NEW ACCOUNTING STANDARDS IMPLMEMENTED (Tables)

12 Months Ended

Dec. 31, 2018

The table below presents the cumulative effect of the changes made to the consolidated January 1, 2018 balance sheet due to the adoption of ASC 606.

	December 31, 2017, As Reported Under ASC 605			ASC 606 Adjustments			January 1, 2018, As Adjusted Under ASC 606
Liabilities:
Current liabilities:
Current portion of deferred revenue	$	3,214,000		$	(3,214,000	)	$	—
Total current liabilities		5,607,000			(3,214,000	)		2,393,000
Deferred revenue, net of current portion		3,061,000			(3,061,000	)		—
Total liabilities		8,668,000			(6,275,000	)		2,393,000
Stockholders’ equity:
Accumulated deficit		(359,792,000	)		6,275,000			(353,517,000	)
Total stockholders’ equity		170,098,000			6,275,000			176,373,000

The table below presents the impact of the adoption of ASC 606 on our balance sheet.

	December 31, 2018
	Under ASC 605			Effect of ASC 606			As Reported Under ASC 606

Liabilities:
Current liabilities:
Current portion of deferred revenue	$	6,308,000		$	(6,012,000	)	$	296,000
Total current liabilities		26,366,000			(6,012,000	)		20,354,000
Deferred revenue, net of current portion		2,460,000			(2,460,000	)		—
Total liabilities		48,826,000			(8,472,000	)		40,354,000
Stockholders’ equity:
Accumulated deficit		(412,382,000	)		2,194,000			(410,188,000	)
Total stockholders’ equity		131,851,000			2,194,000			134,045,000

The table below presents the impact of the adoption of ASC 606 on our statement of operations.

	For the year ended December 31, 2018
	Under ASC 605			Effect of ASC 606			As Reported Under ASC 606
Revenues
Foundation revenues	$	—		$	2,796,000		$	2,796,000
License revenues		602,000			(602,000	)		—
Total revenues		804,000			2,194,000			2,998,000
Loss from operations		(60,360,000	)		2,194,000			(58,166,000	)
Net loss		(58,865,000	)		2,194,000			(56,671,000	)
Basic and diluted loss per common share		(1.24	)		0.05			(1.19	)