Exelixis (EXEL) 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 3, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	exel
Entity Registrant Name	EXELIXIS, INC.
Entity Central Index Key	939,767
Entity Filer Category	Large Accelerated Filer
Current Fiscal Year End Date	--01-01
Entity Common Stock, Shares Outstanding		225,431,074

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	[1]
Current assets:
Cash and cash equivalents	$ 61,949	$ 80,395
Short-term investments	14,648	63,890
Short-term restricted cash and investments	6,109	12,212
Trade and other receivables	3,758	4,882
Inventory	2,608	2,381
Prepaid expenses and other current assets	2,731	3,481
Total current assets	91,803	167,241
Long-term investments	81,598	81,579
Long-term restricted cash and investments	2,684	4,684
Property and equipment, net	1,812	2,432
Goodwill	63,684	63,684
Other assets	7,197	8,340
Total assets	248,778	327,960
Current liabilities:
Accounts payable	3,398	6,413
Accrued clinical trial liabilities	32,572	41,545
Accrued compensation and benefits	3,249	3,350
Other accrued liabilities	15,803	12,282
Current portion of convertible notes	0	98,880
Current portion of loans payable	0	381
Current portion of restructuring	5,294	6,426
Deferred revenue	0	2,583
Total current liabilities	60,316	171,860
Long-term portion of convertible notes	291,225	182,395
Long-term portion of loans payable	80,000	80,000
Long-term portion of restructuring	3,080	4,365
Other long-term liabilities	2,345	4,169
Total liabilities	$ 436,966	$ 442,789
Commitments
Stockholders’ deficit:
Preferred stock	$ 0	$ 0
Common stock, $0.001 par value; 400,000,000 shares authorized; issued and outstanding: 196,381,220 and 195,895,769 shares at June 30, 2015 and December 31, 2014, respectively	196	196
Additional paid-in capital	1,657,626	1,652,400
Accumulated other comprehensive loss	(174)	(121)
Accumulated deficit	(1,845,836)	(1,767,304)
Total stockholders’ deficit	(188,188)	(114,829)
Total liabilities and stockholders’ deficit	$ 248,778	$ 327,960
[1]	The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value, in dollars per share	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	196,381,220	195,895,769
Common stock, shares outstanding	196,381,220	195,895,769

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Net product revenues	$ 7,992	$ 6,562	$ 17,380	$ 11,467
Operating expenses:
Cost of goods sold	686	477	1,452	786
Research and development	24,506	50,976	46,788	105,823
Selling, general and administrative	12,789	16,466	22,320	31,157
Restructuring charge	1,291	331	860	377
Total operating expenses	39,272	68,250	71,420	138,143
Loss from operations	(31,280)	(61,688)	(54,040)	(126,676)
Other income (expense), net:
Interest income and other, net	(123)	359	(130)	2,490
Interest expense	(11,959)	(12,081)	(24,362)	(23,843)
Total other income (expense), net	(12,082)	(11,722)	(24,492)	(21,353)
Net loss	$ (43,362)	$ (73,410)	$ (78,532)	$ (148,029)
Net loss per share, basic and diluted, in dollars per share	$ (0.22)	$ (0.38)	$ (0.40)	$ (0.77)
Shares used in computing basic and diluted net loss per share, in shares	196,201	194,929	196,052	193,323

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss		$ (43,362)	$ (73,410)	$ (78,532)	$ (148,029)
Other comprehensive (loss) income	[1]	(113)	24	(53)	31
Comprehensive loss		$ (43,475)	$ (73,386)	$ (78,585)	$ (147,998)
[1]	Other comprehensive (loss) income consisted solely of unrealized losses or gains, net on available for sale securities arising during the periods presented. There were no reclassification adjustments to net loss resulting from realized losses or gains on the sale of securities and there was no income tax expense related to other comprehensive (loss) income during those periods.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (78,532)		$ (148,029)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	684		1,093
Stock-based compensation expense	3,394		7,740
Accretion of debt discount	14,891		14,316
Gain on sale of equity investment	(95)		0
Change in the fair value of warrants	549		(1,854)
Other	1,093		2,615
Changes in assets and liabilities:
Trade and other receivables	746		(1,093)
Inventory	(227)		(136)
Prepaid expenses and other assets	953		226
Accounts payable, accrued compensation, and other accrued liabilities	405		(4,905)
Clinical trial liabilities	(8,973)		6,409
Restructuring liability	(3,321)		(3,003)
Other long-term liabilities	(903)		(479)
Deferred revenue	(2,583)		(323)
Net cash used in operating activities	(71,919)		(127,423)
Cash flows from investing activities:
Purchases of property and equipment	(94)		(344)
Proceeds from sale of property and equipment	1,295		281
Proceeds from sale of equity investment	95		0
Proceeds from maturities of restricted cash and investments	12,247		10,777
Purchase of restricted cash and investments	(4,184)		(4,643)
Proceeds from maturities of investments	94,438		181,258
Purchases of investments	(46,217)		(82,280)
Net cash provided by investing activities	57,580		105,049
Cash flows from financing activities:
Proceeds from issuance of common stock, net	0		75,646
Proceeds from exercise of stock options and warrants	0		120
Proceeds from employee stock purchase plan	274		928
Principal payments on debt	(4,381)		(10,958)
Net cash (used in) provided by financing activities	(4,107)		65,736
Net (decrease) increase in cash and cash equivalents	(18,446)		43,362
Cash and cash equivalents at beginning of period	80,395	[1]	103,978
Cash and cash equivalents at end of period	$ 61,949		$ 147,340
[1]	The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date.

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Exelixis, Inc. (“Exelixis,” “we,” “our” or “us”) is a biopharmaceutical company committed to developing small molecule therapies for the treatment of cancer. Our two most advanced assets are cabozantinib, our wholly-owned inhibitor of multiple receptor tyrosine kinases, and cobimetinib (GDC-0973/XL518), a selective inhibitor of MEK, a dual-specificity kinase, which we out-licensed to Genentech, Inc. (a member of the Roche Group), (“Genentech”). Our development and commercialization efforts are focused primarily on cabozantinib. Cabozantinib was approved by the United States Food and Drug Administration (“FDA”) on November 29, 2012, for the treatment of progressive, metastatic medullary thyroid cancer (“MTC”), in the United States under the brand name COMETRIQ®. COMETRIQ became commercially available in the United States in January 2013. In March 2014, the European Commission granted cabozantinib conditional marketing authorization for the treatment of adult patients with progressive, unresectable locally advanced or metastatic MTC, also under the brand name COMETRIQ. We are evaluating cabozantinib in a broad development program comprising over forty-five clinical trials across multiple indications, including two ongoing phase 3 pivotal trials focusing on advanced renal cell carcinoma (“RCC”), and advanced hepatocellular carcinoma (“HCC”). On July 20, 2015, we announced positive top-line results from the primary analysis of METEOR, the phase 3 pivotal trial comparing cabozantinib to everolimus in 658 patients who experienced disease progression following treatment with a VEGF receptor tyrosine kinase inhibitor. Based on the data from the trial, we expect to complete U.S. and EU regulatory filings in early 2016. Our second most advanced oncology asset, cobimetinib, is being evaluated by Genentech in a broad development program, including coBRIM, a phase 3 pivotal trial evaluating cobimetinib in combination with vemurafenib versus vemurafenib alone in previously untreated patients with unresectable locally advanced melanoma harboring a BRAF V600 mutation. On September 29, 2014, positive results from this trial were reported at the European Society for Medical Oncology (“ESMO”) 2014 Congress. The trial met its primary endpoint of demonstrating a statistically significant increase in investigator-determined progression free survival for cobimetinib in combination with vemurafenib versus vemurafenib alone. Roche has completed the Marketing Authorization Application for cobimetinib in combination with vemurafenib in the European Union. In the United States, Genentech submitted its New Drug Application (“NDA”) in December 2014, and the FDA granted the NDA priority review with a projected action date of August 11, 2015. On June 30, 2015, Genentech informed us that, in order to accommodate its review of a supplemental data submission, the FDA extended the projected action date for its review of the cobimetinib NDA by the standard extension period of three months, to November 11, 2015. Basis of Consolidation The consolidated financial statements include the accounts of Exelixis and those of our wholly-owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the period presented have been included. Exelixis adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31st. Fiscal year 2015, a 52-week year, will end on January 1, 2016 , and fiscal year 2014, a 53-week year, ended on January 2, 2015 . For convenience, references in this report as of and for the fiscal periods ended July 3, 2015 and June 27, 2014 , and as of and for the fiscal years ended January 1, 2016 and January 2, 2015 , are indicated as being as of and for the periods ended June 30, 2015 , June 30, 2014 , December 31, 2015 , and December 31, 2014 , respectively. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending January 1, 2016 or for any future period. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2014 , included in our Annual Report on Form 10-K filed with the SEC on March 2, 2015 . Segment Information We operate as a single reportable segment. Use of Estimates The preparation of our consolidated financial statements is in conformity with accounting principles generally accepted in the United States which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to inventory, revenue recognition, valuation of long-lived assets, certain accrued liabilities including clinical trial accruals and restructuring liability, valuation of warrants, share-based compensation and the valuation of the debt and equity components of our convertible debt at issuance. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Need to Access Additional Capital We have incurred net losses since inception through June 30, 2015 , with the exception of the 2011 fiscal year. We anticipate net losses and negative operating cash flow for the foreseeable future. For the six months ended June 30, 2015 , we incurred a net loss of $78.5 million and as of June 30, 2015 , we had an accumulated deficit of $1.8 billion . These losses have had, and will continue to have, an adverse effect on our stockholders’ deficit and working capital. Because of the numerous risks and uncertainties associated with developing drugs, we are unable to predict the extent of any future losses or whether or when we will become profitable, if at all. Our research and development expenditures and selling, general and administrative expenses have exceeded our revenues for each fiscal year other than the 2011 fiscal year, and we expect to spend significant additional amounts to fund the continued development and commercialization of cabozantinib. As a result, we expect to continue to incur substantial operating expenses and, consequently, we will need to generate significant additional revenues to achieve future profitability. We commercially launched COMETRIQ for the treatment of progressive, metastatic MTC in the United States in late January 2013 , and from the commercial launch through June 30, 2015 we have generated $57.5 million in net revenues from the sale of COMETRIQ. Other than revenues from COMETRIQ, we have derived substantially all of our revenues since inception from collaborative research and development agreements, which depend on research funding, the achievement of milestones, and royalties we earn from any future products developed from the collaborative research. The amount of our net losses will depend, in part, on the rate of growth, if any, in our sales of COMETRIQ; our share of the net profits and losses for the commercialization for cobimetinib in the U.S., if any; the receipt of royalties from cobimetinib sales outside the U.S., if any; partnering activities for cabozantinib; other license and contract revenues; and, the level of expenses primarily with respect to development and commercialization activities for cabozantinib. As of June 30, 2015 , we had $167.0 million in cash and investments, which included $76.6 million available for operations, $6.1 million of short-term restricted investments available for public debt service obligations, $81.6 million of compensating balance investments that we are required to maintain on deposit with Silicon Valley Bank, and $2.7 million of long-term restricted investments. We anticipate that our current cash and cash equivalents, and short-term investments available for operations, and product revenues, together with the proceeds from our July 2015 public offering, will enable us to maintain our operations for a period of at least 12 months following the end of the second quarter of 2015. See “Note 11 - Subsequent Events” for more information on our July 2015 sale of shares of common stock. While a forecast of future events is inherently uncertain, our ability to sustain our business operations for this time period is highly dependent on the commercial success of COMETRIQ and the revenues we generate, as well as the commercial success of cobimetinib and our share of related net profits and losses, and royalties under our collaboration with Genentech. Consistent with the actions we have taken in the past, we will prioritize necessary and appropriate steps to ensure the continued operation of our business and preservation of the value of our assets. However, our future capital requirements will be substantial, and we may need to raise additional capital in the future. Our capital requirements will depend on many factors, and we may need to use available capital resources and raise additional capital significantly earlier than we currently anticipate. Revenue Recognition We recognize revenue from the sale of COMETRIQ and have historically recognized revenue from license fees and milestones earned on research and collaboration arrangements. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our policies for revenue recognition on research and collaboration agreements. We did not enter into any new collaboration agreements during the six months ended June 30, 2015 . See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our existing collaboration agreements. Net Product Revenues We recognize revenue when it is both realized or realizable and earned, meaning persuasive evidence of an arrangement exists, delivery has occurred, title has transferred, the price is fixed or determinable, there are no remaining customer acceptance requirements, and collectability of the resulting receivable is reasonably assured. For product sales in the United States, this generally occurs upon delivery of the product at the specialty pharmacy. For product sales in Europe, this generally occurs when our European distribution partner has accepted the product, at which time they are no longer able to return the product. We sell our product, COMETRIQ, in the United States to a specialty pharmacy that benefits from customer incentives and has a right of return. Prior to 2015, COMETRIQ had limited sales history and we could not reliably estimate expected future returns, discounts and rebates of the product at the time the product was sold to the specialty pharmacy, therefore we recognized revenue when the specialty pharmacy provided the product to a patient based on the fulfillment of a prescription, frequently referred to as the “sell-through” revenue recognition model. Recently we have established sufficient historical experience and data to reasonably estimate expected future returns of the product and the discounts and rebates due to payors at the time of shipment to the specialty pharmacy. Accordingly, beginning in January 2015 we began to recognize revenue upon delivery to our U.S. specialty pharmacy. This approach is frequently referred to as the “sell-in” revenue recognition model. In connection with the change in the timing of recognition of U.S. COMETRIQ sales, we recorded a one-time adjustment to recognize revenue and related costs that had previously been deferred at December 31, 2014, resulting in additional gross product revenues of $2.6 million and a nominal amount of cost of goods sold for the six months ended June 30, 2015 ; there were no such adjustments recorded for the three months ended June 30, 2015 . We also utilize the “sell-in” revenue recognition model for sales to our European distribution partner for all periods presented. Once the European distributer has accepted the product, the product is no longer subject to return; therefore, we record revenue at the time our European distribution partner has accepted the product. Product Sales Discounts and Allowances We calculate gross product revenues based on the price that we charge our United States specialty pharmacy and our European distribution partner. We estimate our domestic net product revenues by deducting from our gross product revenues (a) trade allowances, such as discounts for prompt payment, (b) estimated government rebates and chargebacks, and (c) estimated costs of patient assistance programs. We estimate our European net product revenues by deducting from our gross product revenues an estimated credit for product originally delivered with expiry of 18 months or less. European net product revenues for the six months ended June 30, 2015 also included the remaining $0.1 million of the $2.4 million project management fee payable to our European distributor upon their achievement of a cumulative revenue goal; no such fees or credits were recognized during the three months ended June 30, 2015 or the comparable periods in 2014. We first determined that the achievement of the revenue goal was probable in the third quarter of 2014 and therefore we recorded project management fees beginning in that period. We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates on a recurring basis as new information becomes available. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a further description of our discounts and allowances. Cost of Goods Sold Cost of goods sold is related to our product revenues and consists primarily of a 3% royalty on net sales of any product incorporating cabozantinib payable to GlaxoSmithKline, and to a lesser extent, indirect labor costs, the cost of manufacturing and other third party logistics costs of our product. A portion of the manufacturing costs for product sales were incurred prior to regulatory approval of COMETRIQ for the treatment of progressive, metastatic MTC and, therefore, were expensed as research and development costs when those costs were incurred, rather than capitalized as inventory. See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for additional information related to the 3% royalty payable to GlaxoSmithKline. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition and most industry-specific guidance throughout the Accounting Standards Codification, resulting in the creation of FASB ASC Topic 606, Revenue from Contracts with Customers . ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. On July 9, 2015, the FASB deferred the effective date by one year for public entities for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for periods after December 15, 2016. We are currently evaluating the impact of adopting ASU 2014-09, inclusive of available transitional methods on our consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ ASU 2014-15”) . ASU 2014-15 explicitly requires management to evaluate, at each annual or interim reporting period, whether there are conditions or events that exist that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and earlier application is permitted. The adoption of this guidance will not have any impact on the Company’s financial position and results of operations and, at this time, we do not expect any impact on its disclosures. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs which Changes the Presentation of Debt Issuance Costs in Financial Statements (“ASU 2015-03”), which requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 will be effective for annual reporting periods beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016, with early adoption permitted. The new guidance will be applied retrospectively to each prior period presented. If we had adopted ASU 2015-03, as of June 30, 2015 , it would have resulted in a reduction of Other assets and total debt by $3.8 million and $4.7 million as June 30, 2015 and December 31, 2014, respectively. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”), which provide that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses, and if a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 will be effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. An entity can elect to adopt the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. We are currently evaluating the impact of adopting ASU 2015-05, inclusive of available transitional methods on our consolidated financial statements and related disclosures.

Restructurings

Restructurings	6 Months Ended
	Jun. 30, 2015
Restructuring Charges [Abstract]
Restructurings	RESTRUCTURINGS The restructuring charges that we expect to incur in connection with our restructurings are subject to a number of assumptions, including facility exit activity, sublease activity, the results of asset sales and the timing of employee terminations, and actual results may materially differ. We may also incur other material charges not currently contemplated due to events that may occur as a result of, or associated with, the restructurings. 2014 Restructuring On September 2, 2014, as a consequence of the failure of COMET-1, one of our two phase 3 pivotal trials of cabozantinib in metastatic castration-resistant prostate cancer, we initiated the 2014 Restructuring to reduce our workforce. Personnel reductions were initiated across our entire organization that resulted in an aggregate reduction in headcount of 143 full-time employees as of June 30, 2015 . The principal objective of the 2014 Restructuring was to enable us to focus our financial resources on the phase 3 pivotal trials of cabozantinib in advanced RCC and advanced HCC. For the six months ended June 30, 2015 , we recorded restructuring charges of $0.3 million for the 2014 Restructurings. The restructuring charge included $1.2 million in additional charges due to the partial termination of one of our building leases and additional facility-related charges related to the decommissioning and exit of certain buildings. The restructuring charge was partially offset by $0.9 million in recoveries recorded in connection with the sale of excess equipment and other assets. Employee severance and other benefits are recognized ratably during the period from the implementation date of the 2014 Restructuring through the employees’ termination dates. The restructuring liability related to the 2014 Restructuring is included in the current and long-term portion of restructuring on the accompanying Consolidated Balance Sheets. The components of and changes to these liabilities during the six months ended June 30, 2015 are summarized in the following table (in thousands): Employee Severance and Other Benefits Facility Asset Sales Legal and Other Fees Total Restructuring liability as of December 31, 2014 $ 1,290 $ — $ — $ 47 $ 1,337 Restructuring charge (recovery) (28 ) 1,220 (905 ) — 287 Cash (payments) receipts, net (1,022 ) (207 ) 1,284 — 55 Other non-cash items — 278 (379 ) 3 (98 ) Restructuring liability as of June 30, 2015 $ 240 $ 1,291 $ — $ 50 $ 1,581 We expect to pay the accrued facility charges of $1.3 million through April 2017. 2010 Restructurings Between March 2010 and May 2013, we implemented five restructurings (referred to collectively as the “2010 Restructurings”) to manage costs and as a consequence of our decision in 2010 to focus our proprietary resources and development efforts on the development and commercialization of cabozantinib. The aggregate reduction in headcount from the 2010 Restructurings was 429 employees. Charges and recoveries related to the 2010 Restructurings were recorded in periods other than those in which the 2010 Restructurings were implemented as a result of sublease activities for certain of our buildings in South San Francisco, California, changes in assumptions regarding anticipated sublease activities, the effect of the passage of time on our discounted cash flow computations, previously planned employee terminations, and sales of excess equipment and other assets. For the six months ended June 30, 2015 and 2014 , we recorded restructuring charges of $0.6 million and $0.4 million , respectively, for the 2010 Restructurings. The charges for both periods presented were related to the effect of the passage of time on our discounted cash flow computations (“accretion expense”) for the exit, in prior periods, of certain of our South San Francisco buildings. During the six months ended June 30, 2015 , the restructuring charge also included the impact of a new sublease executed in June 2015 and additional changes in assumptions regarding anticipated sublease activities. During the six months ended June 30, 2014 restructuring charges were partially offset by $0.1 million in recoveries recorded in connection with the sale of excess equipment and other assets. The total outstanding restructuring liability related to the 2010 Restructurings is included in the current and long-term portion of restructuring on the accompanying Consolidated Balance Sheets. The changes to this liability during the six months ended June 30, 2015 is summarized in the following table (in thousands): Facility Charges Restructuring liability as of December 31, 2014 $ 9,454 Restructuring charge 573 Cash payments (3,559 ) Adjustments or non-cash credits 325 Restructuring liability as of June 30, 2015 $ 6,793 We expect to pay accrued facility charges of $6.8 million , net of cash received from our subtenants, through the end of our lease terms of the buildings, the last of which ends in 2017. We expect to incur additional restructuring charges of approximately $0.5 million relating to the effect of accretion expense through to the end of the building lease terms.

Cash and Investments

Cash and Investments	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Cash and Investments	CASH AND INVESTMENTS The following tables summarize cash and cash equivalents, investments, and restricted cash and investments by balance sheet line item as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents $ 61,949 $ — $ — $ 61,949 Short-term investments 14,780 8 (140 ) 14,648 Short-term restricted cash and investments 6,041 68 — 6,109 Long-term investments 81,600 — (2 ) 81,598 Long-term restricted cash and investments 2,684 — 2,684 Total cash and investments $ 167,054 $ 76 $ (142 ) $ 166,988 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents $ 80,395 $ — $ — $ 80,395 Short-term investments 63,988 37 (135 ) 63,890 Short-term restricted cash and investments 12,105 107 — 12,212 Long-term investments 81,600 1 (22 ) 81,579 Long-term restricted cash and investments 4,684 — — 4,684 Total cash and investments $ 242,772 $ 145 $ (157 ) $ 242,760 Under our loan and security agreement with Silicon Valley Bank, we are required to maintain compensating balances on deposit in one or more investment accounts with Silicon Valley Bank or one of its affiliates. The total collateral balances as of June 30, 2015 and December 31, 2014 were $81.6 million and $82.0 million , respectively, and are reflected in our Consolidated Balance Sheets in short- and long-term investments. See “Note 8 - Debt” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 , for more information regarding the collateral balance requirements under our Silicon Valley Bank loan and security agreement. All of our cash equivalents and investments are classified as available-for-sale. The following tables summarize our cash equivalents and investments by security type as of June 30, 2015 and December 31, 2014 . The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Money market funds $ 67,922 $ — $ — $ 67,922 Commercial paper 30,354 — — 30,354 Corporate bonds 60,646 8 (142 ) 60,512 U.S. Treasury and government sponsored enterprises 6,041 68 — 6,109 Total investments $ 164,963 $ 76 $ (142 ) $ 164,897 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Money market funds $ 23,376 $ — $ — $ 23,376 Commercial paper 56,714 — — 56,714 Corporate bonds 143,444 35 (157 ) 143,322 U.S. Treasury and government sponsored enterprises 12,105 107 — 12,212 Municipal bonds 2,659 3 — 2,662 Total investments $ 238,298 $ 145 $ (157 ) $ 238,286 There were no sales of investments during the six months ended June 30, 2015 and 2014 . All of our investments are subject to a quarterly impairment review. During the six months ended June 30, 2015 and 2014 , we did not record any other-than-temporary impairment charges on our available-for-sale securities. As of June 30, 2015 , there were 23 investments in an unrealized loss position with an aggregate fair value $43.4 million . Investments in an unrealized loss position are all corporate bonds. All of our investments in an unrealized loss position have been so for less than one year and the unrealized losses were not attributed to credit risk, but rather associated with the changes in interest rates. Based on the scheduled maturities of our investments, we concluded that the unrealized losses in our investment securities are not other-than-temporary, as it is more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis. The following table summarizes the fair value of securities classified as available-for-sale by contractual maturity as of June 30, 2015 (in thousands): Mature within One Year After One Year through Two Years Fair Value Money market funds $ 67,922 $ — $ 67,922 Commercial paper 30,354 — 30,354 Corporate bonds 59,190 1,322 60,512 U.S. Treasury and government sponsored enterprises 6,109 — 6,109 Total investments $ 163,575 $ 1,322 $ 164,897 Cash is excluded from the table above. The classification of certain compensating balances and restricted investments are dependent upon the term of the underlying restriction on the asset and not the maturity date of the investment. Therefore, certain long-term investments and long-term restricted cash and investments have contractual maturities within one year.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory	INVENTORY Inventory consists of the following (in thousands): June 30, December 31, Raw materials $ 1,030 $ 1,118 Work in process 2,605 2,845 Finished goods 890 559 Total 4,525 4,522 Less: non-current portion included in Other assets (1,917 ) (2,141 ) Inventory $ 2,608 $ 2,381 We generally relieve inventory on a first-expiry, first-out basis. Write-downs related to expiring inventory are charged to cost of goods sold. Such write-downs were $0.2 million for the six months ended June 30, 2015 and were nominal for the six months ended June 30, 2014 . The non-current portion of inventory is recorded within Other assets on the accompanying Condensed Consolidated Balance Sheets and is comprised of a portion of the active pharmaceutical ingredient that is included in raw materials and work in process inventories. There were no other write-downs for obsolete or excess inventory.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	DEBT The amortized carrying amount of our debt consists of the following (in thousands): June 30, December 31, Convertible Senior Subordinated Notes due 2019 $ 191,597 $ 182,395 Secured Convertible Notes due 2018 99,627 98,880 Silicon Valley Bank term loan 80,000 80,000 Silicon Valley Bank line of credit — 381 Total debt 371,224 361,656 Less: current portion — (99,261 ) Long-term debt $ 371,224 $ 262,395 See “Note 8 - Debt” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 , for additional information on the terms of our debt, including a description of the conversion features of the of 4.25% Convertible Senior Subordinated Notes due 2019 (the “2019 Notes”) and our Secured Convertible Notes due June 2018 (the “Deerfield Notes”). Convertible Senior Subordinated Notes due 2019 In August 2012 , we issued and sold $287.5 million aggregate principal amount of the 2019 Notes. As of June 30, 2015 , the entire principal balance remains outstanding. The following is a summary of the liability component of the 2019 Notes (in thousands): June 30, December 31, Net carrying amount of the liability component $ 191,597 $ 182,395 Unamortized discount of the liability component 95,903 105,105 Face amount of the 2019 Notes $ 287,500 $ 287,500 The debt discount and debt issuance costs will be amortized as interest expense through August 2019. The following is a summary of interest expense for the 2019 Notes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stated coupon interest $ 3,055 $ 3,054 $ 6,110 $ 6,143 Amortization of debt discount and debt issuance costs 4,833 4,397 9,554 8,692 Total interest expense $ 7,888 $ 7,451 $ 15,664 $ 14,835 The balance of unamortized fees and costs was $2.9 million and $3.3 million as of June 30, 2015 and December 31, 2014 , respectively, which is included in Other assets on the accompanying Condensed Consolidated Balance Sheets. Secured Convertible Notes due June 2018 In June 2010, we entered into a note purchase agreement with Deerfield Private Design Fund, L.P. and Deerfield Private Design International, L.P., (the “Original Deerfield Purchasers”), pursuant to which, on July 1, 2010, we sold to the Original Deerfield Purchasers an aggregate of $124.0 million principal amount of our Secured Convertible Notes due July 1, 2015, which we refer to as the Original Deerfield Notes, for an aggregate purchase price of $80.0 million , less closing fees and expenses of approximately $2.0 million . On July 1, 2015, we made a $4.0 million principal payment and then extended the maturity date of the Original Deerfield Notes from July 1, 2015 to July 1, 2018. In connection with the extension, Deerfield Partners, L.P. and Deerfield International Master Fund, L.P. (the “New Deerfield Purchasers”) acquired the $100.0 million principal amount of the Original Deerfield Notes and we entered into the Restated Deerfield Notes with each of the New Deerfield Purchasers, representing the $100.0 million principal amount. We refer to the Original Deerfield Purchasers and the New Deerfield Purchasers collectively as “Deerfield”, and to the Original Deerfield Notes and Restated Deerfield Notes, collectively as the “Deerfield Notes”. As of June 30, 2015 and December 31, 2014 , the outstanding principal balance on the Deerfield Notes was $100.0 million and $104.0 million , respectively, which, subject to certain limitations, is payable in cash or in stock at our discretion. Beginning on July 2, 2015, the outstanding principal amount of the Deerfield Notes bears interest at the rate of 7.5% per annum to be paid in cash, quarterly in arrears, and 7.5% per annum to be paid in kind, quarterly in arrears, for a total interest rate of 15% per annum. Through July 1, 2015, the outstanding principal amount of the Deerfield Notes bore interest in the annual amount of $6.0 million , payable quarterly in arrears. The following is a summary of interest expense for the Deerfield Notes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stated coupon interest $ 1,496 $ 1,495 $ 2,975 $ 2,975 Amortization of debt discount and debt issuance costs 2,373 2,931 5,320 5,626 Total interest expense $ 3,869 $ 4,426 $ 8,295 $ 8,601 The balance of unamortized fees and costs was $0.9 million and $1.4 million as of June 30, 2015 and December 31, 2014 , respectively, which is included in Other assets on the accompanying Condensed Consolidated Balance Sheets. Prior to March 4, 2015, the unamortized discount, fees and costs were amortized into interest expense as a yield adjustment through July 1, 2015. Effective March 4, 2015, upon notification of our election to require the New Deerfield Purchasers to acquire the Deerfield Notes and extend the maturity date to July 1, 2018, we began to amortize the remaining unamortized discount, fees and costs through July 1, 2018 using the effective interest method and an effective interest rate of 15.26% . In connection with the amendment to the note purchase agreement, on January 22, 2014 we issued to the New Deerfield Purchasers two -year warrants (the “2014 Deerfield Warrants”) to purchase an aggregate of 1,000,000 shares of our common stock at an exercise price of $9.70 per share. Upon the March 4, 2015 notification of our election to extend the maturity date of the Deerfield Notes, the exercise price of the 2014 Deerfield Warrants was reset to $3.445 per share and the term was extended by two years to January 22, 2018. See “Note 6 - Common Stock and Warrants” for further information on the 2014 Deerfield Warrants.

Common Stock and Warrants

Common Stock and Warrants	6 Months Ended
	Jun. 30, 2015
Warrants and Rights Note Disclosure [Abstract]
Common Stock and Warrants	COMMON STOCK AND WARRANTS Sale of Shares of Common Stock On July 29, 2015 we completed a registered underwritten public offering of 28,750,000 shares of our common stock, including 3,750,000 shares issued under the underwriters’ 30 -day option to buy shares, at a price of $5.40 per share. We received $145.5 million in net proceeds from the offering after deducting the underwriting discount and other estimated expenses. See “Note 11 - Subsequent Events” for more information on our July 2015 sale of shares of common stock. Warrants On January 22, 2014, in connection with the amendment to the note purchase agreement to provide us with the Extension Option, we issued to the New Deerfield Purchasers the 2014 Deerfield Warrants to purchase an aggregate of 1,000,000 shares of our common stock at an exercise price of $9.70 per share. Under the terms of the Extension Option, the term of the 2014 Deerfield Warrants would be extended by two years and the exercise price would be reset to the lower of (i) the existing exercise price and (ii) 120% of the volume weighted average price of our common stock for the ten trading days immediately following the date of such extension election. Due to the potential increase in term and decrease of the exercise price, the 2014 Deerfield Warrants were recorded as a liability upon issuance which was included in Other long-term liabilities. The 2014 Deerfield Warrants were recorded at their estimated fair value, on a recurring basis, which was $1.5 million and $0.9 million as of March 18, 2015 and December 31, 2014 , respectively. Upon our election to extend the maturity date of the Deerfield Notes, the exercise price of the 2014 Deerfield Warrants was reset to $3.445 per share and the term was extended by two years to January 22, 2018. Subsequent to our notification of our election to require the New Deerfield Purchasers to acquire the Deerfield Notes and extend the maturity date to July 1, 2018, the terms of the 2014 Deerfield Warrants became fixed on March 18, 2015. The 2014 Deerfield Warrants were transferred to Additional paid-in capital as of that date at their then estimated fair value of $1.5 million . We recorded an unrealized loss of $0.5 million and an unrealized gain of $1.9 million on the 2014 Deerfield Warrants during the six months ended June 30, 2015 and June 30, 2014 , respectively, which is included in Interest income and other, net. See “Note 7 - Fair Value Measurements” for more information on the valuation of the 2014 Deerfield Warrants. The 2014 Deerfield Warrants are participating securities. The warrant holders do not have a contractual obligation to share in our losses.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following table sets forth the fair value of our financial assets and liabilities that were measured and recorded on a recurring basis as of June 30, 2015 and December 31, 2014 . We did not have any financial liabilities that were measured and recorded on a recurring basis or Level 3 investments as of June 30, 2015 . The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): June 30, 2015 Level 1 Level 2 Total Money market funds $ 67,922 $ — $ 67,922 Commercial paper — 30,354 30,354 Corporate bonds — 60,512 60,512 U.S. Treasury and government sponsored enterprises — 6,109 6,109 Total financial assets $ 67,922 $ 96,975 $ 164,897 December 31, 2014 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 23,376 $ — $ — $ 23,376 Commercial paper — 56,714 — 56,714 Corporate bonds — 143,322 — 143,322 U.S. Treasury and government sponsored enterprises — 12,212 — 12,212 Municipal bonds — 2,662 — 2,662 Total financial assets $ 23,376 $ 214,910 $ — $ 238,286 Financial liabilities: Warrants $ — $ — $ 921 $ 921 Total financial liabilities $ — $ — $ 921 $ 921 The following is a reconciliation of changes in the fair value of warrants which are classified as Level 3 in the fair value hierarchy (in thousands) : Balance at December 31, 2014 $ 921 Unrealized loss at final re-measurement of warrants on March 18, 2015, included in Interest income and other, net 549 Transfer of warrant from Other long-term liabilities to Additional paid-in capital at their estimated fair value upon warrant repricing on March 18, 2015 (1,470 ) Balance at June 30, 2015 $ — The estimated fair value of our financial instruments that are carried at amortized cost for which it is practicable to determine a fair value was as follows (in thousands) : June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value 2019 Notes $ 191,597 $ 245,180 $ 182,395 $ 156,889 Silicon Valley Bank term loan $ 80,000 $ 79,926 $ 80,000 $ 79,943 Silicon Valley Bank line of credit $ — $ — $ 381 $ 381 As of June 30, 2015 , we estimated fair value of our Deerfield Notes as $95.2 million . As of December 31, 2014 , we had determined that it was not practicable to determine the fair value of the Deerfield Notes due to the unique structure of the instrument, including the Extension Option, which was exercised in March 2015, and was financed by entities affiliated with Deerfield. The carrying amounts of cash, trade and other receivables, accounts payable, accrued clinical trial liabilities, accrued compensation and benefits, and other accrued liabilities approximate their fair values and are excluded from the tables above. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate a value: • When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals of similar assets as observable inputs for pricing, which is a Level 2 input. • The 2019 Notes are valued using a third-party pricing model that is based in part on average trading prices, which is a Level 2 input. The 2019 Notes are not marked-to-market and are shown at their initial fair value less the unamortized discount; the portion of the value allocated to the conversion option is included in Stockholders’ deficit on the accompanying Condensed Consolidated Balance Sheets. • We estimate the fair value of our other debt instruments, where possible, using the net present value of the payments. For the Silicon Valley Bank term loan and line of credit, we use an interest rate that is consistent with money-market rates that would have been earned on our non-interest-bearing compensating balances as our discount rate, which is a Level 2 input. For the Deerfield Notes, we used a discount rate of 18% , which we estimate as our current borrowing rate for similar debt, which is a Level 3 input. • The 2014 Deerfield Warrants were valued using a Monte Carlo simulation model until December 31, 2014 and the Black-Scholes Merton option pricing model on March 18, 2015. The expected life is based on the contractual terms of the 2014 Deerfield Warrants, and in certain simulations, assumes the two year extension that would result from our exercise of the Extension Option; as of and subsequent to September 30, 2014, we estimated that it was probable that we would exercise this two -year extension. We consider implied volatility as well as our historical volatility in developing our estimate of expected volatility. The fair value of the 2014 Deerfield Warrants was estimated using the following assumptions, which, except for risk-free interest rate, are Level 3 inputs (dollars in thousands): March 18, 2015 December 31, 2014 January 22, 2014 (issuance date) Risk-free interest rate 0.87 % 1.07 % 0.95 % Dividend yield — % — % — % Volatility 95 % 96 % 57 % Average expected life 2.8 years 3.1 years 3.2 years

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION We recorded and allocated employee stock-based compensation expense for our equity incentive plans and our 2000 Employee Stock Purchase Plan (“ESPP”) as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development expense $ 746 $ 1,471 $ 1,373 $ 3,036 Selling, general and administrative expense 988 2,511 2,021 4,704 Total employee stock-based compensation expense $ 1,734 $ 3,982 $ 3,394 $ 7,740 We use the Black-Scholes Merton option pricing model to value our stock options. The expected life computation is based on historical, exercise patterns and post-vesting termination behavior. We considered implied volatility as well as our historical volatility in developing our estimate of expected volatility. The fair value of employee stock option awards and ESPP purchases was estimated using the following assumptions and resulted in the following weighted average fair values: Stock Options Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average grant-date fair values $ 2.41 $ 2.33 $ 1.28 $ 3.65 Assumptions: Risk-free interest rate 1.27 % 1.75 % 1.20 % 1.66 % Dividend yield — % — % — % — % Volatility 106 % 80 % 89 % 81 % Expected life 4.5 years 5.8 years 4.5 years 5.6 years Employee Stock Purchase Plan Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average grant-date fair values $ 1.11 $ 1.32 $ 0.85 $ 1.44 Assumptions: Risk-free interest rate 0.07 % 0.06 % 0.10 % 0.07 % Dividend yield — % — % — % — % Volatility 104 % 67 % 99 % 64 % Expected life 6 months 6 months 6 months 6 months A summary of all stock option activity for the six months ended June 30, 2015 is presented below (dollars in thousands , except per share amounts): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2014 27,811,992 $ 5.00 Granted 4,940,850 $ 2.11 Forfeited (510,043 ) $ 4.72 Expired (3,692,827 ) $ 6.08 Options outstanding at June 30, 2015 28,549,972 $ 4.37 4.70 years $ 21,476 Exercisable June 30, 2015 12,605,226 $ 6.83 2.75 years $ 31 As of June 30, 2015 , a total of 10,063,358 shares were available for grant under our stock option plans. As of June 30, 2015 , $20.9 million of total unrecognized compensation expense related to employee stock options was expected to be recognized over a weighted-average period of 2.41 years . Of the stock options outstanding as of June 30, 2015 , 13,255,165 were granted subject to performance objectives tied to the achievement of clinical goals set by the Compensation Committee of our Board of Directors and will vest in full or part based on achievement of such goals. As of June 30, 2015 , we did not consider achievement of those performance objectives to be probable and therefore we did not include any stock-based compensation expense for those stock options. As of June 30, 2015 , the grant date fair value of awards outstanding for which we determined that it was not probable that we will achieve the goals was $17.3 million . On July 20, 2015, as a result of positive top-line results from the primary analysis of METEOR, the Compensation Committee of the Board of Directors of Exelixis convened to determine we had met certain of the performance objectives for those performance-based stock options. See “Note 11 - Subsequent Events” for additional information on our achievement of those performance goals. A summary of all restricted stock unit (“RSU”) activity for the six months ended June 30, 2015 is presented below (dollars in thousands , except per share amounts): Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Awards outstanding at December 31, 2014 961,469 $ 3.82 Awarded 205,253 $ 3.08 Released (268,400 ) $ 2.11 Forfeited (89,773 ) $ 5.29 Awards outstanding at June 30, 2015 808,549 $ 4.04 1.79 years $ 2,781 As of June 30, 2015 , $2.1 million of total unrecognized compensation expense related to employee RSUs was expected to be recognized over a weighted-average period of 1.79 years .

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	NET LOSS PER SHARE The following table sets forth a reconciliation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net loss $ (43,362 ) $ (73,410 ) $ (78,532 ) $ (148,029 ) Denominator: Shares used in computing basic and diluted net loss per share 196,201 194,929 196,052 193,323 Net loss per share, basic and diluted $ (0.22 ) $ (0.38 ) $ (0.40 ) $ (0.77 ) The 28,750,000 shares of our common stock that were issued July 29, 2015 pursuant to a registered underwritten public offering were not included in the computation of diluted net loss per share for the periods presented. See “Note 6 - Common Stock and Warrants” for more information on our July 2015 sale of shares of common stock. The following table sets forth outstanding potentially dilutive shares of common stock that are not included in the computation of diluted net loss per share because, to do so would be anti-dilutive (in thousands): June 30 2015 2014 Convertible debt 88,008 54,123 Outstanding stock options, unvested RSUs and ESPP contributions 29,049 26,308 Warrants 1,000 1,000 Total potentially dilutive shares 118,057 81,431

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject us to concentrations of credit risk are primarily trade and other receivables and investments. Investments consist of money market funds, taxable commercial paper, corporate bonds with high credit quality, U.S. Treasury and government sponsored enterprises, and municipal bonds. All investments are maintained with financial institutions that management believes are creditworthy. Trade and other receivables are unsecured and are concentrated in the pharmaceutical and biotechnology industries. Accordingly, we may be exposed to credit risk generally associated with pharmaceutical and biotechnology companies. We have incurred no bad debt expense since inception. As of June 30, 2015 , 85% of our trade and other receivables are with the specialty pharmacy that sells COMETRIQ in the United States and 8% are with our European distribution partner. Both of these customers pay promptly and within their respective payment terms. All of our long-lived assets are located in the United States. We have operations primarily in the United States, while some of our collaboration partners have headquarters outside of the United States and some of our clinical trials for cabozantinib are also conducted outside of the United States. During the second quarter of 2013, we initiated a Named Patient Use program through our distribution partner, Swedish Orphan Biovitrum (“Sobi”), to support the distribution and commercialization of COMETRIQ for metastatic MTC primarily in the European Union and potentially other countries. In March 2014, the European Commission approved cabozantinib for the treatment of adult patients with progressive, unresectable locally advanced or metastatic MTC, also under the brand name COMETRIQ. In June 2014, we began selling COMETRIQ to Sobi in preparation for commercial sales in certain countries in the European Union. The following table shows the percentage of revenues earned in the United States and the European Union. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Percentage of revenues earned in the United States 88 % 93 % 87 % 96 % Percentage of revenues earned in the European Union 12 % 7 % 13 % 4 % We recorded a $54 thousand gain and a $34 thousand loss relating to foreign exchange fluctuations for the six months ended June 30, 2015 and 2014 , respectively. The following table sets forth the percentage of revenues recognized to the specialty pharmacies that represent 10% or more of total revenues: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Diplomat Specialty Pharmacy 88 % 93 % 87 % 96 % Swedish Orphan Biovitrum 12 % 7 % 13 % 4 %

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Positive Top-Line Results from METEOR Trial and Vesting of Performance-Based Stock Options On July 20, 2015, we announced positive top-line results from the primary analysis of METEOR, our phase 3 pivotal trial comparing cabozantinib to everolimus in patients with advanced RCC who have experienced disease progression following treatment with at least one prior VEGF receptor tyrosine kinase inhibitor. On July 20, 2015, the Compensation Committee of the Board of Directors of Exelixis convened to determine that top-line efficacy data received from METEOR met its primary endpoint at the level specified and within the time period permitted by the performance goals set by the Compensation Committee for performance-based stock options granted to employees in 2013, 2014 and 2015. As a result of this determination, 6,982,603 performance-based stock options granted to Exelixis employees, including executive officers, vested on July 20, 2015 and we will therefore record $9.7 million in employee stock-based compensation expense related to those options in the third quarter of 2015. Sale of Shares of Common Stock On July 29, 2015 we completed a registered underwritten public offering of 28,750,000 shares of our common stock, including 3,750,000 shares issued under the underwriters’ 30 -day option to buy shares, at a price of $5.40 per share pursuant to a shelf registration statement previously filed with the SEC, which was filed and automatically became effective on July 1, 2015. We received $145.5 million in net proceeds from the offering after deducting the underwriting discount and other estimated expenses. We estimate that the expenses of the offering, excluding underwriting discount, will be approximately $0.4 million , and are payable by us. The shares of common stock were listed on The NASDAQ Global Select Market. All of the shares in the offering were sold by the Company. The Underwriting Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Underwriter, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties.

Organization and Summary of S18

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Exelixis, Inc. (“Exelixis,” “we,” “our” or “us”) is a biopharmaceutical company committed to developing small molecule therapies for the treatment of cancer. Our two most advanced assets are cabozantinib, our wholly-owned inhibitor of multiple receptor tyrosine kinases, and cobimetinib (GDC-0973/XL518), a selective inhibitor of MEK, a dual-specificity kinase, which we out-licensed to Genentech, Inc. (a member of the Roche Group), (“Genentech”). Our development and commercialization efforts are focused primarily on cabozantinib. Cabozantinib was approved by the United States Food and Drug Administration (“FDA”) on November 29, 2012, for the treatment of progressive, metastatic medullary thyroid cancer (“MTC”), in the United States under the brand name COMETRIQ®. COMETRIQ became commercially available in the United States in January 2013. In March 2014, the European Commission granted cabozantinib conditional marketing authorization for the treatment of adult patients with progressive, unresectable locally advanced or metastatic MTC, also under the brand name COMETRIQ. We are evaluating cabozantinib in a broad development program comprising over forty-five clinical trials across multiple indications, including two ongoing phase 3 pivotal trials focusing on advanced renal cell carcinoma (“RCC”), and advanced hepatocellular carcinoma (“HCC”). On July 20, 2015, we announced positive top-line results from the primary analysis of METEOR, the phase 3 pivotal trial comparing cabozantinib to everolimus in 658 patients who experienced disease progression following treatment with a VEGF receptor tyrosine kinase inhibitor. Based on the data from the trial, we expect to complete U.S. and EU regulatory filings in early 2016. Our second most advanced oncology asset, cobimetinib, is being evaluated by Genentech in a broad development program, including coBRIM, a phase 3 pivotal trial evaluating cobimetinib in combination with vemurafenib versus vemurafenib alone in previously untreated patients with unresectable locally advanced melanoma harboring a BRAF V600 mutation. On September 29, 2014, positive results from this trial were reported at the European Society for Medical Oncology (“ESMO”) 2014 Congress. The trial met its primary endpoint of demonstrating a statistically significant increase in investigator-determined progression free survival for cobimetinib in combination with vemurafenib versus vemurafenib alone. Roche has completed the Marketing Authorization Application for cobimetinib in combination with vemurafenib in the European Union. In the United States, Genentech submitted its New Drug Application (“NDA”) in December 2014, and the FDA granted the NDA priority review with a projected action date of August 11, 2015. On June 30, 2015, Genentech informed us that, in order to accommodate its review of a supplemental data submission, the FDA extended the projected action date for its review of the cobimetinib NDA by the standard extension period of three months, to November 11, 2015.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Exelixis and those of our wholly-owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the period presented have been included. Exelixis adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31st. Fiscal year 2015, a 52-week year, will end on January 1, 2016 , and fiscal year 2014, a 53-week year, ended on January 2, 2015 . For convenience, references in this report as of and for the fiscal periods ended July 3, 2015 and June 27, 2014 , and as of and for the fiscal years ended January 1, 2016 and January 2, 2015 , are indicated as being as of and for the periods ended June 30, 2015 , June 30, 2014 , December 31, 2015 , and December 31, 2014 , respectively. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending January 1, 2016 or for any future period. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2014 , included in our Annual Report on Form 10-K filed with the SEC on March 2, 2015 .
Fiscal Period, Policy	Exelixis adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31st. Fiscal year 2015, a 52-week year, will end on January 1, 2016 , and fiscal year 2014, a 53-week year, ended on January 2, 2015 . For convenience, references in this report as of and for the fiscal periods ended July 3, 2015 and June 27, 2014 , and as of and for the fiscal years ended January 1, 2016 and January 2, 2015 , are indicated as being as of and for the periods ended June 30, 2015 , June 30, 2014 , December 31, 2015 , and December 31, 2014 , respectively.
Segment Information	Segment Information We operate as a single reportable segment.
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements is in conformity with accounting principles generally accepted in the United States which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to inventory, revenue recognition, valuation of long-lived assets, certain accrued liabilities including clinical trial accruals and restructuring liability, valuation of warrants, share-based compensation and the valuation of the debt and equity components of our convertible debt at issuance. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Revenue Recognition	Revenue Recognition We recognize revenue from the sale of COMETRIQ and have historically recognized revenue from license fees and milestones earned on research and collaboration arrangements. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our policies for revenue recognition on research and collaboration agreements. We did not enter into any new collaboration agreements during the six months ended June 30, 2015 . See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our existing collaboration agreements. Net Product Revenues We recognize revenue when it is both realized or realizable and earned, meaning persuasive evidence of an arrangement exists, delivery has occurred, title has transferred, the price is fixed or determinable, there are no remaining customer acceptance requirements, and collectability of the resulting receivable is reasonably assured. For product sales in the United States, this generally occurs upon delivery of the product at the specialty pharmacy. For product sales in Europe, this generally occurs when our European distribution partner has accepted the product, at which time they are no longer able to return the product. We sell our product, COMETRIQ, in the United States to a specialty pharmacy that benefits from customer incentives and has a right of return. Prior to 2015, COMETRIQ had limited sales history and we could not reliably estimate expected future returns, discounts and rebates of the product at the time the product was sold to the specialty pharmacy, therefore we recognized revenue when the specialty pharmacy provided the product to a patient based on the fulfillment of a prescription, frequently referred to as the “sell-through” revenue recognition model. Recently we have established sufficient historical experience and data to reasonably estimate expected future returns of the product and the discounts and rebates due to payors at the time of shipment to the specialty pharmacy. Accordingly, beginning in January 2015 we began to recognize revenue upon delivery to our U.S. specialty pharmacy. This approach is frequently referred to as the “sell-in” revenue recognition model. In connection with the change in the timing of recognition of U.S. COMETRIQ sales, we recorded a one-time adjustment to recognize revenue and related costs that had previously been deferred at December 31, 2014, resulting in additional gross product revenues of $2.6 million and a nominal amount of cost of goods sold for the six months ended June 30, 2015 ; there were no such adjustments recorded for the three months ended June 30, 2015 . We also utilize the “sell-in” revenue recognition model for sales to our European distribution partner for all periods presented. Once the European distributer has accepted the product, the product is no longer subject to return; therefore, we record revenue at the time our European distribution partner has accepted the product. Product Sales Discounts and Allowances We calculate gross product revenues based on the price that we charge our United States specialty pharmacy and our European distribution partner. We estimate our domestic net product revenues by deducting from our gross product revenues (a) trade allowances, such as discounts for prompt payment, (b) estimated government rebates and chargebacks, and (c) estimated costs of patient assistance programs. We estimate our European net product revenues by deducting from our gross product revenues an estimated credit for product originally delivered with expiry of 18 months or less. European net product revenues for the six months ended June 30, 2015 also included the remaining $0.1 million of the $2.4 million project management fee payable to our European distributor upon their achievement of a cumulative revenue goal; no such fees or credits were recognized during the three months ended June 30, 2015 or the comparable periods in 2014. We first determined that the achievement of the revenue goal was probable in the third quarter of 2014 and therefore we recorded project management fees beginning in that period. We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates on a recurring basis as new information becomes available. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a further description of our discounts and allowances.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold is related to our product revenues and consists primarily of a 3% royalty on net sales of any product incorporating cabozantinib payable to GlaxoSmithKline, and to a lesser extent, indirect labor costs, the cost of manufacturing and other third party logistics costs of our product. A portion of the manufacturing costs for product sales were incurred prior to regulatory approval of COMETRIQ for the treatment of progressive, metastatic MTC and, therefore, were expensed as research and development costs when those costs were incurred, rather than capitalized as inventory. See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for additional information related to the 3% royalty payable to GlaxoSmithKline.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition and most industry-specific guidance throughout the Accounting Standards Codification, resulting in the creation of FASB ASC Topic 606, Revenue from Contracts with Customers . ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. On July 9, 2015, the FASB deferred the effective date by one year for public entities for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for periods after December 15, 2016. We are currently evaluating the impact of adopting ASU 2014-09, inclusive of available transitional methods on our consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ ASU 2014-15”) . ASU 2014-15 explicitly requires management to evaluate, at each annual or interim reporting period, whether there are conditions or events that exist that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and earlier application is permitted. The adoption of this guidance will not have any impact on the Company’s financial position and results of operations and, at this time, we do not expect any impact on its disclosures. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs which Changes the Presentation of Debt Issuance Costs in Financial Statements (“ASU 2015-03”), which requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 will be effective for annual reporting periods beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016, with early adoption permitted. The new guidance will be applied retrospectively to each prior period presented. If we had adopted ASU 2015-03, as of June 30, 2015 , it would have resulted in a reduction of Other assets and total debt by $3.8 million and $4.7 million as June 30, 2015 and December 31, 2014, respectively. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”), which provide that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses, and if a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 will be effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. An entity can elect to adopt the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. We are currently evaluating the impact of adopting ASU 2015-05, inclusive of available transitional methods on our consolidated financial statements and related disclosures.

Restructurings (Tables)

Restructurings (Tables)	6 Months Ended
	Jun. 30, 2015
2014 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Summary Of Components Of Restructuring Liability	The components of and changes to these liabilities during the six months ended June 30, 2015 are summarized in the following table (in thousands): Employee Severance and Other Benefits Facility Asset Sales Legal and Other Fees Total Restructuring liability as of December 31, 2014 $ 1,290 $ — $ — $ 47 $ 1,337 Restructuring charge (recovery) (28 ) 1,220 (905 ) — 287 Cash (payments) receipts, net (1,022 ) (207 ) 1,284 — 55 Other non-cash items — 278 (379 ) 3 (98 ) Restructuring liability as of June 30, 2015 $ 240 $ 1,291 $ — $ 50 $ 1,581
2010 Restructurings [Member]
Restructuring Cost and Reserve [Line Items]
Summary Of Components Of Restructuring Liability	The changes to this liability during the six months ended June 30, 2015 is summarized in the following table (in thousands): Facility Charges Restructuring liability as of December 31, 2014 $ 9,454 Restructuring charge 573 Cash payments (3,559 ) Adjustments or non-cash credits 325 Restructuring liability as of June 30, 2015 $ 6,793

Cash and Investments (Tables)

Cash and Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Securities	The following tables summarize cash and cash equivalents, investments, and restricted cash and investments by balance sheet line item as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents $ 61,949 $ — $ — $ 61,949 Short-term investments 14,780 8 (140 ) 14,648 Short-term restricted cash and investments 6,041 68 — 6,109 Long-term investments 81,600 — (2 ) 81,598 Long-term restricted cash and investments 2,684 — 2,684 Total cash and investments $ 167,054 $ 76 $ (142 ) $ 166,988 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents $ 80,395 $ — $ — $ 80,395 Short-term investments 63,988 37 (135 ) 63,890 Short-term restricted cash and investments 12,105 107 — 12,212 Long-term investments 81,600 1 (22 ) 81,579 Long-term restricted cash and investments 4,684 — — 4,684 Total cash and investments $ 242,772 $ 145 $ (157 ) $ 242,760
Summary of Cash and Investments by Security Type	The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Money market funds $ 67,922 $ — $ — $ 67,922 Commercial paper 30,354 — — 30,354 Corporate bonds 60,646 8 (142 ) 60,512 U.S. Treasury and government sponsored enterprises 6,041 68 — 6,109 Total investments $ 164,963 $ 76 $ (142 ) $ 164,897 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Money market funds $ 23,376 $ — $ — $ 23,376 Commercial paper 56,714 — — 56,714 Corporate bonds 143,444 35 (157 ) 143,322 U.S. Treasury and government sponsored enterprises 12,105 107 — 12,212 Municipal bonds 2,659 3 — 2,662 Total investments $ 238,298 $ 145 $ (157 ) $ 238,286
Summary of Available-for-Sale Securities by Contractual Maturity	The following table summarizes the fair value of securities classified as available-for-sale by contractual maturity as of June 30, 2015 (in thousands): Mature within One Year After One Year through Two Years Fair Value Money market funds $ 67,922 $ — $ 67,922 Commercial paper 30,354 — 30,354 Corporate bonds 59,190 1,322 60,512 U.S. Treasury and government sponsored enterprises 6,109 — 6,109 Total investments $ 163,575 $ 1,322 $ 164,897

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consists of the following (in thousands): June 30, December 31, Raw materials $ 1,030 $ 1,118 Work in process 2,605 2,845 Finished goods 890 559 Total 4,525 4,522 Less: non-current portion included in Other assets (1,917 ) (2,141 ) Inventory $ 2,608 $ 2,381

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule Of Debt	The amortized carrying amount of our debt consists of the following (in thousands): June 30, December 31, Convertible Senior Subordinated Notes due 2019 $ 191,597 $ 182,395 Secured Convertible Notes due 2018 99,627 98,880 Silicon Valley Bank term loan 80,000 80,000 Silicon Valley Bank line of credit — 381 Total debt 371,224 361,656 Less: current portion — (99,261 ) Long-term debt $ 371,224 $ 262,395
Summary Of The Liability Component Notes	The following is a summary of the liability component of the 2019 Notes (in thousands): June 30, December 31, Net carrying amount of the liability component $ 191,597 $ 182,395 Unamortized discount of the liability component 95,903 105,105 Face amount of the 2019 Notes $ 287,500 $ 287,500 The debt discount and debt issuance costs will be amortized as interest expense through August 2019. The following is a summary of interest expense for the 2019 Notes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stated coupon interest $ 3,055 $ 3,054 $ 6,110 $ 6,143 Amortization of debt discount and debt issuance costs 4,833 4,397 9,554 8,692 Total interest expense $ 7,888 $ 7,451 $ 15,664 $ 14,835 The following is a summary of interest expense for the Deerfield Notes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stated coupon interest $ 1,496 $ 1,495 $ 2,975 $ 2,975 Amortization of debt discount and debt issuance costs 2,373 2,931 5,320 5,626 Total interest expense $ 3,869 $ 4,426 $ 8,295 $ 8,601

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Financial Assets Measured On A Recurring Basis	The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): June 30, 2015 Level 1 Level 2 Total Money market funds $ 67,922 $ — $ 67,922 Commercial paper — 30,354 30,354 Corporate bonds — 60,512 60,512 U.S. Treasury and government sponsored enterprises — 6,109 6,109 Total financial assets $ 67,922 $ 96,975 $ 164,897 December 31, 2014 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 23,376 $ — $ — $ 23,376 Commercial paper — 56,714 — 56,714 Corporate bonds — 143,322 — 143,322 U.S. Treasury and government sponsored enterprises — 12,212 — 12,212 Municipal bonds — 2,662 — 2,662 Total financial assets $ 23,376 $ 214,910 $ — $ 238,286 Financial liabilities: Warrants $ — $ — $ 921 $ 921 Total financial liabilities $ — $ — $ 921 $ 921
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following is a reconciliation of changes in the fair value of warrants which are classified as Level 3 in the fair value hierarchy (in thousands) : Balance at December 31, 2014 $ 921 Unrealized loss at final re-measurement of warrants on March 18, 2015, included in Interest income and other, net 549 Transfer of warrant from Other long-term liabilities to Additional paid-in capital at their estimated fair value upon warrant repricing on March 18, 2015 (1,470 ) Balance at June 30, 2015 $ —
Schedule Of Estimated Fair Value Of Outstanding Debt	The estimated fair value of our financial instruments that are carried at amortized cost for which it is practicable to determine a fair value was as follows (in thousands) : June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value 2019 Notes $ 191,597 $ 245,180 $ 182,395 $ 156,889 Silicon Valley Bank term loan $ 80,000 $ 79,926 $ 80,000 $ 79,943 Silicon Valley Bank line of credit $ — $ — $ 381 $ 381
Schedule of Assumptions Used	The fair value of the 2014 Deerfield Warrants was estimated using the following assumptions, which, except for risk-free interest rate, are Level 3 inputs (dollars in thousands): March 18, 2015 December 31, 2014 January 22, 2014 (issuance date) Risk-free interest rate 0.87 % 1.07 % 0.95 % Dividend yield — % — % — % Volatility 95 % 96 % 57 % Average expected life 2.8 years 3.1 years 3.2 years

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Schedule Of Allocated Employee Stock-Based Compensation Expenses	We recorded and allocated employee stock-based compensation expense for our equity incentive plans and our 2000 Employee Stock Purchase Plan (“ESPP”) as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development expense $ 746 $ 1,471 $ 1,373 $ 3,036 Selling, general and administrative expense 988 2,511 2,021 4,704 Total employee stock-based compensation expense $ 1,734 $ 3,982 $ 3,394 $ 7,740
Schedule Of Fair Value Of Employee Share-Based Payments Awards Estimated Using The Assumptions And Weighted Average Fair Values	The fair value of employee stock option awards and ESPP purchases was estimated using the following assumptions and resulted in the following weighted average fair values: Stock Options Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average grant-date fair values $ 2.41 $ 2.33 $ 1.28 $ 3.65 Assumptions: Risk-free interest rate 1.27 % 1.75 % 1.20 % 1.66 % Dividend yield — % — % — % — % Volatility 106 % 80 % 89 % 81 % Expected life 4.5 years 5.8 years 4.5 years 5.6 years Employee Stock Purchase Plan Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average grant-date fair values $ 1.11 $ 1.32 $ 0.85 $ 1.44 Assumptions: Risk-free interest rate 0.07 % 0.06 % 0.10 % 0.07 % Dividend yield — % — % — % — % Volatility 104 % 67 % 99 % 64 % Expected life 6 months 6 months 6 months 6 months
Summary Of All Stock Option Activity	A summary of all stock option activity for the six months ended June 30, 2015 is presented below (dollars in thousands , except per share amounts): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2014 27,811,992 $ 5.00 Granted 4,940,850 $ 2.11 Forfeited (510,043 ) $ 4.72 Expired (3,692,827 ) $ 6.08 Options outstanding at June 30, 2015 28,549,972 $ 4.37 4.70 years $ 21,476 Exercisable June 30, 2015 12,605,226 $ 6.83 2.75 years $ 31
Summary Of All RSU Activity	A summary of all restricted stock unit (“RSU”) activity for the six months ended June 30, 2015 is presented below (dollars in thousands , except per share amounts): Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Awards outstanding at December 31, 2014 961,469 $ 3.82 Awarded 205,253 $ 3.08 Released (268,400 ) $ 2.11 Forfeited (89,773 ) $ 5.29 Awards outstanding at June 30, 2015 808,549 $ 4.04 1.79 years $ 2,781

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule Of Reconciliation Of Basic And Diluted Net Income (Loss) Per Share	The following table sets forth a reconciliation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net loss $ (43,362 ) $ (73,410 ) $ (78,532 ) $ (148,029 ) Denominator: Shares used in computing basic and diluted net loss per share 196,201 194,929 196,052 193,323 Net loss per share, basic and diluted $ (0.22 ) $ (0.38 ) $ (0.40 ) $ (0.77 )
Schedule Of Potential Shares Of Common Stock Not Included In Computation Of Diluted Net Loss Per Share	The following table sets forth outstanding potentially dilutive shares of common stock that are not included in the computation of diluted net loss per share because, to do so would be anti-dilutive (in thousands): June 30 2015 2014 Convertible debt 88,008 54,123 Outstanding stock options, unvested RSUs and ESPP contributions 29,049 26,308 Warrants 1,000 1,000 Total potentially dilutive shares 118,057 81,431

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Schedules of concentration risk	The following table shows the percentage of revenues earned in the United States and the European Union. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Percentage of revenues earned in the United States 88 % 93 % 87 % 96 % Percentage of revenues earned in the European Union 12 % 7 % 13 % 4 % We recorded a $54 thousand gain and a $34 thousand loss relating to foreign exchange fluctuations for the six months ended June 30, 2015 and 2014 , respectively. The following table sets forth the percentage of revenues recognized to the specialty pharmacies that represent 10% or more of total revenues: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Diplomat Specialty Pharmacy 88 % 93 % 87 % 96 % Swedish Orphan Biovitrum 12 % 7 % 13 % 4 %

Organization and Summary of S27

Organization and Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended		30 Months Ended
	Jun. 30, 2015USD ($)trial	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segmenttrial	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)		Jun. 30, 2015USD ($)trial
Operations [Line Items]
Number of trials in process | trial	45		45				45
Number of Phase 3 Trials in Process | trial	2		2				2
Operating cycle			364 days		371 days
Number of operating segments | segment			1
Net Income (Loss) Attributable to Parent	$ (43,362)	$ (73,410)	$ (78,532)	$ (148,029)
Retained Earnings (Accumulated Deficit)	(1,845,836)		(1,845,836)		$ (1,767,304)	[1]	$ (1,845,836)
Sales Revenue, Goods, Net	7,992	$ 6,562	17,380	$ 11,467			57,500
Cash, Cash Equivalents, and Available-for-sale Securities	166,988		166,988		242,760		166,988
Cash, Cash Equivalents, and Short-term Investments	76,600		76,600				76,600
Restricted Cash and Investments, Current	6,109		6,109		12,212	[1]	6,109
Long-term Investments	81,598		81,598		81,579	[1]	81,598
Restricted Cash and Investments, Noncurrent	2,684		2,684		4,684	[1]	2,684
Reduction to Other assets	(7,197)		(7,197)		(8,340)	[1]	(7,197)
Reduction to Total debt	(371,224)		(371,224)		(361,656)		(371,224)
Adjustments for New Accounting Principle, Early Adoption [Member]
Operations [Line Items]
Reduction to Other assets	3,800		3,800		4,700		3,800
Reduction to Total debt	$ 3,800		3,800		4,700		$ 3,800
Sobi [Member]
Operations [Line Items]
Sales Discounts, Returns and Allowances, Goods			$ 100		$ 2,400
Glaxo Smith Kline [Member]
Operations [Line Items]
Percent of royalty on net sale			3.00%
“Sell-In” Revenue Recognition Model [Member]
Operations [Line Items]
Sales Revenue, Goods, Net			$ 2,600
Minimum [Member]
Operations [Line Items]
Operating cycle			364 days
Maximum [Member]
Operations [Line Items]
Operating cycle			371 days
[1]	The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date.

Restructurings (Narrative) (Det

Restructurings (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		39 Months Ended
	Jun. 30, 2015USD ($)employee	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)employee	Jun. 30, 2014USD ($)	May. 31, 2013restructuring	Dec. 31, 2014USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charge (recovery)	$ 1,291	$ 331	$ 860	$ 377
2014 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate reduction in headcount | employee	143		143
Restructuring charge (recovery)			$ 287
Restructuring reserve	$ 1,581		1,581			$ 1,337
2014 Restructuring [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charge (recovery)			1,220
Restructuring reserve	1,291		1,291			0
2014 Restructuring [Member] | Asset Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charge (recovery)			(905)
Restructuring reserve	$ 0		$ 0			0
2010 Restructurings [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate reduction in headcount | employee	429		429
Restructuring charge (recovery)			$ 600	400
Number of restructurings implemented | restructuring					5
Expected restructuring charges	$ 500		500
2010 Restructurings [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charge (recovery)			573
Restructuring reserve	$ 6,793		$ 6,793			$ 9,454
2010 Restructurings [Member] | Recoveries From Sale Assets, Net Of Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges, offset by recoveries		$ 100		$ 100

Restructurings (Summary of Comp

Restructurings (Summary of Components of Restructuring Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restructuring Reserve [Roll Forward]
Restructuring charge (recovery)	$ 1,291	$ 331	$ 860	$ 377
2014 Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring liability			1,337
Restructuring charge (recovery)			287
Cash (payments) receipts, net			55
Other non-cash items			(98)
Restructuring liability	1,581		1,581
2014 Restructuring [Member] | Employee Severance and Other Benefits [Member]
Restructuring Reserve [Roll Forward]
Restructuring liability			1,290
Restructuring charge (recovery)			(28)
Cash (payments) receipts, net			(1,022)
Other non-cash items			0
Restructuring liability	240		240
2014 Restructuring [Member] | Facility Charges [Member]
Restructuring Reserve [Roll Forward]
Restructuring liability			0
Restructuring charge (recovery)			1,220
Cash (payments) receipts, net			(207)
Other non-cash items			278
Restructuring liability	1,291		1,291
2014 Restructuring [Member] | Asset Sales [Member]
Restructuring Reserve [Roll Forward]
Restructuring liability			0
Restructuring charge (recovery)			(905)
Cash (payments) receipts, net			1,284
Other non-cash items			(379)
Restructuring liability	0		0
2014 Restructuring [Member] | Legal and Other Fees [Member]
Restructuring Reserve [Roll Forward]
Restructuring liability			47
Restructuring charge (recovery)			0
Cash (payments) receipts, net			0
Other non-cash items			3
Restructuring liability	50		50
2010 Restructurings [Member]
Restructuring Reserve [Roll Forward]
Restructuring charge (recovery)			600	$ 400
2010 Restructurings [Member] | Facility Charges [Member]
Restructuring Reserve [Roll Forward]
Restructuring liability			9,454
Restructuring charge (recovery)			573
Cash (payments) receipts, net			(3,559)
Other non-cash items			325
Restructuring liability	$ 6,793		$ 6,793

Cash and Investments (Details)

Cash and Investments (Details)	6 Months Ended
	Jun. 30, 2015USD ($)accountinvestmentaffiliate	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 167,054,000		$ 242,772,000
Gross Unrealized Gains	76,000		145,000
Gross Unrealized Losses	(142,000)		(157,000)
Fair Value	$ 166,988,000		242,760,000
Debt collateral, number of required investment accounts | account	1
Debt collateral, number of affiliate banks | affiliate	1
Amortized Cost	$ 164,963,000		238,298,000
Gross Unrealized Gains	76,000		145,000
Gross Unrealized Losses	(142,000)		(157,000)
Fair Value	164,897,000		238,286,000
Gain (loss) on sale of investments	$ 0	$ 0
Number of investments in an unrealized loss position, less than 1 year | investment	23
Unrealized loss position, less than 1 year	$ 43,400,000
Mature within One Year	163,575,000
After One Year through Two Years	1,322,000
Fair Value	164,897,000		238,286,000
Money market funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	67,922,000		23,376,000
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Fair Value	67,922,000		23,376,000
Mature within One Year	67,922,000
After One Year through Two Years	0
Fair Value	67,922,000		23,376,000
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	30,354,000		56,714,000
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Fair Value	30,354,000		56,714,000
Mature within One Year	30,354,000
After One Year through Two Years	0
Fair Value	30,354,000		56,714,000
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	60,646,000		143,444,000
Gross Unrealized Gains	8,000		35,000
Gross Unrealized Losses	(142,000)		(157,000)
Fair Value	60,512,000		143,322,000
Mature within One Year	59,190,000
After One Year through Two Years	1,322,000
Fair Value	60,512,000		143,322,000
U.S. Treasury and government sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,041,000		12,105,000
Gross Unrealized Gains	68,000		107,000
Gross Unrealized Losses	0		0
Fair Value	6,109,000		12,212,000
Mature within One Year	6,109,000
After One Year through Two Years	0
Fair Value	6,109,000		12,212,000
Municipal bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			2,659,000
Gross Unrealized Gains			3,000
Gross Unrealized Losses			0
Fair Value			2,662,000
Fair Value			2,662,000
Silicon Valley Bank Loan And Security Agreement [Member]
Schedule of Available-for-sale Securities [Line Items]
Collateral balance	81,600,000		82,000,000
Cash and cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	61,949,000		80,395,000
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Fair Value	61,949,000		80,395,000
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	14,780,000		63,988,000
Gross Unrealized Gains	8,000		37,000
Gross Unrealized Losses	(140,000)		(135,000)
Fair Value	14,648,000		63,890,000
Short-term restricted cash and investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,041,000		12,105,000
Gross Unrealized Gains	68,000		107,000
Gross Unrealized Losses	0		0
Fair Value	6,109,000		12,212,000
Long-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	81,600,000		81,600,000
Gross Unrealized Gains	0		1,000
Gross Unrealized Losses	(2,000)		(22,000)
Fair Value	81,598,000		81,579,000
Long-term restricted cash and investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,684,000		4,684,000
Gross Unrealized Gains	$ 0		0
Gross Unrealized Losses			0
Fair Value	$ 2,684,000		$ 4,684,000

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 1,030	$ 1,118
Work in process	2,605	2,845
Finished goods	890	559
Total	4,525	4,522
Less: non-current portion included in Other assets	(1,917)	(2,141)
Inventory	2,608	$ 2,381	[1]
Inventory write-down	$ 200
[1]	The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date.

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 371,224	$ 361,656
Less: current portion	0	(99,261)
Long-term debt	371,224	262,395
Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member]
Debt Instrument [Line Items]
Convertible Debt	191,597	182,395
Secured Debt [Member] | Secured Convertible Notes due 2018 [Member]
Debt Instrument [Line Items]
Convertible Debt	99,627	98,880
Term Loan [Member] | Silicon Valley Bank term loan and Line of Credit [Member]
Debt Instrument [Line Items]
Silicon Valley Bank term loan	80,000	80,000
Line of Credit [Member] | Silicon Valley Bank term loan and Line of Credit [Member]
Debt Instrument [Line Items]
Silicon Valley Bank line of credit	$ 0	$ 381

Debt (Convertible Notes) (Detai

Debt (Convertible Notes) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Aug. 31, 2012	Jun. 30, 2010
Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member]
Debt Instrument [Line Items]
Net carrying amount of the liability component	$ 191,597,000		$ 191,597,000		$ 182,395,000
Unamortized discount of the liability component	95,903,000		95,903,000		105,105,000
Face amount of the 2019 Notes	287,500,000		287,500,000		287,500,000	$ 287,500,000
Stated coupon interest	3,055,000	$ 3,054,000	6,110,000	$ 6,143,000
Amortization of debt discount and debt issuance costs	4,833,000	4,397,000	9,554,000	8,692,000
Total interest expense	7,888,000	7,451,000	15,664,000	14,835,000
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member]
Debt Instrument [Line Items]
Net carrying amount of the liability component	100,000,000		100,000,000		$ 104,000,000
Face amount of the 2019 Notes							$ 124,000,000
Stated coupon interest	1,496,000	1,495,000	2,975,000	2,975,000
Amortization of debt discount and debt issuance costs	2,373,000	2,931,000	5,320,000	5,626,000
Total interest expense	$ 3,869,000	$ 4,426,000	$ 8,295,000	$ 8,601,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Jul. 01, 2015	Mar. 04, 2015	Jan. 22, 2014	Jan. 22, 2014	Jun. 30, 2010	Jul. 02, 2015	Jun. 30, 2015	Dec. 31, 2014	Aug. 31, 2012
Issued On January 22, 2014 [Member]
Debt Instrument [Line Items]
Warrant period			2 years	2 years
Warrants outstanding			1,000,000	1,000,000
Warrant exercise price (in dollars per warrant)		$ 3.445	$ 9.70	$ 9.70
Class of Warrant or Right, Extension Period		2 years
Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member]
Debt Instrument [Line Items]
Debt, interest rate							4.25%
Debt, principal amount							$ 287,500,000	$ 287,500,000	$ 287,500,000
Balance of unamortized closing fees and expenses							2,900,000	3,300,000
Convertible debt							191,597,000	182,395,000
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member]
Debt Instrument [Line Items]
Debt, principal amount					$ 124,000,000
Balance of unamortized closing fees and expenses							900,000	1,400,000
Debt instruments, purchase price					80,000,000
Debt instruments, closing fees and other expenses					2,000,000
Debt instrument, principal payment	$ 4,000,000
Principal eligible for extension option	$ 100,000,000
Convertible debt							$ 100,000,000	$ 104,000,000
Debt instrument, interest rate, stated percentage after extension option election			15.00%	15.00%
Annual interest					$ 6,000,000
Debt instrument, effective interest rate		15.26%
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member] | Coupon Interest [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage after extension option election						7.50%
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member] | Payment-in-Kind Interest [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage after extension option election						7.50%

Common Stock and Warrants (Narr

Common Stock and Warrants (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 29, 2015	Jan. 22, 2014	Jan. 22, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 18, 2015	Mar. 04, 2015	Dec. 31, 2014
Class of Warrant or Right [Line Items]
Net proceeds from public offering				$ 0	$ 75,646
Subsequent Event [Member]
Class of Warrant or Right [Line Items]
Public offering of common stock	28,750,000
Share price (in dollars per share)	$ 5.40
Net proceeds from public offering	$ 145,500
Underwriter Over-Allotment Option [Member] | Subsequent Event [Member]
Class of Warrant or Right [Line Items]
Public offering of common stock	3,750,000
Underwriter over allotment period	30 days
Issued On January 22, 2014 [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding		1,000,000	1,000,000
Warrant exercise price (in dollars per warrant)		$ 9.70	$ 9.70				$ 3.445
Warrant period		2 years	2 years
Warrant repricing terms on exercise of extension option		120.00%	120.00%
Fair value of warrants						$ 1,500		$ 900
Unrealized (loss) gain on warrants				$ (500)	$ 1,900

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value Of Financial Assets Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 164,897	$ 238,286
Warrants		921
Total financial liabilities		921
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	67,922	23,376
Warrants		0
Total financial liabilities		0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	96,975	214,910
Warrants		0
Total financial liabilities		0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Warrants	0	921
Total financial liabilities		921
Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	67,922	23,376
Money market funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	67,922	23,376
Money market funds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Money market funds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Commercial paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	30,354	56,714
Commercial paper [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Commercial paper [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	30,354	56,714
Commercial paper [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	60,512	143,322
Corporate bonds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Corporate bonds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	60,512	143,322
Corporate bonds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
U.S. Treasury and government sponsored enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	6,109	12,212
U.S. Treasury and government sponsored enterprises [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
U.S. Treasury and government sponsored enterprises [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 6,109	12,212
U.S. Treasury and government sponsored enterprises [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		2,662
Municipal bonds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Municipal bonds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		2,662
Municipal bonds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		$ 0

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Schedule of Level 3 Changes) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	$ 921
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	921
Unrealized loss at final re-measurement of warrants on March 18, 2015, included in Interest income and other, net	549
Transfer of warrant from Other long-term liabilities to Additional paid-in capital at their estimated fair value upon warrant repricing on March 18, 2015	(1,470)
Balance	$ 0

Fair Value Measurements (Sche38

Fair Value Measurements (Schedule of Estimated Fair Value of Outstanding Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Carrying Amount [Member] | Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of financial instruments	$ 191,597	$ 182,395
Carrying Amount [Member] | Term Loan [Member] | Silicon Valley Bank term loan and Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of financial instruments	80,000	80,000
Carrying Amount [Member] | Line of Credit [Member] | Silicon Valley Bank term loan and Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of financial instruments	0	381
Fair Value [Member] | Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of financial instruments	245,180	156,889
Fair Value [Member] | Term Loan [Member] | Silicon Valley Bank term loan and Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of financial instruments	79,926	79,943
Fair Value [Member] | Line of Credit [Member] | Silicon Valley Bank term loan and Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of financial instruments	0	$ 381
Fair Value [Member] | Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of financial instruments	$ 95,200

Fair Value Measurements (Sche39

Fair Value Measurements (Schedule of Assumptions Used) (Details) - Issued On January 22, 2014 [Member]	Mar. 18, 2015	Dec. 31, 2014	Jan. 22, 2014	Jan. 22, 2014	Jun. 30, 2015
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Warrant period			2 years	2 years
Warrant liability [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value inputs, discount rate					18.00%
Risk-free interest rate	0.87%	1.07%	0.95%
Dividend yield	0.00%	0.00%	0.00%
Volatility	95.00%	96.00%	57.00%
Average expected life	2 years 9 months 18 days	3 years 1 month 6 days	3 years 2 months 12 days

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of Allocated Employee Stock-Based Compensation Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee stock-based compensation expense	$ 1,734	$ 3,982	$ 3,394	$ 7,740
Research and development expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee stock-based compensation expense	746	1,471	1,373	3,036
Selling, general and administrative expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee stock-based compensation expense	$ 988	$ 2,511	$ 2,021	$ 4,704

Stock-Based Compensation (Sch41

Stock-Based Compensation (Schedule of Fair Value of Employee Share-Based Payments Awards Estimated Using the Assumptions and Weighted Average Fair Values) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair values (in dollars per share)	$ 2.41	$ 2.33	$ 1.28	$ 3.65
Assumptions:
Risk-free interest rate	1.27%	1.75%	1.20%	1.66%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Volatility	106.00%	80.00%	89.00%	81.00%
Expected life	4 years 6 months	5 years 9 months 10 days	4 years 6 months	5 years 7 months 13 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair values (in dollars per share)	$ 1.11	$ 1.32	$ 0.85	$ 1.44
Assumptions:
Risk-free interest rate	0.07%	0.06%	0.10%	0.07%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Volatility	104.00%	67.00%	99.00%	64.00%
Expected life	6 months	6 months	6 months	6 months

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, in shares	28,549,972	27,811,992
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	10,063,358
Unrecognized compensation expense	$ 20.9
Unrecognized compensation expense, weighted-average period for recognition (in years)	2 years 4 months 27 days
Performance Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, in shares	13,255,165
Grant date fair value	$ 17.3
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 2.1
Unrecognized compensation expense, weighted-average period for recognition (in years)	1 year 9 months 14 days

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of All Stock Option Activity) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Shares [Roll Forward]
Options outstanding at beginning of period, Shares	27,811,992
Granted, Shares	4,940,850
Forfeited, Shares	(510,043)
Expired, Shares	(3,692,827)
Options outstanding at end of period, Shares	28,549,972
Exercisable at end of period, Shares	12,605,226
Weighted Average Exercise Price [Roll Forward]
Options outstanding at beginning of period, Weighted Average Exercise Price (in dollars per share)	$ 5
Granted, Weighted Average Exercise Price (in dollars per share)	2.11
Forfeited, Weighted Average Exercise Price (in dollars per share)	4.72
Expired, Weighted Average Exercise Price (in dollars per share)	6.08
Options outstanding at end of period, Weighted Average Exercise Price (in dollars per share)	4.37
Exercisable at end of period, Weighted Average Exercise Price (in dollars per share)	$ 6.83
Options outstanding at end of period, Weighted Average Remaining Contractual Term	4 years 8 months 12 days
Exercisable at end of period, Weighted Average Remaining Contractual Term	2 years 9 months
Options outstanding at end of period, Aggregate Intrinsic Value, in dollars	$ 21,476
Exercisable at end of period, Aggregate Intrinsic Value, in dollars	$ 31

Stock-Based Compensation (Sum44

Stock-Based Compensation (Summary of All RSU Activity) (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	Total
Shares [Roll Forward]
RSUs outstanding at beginning of period, Shares	961,469
Awarded, Shares	205,253
Released, Shares	(268,400)
Forfeited, Shares	(89,773)
RSUs outstanding at end of period, Shares	808,549
Weighted Average Grant DateFair Value [Roll Forward]
RSUs outstanding at beginning of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 3.82
Awarded, Weighted Average Grant Date Fair Value (in dollars per share)	3.08
Released, Weighted Average Grant Date Fair Value (in dollars per share)	2.11
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)	5.29
RSUs outstanding at end of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.04
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	1 year 9 months 14 days
RSUs outstanding at end of period, Aggregate Intrinsic Value, in dollars	$ 2,781

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 29, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss, in dollars		$ (43,362)	$ (73,410)	$ (78,532)	$ (148,029)
Shares used in computing basic and diluted net loss per share		196,201,000	194,929,000	196,052,000	193,323,000
Net loss per share, basic and diluted, in dollars per share		$ (0.22)	$ (0.38)	$ (0.40)	$ (0.77)
Potentially dilutive shares				118,057,000	81,431,000
Convertible debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares				88,008,000	54,123,000
Outstanding stock options, unvested RSUs and ESPP contributions [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares				29,049,000	26,308,000
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares				1,000,000	1,000,000
Subsequent Event [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Public offering of common stock	28,750,000

Concentrations of Credit Risk46

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Concentration Risk [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax			$ 54	$ (34)
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Diplomat Specialty Pharmacy [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			85.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Swedish Orphan Biovitrum [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			8.00%
Customer Concentration Risk [Member] | Sales [Member] | Diplomat Specialty Pharmacy [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	88.00%	93.00%	87.00%	96.00%
Customer Concentration Risk [Member] | Sales [Member] | Swedish Orphan Biovitrum [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	7.00%	13.00%	4.00%
United States [Member] | Geographic Concentration Risk [Member] | Sales [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	88.00%	93.00%	87.00%	96.00%
European Union [Member] | Geographic Concentration Risk [Member] | Sales [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	7.00%	13.00%	4.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 29, 2015	Jul. 20, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Employee stock-based compensation expense			$ 1,734,000	$ 3,982,000	$ 3,394,000	$ 7,740,000
Net proceeds from public offering					$ 0	$ 75,646,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Public offering of common stock	28,750,000
Share price (in dollars per share)	$ 5.40
Net proceeds from public offering	$ 145,500,000
Payments of Stock Issuance Costs	$ 400,000
Subsequent Event [Member] | Underwriter Over-Allotment Option [Member]
Subsequent Event [Line Items]
Public offering of common stock	3,750,000
Underwriter over allotment period	30 days
Subsequent Event [Member] | Performance-based Stock Options [Member]
Subsequent Event [Line Items]
Stock options granted (in shares)		$ 6,982,603
Employee stock-based compensation expense		$ 9,700,000