Annual report pursuant to Section 13 and 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

v3.19.3.a.u2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of estimated ranges of useful lives of property and equipment
Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization and depreciated using the straight-line method over their estimated useful lives as follows:
Asset classification Estimated useful life
Laboratory equipment 5 years
Computer equipment and software
3 to 5 years
Office equipment and furniture 5 years
Leasehold improvements Lesser of useful life or lease term
Property and equipment, net consisted of the following (in thousands): 
  December 31,
  2019 2018
Laboratory equipment (1)
$ 23,561    $ 21,328   
Leasehold improvements 10,804    10,359   
Computer equipment and software 3,016    3,954   
Office equipment and furniture 1,461    1,272   
Construction in progress (2)
691    939   
Property and equipment 39,533    37,852   
Less: accumulated depreciation and amortization (33,251)   (33,093)  
Property and equipment, net $ 6,282    $ 4,759   
(1) Fully depreciated laboratory equipment with a cost of $1.0 million and $0.3 million were retired during the year ended December 31, 2019 and 2018, respectively.
(2) Construction in progress includes equipment received but not yet placed into service pending installation.
Impact of adoption on financial statements
In accordance with ASC 606, the disclosure of the impact of adoption to our consolidated statements of operations and balance sheets was as follows (in thousands, except per share amounts):

Year Ended December 31, 2018
As reported Adjustments Balances without adoption of ASC 606
Revenues:
Product Revenue $ 25,590    $ (3,422)   $ 22,168   
Research and development revenue 35,004    (1,609)   33,395   
Total revenues 60,594    (5,031)   55,563   
Costs and operating expenses:
Cost of product revenue 12,620 (285)   12,335
Research and development 29,978    (196)   29,782   
Selling, general and administrative 29,291    —    29,291   
Total costs and operating expenses 71,889    (481)   71,408   
Loss from operations (11,295)   (4,550)   (15,845)  
Interest income 671    —    671   
Other expenses (291)   —    (291)  
Loss before income taxes (10,915)   (4,550)   (15,465)  
Provision for (benefit from) income taxes (37)   —    (37)  
Net loss $ (10,878)   $ (4,550)   $ (15,428)  
Net loss per share, basic and diluted $ (0.21)   $ (0.09)   $ 0.30   
Weighted average common shares used in computing net loss per share, basic and diluted 52,205    52,205   


December 31, 2018
As reported Adjustments Balances without adoption of ASC 606
Assets
Accounts receivable $ 11,551    $ (1,253)   $ 10,298   
Unbilled receivables, current 1,916    (1,916)   —   
Contract assets 35    (35)   —   
Inventories 589 1 590   
Unbilled receivables, non-current 786 (786)   —   
Other non-current assets 265    (42)   223   
Liabilities
Other accrued liabilities 4,855    (520)   4,335   
Deferred revenue - current 4,936    (1,574)   3,362   
Deferred revenue - non-current 3,352    (1,445)   1,907   
Stockholders' equity
Accumulated deficit (330,474)   (492)   (330,966)  
The following table shows the reconciliation of ROU assets and lease obligations, with balances reflecting the adoption of ASC 842, related to both operating leases and finance leases and gives effect to the modified retrospective adoption and effective date method under the lease guidance on January 1, 2019 (in thousands):

Operating Leases Finance Leases
Right-of-use assets, Balance at December 31, 2018 $ —    $ —   
Changes in the period:
    Right-of-use assets created upon adoption of ASC 842 26,617    493   
Right-of-use assets, balance at January 1, 2019 $ 26,617    $ 493   
Lease obligations, balance at December 31, 2018 $ —    $ —   
Changes in the period:
    Lease obligations created upon adoption of ASC 842 27,562    302   
Lease obligations, balance at January 1, 2019 $ 27,562    $ 302