Quarterly report pursuant to Section 13 or 15(d)

Research and Development Agreements (Tables)

v3.10.0.1
Research and Development Agreements (Tables)
6 Months Ended
Jun. 30, 2018
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.

ASC 2014-09  
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.