As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to accounts on the Condensed Consolidated Balance Sheet as of January 1, 2018 (in thousands):
|
Balance Sheet
|
|
December 31, 2017
|
|
|
Effect of adoption of ASC 606 (1)
|
|
|
January 1, 2018
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current assets
|
|
$
|
19
|
|
|
$
|
54
|
|
|
$
|
73
|
|
|
Total assets
|
|
|
90,391
|
|
|
|
54
|
|
|
|
90,445
|
|
|
Stockholder's equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated deficit
|
|
|
(64,471
|
)
|
|
|
54
|
|
|
|
(64,417
|
)
|
|
Total liabilities and stockholder's equity
|
|
$
|
90,391
|
|
|
$
|
54
|
|
|
$
|
90,445
|
|
|
|
(1)
|
This impact represents the amount of revenue that would have been recognized and accounted for as unbilled revenue, during the year ended December 31, 2017.
|
The impact of adoption on the Company’s Condensed Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2018 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Balance without
|
|
|
|
|
As reported
|
|
|
Effect of adoption of
|
|
|
adoption of ASC 606
|
|
|
Statement of operations and comprehensive loss
|
|
March 31, 2018
|
|
|
ASC 606 (1)
|
|
|
March 31, 2018
|
|
|
Research and development revenue
|
|
$
|
231
|
|
|
$
|
(68
|
)
|
|
$
|
163
|
|
|
Total revenue
|
|
|
482
|
|
|
|
(68
|
)
|
|
|
414
|
|
|
Net loss
|
|
$
|
8,714
|
|
|
$
|
68
|
|
|
$
|
8,782
|
|
|
Net loss per share
|
|
$
|
0.32
|
|
|
$
|
0.01
|
|
|
$
|
0.33
|
|
|
|
(1)
|
The adoption of ASC 606 resulted in additional revenues recognized in the first quarter of 2018. This impact represents the amount of aggregate revenue that would not have been recognized during the quarter ended March 31, 2018 under Previous Guidance.
|
The impact of adoption on the Company’s Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2018 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Balance without
|
|
|
|
|
As reported
|
|
|
Effect of adoption of
|
|
|
adoption of ASC 606
|
|
|
Statement of cash flows
|
|
March 31, 2018
|
|
|
ASC 606 (1)
|
|
|
March 31, 2018
|
|
|
Net loss
|
|
$
|
8,714
|
|
|
$
|
68
|
|
|
$
|
8,782
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current assets
|
|
|
(71
|
)
|
|
|
(68
|
)
|
|
|
(3
|
)
|
|
Net cash used in operating activities
|
|
$
|
(8,983
|
)
|
|
$
|
—
|
|
|
$
|
(8,983
|
)
|
|
|
(1)
|
The adoption of ASC 606 resulted in a decrease of net loss and an increase in unbilled revenue that is included in other current assets.
|
|