2018 Q1 Form 10-K Financial Statement

#000143922218000004 Filed on February 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q2 2017
Revenue $8.762M $11.35M $43.01M
YoY Change -16.62% 62.6% -38.46%
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $8.762M $43.01M
YoY Change -38.46%
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $24.55M $16.13M $71.12M
YoY Change 65.65% 27.61% 40.25%
% of Gross Profit 280.19% 165.36%
Research & Development $78.22M $79.82M $292.7M
YoY Change 24.7% 57.11% 32.94%
% of Gross Profit 892.76% 680.48%
Depreciation & Amortization $1.725M $1.600M $6.432M
YoY Change 8.42% 14.29% 12.84%
% of Gross Profit 19.69% 14.95%
Operating Expenses $102.8M $95.95M $363.8M
YoY Change 32.52% 51.22% 34.31%
Operating Profit -$94.01M -$84.60M -$320.8M
YoY Change 40.22% 49.81% 59.61%
Interest Expense $3.190M $1.520M $6.100M
YoY Change 262.5% 192.31% 144.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$90.83M -$83.08M -$290.4M
YoY Change 37.27% 48.49% 46.33%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$90.83M -$83.08M -$314.7M
YoY Change 37.27% 48.49% 58.55%
Net Earnings / Revenue -1036.58% -732.26% -731.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.631M -$1.777M -$6.753M
COMMON SHARES
Basic Shares Outstanding 57.33M shares 48.20M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q2 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $782.5M $586.0M $423.9M
YoY Change 63.09% 25.92% -21.69%
Cash & Equivalents $364.5M $138.7M $102.7M
Short-Term Investments $418.0M $447.3M $321.2M
Other Short-Term Assets $15.60M $13.00M $17.50M
YoY Change 25.81% 46.07% 69.9%
Inventory
Prepaid Expenses
Receivables $1.400M $1.200M
Other Receivables $3.500M $2.600M
Total Short-Term Assets $803.0M $604.7M $445.3M
YoY Change 58.42% 24.89% -20.47%
LONG-TERM ASSETS
Property, Plant & Equipment $23.73M $24.77M $24.40M
YoY Change -1.69% -1.44% -3.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $212.3M $129.9M $143.8M
YoY Change 807.26% 176.97% 345.2%
Other Assets $1.104M $1.249M $900.0K
YoY Change -61.77% -9.62% -43.75%
Total Long-Term Assets $237.1M $155.9M $169.1M
YoY Change 370.04% 112.3% 185.64%
TOTAL ASSETS
Total Short-Term Assets $803.0M $604.7M $445.3M
Total Long-Term Assets $237.1M $155.9M $169.1M
Total Assets $1.040B $760.6M $614.4M
YoY Change 86.63% 36.41% -0.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.93M $23.41M $22.80M
YoY Change 11.02% 26.89% 33.33%
Accrued Expenses $17.01M $29.64M $34.00M
YoY Change -32.29% 105.64% 6.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $74.70M $93.65M $94.90M
YoY Change -9.38% 39.22% 7.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $99.80M $158.0M $144.0M
YoY Change -40.42% -21.51% -16.33%
Total Long-Term Liabilities $99.80M $158.0M $144.0M
YoY Change -40.42% -21.51% -16.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.70M $93.65M $94.90M
Total Long-Term Liabilities $99.80M $158.0M $144.0M
Total Liabilities $174.5M $251.6M $238.9M
YoY Change -30.16% -6.29% -8.29%
SHAREHOLDERS EQUITY
Retained Earnings -$758.6M -$632.6M
YoY Change 38.04% 73.88%
Common Stock $1.718B $1.142B
YoY Change 100.39% 75.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $865.6M $509.0M $375.5M
YoY Change
Total Liabilities & Shareholders Equity $1.040B $760.6M $614.4M
YoY Change 86.63% 36.41% -0.76%

Cashflow Statement

Concept 2018 Q1 2017 Q2 2017
OPERATING ACTIVITIES
Net Income -$90.83M -$83.08M -$314.7M
YoY Change 37.27% 48.49% 58.55%
Depreciation, Depletion And Amortization $1.725M $1.600M $6.432M
YoY Change 8.42% 14.29% 12.84%
Cash From Operating Activities -$99.00M -$59.00M -$285.2M
YoY Change 33.65% -137.39% -839.67%
INVESTING ACTIVITIES
Capital Expenditures $1.432M -$1.000M $4.627M
YoY Change 388.74% -64.29% -53.33%
Acquisitions
YoY Change
Other Investing Activities -$166.1M -$274.6M -$53.28M
YoY Change -251.28% -813.25% -51.32%
Cash From Investing Activities -$167.5M -$275.8M -$57.91M
YoY Change -252.92% -872.55% -51.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $516.2M $270.2M $270.3M
YoY Change 66.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $528.3M 273.2M $285.1M
YoY Change 12956.77% 18113.33% 67.93%
NET CHANGE
Cash From Operating Activities -$99.00M -59.00M -$285.2M
Cash From Investing Activities -$167.5M -275.8M -$57.91M
Cash From Financing Activities $528.3M 273.2M $285.1M
Net Change In Cash $261.7M -61.60M -$58.03M
YoY Change 562.24% -131.59% -165.21%
FREE CASH FLOW
Cash From Operating Activities -$99.00M -$59.00M -$285.2M
Capital Expenditures $1.432M -$1.000M $4.627M
Free Cash Flow -$100.4M -$58.00M -$289.9M
YoY Change 35.05% -136.11% -1111.83%

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EarningsPerShareBasicAndDiluted
-1.63
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.34
CY2016 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.07
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.56
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.78
CY2017 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-6.75
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.59
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.81
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3500
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3500
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.4460
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.4340
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.1940
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0000
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.2870
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.0120
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.0190
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.0160
CY2015 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0030
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0030
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0000
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0450
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0290
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0400
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11092000 USD
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15693000 USD
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0 USD
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0 USD
CY2015 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-33000 USD
CY2016 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 USD
CY2017 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-40000 USD
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
35992000 USD
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
50714000 USD
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
71124000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-111057000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-179896000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-290423000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-6674000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-18575000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-24247000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-117731000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-198471000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-314670000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2017 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-2930000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2015 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
1040000 USD
CY2016 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-275000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4215000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3501000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5329000 USD
CY2015 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
3841000 USD
CY2016 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 USD
CY2015 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1633000 USD
CY2016 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
16854000 USD
CY2017 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1522000 USD
CY2015 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-15805000 USD
CY2016 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-1346000 USD
CY2017 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
2729000 USD
CY2015 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-14047000 USD
CY2016 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
165846000 USD
CY2017 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-26570000 USD
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3768000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2695000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6530000 USD
CY2015 us-gaap Investment Income Interest
InvestmentIncomeInterest
968000 USD
CY2016 us-gaap Investment Income Interest
InvestmentIncomeInterest
2514000 USD
CY2017 us-gaap Investment Income Interest
InvestmentIncomeInterest
6124000 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
7100000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
6000000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
6000000 USD
CY2017Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2900000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
260503000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
238894000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
619094000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
614397000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
88433000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
94941000 USD
CY2015 us-gaap License And Services Revenue
LicenseAndServicesRevenue
59119000 USD
CY2016 us-gaap License And Services Revenue
LicenseAndServicesRevenue
69892000 USD
CY2017 us-gaap License And Services Revenue
LicenseAndServicesRevenue
41074000 USD
CY2016 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0 USD
CY2017 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6373000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
169778000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
285110000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
128309000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-119350000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-57908000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-76949000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
38562000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-285232000 USD
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-117732000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-198471000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
-314670000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-23198000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-55953000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-62834000 USD
CY2016Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-56486000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-66166000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-83082000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-77137000 USD
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-88285000 USD
CY2017 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2015 us-gaap Operating Expenses
OperatingExpenses
177819000 USD
CY2016 us-gaap Operating Expenses
OperatingExpenses
270877000 USD
CY2017 us-gaap Operating Expenses
OperatingExpenses
363805000 USD
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-118700000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-23594000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-56470000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-63512000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-57409000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-200985000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-67047000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-84600000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-79017000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-90130000 USD
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
-320794000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
95872000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
11295000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
14447000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
12392000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
12077000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
11770000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
33891000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
168000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
349000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1615000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
891000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-261000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
5000 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1076000 USD
CY2015 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
207000 USD
CY2016 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
230000 USD
CY2017 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
-638000 USD
CY2015 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
353177000 USD
CY2016 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
506067000 USD
CY2017 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
688702000 USD
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20164000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9915000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4627000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10264000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
17486000 USD
CY2017Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
270200000 USD
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
162150000 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
270250000 USD
CY2015 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
6580000 USD
CY2016 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
7858000 USD
CY2017 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
14222000 USD
CY2015 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
501650000 USD
CY2016 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
396632000 USD
CY2017 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
635421000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
38709000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
43828000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25337000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24431000 USD
CY2015 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
25173000 USD
CY2016 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
19714000 USD
CY2017 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
7811000 USD
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
141827000 USD
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
220163000 USD
CY2017 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
292681000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-483151000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-798061000 USD
CY2015 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
59119000 USD
CY2016 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
44892000 USD
CY2017 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
41074000 USD
CY2015 us-gaap Revenues
Revenues
59119000 USD
CY2016Q1 us-gaap Revenues
Revenues
31281000 USD
CY2016Q2 us-gaap Revenues
Revenues
6978000 USD
CY2016Q3 us-gaap Revenues
Revenues
8985000 USD
CY2016Q4 us-gaap Revenues
Revenues
22648000 USD
CY2016 us-gaap Revenues
Revenues
69892000 USD
CY2017Q1 us-gaap Revenues
Revenues
10508000 USD
CY2017Q2 us-gaap Revenues
Revenues
11346000 USD
CY2017Q3 us-gaap Revenues
Revenues
11358000 USD
CY2017Q4 us-gaap Revenues
Revenues
9799000 USD
CY2017 us-gaap Revenues
Revenues
43011000 USD
CY2015 us-gaap Royalty Revenue
RoyaltyRevenue
0 USD
CY2016 us-gaap Royalty Revenue
RoyaltyRevenue
0 USD
CY2017 us-gaap Royalty Revenue
RoyaltyRevenue
1937000 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
31963000 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
42086000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
47809000 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
7500 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6962
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7284
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7773
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0171
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0142
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0205
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2936068 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
44.32
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
531492 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1620652 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
63559000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
94336000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5218880 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5577562 shares
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of credit risk</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which potentially subject us to credit risk consist primarily of cash, cash equivalents, and marketable securities. We hold these investments in highly rated financial institutions, and, by policy, limit the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. </font><font style="font-family:inherit;font-size:10pt;">We have not experienced any credit losses in such accounts and do not believe we are exposed to any significant credit risk on these funds.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">We have no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements.</font></div></div>
CY2017 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">References to Agios</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Throughout this Annual Report on Form 10-K, &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our,&#8221; and similar expressions, except where the context requires otherwise, refer to Agios Pharmaceuticals, Inc. and its consolidated subsidiaries, and &#8220;our board of directors&#8221; refers to the board of directors of Agios Pharmaceuticals, Inc.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Overview</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are a biopharmaceutical company committed to the fundamental transformation of patients&#8217; lives through scientific leadership in the field of cellular metabolism, with the goal of making transformative, first- or best-in-class medicines. Our therapeutic areas of focus are cancer and rare genetic diseases, or RGDs, which are diseases that are directly caused by changes in genes or chromosomes, often passed from one generation to the next. Most RGDs are often associated with severe or life-threatening features. The incidence of a single RGD can vary widely but is generally very infrequent, usually equal to or less than one per 100,000 births. In both areas of cancer and RGDs, we are seeking to unlock the biology of cellular metabolism as a platform to create transformative therapies.</font><font style="font-family:inherit;font-size:10pt;">&#160;We are located in Cambridge, Massachusetts.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our first commercial cancer product is IDHIFA&#174;. In August&#160;2017, the U.S. Food and Drug Administration, or FDA, granted our collaboration partner Celgene Corporation, or Celgene, approval of IDHIFA&#174; for the treatment of adult patients with relapsed or refractory acute myeloid leukemia, or R/R AML, and an isocitrate dehydrogenase 2, or IDH2, mutation as detected by an FDA-approved test. IDHIFA&#174;, an oral targeted inhibitor of the mutated IDH2 enzyme, is the first and only FDA-approved therapy for patients with R/R AML and an IDH2 mutation.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our most advanced clinical cancer product candidates are ivosidenib, which targets mutated isocitrate dehydrogenase 1, or IDH1, and AG-881, which is a brain-penetrant pan-IDH mutant inhibitor. These mutations are found in a wide range of hematological malignancies and solid tumors. In December 2017, we submitted a new drug application, or NDA, to the FDA for ivosidenib for the treatment of patients with R/R AML and an IDH1 mutation. We plan to submit an Marketing Authorization Application, or MAA, to the European Medicines Agency, or EMA, for ivosidenib for IDH1 mutant-positive R/R AML in the fourth quarter of 2018.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our next most advanced cancer product candidate is AG-270, an inhibitor of methionine adenosyltransferase 2a, or MAT2A. We submitted an investigational new drug application, or IND, for AG-270 in November 2017, and in December 2017 the FDA concluded that we may proceed with our planned phase 1 dose-escalation trial of AG-270 in multiple tumor types carrying a methylthioadenosine phosphorylase, or MTAP, deletion.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our most advanced preclinical cancer product candidate is an inhibitor of the metabolic enzyme dihydroorotate dehydrogenase, or DHODH. We plan to submit an IND for our DHODH inhibitor for the treatment of hematologic malignancies in the fourth quarter of 2018.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The lead product candidate in our RGD program, AG-348, targets pyruvate kinase-R for the treatment of pyruvate kinase, or PK, deficiency. PK deficiency is a rare genetic disorder that often results in severe hemolytic anemia, jaundice and lifelong conditions associated with chronic anemia and secondary complications due to inherited mutations in the pyruvate kinase enzyme within red blood cells, or RBCs. We intend to initiate two global, pivotal trials of AG-348 in PK deficiency in the first half of 2018: ACTIVATE-T, a single arm trial of approximately 20 regularly transfused patients, is expected to initiate in the first quarter of 2018, and ACTIVATE, a 1:1 randomized, placebo-controlled trial of approximately 80 patients who do not receive regular transfusions, is expected to initiate in the second quarter of 2018. We also expect to initiate a phase 2 proof of concept trial of AG-348 in thalassemia in the fourth quarter of 2018.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the aforementioned development programs, we are seeking to advance a number of early-stage discovery programs in the areas of cancer metabolism, RGDs and metabolic immuno-oncology, or MIO, a developing field which aims to modulate the activity of relevant immune cells by targeting critical metabolic nodes, thereby, enhancing the immune mediated anti-tumor response.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Liquidity</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2017, we completed a public offering of&#160;</font><font style="font-family:inherit;font-size:10pt;">5,050,505</font><font style="font-family:inherit;font-size:10pt;">&#160;shares of common stock at an offering price of&#160;</font><font style="font-family:inherit;font-size:10pt;">$49.50</font><font style="font-family:inherit;font-size:10pt;">&#160;per share. We received net proceeds from this offering of&#160;</font><font style="font-family:inherit;font-size:10pt;">$235.0 million</font><font style="font-family:inherit;font-size:10pt;">, after deducting underwriting discounts and commissions paid by us. In addition, we granted the underwriters the right to purchase up to an additional&#160;</font><font style="font-family:inherit;font-size:10pt;">757,575</font><font style="font-family:inherit;font-size:10pt;">&#160;shares of common stock, which was exercised in April 2017, resulting in additional net proceeds to us of&#160;</font><font style="font-family:inherit;font-size:10pt;">$35.2 million</font><font style="font-family:inherit;font-size:10pt;">, after underwriting discounts and commissions. After giving effect to the full exercise of the over-allotment option, the number of shares sold by us in the public offering totaled&#160;</font><font style="font-family:inherit;font-size:10pt;">5,808,080</font><font style="font-family:inherit;font-size:10pt;">&#160;shares, and net proceeds to us totaled&#160;</font><font style="font-family:inherit;font-size:10pt;">$270.2 million</font><font style="font-family:inherit;font-size:10pt;">, after underwriting discounts and commissions.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2018, we completed a public offering of </font><font style="font-family:inherit;font-size:10pt;">7,089,553</font><font style="font-family:inherit;font-size:10pt;"> shares of common at an offering price of </font><font style="font-family:inherit;font-size:10pt;">$67.00</font><font style="font-family:inherit;font-size:10pt;"> per share. We received net proceeds from this offering of </font><font style="font-family:inherit;font-size:10pt;">$448.9 million</font><font style="font-family:inherit;font-size:10pt;">, after deducting underwriting discounts and commissions paid by us. In addition, we granted the underwriters the right to purchase up to an additional&#160;</font><font style="font-family:inherit;font-size:10pt;">1,063,433</font><font style="font-family:inherit;font-size:10pt;">&#160;shares of common stock, which was exercised in January 2018, resulting in additional net proceeds to us of&#160;</font><font style="font-family:inherit;font-size:10pt;">$67.3 million</font><font style="font-family:inherit;font-size:10pt;">, after underwriting discounts and commissions. After giving effect to the full exercise of the over-allotment option, the number of shares sold by us in the public offering totaled&#160;</font><font style="font-family:inherit;font-size:10pt;">8,152,986</font><font style="font-family:inherit;font-size:10pt;">&#160;shares, and net proceeds to us totaled&#160;</font><font style="font-family:inherit;font-size:10pt;">$516.2 million</font><font style="font-family:inherit;font-size:10pt;">, after underwriting discounts and commissions.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, we had cash, cash equivalents and marketable securities of </font><font style="font-family:inherit;font-size:10pt;">$567.8 million</font><font style="font-family:inherit;font-size:10pt;">. Although we have incurred recurring losses and expect to continue to incur losses for the foreseeable future, we expect our cash, cash equivalents and marketable securities to be sufficient to fund current operations for at least the next twelve months from the issuance of the financial statements.</font></div></div>
CY2017 us-gaap Revenue Recognition Multiple Element Arrangements
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Upon the modifications, under the provisions of ASC 605-25,&#160;we identified the remaining deliverables under the modified arrangement, and determined the BESP for the undelivered elements as of the modification date. We then allocated the total arrangement consideration, which included the remaining deferred revenue balance at the modification date, any upfront payments received upon modification and other consideration under the modified arrangement that were deemed to be determinable at the modification date, to each unit of accounting relative to our BESP for each unit of accounting.</font></div></div>
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