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Revenue and License Agreements
12 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Revenue and License Arrangements
Revenue and License Agreements
In June 2013, the Company entered into an exclusive technology evaluation agreement with the Procter & Gamble Company to co-develop and explore applications of the Company's proprietary peptide technology in over-the-counter cosmetic compounds. The Company did not recognize license revenue during the year ended December 31, 2016 and 2015 in connection with this agreement. The Company received an upfront payment in the amount of $0.3 million, which was initially recorded as deferred revenue and was recognized over the estimated performance period of 9 months. The Company estimated the performance period as the remaining life of the underlying patent at the inception of the license agreement, which was periodically reevaluated. The Company recognized total license revenue of $0.1 million during the year ended December 31, 2014.
In August 2011, the Company entered into an asset purchase and royalty agreement for the sale of the Relastin® product line for $0.05 million and royalties on future sales of Relastin®. Accordingly, under the Relastin® asset purchase and royalty agreement, the Company recognized royalty revenue of $0.3 million during each of the years ended December 31, 2016, 2015, and 2014. On April 23, 2015, the Company received notice from Valeant terminating the asset purchase and royalty agreement effective as of July 23, 2015. However, as of December 31, 2016, reversion of the Relastin® intellectual property rights had not been completed, and until the reversion of the intellectual property rights are completed, the Company is entitled to the minimum royalty payment.