Schedule of Research and Development Revenues Disaggregated by Location |
Research and Development revenue is attributable to regions based on the location of our collaboration partner's parent company headquarters. Research and Development revenues disaggregated by location were as follows (in thousands):
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Japan
|
|
$
|
932
|
|
|
$
|
—
|
|
|
$
|
1,095
|
|
|
$
|
1,260
|
|
United States
|
|
|
12
|
|
|
|
—
|
|
|
|
80
|
|
|
|
500
|
|
Total Research and Development Revenue
|
|
$
|
944
|
|
|
$
|
—
|
|
|
$
|
1,175
|
|
|
$
|
1,760
|
|
|
Schedule of Contract Assets and Contract Liabilities for Performance Obligations related to Collaboration Agreements |
Changes in the Company’s contract assets and liabilities under Topic 606 were as follows (in thousands):
|
|
June 30, 2018
|
|
December 31, 2017 (1)
|
|
Contract Assets
|
|
|
|
|
|
|
|
Unbilled revenue
|
|
$
|
133
|
|
$
|
—
|
|
Contract Liabilities
|
|
|
|
|
|
|
|
Deferred revenue
|
|
$
|
4,660
|
|
$
|
1,092
|
|
|
(1)
|
December 31, 2017 balances prior to the impact related to the modified retrospective adoption of ASC 606. During the six months ended June 30, 2018, the Company recorded $432,000 in research and development revenue that was previously included in deferred revenue at December 31, 2017.
|
|
Schedule of Impact of Adoption of New Revenue Standard |
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
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated deficit
|
|
|
(64,471
|
)
|
|
|
54
|
|
|
|
(64,417
|
)
|
Total liabilities and stockholders' 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 June 30, 2018 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Balance without
|
|
|
|
As reported
|
|
|
Effect of adoption of
|
|
|
adoption of ASC 606
|
|
Statement of operations and comprehensive loss
|
|
June 30, 2018
|
|
|
ASC 606 (1)
|
|
|
June 30, 2018
|
|
Research and development revenue
|
|
$
|
944
|
|
|
$
|
(11
|
)
|
|
$
|
933
|
|
Total revenue
|
|
|
1,367
|
|
|
|
(11
|
)
|
|
|
1,356
|
|
Net loss
|
|
$
|
9,695
|
|
|
$
|
11
|
|
|
$
|
9,706
|
|
Net loss per share
|
|
$
|
0.36
|
|
|
$
|
0.00
|
|
|
$
|
0.36
|
|
|
(1)
|
The adoption of ASC 606 resulted in additional revenues recognized in the three months ended June 30, 2018. This impact represents the amount of aggregate revenue that would not have been recognized during the three months ended June 30, 2018 under Previous Guidance.
|
The impact of adoption on the Company’s Condensed Consolidated Statement of Operations and Comprehensive Loss for the six months ended June 30, 2018 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Balance without
|
|
|
|
As reported
|
|
|
Effect of adoption of
|
|
|
adoption of ASC 606
|
|
Statement of operations and comprehensive loss
|
|
June 30, 2018
|
|
|
ASC 606 (1)
|
|
|
June 30, 2018
|
|
Research and development revenue
|
|
$
|
1,175
|
|
|
$
|
(79
|
)
|
|
$
|
1,096
|
|
Total revenue
|
|
|
1,849
|
|
|
|
(79
|
)
|
|
|
1,770
|
|
Net loss
|
|
$
|
18,409
|
|
|
$
|
79
|
|
|
$
|
18,488
|
|
Net loss per share
|
|
$
|
0.68
|
|
|
$
|
0.00
|
|
|
$
|
0.68
|
|
(1)
|
The adoption of ASC 606 resulted in additional revenues recognized in the six months ended June 30, 2018. This impact represents the amount of aggregate revenue that would not have been recognized during the six months ended June 30, 2018 under Previous Guidance.
|
The impact of adoption on the Company’s Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2018 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Balance without
|
|
|
|
As reported
|
|
|
Effect of adoption of
|
|
|
adoption of ASC 606
|
|
Statement of cash flows
|
|
June 30, 2018
|
|
|
ASC 606 (1)
|
|
|
June 30, 2018
|
|
Net loss
|
|
$
|
18,409
|
|
|
$
|
79
|
|
|
$
|
18,488
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current assets
|
|
|
(120
|
)
|
|
|
(79
|
)
|
|
|
(41
|
)
|
Net cash used in operating activities
|
|
$
|
(14,136
|
)
|
|
$
|
—
|
|
|
$
|
(14,136
|
)
|
|
(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.
|
|