|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Schedules of Concentration of Risk by Risk Factor |
The following
table summarizes customers that represent greater than 10% of the
Company’s net revenues from research collaborators, for the
periods indicated:
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|
|
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| |
|
Year
Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Roche/Arrowhead
|
|
|
56 |
% |
|
|
68 |
% |
|
|
56 |
% |
|
Takeda
|
|
|
33 |
% |
|
|
27 |
% |
|
|
22 |
% |
The following
table summarizes customers with amounts due that represent greater
than 10% of the Company’s billed and unbilled collaboration
receivables balance, at the periods indicated:
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|
|
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| |
|
At December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
U.S. Government
|
|
|
100 |
% |
|
|
* |
% |
|
CHDI
|
|
|
— |
|
|
|
51 |
% |
|
GSK
|
|
|
— |
|
|
|
20 |
% |
|
Medtronic
|
|
|
— |
|
|
|
13 |
% |
|
| Fair Value Measured on Recurring Basis |
Financial
assets and liabilities measured at fair value on a recurring basis
are summarized as follows, in thousands:
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|
Description
|
|
At
December 31,
2012 |
|
|
Quoted
Prices
in
Active
Markets
(Level
1) |
|
|
Significant
Observable
Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
|
Cash equivalents
|
|
$ |
50,213 |
|
|
$ |
50,213 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Marketable securities
(fixed income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate notes
|
|
|
91,523 |
|
|
|
— |
|
|
|
91,523 |
|
|
|
— |
|
|
U.S. Government
obligations
|
|
|
60,661 |
|
|
|
— |
|
|
|
60,661 |
|
|
|
— |
|
|
Commercial paper
|
|
|
22,639 |
|
|
|
— |
|
|
|
22,639 |
|
|
|
— |
|
|
Marketable securities
(Regulus equity holdings)
|
|
|
38,748 |
|
|
|
— |
|
|
|
38,748 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
263,784 |
|
|
$ |
50,213 |
|
|
$ |
213,571 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Description
|
|
At
December 31,
2011 |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Cash equivalents
|
|
$ |
67,024 |
|
|
$ |
67,024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Marketable securities
(fixed income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate notes
|
|
|
104,839 |
|
|
|
— |
|
|
|
104,839 |
|
|
|
— |
|
|
U.S. Government
obligations
|
|
|
73,722 |
|
|
|
— |
|
|
|
73,722 |
|
|
|
— |
|
|
Commercial paper
|
|
|
11,395 |
|
|
|
— |
|
|
|
11,395 |
|
|
|
— |
|
|
Marketable securities
(equity holdings)
|
|
|
625 |
|
|
|
— |
|
|
|
625 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total
|
|
$ |
257,605 |
|
|
$ |
67,024 |
|
|
$ |
190,581 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
| Summary of Company's Marketable Securities |
The following
tables summarize the Company’s marketable securities at
December 31, 2012 and 2011, in thousands:
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|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2012 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Commercial paper (Due
within 1 year)
|
|
$ |
22,650 |
|
|
$ |
1 |
|
|
$ |
(12 |
) |
|
$ |
22,639 |
|
|
Corporate notes (Due within
1 year)
|
|
|
41,249 |
|
|
|
23 |
|
|
|
(4 |
) |
|
|
41,268 |
|
|
Corporate notes (Due after
1 year through 2 years)
|
|
|
50,322 |
|
|
|
5 |
|
|
|
(72 |
) |
|
|
50,255 |
|
|
U.S. Government obligations
(Due within 1 year)
|
|
|
7,500 |
|
|
|
— |
|
|
|
— |
|
|
|
7,500 |
|
|
U.S. Government obligations
(Due after 1 year through 2 years)
|
|
|
53,168 |
|
|
|
2 |
|
|
|
(9 |
) |
|
|
53,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total
|
|
$ |
174,889 |
|
|
$ |
31 |
|
|
$ |
(97 |
) |
|
$ |
174,823 |
|
|
|
|
|
|
|
|
|
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|
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| |
|
December 31,
2011 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Commercial paper (Due
within 1 year)
|
|
$ |
11,397 |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
11,395 |
|
|
Corporate notes (Due within
1 year)
|
|
|
51,273 |
|
|
|
19 |
|
|
|
(47 |
) |
|
|
51,245 |
|
|
Corporate notes (Due after
1 year through 2 years)
|
|
|
53,592 |
|
|
|
50 |
|
|
|
(48 |
) |
|
|
53,594 |
|
|
U.S. Government obligations
(Due within 1 year)
|
|
|
13,532 |
|
|
|
2 |
|
|
|
— |
|
|
|
13,534 |
|
|
U.S. Government obligations
(Due after 1 year through 2 years)
|
|
|
60,202 |
|
|
|
7 |
|
|
|
(21 |
) |
|
|
60,188 |
|
|
Equity
securities
|
|
|
750 |
|
|
|
— |
|
|
|
(125 |
) |
|
|
625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
190,746 |
|
|
$ |
78 |
|
|
$ |
(243 |
) |
|
$ |
190,581 |
|
|
|
|
|
|
|
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|
|
|
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|
|
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|
| Common Shares Excluded From the Calculation of Net Loss Per Common Share |
The following
table sets forth for the periods presented the potential common
shares (prior to consideration of the treasury stock method)
excluded from the calculation of net loss per common share because
their inclusion would be anti-dilutive, in thousands:
|
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|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Options to purchase common
stock
|
|
|
8,932 |
|
|
|
9,779 |
|
|
|
8,975 |
|
|
Unvested restricted common
stock
|
|
|
604 |
|
|
|
312 |
|
|
|
113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,536 |
|
|
|
10,091 |
|
|
|
9,088 |
|
|
|
|
|
|
|
|
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|