2016 Q1 Form 10-K Financial Statement

#000156459016015646 Filed on March 30, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q2
Revenue $348.0K $667.0K $10.00K
YoY Change 3380.0% 6570.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.540M $1.320M $1.170M
YoY Change 52.48% 67.09% 69.57%
% of Gross Profit
Research & Development $3.622M $4.260M $4.500M
YoY Change -7.18% 40.59% 157.14%
% of Gross Profit
Depreciation & Amortization $34.00K $30.00K $40.00K
YoY Change 9.68% 200.0% 300.0%
% of Gross Profit
Operating Expenses $4.163M $4.192M $5.674M
YoY Change -15.18% 9.59% 132.45%
Operating Profit -$3.815M
YoY Change -22.16%
Interest Expense $88.00K -$90.00K -$170.0K
YoY Change -89.47% -83.93% 112.5%
% of Operating Profit
Other Income/Expense, Net $1.863M $0.00 -$3.345M
YoY Change -758.3% -100.0% 1580.9%
Pretax Income -$6.610M -$5.660M -$9.010M
YoY Change 27.61% 20.17% 241.29%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.952M -$2.599M -$9.012M
YoY Change -62.35% -44.87% 242.01%
Net Earnings / Revenue -560.92% -389.66% -90120.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.516M -$3.198M -$5.178M
COMMON SHARES
Basic Shares Outstanding 26.33M 26.32M 26.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.50M $53.70M $65.40M
YoY Change 1415.63% 1276.92% 808.33%
Cash & Equivalents $24.17M $53.72M $2.526M
Short-Term Investments
Other Short-Term Assets $1.000M $1.200M $1.600M
YoY Change -9.09% 71.43% 700.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $49.50M $54.95M $67.00M
YoY Change 1049.03% 1097.84% 805.41%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $805.0K $400.0K
YoY Change -39.21% 347.22% 300.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $991.0K $200.0K
YoY Change -44.13% 453.63% 100.0%
Total Long-Term Assets $175.0K $1.846M $600.0K
YoY Change -94.86% -10.26% 200.0%
TOTAL ASSETS
Total Short-Term Assets $49.50M $54.95M $67.00M
Total Long-Term Assets $175.0K $1.846M $600.0K
Total Assets $49.68M $56.79M $67.60M
YoY Change 544.13% 754.77% 789.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $793.0K $1.460M $2.000M
YoY Change -68.84% 42.58% 185.71%
Accrued Expenses $1.082M $1.327M $1.700M
YoY Change -40.94% -17.32% 142.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.000M $1.500M $500.0K
YoY Change 81.82% -65.91% -87.8%
Total Short-Term Liabilities $3.854M $4.271M $4.200M
YoY Change -64.98% -39.79% -25.0%
LONG-TERM LIABILITIES
Long-Term Debt $2.700M $3.200M $4.000M
YoY Change -20.59% 52.38%
Other Long-Term Liabilities $0.00 $100.0K $100.0K
YoY Change -100.0% -95.0% -80.0%
Total Long-Term Liabilities $2.700M $3.300M $4.100M
YoY Change -55.74% -19.51% 720.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.854M $4.271M $4.200M
Total Long-Term Liabilities $2.700M $3.300M $4.100M
Total Liabilities $6.604M $7.481M $8.300M
YoY Change -61.44% -33.61% 36.07%
SHAREHOLDERS EQUITY
Retained Earnings -$79.23M -$72.62M
YoY Change 49.6% 52.01%
Common Stock $122.3M $121.9M
YoY Change 12229800.0% 3292.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.07M $49.31M -$23.56M
YoY Change
Total Liabilities & Shareholders Equity $49.68M $56.79M $67.60M
YoY Change 544.13% 754.77% 789.47%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.952M -$2.599M -$9.012M
YoY Change -62.35% -44.87% 242.01%
Depreciation, Depletion And Amortization $34.00K $30.00K $40.00K
YoY Change 9.68% 200.0% 300.0%
Cash From Operating Activities -$5.080M -$5.060M -$6.440M
YoY Change 25.43% 16.86% 231.96%
INVESTING ACTIVITIES
Capital Expenditures $184.0K -$380.0K -$80.00K
YoY Change 2.22% 375.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$720.0K
YoY Change
Cash From Investing Activities -$180.0K -$1.090M -$80.00K
YoY Change 0.0% 1262.5% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 68.72M
YoY Change -100.0% -100.0% -76455.56%
NET CHANGE
Cash From Operating Activities -5.080M -5.060M -6.440M
Cash From Investing Activities -180.0K -1.090M -80.00K
Cash From Financing Activities 0.000 0.000 68.72M
Net Change In Cash -5.260M -6.150M 62.20M
YoY Change 630.56% 13.47% -3047.87%
FREE CASH FLOW
Cash From Operating Activities -$5.080M -$5.060M -$6.440M
Capital Expenditures $184.0K -$380.0K -$80.00K
Free Cash Flow -$5.264M -$4.680M -$6.360M
YoY Change 24.44% 10.12% 241.94%

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447000
CY2015 cbyl Non Cash Increase Of Derivative Liability Relates To Convertible Promissory Notes At Issuance
NonCashIncreaseOfDerivativeLiabilityRelatesToConvertiblePromissoryNotesAtIssuance
1196000
CY2014 cbyl Non Cash Increase Of Derivative Liability Relates To Convertible Promissory Notes At Issuance
NonCashIncreaseOfDerivativeLiabilityRelatesToConvertiblePromissoryNotesAtIssuance
1067000
CY2015 cbyl Noncash Or Part Noncash Increase Of Beneficial Conversion Feature For Convertible Promissory Notes
NoncashOrPartNoncashIncreaseOfBeneficialConversionFeatureForConvertiblePromissoryNotes
519000
CY2014 cbyl Noncash Or Part Noncash Increase Of Beneficial Conversion Feature For Convertible Promissory Notes
NoncashOrPartNoncashIncreaseOfBeneficialConversionFeatureForConvertiblePromissoryNotes
2275000
CY2015 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
99000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
727000
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
723000
CY2015Q4 cbyl Accrued Legal Expenses
AccruedLegalExpenses
77000
CY2014Q4 cbyl Accrued Legal Expenses
AccruedLegalExpenses
159000
CY2015Q4 cbyl Accrued Research And Clinical Trial Expenses
AccruedResearchAndClinicalTrialExpenses
338000
CY2014Q4 cbyl Accrued Research And Clinical Trial Expenses
AccruedResearchAndClinicalTrialExpenses
380000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
648000
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of the Company&#8217;s financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to common stock, stock-based compensation expense, warrant liabilities, accruals, derivative liability, deferred tax valuation allowance and revenue recognition. Management bases its estimates on historical experience or on various other assumptions, including information received from its service providers, which it believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p></div>
CY2015 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company invests its excess cash in money market accounts. The Company&#8217;s cash and cash equivalents are held by a single financial institution and all cash is held in the United States. Such deposits may, at times, exceed federally insured limits. The Company has not recognized any losses during the periods presented and management does not believe that the Company is exposed to significant credit risk from its cash and cash equivalents.</p></div>
CY2014Q4 cbyl Accrued Professional Fees Excluding Legal Fees Current
AccruedProfessionalFeesExcludingLegalFeesCurrent
343000
CY2015 cbyl Operating Leases Income Statement Monthly Sublease Revenue
OperatingLeasesIncomeStatementMonthlySubleaseRevenue
16000
CY2015 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
431000
CY2014 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
429000
CY2013 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
413000
CY2015 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Embedded Derivatives Related to Convertible Promissory Notes</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Embedded derivatives that are required to be bifurcated from the underlying debt instrument (i.e. host) are accounted for and valued as a separate financial instrument. The Company evaluated the terms and features of the convertible promissory notes issued in September 2014 and February 2015 and identified embedded derivatives requiring bifurcation and accounting at fair value because the economic and contractual characteristics of the embedded derivatives met the criteria for bifurcation and separate accounting due to the conversion features (see Note 8 for a description of the conversion features).</p></div>
CY2015 us-gaap Revenue Recognition Services Licensing Fees
RevenueRecognitionServicesLicensingFees
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">License Revenue</p> <p style="margin-bottom:0pt;margin-top:6pt;letter-spacing:0.15pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Revenue<font style="letter-spacing:0.8pt;"> </font>under<font style="letter-spacing:0.3pt;"> </font>the<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">Company&#8217;s</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.1pt;">license</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">arrangement</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">recognized</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.05pt;">based</font><font style="letter-spacing:1.1pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:1.05pt;"> </font>the<font style="letter-spacing:0.8pt;"> </font>p<font style="letter-spacing:0.05pt;">erf</font>o<font style="letter-spacing:0.05pt;">r</font>m<font style="letter-spacing:0.05pt;">a</font>n<font style="letter-spacing:0.05pt;">ce</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">requirements</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.3pt;"> </font>the<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">contract.</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.05pt;">Determinations</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.1pt;">whether</font><font style="letter-spacing:5.3pt;"> </font><font style="letter-spacing:0.05pt;">persuasive</font><font style="letter-spacing:0.65pt;"> </font>evidence<font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.05pt;">a</font>n<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">arrangement</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">exists</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">whether</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.1pt;">delivery</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">has</font><font style="letter-spacing:0.4pt;"> </font>o<font style="letter-spacing:0.05pt;">cc</font>u<font style="letter-spacing:0.05pt;">rre</font>d<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.05pt;">services</font><font style="letter-spacing:0.4pt;"> </font>have<font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">been</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">re</font>nd<font style="letter-spacing:0.05pt;">ere</font>d<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:-0.05pt;">are</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.05pt;">based</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">management&#8217;s</font><font style="letter-spacing:0.4pt;"> </font>judgments<font style="letter-spacing:5.2pt;"> </font><font style="letter-spacing:0.05pt;">regarding</font><font style="letter-spacing:0.85pt;"> </font>the<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.05pt;">fixed</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">nature</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">of</font> the fees<font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.05pt;">charged</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.1pt;">deliverables</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.9pt;"> </font>the<font style="letter-spacing:0.6pt;"> </font>collectability<font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.1pt;">those</font><font style="letter-spacing:0.6pt;"> </font>fees.<font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.1pt;">Should</font><font style="letter-spacing:0.85pt;"> </font>changes<font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.05pt;">in</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.2pt;">conditions</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.05pt;">cause</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.1pt;">management</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">to</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.05pt;">determine</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">that</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">these</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.05pt;">cr</font>it<font style="letter-spacing:0.05pt;">er</font>i<font style="letter-spacing:0.05pt;">a</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:-0.05pt;">are</font><font style="letter-spacing:0.65pt;"> </font>not<font style="letter-spacing:0.75pt;"> </font>met<font style="letter-spacing:6.6pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.1pt;">any</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">new</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.05pt;">modified</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">transactions,</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.1pt;">revenue</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">recognized</font><font style="letter-spacing:1pt;"> </font>could<font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.05pt;">adversely</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.05pt;">affec</font>t<font style="letter-spacing:0.05pt;">e</font>d.</p> <p style="margin-bottom:0pt;margin-top:12pt;margin-right:2.22%;text-indent:4.54%;letter-spacing:0.05pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">recognizes</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.1pt;">revenue</font><font style="letter-spacing:0.75pt;"> </font>related<font style="letter-spacing:1pt;"> </font>to<font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">its</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.1pt;">license</font><font style="letter-spacing:0.75pt;"> </font>arrangement<font style="letter-spacing:0.85pt;"> </font>in<font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">accordance</font><font style="letter-spacing:0.75pt;"> </font>with<font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.15pt;">provisions</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.1pt;">Financial</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">Accounting</font><font style="letter-spacing:1pt;"> </font>Standards<font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.1pt;">Board,</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:3.1pt;"> </font><font style="letter-spacing:-0.05pt;">FASB,</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.15pt;">Accounting</font><font style="letter-spacing:1.25pt;"> </font>Standards<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">Codification,</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:-0.05pt;">ASC,</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.15pt;">Topic</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">605-25,</font><font style="letter-spacing:0.5pt;"> </font><font style="font-style:italic;letter-spacing:0.1pt;">Revenue</font><font style="font-style:italic;letter-spacing:0.95pt;"> </font><font style="font-style:italic;letter-spacing:0.15pt;">Recognition</font><font style="font-style:italic;letter-spacing:1.25pt;"> </font><font style="font-style:italic;">&#8212;</font><font style="font-style:italic;letter-spacing:1.2pt;"> </font><font style="font-style:italic;letter-spacing:0.1pt;">Multiple-Element</font><font style="font-style:italic;letter-spacing:1.1pt;"> </font><font style="font-style:italic;">Arrangements</font><font style="font-style:italic;letter-spacing:0.65pt;"> </font><font style="letter-spacing:-0.1pt;">(&#8220;ASC</font><font style="letter-spacing:1.15pt;"> </font><font style="letter-spacing:0.15pt;">Topic</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">605-25,&#8221;)</font><font style="letter-spacing:0.45pt;"> </font>which<font style="letter-spacing:4.5pt;"> </font><font style="letter-spacing:0.15pt;">provides</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.15pt;">guidance</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">how</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.1pt;">deliverables</font><font style="letter-spacing:0.45pt;"> </font>in<font style="letter-spacing:0.95pt;"> </font>an<font style="letter-spacing:0.95pt;"> </font>arrangement<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.15pt;">should</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.7pt;"> </font>separated<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">how</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font>arrangement<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">consideration</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">should</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">allocated</font><font style="letter-spacing:0.95pt;"> </font>to<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font>separate<font style="letter-spacing:4.75pt;"> </font><font style="letter-spacing:0.15pt;">units</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">accounting:</font></p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:6pt;letter-spacing:0.05pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:6pt;font-family:'Symbol';font-size:10pt;">&#183;</p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:6pt;letter-spacing:0.05pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requiring<font style="letter-spacing:0.9pt;"> </font>an<font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">entity</font><font style="letter-spacing:0.9pt;"> </font>to<font style="letter-spacing:0.95pt;"> </font>determine<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:0.9pt;"> </font>price<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font>a<font style="letter-spacing:0.7pt;"> </font>separate<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">deliverable</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">using</font><font style="letter-spacing:0.9pt;"> </font>a<font style="letter-spacing:0.65pt;"> </font>hierarchy<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font>(i)<font style="letter-spacing:0.2pt;"> </font>vendor-specific<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">objective</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">evidence</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:-0.1pt;">(&#8220;VSOE,&#8221;), </font>(ii)<font style="letter-spacing:0.15pt;"> </font>third-party<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">evidence</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:-0.05pt;">(&#8220;TPE,&#8221;)</font><font style="letter-spacing:0.15pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.2pt;"> </font>(iii)<font style="letter-spacing:0.2pt;"> </font>best<font style="letter-spacing:0.8pt;"> </font>estimate<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:0.9pt;"> </font>price<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:-0.05pt;">(&#8220;BESP&#8221;);</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">and</font></p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:6pt;letter-spacing:0.05pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:6pt;font-family:'Symbol';font-size:10pt;">&#183;</p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:6pt;letter-spacing:0.05pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requiring<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">allocation</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font>arrangement<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">consideration,</font><font style="letter-spacing:0.3pt;"> </font>at<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">inception</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font>arrangement,<font style="letter-spacing:0.3pt;"> </font>to<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font>separate<font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">units</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.15pt;">accounting</font><font style="letter-spacing:0.95pt;"> </font>based<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">relative</font><font style="letter-spacing:5.5pt;"> </font>fair<font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.15pt;">value.</font></p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;letter-spacing:0.05pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">evaluates</font><font style="letter-spacing:0.35pt;"> </font>all<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">deliverables</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">within</font><font style="letter-spacing:0.9pt;"> </font>an<font style="letter-spacing:0.9pt;"> </font>arrangement<font style="letter-spacing:0.8pt;"> </font>to<font style="letter-spacing:0.9pt;"> </font>determine<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">whether</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.15pt;"> not</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">they</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">provide</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">value</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.9pt;"> </font>a<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">stand-alone</font><font style="letter-spacing:0.65pt;"> </font>basis.<font style="letter-spacing:0.25pt;"> </font>Based<font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">this</font><font style="letter-spacing:4.2pt;"> </font><font style="letter-spacing:0.15pt;">evaluation,</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">deliverables</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:-0.05pt;">are</font><font style="letter-spacing:0.7pt;"> </font>separated<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">into</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">units</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.15pt;">accounting.</font><font style="letter-spacing:0.35pt;"> </font>The<font style="letter-spacing:0.7pt;"> </font>arrangement<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">consideration</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">that</font><font style="letter-spacing:0.85pt;"> </font>is<font style="letter-spacing:0.4pt;"> </font>fixed<font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.1pt;">determinable</font><font style="letter-spacing:0.7pt;"> </font>at<font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">inception</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:6.45pt;"> </font>arrangement<font style="letter-spacing:0.8pt;"> </font>is<font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">allocated</font><font style="letter-spacing:0.95pt;"> </font>to<font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font>separate<font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">units</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">accounting</font><font style="letter-spacing:0.95pt;"> </font>based<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">their</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.1pt;">relative</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:0.95pt;"> </font>prices.<font style="letter-spacing:0.3pt;"> </font>The<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.95pt;"> </font>may<font style="letter-spacing:0.95pt;"> </font>exercise<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">significant</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.15pt;">judgment</font><font style="letter-spacing:0.8pt;"> </font>in<font style="letter-spacing:4.7pt;"> </font><font style="letter-spacing:0.1pt;">determining</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">whether</font><font style="letter-spacing:0.15pt;"> </font>a<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">deliverable</font><font style="letter-spacing:0.6pt;"> </font>is<font style="letter-spacing:0.35pt;"> </font>a<font style="letter-spacing:0.6pt;"> </font>separate<font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">unit</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.15pt;"> accounting,</font><font style="letter-spacing:0.25pt;"> </font>as<font style="letter-spacing:0.35pt;"> </font>well<font style="letter-spacing:0.75pt;"> </font>as<font style="letter-spacing:0.35pt;"> </font>in<font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">estimating</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:0.85pt;"> </font>prices<font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.15pt;"> </font>such<font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.15pt;">unit</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">accounting.</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">determine</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">price</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">of </font>a<font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">separate</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.1pt;">deliverable,</font><font style="letter-spacing:0.15pt;"> the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">uses</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">hierarchy</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">a</font>s<font style="letter-spacing:0.3pt;"> </font>p<font style="letter-spacing:0.05pt;">re</font>s<font style="letter-spacing:0.05pt;">cr</font>ib<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">in</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:-0.15pt;">ASC</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">Topic</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.15pt;">605-25</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">based</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:-0.1pt;">VSOE,</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:-0.05pt;">TPE</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:4.2pt;"> </font>BESP.<font style="letter-spacing:0.15pt;"> </font><font style="letter-spacing:-0.15pt;">VSOE</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.05pt;">based</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.05pt;">price</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">charged</font><font style="letter-spacing:0.8pt;"> </font>wh<font style="letter-spacing:0.05pt;">e</font>n<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">element</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.05pt;">sold</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">separately</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">price</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">actually</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">charged</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.15pt;"> </font><font style="letter-spacing:0.1pt;">that</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">deliverable.</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:-0.05pt;">TPE</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.05pt;">determined</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">based</font><font style="letter-spacing:6.5pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">third-party</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.15pt;">evidence</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.1pt;"> </font>a<font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">similar</font><font style="letter-spacing:0.1pt;"> deliverable</font><font style="letter-spacing:0.55pt;"> </font>wh<font style="letter-spacing:0.05pt;">e</font>n<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">sold</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.05pt;">separately</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.8pt;"> </font>BESP<font style="letter-spacing:0.15pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">price</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">a</font>t<font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.05pt;">which</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">would</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">transact</font><font style="letter-spacing:0.7pt;"> </font>a<font style="letter-spacing:0.55pt;"> </font>s<font style="letter-spacing:0.05pt;">a</font>l<font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">if</font><font style="letter-spacing:0.1pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">elements</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:4.2pt;"> </font><font style="letter-spacing:0.15pt;">collaboration</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">license</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.05pt;">arrangements</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:-0.1pt;">were</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.05pt;">sold</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:0.85pt;"> </font>a<font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.1pt;">stand-alone</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.05pt;">basis.</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.05pt;">The</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.85pt;"> </font>may<font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.15pt;">not</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.1pt;">able</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.05pt;">to</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.05pt;">establish</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:-0.15pt;">VSOE</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.15pt;"> </font><font style="letter-spacing:-0.05pt;">TPE</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.15pt;"> the</font><font style="letter-spacing:0.6pt;"> </font><font style="letter-spacing:0.1pt;">deliverables</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">within</font><font style="letter-spacing:5.2pt;"> </font><font style="letter-spacing:0.15pt;">collaboration</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">license</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.05pt;">arrangements,</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.05pt;">a</font>s<font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">does</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.15pt;">not</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.15pt;">have</font><font style="letter-spacing:0.7pt;"> </font>a<font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.05pt;">history</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.1pt;">entering</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">into</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.05pt;">such</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">arrangements</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.1pt;">or</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.2pt;">individual</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">deliverables</font><font style="letter-spacing:4pt;"> </font><font style="letter-spacing:0.1pt;">within</font><font style="letter-spacing:1.1pt;"> </font><font style="letter-spacing:0.05pt;">such</font><font style="letter-spacing:1.1pt;"> </font><font style="letter-spacing:0.05pt;">arrangements</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.05pt;">separately.</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:-0.1pt;">In</font><font style="letter-spacing:1.1pt;"> </font><font style="letter-spacing:0.2pt;">addition,</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.05pt;">there</font><font style="letter-spacing:0.85pt;"> </font>may<font style="letter-spacing:1.1pt;"> </font><font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">significant</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">differentiation</font><font style="letter-spacing:1.15pt;"> </font><font style="letter-spacing:0.05pt;">in</font><font style="letter-spacing:1.1pt;"> </font><font style="letter-spacing:0.05pt;">these</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.05pt;">arrangements,</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.05pt;">which</font><font style="letter-spacing:1.15pt;"> </font><font style="letter-spacing:0.15pt;">indicates</font><font style="letter-spacing:0.55pt;"> </font><font style="letter-spacing:0.1pt;">that</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">comparable</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.05pt;">third-party</font><font style="letter-spacing:5.5pt;"> </font><font style="letter-spacing:0.1pt;">pricing</font><font style="letter-spacing:0.95pt;"> </font>may<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">not</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">available.</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.05pt;">The</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.95pt;"> </font>may<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">determine</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">that</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.05pt;">price</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">deliverables</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.1pt;">within</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">collaboration</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">license</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.05pt;">arrangements</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.15pt;">should</font> <font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">determined</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">using</font><font style="letter-spacing:1.05pt;"> </font>BESP.<font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.05pt;">The</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">process</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.1pt;">determining</font><font style="letter-spacing:1.05pt;"> </font>BESP<font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.2pt;">involves</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.1pt;">significant</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">judgment</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">Company&#8217;s</font><font style="letter-spacing:0.5pt;"> </font>p<font style="letter-spacing:0.05pt;">ar</font>t<font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">includes</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.1pt;">consideration</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.15pt;">multiple</font><font style="letter-spacing:5.3pt;"> </font><font style="letter-spacing:0.05pt;">fac</font>to<font style="letter-spacing:0.05pt;">r</font>s<font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.05pt;">such</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.05pt;">a</font>s<font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.05pt;">estimated</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">direct</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">expenses</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">other</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.05pt;">costs,</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">available</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">data.</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fo<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.05pt;">each</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">unit</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">accounting</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">identified</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">within</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.05pt;">a</font>n<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">arrangement,</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">determines</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.1pt;">period</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.15pt;">over</font><font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.05pt;">which</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.7pt;"> </font>p<font style="letter-spacing:0.05pt;">erf</font>o<font style="letter-spacing:0.05pt;">r</font>m<font style="letter-spacing:0.05pt;">a</font>n<font style="letter-spacing:0.05pt;">ce</font><font style="letter-spacing:0.7pt;"> </font><font style="letter-spacing:0.2pt;">obligation</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.05pt;">occurs.</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.05pt;">The</font><font style="letter-spacing:4.5pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">allocates</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">arrangement</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">consideration</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.05pt;">to</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">separate</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.15pt;">units</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.15pt;">accounting</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.05pt;">based</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">on</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">relative</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">selling</font><font style="letter-spacing:1.05pt;"> </font>p<font style="letter-spacing:0.05pt;">r</font>i<font style="letter-spacing:0.05pt;">ce</font>s.<font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.15pt;">Revenue</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.45pt;"> </font><font style="letter-spacing:0.1pt;">recognized</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">immediately</font><font style="letter-spacing:5.15pt;"> </font><font style="letter-spacing:0.05pt;">if</font><font style="letter-spacing:0.15pt;"> the</font><font style="letter-spacing:0.65pt;"> </font>p<font style="letter-spacing:0.05pt;">erf</font>o<font style="letter-spacing:0.05pt;">r</font>m<font style="letter-spacing:0.05pt;">a</font>n<font style="letter-spacing:0.05pt;">ce</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.2pt;">obligation</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">has</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.1pt;">been</font><font style="letter-spacing:0.95pt;"> </font>m<font style="letter-spacing:0.05pt;">e</font>t.<font style="letter-spacing:0.25pt;"> </font><font style="letter-spacing:0.05pt;">The</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">recognizes</font><font style="letter-spacing:0.4pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">revenue</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">that</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.05pt;">is</font><font style="letter-spacing:0.35pt;"> </font>deferred<font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">using</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">straight-line</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">method</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">over</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">expected</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">delivery</font><font style="letter-spacing:4.6pt;"> </font><font style="letter-spacing:0.1pt;">period</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.15pt;">unit</font><font style="letter-spacing:0.85pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.15pt;">accounting.</font><font style="letter-spacing:0.35pt;"> </font><font style="letter-spacing:0.1pt;">Non-substantive</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">regulatory</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">milestone</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">commercialization</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">royalty</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.1pt;">payments</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:-0.05pt;">are</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">recognized</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.05pt;">in</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.1pt;">proportion</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.05pt;">to</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.75pt;"> </font>two<font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">units</font><font style="letter-spacing:6.2pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">accounting</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">identified</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.05pt;">a</font>t<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">inception</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.05pt;">agreement.</font><font style="letter-spacing:0.3pt;"> </font>E<font style="letter-spacing:0.05pt;">ac</font>h<font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">portion</font><font style="letter-spacing:0.9pt;"> </font>will<font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">be</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.1pt;">recognized</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.05pt;">in</font><font style="letter-spacing:0.95pt;"> </font><font style="letter-spacing:0.1pt;">accordance</font><font style="letter-spacing:0.65pt;"> </font>with<font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:0.65pt;"> </font><font style="letter-spacing:0.15pt;">underlying</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.15pt;">unit</font><font style="letter-spacing:0.8pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.2pt;"> </font><font style="letter-spacing:0.15pt;">accounting.</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.05pt;">The</font><font style="letter-spacing:6.85pt;"> </font><font style="letter-spacing:0.15pt;">Company</font><font style="letter-spacing:1pt;"> </font><font style="letter-spacing:0.15pt;">accounts</font><font style="letter-spacing:0.5pt;"> </font><font style="letter-spacing:0.05pt;">f</font>o<font style="letter-spacing:0.05pt;">r</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.1pt;">revenue</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.1pt;">net</font><font style="letter-spacing:0.9pt;"> </font><font style="letter-spacing:0.1pt;">of</font><font style="letter-spacing:0.3pt;"> </font><font style="letter-spacing:0.15pt;">applicable</font><font style="letter-spacing:0.75pt;"> </font><font style="letter-spacing:0.05pt;">foreign</font><font style="letter-spacing:1.05pt;"> </font><font style="letter-spacing:0.05pt;">taxes.</font></p></div>
CY2015Q4 cbyl Accrued Professional Fees Excluding Legal Fees Current
AccruedProfessionalFeesExcludingLegalFeesCurrent
185000
CY2015Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2015Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
0
CY2015Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
53675000
CY2015 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
195000
CY2014 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
190000
CY2013 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
186000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
618000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
611000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
629000
CY2014Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
3875000
CY2014Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
1958000
CY2015 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.0825
CY2014 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.0825
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1433000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
675000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
628000
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
495000
CY2015 dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
CY2015 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-03-26
CY2015 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
In March 2015, the Company’s board of directors and stockholders approved a 4-for-1 reverse stock split of the Company’s common and preferred stock. The Company filed an amendment to its certificate of incorporation effecting the reverse stock split on March 13, 2015. All share and per share amounts contained in these financial statements and notes thereto, have been adjusted retroactively to reflect the reverse stock split.
CY2015 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.25
CY2015Q2 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
105000000
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2015Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2015Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
668000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1100000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4274000
CY2015 us-gaap Dividends Preferred Stock
DividendsPreferredStock
0
CY2015 us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
one-for-one
CY2015 cbyl Preferred Stock Issued And Outstanding On Converted Basis
PreferredStockIssuedAndOutstandingOnConvertedBasis
two-thirds
CY2015 cbyl Number Of Votes
NumberOfVotes
1
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
124729
CY2015 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
83557
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
250000
CY2014 cbyl Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Options Granted In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantOptionsGrantedInPeriod
428072
CY2014 cbyl Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Options Cancelled In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantOptionsCancelledInPeriod
500412
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
405897
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
750000
CY2015 cbyl Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Options Granted In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantOptionsGrantedInPeriod
661306
CY2015 cbyl Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Options Cancelled In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantOptionsCancelledInPeriod
183691
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
678282
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1650122
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
428072
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
248909
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