| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of available-for-sale securities |
Available‑for‑sale securities at December 31, 2016 consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
Gains in Accumulated
|
|
Losses in Accumulated
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
|
|
Other Comprehensive
|
|
Estimated Fair
|
|
|
(In thousands)
|
|
Amortized Cost
|
|
Income
|
|
Income
|
|
Value
|
|
|
Corporate bonds
|
|
$
|
137,013
|
|
$
|
17
|
|
$
|
(93)
|
|
$
|
136,937
|
|
|
Asset backed securities
|
|
|
55,667
|
|
|
3
|
|
|
(30)
|
|
|
55,640
|
|
|
U.S. government agency securities
|
|
|
49,591
|
|
|
3
|
|
|
(120)
|
|
|
49,474
|
|
|
Commercial paper
|
|
|
19,069
|
|
|
8
|
|
|
(1)
|
|
|
19,076
|
|
|
Certificates of deposit
|
|
|
1,053
|
|
|
—
|
|
|
(1)
|
|
|
1,052
|
|
|
Total available-for-sale securities
|
|
$
|
262,393
|
|
$
|
31
|
|
$
|
(245)
|
|
$
|
262,179
|
|
Available‑for‑sale securities at December 31, 2015 consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
Gains in Accumulated
|
|
Losses in Accumulated
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
|
|
Other Comprehensive
|
|
Estimated Fair
|
|
|
(In thousands)
|
|
Amortized Cost
|
|
Income
|
|
Income
|
|
Value
|
|
|
Corporate bonds
|
|
$
|
179,471
|
|
$
|
2
|
|
$
|
(262)
|
|
$
|
179,211
|
|
|
Asset backed securities
|
|
|
77,661
|
|
|
—
|
|
|
(166)
|
|
|
77,495
|
|
|
U.S. government agency securities
|
|
|
7,057
|
|
|
—
|
|
|
(18)
|
|
|
7,039
|
|
|
Certificates of deposit
|
|
|
1,999
|
|
|
—
|
|
|
—
|
|
|
1,999
|
|
|
Total available-for-sale securities
|
|
$
|
266,188
|
|
$
|
2
|
|
$
|
(446)
|
|
$
|
265,744
|
|
|
Schedule of amounts recognized in accumulated other comprehensive income (loss) (AOCI) |
The amount recognized in accumulated other comprehensive income (loss) (“AOCI”) for the years ended December 31, 2016, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
Cumulative
|
|
Unrealized
|
|
Other
|
|
|
|
|
Translation
|
|
Gain (Loss)
|
|
Comprehensive
|
|
|
(In thousands)
|
|
Adjustment
|
|
on Securities
|
|
Income (Loss)
|
|
|
Balance at January 1, 2014
|
|
$
|
—
|
|
$
|
125
|
|
$
|
125
|
|
|
Other comprehensive (loss) income before reclassifications
|
|
|
—
|
|
|
(200)
|
|
|
(200)
|
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
—
|
|
|
(40)
|
|
|
(40)
|
|
|
Net current period change in accumulated other comprehensive income (loss)
|
|
|
—
|
|
|
(240)
|
|
|
(240)
|
|
|
Balance at December 31, 2014
|
|
$
|
—
|
|
$
|
(115)
|
|
$
|
(115)
|
|
|
Other comprehensive (loss) income before reclassifications
|
|
|
11
|
|
|
(361)
|
|
|
(350)
|
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
—
|
|
|
32
|
|
|
32
|
|
|
Net current period change in accumulated other comprehensive income (loss)
|
|
|
11
|
|
|
(329)
|
|
|
(318)
|
|
|
Balance at December 31, 2015
|
|
$
|
11
|
|
$
|
(444)
|
|
$
|
(433)
|
|
|
Other comprehensive (loss) income before reclassifications
|
|
|
(215)
|
|
|
117
|
|
|
(98)
|
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
—
|
|
|
113
|
|
|
113
|
|
|
Net current period change in accumulated other comprehensive income (loss)
|
|
|
(215)
|
|
|
230
|
|
|
15
|
|
|
Balance at December 31, 2016
|
|
$
|
(204)
|
|
$
|
(214)
|
|
$
|
(418)
|
|
|
Schedule of amounts reclassified from accumulated other comprehensive income (loss) |
Amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2016, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affected Line Item in the
|
|
Year Ended December 31,
|
|
Details about AOCI Components (In thousands)
|
|
Statement of Operations
|
|
2016
|
|
2015
|
|
2014
|
|
Change in value of available-for-sale investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and maturities of available-for-sale investments
|
|
Investment income
|
|
$
|
113
|
|
$
|
32
|
|
$
|
(40)
|
|
Total reclassifications
|
|
|
|
$
|
113
|
|
$
|
32
|
|
$
|
(40)
|
|
Schedule of inventory |
Inventory consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
|
Raw materials
|
|
$
|
2,408
|
|
$
|
1,772
|
|
|
Semi-finished and finished goods
|
|
|
4,425
|
|
|
4,905
|
|
|
Total inventory
|
|
$
|
6,833
|
|
$
|
6,677
|
|
|
Schedule of estimated useful lives of fixed assets |
|
|
|
|
|
|
|
|
Estimated
|
|
|
Asset Classification
|
|
Useful Life
|
|
|
Laboratory equipment
|
|
3 - 5 years
|
|
|
Computer equipment and computer software
|
|
3 years
|
|
|
Leasehold improvements
|
|
Lesser of the remaining lease term or useful life
|
|
|
Building Improvements
|
|
Lesser of the remaining building life or useful life
|
|
|
Furniture and fixtures
|
|
3 years
|
|
|
Buildings
|
|
30 years
|
|
|
Schedule of potentially issuable common shares not included in the computation of diluted net loss per share because they would have an anti-dilutive effect |
The following potentially issuable common shares were not included in the computation of diluted net loss per share because they would have an anti‑dilutive effect due to net losses for each period:
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
|
Shares issuable upon exercise of stock options
|
|
3,505
|
|
4,937
|
|
4,934
|
|
|
Shares issuable upon the release of restricted stock awards
|
|
5,601
|
|
3,445
|
|
1,541
|
|
|
Shares issuable upon the vesting of restricted stock awards related to licensing agreement
|
|
—
|
|
—
|
|
24
|
|
|
|
|
9,106
|
|
8,382
|
|
6,499
|
|
|
Schedule of components of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
(In thousands)
|
|
2016
|
|
2015
|
|
|
2014
|
|
|
Revenue recognized on an accrual basis
|
|
$
|
87,037
|
|
$
|
36,364
|
|
$
|
1,388
|
|
|
|
Revenue recognized when cash is received
|
|
|
12,339
|
|
|
3,073
|
|
|
116
|
|
|
|
Total
|
|
$
|
99,376
|
|
$
|
39,437
|
|
$
|
1,504
|
|
|
|
Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall |
The following table presents the Company’s fair value measurements as of December 31, 2016 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement at December 31, 2016 Using:
|
|
|
|
|
|
|
|
Quoted Prices
|
|
Significant
|
|
|
|
|
|
|
|
|
|
|
in Active
|
|
Other
|
|
Significant
|
|
|
|
|
|
|
|
Markets for
|
|
Observable
|
|
Unobservable
|
|
|
|
|
Fair Value at
|
|
Identical Assets
|
|
Inputs
|
|
Inputs
|
|
|
(In thousands)
|
|
December 31, 2016
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and money market
|
|
$
|
48,921
|
|
|
48,921
|
|
|
—
|
|
|
—
|
|
|
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
|
136,937
|
|
|
—
|
|
|
136,937
|
|
|
—
|
|
|
Asset backed securities
|
|
|
55,640
|
|
|
—
|
|
|
55,640
|
|
|
—
|
|
|
U.S. government agency securities
|
|
|
49,474
|
|
|
—
|
|
|
49,474
|
|
|
—
|
|
|
Commercial paper
|
|
|
19,076
|
|
|
—
|
|
|
19,076
|
|
|
—
|
|
|
Certificates of deposit
|
|
|
1,052
|
|
|
—
|
|
|
1,052
|
|
|
—
|
|
|
Total
|
|
$
|
311,100
|
|
$
|
48,921
|
|
$
|
262,179
|
|
$
|
—
|
|
The following table presents the Company’s fair value measurements as of December 31, 2015 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement at December 31, 2015 Using:
|
|
|
|
|
|
|
|
Quoted Prices
|
|
Significant
|
|
|
|
|
|
|
|
|
|
in Active
|
|
Other
|
|
Significant
|
|
|
|
|
|
|
|
Markets for
|
|
Observable
|
|
Unobservable
|
|
|
|
|
Fair Value at
|
|
Identical Assets
|
|
Inputs
|
|
Inputs
|
|
|
(In thousands)
|
|
December 31, 2015
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and money market
|
|
$
|
37,435
|
|
$
|
37,435
|
|
$
|
—
|
|
$
|
—
|
|
|
Commercial paper
|
|
|
3,700
|
|
|
—
|
|
|
3,700
|
|
|
—
|
|
|
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
|
179,211
|
|
|
—
|
|
|
179,211
|
|
|
—
|
|
|
Asset backed securities
|
|
|
77,495
|
|
|
—
|
|
|
77,495
|
|
|
—
|
|
|
U.S. government agency securities
|
|
|
7,039
|
|
|
—
|
|
|
7,039
|
|
|
—
|
|
|
Certificates of deposit
|
|
|
1,999
|
|
|
—
|
|
|
1,999
|
|
|
—
|
|
|
Total
|
|
$
|
306,879
|
|
$
|
37,435
|
|
$
|
269,444
|
|
$
|
—
|
|
|
Schedule of gross unrealized losses and fair values of investments in an unrealized loss position |
The following table summarizes the gross unrealized losses and fair values of investments in an unrealized loss position as of December 31, 2016, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
|
Less than 12 months
|
|
12 months or greater
|
|
Total
|
|
|
(In thousands)
|
|
|
Fair Value
|
|
|
Gross Unrealized Loss
|
|
|
Fair Value
|
|
|
Gross Unrealized Loss
|
|
|
Fair Value
|
|
|
Gross Unrealized Loss
|
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
94,999
|
|
$
|
(93)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
94,999
|
|
$
|
(93)
|
|
|
Asset backed securities
|
|
|
41,656
|
|
|
(27)
|
|
|
3,506
|
|
|
(2)
|
|
|
45,162
|
|
|
(29)
|
|
|
U.S. government agency securities
|
|
|
44,911
|
|
|
(120)
|
|
|
—
|
|
|
—
|
|
|
44,911
|
|
|
(120)
|
|
|
Commercial paper
|
|
|
5,606
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
5,606
|
|
|
(2)
|
|
|
Certificates of deposit
|
|
|
1,052
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
1,052
|
|
|
(1)
|
|
|
Total
|
|
$
|
188,224
|
|
$
|
(243)
|
|
$
|
3,506
|
|
$
|
(2)
|
|
$
|
191,730
|
|
$
|
(245)
|
|
The following table summarizes the gross unrealized losses and fair value of investments in an unrealized loss position as of December 31, 2015, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
|
Less than 12 months
|
|
12 months or greater
|
|
Total
|
|
(In thousands)
|
|
|
Fair Value
|
|
|
Gross Unrealized Loss
|
|
|
Fair Value
|
|
|
Gross Unrealized Loss
|
|
|
Fair Value
|
|
|
Gross Unrealized Loss
|
|
Marketable Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
166,238
|
|
$
|
(262)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
166,238
|
|
$
|
(262)
|
|
U.S. government agency securities
|
|
|
7,039
|
|
|
(18)
|
|
|
—
|
|
|
—
|
|
|
7,039
|
|
|
(18)
|
|
Asset backed securities
|
|
|
72,792
|
|
|
(164)
|
|
|
3,887
|
|
|
(2)
|
|
|
76,679
|
|
|
(166)
|
|
Total
|
|
$
|
246,069
|
|
$
|
(444)
|
|
$
|
3,887
|
|
$
|
(2)
|
|
$
|
249,956
|
|
$
|
(446)
|
|
Schedule of contractual maturities of available-for-sale investments |
The following table summarizes contractual underlying maturities of the Company’s available‑for‑sale investments at December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due one year or less
|
|
Due after one year through four years
|
|
(In thousands)
|
|
|
Cost
|
|
|
Fair Value
|
|
|
Cost
|
|
|
Fair Value
|
|
Marketable securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
128,443
|
|
$
|
128,389
|
|
$
|
8,570
|
|
$
|
8,548
|
|
Certificates of deposit
|
|
|
—
|
|
|
—
|
|
|
1,053
|
|
|
1,052
|
|
Commercial paper
|
|
|
19,069
|
|
|
19,076
|
|
|
—
|
|
|
—
|
|
U.S. government agency securities
|
|
|
14,553
|
|
|
14,545
|
|
|
35,038
|
|
|
34,929
|
|
Asset backed securities
|
|
|
—
|
|
|
—
|
|
|
55,667
|
|
|
55,640
|
|
Total
|
|
$
|
162,065
|
|
$
|
162,010
|
|
$
|
100,328
|
|
$
|
100,169
|
|