Repligen (RGEN) 10-K 25 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 18, 2016	Jun. 30, 2015
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	RGEN
Entity Registrant Name	REPLIGEN CORP
Entity Central Index Key	730,272
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,031,533
Entity Public Float			$ 1,348,697,533

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 54,092	$ 35,363
Marketable securities	17,682	23,090
Accounts receivable, less reserve for doubtful accounts of $31 and $41, respectively	11,300	7,760
Royalties and other receivables	82	240
Inventories, net	17,998	12,384
Deferred tax asset, net		5
Prepaid expenses and other current assets	2,098	2,104
Total current assets	103,252	80,946
Property, plant and equipment, net	13,801	14,526
Long-term marketable securities	1,633	3,550
Intangible assets, net	12,755	14,636
Goodwill	14,346	14,185
Restricted cash	450	450
Total assets	146,237	128,293
Current liabilities:
Accounts payable	6,724	3,863
Accrued liabilities	12,057	6,819
Total current liabilities	18,781	10,682
Other long-term liabilities	$ 4,708	$ 5,879
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, no shares issued or outstanding
Common stock, $.01 par value, 80,000,000 shares authorized, 32,949,353 shares at December 31, 2015 and 32,774,374 shares at December 31, 2014 issued and outstanding	$ 329	$ 328
Additional paid-in capital	202,527	198,064
Accumulated other comprehensive loss	(8,566)	(5,773)
Accumulated deficit	(71,542)	(80,887)
Total stockholders' equity	122,748	111,732
Total liabilities and stockholders' equity	$ 146,237	$ 128,293

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts receivable, reserve for doubtful accounts	$ 31	$ 41
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	32,949,353	32,774,374
Common stock, shares outstanding	32,949,353	32,774,374

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Product revenue	$ 83,537	$ 60,431	$ 47,482
Royalty and other revenue		3,117	20,687
Total revenue	83,537	63,548	68,169
Operating expenses:
Cost of product revenue	35,251	28,022	22,481
Cost of royalty and other revenue			2,682
Research and development	5,740	5,609	7,341
Selling, general and administrative	24,699	17,154	12,701
Contingent consideration - fair value adjustments	4,083	2,072	91
Total operating expenses	69,773	52,857	45,296
Income from operations	13,764	10,691	22,873
Investment income	136	309	301
Interest expense	(32)	(50)	(50)
Other income (expense)	(445)	188	(110)
Income before income taxes	13,423	11,138	23,014
Income tax (benefit) provision	4,078	2,968	6,921
Net income	$ 9,345	$ 8,170	$ 16,093
Earnings per share:
Basic	$ 0.28	$ 0.25	$ 0.51
Diluted	$ 0.28	$ 0.25	$ 0.50
Weighted average shares outstanding:
Basic	32,881,940	32,497,657	31,667,015
Diluted	33,577,091	33,263,667	32,406,641
Other comprehensive income:
Unrealized (loss) gain on investments	$ 22	$ (28)	$ (19)
Foreign currency translation (loss) gain	(2,815)	(7,743)	106
Comprehensive income	$ 6,552	$ 399	$ 16,180

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, (in shares) at Dec. 31, 2012		31,195,041
Balance, at Dec. 31, 2012	$ 84,124	$ 312	$ 187,051	$ 1,911	$ (105,150)
Net income	16,093				16,093
Unrealized gain (loss) on investments	(19)			(19)
Foreign currency translation adjustment	106			106
Share-based compensation expense	1,060		1,060
Exercise of stock options and vesting of restricted stock	2,522	$ 7	2,515
Exercise of stock options and vesting of restricted stock, Shares		730,700
Balance, (in shares) at Dec. 31, 2013		31,925,741
Balance, at Dec. 31, 2013	103,886	$ 319	190,626	1,998	(89,057)
Net income	8,170				8,170
Unrealized gain (loss) on investments	(28)			(28)
Foreign currency translation adjustment	(7,743)			(7,743)
Share-based compensation expense	1,766		1,766
Shares issued in acquisition (in shares)		215,285
Shares issued in acquisition	4,000	$ 2	3,998
Exercise of stock options and vesting of restricted stock	1,681	$ 7	1,674
Exercise of stock options and vesting of restricted stock, Shares		633,348
Balance, (in shares) at Dec. 31, 2014		32,774,374
Balance, at Dec. 31, 2014	111,732	$ 328	198,064	(5,773)	(80,887)
Net income	9,345				9,345
Unrealized gain (loss) on investments	22			22
Foreign currency translation adjustment	(2,815)			(2,815)
Share-based compensation expense	3,598		3,598
Exercise of stock options and vesting of restricted stock	866	$ 1	865
Exercise of stock options and vesting of restricted stock, Shares		174,979
Balance, (in shares) at Dec. 31, 2015		32,949,353
Balance, at Dec. 31, 2015	$ 122,748	$ 329	$ 202,527	$ (8,566)	$ (71,542)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 9,345	$ 8,170	$ 16,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,594	4,020	3,114
Stock-based compensation expense	3,598	1,766	1,060
Deferred tax expense (benefit)	(118)	295	2,788
Loss on revaluation of contingent consideration	4,083	2,072	91
Loss on disposal of assets	1	35	2
Changes in assets and liabilities:
Accounts receivable	(3,729)	(1,597)	(774)
Royalties and other receivables	158	6,557	2,400
Inventories	(6,149)	(860)	(626)
Prepaid expenses and other current assets	(277)	(820)	58
Accounts payable	3,024	2,288	(734)
Accrued liabilities	(1,592)	(2,489)	1,257
Long-term liabilities	2,115	(1,036)	1,201
Net cash provided by operating activities	15,053	18,401	25,930
Cash flows from investing activities:
Purchases of marketable securities	(20,168)	(27,508)	(42,480)
Redemptions of marketable securities	27,587	34,804	29,209
Acquisition of assets of Refine Technology, LLC		(21,236)
Increase of restricted cash		(250)
Purchases of property, plant and equipment	(2,628)	(5,602)	(4,635)
Net cash provided by (used in) investing activities	4,791	(19,792)	(17,906)
Cash flows from financing activities:
Exercise of stock options	866	1,680	2,450
Excess tax benefit on exercise of stock options			72
Payments of contingent consideration	(99)
Net cash provided by financing activities	767	1,680	2,522
Effect of exchange rate changes on cash and cash equivalents	(1,882)	(4,756)	74
Net increase (decrease) in cash and cash equivalents	18,729	(4,467)	10,620
Cash and cash equivalents, beginning of period	35,363	39,830	29,210
Cash and cash equivalents, end of period	54,092	35,363	39,830
Supplemental information:
Income taxes paid	$ 4,948	$ 2,547	$ 1,264

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2014USD ($)
Business Acquisitions:
Net cash paid for business acquisition	$ 21,236,000
Refine Technology, LLC
Business Acquisitions:
Fair value of tangible assets acquired	1,175,000
Fair value of accounts receivable	1,647,000
Fair value of other assets	184,000
Liabilities assumed	(365,000)
Fair value of stock issued	(4,000,000)
Cost in excess of fair value of assets acquired (Goodwill)	13,199,000
Acquired identifiable intangible assets	9,100,000
In-process research and development	1,600,000
Business Combination Considerations Transferred Net	22,540,000
Less accrued contingent consideration	(1,370,000)
Working capital adjustment, reflected in other receivables as of December 31, 2014	66,000
Net cash paid for business acquisition	$ 21,236,000

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2015
Organization and Nature of Business	1. Organization and Nature of Business Repligen Corporation (“Repligen” or the “Company”) is a bioprocessing company that develops, manufactures and markets innovative products and solutions used to manufacture biologic drugs. The Company is a world-leading manufacturer of both native and recombinant forms of Protein A, critical reagents used in biomanufacturing to separate and purify monoclonal antibodies, a type of biologic drug. Repligen also supplies several growth factor products, ATF System products and cell filtration products used to increase cell culture productivity during the bioproduction process. In the expanding area of flexible biomanufacturing technologies, the Company has developed and markets a series of OPUS chromatography columns for use in clinical-scale manufacturing. The Company generally manufactures and sells Protein A and growth factors to life sciences companies under long-term supply agreements and sells its chromatography columns, as well as media and quality test kits, and ATF products directly to biopharmaceutical companies or contract manufacturing organizations or through distributors. The Company manufactures its products in production facilities in the United States and Sweden. In addition, the Company has out-licensed certain intellectual property to Bristol-Myers Squibb Company, from which Repligen received royalties on Bristol’s net sales in the United States of their product Orencia ® ® ® The Company is subject to a number of risks typically associated with companies in the biotechnology industry. These risks principally include the Company’s dependence on key customers, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with the FDA and other governmental regulations and approval requirements, as well as the ability to grow the Company’s business and obtain adequate funding to finance this growth.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions by management affect the Company’s revenue recognition for multiple element arrangements, allowance for doubtful accounts, the net realizable value of inventory, estimated fair value of cost method investments, valuations and purchase price allocations related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, stock-based compensation, fair value estimates of contingent consideration, contingent liabilities, tax reserves and recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Repligen Sweden AB and Repligen Singapore Pte. Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. Foreign Currency The Company translates the assets and liabilities of its foreign subsidiary at rates in effect at the end of the reporting period. Revenues and expenses are translated at average rates in effect during the reporting period. Translation adjustments including adjustments related to the Company’s intercompany loan with Repligen Sweden are remeasured at each period end and included in accumulated other comprehensive income. Revenue Recognition Product Sales The Company’s revenue recognition policy is to recognize revenues from product sales and services in accordance with ASC 605, Revenue Recognition. These standards require that revenues are recognized when persuasive evidence of an arrangement exists, product delivery, including customer acceptance, has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Determination of whether these criteria have been met are based on management’s judgments primarily regarding the fixed nature of the fee charged for the product delivered and the collectability of those fees. The Company has a few longstanding customers who comprise the majority of revenue and have excellent payment histories and therefore the Company does not require collateral. The Company has had no significant write-offs of uncollectible invoices in the periods presented. When more than one element such as equipment, consumables, and services are contained in a single arrangement, the Company allocates revenue between the elements based on each element’s relative selling price, provided that each element meets the criteria for treatment as a separate unit of accounting. An item is considered a separate unit of accounting if it has value to the customer on a stand-alone basis. The selling price of the undelivered elements is determined by the price charged when the element is sold separately, or in cases when the item is not sold separately, by third-party evidence of selling price or management’s best estimate of selling price. The Company’s product revenues are from the sale of bioprocessing products, equipment devices, and related consumables used with these equipment devices to customers in the life science and biopharmaceutical industries. On product sales to end customers, revenue is recognized, net of discounts, when both the title and risk of loss have transferred to the customer, as determined by the shipping terms provided there are no uncertainties regarding acceptance, and all obligations have been completed. Generally, our product arrangements for equipment sales are multiple element arrangements, and may include services, such as installation and training, and multiple products, such as consumables and spare parts. In accordance with ASC 605-25, based on terms and conditions of the product arrangements, the Company believes that these services and undelivered products can be accounted for separately from the delivered product element as the delivered products have value to our customers on a standalone basis. Accordingly, revenue for services not yet performed at the time of product shipment are deferred and recognized as such services are performed. The relative selling price of any undelivered products is also deferred at the time of shipment and recognized as revenue when these products are delivered. For product sales to distributors, the Company recognizes revenue for both equipment and consumables upon delivery to the distributor unless direct shipment to the end user is requested. In this case, revenue is recognized upon delivery to the end user’s location. In general, distributors are responsible for shipment to the end customer along with installation, training and acceptance of the equipment by the end customer. Sales to distributors are not contingent upon resale of the product. At the time of sale, the Company also evaluates the need to accrue for warranty and sales returns. The supply agreements the Company has with its customers and the related purchase orders identify the terms and conditions of each sale and the price of the goods ordered. Due to the nature of the sales arrangements, inventory produced for sale is tested for quality specifications prior to shipment. Since the product is manufactured to order and in compliance with required specifications prior to shipment, the likelihood of sales return, warranty or other issues is largely diminished. Furthermore, there is no customer right of return in our sales agreements. Sales returns and warranty issues are infrequent and have not had a material impact on the Company’s financial statements historically. Shipping and handling fees are recorded as a component of product revenue, with the associated costs recorded as a component of cost of product revenue. The Scripps Research Institute On April 6, 2007, the Company entered into an exclusive worldwide commercial license agreement (“Scripps License Agreement”) with The Scripps Research Institute (“Scripps”). Pursuant to the License Agreement, the Company obtained a license to use, commercialize and sublicense certain patented technology and improvements thereon, owned or licensed by Scripps, relating to compounds that may have utility in treating Friedreich’s ataxia, an inherited neurodegenerative disease. Pursuant to the Scripps License Agreement, the Company agreed to pay Scripps an initial license fee of $300,000, certain royalty and sublicense fees and, in the event that the Company achieved specified developmental and commercial milestones, certain additional milestone payments. Total future milestone payments, if all milestones had been achieved, would have been approximately $4,300,000. In addition, the Company issued Scripps and certain of its designees 87,464 shares of the Company’s common stock, which had a value of $300,000 on the date of issuance. In connection with the Scripps License Agreement, the Company issued warrants to an individual at Scripps to purchase up to 150,000 shares of common stock. No expense has been recorded related to these warrants through December 31, 2014. During the year ending December 31, 2014, the warrant’s seven-year term expired. As of January 2014, all rights and obligations have been transferred to BioMarin. Sale of Intellectual Property to BioMarin In January 2014, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with BioMarin Pharmaceutical Inc. (“BioMarin”) to sell Repligen’s histone deacetylase inhibitor (HDACi) portfolio. Pursuant to the terms of the Asset Purchase Agreement, the Company received $2 million from BioMarin as an upfront payment on January 30, 2014 and a $125,675 payment on September 3, 2014 upon completion of the Technology Transfer. The Company is entitled to receive up to $160 million in potential future milestone payments for the development, regulatory approval and commercial sale of portfolio compounds included in the agreement. These potential milestone payments are approximately 37% related to clinical development and 63% related to initial commercial sales in specific geographies. In addition, Repligen is eligible to receive royalties on sales of therapeutic products originating from the HDACi portfolio. The royalty rates are tiered and begin in the mid-single-digits for the first HDACi portfolio product and for the first non-HDACi portfolio product with lesser amounts for any backup products developed under the Asset Purchase Agreement. Repligen’s receipt of these royalties is subject to customary offsets and deductions. There are no refund provisions in this agreement. The Company recognized $2.1 million of revenue in the fiscal year ended December 31, 2014 related to the transfer of the HDACi technology under the Asset Purchase Agreement. Any milestones earned upon specified clinical development or commercial sales events or future royalty payments, under the Asset Purchase Agreement will be recognized as revenue when they are earned. Activities under this agreement were evaluated in accordance with ASC 605-25 to determine if they represented a multiple element revenue arrangement. The Company identified the following deliverables in the BioMarin agreement: • The assignment by Repligen to BioMarin of the Repligen Technology (“Repligen Know-How” and “Repligen Patents”) and the Scripps Agreement (the “Transferred Assets”); • The transfer of certain notebooks, data, documents, biological materials (if any) and other such documents in our possession that might be useful to further development of the program (the “Technology Transfer”). Two criteria must be met in order for a deliverable to be considered a separate unit of accounting. The first criterion requires that the delivered item or items have value to the customer on a stand-alone basis. The second criterion, which relates to evaluating a general right of return, is not applicable because such a provision does not exist in the Asset Purchase Agreement. The deliverables outlined above were deemed to have stand-alone value and to meet the criteria to be accounted for as separate units of accounting. Factors considered in this determination included, among other things, BioMarin’s right under the agreement to assign the Transferred Assets, whether any other vendors sell the items separately and if BioMarin could use the delivered item for its intended purpose without the receipt of the remaining deliverables. If multiple deliverables included in an arrangement are separable into different units of accounting, the multiple-element arrangements guidance addresses how to allocate the arrangement consideration to those units of accounting. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. Arrangement consideration is allocated at the inception of the arrangement to the identified units of accounting based on their relative selling price. The Company identified the arrangement consideration to allocate among the units of accounting as the $2.0 million non-refundable up-front payment and the $125,675 payment to be received upon completion of the Technology Transfer. The Company excluded the potential milestone payments provided for in the Asset Purchase Agreement from the arrangement consideration as they were not considered fixed or determinable at the time the Asset Purchase Agreement was signed. Because Repligen had not sold these items on a standalone basis previously, Repligen had no vendor-specific objective evidence of selling price. Furthermore, Repligen did not have detailed third-party evidence of selling price, and as a result we used our best estimate of selling price for each item. In determining these prices, Repligen considered what Repligen would be willing to sell the items for on a standalone basis, what the market would bear for such items and what another party might charge for these items. The up-front arrangement consideration allocated to the Transferred Assets was recognized upon execution of the Asset Purchase Agreement as the risks and rewards associated with the Transferred Assets transferred at that time. The Company used a discounted cash flow analysis to determine the value of the Transferred Assets. Key assumptions in the analysis included: the estimated market size for a compound targeted at Friedreich’s ataxia, the estimated remaining costs of development and time to commercialization, and the probability of successfully developing and commercializing the program. Based on this analysis, the Company allocated $2,115,000 to the value of the Transferred Assets. However, as the recognized revenue is limited to the non-contingent consideration received, the Company recognized $2,000,000, the amount of the up-front payment, as revenue in the three months ended March 31, 2014. The estimated selling price of the Technology Transfer items was approximately $300,000 resulting in consideration allocation of approximately $11,000. However, as this item was not delivered prior to March 31, 2014, the Company did not recognize any revenue related to the Technology Transfer in the three months ended March 31, 2014. Repligen received the payment and recognized $125,675 of other revenues in September 2014 upon completion of the Technology Transfer. The Company believes that a change in the key assumptions used to determine best estimate of selling price for each of the deliverables would not have a significant effect on the allocation of arrangement consideration. In addition to the $2.1 million up-front payment, the Company is also eligible to receive up to $160 million in potential milestone payments from BioMarin comprised of: • Up to $60 million related to the achievement of specified clinical and regulatory milestone events; and • Up to $100 million related to the achievement of specified commercial sales events, specifically the first commercial sale in specific territories. The Company evaluated the potential milestones in accordance with ASC 605-28, which allows an entity to make an accounting policy election to recognize a payment that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. This evaluation included an assessment of the risks that must be overcome to achieve the respective milestone as well as whether the achievement of the milestone was due in part to our initial clinical work, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other revenue recognition criteria are met. The Company believes that the $60 million of specified clinical and regulatory milestone payments are substantive. Therefore, any such milestones achieved will be recognized as revenue when earned. Any milestones achieved upon specified commercial sales events or future royalty payments are considered contingent revenue under the Asset Purchase Agreement, and will be recognized as revenue when they are earned as there are no undelivered elements remaining and no continuing performance obligations under the arrangement. Sale of SecreFlo On December 23, 2014, the Company sold its synthetic human secretin line, SecreFlo, to Innovate Biopharmaceuticals, Inc., or Innovate, pursuant to an asset purchase agreement. Under the terms of the agreement, Repligen received a nominal upfront payment and is eligible to receive royalties on net sales of qualified products for a period beginning on the first commercial sale of such product through the earlier of the expiration of the regulatory exclusivity period for the product or 10 years from its first commercial sale. Pfizer License Agreement In December 2012, the Company entered into an exclusive worldwide licensing agreement (the “License Agreement”) with Pfizer Inc. (“Pfizer”) to advance the spinal muscular atrophy program, or SMA program. Pursuant to the terms of the License Agreement, the Company received $5 million from Pfizer as an upfront payment on January 22, 2013, a $1 million milestone payment on September 4, 2013 and a $1 million milestone payment on December 28, 2014. On January 26, 2015 Pfizer notified the Company that they were terminating the License Agreement for convenience, effective as of April 26, 2015. The Company does not intend to invest additional resources to the development of the SMA program. Orencia Royalty In April 2008, the Company settled its outstanding litigation with Bristol-Myers Squibb Company (“Bristol”) and began recognizing royalty revenue in fiscal year 2009 for Bristol’s net sales in the United States of Orencia ® ® Pursuant to the Bristol Settlement, Repligen remitted to the University of Michigan 15% of all royalty revenue received from Bristol. Royalty expense for the fiscal years ended December 31, 2013 was approximately $2,682,000. This operating expense was included in cost of royalty revenue in the Company’s statements of comprehensive income. Therapeutics Licensing Agreements Activities under licensing agreements are evaluated in accordance with ASC 605-25 to determine if they represent a multiple element revenue arrangement. The Company identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting. The Company accounts for those components as separate units of accounting if the following two criteria are met: • The delivered item or items have value to the customer on a stand-alone basis. • If there is a general right of return relative to the delivered items, delivery or performance of the undelivered items is considered probable and within our control. Factors considered in this determination include, among other things, whether any other vendors sell the items separately and if the licensee could use the delivered item for its intended purpose without the receipt of the remaining deliverables. If multiple deliverables included in an arrangement are separable into different units of accounting, the Company allocates the arrangement consideration to those units of accounting. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. Arrangement consideration is allocated at the inception of the arrangement to the identified units of accounting based on their relative selling price. Revenue is recognized for each unit of accounting when the appropriate revenue recognition criteria are met. Future milestone payments, if any, under a license agreement will be recognized under the provisions of ASC 605-28, which the Company adopted on January 1, 2011. The Company has elected to recognize a payment that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is substantive if: • It can only be achieved based in whole or in part on either (1) the Company’s performance or (2) on the occurrence of a specific outcome resulting from the Company’s performance; • There is substantive uncertainty at the date an arrangement is entered into that the event will be achieved; and • It would result in additional payments being due to the entity. The commercial milestone payments and royalty payments received under license agreements, if any, will be recognized as revenue when they are earned. Research and Development Agreements For the fiscal year ended December 31, 2013, the Company recognized $803,000 of revenue, respectively, from sponsored research and development projects under agreements with the National Institutes of Health / Scripps Research Institute, the Muscular Dystrophy Association, Go Friedreich’s Ataxia Research, the European Friedrich’s Ataxia Consortium for Translational Studies, and the Friedreich’s Ataxia Research Alliance. The Company did not recognize any such revenue in the fiscal years ended December 31, 2015 and 2014. Research revenue is recognized when the expense has been incurred and services have been performed. Determination of which costs incurred qualify for reimbursement under the terms of the Company’s contractual agreements and the timing of when such costs were incurred involves the judgment of management. The Company’s calculations are based upon the agreed-upon terms as stated in the arrangements. However, should the estimated calculations change or be challenged by other parties to the agreements, research revenue may be adjusted in subsequent periods. The calculations have not historically changed or been challenged and the Company does not anticipate any subsequent change in its revenue related to sponsored research and development projects. There have been no material changes to the Company’s initial estimates related to revenue recognition in any periods presented in the accompanying consolidated financial statements. Risks and Uncertainties The Company evaluates its operations periodically to determine if any risks and uncertainties exist that could impact its operations in the near term. The Company does not believe that there are any significant risks which have not already been disclosed in the consolidated financial statements. A loss of certain suppliers could temporarily disrupt operations, although alternate sources of supply exist for these items. The Company has mitigated these risks by working closely with key suppliers, identifying alternate sources and developing contingency plans. Cash, Cash Equivalents and Marketable Securities At December 31, 2015 and December 31, 2014, the Company’s investments included money market funds as well as short-term and long-term marketable securities. Short-term marketable securities are investments with original maturities of greater than 90 days. Long-term marketable securities are securities with maturities of greater than one year at the original date of purchase. The average remaining contractual maturity of marketable securities at December 31, 2015 is approximately 5.8 months. Investments in debt securities consisted of the following at December 31, 2015 (in thousands): December 31, 2015 Amortized Gross Gross Fair Marketable securities: U.S. Government and agency securities $ 7,029 $ — $ (6 ) $ 7,023 Corporate and other debt securities 10,659 7 (7 ) 10,659 17,688 7 (13 ) 17,682 Long-term marketable securities: U.S. Government and agency securities 838 — (2 ) 836 Corporate and other debt securities 800 — (3 ) 797 1,638 — (5 ) 1,633 Total $ 19,326 $ 7 $ (18 ) $ 19,315 At December 31, 2015, the Company’s investments included thirty-four debt securities in unrealized loss positions with a total unrealized loss of approximately $19,000 and a total fair market value of approximately $12,520,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. The Company does not intend to sell any investments in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. There were no realized gains or losses on the investments for the fiscal years ended December 31, 2015, 2014 and 2013. Investments in debt securities consisted of the following at December 31, 2014 (in thousands): December 31, 2014 Amortized Gross Gross Fair Value Marketable securities: U.S. Government and agency securities $ 12,716 $ 2 $ (2 ) $ 12,716 Corporate and other debt securities 10,373 4 (3 ) 10,374 23,089 6 (5 ) 23,090 Long-term marketable securities: U.S. Government and agency securities 1,228 — — 1,228 Corporate and other debt securities 2,326 — (4 ) 2,322 3,554 — (4 ) 3,550 Total $ 26,643 $ 6 $ (9 ) $ 26,640 The contractual maturities of debt securities at December 31, 2015 were as follows (in thousands): Amortized Fair Value Due in 1 year or less $ 17,688 $ 17,682 Due in 1 to 2 years 1,638 1,633 $ 19,326 $ 19,315 Fair Value Measurement In determining the fair value of its assets and liabilities, the Company uses various valuation approaches. The Company employs a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. The Company’s fixed income investments are comprised of obligations of U.S. government agencies, corporate debt securities and other interest bearing securities. These investments have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validates the prices provided by third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of December 31, 2015. The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of December 31, 2015 (in thousands): Fair value measurement at reporting date using: Quoted prices in Significant Significant Total Assets: Money market funds $ 12,685 $ — $ — $ 12,685 U.S. Government and agency securities 7,456 402 — 7,858 Corporate and other debt securities — 11,457 — 11,457 Total $ 20,141 $ 11,859 $ — $ 32,000 Liabilities: Contingent consideration – short-term — — 4,480 4,480 Contingent consideration – long-term — — 2,308 2,308 Total $ — $ — $ 6,788 $ 6,788 As of December 31, 2015, the Company has no other assets or liabilities for which fair value measurement is either required or has been elected to be applied, other than the liabilities for contingent consideration recorded in connection with the acquisition of the assets of BioFlash Partners, LLC (“BioFlash”) and the Refine Acquisition. The contingent consideration related to BioFlash is valued using management’s estimates of royalties to be paid to the former shareholders of BioFlash based on sales of the acquired assets. The contingent consideration related to the Refine Acquisition is valued using management’s estimates of expected future milestone payments based on forecasted sales of the acquired assets and portion of any receipts that might be received in connection with the resolution, withdrawal or settlement of certain patent disputes with a third party to be paid to the former shareholders of Refine. These valuations are Level 3 valuations as the primary inputs are unobservable. The following tables provide quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs (in thousands): Contingent Consideration Refine Fair value as of December 31, 2015 $ 6,369 Valuation technique Probability-adjusted discounted cash flow Periods in which milestones can be achieved 2015 – 2016 Fixed Variable Accrued 2015 $ 3,500 850 $ 4,350 2016 4,250 1,300 2,019 The significant unobservable inputs used in the fair value measurement of Refine’s contingent consideration are the probabilities of successful achievement of sales milestones. Significant increases or decreases in estimated Refine sales would result in a significantly higher or lower fair value measurement, respectively. Changes in the fair value of contingent consideration in fiscal 2015 are primarily attributable to an increase to the expected Refine milestone payment of $4,048,000 related to 2015 sales and forecasted 2016 sales, a $1,000,000 milestone payment made to Refine related to 2014 sales, a $110,000 minimum royalty payment made to BioFlash, and a final milestone payment made to Novozymes Biopharma DK A/S of 25,000 Euros (approximately $29,000). All milestone payments made in 2015 were previously accrued. The following table provides a rollforward of the fair value of the contingent consideration (in thousands): Balance at December 31, 2014 $ 3,844 Payments (1,139 ) Changes in fair value 4,083 Balance at December 31, 2015 $ 6,788 There were no remeasurements to fair value during the year ended December 31, 2015 of financial assets and liabilities that are not measured at fair value on a recurring basis. Inventories Inventories relate to the Company’s bioprocessing business. The Company values inventory at cost or, if lower, fair market value, using the first-in, first-out method. The Company reviews its inventories at least quarterly and records a provision for excess and obsolete inventory based on its estimates of expected sales volume, production capacity and expiration dates of raw materials, work-in-process and finished products. Expected sales volumes are determined based on supply forecasts provided by key customers for the next 3 to 12 months. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected requirements to cost of product revenue. Manufacturing of bioprocessing finished g

Acquisitions, Goodwill and Othe

Acquisitions, Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2015
Acquisitions, Goodwill and Other Intangible Assets	3. Acquisitions, Goodwill and Other Intangible Assets Acquisitions Refine Technology, LLC On June 2, 2014, pursuant to the terms of the Asset Purchase Agreement, dated as of June 2, 2014 (the “Asset Purchase Agreement”), by and among the Company, Refine Technology, LLC (a limited liability company formed under the laws of the State of New Jersey) (“Refine”), the members of Refine Technology, LLC, Jerry Shevitz, Refine Technology Sales LLC (a limited liability company formed under the laws of the State of New Jersey) and Refine Technology Sales Asia PTE. LTD. (a limited private company organized in the Republic of Singapore), the Company acquired the business of Refine, including Refine’s Alternating Tangential Flow (“ATF”) System, a market-leading device used to significantly increase product yield during the fermentation step of the biologic drug manufacturing process (the “Refine Business” and the acquisition of the Refine Business, the “Refine Acquisition”). Pursuant to the Asset Purchase Agreement, Repligen purchased all of the assets related to Refine’s ATF system and assumed certain specified liabilities related to Refine’s ATF system. This acquisition strengthened Repligen’s bioprocessing business by adding a complementary product line while expanding its direct sales presence worldwide. The transaction was accounted for as a purchase of a business under ASC 805, Business Combinations. The terms of the acquisition included an upfront cash payment of approximately $21,236,000 less approximately $66,000 as a result of the final determination of working capital, issuance of 215,285 shares of the Company’s $0.01 par value common stock valued at $4,000,000, future potential milestone payments totaling up to $10,900,000 if specific sales targets are met for the years 2014, 2015 and 2016, and future potential payments up to $7,500,000 out of any amounts that might be received in connection with the resolution, withdrawal or settlement of certain patent disputes with a third party. The $10,900,000 potential contingent consideration had an initial probability weighted fair value at acquisition of $1,370,000. The $7,500,000 potential contingent consideration had only a nominal probability weighted fair value at acquisition. In addition to the initial consideration, approximately $774,000 was paid to Refine following the acquisition under a Transition Services Agreement under which certain employees of Refine provided services to the Company in support of the Refine Business. As these payments were contingent upon future service, they were recognized as operating expense, ratably while the services were provided. Consideration Transferred The Company accounted for the Refine Acquisition as the purchase of a business under U.S. GAAP. Under the acquisition method of accounting, the assets of the Refine Business were recorded as of the acquisition date, at their respective fair values, and consolidated with those of Repligen. The fair value of the net assets acquired was approximately $26,540,000. The preparation of the valuation required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that the Company believes to be reasonable. However, actual results may differ from these estimates. The total consideration transferred follows (in thousands): Cash consideration, less $66 of working capital adjustments $ 21,170 Value of common stock issued 4,000 Estimated fair value of contingent consideration 1,370 Total consideration transferred $ 26,540 The fair value of contingent consideration was determined based upon a probability weighted analysis of expected future milestone and settlement payments to be made to the seller. The Company paid $1,000,000 to Refine in 2015 for achievements of sales targets met in 2014, and could make payments of up to $9,900,000 if specific sales targets are met in 2015 and 2016. In addition, the Company could pay Refine up to $7,500,000 out of any receipts that might be received in connection with the resolution, withdrawal or settlement of certain patent disputes with a third party. The liability for contingent consideration is included in current and long-term liabilities on the consolidated balance sheets and will be remeasured at each reporting period until the contingency is resolved. Please see Note 10—Accrued Liabilities for further details. Acquisition related costs are not included as a component of consideration transferred, but are expensed in the periods in which the costs are incurred. The Company incurred approximately $818,000 in transaction costs related to the Refine Acquisition. The transaction costs are included in 2014 selling, general and administrative expenses in the consolidated statements of operations. Fair Value of Net Assets Acquired The allocation of purchase price was based on the fair value of assets acquired and liabilities assumed as of June 2, 2014. The components and allocation of the purchase price consists of the following amounts (in thousands): Accounts receivable $ 1,647 Inventory 1,003 Other current assets 184 Fixed assets 85 Customer relationships 6,400 Developed technology 2,000 In process research and development (“IPR&D”) 1,600 Trademark and trade name 700 Accounts payable and other liabilities assumed (431 ) Goodwill 13,352 Net assets acquired $ 26,540 Of the consideration paid, $6,400,000 represents the fair value of customer relationships that will be amortized over the determined useful life of 10 years and $2,000,000 represents the fair value of developed technology that will be amortized over a determined useful life of 15 years. $700,000 represents the fair value of trademark and trade name determined to have an indefinite useful life and is not subject to amortization. $1,600,000 of the consideration paid represents the fair value of acquired IPR&D projects that are considered identifiable assets as of the acquisition date. Those assets are considered indefinite lived until efforts associated with the projects are completed or abandoned. The major acquired technology IPR&D relates to the development of a single use system product extension to the ATF system business. The IPR&D project is not currently amortized and is reviewed for impairment at least annually. There was no evidence of impairment to IPR&D as of December 31, 2015. The excess of the purchase price over the fair value of tangible and intangible assets acquired was recorded to goodwill. The goodwill recognized is attributable to expected synergies that the Company will realize from this acquisition. This goodwill is deductible for tax purposes over the next 15 years. Revenue, Net Income and Pro Forma Presentation The Company recorded revenue from Refine of $15,628,000 for the year ended December 31, 2015 and $6,793,000 from June 2, 2014 through December 31, 2014. The segregation of Refine’s net income is administratively impractical, as the Company operates as one operating segment and does not separately allocate expenses. The Company has included the operating results of Refine in its fiscal 2015 and 2014 consolidated statements of operations since the June 2, 2014 acquisition date. The following table presents unaudited supplemental pro forma information as if the Refine Acquisition had occurred as of January 1, 2013 (in thousands, except per share data): December 31, December 31, Total revenue $ 67,330,000 $ 76,331,000 Net income 9,493,000 16,403,000 Earnings per share: Basic $ 0.28 $ 0.58 Diluted $ 0.27 $ 0.56 The unaudited pro forma information for the year-ended December 31, 2014 and 2013 was calculated after applying the Company’s accounting policies and the impact of acquisition date fair value adjustments. Unaudited pro forma net income for year-ended December 31, 2014 was adjusted to exclude acquisition-related transaction costs. These expenses have been added to the unaudited pro forma net income for the year-ended December 31, 2013. In addition, the unaudited pro forma net income for the year-ended December 31, 2014 was adjusted to exclude nonrecurring expenses related to the fair value adjustments associated with the acquisition of Refine that were recorded by the Company. The unaudited pro forma net income for the year-ended December 31, 2013 was adjusted to include these acquisition-related transaction costs and expenses related to the fair value adjustments. The basic and diluted EPS calculations reflect the issuance of shares to Refine as if the equity consideration had been granted on January 1, 2013. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain adjustments to reflect the pro forma results of operations as if the acquisition had occurred as of the beginning of the periods presented, such as fair value adjustments to inventory and increased amortization for the fair value of acquired intangible assets. The pro forma information does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the combination occurred at the beginning of each period presented, or of future results of the consolidated entities. Goodwill The changes in the carrying value of goodwill for the year ended December 31, 2015 is as follows (in thousands): Balance at December 31, 2014 $ 14,185 Adjustments to goodwill arising from Refine acquisition 161 Balance at December 31, 2015 $ 14,346 Other Intangible Assets Intangible assets, except for the Refine Technology, LLC tradename and in-process research and development, are amortized over their useful lives using the estimated economic benefit method, as applicable, and the amortization expense is recorded within selling, general and administrative expense in the Company’s statements of comprehensive income. The Refine Technology, LLC tradename and in-process research and development are not amortized. The Company reviews our indefinite-lived intangible assets not subject to amortization to determine if adverse conditions exist or a change in circumstances exists that would indicate an impairment. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for our products or changes in the size of the market for our products. An impairment results if the carrying value of the asset exceeds the estimated fair value of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its intangible assets are recoverable at December 31, 2015.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes	4. Income Taxes Income tax data for the years ended December 31, 2015, 2014 and 2013 (in thousands): December 31, 2015 December 31, 2014 December 31, 2013 The components of income from operations before income taxes are as follows: Domestic $ (2,490 ) $ (1,152 ) $ 12,783 Foreign 15,913 12,290 10,231 Total $ 13,423 $ 11,138 $ 23,014 The current and deferred components of the provision for income taxes on operations are as follows: Current $ 3,745 $ 2,480 $ 4,124 Deferred 333 488 2,797 Total $ 4,078 $ 2,968 $ 6,921 The jurisdictional components of the provision for income taxes on operations are as follows: Federal $ 295 $ 214 $ 3,322 State 276 (67 ) 1,306 Foreign 3,507 2,821 2,293 Total $ 4,078 $ 2,968 $ 6,921 At December 31, 2015, the Company had net operating loss carryforwards of approximately $46,984,000 and business tax credits carryforwards of approximately $1,920,000 available to reduce future federal income taxes, if any. The cumulative U.S. federal net operating loss includes $10,242,000 related to excess tax deductions from share-based payments, the tax benefit of which will be recognized as an increase to additional paid in capital when the deduction reduces current taxes payable. The net operating loss and business tax credits carryforwards will continue to expire at various dates through December 2035. The net operating loss and business tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and may be limited in the event of certain changes in the ownership interest of significant stockholders. The Company’s consolidated deferred tax assets (liabilities) consist of the following (in thousands): December 31, 2015 December 31, 2014 Deferred tax assets: Temporary timing differences: Stock compensation $ 1,079 $ 628 Contingent consideration 2,126 767 Other 1,150 1,674 Total temporary timing differences 4,355 3,069 Net operating loss carryforwards 12,389 12,580 Tax business credits carryforwards 1,820 1,782 Total deferred tax assets 18,564 17,431 Valuation allowance (18,514 ) (17,298 ) Net deferred tax assets $ 50 $ 133 Deferred tax liabilities: Goodwill and intangible assets $ (501 ) $ (251 ) Net deferred tax liabilities $ (451 ) $ (118 ) The net change in the total valuation allowance was an increase of $1,216,000 in the year ended December 31, 2015. The increase is attributable to increases in deferred tax assets derived from temporary timing differences. The valuation allowance increased by $727,000 for the year ended December 31, 2014 and decreased by $1,736,000 for the year ended December 31, 2013. During 2013, based on the Company’s pre-tax income position, the Company believed that it was more likely than not that it would generate sufficient taxable income to realize the tax benefit of a portion of its deferred tax assets. As of December 31, 2013, because the Company would no longer receive royalty payments on Bristol’s sales of Orencia, the Company concluded that realization of deferred tax assets beyond December 31, 2013 was not more likely than not, and as such, the Company maintained a valuation allowance against the majority of its remaining deferred tax assets. As of December 31, 2015 the Company continues to believe that realization of deferred tax assets beyond December 31, 2015 is not more likely than not, and the Company continues to maintain a full valuation allowance against its remaining U.S. deferred tax assets with the exception for certain state tax credits. The reconciliation of the federal statutory rate to the effective income tax rate for the fiscal years ended December 31, 2015, 2014 and 2013 is as follows (amounts in thousands): Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Income before income taxes $ 13,423 $ 11,138 $ 23,014 Expected tax at statutory rate 4,564 34.0 % 3,787 34.0 % 7,825 34.0 % Adjustments due to: Difference between U.S. and foreign tax (1,910 ) (14.2 %) (1,471 ) (13.2 %) (1,228 ) (5.3 %) State income and franchise taxes 563 4.2 % 122 1.1 % 1,122 4.9 % Business tax credits (115 ) (0.9 %) — — — — Permanent differences 118 0.9 % (172 ) (1.5 %) (298 ) (1.3 %) Change in valuation allowance 1,216 9.1 % 727 6.5 % (509 ) (2.2 %) Other (358 ) (2.7 %) (25 ) (0.2 %) 9 — Provision (benefit) for income taxes $ 4,078 30.4 % $ 2,968 26.7 % $ 6,921 30.1 % In June 2015, the Company received a final assessment from the Massachusetts Department of Revenue (“DOR”) regarding an examination for the years ended March 31, 2010 and 2011 and the nine months ended December 31, 2011. This examination related to the qualification of Research and Development tax credits. The final settlement resulted in a payment to the DOR of approximately $141,000, inclusive of interest and penalties. In December 2015, the Company reached a negotiated settlement with the DOR regarding an appeal of an assessment made in 2013 for the years ended March 31, 2008 and 2009. The primary issues in the appeal related to the sourcing of intellectual property settlements and the qualification of Research and Development tax credits. The final settlement resulted in a payment to the DOR of approximately $1,012,000, inclusive of interest. Of this amount, $926,000 had been provided for as a liability for an uncertain tax position as of September 30, 2015. As a result of these settlements, the fiscal years ended March 31, 2008 through December 31, 2011 are now closed under the Massachusetts statute. The fiscal years ended December 31, 2012, 2013, 2014 and 2015 are subject to examination by the federal and state taxing authorities. At December 31, 2015, the Company had accumulated Federal research credits of $2,578,000 which were not recognized for financial statement purposes, as it was not more likely than not that the Company would have sufficient earnings to realize those benefits in addition to the benefits the Company may derive from use of its Net Operating Losses. However, given the past uncertainty at the state level regarding their sustainability under audit, the Company applied a reserve of $1,289,000 against these cumulative Federal research credits The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands): Unrecognized tax benefits at January 1, 2015 2,118 Gross increases – tax positions in prior period 324 Gross decreases – settlements (1,153 ) Unrecognized tax benefits at December 31, 2015 $ 1,289 The amount of unrecognized tax benefits at December 31, 2015 that will impact our effective tax rate are $1,289,000. For the year ended December 31, 2015, the Company recognized interest and penalties of $272,000. At December 31, 2015, the Company has not provided for U.S. income taxes or foreign withholding taxes on outside basis differences of foreign subsidiaries of approximately $30,322,000 as it is the Company’s current intention to permanently reinvest these earnings outside the U.S. It is not practical to estimate the additional taxes that may be payable upon repatriation.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity	5. Stockholders’ Equity Common Stock and Warrants At December 31, 2013, the Company has reserved 4,005,174 shares of common stock pursuant to the Plans, as described below. On April 6, 2007, the Company issued warrants to an individual at Scripps to purchase up to 150,000 shares of common stock at $0.01 per share, as discussed in Note 10. The warrants have a seven-year term and are exercisable based on performance criteria as detailed in the warrant agreement during 2014. The warrant expired prior to the performance criteria being achieved. Stock-Based Compensation The Company recorded stock-based compensation expense of approximately $3,598,000, $1,766,000 and $1,060,000 for the years ended December 31, 2015, 2014 and 2013, respectively, for share-based awards granted under the Second Amended and Restated 2001 Repligen Corporation Stock Plan (the “2001 Plan”) and the Repligen Corporation 2012 Stock Option and Incentive Plan (the “2012 Plan,” and collectively with the 2001 Plan and the 1992 Repligen Corporation Stock Option Plan, the “Plans”). The following table presents stock-based compensation expense in the Company’s consolidated statements of operations (in thousands): Years ended December 31, 2015 2014 2013 Cost of product revenue $ 213 $ 128 $ 74 Research and development 336 185 97 Selling, general and administrative 3,049 1,453 889 Total $ 3,598 $ 1,766 $ 1,060 During 2015, the Company modified certain stock option grants for its former president and chief executive officer in conjunction with his retirement. As part of the January 2015 transition agreement, all outstanding equity awards continued to vest through December 31, 2015, and fifty percent (50%) of the option awards that are unvested on December 31, 2015 immediately vested and became exercisable as of that date. As a result of these modifications to his share-based payment arrangements, the Company incurred stock compensation expense of $826,000 for the year ended December 31, 2015. This expense was recorded to selling, general and administrative expense on the Company’s consolidated statement of operations. The 2012 Plan allows for the granting of incentive and nonqualified options to purchase shares of common stock, restricted stock and other equity awards. Incentive options granted to employees under the Plans generally vest over a three to five-year period, with 20%-33% vesting on the first anniversary of the date of grant and the remainder vesting in equal yearly installments thereafter. Nonqualified options issued to non-employee directors and consultants under the Plans generally vest over one year. Options granted under the Plans have a maximum term of ten years from the date of grant and generally, the exercise price of the stock options equals the fair market value of the Company’s common stock on the date of grant. At December 31, 2015, options to purchase 1,240,935 shares were outstanding under the Plans. At December 31, 2015, 2,441,761 shares were available for future grant under the 2012 Plan. The Company uses the Black-Scholes option pricing model to calculate the fair value of share-based awards on the grant date. The fair value of share-based awards granted during the years ended December 31, 2015, 2014 and 2013 were calculated using the following estimated assumptions: 2015 2014 2013 Expected term (years) 6.6 -7.2 6.5 6.5 Volatility 50.09 - 51.89% 51.00 - 51.71% 51.39% - 53.63% Risk-free interest rate 1.67 – 2.03% 1.88 - 2.11% 1.09% - 2.08% Expected dividend yield — — — Information regarding option activity for the year ended December 31, 2015 under the Plans is summarized below: Options Weighted- Weighted- (in thousands) Aggregate Options outstanding at December 31, 2014 1,225,117 $ 8.31 Granted 310,857 15.23 Exercised (177,693 ) 5.22 Forfeited/cancelled (117,346 ) 8.81 Options outstanding at December 31, 2015 1,240,935 $ 10.44 6.42 $ 22,653 Options exercisable at December 31, 2015 559,922 $ 6.77 3.89 $ 12,048 Vested and expected to vest at December 31, 2015 (1) 1,183,574 $ 10.42 6.36 $ 21,652 (1) This represents the number of vested options as of December 31, 2015 plus the number of unvested options expected to vest as of December 31, 2015 based on the unvested outstanding options at December 31, 2015 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing price of the common stock on December 31, 2015 of $28.29 per share and the exercise price of each in-the-money option) that would have been received by the option holders had all option holders exercised their options on December 31, 2015. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2015, 2014 and 2013 was approximately $4,942,000, $10,475,000 and $3,723,000, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2015, 2014 and 2013 was $22.45, $11.12 and $4.31, respectively. The total fair value of stock options that vested during the years ended December 31, 2015, 2014 and 2013 was approximately $2,317,000, $1,084,000 and $991,000, respectively. As of December 31, 2015, there was $6,547,000 of total unrecognized compensation cost related to unvested share-based awards. This cost is expected to be recognized over a weighted average remaining requisite service period of 3.08 years. The Company expects 623,652 unvested options to vest over the next five years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies	6. Commitments and Contingencies Lease Commitments In 2001, the Company entered into a ten-year lease agreement for approximately 25,000 square feet of space located in Waltham, Massachusetts to be used for its corporate headquarters, manufacturing, research and development, and marketing and administrative operations. In July 2011, the Company amended this agreement to expand the lease to cover approximately 55,694 square feet and to extend the term of the lease by eleven years, which expires on May 31, 2023. In connection with this lease agreement, the Company issued a letter of credit in the amount of $200,000 to the lessor. The letter of credit is collateralized by a certificate of deposit held by the bank that issued the letter of credit. The certificate of deposit is classified as restricted cash in the accompanying consolidated balance sheets. In March 2014, the Company entered into an amendment of its existing lease to expand the rented space from 55,694 to 75,594 square feet at 41 Seyon Street, Waltham, Massachusetts. Pursuant to the terms of the amended lease, Repligen leased an additional 19,900 square feet (the “Expansion Space”) for a period of eight years and one month, commencing on August 1, 2014. The amended lease provides for additional rent expense of approximately $361,000 on an annualized basis. The amended lease also requires an increased security deposit from $200,000 to $450,000 and continues to require the Company to pay a proportionate share of certain of the landlord’s annual operating costs and real estate taxes. Future minimum rental commitments under the amended lease as of December 31, 2015 are $1,371,000 for the years ending December 31, 2016, 2017, 2018, 2019 and 2020, respectively. In 2007, the Company entered into a five-year lease agreement for approximately 2,500 square feet of space in Waltham, Massachusetts to provide for expanded manufacturing operations. Adjacent to this space, the Company entered into a two-year lease in 2008 for approximately 7,350 square feet of additional space to be used for expanded manufacturing and administrative operations. Both of these leases expired on December 31, 2012. The Company converted to a month-to-month basis for both sites. The Company terminated the lease on the 7,350 square feet of space in the first quarter of 2015. Following the completion of the Novozymes Acquisition, the Company now leases four adjacent buildings in Lund, Sweden totaling approximately 45,000 square feet of space used primarily for biologics manufacturing and administrative operations. The lease for three buildings totaling approximately 41,000 square feet expires on June 30, 2017 while the lease for the fourth building with approximately 4,000 square feet of space expires on September 30, 2019. Obligations under non-cancelable operating leases, including the facility leases discussed above, as of December 31, 2015 are approximately as follows (in thousands): Years Ending Operating Leases December 31, 2016 $ 2,343 December 31, 2017 1,888 December 31, 2018 1,434 December 31, 2019 1,418 December 31, 2020 1,371 Thereafter 3,043 Minimum lease payments $ 11,497 Rent expense charged to operations under operating leases was approximately $2,619,000, $2,735,000 and $2,437,000 for the fiscal years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, 2014 and 2013, the Company had deferred rent liabilities of $1,899,000, $1,956,000 and $2,028,000, respectively, related to the escalating rent provisions for the Waltham headquarters. Licensing and Research Agreements The Company licenses certain technologies that are, or may be, incorporated into its technology under several agreements and also has entered into several clinical research agreements which require the Company to fund certain research projects. Generally, the license agreements require the Company to pay annual maintenance fees and royalties on product sales once a product has been established using the technologies. The Company recorded research and development expenses associated with license agreements of approximately $7,000, $7,000 and $302,000 for the years ended December 31, 2015, 2014, and 2013, respectively. In October 2009, the Company entered into an exclusive worldwide commercial license agreement with Families of Spinal Muscular Atrophy (see Note 2). Pursuant to the License Agreement dated December 28, 2012, the Company transferred all rights and obligations related to the FSMA License Agreement to Pfizer. On January 26, 2015 Pfizer notified us that they were terminating the License Agreement, effective as of April 26, 2015. Purchase Orders, Supply Agreements and Other Contractual Obligations In the normal course of business, the Company has entered into purchase orders and other agreement with manufacturers, distributors and others. Outstanding obligations at December 31, 2015 of approximately $5,729,000 are expected to be completed within one year.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2015
Prepaid Expenses and Other Current Assets	7. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2015 December 31, 2014 Equipment maintenance and services $ 689 $ 492 Prepaid VAT 558 419 Prepaid insurance 455 359 Vendor credit — 486 Deferred costs 206 5 Prepaid taxes 105 220 Interest receivable 63 100 Other 22 23 Total $ 2,098 $ 2,104

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment	8. Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): December 31, 2015 December 31, 2014 Leasehold improvements $ 13,306 $ 9,108 Equipment 13,758 13,116 Furniture and fixtures 2,808 2,270 Construction in progress 425 3,848 Total property, plant and equipment 30,297 28,342 Less: accumulated depreciation (16,496 ) (13,816 ) Property, plant and equipment, net $ 13,801 $ 14,526 Depreciation expense totaled approximately $2,996,000, $2,594,000 and $2,092,000 in the fiscal years ended December 31, 2015, 2014 and 2013, respectively.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2015
Accrued Liabilities	9. Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2015 December 31, 2014 Employee compensation $ 4,680 $ 3,759 Taxes 166 571 Current portion of contingent consideration 4,480 1,135 Professional fees 269 511 Unearned revenue 258 130 Other accrued expenses 2,204 713 Total $ 12,057 $ 6,819

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss)	10. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) consisted of the following for the years ended December 31, 2015 and 2014 (in thousands): Unrealized gain (loss) Foreign currency Total Balance as of December 31, 2013 $ (5 ) $ 2,003 $ 1,998 Other comprehensive income (loss) (28 ) (7,743 ) (7,771 ) Balance as of December 31, 2014 (33 ) (5,740 ) (5,773 ) Other comprehensive income (loss) 22 (2,815 ) (2,793 ) Balance as of December 31, 2015 $ (11 ) $ (8,555 ) $ (8,566 )

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Employee Benefit Plans	11. Employee Benefit Plans In the U.S., the Repligen Corporation 401(k) Savings and Retirement Plan (the “401(k) Plan”) is a qualified defined contribution plan in accordance with Section 401(k) of the Internal Revenue Code. All U.S. employees over the age of 21 are eligible to make pre-tax contributions up to a specified percentage of their compensation. Under the 401(k) Plan, the Company may, but is not obligated to match a portion of the employees’ contributions up to a defined maximum. The match is calculated on a calendar year basis. The Company matched approximately $141,000, $107,000 and $92,000 in the fiscal years ended December 31, 2015, 2014 and 2013, respectively. In Sweden, the Company contributes to a government-mandated occupational pension plan that is a qualified defined contribution plan. All employees in Sweden are eligible for this pension plan. The Company pays premiums to a third party occupational pension specialist who administers the pension plan. These premiums are based on various factors including each employee’s age, salary, employment history and selected benefits in the pension plan. When an employee terminates or retires, these premium payments cease for that employee and the Company has no further pension-related obligations for that employee. For the fiscal years ended December 31, 2015, 2014 and 2013, the Company contributed approximately $485,000, $493,000 and $437,000, respectively, to the pension plan.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data (Unaudited)	12. Selected Quarterly Financial Data (Unaudited) The following table contains consolidated statements of operations information for each of the previous eight quarters. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, (in thousands, except per share amounts) Revenue: Product revenue $ 21,449 $ 19,814 $ 21,457 $ 20,816 $ 15,393 $ 15,153 $ 15,551 $ 14,335 Royalty and other revenue — — — — 1,000 125 — 1,991 Total revenue 21,449 19,814 21,457 20,816 16,393 15,278 15,551 16,326 Operating expenses: Cost of product revenue 10,148 8,444 8,586 8,073 8,084 6,931 6,671 6,335 Cost of royalty and other revenue — — — — — — — — Research and development 1,431 1,490 1,252 1,568 1,328 1,650 1,430 1,201 Selling, general and administrative 6,473 5,959 6,242 6,024 4,975 4,471 4,326 3,384 Contingent consideration – fair value adjustments 1,969 233 768 1,112 1,945 10 18 98 Total operating expenses 20,021 16,126 16,848 16,777 16,332 13,062 12,445 11,018 Income from operations 1,428 3,688 4,609 4,039 61 2,216 3,106 5,308 Investment income 44 37 19 36 59 64 85 102 Interest expense (8 ) (8 ) (8 ) (9 ) (12 ) (11 ) (13 ) (14 ) Other income (expense) (270 ) (38 ) (269 ) 132 134 (14 ) 65 2 Income before income taxes 1,194 3,679 4,351 4,198 242 2,255 3,243 5,398 Income tax provision 929 1,141 738 1,269 640 789 418 1,121 Net income (loss) $ 265 $ 2,538 $ 3,613 $ 2,929 $ (398 ) $ 1,466 $ 2,825 $ 4,277 Earnings per share: Basic $ 0.01 $ 0.08 $ 0.11 $ 0.09 $ (0.01 ) $ 0.04 $ 0.09 $ 0.13 Diluted $ 0.01 $ 0.08 $ 0.11 $ 0.09 $ (0.01 ) $ 0.04 $ 0.09 $ 0.13 Weighted average shares outstanding: Basic 32,946 32,925 32,870 32,755 32,747 32,677 32,234 31,963 Diluted 33,577 33,690 33,671 33,451 32,747 33,327 33,076 31,855

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions by management affect the Company’s revenue recognition for multiple element arrangements, allowance for doubtful accounts, the net realizable value of inventory, estimated fair value of cost method investments, valuations and purchase price allocations related to business combinations, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, stock-based compensation, fair value estimates of contingent consideration, contingent liabilities, tax reserves and recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Repligen Sweden AB and Repligen Singapore Pte. Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation.
Foreign Currency	Foreign Currency The Company translates the assets and liabilities of its foreign subsidiary at rates in effect at the end of the reporting period. Revenues and expenses are translated at average rates in effect during the reporting period. Translation adjustments including adjustments related to the Company’s intercompany loan with Repligen Sweden are remeasured at each period end and included in accumulated other comprehensive income.
Revenue Recognition	Revenue Recognition Product Sales The Company’s revenue recognition policy is to recognize revenues from product sales and services in accordance with ASC 605, Revenue Recognition. These standards require that revenues are recognized when persuasive evidence of an arrangement exists, product delivery, including customer acceptance, has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Determination of whether these criteria have been met are based on management’s judgments primarily regarding the fixed nature of the fee charged for the product delivered and the collectability of those fees. The Company has a few longstanding customers who comprise the majority of revenue and have excellent payment histories and therefore the Company does not require collateral. The Company has had no significant write-offs of uncollectible invoices in the periods presented. When more than one element such as equipment, consumables, and services are contained in a single arrangement, the Company allocates revenue between the elements based on each element’s relative selling price, provided that each element meets the criteria for treatment as a separate unit of accounting. An item is considered a separate unit of accounting if it has value to the customer on a stand-alone basis. The selling price of the undelivered elements is determined by the price charged when the element is sold separately, or in cases when the item is not sold separately, by third-party evidence of selling price or management’s best estimate of selling price. The Company’s product revenues are from the sale of bioprocessing products, equipment devices, and related consumables used with these equipment devices to customers in the life science and biopharmaceutical industries. On product sales to end customers, revenue is recognized, net of discounts, when both the title and risk of loss have transferred to the customer, as determined by the shipping terms provided there are no uncertainties regarding acceptance, and all obligations have been completed. Generally, our product arrangements for equipment sales are multiple element arrangements, and may include services, such as installation and training, and multiple products, such as consumables and spare parts. In accordance with ASC 605-25, based on terms and conditions of the product arrangements, the Company believes that these services and undelivered products can be accounted for separately from the delivered product element as the delivered products have value to our customers on a standalone basis. Accordingly, revenue for services not yet performed at the time of product shipment are deferred and recognized as such services are performed. The relative selling price of any undelivered products is also deferred at the time of shipment and recognized as revenue when these products are delivered. For product sales to distributors, the Company recognizes revenue for both equipment and consumables upon delivery to the distributor unless direct shipment to the end user is requested. In this case, revenue is recognized upon delivery to the end user’s location. In general, distributors are responsible for shipment to the end customer along with installation, training and acceptance of the equipment by the end customer. Sales to distributors are not contingent upon resale of the product. At the time of sale, the Company also evaluates the need to accrue for warranty and sales returns. The supply agreements the Company has with its customers and the related purchase orders identify the terms and conditions of each sale and the price of the goods ordered. Due to the nature of the sales arrangements, inventory produced for sale is tested for quality specifications prior to shipment. Since the product is manufactured to order and in compliance with required specifications prior to shipment, the likelihood of sales return, warranty or other issues is largely diminished. Furthermore, there is no customer right of return in our sales agreements. Sales returns and warranty issues are infrequent and have not had a material impact on the Company’s financial statements historically. Shipping and handling fees are recorded as a component of product revenue, with the associated costs recorded as a component of cost of product revenue. The Scripps Research Institute On April 6, 2007, the Company entered into an exclusive worldwide commercial license agreement (“Scripps License Agreement”) with The Scripps Research Institute (“Scripps”). Pursuant to the License Agreement, the Company obtained a license to use, commercialize and sublicense certain patented technology and improvements thereon, owned or licensed by Scripps, relating to compounds that may have utility in treating Friedreich’s ataxia, an inherited neurodegenerative disease. Pursuant to the Scripps License Agreement, the Company agreed to pay Scripps an initial license fee of $300,000, certain royalty and sublicense fees and, in the event that the Company achieved specified developmental and commercial milestones, certain additional milestone payments. Total future milestone payments, if all milestones had been achieved, would have been approximately $4,300,000. In addition, the Company issued Scripps and certain of its designees 87,464 shares of the Company’s common stock, which had a value of $300,000 on the date of issuance. In connection with the Scripps License Agreement, the Company issued warrants to an individual at Scripps to purchase up to 150,000 shares of common stock. No expense has been recorded related to these warrants through December 31, 2014. During the year ending December 31, 2014, the warrant’s seven-year term expired. As of January 2014, all rights and obligations have been transferred to BioMarin. Sale of Intellectual Property to BioMarin In January 2014, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with BioMarin Pharmaceutical Inc. (“BioMarin”) to sell Repligen’s histone deacetylase inhibitor (HDACi) portfolio. Pursuant to the terms of the Asset Purchase Agreement, the Company received $2 million from BioMarin as an upfront payment on January 30, 2014 and a $125,675 payment on September 3, 2014 upon completion of the Technology Transfer. The Company is entitled to receive up to $160 million in potential future milestone payments for the development, regulatory approval and commercial sale of portfolio compounds included in the agreement. These potential milestone payments are approximately 37% related to clinical development and 63% related to initial commercial sales in specific geographies. In addition, Repligen is eligible to receive royalties on sales of therapeutic products originating from the HDACi portfolio. The royalty rates are tiered and begin in the mid-single-digits for the first HDACi portfolio product and for the first non-HDACi portfolio product with lesser amounts for any backup products developed under the Asset Purchase Agreement. Repligen’s receipt of these royalties is subject to customary offsets and deductions. There are no refund provisions in this agreement. The Company recognized $2.1 million of revenue in the fiscal year ended December 31, 2014 related to the transfer of the HDACi technology under the Asset Purchase Agreement. Any milestones earned upon specified clinical development or commercial sales events or future royalty payments, under the Asset Purchase Agreement will be recognized as revenue when they are earned. Activities under this agreement were evaluated in accordance with ASC 605-25 to determine if they represented a multiple element revenue arrangement. The Company identified the following deliverables in the BioMarin agreement: • The assignment by Repligen to BioMarin of the Repligen Technology (“Repligen Know-How” and “Repligen Patents”) and the Scripps Agreement (the “Transferred Assets”); • The transfer of certain notebooks, data, documents, biological materials (if any) and other such documents in our possession that might be useful to further development of the program (the “Technology Transfer”). Two criteria must be met in order for a deliverable to be considered a separate unit of accounting. The first criterion requires that the delivered item or items have value to the customer on a stand-alone basis. The second criterion, which relates to evaluating a general right of return, is not applicable because such a provision does not exist in the Asset Purchase Agreement. The deliverables outlined above were deemed to have stand-alone value and to meet the criteria to be accounted for as separate units of accounting. Factors considered in this determination included, among other things, BioMarin’s right under the agreement to assign the Transferred Assets, whether any other vendors sell the items separately and if BioMarin could use the delivered item for its intended purpose without the receipt of the remaining deliverables. If multiple deliverables included in an arrangement are separable into different units of accounting, the multiple-element arrangements guidance addresses how to allocate the arrangement consideration to those units of accounting. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. Arrangement consideration is allocated at the inception of the arrangement to the identified units of accounting based on their relative selling price. The Company identified the arrangement consideration to allocate among the units of accounting as the $2.0 million non-refundable up-front payment and the $125,675 payment to be received upon completion of the Technology Transfer. The Company excluded the potential milestone payments provided for in the Asset Purchase Agreement from the arrangement consideration as they were not considered fixed or determinable at the time the Asset Purchase Agreement was signed. Because Repligen had not sold these items on a standalone basis previously, Repligen had no vendor-specific objective evidence of selling price. Furthermore, Repligen did not have detailed third-party evidence of selling price, and as a result we used our best estimate of selling price for each item. In determining these prices, Repligen considered what Repligen would be willing to sell the items for on a standalone basis, what the market would bear for such items and what another party might charge for these items. The up-front arrangement consideration allocated to the Transferred Assets was recognized upon execution of the Asset Purchase Agreement as the risks and rewards associated with the Transferred Assets transferred at that time. The Company used a discounted cash flow analysis to determine the value of the Transferred Assets. Key assumptions in the analysis included: the estimated market size for a compound targeted at Friedreich’s ataxia, the estimated remaining costs of development and time to commercialization, and the probability of successfully developing and commercializing the program. Based on this analysis, the Company allocated $2,115,000 to the value of the Transferred Assets. However, as the recognized revenue is limited to the non-contingent consideration received, the Company recognized $2,000,000, the amount of the up-front payment, as revenue in the three months ended March 31, 2014. The estimated selling price of the Technology Transfer items was approximately $300,000 resulting in consideration allocation of approximately $11,000. However, as this item was not delivered prior to March 31, 2014, the Company did not recognize any revenue related to the Technology Transfer in the three months ended March 31, 2014. Repligen received the payment and recognized $125,675 of other revenues in September 2014 upon completion of the Technology Transfer. The Company believes that a change in the key assumptions used to determine best estimate of selling price for each of the deliverables would not have a significant effect on the allocation of arrangement consideration. In addition to the $2.1 million up-front payment, the Company is also eligible to receive up to $160 million in potential milestone payments from BioMarin comprised of: • Up to $60 million related to the achievement of specified clinical and regulatory milestone events; and • Up to $100 million related to the achievement of specified commercial sales events, specifically the first commercial sale in specific territories. The Company evaluated the potential milestones in accordance with ASC 605-28, which allows an entity to make an accounting policy election to recognize a payment that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. This evaluation included an assessment of the risks that must be overcome to achieve the respective milestone as well as whether the achievement of the milestone was due in part to our initial clinical work, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other revenue recognition criteria are met. The Company believes that the $60 million of specified clinical and regulatory milestone payments are substantive. Therefore, any such milestones achieved will be recognized as revenue when earned. Any milestones achieved upon specified commercial sales events or future royalty payments are considered contingent revenue under the Asset Purchase Agreement, and will be recognized as revenue when they are earned as there are no undelivered elements remaining and no continuing performance obligations under the arrangement. Sale of SecreFlo On December 23, 2014, the Company sold its synthetic human secretin line, SecreFlo, to Innovate Biopharmaceuticals, Inc., or Innovate, pursuant to an asset purchase agreement. Under the terms of the agreement, Repligen received a nominal upfront payment and is eligible to receive royalties on net sales of qualified products for a period beginning on the first commercial sale of such product through the earlier of the expiration of the regulatory exclusivity period for the product or 10 years from its first commercial sale. Pfizer License Agreement In December 2012, the Company entered into an exclusive worldwide licensing agreement (the “License Agreement”) with Pfizer Inc. (“Pfizer”) to advance the spinal muscular atrophy program, or SMA program. Pursuant to the terms of the License Agreement, the Company received $5 million from Pfizer as an upfront payment on January 22, 2013, a $1 million milestone payment on September 4, 2013 and a $1 million milestone payment on December 28, 2014. On January 26, 2015 Pfizer notified the Company that they were terminating the License Agreement for convenience, effective as of April 26, 2015. The Company does not intend to invest additional resources to the development of the SMA program. Orencia Royalty In April 2008, the Company settled its outstanding litigation with Bristol-Myers Squibb Company (“Bristol”) and began recognizing royalty revenue in fiscal year 2009 for Bristol’s net sales in the United States of Orencia ® ® Pursuant to the Bristol Settlement, Repligen remitted to the University of Michigan 15% of all royalty revenue received from Bristol. Royalty expense for the fiscal years ended December 31, 2013 was approximately $2,682,000. This operating expense was included in cost of royalty revenue in the Company’s statements of comprehensive income. Therapeutics Licensing Agreements Activities under licensing agreements are evaluated in accordance with ASC 605-25 to determine if they represent a multiple element revenue arrangement. The Company identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting. The Company accounts for those components as separate units of accounting if the following two criteria are met: • The delivered item or items have value to the customer on a stand-alone basis. • If there is a general right of return relative to the delivered items, delivery or performance of the undelivered items is considered probable and within our control. Factors considered in this determination include, among other things, whether any other vendors sell the items separately and if the licensee could use the delivered item for its intended purpose without the receipt of the remaining deliverables. If multiple deliverables included in an arrangement are separable into different units of accounting, the Company allocates the arrangement consideration to those units of accounting. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. Arrangement consideration is allocated at the inception of the arrangement to the identified units of accounting based on their relative selling price. Revenue is recognized for each unit of accounting when the appropriate revenue recognition criteria are met. Future milestone payments, if any, under a license agreement will be recognized under the provisions of ASC 605-28, which the Company adopted on January 1, 2011. The Company has elected to recognize a payment that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is substantive if: • It can only be achieved based in whole or in part on either (1) the Company’s performance or (2) on the occurrence of a specific outcome resulting from the Company’s performance; • There is substantive uncertainty at the date an arrangement is entered into that the event will be achieved; and • It would result in additional payments being due to the entity. The commercial milestone payments and royalty payments received under license agreements, if any, will be recognized as revenue when they are earned. Research and Development Agreements For the fiscal year ended December 31, 2013, the Company recognized $803,000 of revenue, respectively, from sponsored research and development projects under agreements with the National Institutes of Health / Scripps Research Institute, the Muscular Dystrophy Association, Go Friedreich’s Ataxia Research, the European Friedrich’s Ataxia Consortium for Translational Studies, and the Friedreich’s Ataxia Research Alliance. The Company did not recognize any such revenue in the fiscal years ended December 31, 2015 and 2014. Research revenue is recognized when the expense has been incurred and services have been performed. Determination of which costs incurred qualify for reimbursement under the terms of the Company’s contractual agreements and the timing of when such costs were incurred involves the judgment of management. The Company’s calculations are based upon the agreed-upon terms as stated in the arrangements. However, should the estimated calculations change or be challenged by other parties to the agreements, research revenue may be adjusted in subsequent periods. The calculations have not historically changed or been challenged and the Company does not anticipate any subsequent change in its revenue related to sponsored research and development projects. There have been no material changes to the Company’s initial estimates related to revenue recognition in any periods presented in the accompanying consolidated financial statements.
Risks and Uncertainties	Risks and Uncertainties The Company evaluates its operations periodically to determine if any risks and uncertainties exist that could impact its operations in the near term. The Company does not believe that there are any significant risks which have not already been disclosed in the consolidated financial statements. A loss of certain suppliers could temporarily disrupt operations, although alternate sources of supply exist for these items. The Company has mitigated these risks by working closely with key suppliers, identifying alternate sources and developing contingency plans.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities At December 31, 2015 and December 31, 2014, the Company’s investments included money market funds as well as short-term and long-term marketable securities. Short-term marketable securities are investments with original maturities of greater than 90 days. Long-term marketable securities are securities with maturities of greater than one year at the original date of purchase. The average remaining contractual maturity of marketable securities at December 31, 2015 is approximately 5.8 months. Investments in debt securities consisted of the following at December 31, 2015 (in thousands): December 31, 2015 Amortized Gross Gross Fair Marketable securities: U.S. Government and agency securities $ 7,029 $ — $ (6 ) $ 7,023 Corporate and other debt securities 10,659 7 (7 ) 10,659 17,688 7 (13 ) 17,682 Long-term marketable securities: U.S. Government and agency securities 838 — (2 ) 836 Corporate and other debt securities 800 — (3 ) 797 1,638 — (5 ) 1,633 Total $ 19,326 $ 7 $ (18 ) $ 19,315 At December 31, 2015, the Company’s investments included thirty-four debt securities in unrealized loss positions with a total unrealized loss of approximately $19,000 and a total fair market value of approximately $12,520,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. The Company does not intend to sell any investments in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. There were no realized gains or losses on the investments for the fiscal years ended December 31, 2015, 2014 and 2013. Investments in debt securities consisted of the following at December 31, 2014 (in thousands): December 31, 2014 Amortized Gross Gross Fair Value Marketable securities: U.S. Government and agency securities $ 12,716 $ 2 $ (2 ) $ 12,716 Corporate and other debt securities 10,373 4 (3 ) 10,374 23,089 6 (5 ) 23,090 Long-term marketable securities: U.S. Government and agency securities 1,228 — — 1,228 Corporate and other debt securities 2,326 — (4 ) 2,322 3,554 — (4 ) 3,550 Total $ 26,643 $ 6 $ (9 ) $ 26,640 The contractual maturities of debt securities at December 31, 2015 were as follows (in thousands): Amortized Fair Value Due in 1 year or less $ 17,688 $ 17,682 Due in 1 to 2 years 1,638 1,633 $ 19,326 $ 19,315
Fair Value Measurement	Fair Value Measurement In determining the fair value of its assets and liabilities, the Company uses various valuation approaches. The Company employs a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. The Company’s fixed income investments are comprised of obligations of U.S. government agencies, corporate debt securities and other interest bearing securities. These investments have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validates the prices provided by third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of December 31, 2015. The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of December 31, 2015 (in thousands): Fair value measurement at reporting date using: Quoted prices in Significant Significant Total Assets: Money market funds $ 12,685 $ — $ — $ 12,685 U.S. Government and agency securities 7,456 402 — 7,858 Corporate and other debt securities — 11,457 — 11,457 Total $ 20,141 $ 11,859 $ — $ 32,000 Liabilities: Contingent consideration – short-term — — 4,480 4,480 Contingent consideration – long-term — — 2,308 2,308 Total $ — $ — $ 6,788 $ 6,788 As of December 31, 2015, the Company has no other assets or liabilities for which fair value measurement is either required or has been elected to be applied, other than the liabilities for contingent consideration recorded in connection with the acquisition of the assets of BioFlash Partners, LLC (“BioFlash”) and the Refine Acquisition. The contingent consideration related to BioFlash is valued using management’s estimates of royalties to be paid to the former shareholders of BioFlash based on sales of the acquired assets. The contingent consideration related to the Refine Acquisition is valued using management’s estimates of expected future milestone payments based on forecasted sales of the acquired assets and portion of any receipts that might be received in connection with the resolution, withdrawal or settlement of certain patent disputes with a third party to be paid to the former shareholders of Refine. These valuations are Level 3 valuations as the primary inputs are unobservable. The following tables provide quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs (in thousands): Contingent Consideration Refine Fair value as of December 31, 2015 $ 6,369 Valuation technique Probability-adjusted discounted cash flow Periods in which milestones can be achieved 2015 – 2016 Fixed Variable Accrued 2015 $ 3,500 850 $ 4,350 2016 4,250 1,300 2,019 The significant unobservable inputs used in the fair value measurement of Refine’s contingent consideration are the probabilities of successful achievement of sales milestones. Significant increases or decreases in estimated Refine sales would result in a significantly higher or lower fair value measurement, respectively. Changes in the fair value of contingent consideration in fiscal 2015 are primarily attributable to an increase to the expected Refine milestone payment of $4,048,000 related to 2015 sales and forecasted 2016 sales, a $1,000,000 milestone payment made to Refine related to 2014 sales, a $110,000 minimum royalty payment made to BioFlash, and a final milestone payment made to Novozymes Biopharma DK A/S of 25,000 Euros (approximately $29,000). All milestone payments made in 2015 were previously accrued. The following table provides a rollforward of the fair value of the contingent consideration (in thousands): Balance at December 31, 2014 $ 3,844 Payments (1,139 ) Changes in fair value 4,083 Balance at December 31, 2015 $ 6,788 There were no remeasurements to fair value during the year ended December 31, 2015 of financial assets and liabilities that are not measured at fair value on a recurring basis.
Inventories	Inventories Inventories relate to the Company’s bioprocessing business. The Company values inventory at cost or, if lower, fair market value, using the first-in, first-out method. The Company reviews its inventories at least quarterly and records a provision for excess and obsolete inventory based on its estimates of expected sales volume, production capacity and expiration dates of raw materials, work-in-process and finished products. Expected sales volumes are determined based on supply forecasts provided by key customers for the next 3 to 12 months. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected requirements to cost of product revenue. Manufacturing of bioprocessing finished goods is done to order and tested for quality specifications prior to shipment. Reserves for excess and obsolete inventory were $343,000 and $78,000 as of December 31, 2015 and 2014, respectively. The reserve balance at December 31, 2015 and 2014 is sufficient to cover excess or obsolete inventory for the consolidated Company. A change in the estimated timing or amount of demand for the Company’s products could result in additional provisions for excess inventory quantities on hand. Any significant unanticipated changes in demand or unexpected quality failures could have a significant impact on the value of inventory and reported operating results. During all periods presented in the accompanying financial statements, there have been no material adjustments related to a revised estimate of inventory valuations. Work-in-process and finished products inventories consist of material, labor, outside processing costs and manufacturing overhead. Inventories consist of the following (in thousands): December 31, December 31, Raw Materials $ 10,671 $ 5,374 Work-in-process 1,586 2,256 Finished products 5,741 4,754 Total $ 17,998 $ 12,384
Accrued Liabilities	Accrued Liabilities The Company estimates accrued liabilities by identifying services performed on the Company’s behalf, estimating the level of service performed and determining the associated cost incurred for such service as of each balance sheet date. For example, the Company would accrue for professional and consulting fees incurred with law firms, audit and accounting service providers and other third party consultants. These expenses are determined by either requesting those service providers to estimate unbilled services at each reporting date for services incurred or tracking costs incurred by service providers under fixed fee arrangements. The Company has processes in place to estimate the appropriate amounts to record for accrued liabilities, which principally involve the applicable personnel reviewing the services provided. In the event that the Company does not identify certain costs that have begun to be incurred or the Company under or over-estimates the level of services performed or the costs of such services, the reported expenses for that period may be too low or too high. The date on which certain services commence, the level of services performed on or before a given date, and the cost of such services often require the exercise of judgment. The Company makes these judgments based upon the facts and circumstances known at the date of the financial statements.
Income Taxes	Income Taxes Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are provided, if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates this tax position on a quarterly basis. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in income tax expense.
Property, Plant & Equipment	Property, Plant & Equipment Property, Plant & Equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows: Classification Estimated Useful Life Leasehold improvements Shorter of the term of the lease or estimated useful life Equipment Three to eight years Furniture and fixtures Three to eight years
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares and dilutive common share equivalents then outstanding. Potential common share equivalents consist of restricted stock awards and the incremental common shares issuable upon the exercise of stock options and warrants. Under the treasury stock method, unexercised “in-the-money” stock options are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase common shares at the average market price during the period. Share-based payment awards that entitle their holders to receive non-forfeitable dividends before vesting are considered participating securities and are included in the calculation of basic and diluted earnings per share. A reconciliation of basic and diluted share amounts is as follows: Years ended December 31, 2015 2014 2013 Numerator: Net income $ 9,345,000 $ 8,170,000 $ 16,093,000 Denominator: Basic weighted average common shares outstanding 32,881,940 32,497,657 31,667,015 Weighted average common stock equivalents from assumed exercise of stock options and restricted stock awards 695,151 766,010 739,626 Diluted weighted average common shares outstanding 33,577,091 33,263,667 32,406,641 Basic net income per common share $ 0.28 $ 0.25 $ 0.51 Diluted net income per common share $ 0.28 $ 0.25 $ 0.50 At December 31, 2015, there were outstanding options to purchase 1,240,935 shares of the Company’s common stock at a weighted average exercise price of $10.44 per share. For the fiscal year ended December 31, 2015, 196,209 shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and were therefore anti-dilutive. At December 31, 2014, there were outstanding options to purchase 1,225,117 shares of the Company’s common stock at a weighted average exercise price of $8.31 per share. For the fiscal year ended December 31, 2014, 307,475 shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and were therefore anti-dilutive. At December 31, 2013, there were outstanding options to purchase 1,610,988 shares of the Company’s common stock at a weighted average exercise price of $5.07 per share. For the fiscal year ended December 31, 2013, 187,000 shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and were therefore anti-dilutive.
Segment Reporting	Segment Reporting The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one operating segment. As a result, the financial information disclosed herein represents all of the material financial information related to the Company’s principal operating segment. The following table represents the Company’s total revenue by geographic area (based on the location of the customer): Years ended December 31, 2015 2014 2013 Sweden 37 % 38 % 35 % United States 28 % 33 % 51 % United Kingdom 17 % 20 % 12 % Other 18 % 9 % 2 % Total 100 % 100 % 100 % The following table represents the Company’s total assets by geographic area (in thousands): December 31, December 31, United States $ 91,881 $ 83,785 Sweden 54,313 44,508 Singapore 43 — Total $ 146,237 $ 128,293 The following table represents the Company’s long-lived assets by geographic area (in thousands): December 31, December 31, United States $ 36,350 $ 38,695 Sweden 6,635 8,653 Total $ 42,985 $ 47,348 There were no long-lived assets in Singapore as of December 31, 2015 and 2014.
Concentrations of Credit Risk and Significant Customers	Concentrations of Credit Risk and Significant Customers Financial instruments that subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. Per the Company’s investment policy, cash equivalents and marketable securities are invested in financial instruments with high credit ratings and credit exposure to any one issue, issuer (with the exception of U.S. treasury obligations) and type of instrument is limited. At December 31, 2015 and 2014, the Company had no investments associated with foreign exchange contracts, options contracts or other foreign hedging arrangements. Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. While a reserve for the potential write-off of accounts receivable is maintained, the Company has not written off any significant accounts to date. To control credit risk, the Company performs regular credit evaluations of its customers’ financial condition. Revenue from significant customers as a percentage of the Company’s total revenue is as follows: Years ended December 31, 2015 2014 2013 Orencia ® — — 27 % GE Healthcare 37 % 38 % 35 % MilliporeSigma 29 % 33 % 25 % Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable and royalties and other receivable balances are as follows: December 31, 2015 December 31, 2014 GE Healthcare 13 % 29 % MilliporeSigma 32 % 7 % Bioprocessing Customer C 21 % — Bioprocessing Customer D — 11 %
Goodwill, Other Intangible Assets and Acquisitions	Goodwill, Other Intangible Assets and Acquisitions Acquisitions Total consideration transferred for acquisitions is allocated to the assets acquired and liabilities assumed, if any, based on their fair values at the dates of acquisition. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions determined by management. Any excess of purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Any excess of the fair value of the net tangible and intangible assets acquired over the purchase price is recognized in the statement of operations. The fair value of contingent consideration includes estimates and judgments made by management regarding the probability that future contingent payments will be made and the extent of royalties to be earned in excess of the defined minimum royalties. Management updates these estimates and the related fair value of contingent consideration at each reporting period. Changes in the fair value of contingent consideration are recorded in the consolidated statements of operations. The Company uses the income approach to determine the fair value of certain identifiable intangible assets including customer relationships and developed technology. This approach determines fair value by estimating after-tax cash flows attributable to these assets over their respective useful lives and then discounting these after-tax cash flows back to a present value. The Company bases its assumptions on estimates of future cash flows, expected growth rates, expected trends in technology, etc. Discount rates used to arrive at a present value as of the date of acquisition are based on the time value of money and certain industry-specific risk factors. Goodwill Goodwill is not amortized and is reviewed for impairment at least annually. There was no evidence of impairment to goodwill at December 31, 2015. There were no goodwill impairment charges during the fiscal years ended December 31, 2015, 2014 and 2013. Intangible Assets Intangible assets are amortized over their useful lives using the estimated economic benefit method, as applicable, and the amortization expense is recorded within cost of product revenue and selling, general and administrative expense in the statements of operations. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for our products or changes in the size of the market for our products. If impairment indicators are present, the Company determines whether the underlying intangible asset is recoverable through estimated future undiscounted cash flows. If the asset is not found to be recoverable, it is written down to the estimated fair value of the asset based on the sum of the future discounted cash flows expected to result from the use and disposition of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its intangible assets are recoverable at December 31, 2015. Intangible assets consisted of the following at December 31, 2015 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,295 $ (1,026 ) 12 In process research and development 1,600 — — Patents 240 (177 ) 8 Customer relationships 11,805 (3,682 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 17,640 $ (4,885 ) 10 Intangible assets consisted of the following at December 31, 2014 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,338 $ (750 ) 12 In process research and development 1,600 — — Patents 240 (148 ) 8 Customer relationships 12,202 (2,546 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 18,080 $ (3,444 ) 10 Amortization expense for amortized intangible assets was approximately $1,600,000, $1,425,000 and $1,022,000 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the Company expects to record the approximate amortization expense (in thousands): Years Ending Amortization Expense December 31, 2016 $ 1,701 December 31, 2017 1,701 December 31, 2018 1,537 December 31, 2019 1,522 December 31, 2020 1,189
Stock Based Compensation	Stock Based Compensation The Company measures stock-based compensation cost at the grant date based on the estimated fair value of the award, and recognizes it as expense over the employee’s requisite service period on a straight-line basis. The Company records the expense for share-based awards subject to performance-based milestone vesting over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates whether the achievement of a performance-based milestone is probable as of the reporting date. The Company has no awards that are subject to market conditions. The Company recognizes stock-based compensation expense based upon options that are ultimately expected to vest, and accordingly, such compensation expense has been adjusted by an amount of estimated forfeitures. The Company uses the Black-Scholes option pricing model to calculate the fair value of share-based awards on the grant date. The following assumptions are used in calculating the fair value of share-based awards: Expected term Expected volatility Risk-free interest rate Expected dividend yield Estimated forfeiture rates
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires the Company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the Company expects to receive for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delayed the effective date of the new standard from January 1, 2017 to January 1, 2018. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. The Company has not yet determined which adoption method it will utilize or the effect that the adoption of this guidance will have on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” (“ASU 2015-11”). ASU 2015-11 requires inventory be measured at the lower of cost and net realizable value, and options that currently exist for market value be eliminated. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective prospectively for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The new standard requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and sets forth new disclosure requirements related to the adjustments. The new standard will be effective on January 1, 2016. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The new standard requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The Company adopted this standard as of December 31, 2015 with prospective application; accordingly, the Company reclassified all current deferred tax assets and liabilities to noncurrent on its consolidated balance sheet as of December 31, 2015, which resulted in an immaterial reclassification of current deferred tax assets to other long-term liabilities. Prior periods were not retrospectively adjusted upon adoption of this new standard.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in Debt Securities	Investments in debt securities consisted of the following at December 31, 2015 (in thousands): December 31, 2015 Amortized Gross Gross Fair Marketable securities: U.S. Government and agency securities $ 7,029 $ — $ (6 ) $ 7,023 Corporate and other debt securities 10,659 7 (7 ) 10,659 17,688 7 (13 ) 17,682 Long-term marketable securities: U.S. Government and agency securities 838 — (2 ) 836 Corporate and other debt securities 800 — (3 ) 797 1,638 — (5 ) 1,633 Total $ 19,326 $ 7 $ (18 ) $ 19,315 Investments in debt securities consisted of the following at December 31, 2014 (in thousands): December 31, 2014 Amortized Gross Gross Fair Value Marketable securities: U.S. Government and agency securities $ 12,716 $ 2 $ (2 ) $ 12,716 Corporate and other debt securities 10,373 4 (3 ) 10,374 23,089 6 (5 ) 23,090 Long-term marketable securities: U.S. Government and agency securities 1,228 — — 1,228 Corporate and other debt securities 2,326 — (4 ) 2,322 3,554 — (4 ) 3,550 Total $ 26,643 $ 6 $ (9 ) $ 26,640
Contractual Maturities of Debt Securities	The contractual maturities of debt securities at December 31, 2015 were as follows (in thousands): Amortized Fair Value Due in 1 year or less $ 17,688 $ 17,682 Due in 1 to 2 years 1,638 1,633 $ 19,326 $ 19,315
Assets Measured at Fair Value on Recurring Basis	The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of December 31, 2015 (in thousands): Fair value measurement at reporting date using: Quoted prices in Significant Significant Total Assets: Money market funds $ 12,685 $ — $ — $ 12,685 U.S. Government and agency securities 7,456 402 — 7,858 Corporate and other debt securities — 11,457 — 11,457 Total $ 20,141 $ 11,859 $ — $ 32,000 Liabilities: Contingent consideration – short-term — — 4,480 4,480 Contingent consideration – long-term — — 2,308 2,308 Total $ — $ — $ 6,788 $ 6,788
Quantitative Information Associated with Fair Value Measurement of Contingent Consideration Related to Refine Using Level 3 Inputs	The following tables provide quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs (in thousands): Contingent Consideration Refine Fair value as of December 31, 2015 $ 6,369 Valuation technique Probability-adjusted discounted cash flow Periods in which milestones can be achieved 2015 – 2016 Fixed Variable Accrued 2015 $ 3,500 850 $ 4,350 2016 4,250 1,300 2,019
Roll Forward of Fair Value of Contingent Consideration	The following table provides a rollforward of the fair value of the contingent consideration (in thousands): Balance at December 31, 2014 $ 3,844 Payments (1,139 ) Changes in fair value 4,083 Balance at December 31, 2015 $ 6,788
Schedule of Inventories	Inventories consist of the following (in thousands): December 31, December 31, Raw Materials $ 10,671 $ 5,374 Work-in-process 1,586 2,256 Finished products 5,741 4,754 Total $ 17,998 $ 12,384
Reconciliation of Basic and Diluted Shares Amounts	A reconciliation of basic and diluted share amounts is as follows: Years ended December 31, 2015 2014 2013 Numerator: Net income $ 9,345,000 $ 8,170,000 $ 16,093,000 Denominator: Basic weighted average common shares outstanding 32,881,940 32,497,657 31,667,015 Weighted average common stock equivalents from assumed exercise of stock options and restricted stock awards 695,151 766,010 739,626 Diluted weighted average common shares outstanding 33,577,091 33,263,667 32,406,641 Basic net income per common share $ 0.28 $ 0.25 $ 0.51 Diluted net income per common share $ 0.28 $ 0.25 $ 0.50
Total Assets by Geographic Area	The following table represents the Company’s total assets by geographic area (in thousands): December 31, December 31, United States $ 91,881 $ 83,785 Sweden 54,313 44,508 Singapore 43 — Total $ 146,237 $ 128,293
Long Lived Assets by Geographic Area	The following table represents the Company’s long-lived assets by geographic area (in thousands): December 31, December 31, United States $ 36,350 $ 38,695 Sweden 6,635 8,653 Total $ 42,985 $ 47,348
Percentage of Revenue from Significant Customers	Revenue from significant customers as a percentage of the Company’s total revenue is as follows: Years ended December 31, 2015 2014 2013 Orencia ® — — 27 % GE Healthcare 37 % 38 % 35 % MilliporeSigma 29 % 33 % 25 %
Intangible assets	Intangible assets consisted of the following at December 31, 2015 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,295 $ (1,026 ) 12 In process research and development 1,600 — — Patents 240 (177 ) 8 Customer relationships 11,805 (3,682 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 17,640 $ (4,885 ) 10 Intangible assets consisted of the following at December 31, 2014 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,338 $ (750 ) 12 In process research and development 1,600 — — Patents 240 (148 ) 8 Customer relationships 12,202 (2,546 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 18,080 $ (3,444 ) 10
Schedule of Amortization Expense for Amortized Intangible Assets	As of December 31, 2015, the Company expects to record the approximate amortization expense (in thousands): Years Ending Amortization Expense December 31, 2016 $ 1,701 December 31, 2017 1,701 December 31, 2018 1,537 December 31, 2019 1,522 December 31, 2020 1,189
Total Revenue
Percentage by Geographic Area or Significant Customers	The following table represents the Company’s total revenue by geographic area (based on the location of the customer): Years ended December 31, 2015 2014 2013 Sweden 37 % 38 % 35 % United States 28 % 33 % 51 % United Kingdom 17 % 20 % 12 % Other 18 % 9 % 2 % Total 100 % 100 % 100 %
Accounts Receivable
Percentage by Geographic Area or Significant Customers	Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable and royalties and other receivable balances are as follows: December 31, 2015 December 31, 2014 GE Healthcare 13 % 29 % MilliporeSigma 32 % 7 % Bioprocessing Customer C 21 % — Bioprocessing Customer D — 11 %

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property Plant and Equipment	Property, plant and equipment consist of the following (in thousands): December 31, 2015 December 31, 2014 Leasehold improvements $ 13,306 $ 9,108 Equipment 13,758 13,116 Furniture and fixtures 2,808 2,270 Construction in progress 425 3,848 Total property, plant and equipment 30,297 28,342 Less: accumulated depreciation (16,496 ) (13,816 ) Property, plant and equipment, net $ 13,801 $ 14,526
Estimated Useful Life
Property Plant and Equipment	Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows: Classification Estimated Useful Life Leasehold improvements Shorter of the term of the lease or estimated useful life Equipment Three to eight years Furniture and fixtures Three to eight years

Acquisitions, Goodwill and Ot23

Acquisitions, Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Consideration Transferred	The total consideration transferred follows (in thousands): Cash consideration, less $66 of working capital adjustments $ 21,170 Value of common stock issued 4,000 Estimated fair value of contingent consideration 1,370 Total consideration transferred $ 26,540
Components and Allocation of Purchase Price	The components and allocation of the purchase price consists of the following amounts (in thousands): Accounts receivable $ 1,647 Inventory 1,003 Other current assets 184 Fixed assets 85 Customer relationships 6,400 Developed technology 2,000 In process research and development (“IPR&D”) 1,600 Trademark and trade name 700 Accounts payable and other liabilities assumed (431 ) Goodwill 13,352 Net assets acquired $ 26,540
Unaudited Supplemental Pro Forma Information	The following table presents unaudited supplemental pro forma information as if the Refine Acquisition had occurred as of January 1, 2013 (in thousands, except per share data): December 31, December 31, Total revenue $ 67,330,000 $ 76,331,000 Net income 9,493,000 16,403,000 Earnings per share: Basic $ 0.28 $ 0.58 Diluted $ 0.27 $ 0.56
Changes in Carrying Value of Goodwill	The changes in the carrying value of goodwill for the year ended December 31, 2015 is as follows (in thousands): Balance at December 31, 2014 $ 14,185 Adjustments to goodwill arising from Refine acquisition 161 Balance at December 31, 2015 $ 14,346

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income from Operations Before Income Taxes	December 31, 2015 December 31, 2014 December 31, 2013 The components of income from operations before income taxes are as follows: Domestic $ (2,490 ) $ (1,152 ) $ 12,783 Foreign 15,913 12,290 10,231 Total $ 13,423 $ 11,138 $ 23,014
Provision for Income Taxes	The current and deferred components of the provision for income taxes on operations are as follows: Current $ 3,745 $ 2,480 $ 4,124 Deferred 333 488 2,797 Total $ 4,078 $ 2,968 $ 6,921 The jurisdictional components of the provision for income taxes on operations are as follows: Federal $ 295 $ 214 $ 3,322 State 276 (67 ) 1,306 Foreign 3,507 2,821 2,293 Total $ 4,078 $ 2,968 $ 6,921
Consolidated Deferred Tax Assets (Liabilities)	The Company’s consolidated deferred tax assets (liabilities) consist of the following (in thousands): December 31, 2015 December 31, 2014 Deferred tax assets: Temporary timing differences: Stock compensation $ 1,079 $ 628 Contingent consideration 2,126 767 Other 1,150 1,674 Total temporary timing differences 4,355 3,069 Net operating loss carryforwards 12,389 12,580 Tax business credits carryforwards 1,820 1,782 Total deferred tax assets 18,564 17,431 Valuation allowance (18,514 ) (17,298 ) Net deferred tax assets $ 50 $ 133 Deferred tax liabilities: Goodwill and intangible assets $ (501 ) $ (251 ) Net deferred tax liabilities $ (451 ) $ (118 )
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate	The reconciliation of the federal statutory rate to the effective income tax rate for the fiscal years ended December 31, 2015, 2014 and 2013 is as follows (amounts in thousands): Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Income before income taxes $ 13,423 $ 11,138 $ 23,014 Expected tax at statutory rate 4,564 34.0 % 3,787 34.0 % 7,825 34.0 % Adjustments due to: Difference between U.S. and foreign tax (1,910 ) (14.2 %) (1,471 ) (13.2 %) (1,228 ) (5.3 %) State income and franchise taxes 563 4.2 % 122 1.1 % 1,122 4.9 % Business tax credits (115 ) (0.9 %) — — — — Permanent differences 118 0.9 % (172 ) (1.5 %) (298 ) (1.3 %) Change in valuation allowance 1,216 9.1 % 727 6.5 % (509 ) (2.2 %) Other (358 ) (2.7 %) (25 ) (0.2 %) 9 — Provision (benefit) for income taxes $ 4,078 30.4 % $ 2,968 26.7 % $ 6,921 30.1 %
Reconciliation of Unrecognized Tax Benefits	The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands): Unrecognized tax benefits at January 1, 2015 2,118 Gross increases – tax positions in prior period 324 Gross decreases – settlements (1,153 ) Unrecognized tax benefits at December 31, 2015 $ 1,289

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stock-Based Compensation Expense	The following table presents stock-based compensation expense in the Company’s consolidated statements of operations (in thousands): Years ended December 31, 2015 2014 2013 Cost of product revenue $ 213 $ 128 $ 74 Research and development 336 185 97 Selling, general and administrative 3,049 1,453 889 Total $ 3,598 $ 1,766 $ 1,060
Estimated Weighted Average Assumptions	The fair value of share-based awards granted during the years ended December 31, 2015, 2014 and 2013 were calculated using the following estimated assumptions: 2015 2014 2013 Expected term (years) 6.6 -7.2 6.5 6.5 Volatility 50.09 - 51.89% 51.00 - 51.71% 51.39% - 53.63% Risk-free interest rate 1.67 – 2.03% 1.88 - 2.11% 1.09% - 2.08% Expected dividend yield — — —
Summary of Option Activity	Information regarding option activity for the year ended December 31, 2015 under the Plans is summarized below: Options Weighted- Weighted- (in thousands) Aggregate Options outstanding at December 31, 2014 1,225,117 $ 8.31 Granted 310,857 15.23 Exercised (177,693 ) 5.22 Forfeited/cancelled (117,346 ) 8.81 Options outstanding at December 31, 2015 1,240,935 $ 10.44 6.42 $ 22,653 Options exercisable at December 31, 2015 559,922 $ 6.77 3.89 $ 12,048 Vested and expected to vest at December 31, 2015 (1) 1,183,574 $ 10.42 6.36 $ 21,652 (1) This represents the number of vested options as of December 31, 2015 plus the number of unvested options expected to vest as of December 31, 2015 based on the unvested outstanding options at December 31, 2015 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Obligations Under Non Cancelable Operating Leases	Obligations under non-cancelable operating leases, including the facility leases discussed above, as of December 31, 2015 are approximately as follows (in thousands): Years Ending Operating Leases December 31, 2016 $ 2,343 December 31, 2017 1,888 December 31, 2018 1,434 December 31, 2019 1,418 December 31, 2020 1,371 Thereafter 3,043 Minimum lease payments $ 11,497

Prepaid Expenses and Other Cu27

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2015 December 31, 2014 Equipment maintenance and services $ 689 $ 492 Prepaid VAT 558 419 Prepaid insurance 455 359 Vendor credit — 486 Deferred costs 206 5 Prepaid taxes 105 220 Interest receivable 63 100 Other 22 23 Total $ 2,098 $ 2,104

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): December 31, 2015 December 31, 2014 Employee compensation $ 4,680 $ 3,759 Taxes 166 571 Current portion of contingent consideration 4,480 1,135 Professional fees 269 511 Unearned revenue 258 130 Other accrued expenses 2,204 713 Total $ 12,057 $ 6,819

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2015
Changes in Accumulated Other Comprehensive Income (loss)	Changes in accumulated other comprehensive income (loss) consisted of the following for the years ended December 31, 2015 and 2014 (in thousands): Unrealized gain (loss) Foreign currency Total Balance as of December 31, 2013 $ (5 ) $ 2,003 $ 1,998 Other comprehensive income (loss) (28 ) (7,743 ) (7,771 ) Balance as of December 31, 2014 (33 ) (5,740 ) (5,773 ) Other comprehensive income (loss) 22 (2,815 ) (2,793 ) Balance as of December 31, 2015 $ (11 ) $ (8,555 ) $ (8,566 )

Selected Quarterly Financial 30

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Consolidated Statements of Operations Information for Each of Previous Eight Quarters	December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, (in thousands, except per share amounts) Revenue: Product revenue $ 21,449 $ 19,814 $ 21,457 $ 20,816 $ 15,393 $ 15,153 $ 15,551 $ 14,335 Royalty and other revenue — — — — 1,000 125 — 1,991 Total revenue 21,449 19,814 21,457 20,816 16,393 15,278 15,551 16,326 Operating expenses: Cost of product revenue 10,148 8,444 8,586 8,073 8,084 6,931 6,671 6,335 Cost of royalty and other revenue — — — — — — — — Research and development 1,431 1,490 1,252 1,568 1,328 1,650 1,430 1,201 Selling, general and administrative 6,473 5,959 6,242 6,024 4,975 4,471 4,326 3,384 Contingent consideration – fair value adjustments 1,969 233 768 1,112 1,945 10 18 98 Total operating expenses 20,021 16,126 16,848 16,777 16,332 13,062 12,445 11,018 Income from operations 1,428 3,688 4,609 4,039 61 2,216 3,106 5,308 Investment income 44 37 19 36 59 64 85 102 Interest expense (8 ) (8 ) (8 ) (9 ) (12 ) (11 ) (13 ) (14 ) Other income (expense) (270 ) (38 ) (269 ) 132 134 (14 ) 65 2 Income before income taxes 1,194 3,679 4,351 4,198 242 2,255 3,243 5,398 Income tax provision 929 1,141 738 1,269 640 789 418 1,121 Net income (loss) $ 265 $ 2,538 $ 3,613 $ 2,929 $ (398 ) $ 1,466 $ 2,825 $ 4,277 Earnings per share: Basic $ 0.01 $ 0.08 $ 0.11 $ 0.09 $ (0.01 ) $ 0.04 $ 0.09 $ 0.13 Diluted $ 0.01 $ 0.08 $ 0.11 $ 0.09 $ (0.01 ) $ 0.04 $ 0.09 $ 0.13 Weighted average shares outstanding: Basic 32,946 32,925 32,870 32,755 32,747 32,677 32,234 31,963 Diluted 33,577 33,690 33,671 33,451 32,747 33,327 33,076 31,855

Organization and Nature of Bu31

Organization and Nature of Business - Additional Information (Detail) - Orencia Royalties from Bristol	Apr. 07, 2008USD ($)
First $500 million of annual net sales
Organization And Nature Of Business [Line Items]
Bristol Settlement agreement, royalty payment rate	1.80%
Annual net sales	$ 500,000,000
Next $500 million of annual net sales
Organization And Nature Of Business [Line Items]
Bristol Settlement agreement, royalty payment rate	2.00%
Annual net sales	$ 500,000,000
Annual net sales in excess of $1 billion for each year from January 1, 2008 until December 31, 2013
Organization And Nature Of Business [Line Items]
Bristol Settlement agreement, royalty payment rate	4.00%
Annual net sales	$ 1,000,000,000

Summary Of Significant Accoun32

Summary Of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, € in Thousands	Dec. 28, 2014USD ($)	Sep. 03, 2014USD ($)	Jan. 30, 2014USD ($)	Sep. 04, 2013USD ($)	Jan. 22, 2013USD ($)	Apr. 06, 2007shares	Sep. 30, 2014USD ($)	Dec. 31, 2015USD ($)Investment$ / sharesshares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)InvestmentSegment$ / sharesshares	Dec. 31, 2015EUR (€)Segmentshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Summary Of Significant Accounting Policies [Line Items]
Common stock, shares purchased through issuance of warrants | shares						150,000
Warrant term						7 years
Revenue recognized																$ 2,115,000
Non-refundable up-front payment																2,000,000
Payment to be received upon signing of agreement																125,675
Revenue recognized under revenue recognition, up front payment															$ 2,000,000
Royalty and other revenue												$ 1,000,000	$ 125,000		1,991,000			$ 3,117,000	$ 20,687,000
Percentage of royalty revenue, remittance to the University of Michigan																			15.00%
Cost of royalty revenue								$ 0	$ 0	$ 0	$ 0	0	0	$ 0	0				$ 2,682,000
Revenue from sponsored research and development projects																$ 0		0	803,000
Long-term marketable securities, minimum original maturity term																1 year	1 year
Marketable securities, average remaining contractual maturity period																5 months 24 days	5 months 24 days
Number of debt securities in unrealized loss positions | Investment								34								34
Debt securities in unrealized loss positions, total unrealized loss								$ 19,000								$ 19,000
Debt securities in unrealized loss positions, total fair market value								12,520,000								12,520,000
Credit risk								0								0
Gain (loss) on investments																0		0	0
Fair value of other assets								0								0
Fair value of other liabilities								0								0
Increase to milestone payment								1,969,000	$ 233,000	$ 768,000	$ 1,112,000	1,945,000	$ 10,000	$ 18,000	98,000	4,083,000		2,072,000	$ 91,000
Payment of contingent considerations																99,000
Reserves for excess and obsolete inventory								$ 343,000				$ 78,000				$ 343,000		$ 78,000
Stock options, outstanding | shares								1,240,935				1,225,117				1,240,935		1,225,117	1,610,988
Stock options, weighted average exercise price | $ / shares								$ 10.44				$ 8.31				$ 10.44		$ 8.31	$ 5.07
Common stock excluded from calculation of diluted earnings per share | shares																196,209	196,209	307,475	187,000
Number of operating segment | Segment																1	1
Long Lived Assets								$ 42,985,000				$ 47,348,000				$ 42,985,000		$ 47,348,000
Goodwill impairment																0		0	$ 0
Amortization expense																$ 1,600,000		$ 1,425,000	1,022,000
Employee Stock Option | Awards Granted to Non-Executive Level Employees
Summary Of Significant Accounting Policies [Line Items]
Estimated forfeiture rates								8.00%				8.00%				8.00%		8.00%
Employee Stock Option | Awards Granted to Executive Level Employees
Summary Of Significant Accounting Policies [Line Items]
Estimated forfeiture rates								3.00%				3.00%				3.00%		3.00%
Non-Employee Directors
Summary Of Significant Accounting Policies [Line Items]
Estimated forfeiture rates												0.00%						0.00%
Singapore
Summary Of Significant Accounting Policies [Line Items]
Long Lived Assets								$ 0				$ 0				$ 0		$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Short-term marketable securities, minimum original maturity term																90 days	90 days
Licensing Agreements | Scripps Research Institute
Summary Of Significant Accounting Policies [Line Items]
License Agreement, initial license fee																$ 300,000
Total future milestone payments																$ 4,300,000
Common stock, shares issued | shares																87,464	87,464
Common stock, shares issued value																$ 300,000
Common stock, shares purchased through issuance of warrants | shares																		150,000
Warrant term																		7 years
Technology Transfer
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized															$ 0
Estimated selling price								300,000								300,000
Consideration allocated to transaction								11,000								11,000
Royalty and other revenue							$ 125,675
Refine Technology, LLC
Summary Of Significant Accounting Policies [Line Items]
Increase to milestone payment																4,048,000
Refine Technology, LLC | Milestone Payments
Summary Of Significant Accounting Policies [Line Items]
Payment of contingent considerations																1,000,000
Bio Flash | Minimum
Summary Of Significant Accounting Policies [Line Items]
Royalty payment																110,000
Novozymes Biopharma DK A/S Sweden Ab | Milestone Payments
Summary Of Significant Accounting Policies [Line Items]
Payment of contingent considerations																29,000	€ 25
Non-software License Arrangement | Pfizer Incorporation
Summary Of Significant Accounting Policies [Line Items]
Upfront payment received under license agreement					$ 5,000,000
Milestone Payment	$ 1,000,000			$ 1,000,000
Clinical Development
Summary Of Significant Accounting Policies [Line Items]
Milestone Payment																60,000,000
Potential milestone payments to be received								60,000,000								$ 60,000,000
Royalty term																10 years	10 years
Initial Commercial Sales
Summary Of Significant Accounting Policies [Line Items]
Potential milestone payments to be received								$ 100,000,000								$ 100,000,000
BioMarin Pharmaceutical, Inc. | Asset Purchase Agreement
Summary Of Significant Accounting Policies [Line Items]
Upfront payment received under license agreement			$ 2,000,000
Potential milestone payments to be received												$ 160,000,000						$ 160,000,000
Provision for refund																		0
Revenue recognized																		$ 2,100,000
BioMarin Pharmaceutical, Inc. | Technology Transfer Payments | Asset Purchase Agreement
Summary Of Significant Accounting Policies [Line Items]
Milestone Payment		$ 125,675
BioMarin Pharmaceutical, Inc. | Clinical Development | Asset Purchase Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage relate to clinical development from Milestone payment																		37.00%
BioMarin Pharmaceutical, Inc. | Initial Commercial Sales | Asset Purchase Agreement
Summary Of Significant Accounting Policies [Line Items]
Percentage relate to clinical development from Milestone payment																		63.00%
Orencia Royalties from Bristol
Summary Of Significant Accounting Policies [Line Items]
Royalty and other revenue																			17,881,000
Cost of royalty revenue																			$ 2,682,000

Investments in Marketable Secur

Investments in Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 19,326	$ 26,643
Gross Unrealized Gain	7	6
Gross Unrealized Loss	(18)	(9)
Fair Value	19,315	26,640
Marketable securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	17,688	23,089
Gross Unrealized Gain	7	6
Gross Unrealized Loss	(13)	(5)
Fair Value	17,682	23,090
Marketable securities | U.S. Government and agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,029	12,716
Gross Unrealized Gain		2
Gross Unrealized Loss	(6)	(2)
Fair Value	7,023	12,716
Marketable securities | Corporate and other debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,659	10,373
Gross Unrealized Gain	7	4
Gross Unrealized Loss	(7)	(3)
Fair Value	10,659	10,374
Long-term marketable securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,638	3,554
Gross Unrealized Loss	(5)	(4)
Fair Value	1,633	3,550
Long-term marketable securities | U.S. Government and agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	838	1,228
Gross Unrealized Loss	(2)
Fair Value	836	1,228
Long-term marketable securities | Corporate and other debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	800	2,326
Gross Unrealized Loss	(3)	(4)
Fair Value	$ 797	$ 2,322

Contractual Maturities of Marke

Contractual Maturities of Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Due in 1 year or less	$ 17,688
Due in 1 to 2 years	1,638
Amortized Cost	19,326	$ 26,643
Due in 1 year or less	17,682
Due in 1 to 2 years	1,633
Fair Value	$ 19,315	$ 26,640

Major Category of Assets Measur

Major Category of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring $ in Thousands	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	$ 32,000
Liabilities	6,788
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	12,685
U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	7,858
Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	11,457
Contingent consideration - short-term
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	4,480
Contingent consideration - long-term
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	2,308
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	20,141
Quoted prices in active markets for identical assets (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	12,685
Quoted prices in active markets for identical assets (Level 1) | U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	7,456
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	11,859
Significant other observable inputs (Level 2) | U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	402
Significant other observable inputs (Level 2) | Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	11,457
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	6,788
Significant unobservable inputs (Level 3) | Contingent consideration - short-term
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	4,480
Significant unobservable inputs (Level 3) | Contingent consideration - long-term
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	$ 2,308

Quantitative Information Associ

Quantitative Information Associated With Fair Value Measurement of Contingent Consideration (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 02, 2014
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Accrued Balance				$ 1,370,000
Refine Technology, LLC
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Accrued Balance			$ 1,370,000
Refine Technology, LLC | Milestone Payments
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Accrued Balance				$ 1,370,000
Significant unobservable inputs (Level 3) | Refine Technology, LLC | Milestone Payments
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Accrued Balance		$ 6,369,000
Valuation technique		Probability-adjusted discounted cash flow
Significant unobservable inputs (Level 3) | Refine Technology, LLC | Milestone Payments | Scenario, Actual
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fixed Earn-out		$ 3,500,000
Variable Earn-out		850,000
Accrued Balance		$ 4,350,000
Significant unobservable inputs (Level 3) | Refine Technology, LLC | Milestone Payments | Scenario, Forecast
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fixed Earn-out	$ 4,250,000
Variable Earn-out	1,300,000
Accrued Balance	$ 2,019,000
Significant unobservable inputs (Level 3) | Refine Technology, LLC | Milestone Payments | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Periods in which milestones can be achieved		2,015
Significant unobservable inputs (Level 3) | Refine Technology, LLC | Milestone Payments | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Periods in which milestones can be achieved		2,016

Roll Forward of Fair Value of C

Roll Forward of Fair Value of Contingent Consideration (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2014	$ 3,844
Payments	(1,139)
Changes in fair value	4,083
Balance at December 31, 2015	$ 6,788

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Raw materials	$ 10,671	$ 5,374
Work-in-process	1,586	2,256
Finished products	5,741	4,754
Total	$ 17,998	$ 12,384

Estimated Useful Life of Assets

Estimated Useful Life of Assets (Detail)	12 Months Ended
	Dec. 31, 2015
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	Shorter of the term of the lease or estimated useful life
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	8 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	8 years

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Shares Amounts (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 265	$ 2,538	$ 3,613	$ 2,929	$ (398)	$ 1,466	$ 2,825	$ 4,277	$ 9,345	$ 8,170	$ 16,093
Denominator:
Basic weighted average common shares outstanding	32,946,000	32,925,000	32,870,000	32,755,000	32,747,000	32,677,000	32,234,000	31,963,000	32,881,940	32,497,657	31,667,015
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock awards									695,151	766,010	739,626
Diluted weighted average common shares outstanding	33,577,000	33,690,000	33,671,000	33,451,000	32,747,000	33,327,000	33,076,000	31,855,000	33,577,091	33,263,667	32,406,641
Basic net income per common share	$ 0.01	$ 0.08	$ 0.11	$ 0.09	$ (0.01)	$ 0.04	$ 0.09	$ 0.13	$ 0.28	$ 0.25	$ 0.51
Diluted net income per common share	$ 0.01	$ 0.08	$ 0.11	$ 0.09	$ (0.01)	$ 0.04	$ 0.09	$ 0.13	$ 0.28	$ 0.25	$ 0.50

Percentage of Revenue by Geogra

Percentage of Revenue by Geographic Area (Detail) - Geographic Concentration Risk - Total Revenue	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Revenues, percentage by country	100.00%	100.00%	100.00%
Sweden
Concentration Risk [Line Items]
Revenues, percentage by country	37.00%	38.00%	35.00%
United States
Concentration Risk [Line Items]
Revenues, percentage by country	28.00%	33.00%	51.00%
United Kingdom
Concentration Risk [Line Items]
Revenues, percentage by country	17.00%	20.00%	12.00%
Other
Concentration Risk [Line Items]
Revenues, percentage by country	18.00%	9.00%	2.00%

Total Assets by Geographic Area

Total Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Asset	$ 146,237	$ 128,293
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Asset	91,881	83,785
Sweden
Segment Reporting, Asset Reconciling Item [Line Items]
Asset	54,313	$ 44,508
Singapore
Segment Reporting, Asset Reconciling Item [Line Items]
Asset	$ 43

Long Lived Assets by Geographic

Long Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Long Lived Assets	$ 42,985	$ 47,348
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Long Lived Assets	36,350	38,695
Sweden
Segment Reporting, Asset Reconciling Item [Line Items]
Long Lived Assets	$ 6,635	$ 8,653

Percentage of Revenue from Sign

Percentage of Revenue from Significant Customers (Detail) - Customer Concentration Risk - Sales Revenue	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Orencia Royalties from Bristol
Revenue, Major Customer [Line Items]
Orencia®Royalties from Bristol			27.00%
GE Healthcare
Revenue, Major Customer [Line Items]
Revenue from significant customers as a percentage of total revenue	37.00%	38.00%	35.00%
MilliporeSigma
Revenue, Major Customer [Line Items]
Revenue from significant customers as a percentage of total revenue	29.00%	33.00%	25.00%

Percentage of Accounts Receivab

Percentage of Accounts Receivable by Significant Customers (Detail) - Customer Concentration Risk - Accounts Receivable	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
GE Healthcare
Concentration Risk [Line Items]
Accounts receivable, percentage by customer	13.00%	29.00%
MilliporeSigma
Concentration Risk [Line Items]
Accounts receivable, percentage by customer	32.00%	7.00%
Bioprocessing Customer C
Concentration Risk [Line Items]
Accounts receivable, percentage by customer	21.00%
Bioprocessing Customer D
Concentration Risk [Line Items]
Accounts receivable, percentage by customer		11.00%

Other Intangible Assets (Detail

Other Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets [Line Items]
Gross Carrying Amount	$ 17,640	$ 18,080
Accumulated Amortization	$ (4,885)	$ (3,444)
Weighted Average Useful Life (in years)	10 years	10 years
Technology - developed
Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,295	$ 3,338
Accumulated Amortization	$ (1,026)	$ (750)
Weighted Average Useful Life (in years)	12 years	12 years
Patents
Intangible Assets [Line Items]
Gross Carrying Amount	$ 240	$ 240
Accumulated Amortization	$ (177)	$ (148)
Weighted Average Useful Life (in years)	8 years	8 years
Customer relationships
Intangible Assets [Line Items]
Gross Carrying Amount	$ 11,805	$ 12,202
Accumulated Amortization	$ (3,682)	$ (2,546)
Weighted Average Useful Life (in years)	9 years	9 years
In process research and development ("IPR&D")
Intangible Assets [Line Items]
Gross Carrying Amount, indefinite lived intangible assets	$ 1,600	$ 1,600
Trademark / tradename
Intangible Assets [Line Items]
Gross Carrying Amount, indefinite lived intangible assets	$ 700	$ 700

Amortization Expense for Amorti

Amortization Expense for Amortized Intangible Assets (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
December 31, 2016	$ 1,701
December 31, 2017	1,701
December 31, 2018	1,537
December 31, 2019	1,522
December 31, 2020	$ 1,189

Acquisitions, Goodwill and Ot48

Acquisitions, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	Jun. 02, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Business acquisition, upfront payment	$ 21,170,000			$ 21,236,000
Working capital adjustment on purchase price	66,000
Business acquisition, common stock shares issued, par value		$ 0.01	$ 0.01	$ 0.01
Business acquisition, common stock shares issued, value	4,000,000
Business acquisition, estimated fair value of contingent consideration	1,370,000
Business acquisition, fair value of the net assets acquired	26,540,000
Payment of contingent considerations			$ 99,000
Finite lived intangible asset, useful life			10 years	10 years
Customer relationships
Business Acquisition [Line Items]
Fair value of acquired finite lived intangible assets	6,400,000
Finite lived intangible asset, useful life			9 years	9 years
Technology - developed
Business Acquisition [Line Items]
Fair value of acquired finite lived intangible assets	2,000,000
Finite lived intangible asset, useful life			12 years	12 years
Trademark / tradename
Business Acquisition [Line Items]
Fair value of acquired indefinite lived intangible assets	700,000
In process research and development ("IPR&D")
Business Acquisition [Line Items]
Fair value of acquired indefinite lived intangible assets	1,600,000
Refine Technology, LLC
Business Acquisition [Line Items]
Business acquisition, upfront payment				$ 21,236,000
Working capital adjustment on purchase price	$ 66,000			66,000
Business acquisition, common stock shares issued	215,285
Business acquisition, common stock shares issued, par value	$ 0.01
Business acquisition, common stock shares issued, value	$ 4,000,000			4,000,000
Business acquisition, estimated fair value of contingent consideration		$ 1,370,000		1,370,000
Business acquisition, fair value of the net assets acquired	26,540,000
Business acquisition, transaction costs	818,000
Fair value of acquired finite lived intangible assets		9,100,000		9,100,000
Fair value of acquired indefinite lived intangible assets		1,600,000		$ 1,600,000
Goodwill expected deductible period for tax purposes			15 years
Business acquisition, revenue		$ 6,793,000	$ 15,628,000
Refine Technology, LLC | Up Front Payment
Business Acquisition [Line Items]
Business acquisition, upfront payment	21,236,000
Refine Technology, LLC | Milestone Payments
Business Acquisition [Line Items]
Business acquisition, maximum potential contingent payment	10,900,000		9,900,000
Business acquisition, estimated fair value of contingent consideration	1,370,000
Payment of contingent considerations			$ 1,000,000
Refine Technology, LLC | Resolution, Withdrawal or Settlement of Certain Patent Disputes
Business Acquisition [Line Items]
Business acquisition, maximum potential contingent payment	7,500,000
Refine Technology, LLC | Transition Services Agreement
Business Acquisition [Line Items]
Business acquisition, other consideration transferred	774,000
Refine Technology, LLC | Customer relationships
Business Acquisition [Line Items]
Fair value of acquired finite lived intangible assets	$ 6,400,000
Finite lived intangible asset, useful life	10 years
Refine Technology, LLC | Technology - developed
Business Acquisition [Line Items]
Fair value of acquired finite lived intangible assets	$ 2,000,000
Finite lived intangible asset, useful life	15 years
Refine Technology, LLC | Trademark / tradename
Business Acquisition [Line Items]
Fair value of acquired indefinite lived intangible assets	$ 700,000
Refine Technology, LLC | In process research and development ("IPR&D")
Business Acquisition [Line Items]
Fair value of acquired indefinite lived intangible assets	$ 1,600,000

Consideration Transferred (Deta

Consideration Transferred (Detail) - USD ($) $ in Thousands	Jun. 02, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Cash consideration, less $66 of working capital adjustments	$ 21,170	$ 21,236
Value of common stock issued	4,000
Estimated fair value of contingent consideration	1,370
Total consideration transferred	$ 26,540

Consideration Transferred (Pare

Consideration Transferred (Parenthetical) (Detail) $ in Thousands	Jun. 02, 2014USD ($)
Business Acquisition [Line Items]
Working capital adjustment, reflected in other receivables as of December 31, 2014	$ 66

Components and Allocation of Pu

Components and Allocation of Purchase Price (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Jun. 02, 2014
Business Combination, Separately Recognized Transactions [Line Items]
Accounts receivable			$ 1,647
Inventory			1,003
Other current assets			184
Fixed assets			85
Accounts payable and other liabilities assumed			(431)
Goodwill	$ 14,346	$ 14,185	13,352
Net assets acquired			26,540
In process research and development ("IPR&D")
Business Combination, Separately Recognized Transactions [Line Items]
Business combination, indefinite lived intangible assets			1,600
Trademark / tradename
Business Combination, Separately Recognized Transactions [Line Items]
Business combination, indefinite lived intangible assets			700
Customer relationships
Business Combination, Separately Recognized Transactions [Line Items]
Business combination, intangible assets			6,400
Technology - developed
Business Combination, Separately Recognized Transactions [Line Items]
Business combination, intangible assets			$ 2,000

Unaudited Supplemental Pro Form

Unaudited Supplemental Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Business Combination, Separately Recognized Transactions [Line Items]
Total revenue	$ 67,330,000	$ 76,331,000
Net income	$ 9,493,000	$ 16,403,000
Earnings per share:
Basic	$ 0.28	$ 0.58
Diluted	$ 0.27	$ 0.56

Changes in Carrying Value of Go

Changes in Carrying Value of Goodwill (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Goodwill [Line Items]
Balance at December 31, 2014	$ 14,185
Adjustments to goodwill arising from Refine acquisition	161
Balance at December 31, 2015	$ 14,346

Income from Operations Before I

Income from Operations Before Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Income Before Income Tax [Line Items]
Domestic									$ (2,490)	$ (1,152)	$ 12,783
Foreign									15,913	12,290	10,231
Income before income taxes	$ 1,194	$ 3,679	$ 4,351	$ 4,198	$ 242	$ 2,255	$ 3,243	$ 5,398	$ 13,423	$ 11,138	$ 23,014

Current and Deferred Income Tax

Current and Deferred Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Current									$ 3,745	$ 2,480	$ 4,124
Deferred									333	488	2,797
Provision (benefit) for income taxes	$ 929	$ 1,141	$ 738	$ 1,269	$ 640	$ 789	$ 418	$ 1,121	$ 4,078	$ 2,968	$ 6,921

Provision for Income Taxes by J

Provision for Income Taxes by Jurisdiction (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Federal									$ 295	$ 214	$ 3,322
State									276	(67)	1,306
Foreign									3,507	2,821	2,293
Provision (benefit) for income taxes	$ 929	$ 1,141	$ 738	$ 1,269	$ 640	$ 789	$ 418	$ 1,121	$ 4,078	$ 2,968	$ 6,921

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015
Income Taxes [Line Items]
Deferred tax assets from share-based payments	$ 1,079,000	$ 628,000
Valuation allowance increase (decrease)	1,216,000	$ 727,000	$ (1,736,000)
Impact of unrecognized tax benefits on effective tax rate	1,289,000
Interest and penalties related to uncertain tax positions	272,000
Earnings of foreign subsidiaries permanently reinvest outside the U.S	30,322,000
Generated between 2010 and 2011 | Research and Development Credit
Income Taxes [Line Items]
Payment to DOR	141,000
Tax Period Two Thousand Eight to Two Thousand Nine
Income Taxes [Line Items]
Payment to DOR	$ 1,012,000
Liability for an uncertain tax position				$ 926,000
Maximum
Income Taxes [Line Items]
Net operating loss and business tax credit carry forwards expiration date	At various dates through December 2035
Available to Reduce Future Federal Income Taxes
Income Taxes [Line Items]
Net operating loss carry forwards	$ 46,984,000
Business tax credit carry forwards	1,920,000
Deferred tax assets from share-based payments	10,242,000
Reserves for business tax credits	1,289,000
Available to Reduce Future Federal Income Taxes | General Business Tax Credit Carryforward
Income Taxes [Line Items]
Business tax credit carry forwards	$ 2,578,000

Consolidated Deferred Tax Asset

Consolidated Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Temporary timing differences:
Stock compensation	$ 1,079	$ 628
Contingent consideration	2,126	767
Other	1,150	1,674
Total temporary timing differences	4,355	3,069
Net operating loss carryforwards	12,389	12,580
Tax business credits carryforwards	1,820	1,782
Total deferred tax assets	18,564	17,431
Valuation allowance	(18,514)	(17,298)
Net deferred tax assets	50	133
Deferred tax liabilities:
Goodwill and intangible assets	(501)	(251)
Net deferred tax liabilities	$ (451)	$ (118)

Reconciliation of Federal Statu

Reconciliation of Federal Statutory Rate to Effective Income Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Rate Reconciliation [Line Items]
Income before income taxes	$ 1,194	$ 3,679	$ 4,351	$ 4,198	$ 242	$ 2,255	$ 3,243	$ 5,398	$ 13,423	$ 11,138	$ 23,014
Expected tax at statutory rate									4,564	3,787	7,825
Adjustments due to:
Difference between U.S. and foreign tax									(1,910)	(1,471)	(1,228)
State income and franchise taxes									563	122	1,122
Business tax credits									(115)
Permanent differences									118	(172)	(298)
Change in valuation allowance									1,216	727	(509)
Other									(358)	(25)	9
Provision (benefit) for income taxes	$ 929	$ 1,141	$ 738	$ 1,269	$ 640	$ 789	$ 418	$ 1,121	$ 4,078	$ 2,968	$ 6,921
Expected tax at statutory rate									34.00%	34.00%	34.00%
Adjustments due to:
Difference between U.S. and foreign tax									(14.20%)	(13.20%)	(5.30%)
State income and franchise taxes									4.20%	1.10%	4.90%
Business tax credits									(0.90%)
Permanent differences									0.90%	(1.50%)	(1.30%)
Change in valuation allowance									9.10%	6.50%	(2.20%)
Other									(2.70%)	(0.20%)
Provision (benefit) for income taxes									30.40%	26.70%	30.10%

Reconciliation of Unrecognized

Reconciliation of Unrecognized Tax Benefits (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized tax benefits at January 1, 2015	$ 2,118
Gross increases - tax positions in prior period	324
Gross decreases - settlements	(1,153)
Unrecognized tax benefits at December 31, 2015	$ 1,289

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Apr. 06, 2007	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stockholders Equity Note Disclosure [Line Items]
Common stock, shares reserved				4,005,174
Common stock, shares purchased through issuance of warrants	150,000
Common stock, shares purchased through issuance of warrants per share	$ 0.01
Warrant term	7 years
Stock-based compensation expense		$ 3,598,000	$ 1,766,000	$ 1,060,000
Stock options, outstanding		1,240,935	1,225,117	1,610,988
Number of shares available for future grant		2,441,761
Closing price of common stock		$ 28.29
Aggregate intrinsic value of stock options exercised		$ 4,942,000	$ 10,475,000	$ 3,723,000
Weighted average grant date fair value of share-based awards granted		$ 22.45	$ 11.12	$ 4.31
Total fair value of stock options vested		$ 2,317,000	$ 1,084,000	$ 991,000
Total unrecognized compensation cost		$ 6,547,000
Unrecognized compensation cost, weighted average remaining requisite service period		3 years 29 days
Number of unvested options		623,652
Employee Stock Option | Former president and chief executive officer
Stockholders Equity Note Disclosure [Line Items]
Stock-based compensation expense		$ 826,000
Employee Stock Option | Former president and chief executive officer | Vested as of January 2015
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting percentage		50.00%
Employee Stock Option | Minimum
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period					3 years
Employee Stock Option | Minimum | Vest Over Three Year
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting percentage					20.00%
Employee Stock Option | Maximum
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period					5 years
Incentive options, term					10 years
Employee Stock Option | Maximum | Vest Over Five Year
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting percentage					33.00%
Non-Employee Directors
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period					1 year
Unvested Options
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period		5 years

Stock-Based Compensation Expens

Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,598	$ 1,766	$ 1,060
Cost of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	213	128	74
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	336	185	97
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,049	$ 1,453	$ 889

Estimated Weighted Average Assu

Estimated Weighted Average Assumptions (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)		6 years 6 months	6 years 6 months
Volatility, minimum	50.09%	51.00%	51.39%
Volatility, maximum	51.89%	51.71%	53.63%
Risk-free interest rate, minimum	1.67%	1.88%	1.09%
Risk-free interest rate, maximum	2.03%	2.11%	2.08%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years 7 months 6 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	7 years 2 months 12 days

Summary of Information Regardin

Summary of Information Regarding Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Options Outstanding
Options outstanding at December 31, 2014 | shares	1,225,117
Granted | shares	310,857
Exercised | shares	(177,693)
Forfeited/cancelled | shares	(117,346)
Options outstanding at December 31, 2015 | shares	1,240,935
Options exercisable at December 31, 2015 | shares	559,922
Vested and expected to vest at December 31, 2015 | shares	1,183,574	[1]
Weighted-Average Exercise Price Per Share
Options outstanding at December 31, 2014 | $ / shares	$ 8.31
Granted | $ / shares	15.23
Exercised | $ / shares	5.22
Forfeited/cancelled | $ / shares	8.81
Options outstanding at December 31, 2015 | $ / shares	10.44
Options exercisable at December 31, 2015 | $ / shares	6.77
Vested and expected to vest at December 31, 2015 | $ / shares	$ 10.42	[1]
Weighted-Average Remaining Contractual Term (in years)
Options outstanding at December 31, 2015	6 years 5 months 1 day
Options exercisable at December 31, 2015	3 years 10 months 21 days
Vested and expected to vest at December 31, 2015	6 years 4 months 10 days	[1]
Aggregate Intrinsic Value
Options outstanding at December 31, 2015 | $	$ 22,653
Options exercisable at December 31, 2015 | $	12,048
Vested and expected to vest at December 31, 2015 | $	$ 21,652	[1]
[1]	This represents the number of vested options as of December 31, 2015 plus the number of unvested options expected to vest as of December 31, 2015 based on the unvested outstanding options at December 31, 2015 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

Summary of Information Regard65

Summary of Information Regarding Option Activity (Parenthetical) (Detail) - Employee Stock Option	Dec. 31, 2015	Dec. 31, 2014
Awards Granted to Non-Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates	8.00%	8.00%
Awards Granted to Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates	3.00%	3.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended								12 Months Ended
	Mar. 31, 2014USD ($)ft²	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)ft²Building	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 31, 2011USD ($)ft²	Mar. 31, 2008ft²	Mar. 31, 2007ft²	Mar. 31, 2001ft²
Commitments and Contingencies [Line Items]
Lease agreement, term	8 years 1 month												11 years	2 years	5 years	10 years
Lease agreement, space | ft²										45,000			55,694	7,350	2,500	25,000
Lease agreement, expiration date													May 31, 2023
Lease agreement, letter of credit issued													$ 200,000
Lease agreement, commencement date	Aug. 1, 2014
Future minimum rental commitment, 2016		$ 2,343,000								$ 2,343,000
Future minimum rental commitment, 2017		1,888,000								1,888,000
Future minimum rental commitment, 2018		1,434,000								1,434,000
Future minimum rental commitment, 2019		1,418,000								1,418,000
Future minimum rental commitment, 2020		1,371,000								$ 1,371,000
Lease termination description										The Company terminated the lease on the 7,350 square feet of space in the first quarter of 2015.
Lease agreement, number buildings leased | Building										4
Operating leases, rent expense										$ 2,619,000	$ 2,735,000	$ 2,437,000
Operating leases, deferred rent liabilities		1,899,000				$ 1,956,000				1,899,000	1,956,000	2,028,000
Research and development expenses		1,431,000	$ 1,490,000	$ 1,252,000	$ 1,568,000	$ 1,328,000	$ 1,650,000	$ 1,430,000	$ 1,201,000	5,740,000	5,609,000	7,341,000
Purchase orders, supply agreements and other contractual obligations		5,729,000								5,729,000
Licensing Agreements
Commitments and Contingencies [Line Items]
Research and development expenses										$ 7,000	$ 7,000	$ 302,000
Lease for three buildings
Commitments and Contingencies [Line Items]
Lease agreement, space | ft²										41,000
Lease agreement, expiration date										Jun. 30, 2017
Lease for the fourth building
Commitments and Contingencies [Line Items]
Lease agreement, space | ft²										4,000
Lease agreement, expiration date										Sep. 30, 2019
Before Amendment
Commitments and Contingencies [Line Items]
Lease agreement, space | ft²	55,694
Security deposit	$ 200,000								200,000
After Amendment
Commitments and Contingencies [Line Items]
Lease agreement, space | ft²	75,594
Security deposit	$ 450,000								$ 450,000
Future minimum rental commitment, 2016		1,371,000								$ 1,371,000
Future minimum rental commitment, 2017		1,371,000								1,371,000
Future minimum rental commitment, 2018		1,371,000								1,371,000
Future minimum rental commitment, 2019		1,371,000								1,371,000
Future minimum rental commitment, 2020		$ 1,371,000								$ 1,371,000
Expansion Space
Commitments and Contingencies [Line Items]
Lease agreement, space | ft²	19,900
Annual rent expense	$ 361,000

Obligations Under Non Cancelabl

Obligations Under Non Cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Schedule of Operating Leases [Line Items]
December 31, 2016	$ 2,343
December 31, 2017	1,888
December 31, 2018	1,434
December 31, 2019	1,418
December 31, 2020	1,371
Thereafter	3,043
Minimum lease payments	$ 11,497

Prepaid Expenses and Other Cu68

Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Prepaid Expenses And Other Current Assets [Line Items]
Equipment maintenance and services	$ 689	$ 492
Prepaid VAT	558	419
Prepaid insurance	455	359
Vendor credit		486
Deferred costs	206	5
Prepaid taxes	105	220
Interest receivable	63	100
Other	22	23
Total	$ 2,098	$ 2,104

Property Plant and Equipment (D

Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Leasehold improvements	$ 13,306	$ 9,108
Equipment	13,758	13,116
Furniture and fixtures	2,808	2,270
Construction in progress	425	3,848
Total property, plant and equipment	30,297	28,342
Less: accumulated depreciation	(16,496)	(13,816)
Property, plant and equipment, net	$ 13,801	$ 14,526

Property Plant and Equipment -

Property Plant and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Depreciation expense of property and equipment	$ 2,996,000	$ 2,594,000	$ 2,092,000

Schedule of Accrued Liabilities

Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Accrued Liabilities [Line Items]
Employee compensation	$ 4,680	$ 3,759
Taxes	166	571
Current portion of contingent consideration	4,480	1,135
Professional fees	269	511
Unearned revenue	258	130
Other accrued expenses	2,204	713
Total	$ 12,057	$ 6,819

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2013	$ (5,773)	$ 1,998
Other comprehensive income (loss)	(2,793)	(7,771)
Balance as of December 31, 2014	(8,566)	(5,773)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2013	(33)	(5)
Other comprehensive income (loss)	22	(28)
Balance as of December 31, 2014	(11)	(33)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2013	(5,740)	2,003
Other comprehensive income (loss)	(2,815)	(7,743)
Balance as of December 31, 2014	$ (8,555)	$ (5,740)

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)Age	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Pension Plans, Defined Benefit | Sweden
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined contribution plan, company contribution	$ 485,000	$ 493,000	$ 437,000
Minimum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined contribution plan, eligible age of employees | Age	21
Defined Contribution 401 K Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined contribution plan, company contribution	$ 141,000	$ 107,000	$ 92,000

Consolidated Statements of Op74

Consolidated Statements of Operations Information for Each of Previous Eight Quarters (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Product revenue	$ 21,449	$ 19,814	$ 21,457	$ 20,816	$ 15,393	$ 15,153	$ 15,551	$ 14,335	$ 83,537	$ 60,431	$ 47,482
Royalty and other revenue					1,000	125		1,991		3,117	20,687
Total revenue	21,449	19,814	21,457	20,816	16,393	15,278	15,551	16,326	83,537	63,548	68,169
Operating expenses:
Cost of product revenue	10,148	8,444	8,586	8,073	8,084	6,931	6,671	6,335	35,251	28,022	22,481
Cost of royalty and other revenue	0	0	0	0	0	0	0	0			2,682
Research and development	1,431	1,490	1,252	1,568	1,328	1,650	1,430	1,201	5,740	5,609	7,341
Selling, general and administrative	6,473	5,959	6,242	6,024	4,975	4,471	4,326	3,384	24,699	17,154	12,701
Contingent consideration - fair value adjustments	1,969	233	768	1,112	1,945	10	18	98	4,083	2,072	91
Total operating expenses	20,021	16,126	16,848	16,777	16,332	13,062	12,445	11,018	69,773	52,857	45,296
Income from operations	1,428	3,688	4,609	4,039	61	2,216	3,106	5,308	13,764	10,691	22,873
Investment income	44	37	19	36	59	64	85	102	136	309	301
Interest expense	(8)	(8)	(8)	(9)	(12)	(11)	(13)	(14)	(32)	(50)	(50)
Other income (expense)	(270)	(38)	(269)	132	134	(14)	65	2	(445)	188	(110)
Income before income taxes	1,194	3,679	4,351	4,198	242	2,255	3,243	5,398	13,423	11,138	23,014
Income tax provision	929	1,141	738	1,269	640	789	418	1,121	4,078	2,968	6,921
Net income (loss)	$ 265	$ 2,538	$ 3,613	$ 2,929	$ (398)	$ 1,466	$ 2,825	$ 4,277	$ 9,345	$ 8,170	$ 16,093
Earnings per share:
Basic	$ 0.01	$ 0.08	$ 0.11	$ 0.09	$ (0.01)	$ 0.04	$ 0.09	$ 0.13	$ 0.28	$ 0.25	$ 0.51
Diluted	$ 0.01	$ 0.08	$ 0.11	$ 0.09	$ (0.01)	$ 0.04	$ 0.09	$ 0.13	$ 0.28	$ 0.25	$ 0.50
Weighted average shares outstanding:
Basic	32,946,000	32,925,000	32,870,000	32,755,000	32,747,000	32,677,000	32,234,000	31,963,000	32,881,940	32,497,657	31,667,015
Diluted	33,577,000	33,690,000	33,671,000	33,451,000	32,747,000	33,327,000	33,076,000	31,855,000	33,577,091	33,263,667	32,406,641