effective interest method. We determined the expected life of the debt was equal to the seven-year term of the 2021 Notes.
Net Loss Per Common Share	Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common share equivalents outstanding using the treasury-stock method for the stock options and RSUs and the if-converted method for the 2021 Notes, 2025 Notes and 2024 Notes. As a result of our net losses for the periods presented, all potentially dilutive common share equivalents were considered anti-dilutive and were excluded from the computation of diluted net loss per share.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Financial Instruments and Fair Value Measurements
Assets Measured at Fair Value on Recurring Basis	The following table identifies our assets and liabilities that were measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Level 1 Level 2 Level 3 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market ​ $ 98,103 ​ $ 98,103 ​ $ — ​ $ — ​ U.S. treasury securities ​ 152,622 ​ — ​ 152,622 ​ — ​ Total assets at fair value ​ $ 250,725 ​ $ 98,103 ​ $ 152,622 ​ $ — ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market ​ $ 81,968 ​ $ 81,968 ​ $ — ​ $ — ​ U.S. treasury securities ​ 308,251 ​ 9,981 ​ 298,270 ​ — ​ Total assets at fair value ​ $ 390,219 ​ $ 91,949 ​ $ 298,270 ​ $ — ​

Available-for-Sale Securities (

Available-for-Sale Securities (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Securities, Available-for-sale [Abstract]
Summary of Available-for-Sale Securities	As of September 30, 2019, available-for-sale securities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Aggregate ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost ​ Gains ​ Losses ​ Value U.S. treasury securities ​ $ 152,575 ​ $ 47 ​ $ — ​ $ 152,622 ​ ​ As of December 31, 2018, available-for-sale securities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Aggregate ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ ​ Cost ​ Gains ​ Losses ​ Value ​ U.S. treasury securities ​ $ 298,305 ​ $ — ​ $ (35) ​ $ 298,270 ​
Schedule of Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity	​ As of September 30, 2019, the amortized cost and fair value of available-for-sale securities by contractual maturity were (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Fair ​ ​ Cost ​ Value Due in one year or less ​ $ 152,575 ​ $ 152,622 ​ Due in one year to two years ​ — ​ — ​ Total ​ $ 152,575 ​ $ 152,622 ​

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventories
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2019 2018 Work-in-process $ 106,781 $ 126,620 Finished goods ​ 15,651 ​ 14,360 Allowance for obsolete inventories ​ ​ (347) ​ ​ — Total inventories $ 122,085 $ 140,980

Other Current Assets (Tables)

Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Other Current Assets
Schedule Of other current assets	Other current assets were comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2019 2018 Prepaid insurance ​ $ 1,186 ​ $ 243 ​ Prepaid advertising ​ ​ — ​ ​ 1,802 ​ Prepaid IT ​ ​ 1,080 ​ ​ 666 ​ Prepaid expenses - other ​ 3,925 ​ 2,672 ​ Value-added tax ("VAT") receivable ​ ​ 9,897 ​ ​ — ​ Receivable - other ​ 1,851 ​ 2,274 ​ Other ​ 156 ​ 956 ​ Total ​ $ 18,095 ​ $ 8,613 ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets and Goodwill
Intangible assets related to capitalized milestones under license agreements	Intangible assets related to capitalized milestones under license agreements consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2019 2018 Intangible asset - milestones ​ $ 71,850 ​ $ 56,100 Accumulated amortization ​ (7,718) ​ (4,170) Total intangible asset, net ​ $ 64,132 ​ $ 51,930
Estimated future amortization expense for intangible assets	Estimated future amortization expense associated with intangibles is expected to be as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ $ 1,212 2020 ​ ​ ​ ​ ​ 4,847 2021 ​ ​ ​ ​ ​ 4,847 2022 ​ ​ ​ ​ ​ 4,847 2023 ​ ​ ​ ​ ​ 4,847 Thereafter ​ ​ ​ ​ ​ 43,532 ​ ​ ​ ​ ​ $ 64,132

Other Accrued Expenses (Tables)

Other Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Other Accrued Expenses
Schedule of other accrued expenses	Other accrued expenses were comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2019 2018 Accrued personnel costs ​ $ 14,631 ​ $ 15,265 ​ Accrued interest payable ​ 3,275 ​ 2,721 ​ Income tax payable ​ ​ 732 ​ ​ 847 ​ Accrued corporate legal fees and professional services ​ ​ 99 ​ ​ 677 ​ Accrued royalties ​ ​ 5,805 ​ ​ 4,854 ​ Accrued variable considerations ​ ​ 3,317 ​ ​ 2,183 ​ Current portion of capital lease obligations ​ ​ — ​ ​ 1,031 ​ Purchase of API received not yet invoiced ​ ​ 135 ​ ​ 35,472 ​ Accrued expenses - other ​ 3,272 ​ 4,506 ​ Total ​ $ 31,266 ​ $ 67,556 ​

Lease (Tables)

Lease (Tables)	9 Months Ended
	Sep. 30, 2019
Lease
Schedule of components of lease expense and related cash flows	The components of lease expense and related cash flows were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2019 2019 Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 356 ​ $ 1,068 Interest on lease liabilities ​ 174 ​ 537 Operating lease cost ​ 667 ​ 2,811 Short-term lease cost ​ 80 ​ 177 Variable lease cost ​ ​ 379 ​ ​ 1,749 Total lease cost ​ $ 1,656 ​ $ 6,342 ​ ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ $ 174 ​ $ 537 Operating cash flows from operating leases ​ $ 667 ​ $ 2,811 Financing cash flows from finance leases ​ $ 260 ​ $ 765
Schedule of weighted-average remaining lease term and weighted-average discount rate	​ ​ ​ ​ ​ ​ September 30, 2019 Weighted-average remaining lease term (years) ​ ​ ​ Operating leases ​ ​ 7.2 Finance leases ​ ​ 6.3 Weighted-average discount rate ​ ​ ​ Operating leases ​ ​ 8% Finance leases ​ ​ 8%
Schedule of future minimum commitments due under lease agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases ​ Total 2019 (remaining three months) ​ $ 1,130 ​ $ 434 ​ $ 1,564 2020 ​ 5,278 ​ 1,736 ​ 7,014 2021 ​ 5,325 ​ 1,736 ​ 7,061 2022 ​ 3,388 ​ 1,736 ​ 5,124 2023 ​ 2,949 ​ 1,736 ​ 4,685 Thereafter ​ 13,560 ​ 3,472 ​ 17,032 Present value adjustment ​ ​ (7,920) ​ ​ (2,334) ​ ​ (10,254) Present value of lease payments ​ $ 23,710 ​ $ 8,516 ​ $ 32,226

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Long-term Debt
Schedule of Total Interest Expense Recognized Related to Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2019 2018 2019 2018 Interest on convertible notes ​ $ 3,708 ​ $ 2,735 ​ $ 9,176 ​ $ 7,078 ​ Amortization of debt issuance costs ​ 746 ​ 641 ​ 2,070 ​ 1,536 ​ Interest on finance lease ​ ​ 174 ​ ​ — ​ ​ 537 ​ ​ — ​ Interest on borrowings under financing agreement ​ ​ 625 ​ ​ — ​ ​ 824 ​ ​ — ​ Accretion of interest on milestone liability ​ ​ — ​ ​ — ​ ​ — ​ ​ 978 ​ Other interest ​ ​ 25 ​ ​ — ​ ​ 77 ​ ​ — ​ Total interest expense ​ $ 5,278 ​ $ 3,376 ​ $ 12,684 ​ $ 9,592 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity
Component of Other Comprehensive Income (Loss)	The changes in accumulated balances related to each component of other comprehensive income (loss) are summarized for the three months ended September 30, 2019 and 2018, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ Unrealized ​ Total Accumulated ​ ​ Translation Adjustments ​ (Losses) Gains ​ Other Comprehensive Loss ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ Balance at July 1, ​ $ (44,466) ​ $ (43,870) ​ $ (22) ​ $ (175) ​ $ (44,488) ​ $ (44,045) ​ Other comprehensive (loss) income ​ ​ (143) ​ ​ (495) ​ ​ (68) ​ ​ (10) ​ ​ (211) ​ ​ (505) ​ Total before tax ​ ​ (44,609) ​ ​ (44,365) ​ ​ (90) ​ ​ (185) ​ ​ (44,699) ​ ​ (44,550) ​ Tax effect ​ — ​ ​ — ​ — ​ ​ — ​ — ​ ​ — ​ Balance at September 30, ​ $ (44,609) ​ $ (44,365) ​ $ (90) ​ $ (185) ​ $ (44,699) ​ $ (44,550) ​ ​ The changes in accumulated balances related to each component of other comprehensive income (loss) are summarized for the nine months ended September 30, 2019 and 2018, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ Unrealized ​ Total Accumulated ​ ​ Translation Adjustments ​ (Losses) Gains ​ Other Comprehensive Loss ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ 2019 ​ 2018 ​ Balance at January 1, ​ $ (44,460) ​ $ (41,917) ​ $ (174) ​ $ (256) ​ $ (44,634) ​ $ (42,173) ​ Other comprehensive (loss) income ​ ​ (149) ​ ​ (2,448) ​ ​ 84 ​ ​ 71 ​ ​ (65) ​ ​ (2,377) ​ Total before tax ​ ​ (44,609) ​ ​ (44,365) ​ ​ (90) ​ ​ (185) ​ ​ (44,699) ​ ​ (44,550) ​ Tax effect ​ — ​ ​ — ​ — ​ ​ — ​ — ​ ​ — ​ Balance at September 30, ​ $ (44,609) ​ $ (44,365) ​ $ (90) ​ $ (185) ​ $ (44,699) ​ $ (44,550) ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-Based Compensation
Share-Based Compensation Expense Recognized in Accompanying Statements of Operations	Share-based compensation expense for all equity-based programs, including stock options, restricted stock units and the employee stock purchase plan, for the three and nine months ended September 30, 2019 and 2018 was recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2019 2018 2019 2018 Research and development ​ $ 6,561 ​ $ 5,038 ​ $ 19,805 ​ $ 15,380 ​ ​ Selling, general and administrative ​ 7,418 ​ 5,909 ​ 21,943 ​ 22,335 ​ ​ Total share-based compensation expense ​ $ 13,979 ​ $ 10,947 ​ $ 41,748 ​ $ 37,715 ​ ​
Summary of Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term (Years) ​ (Thousands) Outstanding at December 31, 2018 ​ 6,311,513 ​ $ 46.05 ​ ​ Granted ​ 987,862 ​ ​ 19.74 ​ ​ Exercised ​ (188,355) ​ ​ 7.22 ​ ​ Forfeited ​ (512,425) ​ ​ 51.63 ​ ​ Outstanding at September 30, 2019 ​ 6,598,595 ​ $ 42.79 6.1 ​ $ 89 ​ Unvested as of September 30, 2019 ​ 6,360,899 ​ $ 43.27 6.0 ​ $ 89 ​ Vested and exercisable at September 30, 2019 ​ 4,673,118 ​ $ 46.79 5.1 ​ $ 89 ​
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table summarizes information about our stock options as of and for the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2019 2018 2019 2018 Weighted-average grant date fair value per share ​ $ 4.40 ​ $ 28.97 ​ $ 14.40 ​ $ 38.52 ​ Intrinsic value of options exercised ​ $ 560 ​ $ 325 ​ $ 1,523 ​ $ 1,697 ​ Cash received from stock option exercises ​ $ 44 ​ $ 604 ​ $ 1,360 ​ $ 1,820 ​
Summary of activity related to our unvested RSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Units ​ Fair Value Unvested at December 31, 2018 ​ 795,684 ​ $ 47.73 ​ Granted ​ 2,073,338 ​ 25.12 ​ Vested ​ (245,446) ​ 48.91 ​ Forfeited ​ (288,306) ​ 32.98 ​ Unvested as of September 30, 2019 ​ 2,335,270 ​ $ 29.36 ​ Expected to vest after September 30, 2019 ​ 2,017,001 ​ $ 29.53 ​

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
Net Loss Per Common Share
Shares Outstanding Excluded from Calculation of Diluted Net Loss Per Share	The shares outstanding at the end of the respective periods presented in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three and Nine months ended September 30, ​ ​ 2019 2018 Common shares under option plans ​ 2,460 ​ 3,381 ​ Convertible senior notes ​ 41,598 ​ 8,584 ​ Total potential dilutive shares ​ 44,058 ​ 11,965 ​

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2019itemproductsegment
Number of operating segments | segment	1
Number of other product candidates | product	2
Minimum estimated number of months operating plan funded	12 months
Minimum
Number of chemotherapies received by an adult patient	2
Number of prior lines of platinum based chemotherapy received by patient	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019
Product Revenue
Amortization period of the asset	true
Summary of Significant Accounting Policies
Practical expedients - package	true
Right-of-use assets, net	$ 25,427	$ 24,900
Lease liabilities	$ 32,226	$ 31,400
Payment terms number of days	30 days
Shelf-life of API	4 years
Consumption period of API	9 years
Rucaparib
Summary of Significant Accounting Policies
Shelf life of inventory	4 years

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Measurements
Assets at fair value	$ 250,725	$ 390,219
Money market
Fair Value Measurements
Assets at fair value	98,103	81,968
U.S. treasury securities
Fair Value Measurements
Assets at fair value	152,622	308,251
Fair Value, Inputs, Level 1
Fair Value Measurements
Assets at fair value	98,103	91,949
Fair Value, Inputs, Level 1 | Money market
Fair Value Measurements
Assets at fair value	98,103	81,968
Fair Value, Inputs, Level 1 | U.S. treasury securities
Fair Value Measurements
Assets at fair value		9,981
Fair Value, Inputs, Level 2
Fair Value Measurements
Assets at fair value	152,622	298,270
Fair Value, Inputs, Level 2 | Money market
Fair Value Measurements
Assets at fair value	0	0
Fair Value, Inputs, Level 2 | U.S. treasury securities
Fair Value Measurements
Assets at fair value	152,622	298,270
Fair Value, Inputs, Level 3
Fair Value Measurements
Assets at fair value	0	0
Fair Value, Inputs, Level 3 | Money market
Fair Value Measurements
Assets at fair value	0	0
Fair Value, Inputs, Level 3 | U.S. treasury securities
Fair Value Measurements
Assets at fair value	$ 0	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - More Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value Measurements
Liabilities at fair value	$ 0
Transfers between level 1 and level 2, assets	0
Transfers between level 2 and level 1, assets	0
Transfers between level 1 and level 2, liabilities	0
Transfers between level 2 and level 1, liabilities	0
Transfer of assets into level 3	0
Transfer of assets out of level 3	0
Transfer of liabilities into level 3	0
Transfer of liabilities out of level 3	0
Convertible senior notes	644,095	$ 575,470
Convertible Senior Unsecured Notes 2021 Notes
Fair Value Measurements
Convertible senior notes	96,300
Convertible Senior Unsecured Notes 2021 Notes | Fair Value, Inputs, Level 2
Fair Value Measurements
Convertible senior notes, fair value	84,300
Convertible Senior Unsecured Notes 2024 Notes
Fair Value Measurements
Convertible senior notes	255,100
Convertible senior notes, fair value	187,800
Convertible Senior Unsecured Notes 2025 Notes
Fair Value Measurements
Convertible senior notes	292,700
Convertible senior notes, fair value	$ 126,000

Available-for-Sale Securities_2

Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Available-for-Sale Securities
Amortized Cost	$ 152,575
Aggregate Fair Value	152,622
Available-for-sale Continuous Unrealized Loss Position 12 Months	0
U.S. treasury securities
Available-for-Sale Securities
Amortized Cost	152,575	$ 298,305
Gross Unrealized Gains	47	0
Gross Unrealized Losses		(35)
Aggregate Fair Value	$ 152,622	$ 298,270

Available-for-Sale Securities -

Available-for-Sale Securities - Additional Information (Details) $ in Thousands	Sep. 30, 2019USD ($)
Debt Securities, Available-for-sale [Abstract]
Amortized Cost, Due in one year or less	$ 152,575
Amortized Cost, Due in one year to two years	0
Amortized Cost	152,575
Fair Value, Due in one year or less	152,622
Fair Value, Due in one year to two years	0
Aggregate Fair Value	$ 152,622

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventories
Work-in-process	$ 106,781	$ 126,620
Finished goods	15,651	14,360
Allowance for obsolete inventories	(347)
Total inventories	122,085	140,980
Current inventory	24,864	27,072
Long-term inventory	97,221	$ 113,908
Cash deposit on non-current inventory made to a manufacturer	$ 12,400

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other Current Assets
Prepaid insurance	$ 1,186	$ 243
Prepaid advertising		1,802
Prepaid IT	1,080	666
Prepaid expenses - other	3,925	2,672
Value-added tax ("VAT") receivable	9,897
Receivable - other	1,851	2,274
Other	156	956
Total	$ 18,095	$ 8,613

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Details) - Licensing Agreements - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Intangible asset - milestones	$ 71,850	$ 56,100
Accumulated amortization	(7,718)	(4,170)
Total intangible asset, net	$ 64,132	$ 51,930

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended			9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Apr. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2017	Sep. 30, 2019	Sep. 30, 2018
Licensing Agreements
Finite Lived Intangible Assets
Amortization of Intangible Assets				$ 1,200	$ 800		$ 3,500	$ 1,900
Rucaparib
Finite Lived Intangible Assets
Milestone payments	$ 750
Rucaparib | First approval of NDA by FDA
Finite Lived Intangible Assets
Milestone payments			$ 15,000
Rucaparib | License Agreements Licensor Pfizer
Finite Lived Intangible Assets
Milestone payments		$ 23,000				$ 750

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Estimated Future Amortization (Details) - Licensing Agreements - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets
2019	$ 1,212
2020	4,847
2021	4,847
2022	4,847
2023	4,847
Thereafter	43,532
Total intangible asset, net	$ 64,132	$ 51,930

Other Accrued Expenses (Details

Other Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other Accrued Expenses
Accrued personnel costs	$ 14,631	$ 15,265
Accrued interest payable	3,275	2,721
Income tax payable	732	847
Accrued corporate legal fees and professional services	99	677
Accrued royalties	5,805	4,854
Accrued variable considerations	3,317	2,183
Current portion of capital lease obligations		1,031
Purchase of API received not yet invoiced	135	35,472
Accrued expenses - other	3,272	4,506
Total	$ 31,266	$ 67,556

Lease (Details)

Lease (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lessee Disclosure [Abstract]
Amortization of right-of-use assets	$ 356	$ 1,068
Interest on lease liabilities	174	537
Operating lease cost	667	2,811
Short-term lease cost	80	177
Variable lease cost	379	1,749
Total lease cost	1,656	6,342
Cash flows from leases
Operating cash flows from finance leases	174	537
Operating cash flows from operating leases	667	2,811
Financing cash flows from finance leases	$ 260	$ 765

Lease - Weighted Average (Detai

Lease - Weighted Average (Details)	Sep. 30, 2019
Weighted-average remaining lease term (years)
Operating leases	7 years 2 months 12 days
Finance leases	6 years 3 months 18 days
Weighted-average discount rate
Operating leases	8.00%
Finance leases	8.00%

Lease - Future minimum commitme

Lease - Future minimum commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Operating Leases
2019 (remaining three months)	$ 1,130
2020	5,278
2021	5,325
2022	3,388
2023	2,949
Thereafter	13,560
Present value adjustment	(7,920)
Present value of lease payments	23,710
Finance Leases
2019 (remaining three months)	434
2020	1,736
2021	1,736
2022	1,736
2023	1,736
Thereafter	3,472
Present value of adjustment	(2,334)
Present value of lease payments	8,516
Total
2019 (remaining three months)	1,564
2020	7,014
2021	7,061
2022	5,124
2023	4,685
Thereafter	17,032
Present value adjustment	(10,254)
Present value of lease payments	$ 32,226	$ 31,400

Long-term Debt (Details)

Long-term Debt (Details) $ / shares in Units, $ in Thousands	Aug. 13, 2019USD ($)$ / shares	May 01, 2019USD ($)siteitemcountry	Apr. 16, 2018USD ($)D$ / shares	Sep. 09, 2014USD ($)Ditem$ / shares	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument
Net proceeds from convertible senior notes						$ 254,965	$ 290,887
Gain on extinguishment of debt					$ 18,480	18,480
TPG Sixth Street Partners, LLC
Debt Instrument
Ratio of repayment amount		2
Draw amount outstanding					19,900	19,900
Debt issuance costs					1,800	1,800
Unamortized debt issuance costs					$ 1,700	1,700
Number of patients | item		1,000
Number of countries | country		25
Quarterly payments based on a certain percentage of revenues						8,500
Quarterly payments with label portion expanded by FDA						$ 13,500
Effective interest rate					15.40%	15.40%
TPG Sixth Street Partners, LLC | Minimum
Debt Instrument
Number of sites | site		270
TPG Sixth Street Partners, LLC | Maximum
Debt Instrument
Aggregate principal amount		$ 175,000
Aggregate borrowed amount		350,000
Convertible Senior Unsecured Notes
Debt Instrument
Aggregate principal amount	$ 263,000		$ 300,000	$ 287,500
Convertible senior notes, interest rate	4.50%		1.25%	2.50%
Net proceeds from convertible senior notes	$ 255,000		$ 290,900	$ 278,300
Convertible senior notes, maturity date				Sep. 15, 2021
Common stock initial conversion rate per $1,000 in principal amount	137.2213		13.1278	16.1616
Convertible senior notes, initial conversion price per share | $ / shares	$ 7.29		$ 76.17	$ 61.88
Debt instrument, redemption period start date				Sep. 15, 2018
Last reported sale price of common stock as a percent of conversion price			150.00%	150.00%
Debt instrument, conversion in effect for number of trading days | D			20	20
Debt instrument conversion, consecutive trading day period | D			30	30
Debt instrument, trading days preceding redemption notice, maximum			2	2
Debt instrument redemption price percentage to principal amount			100.00%	100.00%
Debt instrument repurchase percentage	100.00%		100.00%	100.00%
Draw amount outstanding	$ 190,300
Aggregate repurchase price including accrued interest	171,800
Gain on extinguishment of debt	18,500
Unamortized debt issuance costs derecognized	2,000
Debt issuance costs	$ 8,000		$ 9,100	$ 9,200
Debt instrument term	5 years		7 years	7 years
Unamortized debt issuance costs					$ 16,100	$ 16,100		$ 12,000
Convertible Senior Unsecured Notes | Semi Annual Payment, First payment date
Debt Instrument
Interest payment date on senior notes			--05-01	--03-05
Convertible Senior Unsecured Notes | Semi Annual Payment, Second payment date
Debt Instrument
Interest payment date on senior notes			--11-01	--09-15
Borrowing Exceeds $166.5 million | TPG Sixth Street Partners, LLC | Minimum
Debt Instrument
Quarterly payments based on a certain percentage of revenues		8,940
Borrowing Exceeds $166.5 million | TPG Sixth Street Partners, LLC | Maximum
Debt Instrument
Quarterly payments based on a certain percentage of revenues		$ 14,190

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Long-term Debt
Interest on convertible notes	$ 3,708	$ 2,735	$ 9,176	$ 7,078
Amortization of debt issuance costs	746	641	2,070	1,536
Interest on finance lease	174		537
Interest on borrowings under financing agreement	625		824
Accretion of interest on milestone liability				978
Other interest	25		77
Total interest expense	$ 5,278	$ 3,376	$ 12,684	$ 9,592

Stockholders' Equity (Details)

Stockholders' Equity (Details)	9 Months Ended
	Sep. 30, 2019Vote
Stockholders' Equity
Number Of Vote Per Common Stock	1

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Loss
Beginning balance	$ (44,488)	$ (44,045)	$ (44,634)	$ (42,173)
Other comprehensive (loss) income	(211)	(505)	(65)	(2,377)
Total before tax	(44,699)	(44,550)	(44,699)	(44,550)
Tax effect	0
Ending balance	(44,699)	(44,550)	(44,699)	(44,550)
Reclassifications out of accumulated other comprehensive loss	0	0	0	0
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Loss
Beginning balance	(44,466)	(43,870)	(44,460)	(41,917)
Other comprehensive (loss) income	(143)	(495)	(149)	(2,448)
Total before tax	(44,609)	(44,365)	(44,609)	(44,365)
Tax effect	0
Ending balance	(44,609)	(44,365)	(44,609)	(44,365)
Unrealized (Losses) Gains
Accumulated Other Comprehensive Loss
Beginning balance	(22)	(175)	(174)	(256)
Other comprehensive (loss) income	(68)	(10)	84	71
Total before tax	(90)	(185)	(90)	(185)
Tax effect	0
Ending balance	$ (90)	$ (185)	$ (90)	$ (185)

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award
Total Share-based compensation expense	$ 13,979	$ 10,947	$ 41,748	$ 37,715
Closing Stock Price	$ 3.93		$ 3.93
Research and development
Share Based Compensation Arrangement By Share Based Payment Award
Total Share-based compensation expense	$ 6,561	5,038	$ 19,805	15,380
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award
Total Share-based compensation expense	7,418	$ 5,909	21,943	$ 22,335
Common shares under option plans
Share Based Compensation Arrangement By Share Based Payment Award
Unrecognized stock-based compensation expense related to unvested stock options	42,700		$ 42,700
Unrecognized stock-based compensation expense related to non-vested options and/or RSUs, weighted-average remaining vesting period			2 years 1 month 6 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award
Unrecognized stock-based compensation expense related to unvested RSUs	$ 51,800		$ 51,800
Unrecognized stock-based compensation expense related to non-vested options and/or RSUs, weighted-average remaining vesting period			2 years 3 months 18 days

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019
Share-Based Compensation
Beginning Balance, Number of Options Outstanding	6,311,513
Number of Options, Granted	987,862
Number of Options, Exercised	(188,355)
Number of Options, Forfeited	(512,425)
Ending Balance, Number of Options Outstanding	6,598,595
Number of Options, Vested and expected to vest at September 30, 2019	6,360,899
Number of Options, Vested and exercisable at September 30, 2019	4,673,118
Beginning Balance, Weighted Average Exercise Price	$ 46.05
Granted, Weighted Average Exercise Price	19.74
Exercised, Weighted Average Exercise Price	7.22
Forfeited, Weighted Average Exercise Price	51.63
Ending Balance, Weighted Average Exercise Price	42.79
Vested and expected to vest, Weighted Average Exercise Price	43.27
Vested and exercisable, Weighted Average Exercise Price	$ 46.79
Outstanding, Weighted Average Remaining Contractual Term (Years)	6 years 1 month 6 days
Vested and expected to vest, Weighted Average Remaining Contractual Term (Years)	6 years
Exercisable, Weighted Average Remaining Contractual Term (Years)	5 years 1 month 6 days
Outstanding at September 30, 2019, Aggregate Intrinsic Value	$ 89
Vested and expected to vest at September 30, 2019, Aggregate Intrinsic Value	89
Vested and exercisable at September 30, 2019, Aggregate Intrinsic Value	$ 89

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-Based Compensation
Weighted-average grant date fair value per share	$ 4.40	$ 28.97	$ 14.40	$ 38.52
Intrinsic value of options exercised	$ 560	$ 325	$ 1,523	$ 1,697
Cash received from stock option exercises	$ 44	$ 604	$ 1,360	$ 1,820

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award
Unvested as of Beginning Balance | shares	795,684
Number of Units, Granted | shares	2,073,338
Number of Units, Vested | shares	(245,446)
Number of Units, Forfeited | shares	(288,306)
Unvested as of Ending Balance | shares	2,335,270
Number of Units, Expected to vest after June 30, 2019 | shares	2,017,001
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 47.73
Weighted Average Grant Date Fair Value, Granted | $ / shares	25.12
Weighted Average Grant Date Fair Value, Vested | $ / shares	48.91
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	32.98
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	29.36
Weighted Average Grant Date Fair Value, Expected to vest after June 30, 2019 | $ / shares	$ 29.53

License Agreements (Details)

License Agreements (Details) $ in Thousands	Dec. 19, 2016USD ($)	Sep. 30, 2019USD ($)item	Jun. 30, 2019USD ($)	Feb. 28, 2019USD ($)	Jun. 30, 2018USD ($)	Apr. 30, 2018USD ($)	Jun. 30, 2011USD ($)	Oct. 31, 2008	Sep. 30, 2019USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2019USD ($)
License Agreements
Acquired in-process research and development									$ 9,440		$ 9,440
Rucaparib
License Agreements
Milestone payments			$ 750
Rucaparib | EMA [Member]
License Agreements
Milestone payments				$ 15,000	$ 20,000
Rucaparib | First approval of NDA by FDA
License Agreements
Milestone payments						$ 15,000
3B Pharmaceuticals
License Agreements
Percentage of Non-Royalty Consideration Payable on Sublicense Agreements									34.00%
License Agreements Licensor Pfizer | Rucaparib
License Agreements
Milestone payments					$ 23,000					$ 750
Milestone payment incurred as a result of government approval	$ 20,000
Deferred milestone payment	$ 23,000
Maximum number of months after FDA approval	18 months
License Agreements Licensor Pfizer | Rucaparib | Minimum
License Agreements
Annual sales target for sales milestone payments											250,000
License Agreements Licensor Pfizer | Rucaparib | Maximum
License Agreements
Maximum potential future development, regulatory milestone payments											16,000
Additional maximum payments payable on attaining the sales target		$ 170,000							$ 170,000		$ 170,000
License Agreement Terms | 3B Pharmaceuticals
License Agreements
Acquired in-process research and development		9,400
Upfront payments incurred		$ 12,000
Number of additional undisclosed targets | item		3
License Agreement Terms | License Agreements Licensor Pfizer | Rucaparib
License Agreements
Upfront payment							$ 7,000
Milestones paid to Pfizer prior to FDA approval							$ 1,400
License Agreement Terms | Advenchen Laboratories LLC | License Agreements Lucitanib
License Agreements
Percentage of Non-Royalty Consideration Payable on Sublicense Agreements								25.00%

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Total potential dilutive shares	44,058	11,965
Common shares under option plans
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Total potential dilutive shares	2,460	3,381
Convertible senior notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Total potential dilutive shares	41,598	8,584

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 20, 2017item	Mar. 31, 2017shareholder	Sep. 30, 2019USD ($)
Commitments and Contingencies
Purchase commitments | $			$ 96.7
Number of putative shareholders | shareholder		2
Number of oppositions filed regarding salt and polymorph patents | item	2