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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2014	Feb. 23, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	Ophthotech Corp.
Entity Central Index Key	0001410939
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 942.5
Entity Common Stock, Shares Outstanding		34,174,090
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 39,814	$ 210,596
Due from Novartis Pharm, AG	960
Available for sale securities	423,746
Prepaid expenses and other current assets	8,812	6,804
Deferred tax assets	293
Total current assets	473,625	217,400
Property and equipment, net	1,555	27
Deferred tax assets, non-current	22,808
Security deposits	282	255
Other Assets	100
Total assets	498,370	217,682
Current liabilities
Accounts payable and accrued expenses	8,707	3,810
Accrued research and development expenses	7,918	2,485
Deferred revenue	3,206
Total current liabilities	19,831	6,295
Deferred revenue, long-term	206,418
Royalty purchase liability	125,000	41,667
Total liabilities	351,249	47,962
Stockholders' equity
Common stock-$0.001 par value, 200,000,000 shares authorized, 33,994,520 and 31,413,208 shares issued and outstanding at December 31, 2014 and 2013 respectively	34	31
Additional paid-in capital	428,390	352,739
Accumulated deficit	(281,238)	(183,050)
Accumulated other comprehensive income	(65)
Total stockholders' equity	147,121	169,720
Total liabilities and stockholders' equity	498,370	217,682
Preferred stock
Stockholders' equity
Preferred stock - $0.001 par value, 5,000,000 shares authorized, no shares issued or outstanding

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	33,994,520	31,413,208
Common stock, shares outstanding	33,994,520
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statements of Operations
Collaboration revenue	$ 41,259
Costs and expenses:
Research and development	88,385	$ 33,215	$ 6,792
General and administrative	33,387	14,210	6,889
Total costs and expenses	121,772	47,425	13,681
Income (loss) from operations	(80,513)	(47,425)	(13,681)
Interest income (expense)	217	(1,454)	(507)
Loss on extinguishment of debt		(1,091)
Other loss		(1,175)	(374)
Loss before income tax provision	(80,296)	(51,145)	(14,562)
Income tax provision	(17,892)
Net loss	(98,188)	(51,145)	(14,562)
Add: accretion of preferred stock dividends		(5,891)	(7,063)
Net income (loss) attributable to common stockholders	$ (98,188)	$ (57,036)	$ (21,625)
Net income (loss) attributable to common stockholders per share :
Basic and diluted (in dollars per share)	$ (2.95)	$ (6.34)	$ (14.89)
Weighted average common shares outstanding:
Basic and diluted (in shares)	33,258	9,003	1,452

Statements Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
Statements Comprehensive Loss - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statements Comprehensive Income (Loss)
Net loss	$ (98,188)	$ (51,145)	$ (14,562)
Other comprehensive income:
Unrealized loss on available for sale securities, net of taxes	(65)
Other comprehensive income	(65)
Comprehensive loss	$ (98,253)	$ (51,145)	$ (14,562)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Statement of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Junior Series A Convertible Preferred Stock	Common stock.	Additional paid-in capital	Accumulated Deficit.	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2011	$ 3,000	$ 1		$ (105,488)		$ (102,487)
Balance (in shares) at Dec. 31, 2011	3,000	1,451
Increase (Decrease) in Stockholders' Equity
Issuance of common stock			$ 2			2
Issuance of common stock (in shares)		19
Issuance of Junior Series A Preferred Stock			640			640
Preferred Stock dividends			(642)	(6,421)		(7,063)
Net loss				(14,562)		(14,562)
Balance at Dec. 31, 2012	$ 3,000	$ 1		(126,471)		(123,470)
Balance (in shares) at Dec. 31, 2012	3,000	1,470
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 21	174,310			174,331
Issuance of common stock (in shares)		21,038
Issuance of common stock from offering, net		$ 9	175,546			175,555
Issuance of common stock from offering, net (in shares)		8,740
Issuance of common stock upon conversion of Junior Series A Preferred Stock	$ (3,000)					(3,000)
Issuance of common stock upon conversion of Junior Series A Preferred Stock (in shares)	(3,000)
Reclassification of warrant liability			2,179			2,179
Reclassification of preferred stock issuance costs			(1,804)			(1,804)
Exercise of stock options/warrants			94			94
Exercise of stock options/warrants (in shares)		165
Share-based compensation			2,871			2,871
Preferred Stock dividends			(457)	(5,434)		(5,891)
Net loss				(51,145)		(51,145)
Balance at Dec. 31, 2013		$ 31	352,739	(183,050)		169,720
Balance (in shares) at Dec. 31, 2013		31,413
Increase (Decrease) in Stockholders' Equity
Issuance of common stock from offering, net		$ 2	55,407			55,409
Issuance of common stock from offering, net (in shares)		1,900
Exercise of stock options/warrants		$ 1	2,948			2,949
Exercise of stock options/warrants (in shares)		682
Share-based compensation			13,040			13,040
Excess tax benefit from share-based compensation			4,256			4,256
Net loss				(98,188)		(98,188)
Unrealized loss on available for sale securities, net of taxes					$ (65)	(65)
Balance at Dec. 31, 2014		$ 34	$ 428,390	$ (281,238)	$ (65)	$ 147,121
Balance (in shares) at Dec. 31, 2014		33,995

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Activities
Net loss	$ (98,188)	$ (51,145)	$ (14,562)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	127	20	31
Amortization of debt issuance costs		88	47
Accretion of debt discount		87	59
Amortization of premium and discounts on investment securities	2,024
Non-cash change in fair value of warrant liability		1,181	366
Loss on extinguishment of debt		1,091
Deferred income taxes	(18,798)
Share-based compensation	13,040	2,871	640
Excess tax benefits from share-based compensation	(4,256)
Changes in operating assets and liabilities:
Due from Novartis Pharma, AG	(960)
Prepaid expense and other current assets	(2,008)	(6,761)	21
Accrued interest receivable	280
Security deposits	(27)	(96)
Other assets	(100)		1,036
Accrued research and development expenses	5,433	1,472	(485)
Accounts payable and accrued expenses	4,897	2,417	(257)
Deferred revenue	209,624
Net cash provided by (used in) operating activities	111,088	(48,775)	(13,104)
Investing Activities
Purchase of marketable securities	(597,762)
Maturities of marketable securities	171,600
Purchase of property and equipment	(1,655)	(5)
Net cash used in investing activities	(427,817)	(5)
Financing Activities
Payment of debt issuance costs		(43)	(377)
Proceeds from stock option/warrant exercises	2,949	94	2
Proceeds from follow-on public offering, net	55,409
Proceeds from initial public offering, net		175,555
Excess tax benefits from share-based compensation	4,256
Repayment of venture debt facility, net		(11,900)	11,387
Proceeds from issuance of preferred stock, net		49,699
Proceeds from royalty purchase agreement	83,333	41,667
Net cash provided by financing activities	145,947	255,072	11,012
Net change in cash and cash equivalents	(170,782)	206,292	(2,092)
Cash and cash equivalents
Beginning of period	210,596	4,304	6,396
End of period	39,814	210,596	4,304
Supplemental disclosure of cash paid
Interest		1,523	437
Income Taxes	40,159
Supplemental disclosures of non-cash information related to investing activities
Change in unrealized loss in marketable securities, net of tax	$ (65)
Supplemental disclosures of cash flow information
Conversion of preferred stock to common stock upon completion of IPO		174,310
Accreted dividends on Series A, Series A-1, Series of B, B-1 and Series C Preferred Stock		$ 5,891	$ 7,063

Business	12 Months Ended
Business	Dec. 31, 2014
Business
Business	1. Business Description of Business and Organization Ophthotech Corporation (the "Company" or "Ophthotech") was incorporated on January 5, 2007, in Delaware. The Company is a biopharmaceutical company specializing in the development of novel therapeutics to treat diseases of the back of the eye, with a focus on developing therapeutics for age-related macular degeneration, or AMD. The Company's most advanced product candidate is Fovista, which is in Phase 3 clinical development for use in combination with anti-VEGF drugs that represent the current standard of care for the treatment of wet AMD. The Company has completed one Phase 1 and one Phase 2b clinical trial of Fovista administered in combination with the anti-VEGF drug Lucentis. The Company is also developing its product candidate Zimura, for the treatment of patients with geographic atrophy, a form of dry AMD, in combination with anti-VEGF therapy for the treatment of polypoidal choroidal vasculopathy, a specific type of wet AMD, in patients who do not respond adequately to treatment with anti-VEGF monotherapy or for whom anti-VEGF monotherapy fails, and, potentially, in combination with anti-VEGF therapy and Fovista for the treatment of anti-VEGF resistant wet AMD patients who are believed to have complement mediated inflammation.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States and include all adjustments necessary for the fair presentation of the Company's financial position for the periods presented.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company's Balance Sheets and the amount of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, accounting for share-based compensation, accounting for research and development costs and accounting for income taxes. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. The carrying amounts reported in the Balance Sheets for cash and cash equivalents are valued at cost, which approximates their fair value.

Available for Sale Securities

The Company considers securities with original maturities of greater than 90 days to be available for sale securities. Securities under this classification are recorded at fair value and unrealized gains and losses are recorded within accumulated other comprehensive income. The estimated fair value of the available for sale securities is determined based on quoted market prices or rates for similar instruments. In addition, the cost of debt securities in this category is adjusted for amortization of premium and accretion of discount to maturity. The Company evaluates securities with unrealized losses to determine whether such losses, if any, are other than temporary.

Revenue Recognition

Collaboration Revenue

Prior to 2014, the Company had not generated any revenue. In May 2014, the Company received an up-front payment of $200.0 million in connection with its licensing and commercialization agreement with Novartis Pharma, AG , (the "Novartis Agreement"), which has not been recorded as revenue due to certain contingencies associated with the payment. In September 2014, the Company achieved a $50.0 million enrollment-based milestone under the Novartis Agreement. The Company recognized revenue of approximately $41.3 million during the year ended December 31, 2014. The Company uses the relative selling price method to allocate arrangement consideration to the Company's performance obligations under the Novartis Agreement. Below is a summary of the components of the Company's collaboration revenue for the years ended December 2014, 2013 and 2012:

	Year ended December 31,
	2014		2013		2012
License revenue	$	38,372	$	—	$	—
Research and development activity revenue		2,004		—		—
API transfer revenue		883		—		—

Total collaboration revenue	$	41,259	$	—	$	—

In the future, the Company may generate additional revenues from a combination of product sales and license fees, milestone payments and research and development activity-related payments and royalties in connection with the Novartis Agreement. The terms of this agreement and other potential collaboration or commercialization agreements the Company may enter into generally contain multiple elements, or deliverables, which may include (i) licenses, or options to obtain licenses, to certain of the Company's technology and products, (ii) research and development activities to be performed on behalf of the collaborative partner, and (iii) in certain cases, services in connection with the manufacturing of pre-clinical and clinical material. Payments to the Company under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales.

When evaluating multiple element arrangements, the Company considers whether the deliverables under the arrangement represent separate units of accounting. This evaluation requires subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. In determining the units of accounting, management evaluates certain criteria, including whether the deliverables have standalone value, based on the consideration of the relevant facts and circumstances for each arrangement. The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units.

The Company determines the estimated selling price for deliverables within each agreement using vendor-specific objective evidence ("VSOE") of selling price, if available, third-party evidence ("TPE") of selling price if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE is available. Determining the best estimate of selling price for a deliverable requires significant judgment. The Company uses BESP to estimate the selling price for licenses to the Company's proprietary technology, since the Company often does not have VSOE or TPE of selling price for these deliverables. In those circumstances where the Company utilizes BESP to determine the estimated selling price of a license to the Company's proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements as well as internally developed models that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating the Company's best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables.

When management believes the license to its intellectual property and products has stand-alone value, the Company generally recognizes revenue attributed to the license upon delivery. When management believes such a license does not have stand-alone value from the other deliverables to be provided in the arrangement, the Company generally recognizes revenue attributed to the license on a straight-line basis over the Company's contractual or estimated performance period, which is typically the term of the Company's research and development obligations. If management cannot reasonably estimate when the Company's performance obligation ends, then revenue is deferred until management can reasonably estimate when the performance obligation ends. The periods over which revenue should be recognized are subject to estimates by management and may change over the course of the research and development agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

At the inception of arrangements that include milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity's performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity's performance to achieve the milestone, (b) the consideration relates solely to past performance, and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment.

The Company aggregates its milestones into three categories: (i) clinical and development milestones, (ii) regulatory milestones, and (iii) commercial milestones. Clinical and development milestones are typically achieved when a product candidate advances into a defined phase of clinical research or completes such phase or when a contractually specified clinical trial enrollment target is attained. Regulatory milestones are typically achieved upon acceptance of the submission for marketing approval of a product candidate or upon approval to market the product candidate by the FDA or other global regulatory authorities. For example, a milestone payment may be due to the Company upon the FDA's acceptance of an NDA. Commercial milestones are typically achieved when an approved pharmaceutical product reaches certain defined levels of net sales by the licensee, such as when a product first achieves global sales or annual sales of a specified amount.

Revenues from clinical and development and regulatory milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, are recognized upon successful accomplishment of the milestones. With regard to the Novartis Agreement, the Company has concluded that the clinical and development milestones and certain regulatory milestones are not substantive and that the regulatory approval milestones are substantive. Milestones payments received that are not considered substantive are included in the allocable arrangement consideration and are recognized as revenue in proportion to the relative-selling price allocation established at the inception of the arrangement. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met.

Concentration of Credit Risk

The Company's financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and available for sale securities. The Company maintains its cash in bank accounts, which, at times exceed federally insured limits. The Company maintains its cash equivalents in U.S. Treasury securities with maturities less than three months and in money market funds that invest primarily in U.S. Treasury securities.

The Company's available for sale securities are also invested in U.S. Treasury securities. The Company has not recognized any losses from credit risks on such accounts during any of the periods presented. The Company believes it is not exposed to significant credit risk on its cash, cash equivalents and available for sale securities.

Foreign Currency Translation

The Company considers the U.S. dollar to be its functional currency. Expenses are translated at the exchange rate on the date the expense is incurred. The effect of exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars is included in the Statements of Operations. Foreign exchange transaction gains and losses are included in the results of operations and are not material in the Company's financial statements.

Financial Instruments

The carrying amounts of the Company's financial instruments, which include cash and cash equivalents, available for sale securities, accounts payable and accrued expenses approximate their respective fair value due to their short maturities.

Property and Equipment

Property and equipment, which consists mainly of manufacturing and clinical equipment, furniture and fixtures, computers and other equipment, and leasehold improvements, are carried at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets, generally three to ten years, using the straight-line method rather than when the payment is made.

Research and Development

Research and development expenses primarily consist of costs associated with the development and clinical testing of Fovista, an anti-platelet derived growth factor ("PDGF") aptamer that the Company is developing for use in combination with anti-VEGF drugs for treatment of wet age-related macular degeneration, or wet AMD, and Zimura, an inhibitor of complement factor C5 that the Company is developing with a focus on treatment of patients with geographic atrophy, a form of dry AMD; in combination with anti-VEGF therapy for the treatment of polypoidal choroidal vasculopathy, a specific type of wet AMD, in patients who do not respond adequately to treatment with anti-VEGF monotherapy or for whom anti-VEGF monotherapy fails; and, potentially, in combination with anti-VEGF therapy and Fovista for the treatment of anti-VEGF resistant wet AMD patients who are believed to have complement mediated inflammation. Research and development expenses consist of:

•	external research and development expenses incurred under arrangements with third parties, such as contract research organizations, ("CROs") and other vendors, contract manufacturing organizations and consultants, including for the production of drug substance and drug product; and
•	employee-related expenses, including salaries, benefits, travel and share-based compensation expense.

Research and development costs also include costs of acquired product licenses and related technology rights where there is no alternative future use, costs of prototypes used in research and development, consultant fees and amounts paid to collaborative partners.

All research and development costs are charged to operations as incurred in accordance with ASC Topic 730, Research and Development. The Company accounts for non-refundable advance payments for goods and services that will be used in future research and development activities as expenses when the service has been performed or when the goods have been received, rather than when the payment is made.

The Company anticipates that it will continue to incur significant research and development expenses in connection with conducting its pivotal Phase 3 clinical program for Fovista and if such trials are successful, seeking marketing approval for Fovista. The Company also anticipates that its research and development expenses will increase as a result of its plan to initiate a Phase 2/3 clinical trial to evaluate the safety and efficacy of Zimura in patients with geographic atrophy in the second half of 2015, the very small Phase 2 trial recently commenced investigating Zimura in combination with anti-VEGF therapy for the treatment of polypoidal choroidal vasculopathy, a specific type of wet AMD, in patients who do not respond adequately to treatment with anti-VEGF monotherapy or for whom anti-VEGF monotherapy fails, and the planned Phase 2 study of Zimura in combination with anti-VEGF therapy and Fovista for the treatment of anti-VEGF resistant wet AMD patients who are believed to have complement mediated inflammation. In addition, the Company also expects its research and development expenses to increase as it further evaluates the potential benefit of Fovista in wet AMD, when administered in combination with anti-VEGF drugs, and in other ophthalmic diseases and conditions with unmet medical need. The Company expects these expenses to increase as patient enrollment increases in these trials.

Income Taxes

The Company utilizes the liability method of accounting for deferred income taxes, as set forth in ASC 740-10, Income Taxes—Overall. Under this method, deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company's U.S. federal net operating losses have occurred since its inception in 2007 and as such, tax years subject to potential tax examination could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit.

Share-Based Compensation

The Company follows the provisions of ASC 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and non-employee directors, including employee stock options. Share-based compensation expense is based on the grant date fair value estimated in accordance with the provisions of ASC 718 and is generally recognized as an expense over the requisite service period, net of forfeitures.

The Company estimates the fair value of stock options granted to employees on the date of grant using the Black-Scholes option-pricing model. Due to the lack of trading history, the Company's computation of stock-price volatility is based on the volatility rates of comparable publicly held companies over a period equal to the expected term of the options granted by the Company. The Company's computation of expected term is determined using the "simplified" method which is the midpoint between the vesting date and the end of the contractual term. The Company believes that it does not have sufficient reliable exercise data in order to justify the use of a method other than the "simplified" method of estimating the expected exercise term of employee stock option grants. The Company has paid no dividends to stockholders. The risk-free interest rate is based on the zero-coupon U.S. Treasury yield at the date of grant for a term equivalent to the expected term of the option.

For stock options granted as consideration for services rendered by non-employees, the Company recognizes expense in accordance with the requirements of ASC 505-50, Equity Based Payments to Non-Employees. Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period of the underlying stock options. At the end of each financial reporting period prior to vesting, the value of these options, as calculated using the Black-Scholes option-pricing model, will be re-measured using the fair value of the Company's common stock and the non-cash expense recognized during the period will be adjusted accordingly. Since the fair value of options granted to non-employees is subject to change in the future, the amount of the future expense will include fair value re-measurements until the stock options are fully vested.

Share-based compensation expense includes stock options and restricted stock units granted to employees and non-employees, and has been reported in the Company's Statements of Operations as follows:

	Years ended December 31,
	2014		2013		2012
Research and development	$	7,594	$	2,062	$	412
General and administrative		5,446		809		228

Total	$	13,040	$	2,871	$	640

JOBS Act

Prior to January 1, 2015, as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012, the Company was able to take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. Prior to January 1, 2015, the Company elected to delay its adoption of such new or revised accounting standards. As a result of this election, the Company's financial statements for the periods prior to January 1, 2015 may not be comparable to the financial statements of other public companies. Commencing January 1, 2015, the Company no longer qualifies for such status and, as such, it will comply with all new or revised accounting standards applicable to other public companies. The Company does not expect this change in status to have a material impact on its 2015 financial position or results of operations.

Recent Accounting Pronouncements

In June 2014, the FASB issued Accounting Standards Update No. 2014-10, "Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810 Consolidation" ("ASU 2014-10"). The objective of the amendments in ASU No. 2014-10 is to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements for development stage entities. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company evaluated and elected early adoption of ASU 2014-10 for its quarterly filing on Form 10-Q for the three and six months ended June 30, 2014. The adoption of ASU 2014-10 did not have a material impact on the Company's financial statements.

In May 2014, the FASB issued Accounting Stands Update No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," ("ASU 2014-09"). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the impact that adopting this new accounting guidance will have on its financial statements and footnote disclosures.

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). ASU 2013-02 requires an entity to present the effect of certain significant reclassifications out of accumulated other comprehensive income on the respective line items in net income. The amendments in ASU 2013-02 do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. ASU 2013-02 is effective for public companies on a prospective basis for fiscal years beginning after December 15, 2012 and for new public companies and for non-public companies for reporting periods beginning after December 15, 2013. The Company adopted this pronouncement on January 1, 2014. The Company has not reclassified any components of comprehensive income into net income for the periods presented. ASU 2013-02 requires only additional presentation and as such, there was no impact to the Company's results of operations or financial position upon adoption.

Capitalization	12 Months Ended
Capitalization	Dec. 31, 2014
Capitalization
Capitalization	3. Capitalization On September 30, 2013, the Company closed its initial public offering of 8,740,000 shares of common stock at a price of $22.00 per share. The net proceeds to the Company were $175.6 million, after deducting underwriters' discounts and commissions and other offering expenses. In connection with the closing of the IPO, all of the Company's shares of redeemable convertible preferred stock outstanding at the time of the offering were automatically converted into 21,038,477 shares of common stock. On February 18, 2014, the Company closed a follow-on public offering of 2,628,571 shares of common stock at a public offering price of $31.50 per share of common stock. The Company sold 1,900,000 shares and 728,571 shares were sold by selling stockholders, 342,857 of which were sold by the selling stockholders upon the full exercise by the underwriters of their option to purchase additional shares in the follow-on public offering. The net proceeds to the Company were $55.4 million, after deducting underwriters' discounts and commissions and other offering expenses. The Company did not receive any proceeds from the sale of shares by the selling stockholders in the follow-on public offering.

Net Loss Per Common Share

12 Months Ended

Dec. 31, 2014

Net Loss Per Common Share

Net Loss Per Common Share

4. Net Loss Per Common Share

Basic and diluted net loss per common share is determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For the periods where there is a net loss attributable to common shareholders, the outstanding shares of preferred stock, stock options, and warrants have been excluded from the calculation of diluted loss per common share because their effect would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted loss per share would be the same. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated:

	Year ended December 31,
	2014			2013			2012
Basic and diluted net loss per common share calculation:
Net loss	$	(98,188	)	$	(51,145	)	$	(14,562	)
Accretion of preferred stock dividends		—			(5,891	)		(7,063	)

Net loss attributable to common stockholders	$	(98,188	)	$	(57,036	)	$	(21,625	)


Weighted average common shares outstanding—basic and diluted		33,258			9,003			1,452


Net loss per share of common stock—basic and diluted	$	(2.95	)	$	(6.34	)	$	(14.89	)

The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding for the periods presented, as they would be anti-dilutive:

	Years ended December 31,
	2014		2013		2012
Redeemable convertible preferred stock		—		—		16,663
Options outstanding		3,680		2,708		1,344
Warrants		14		88		94
Restricted stock units		37		—		—

Total		3,731		2,796		18,101

Cash, Cash Equivalents and Available for Sale Securities

12 Months Ended

Dec. 31, 2014

Cash, Cash Equivalents and Available for Sale Securities

Cash, Cash Equivalents and Available for Sale Securities

5. Cash, Cash Equivalents and Available for Sale Securities

The Company considers all highly liquid investments purchased with original maturities at the date of purchase of 90 days or less to be cash equivalents. Cash and cash equivalents included cash of $4.7 million and $6.8 million at December 31, 2014 and 2013, respectively. Cash and cash equivalents at December 31, 2014 and December 31, 2013 also included investments of $35.1 million and $203.8 million, respectively, in U.S. Treasury securities with original maturities of less than 90 days and investments in money market funds that invest in U.S. Treasury Securities.

At December 31, 2014, the Company held available for sale securities with a fair value totaling $423.7 million. These available for sale securities consisted of U.S. Treasury securities and had maturities less than one year. The Company evaluates securities with unrealized losses, if any, to determine whether such losses are other than temporary. The Company has determined that there were no other than temporary declines in fair values of its investments as of December 31, 2014. The Company classifies these securities as available for sale, however, the Company does not currently intend to sell its investments and it is more likely than not that the Company will recover the carrying value of these investments. Unrealized gains (losses) are reported as a component of accumulated other comprehensive loss in stockholders' equity. The unrealized loss, net of tax, was $0.1 million as of December 31, 2014. As of December 31, 2013, the Company did not hold any available for sale securities.

Available for sale securities, including carrying value and estimated fair values, are summarized as follows:

	As of December 31, 2014
	Cost		Fair Value		Carrying Value		Unrealized Loss
U.S. Treasury securities—maturities < 1 year	$	423,859	$	423,746	$	423,746	$	(113	)
U.S. Treasury securities—maturities > 1 year	$	—	$	—	$	—	$	—

Total	$	423,859	$	423,746	$	423,746	$	(113	)

Licensing and Commercialization Agreement with Novartis Pharma AG	12 Months Ended
	Dec. 31, 2014
Licensing and Commercialization Agreement with Novartis Pharma AG
Licensing and Commercialization Agreement with Novartis Pharma AG	6. Licensing and Commercialization Agreement with Novartis Pharma AG On May 19, 2014, the Company entered into a licensing and commercialization agreement with Novartis Pharma AG. Under the Novartis Agreement, the Company granted Novartis exclusive rights under specified patent rights, know-how and trademarks controlled by the Company to manufacture, from bulk API supplied by the Company, standalone Fovista products and products combining Fovista with an anti-VEGF product to which Novartis has rights in a co-formulated product, for the treatment, prevention, cure or control of any human disease, disorder or condition of the eye, and to develop and commercialize those licensed products in all countries outside of the United States (the "Novartis Territory"). The Company has agreed to use commercially reasonable efforts to complete its ongoing pivotal Phase 3 clinical program for Fovista and Novartis has agreed to use commercially reasonable efforts to develop a standalone Fovista product and a co-formulated product containing Fovista and an anti-VEGF product to which Novartis has rights, as well as a pre-filled syringe presentation of such products and to use commercially reasonable efforts, subject to obtaining marketing approval, to commercialize licensed products in the Novartis Territory in accordance with agreed development and marketing plans. Novartis has also granted the Company options, subject to specified limitations, and to the extent such rights are controlled by Novartis, to obtain exclusive rights from Novartis to develop and commercialize in the United States the co-formulated and pre-filled syringe products developed by Novartis. The Company and Novartis have each granted the other options, subject to specified limitations, to obtain access to study data from certain clinical trials of licensed products that the Company or Novartis may conduct, including for use by the other in regulatory filings in its territory. The Company has agreed to exclusively supply Novartis, and Novartis has agreed to exclusively purchase from the Company, its clinical and commercial requirements for the bulk API in Fovista for use in licensed products in the Novartis Territory. The Company has agreed not to commercialize any product comprising Fovista or any other anti-PDGF product in the ophthalmic field in the Novartis Territory. Novartis paid the Company a $200.0 million upfront fee upon execution of the Novartis Agreement. Novartis is also obligated to pay the Company up to an aggregate of $130.0 million if the Company achieves specified patient enrollment milestones for its Phase 3 clinical program for Fovista, $50.0 million of which was achieved in September 2014 and received by the Company in October 2014, and up to an aggregate of an additional $300.0 million upon achievement of specified regulatory approval milestones, including reimbursement approval, in certain countries in the Novartis Territory. In addition, Novartis has agreed to pay the Company up to an aggregate of an additional $400.0 million if Novartis achieves specified sales milestones in the Novartis Territory. Novartis also is obligated to pay the Company royalties with respect to standalone Fovista products and combination Fovista products that Novartis successfully commercializes. The Company will receive royalties at a mid-thirties percentage of net sales of standalone Fovista products and a royalty of approximately equal value for sales of combination Fovista products. Such royalties are subject to customary deductions, credits, and reductions for lack of patent coverage or market exclusivity. Novartis's obligation to pay such royalties will continue on a licensed product-by-licensed product and country-by-country basis until Novartis's last actual commercial sale of such licensed product in such country. The Company will continue to be responsible for royalties it owes to third parties on sales of Fovista products. Novartis has agreed to pay the Company's manufacturing costs plus a specified percentage margin for supplies of the bulk API in Fovista that the Company supplies to Novartis. If the Company or Novartis exercises each of their respective rights to obtain access to study data from clinical trials conducted by the other party, the party exercising the option will be obligated to pay the other party's associated past development costs and share with such other party any future associated development costs. If the Company exercises its option to obtain Novartis-controlled rights to develop, manufacture and commercialize any co-formulated Fovista product in the United States, the Company will be obligated to pay a specified percentage of Novartis's associated past development costs and share with Novartis any future associated development costs. The Company and Novartis will also need to negotiate and agree on financial and other terms that would apply to such rights. If the Company exercises its option to obtain Novartis-controlled rights to develop and commercialize a pre-filled syringe product in the United States, the Company will be obligated to either enter into a supply agreement with Novartis under which the Company will pay Novartis its manufacturing cost plus a specified percentage margin for supplies of Fovista products in pre-filled syringes that Novartis supplies to the Company, or obtain supplies of products in pre-filled syringes from a third party manufacturer and pay Novartis a low single-digit percentage of the Company's net sales of such products. The Company has retained control over the design and execution of its pivotal Phase 3 clinical program for Fovista and remains responsible for funding the costs of that program, subject to Novartis's responsibility to provide Lucentis, an anti-VEGF agent to which Novartis has rights in the Novartis Territory, for use in the Phase 3 trials in the Novartis Territory following the effective date of the Novartis Agreement. Novartis will have control over, and will be responsible for the costs of, all other clinical trials that may be required to obtain marketing approvals in the Novartis Territory for licensed products under the agreement. Novartis is also responsible for costs associated with co-formulation development, pre-filled syringe development and other development costs in the Novartis Territory, excluding regulatory filing fees in the European Union for the standalone Fovista product, for which the Company will be responsible. The Novartis Agreement, unless earlier terminated by the Company or Novartis, will expire upon the expiration of Novartis's obligation to pay the Company royalties on net sales of licensed products. The Company and Novartis each may terminate the Novartis Agreement if the other party materially breaches the agreement and does not cure such breach within a specified cure period, if the other party experiences any specified insolvency event, if the other party challenges or assists a third party in challenging the validity or enforceability of certain patent rights controlled by the terminating party, or if the parties are prevented in any manner that materially adversely affects the progression of the development or commercialization of licensed products for a specified period as a result of specified governmental actions. Novartis may terminate the Novartis Agreement at any time without cause, or within a specified period after a change in control of the Company, as defined in the Novartis Agreement, or for specified safety reasons, effective at the end of a specified period following Novartis's written notice to the Company of Novartis's election to terminate the agreement. The Company may also terminate the agreement if Novartis determines to seek marketing approval of an alternative anti-PDGF product in the Novartis Territory as more fully described below. If the Company elects to terminate the Novartis Agreement because specified governmental actions prevent the parties from materially progressing the development or commercialization of licensed products as described above, the Company will be required to pay a substantial termination fee, with the specific amount of such fee determined based on the effective date of the termination. Following any termination, all rights to Fovista that the Company granted to Novartis, including, without limitation, the right to commercialize standalone Fovista products in the Novartis Territory, will revert to the Company, Novartis will perform specified activities in connection with transitioning to the Company the rights and responsibilities for the continued development, manufacture and commercialization of the standalone Fovista product for countries in the Novartis Territory, and the parties will cooperate on an orderly wind down of development and commercialization activities for other licensed products in the Novartis Territory. Novartis has agreed to specified limitations on its ability to in-license, acquire or commercialize any anti-PDGF product that does not contain Fovista (an "Alternative Anti-PDGF Product") in the Novartis Territory and, to the extent Novartis develops, in-licenses or acquires such a product, to make such product available to the Company in the United States under specified option conditions. If the Company exercises its option, the Company will be obligated to make certain payments to Novartis, including specified milestone and royalty payments. The amounts of such payments will vary based on the product's stage of clinical development at the time the Company exercise its option, whether the product is a standalone or combination product and whether Novartis exercises an option to co-promote such product in the United States. If Novartis determines to seek marketing approval of an Alternative Anti-PDGF Product in the Novartis Territory, the Company will, subject to specified limitations, have the option to terminate the Novartis Agreement, convert Novartis's exclusive licenses into non-exclusive licenses, or elect to receive a royalty on sales of such product by Novartis. If the Company elects to terminate the Novartis Agreement, Novartis will, subject to specified limitations, be required to pay to the Company, certain payments based on achievement, with respect to such product, of the milestones that would have otherwise applied to licensed products under the Novartis Agreement. Activities under the licensing and commercialization Novartis Agreement were evaluated under ASC 605-25, Revenue Recognition—Multiple Element Arrangements ("ASC 605-25") (as amended by ASU 2009-13, Revenue Recognition ("ASU 2009-13")) to determine if they represented a multiple element revenue arrangement. The Novartis Agreement includes the following deliverables: (1) an exclusive license to commercialize Fovista outside the United States (the "License Deliverable"); (2) the performance obligation to conduct research and development activities related to the Phase 3 Fovista clinical trials and certain Phase 2 trials for Fovista (the "R&D Activity Deliverable"); (3) the performance obligation to supply API to Novartis for development and manufacturing purposes (the "Manufacturing Deliverable") and (4) the Company's obligation to participate on the joint operating committee established under the terms of the Novartis Agreement and related subcommittees (the "Joint Operating Committee Deliverable"). Novartis has the right, subject to the certain approval rights of the Company, to sublicense the exclusive royalty-bearing license to commercialize Fovista in the Novartis Territory. The Company's obligation to provide access to clinical and regulatory information as part of the License Deliverable includes the obligation to provide access to all clinical data, regulatory filings, safety data and manufacturing data to Novartis which is necessary for commercialization of Fovista in the Novartis Territory. The R&D Activity Deliverable includes the right and responsibility for the Company to conduct the Phase 3 Fovista clinical program and other studies of Fovista in the Novartis Territory which are necessary or desirable for regulatory approval or commercialization of Fovista. The Manufacturing Deliverable includes the obligation for the Company to supply API to Novartis for development and manufacturing purposes, for which Novartis has agreed to pay the Company's manufacturing costs, plus a specified margin. The Joint Operating Committee Deliverable includes the obligation to participate in the Joint Operating Committee and related subcommittees at least through the first anniversary of regulatory approval in the European Union. All of these deliverables were deemed to have stand-alone value and to meet the criteria to be accounted for as separate units of accounting under ASC 605-25. Factors considered in this determination included, among other things, the subject of the licenses and the research and development and commercial capabilities of Novartis. Accordingly, each unit will be accounted for separately. Options are considered substantive if, at the inception of the arrangement, the Company is at risk as to whether the collaboration partner will choose to exercise the option. Factors that the Company considers in evaluating whether an option is substantive include the overall objective of the arrangement, the benefit the collaborator might obtain from the arrangement without exercising the option, the cost to exercise the option and the likelihood that the option will be exercised. For arrangements under which an option is considered substantive, the Company does not consider the item underlying the option to be a deliverable at the inception of the arrangement and the associated option fees are not included in allocable arrangement consideration, assuming the option is not priced at a significant and incremental discount. Conversely, for arrangements under which an option is not considered substantive or if an option is priced at a significant and incremental discount, the Company would consider the item underlying the option to be a deliverable at the inception of the arrangement and a corresponding amount would be included in allocable arrangement consideration. All of the options included in the Company's collaboration arrangement have been determined to be substantive, and none of the options are priced at a significant and incremental discount. The Novartis Agreement provides that, if the Company elects to terminate the Novartis Agreement because specified governmental actions prevent the parties from materially progressing the development or commercialization of licensed products as described above, the Company will be required to pay a substantial termination fee, with the specific amount of such fee determined based on the effective date of the termination. The Company has concluded that this termination provision constitutes a contingent event that is unknown at the inception of the agreement. As such, the Company has recorded the $200.0 million upfront payment in deferred revenue, long-term until such time that the contingency related to this termination provision is resolved. The Company believes the enrollment milestones and certain of the regulatory milestones that may be achieved under the Novartis Agreement do not meet the recognition criteria within the definition of a milestone included in ASU 2010-17, Revenue Recognition—Milestone Method, and therefore, payments received for the achievement of the enrollment milestones in excess of the termination fee will be included in the allocable arrangement consideration and allocated to the deliverables based upon BESP using the relative selling price method. The Company believes the remaining regulatory approval milestones that may be achieved under the Novartis Agreement are consistent with the definition of a milestone included in ASU 2010-17, Revenue Recognition—Milestone Method, and, accordingly, the Company will recognize payments related to the achievement of such milestones, if any, when the applicable milestone is achieved. Factors considered in this determination included scientific and regulatory risks that must be overcome to achieve each milestone, the level of effort and investment required to achieve each milestone, and the monetary value attributed to each milestone. In September 2014, the Company achieved a $50.0 million enrollment-based milestone under the Novartis Agreement. The Company recognized revenue of approximately $41.3 million during the year ended December 31, 2014. Using the relative selling price method, the Company allocated revenue of $38.4 million to the license it delivered to Novartis under the Novartis Agreement, $2.0 million to research and development activities the Company has performed under the Novartis Agreement, and $0.9 million to the transfer of API to Novartis during the year ended December 31, 2014.

Financing Agreement with Novo A/S	12 Months Ended
Financing Agreement with Novo A/S	Dec. 31, 2014
Financing Agreement with Novo A/S
Financing Agreement with Novo A/S	7. Financing Agreement with Novo A/S In May 2013, the Company entered into a Purchase and Sale Agreement with Novo A/S, which is referred to as the Novo Agreement, pursuant to which the Company had the ability to obtain financing in three tranches in an amount of up to $125.0 million in return for the sale to Novo A/S of aggregate royalties of worldwide sales of (a) Fovista, (b) Fovista-Related Products, and (c) Other Products (each as defined in the Novo Agreement), calculated as low to mid-single digit percentages of net sales, with the royalty percentage determined by the amount of funding provided by Novo A/S. The Novo Agreement provided for up to three separate purchases for a purchase price of $41.7 million each, at a first, second and third closing, for an aggregate purchase price of $125.0 million. In each purchase, Novo A/S acquires rights to a low single digit percentage of net sales. In each of May 2013, January 2014 and November 2014, the Company received cash payments of $41.7 million, $125.0 million in the aggregate, and Novo A/S received a right to receive royalties on net sales of Fovista at a mid-single digit percentage in the aggregate. The royalty payment period covered by the Novo Agreement begins on commercial launch and ends, on a product-by-product and country-by-country basis, on the latest to occur of (i) the 12th anniversary of the commercial launch, (ii) the expiration of certain patent rights and (iii) the expiration of the regulatory exclusivity for each product in each country. Under the terms of the Novo Agreement, the Company is not required to reimburse or otherwise compensate Novo A/S through any means other than the agreed royalty entitlement. In addition, the Company does not, under the terms of the Novo Agreement, have the right or obligation to prepay Novo A/S in connection with a change of control of the Company or otherwise. The $125.0 million in aggregate proceeds from the three financing tranches under the Novo Agreement represents the full funding available under the Novo Agreement, and has been recorded as a liability on the Company's Balance Sheet as of December 31, 2014, in accordance with ASC Topic 730, Research and Development. Because there is a significant related party relationship between the Company and Novo A/S, the Company is treating its obligation to make royalty payments under the Novo Agreement as an implicit obligation to repay the funds advanced by Novo A/S. As the Company makes royalty payments in accordance with the Novo Agreement, it will reduce the liability balance. At the time that such royalty payments become probable and estimable, and if such amounts exceed the liability balance, the Company will impute interest accordingly on a prospective basis based on such estimates, which would result in a corresponding increase in the liability balance. The Novo Agreement requires the establishment of a Joint Oversight Committee in the event that Novo A/S does not continue to have a representative on the Company's board of directors. The Joint Oversight Committee would have responsibilities that include "discussion and review" of all matters related to Fovista research, development, regulatory approval and commercialization, but there is no provision either implicit or explicit that gives the Joint Oversight Committee or its members decision-making authority.

Product and Technology Agreements	12 Months Ended
Product and Technology Agreements	Dec. 31, 2014
Product and Technology Agreements
Product and Technology Agreements	8. Product and Technology Agreements Transferred Technology and Assumed Agreements Under an agreement dated July 27, 2007, the Company assumed the rights and obligations related to certain patents and know-how (the "Transferred Technology") and under certain agreements (the "Assumed Agreements") owned and/or controlled by OSI (Eyetech), Inc. (the "Transferor") for use in the Company's activities in the research, development and commercial production of a product as defined in the agreement (the "Divestiture Agreement"). In consideration for the Transferred Technology and the Assumed Agreements, the Company made an upfront payment of $4.0 million to the Transferor. In addition, on August 9, 2007, the Company issued to the Transferor 3,000,000 shares of Junior Series A Preferred Stock which was valued at $1.00 per share based upon the Original Issue Price. The Divestiture Agreement also entitles the Transferor to significant payments from the Company upon achievement of certain milestones, and to royalties on the Company's net sales of Products, as defined, and on terms set forth in the Divestiture Agreement. The Divestiture Agreement may be terminated by either party in the event of the other party's insolvency or material breach (following a specified cure period). Unless terminated earlier by the Company or the Transferor, the Divestiture Agreement will remain in effect until the Company no longer has any financial obligations to the Transferor, after which the rights granted to the Company under the Divestiture Agreement will become perpetual and fully paid-up. If the Company fails to satisfy its diligence obligations under the Divestiture Agreement, the Transferor may terminate the Divestiture Agreement as to particular countries with respect to which such failure has occurred, and upon such termination the Company will be obligated to transfer to the Transferor specified rights and licenses related to the product covered by the Divestiture Agreement and other related assets, and if the Company is then manufacturing such product or products, at the time of such termination, the Company may be obligated to provide transitional supply of the covered products to the Transferor, for the applicable countries. The Assumed Agreements include a license, manufacturing and supply agreement (the "Supply Agreement") with Nektar Therapeutics, AL (the "Supplier") for a reagent linked with the active ingredient in the Company's lead product candidate. Prior to the Company's assumption of the Supply Agreement in 2007, the Transferor paid the Supplier approximately $0.3 million under the Supply Agreement. The Company has paid the Supplier an aggregate of approximately $21.5 million in milestone payments under the Supply Agreement, $19.8 million of which was paid and charged to research and development expense during the year ended December 31, 2014. Under the Supply Agreement, the Company is obligated to make certain milestone payments to the Supplier, as well as tiered royalties based on certain percentages of net sales. See "Note 13—Commitments and Contingencies" below. The Supply Agreement, unless earlier terminated by either party, will expire upon the expiration of the Company's obligation to pay royalties to the Supplier on net sales of licensed products. The Supply Agreement may be terminated by either party in the event of the other party's material breach (following a specified cure period). The Company may terminate the Supply Agreement, without cause, effective at the end of a specified period following written notice to the Supplier, in which event the Company will be obligated to pay the Supplier specified termination fees and reimburse the Supplier for certain costs. License Agreements The Assumed Agreements also included an agreement with Archemix Corp. (the "Licensor") for the Company's acquisition of an exclusive royalty-bearing license over certain patent rights and technology owned and/or controlled by the Licensor (the "PDGF License") for use in the Company's activities in the research, development and commercial production of pharmaceutical products related to anti-PDGF aptamers (the "PDGF Licensed Products") as contemplated in the agreement (the "PDGF Agreement"). In addition, on July 31, 2007, the Company also entered into an agreement with the Licensor for the Company's acquisition of an exclusive royalty-bearing license over certain patent rights and technology owned and/or controlled by the Licensor (the "C5 License" and together with the PDGF License, the "Licenses") for use in the Company's activities in the research, development and commercial production of pharmaceutical products related to Zimura, formerly known as ARC1905 (the "C5 Licensed Product"), as contemplated in the agreement (the "C5 License Agreement" and together with the PDGF License Agreement, the "License Agreements"). In consideration of the Licenses, the Company paid the Licensor aggregate upfront fees of $1.0 million and, on August 9, 2007, issued to the Licensor an aggregate of 2,000,000 shares of Series A-1 Preferred Stock which was valued at $1.00 per share based on the cash price paid by the Series A Investors for similar shares on the same date. The Licensor is also entitled to certain regulatory milestone payments and sales milestone payments under the License Agreements. On September 12, 2011, the License Agreements, were amended to cover expanded licenses for all indications outside of the ophthalmic field (as defined in the amended license agreements (the "Amended License Agreements")). Upon the execution of the Amended License Agreements, the Company issued 500,000 shares of Series B-1 Preferred Stock to the Licensor. The Series B-1 Preferred Stock was valued at $1.00 per share based upon the Original Issue Price, which was deemed to be fair value as of the date of this transaction. Unless earlier terminated, the amended PDGF Agreement will expire upon the later of 10 years after the first commercial sale in any country of the last PDGF Licensed Product and the expiration of the last-to-expire valid claim of the PDGF licensed patents that covers a PDGF Licensed Product. Unless earlier terminated, the amended C5 Agreement will expire upon the later of 12 years after the first commercial sale in any country of the last C5 Licensed Product, the expiration of the last-to-expire valid claim of the C5 licensed patents, and the date on which no further payments of sublicensing income, if any, are to be received by the Company. Either of the Amended License Agreements may be terminated by either party in the event of the other party's material breach (following a specified cure period). The Licensor may also terminate each of the Amended License Agreements, or may convert the Company's exclusive licenses to non-exclusive licenses, if the Company challenges or assists a third party in challenging the validity or enforceability of any of the patents licensed under the applicable Amended License Agreement. The Company may terminate each of the Amended License Agreements at any time and for any or no reason effective at the end of a specified period following written notice to the Licensor.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment

Property, Plant and Equipment

9. Property, Plant and Equipment

Property and equipment at December 31, 2014 and 2013 were as follows:

	Useful Life (Years)		December 31, 2014			December 31, 2013
Manufacturing and clinical equipment		7 - 10	$	617		$	—
Computer and other office equipment		5		292		$	85
Furniture and fixtures		7		591			117
Leasehold improvements		3 - 5		357			—

				1,857			202
Accumulated depreciation				(302	)		(175	)

Property and equipment, net			$	1,555		$	27

For the years ended December 31, 2014, 2013 and 2012, depreciation expense was $127 thousand, $20 thousand, $31 thousand, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes

Income Taxes

10. Income Taxes

The Company utilizes the liability method of accounting for deferred income taxes. Under this method, deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. A valuation allowance is established against deferred tax assets when, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company's policy is to record interest and penalties on uncertain tax positions as income tax expense. As of December 31, 2014 and December 31, 2013, the Company does not believe any material uncertain tax positions were present. Accordingly, interest and penalties have not been accrued due to an uncertain tax position.

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A reconciliation of the statutory U.S. federal rate to the Company's effective tax rate is as follows:

	Years ended December 31,
	2014			2013			2012
Percent of pre-tax income:
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		6.8	%		—			—
Permanent items		2.3	%		(2.2	)%		(1.0	)%
Research and development credit		—			2.7	%		1.0	%
Change in valuation allowance		(66.4	)%		(35.5	)%		(35.0	)%

Effective income tax rate		(22.3	)%		0.0	%		0.0	%

The components of income tax expense are as follows:

	Years ended December 31,
	2014			2013		2012
Current:
Federal	$	29,505		$	—	$	—
State		11,440			—		—
Deferred:
Federal		(23,053	)		—		—
State		—			—		—

Income tax expense	$	17,892		$	—	$	—

Significant components of the Company's deferred tax assets (liabilities) for 2014 and 2013 consist of the following:

	As of December 31,
	2014			2013
Deferred tax assets (liabilities)
Deferred revenue	$	120,611		$	16,667
License and technology payments		14,251			6,407
Share-based compensation		5,679			1,396
Accrued Expenses		442			—
Depreciation		(328	)		(7	)
Federal net operating loss carryforwards		—			30,084
State and local net operating loss carryforwards		—			5,026
Federal research and development credit carryforwards		—			2,966
State research and development credit carryforwards		—			1,483

Deferred income tax assets		140,655			64,022
Valuation allowance		(117,554	)		(64,022	)

Net deferred tax assets	$	23,101		$	—

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible, and is impacted by the Company's ability to carryback losses to previous years in which the Company had taxable income. In connection with the $83.3 million the Company received from Novo A/S in 2014 under the Novo Agreement, the $200.0 million the Company received from Novartis in May 2014, a portion of which has been deferred for income tax purposes, and the $50.0 million enrollment-based milestone payment the Company earned in September 2014 under the Novartis Agreement, the Company expects to have taxable income in 2014, after taking into account the utilization of its federal net operating losses from prior years and the utilization of its research and development tax credits. As such, the Company made income tax payments of $40.2 million during the year ended December 31, 2014. Due to the Company's history of losses and lack of other positive evidence to support taxable income after the 2014 tax year, the Company has recorded a valuation allowance against those deferred tax assets that are not expected to be realized. The valuation allowance was approximately $117.6 million and $64.0 million as of December 31, 2014 and 2013, respectively, representing an increase of $53.6 million.

Actual tax benefits result from a stock plan award transaction that exceeds the tax benefit associated with the grant date fair value of the related stock award. The Company recognizes these excess tax benefits in additional paid in capital only if an incremental tax benefit would be realized after considering all other tax benefits presently available to the Company. In 2013, deferred tax assets relating to employee share-based compensation deductions were reduced to reflect exercises of non-qualified stock option grants. Although certain of these deductions were reported on the corporate tax returns and increased net operating losses, these related tax benefits were not recognized for financial reporting purposes.

The Company's federal, state, and local net operating loss carryforwards of approximately $91.3 million are expected to be utilized in 2014. Utilization of the net operating losses and general business tax credits carryforwards may be subject to a substantial limitation under Sections 382 and 383 of the Internal Revenue Code of 1986 due to changes in ownership of the Company that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating losses and general business tax credits carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. The Company has completed a study to determine whether it had undergone an ownership change since the Company's inception. The Company concluded that it had not undergone an ownership change and the Company expects that it will have the ability to utilize its net operating loss carryforwards against taxable income in 2014.

Operating Leases

12 Months Ended

Dec. 31, 2014

Operating Leases

Operating Leases

11. Operating Leases

The Company leases office spaces located in Princeton, New Jersey and New York, New York under operating lease arrangements. The Company's Princeton, New Jersey office space lease expires in January 2019, whereas the Company's New York, New York office space lease expires in February 2020. Future minimum rental commitments under non-cancelable operating leases in effect as of December 31, 2014, are as follows:

2015	$	1,562
2016		1,629
2017		1,669
2018		1,700
2019		1,499
Thereafter		239

Total	$	8,298

Rent expense is calculated on the straight-line basis and amounted to $1.0 million, $0.5 million and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Security Deposits	12 Months Ended
Security Deposits	Dec. 31, 2014
Security Deposits
Security Deposits	12. Security Deposits Security deposits consist of amounts required to secure the Company's performance of its obligations under the operating leases for its New Jersey and New York offices. Such amounts were approximately $0.3 million as of December 31, 2014 and 2013, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Commitments and Contingencies

13. Commitments and Contingencies

Under various agreements, the Company may be required to pay royalties and make milestone payments. These agreements include the following:

•	Under the Company's acquisition agreement with OSI (Eyetech), Inc., which agreement is now held by OSI Pharmaceuticals, LLC., or OSI Pharmaceuticals, a subsidiary of Astellas US, LLC, for rights to particular anti-PDGF aptamers, including Fovista, the Company is obligated to pay to OSI Pharmaceuticals future one-time payments of $12.0 million in the aggregate upon marketing approval in the United States and the European Union of a covered anti-PDGF product. The Company is also obligated to pay to OSI Pharmaceuticals a royalty at a low single-digit percentage of net sales of any covered anti-PDGF product the Company successfully commercializes.
•	Under a license agreement with Archemix Corp., or Archemix, with respect to pharmaceutical products comprised of or derived from any anti-PDGF aptamer, the Company is obligated to make future payments to Archemix of up to an aggregate of $14.0 million if the Company achieves specified clinical and regulatory milestones with respect to Fovista, up to an aggregate of $3.0 million if the Company achieves specified commercial milestones with respect to Fovista and, for each other anti-PDGF aptamer product that it may develop under the agreement, up to an aggregate of approximately $18.8 million if the Company achieves specified clinical and regulatory milestones and up to an aggregate of $3.0 million if the Company achieves specified commercial milestones. No royalties are payable to Archemix under this license agreement.
•	Under a license agreement with Archemix with respect to pharmaceutical products comprised of or derived from anti-C5 aptamers, for each anti-C5 aptamer product that the Company may develop under the agreement, including Zimura, the Company is obligated to make future payments to Archemix of up to an aggregate of $57.5 million if the Company achieves specified development, clinical and regulatory milestones and, as to all anti-C5 products under the agreement collectively, up to an aggregate of $22.5 million if the Company achieves specified commercial milestones. The Company is also obligated to pay Archemix a double-digit percentage of specified non-royalty payments the Company may receive from any sublicensee of its rights under this license agreement. No royalties are payable to Archemix under this license agreement.
•	Under a license, manufacturing and supply agreement with Nektar Therapeutics, or Nektar, for specified pegylation reagents used to manufacture Fovista, the Company is obligated to make future payments to Nektar of up to an aggregate of $6.5 million if the Company achieves specified clinical and regulatory milestones, and an additional payment of $3.0 million if the Company achieves a specified commercial milestone with respect to Fovista. The Company is obligated to pay Nektar tiered royalties at low to mid-single-digit percentages of net sales of any licensed product the Company successfully commercializes, with the royalty percentage determined by the Company's level of licensed product sales and the extent of patent coverage for the licensed product and whether the Company has granted a third-party commercialization rights to the licensed product. In June 2014, the Company paid Nektar $19.8 million in connection with its entry into the Novartis Agreement.

•

Under the Novo Agreement, with respect to Fovista, the Company will be obligated to pay Novo A/S a mid-single-digit percentage royalty based on worldwide sales of Fovista. See "Note 7—Financing Agreement with Novo A/S" above for further information about Novo Agreement.

•

Under the clinical supply agreement with Agilent Technologies, Inc., Agilent has agreed to manufacture and supply to the Company, and the Company has agreed to purchase from Agilent, a specified percentage of its clinical requirements in specified jurisdictions of the active pharmaceutical ingredient in the Company's product candidate Fovista. The Company's agreement with Agilent has an initial five year term, which is subject to automatic renewal absent termination by either party in accordance with the terms of the Agreement. The Agreement provides for pricing structured on a tiered basis with the price reduced as the volume ordered increases. The Company may terminate the agreement or any statement of work thereunder upon 12 months prior written notice to Agilent.

The Company also has employment agreements with certain employees which require the funding of a specific level of payments, if certain events, such as a change in control, termination without cause or retirement, occur.

In addition, in the course of normal business operations, the Company has agreements with contract service providers to assist in the performance of the Company's research and development and manufacturing activities. Expenditures to CROs represent a significant cost in clinical development. The Company can elect to discontinue the work under these agreements at any time. The Company could also enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and even long-term commitments of cash.

Stock Option and Compensation Plans

12 Months Ended

Dec. 31, 2014

Stock Option and Compensation Plans

Stock Option and Compensation Plans

14. Stock Option and Compensation Plans

The Company adopted its 2007 Stock Incentive Plan (the "2007 Plan") for employees, directors and consultants for the purpose of advancing the interests of the Company stockholders by enhancing its ability to attract, retain and motivate persons who are expected to make important contributions to the Company. The 2007 Plan provided for the granting of stock option awards, restricted stock awards, and other stock-based and cash-based awards. Following the effectiveness of the 2013 Stock Incentive Plan described below in connection with the closing of the Company's initial public offering, the Company is no longer granting additional awards under the 2007 Plan.

In August 2013, the Company's board of directors adopted and the Company's stockholders approved the 2013 stock incentive plan (the "2013 Plan"), which became effective immediately prior to the closing of the Company's initial public offering. The 2013 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock-based awards. Upon effectiveness of the 2013 Plan, the number of shares of the Company's common stock that were reserved for issuance under the 2013 Plan was the sum of (1) such number of shares (up to approximately 3,359,641 shares) as is equal to the sum of 739,317 shares (the number of shares of the common stock then available for issuance under the 2007 Plan), and such number of shares of the Company's common stock that are subject to outstanding awards under the 2007 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right plus (2) an annual increase, to be added the first business day of each fiscal year, beginning with the fiscal year ending December 31, 2014 and continuing until, and including, the fiscal year ending December 31, 2023, equal to the lowest of 2,542,372 shares of the Company's common stock, 4% of the number of shares of the Company's common stock outstanding on the first day of the fiscal year and an amount determined by its board of directors. The Company's employees, officers, directors, consultants and advisors are eligible to receive awards under the 2013 Plan. However, incentive stock options may only be granted to employees of the Company.

In connection with the evergreen provisions of the 2013 Plan, the number of shares available for issuance under the 2013 Plan was increased by approximately 1,257,000 shares, effective as of January 1, 2014. As of December 31, 2014, the Company had approximately 479,000 shares available for grant under the 2013 Plan. In connection with the evergreen provisions of the 2013 Plan, the number of shares available for issuance under the 2013 Plan was further increased by approximately 1,360,000 shares, effective as of January 1, 2015.

A summary of the stock option activity, weighted average exercise prices, options outstanding and exercisable as of December 31, 2014, 2013 and 2012 is as follows:

	Year ended December 31,
	2014					2013					2012
	Common Stock Options			Weighted Average Exercise Price		Common Stock Options			Weighted Average Exercise Price		Common Stock Options			Weighted Average Exercise Price
Outstanding at beginning of year:		2,708		$	9.41		1,344		$	1.65		1,113		$	1.30
Granted		1,744		$	33.92		1,583		$	14.82		250		$	3.12
Exercised		(621	)	$	4.75		(151	)	$	0.61		(19	)	$	0.12
Expired or forfeited		(151	)	$	28.50		(68	)	$	1.53		—			—

Outstanding at end of year:		3,680		$	21.03		2,708		$	9.41		1,344		$	1.65

	Year ended December 31,
	2014		2013		2012
Options exercisable at end of year		993		984		823
Weighted average grant date fair value (per share) of options granted during the period	$	24.41	$	10.48	$	1.65

			As of December 31, 2014
			Options Outstanding				Options Exercisable
Range of Exercise Prices	Total Options Outstanding		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$0.12 - $10.03		1,243		7.1	$	5.67		761	$	3.66
$10.04 - $20.00		534		8.5	$	13.38		132	$	13.39
$20.01 - $30.00		179		8.8	$	25.64		46	$	25.43
$30.00 - $43.90		1,724		9.2	$	34.00		54	$	34.79

		3,680			$	21.03		993	$	7.65


Aggregate Intrinsic Value	$	87,728					$	36,965

Cash proceeds from, and the aggregate intrinsic value of, stock options exercised during the years ended December 31, 2014, 2013 and 2012, respectively, were as follows:

	Year ended December 31,
	2014		2013		2012
Cash Proceeds from options exercised	$	2,949	$	94	$ 2
Aggregate intrinsic value of options exercised	$	21,646	$	4,545	$ 28

In connection with stock option awards granted to employees, the Company recognized share-based compensation expense approximately $11.3 million, $2.2 million, and $0.5 million, for the years ended December 31, 2014, 2013, and 2012, respectively, net of expected forfeitures. As of December 31, 2014, there was approximately $37.8 million of unrecognized compensation costs, net of estimated forfeitures, related to stock option awards to employees, which are expected to be recognized over a remaining weighted average period of 3.1 years.

In connection with stock options awards granted to consultants, the Company recognized approximately $1.4 million, $0.7 million and $0.1 million in share-based compensation expense during the years ended December 31, 2014, 2013 and 2012, respectively, net of expected forfeitures. As of December 31, 2014, there was approximately $4.1 million of unrecognized compensation costs, net of estimated forfeitures, related to stock option award granted to consultants which are expected to be recognized over a remaining weighted average period of 2.9 years.

As of December 31, 2014, the Company had approximately 37,000 restricted stock units outstanding. In connection with restricted stock units granted to employees, the Company recognized share-based compensation of approximately $0.3 million during the year ended December 31, 2014, net of expected forfeitures. The Company did not recognize any share-based compensation expense related to restricted stock units during year ended December 31, 2013. As of December 31, 2014, there was approximately $0.9 million of unrecognized compensation costs, net of estimated forfeitures, related to restricted stock units granted to employees to be recognized over a remaining weighted average period of 2.4 years.

On September 30, 2014, the Company issued to an employee an option to purchase 200,000 shares of its common stock at an exercise price of $38.93 per share. This option grant was an inducement grant issued outside the Company's existing equity compensation plan in accordance with NASDAQ listing rule 5635(c)(4).

On October 3, 2014, the Company issued to an employee an option to purchase 150,000 shares of its common stock at an exercise price of $38.41 per share. This option grant was an inducement grant issued outside the Company's existing equity compensation plan in accordance with NASDAQ listing rule 5635(c)(4).

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2014
Employee Benefit Plan
Employee Benefit Plan	15. Employee Benefit Plan The Company maintains a defined contribution 401(k) plan available to employees. Employee contributions are voluntary and are determined on an individual basis, limited by the maximum amounts allowable under federal tax regulations. The Company's matching contributions to employees totaled approximately $0.2 million during the year ended December 31, 2014. The Company did not match any of the employee contributions during the years ended December 31, 2013 and 2012.

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Measurements

Fair Value Measurements

16. Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value standard also establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows:

•	Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. The Company's Level 1 assets consist of investments in U.S. Treasury money market funds and U.S. Treasury securities.
•	Level 2—inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability.
•	Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability.

The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014:

	Fair Value Measurement Using
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Investments in U.S. Treasury money market funds*	$	35,111	$	—	$	—
Investments in U.S. Treasury securities maturities < three months*	$	—	$	—	$	—
Investments in U.S. Treasury securities maturities < 1 year	$	423,746	$	—	$	—

	Fair Value Measurement Using
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Investments in U.S. Treasury money market funds*	$	203,828	$	—	$	—

*	Investments in U.S. Treasury money market funds and U.S. Treasury securities with maturities less than three months are reflected in cash and cash equivalents in the accompanying Balance Sheets.

Selected Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Information (unaudited)

Selected Quarterly Financial Information (unaudited)

17. Selected Quarterly Financial Information (unaudited)

The following is a summary of the quarterly results of operations for the years ended December 31, 2014 and 2013:

	2014
	March 31			June 30			September 30		December 31
Collaboration revenue	$	—		$	—		$	39,575	$	1,684
Research and development expenses		14,377			34,707			17,105		22,196
General and administrative expenses		6,349			7,570			8,812		10,656

Income (loss) from operations		(20,726	)		(42,277	)		13,658		(31,168	)
Net income (loss) attributable to common stockholders	$	(20,682	)	$	(52,499	)	$	10,864	$	(35,871	)
Basic earnings (loss) per common share	$	(0.64	)	$	(1.57	)	$	0.32	$	(1.06	)
Diluted earnings (loss) per common share	$	(0.64	)	$	(1.57	)	$	0.31	$	(1.06	)

	2013
	March 31			June 30			September 30			December 31
Collaboration revenue	$	—		$	—		$	—		$	—
Research and development expenses		2,390			4,345			11,101			15,379
General and administrative expenses		1,738			3,241			4,166			5,065

Loss from operations		(4,128	)		(7,586	)		(15,267	)		(20,444	)
Net loss attributable to common shareholders	$	(6,361	)	$	(11,863	)	$	(18,424	)	$	(20,388	)
Basic and diluted earnings per common share	$	(4.33	)	$	(8.07	)	$	(10.26	)	$	(0.65	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Available for Sale Securities

Revenue Recognition

Collaboration Revenue

	Year ended December 31,
	2014		2013		2012
License revenue	$	38,372	$	—	$	—
Research and development activity revenue		2,004		—		—
API transfer revenue		883		—		—

Total collaboration revenue	$	41,259	$	—	$	—

Concentration of Credit Risk

Foreign Currency Translation

Financial Instruments

Property and Equipment

Research and Development

•	external research and development expenses incurred under arrangements with third parties, such as contract research organizations, ("CROs") and other vendors, contract manufacturing organizations and consultants, including for the production of drug substance and drug product; and
•	employee-related expenses, including salaries, benefits, travel and share-based compensation expense.

Income Taxes

Share-Based Compensation

Share-based compensation expense includes stock options and restricted stock units granted to employees and non-employees, and has been reported in the Company's Statements of Operations as follows:

	Years ended December 31,
	2014		2013		2012
Research and development	$	7,594	$	2,062	$	412
General and administrative		5,446		809		228

Total	$	13,040	$	2,871	$	640

JOBS Act

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Schedule of collaboration revenue components

	Year ended December 31,
	2014		2013		2012
License revenue	$	38,372	$	—	$	—
Research and development activity revenue		2,004		—		—
API transfer revenue		883		—		—

Total collaboration revenue	$	41,259	$	—	$	—

Schedule of share-based compensation expense including stock options and restricted stock units granted to employees and non-employees

	Years ended December 31,
	2014		2013		2012
Research and development	$	7,594	$	2,062	$	412
General and administrative		5,446		809		228

Total	$	13,040	$	2,871	$	640

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2014

Net Loss Per Common Share

Schedule of computation of basic and diluted net loss per share

	Year ended December 31,
	2014			2013			2012
Basic and diluted net loss per common share calculation:
Net loss	$	(98,188	)	$	(51,145	)	$	(14,562	)
Accretion of preferred stock dividends		—			(5,891	)		(7,063	)

Net loss attributable to common stockholders	$	(98,188	)	$	(57,036	)	$	(21,625	)


Weighted average common shares outstanding—basic and diluted		33,258			9,003			1,452


Net loss per share of common stock—basic and diluted	$	(2.95	)	$	(6.34	)	$	(14.89	)

Schedule of potentially dilutive securities that have been excluded from the computations of diluted weighted average shares outstanding

	Years ended December 31,
	2014		2013		2012
Redeemable convertible preferred stock		—		—		16,663
Options outstanding		3,680		2,708		1,344
Warrants		14		88		94
Restricted stock units		37		—		—

Total		3,731		2,796		18,101

Cash, Cash Equivalents and Available for Sale Securities (Tables)

12 Months Ended

Dec. 31, 2014

Cash, Cash Equivalents and Available for Sale Securities

Summary of available for sale securities, including carrying value and estimated fair values

	As of December 31, 2014
	Cost		Fair Value		Carrying Value		Unrealized Loss
U.S. Treasury securities—maturities < 1 year	$	423,859	$	423,746	$	423,746	$	(113	)
U.S. Treasury securities—maturities > 1 year	$	—	$	—	$	—	$	—

Total	$	423,859	$	423,746	$	423,746	$	(113	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment

Schedule of property and equipment

	Useful Life (Years)		December 31, 2014			December 31, 2013
Manufacturing and clinical equipment		7 - 10	$	617		$	—
Computer and other office equipment		5		292		$	85
Furniture and fixtures		7		591			117
Leasehold improvements		3 - 5		357			—

				1,857			202
Accumulated depreciation				(302	)		(175	)

Property and equipment, net			$	1,555		$	27

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of reconciliation of the statutory U.S. federal rate to the Company's effective tax rate

	Years ended December 31,
	2014			2013			2012
Percent of pre-tax income:
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		6.8	%		—			—
Permanent items		2.3	%		(2.2	)%		(1.0	)%
Research and development credit		—			2.7	%		1.0	%
Change in valuation allowance		(66.4	)%		(35.5	)%		(35.0	)%

Effective income tax rate		(22.3	)%		0.0	%		0.0	%

Schedule of components of income tax expense

	Years ended December 31,
	2014			2013		2012
Current:
Federal	$	29,505		$	—	$	—
State		11,440			—		—
Deferred:
Federal		(23,053	)		—		—
State		—			—		—

Income tax expense	$	17,892		$	—	$	—

Schedule of significant components of the Company's deferred tax assets/liabilities

	As of December 31,
	2014			2013
Deferred tax assets (liabilities)
Deferred revenue	$	120,611		$	16,667
License and technology payments		14,251			6,407
Share-based compensation		5,679			1,396
Accrued Expenses		442			—
Depreciation		(328	)		(7	)
Federal net operating loss carryforwards		—			30,084
State and local net operating loss carryforwards		—			5,026
Federal research and development credit carryforwards		—			2,966
State research and development credit carryforwards		—			1,483

Deferred income tax assets		140,655			64,022
Valuation allowance		(117,554	)		(64,022	)

Net deferred tax assets	$	23,101		$	—

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2014

Operating Leases

Schedule of future minimum rental commitments under noncancelable operating leases

2015	$	1,562
2016		1,629
2017		1,669
2018		1,700
2019		1,499
Thereafter		239

Total	$	8,298

Stock Option and Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Stock Option and Compensation Plans

Summary of the stock option activity including weighted average exercise prices, options outstanding and exercisable


	Year ended December 31,
	2014					2013					2012
	Common Stock Options			Weighted Average Exercise Price		Common Stock Options			Weighted Average Exercise Price		Common Stock Options			Weighted Average Exercise Price
Outstanding at beginning of year:		2,708		$	9.41		1,344		$	1.65		1,113		$	1.30
Granted		1,744		$	33.92		1,583		$	14.82		250		$	3.12
Exercised		(621	)	$	4.75		(151	)	$	0.61		(19	)	$	0.12
Expired or forfeited		(151	)	$	28.50		(68	)	$	1.53		—			—

Outstanding at end of year:		3,680		$	21.03		2,708		$	9.41		1,344		$	1.65

	Year ended December 31,
	2014		2013		2012
Options exercisable at end of year		993		984		823
Weighted average grant date fair value (per share) of options granted during the period	$	24.41	$	10.48	$	1.65

Summary of the stock options outstanding and exercisable

			As of December 31, 2014
			Options Outstanding				Options Exercisable
Range of Exercise Prices	Total Options Outstanding		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$0.12 - $10.03		1,243		7.1	$	5.67		761	$	3.66
$10.04 - $20.00		534		8.5	$	13.38		132	$	13.39
$20.01 - $30.00		179		8.8	$	25.64		46	$	25.43
$30.00 - $43.90		1,724		9.2	$	34.00		54	$	34.79

		3,680			$	21.03		993	$	7.65


Aggregate Intrinsic Value	$	87,728					$	36,965

Schedule of cash proceeds from, and the aggregate intrinsic value of, stock options exercised

	Year ended December 31,
	2014		2013		2012
Cash Proceeds from options exercised	$	2,949	$	94	$ 2
Aggregate intrinsic value of options exercised	$	21,646	$	4,545	$ 28

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements

Schedule of the Company's assets and liabilities that are measured at fair value on recurring basis


	Fair Value Measurement Using
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Investments in U.S. Treasury money market funds*	$	35,111	$	—	$	—
Investments in U.S. Treasury securities maturities < three months*	$	—	$	—	$	—
Investments in U.S. Treasury securities maturities < 1 year	$	423,746	$	—	$	—

	Fair Value Measurement Using
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Investments in U.S. Treasury money market funds*	$	203,828	$	—	$	—

*	Investments in U.S. Treasury money market funds and U.S. Treasury securities with maturities less than three months are reflected in cash and cash equivalents in the accompanying Balance Sheets.

Selected Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Information (unaudited)

Summary of the quarterly results of operations

	2014
	March 31			June 30			September 30		December 31
Collaboration revenue	$	—		$	—		$	39,575	$	1,684
Research and development expenses		14,377			34,707			17,105		22,196
General and administrative expenses		6,349			7,570			8,812		10,656

Income (loss) from operations		(20,726	)		(42,277	)		13,658		(31,168	)
Net income (loss) attributable to common stockholders	$	(20,682	)	$	(52,499	)	$	10,864	$	(35,871	)
Basic earnings (loss) per common share	$	(0.64	)	$	(1.57	)	$	0.32	$	(1.06	)
Diluted earnings (loss) per common share	$	(0.64	)	$	(1.57	)	$	0.31	$	(1.06	)

	2013
	March 31			June 30			September 30			December 31
Collaboration revenue	$	—		$	—		$	—		$	—
Research and development expenses		2,390			4,345			11,101			15,379
General and administrative expenses		1,738			3,241			4,166			5,065

Loss from operations		(4,128	)		(7,586	)		(15,267	)		(20,444	)
Net loss attributable to common shareholders	$	(6,361	)	$	(11,863	)	$	(18,424	)	$	(20,388	)
Basic and diluted earnings per common share	$	(4.33	)	$	(8.07	)	$	(10.26	)	$	(0.65	)

Summary of Significant Accounting Policies (Detail) $ in Thousands		1 Months Ended		3 Months Ended		12 Months Ended
	May 19, 2014 USD ($)	Sep. 30, 2014 USD ($)	May 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) item
Components of collaboration revenue
Total collaboration revenue				$ 1,684	$ 39,575	$ 41,259
Number of categories for milestones \| item						3
Licensing activities
Components of collaboration revenue
Total collaboration revenue						$ 38,372
Research and development activity revenue
Components of collaboration revenue
Total collaboration revenue						2,004
API transfers
Components of collaboration revenue
Total collaboration revenue						883
Novartis Pharma AG
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront fees received			$ 200,000			200,000
Patient enrollment-based milestone revenue achieved		$ 50,000
Novartis Pharma AG \| Licensing and Commercialization Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront fees received	$ 200,000
Novartis Pharma AG \| Licensing and Commercialization Agreement \| API transfers
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Recognized revenues						900
Novartis Pharma AG \| Licensing and Commercialization Agreement \| Achievement of specified patient enrollment milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Patient enrollment-based milestone revenue achieved		$ 50,000
Recognized revenues						41,300
Novartis Pharma AG \| Licensing and Commercialization Agreement \| Achievement of specified patient enrollment milestones \| Licensing activities
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Recognized revenues						38,400
Novartis Pharma AG \| Licensing and Commercialization Agreement \| Achievement of specified patient enrollment milestones \| Research and development activity revenue
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Recognized revenues						$ 2,000

Summary of Significant Accounting Policies (Details 2)	12 Months Ended
Summary of Significant Accounting Policies (Details 2)	Dec. 31, 2014
Minimum
Property and equipment
Estimated useful lives	3 years
Maximum
Property and equipment
Estimated useful lives	10 years

Summary of Significant Accounting Policies (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of Significant Accounting Policies
Dividends paid to stockholders	$ 0
Share-Based Compensation
Share-based compensation expense	13,040,000	$ 2,871,000	$ 640,000
Research and development
Share-Based Compensation
Share-based compensation expense	7,594,000	2,062,000	412,000
General and administrative
Share-Based Compensation
Share-based compensation expense	$ 5,446,000	$ 809,000	$ 228,000

Capitalization (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 18, 2014	Sep. 30, 2013	Dec. 31, 2014
Capital structure
Net proceeds, after deducting underwriters' discounts and commissions and other offering expense			$ 55,409
Common stock
Capital structure
Issuance of common stock from offering, net (in shares)	1,900,000	8,740,000
Price of common stock issued in initial public offering (in dollars per share)		$ 22.00
Net proceeds from issuance of shares of common stock after deducting underwriters' discount and commissions and other offering expenses (in dollars)		$ 175,600
Shares issued on automatic conversion of redeemable convertible preferred stock		21,038,477
Shares of common stock offered in follow on offering	2,628,571
Offering price (in dollars per share)	$ 31.50
Shares sold by selling stockholders in follow on offering	728,571
Shares sold by selling stockholders upon full exercise by underwriters of their option to purchase additional shares	342,857
Net proceeds, after deducting underwriters' discounts and commissions and other offering expense	$ 55,400

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Basic and diluted net loss per common share calculation:
Net loss									$ (98,188)	$ (51,145)	$ (14,562)
Accretion of preferred stock dividends										(5,891)	(7,063)
Net income (loss) attributable to common stockholders	$ (35,871)	$ 10,864	$ (52,499)	$ (20,682)	$ (20,388)	$ (18,424)	$ (11,863)	$ (6,361)	$ (98,188)	$ (57,036)	$ (21,625)
Weighted average common shares outstanding - basic and diluted									33,258	9,003	1,452
Net loss per share of common stock - basic and diluted (in dollars per share)					$ (0.65)	$ (10.26)	$ (8.07)	$ (4.33)	$ (2.95)	$ (6.34)	$ (14.89)
Anti-dilutive securities
Total (in shares)									3,731	2,796	18,101
Redeemable convertible preferred stock
Anti-dilutive securities
Total (in shares)											16,663
Options outstanding
Anti-dilutive securities
Total (in shares)									3,680	2,708	1,344
Warrants
Anti-dilutive securities
Total (in shares)									14	88	94
Restricted stock units
Anti-dilutive securities
Total (in shares)									37

Cash, Cash Equivalents and Available for Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Cash, Cash Equivalents and Available for Sale Securities
Cash	$ 4,700	$ 6,800
U.S. Treasury Securities with original maturities of less than three months and money market funds invested in U.S. Treasury Securities	35,100	$ 203,800
Available for sale securities, including carrying value and estimated fair values
Unrealized loss, net of tax	100
Cost	423,859
Unrealized Loss	(113)
Fair Value
Available for sale securities, including carrying value and estimated fair values
Value	423,746
Carrying Value
Available for sale securities, including carrying value and estimated fair values
Value	423,746
U.S. Treasury securities with maturities less than one year
Available for sale securities, including carrying value and estimated fair values
Cost	423,859
Unrealized Loss	(113)
U.S. Treasury securities with maturities less than one year \| Fair Value
Available for sale securities, including carrying value and estimated fair values
Value	423,746
U.S. Treasury securities with maturities less than one year \| Carrying Value
Available for sale securities, including carrying value and estimated fair values
Value	$ 423,746

Licensing and Commercialization Agreement with Novartis Pharma AG (Details) - Novartis Pharma AG - USD ($) $ in Millions		1 Months Ended		12 Months Ended
	May 19, 2014	Sep. 30, 2014	May 31, 2014	Dec. 31, 2014
Agreement
Upfront fees received			$ 200.0	$ 200.0
Patient enrollment-based milestone revenue achieved		$ 50.0
Licensing and Commercialization Agreement
Agreement
Upfront fees received	$ 200.0
Licensing and Commercialization Agreement \| API transfers
Agreement
Recognized revenues				0.9
Licensing and Commercialization Agreement \| Achievement of specified patient enrollment milestones
Agreement
Patient enrollment-based milestone revenue achieved		$ 50.0
Recognized revenues				41.3
Licensing and Commercialization Agreement \| Achievement of specified patient enrollment milestones \| Maximum
Agreement
Aggregate amount receivable on achievement of milestone				130.0
Licensing and Commercialization Agreement \| Achievement of specified patient enrollment milestones \| Licensing activities
Agreement
Recognized revenues				38.4
Licensing and Commercialization Agreement \| Achievement of specified patient enrollment milestones \| Research and development activity revenue
Agreement
Recognized revenues				2.0
Licensing and Commercialization Agreement \| Achievement of specified regulatory approval milestones \| Maximum
Agreement
Aggregate amount receivable on achievement of milestone				300.0
Licensing and Commercialization Agreement \| Achievement of specified commercial sale milestone \| Maximum
Agreement
Aggregate amount receivable on achievement of milestone				$ 400.0

Financing Agreement with Novo A/S (Details) $ in Thousands	1 Months Ended			12 Months Ended		20 Months Ended
Financing Agreement with Novo A/S (Details) $ in Thousands	Nov. 30, 2014 USD ($)	Jan. 31, 2014 USD ($)	May 31, 2013 USD ($) tranche	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($)
Agreement
Royalty rights purchase price				$ 125,000	$ 41,667	$ 125,000
Proceeds from royalty purchase agreement				83,333	41,667
Royalty Guarantees, Commitments, Amount				125,000	$ 41,667	125,000
Novo A/S
Agreement
Proceeds from royalty purchase agreement				$ 83,300
Novo A/S \| Novo Agreement \| Fovista, Fovista-Related Products, and Other Products
Agreement
Number of tranches in financing \| tranche			3
Aggregate royalty rights			$ 125,000
Royalty rights purchase price			41,700
Proceeds from royalty purchase agreement	$ 41,700	$ 41,700	41,700			$ 125,000
Royalty Guarantees, Commitments, Amount			$ 41,700

Product and Technology Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended								12 Months Ended
	Jul. 31, 2007	Jul. 27, 2007	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010	Sep. 11, 2012	Aug. 09, 2007
Business
Research and development expense			$ 22,196	$ 17,105	$ 34,707	$ 14,377	$ 15,379	$ 11,101	$ 4,345	$ 2,390	$ 88,385	$ 33,215	$ 6,792
Divestiture Agreement \| Junior Series A Convertible Preferred Stock
Business
Preferred stock issued (in shares)		3,000,000
Share price (in dollars per share)		$ 1.00
Divestiture Agreement \| Transferor
Business
Upfront payment		$ 4,000
Supply Agreement \| Nektar
Business
Aggregate payment to supplier		$ 300
Aggregate payment														$ 21,500
Research and development expense											$ 19,800
License Agreements \| PDGF Licensed Products
Business
Expiration period of agreements											10 years
License Agreements \| C5 Licensed Product
Business
Expiration period of agreements											12 years
License Agreements \| Archemix
Business
Upfront payment	$ 1,000
License Agreements \| Archemix \| Series A-1
Business
Share price (in dollars per share)																$ 1.00
Shares issued																2,000,000
License Agreements \| Archemix \| Series B-1
Business
Share price (in dollars per share)															$ 1.00
Shares issued															500,000

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property and Equipment
Property, plant and equipment, gross	$ 1,857	$ 202
Accumulated depreciation	(302)	(175)
Property and equipment, net	1,555	27
Depreciation expense	$ 127	20	$ 31
Minimum
Property and Equipment
Useful Life	3 years
Maximum
Property and Equipment
Useful Life	10 years
Manufacturing and clinical equipment
Property and Equipment
Property, plant and equipment, gross	$ 617
Manufacturing and clinical equipment \| Minimum
Property and Equipment
Useful Life	7 years
Manufacturing and clinical equipment \| Maximum
Property and Equipment
Useful Life	10 years
Computer and other office equipment
Property and Equipment
Useful Life	5 years
Property, plant and equipment, gross	$ 292	85
Furniture and fixtures
Property and Equipment
Useful Life	7 years
Property, plant and equipment, gross	$ 591	$ 117
Leasehold improvements
Property and Equipment
Property, plant and equipment, gross	$ 357
Leasehold improvements \| Minimum
Property and Equipment
Useful Life	3 years
Leasehold improvements \| Maximum
Property and Equipment
Useful Life	5 years

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Percent of pre-tax income:
U.S. federal statutory income tax rate (as a percent)	35.00%	35.00%	35.00%
State taxes, net of federal benefit (as a percent)	6.80%
Permanent items (as a percent)	2.30%	(2.20%)	(1.00%)
Research and development credit (as a percent)		2.70%	1.00%
Change in valuation allowance (as a percent)	(66.40%)	(35.50%)	(35.00%)
Effective income tax rate (as a percent)	(22.30%)	0.00%	0.00%
Current:
Federal	$ 29,505
State	11,440
Deferred:
Federal	(23,053)
Income tax expense	17,892
Deferred tax assets (liabilities)
Deferred revenue	120,611	$ 16,667
License and technology payments	14,251	6,407
Share-based compensation	5,679	1,396
Accrued Expenses	442
Depreciation	(328)	(7)
Federal net operating loss carryforwards		30,084
State and local net operating loss carryforwards		5,026
Federal research and development credit carryforwards		2,966
State research and development credit carryforwards		1,483
Deferred income tax assets	140,655	64,022
Valuation allowance	(117,554)	$ (64,022)
Net deferred tax assets (liabilities)	23,101
Increase to valuation allowance	$ 53,600

Income Taxes (Details 2) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	May 19, 2014	Sep. 30, 2014	May 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Income taxes
Proceeds from the Novo Agreement				$ 83,333	$ 41,667
Income tax payments				40,200
Forecast \| Minimum
Income taxes
Net operating losses				91,300
Novo A/S
Income taxes
Proceeds from the Novo Agreement				83,300
Novartis Pharma AG
Income taxes
Amount received			$ 200,000	$ 200,000
Patient enrollment-based milestone revenue achieved		$ 50,000
Novartis Pharma AG \| Licensing and Commercialization Agreement
Income taxes
Amount received	$ 200,000
Novartis Pharma AG \| Achievement of specified patient enrollment milestones \| Licensing and Commercialization Agreement
Income taxes
Patient enrollment-based milestone revenue achieved		$ 50,000

Income Taxes (Details 3) $ in Millions	Dec. 31, 2014 USD ($)
Forecast \| Minimum
Carryforwards of net operating losses
Net operating losses	$ 91.3

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Future minimum rental commitments under noncancelable operating leases
2015	$ 1,562
2016	1,629
2017	1,669
2018	1,700
2019	1,499
Thereafter	239
Total	8,298
Rent expense	$ 1,000	$ 500	$ 400

Security Deposits (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Security Deposits
Security deposits required to secure the Company's performance of its obligations under the operating leases	$ 0.3	$ 0.3

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2014
Acquisition agreement \| OSI Pharmaceuticals \| PDGF Licensed Products
Commitments and contingencies
Amount to be paid on achievement of milestone		$ 12.0
License Agreements \| Archemix \| PDGF Licensed Products
Commitments and contingencies
Royalty payable		0.0
License Agreements \| Archemix \| Fovista \| Achievement of specified clinical and regulatory milestones \| Maximum
Commitments and contingencies
Amount to be paid on achievement of milestone		14.0
License Agreements \| Archemix \| Fovista \| Achievement of specified commercial milestones \| Maximum
Commitments and contingencies
Amount to be paid on achievement of milestone		3.0
License Agreements \| Archemix \| Other anti-PDGF aptamer \| Achievement of specified clinical and regulatory milestones \| Maximum
Commitments and contingencies
Amount to be paid on achievement of milestone		18.8
License Agreements \| Archemix \| Other anti-PDGF aptamer \| Achievement of specified commercial milestones \| Maximum
Commitments and contingencies
Amount to be paid on achievement of milestone		3.0
License Agreements \| Archemix \| C5 Licensed Product
Commitments and contingencies
Royalty payable		0.0
License Agreements \| Archemix \| C5 Licensed Product \| Achievement of specified commercial milestones \| Maximum
Commitments and contingencies
Amount to be paid on achievement of milestone		22.5
License Agreements \| Archemix \| C5 Licensed Product \| Achievement of specified development, clinical and regulatory milestones \| Maximum
Commitments and contingencies
Amount to be paid on achievement of milestone		57.5
Supply Agreement \| Nektar
Commitments and contingencies
Payment upon entry into Novartis Agreement	$ 19.8
Supply Agreement \| Nektar \| Achievement of specified clinical and regulatory milestones \| Maximum
Commitments and contingencies
Amount to be paid on achievement of milestone		6.5
Supply Agreement \| Nektar \| Fovista \| Achievement of specified commercial sale milestone
Commitments and contingencies
Amount to be paid on achievement of milestone		$ 3.0
Supply Agreement \| Agilent Technologies
Commitments and contingencies
Initial term of agreement		5 years
Period after notice for termination of agreement		12 months

Stock Option and Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Jan. 01, 2015	Jan. 01, 2014	Aug. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock Option and Compensation Plans
Share-based compensation expense				$ 13,040	$ 2,871	$ 640
2007 Plan
Stock Option and Compensation Plans
Number of shares of common stock available for issuance under the Plan			739,317
2013 Plan
Stock Option and Compensation Plans
Increase in number of shares authorized under the Plan	1,360,000	1,257,000
Number of shares of common stock available for issuance under the Plan							479,000
Annual increase in shares reserved for issuance under the Plan			2,542,372
Annual increase in shares reserved for issuance under the Plan (as a percent)			4.00%
2013 Plan \| Maximum
Stock Option and Compensation Plans
Number of shares reserved for issuance under the Plan			3,359,641
Options outstanding
Stock Option and Compensation Plans
Awards outstanding (in shares)	3,680,000	2,708,000		2,708,000	1,344,000	1,113,000	3,680,000	2,708,000	1,344,000
Common Stock Options
Outstanding at beginning of year: (in shares)	3,680,000	2,708,000		2,708,000	1,344,000	1,113,000
Granted (in shares)				1,744,000	1,583,000	250,000
Exercised (in shares)				(621,000)	(151,000)	(19,000)
Expired or forfeited (in shares)				(151,000)	(68,000)
Outstanding at end of year: (in shares)				3,680,000	2,708,000	1,344,000
Weighted Average Exercise Price
Outstanding at beginning of year: (in dollars per share)	$ 21.03	$ 9.41		$ 9.41	$ 1.65	$ 1.30
Granted (in dollars per share)				33.92	14.82	3.12
Exercised (in dollars per share)				4.75	0.61	0.12
Expired or forfeited (in dollars per share)				28.50	1.53
Outstanding at end of year: (in dollars per share)				21.03	9.41	1.65
Additional disclosures
Options exercisable at end of year (in shares)							993,000	984,000	823,000
Weighted average grant date fair value (per share) of options granted during the period (in dollars per share)				$ 24.41	$ 10.48	$ 1.65

Stock Option and Compensation Plans (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
$20.01-$30.00
Options Outstanding
Total Options Outstanding (in shares)	179
Weighted Average Remaining Life	8 years 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 25.64
Options Exercisable
Number Exercisable (in shares)	46
Weighted Average Exercise Price (in dollars per share)	$ 25.43
$30.01-$43.90
Range of Exercise Prices
Exercise prices, low end of range (in dollars per share)	30.00
Exercise prices, high end of range (in dollars per share)	$ 43.90
Options outstanding
Options Outstanding
Total Options Outstanding (in shares)	3,680
Weighted Average Remaining Life	21 years 11 days
Aggregate Intrinsic Value	$ 87,728
Cash proceeds from, and the aggregate intrinsic value of, stock options exercised
Cash proceeds from options exercised	2,949	$ 94	$ 2
Aggregate intrinsic value of options exercised	$ 21,646	$ 4,545	$ 28
Options Exercisable
Number Exercisable (in shares)	993
Weighted Average Exercise Price (in dollars per share)	$ 7.65
Aggregate Intrinsic Value	$ 36,965
Options outstanding \| $0.12-$10.03
Range of Exercise Prices
Exercise prices, low end of range (in dollars per share)	$ 0.12
Exercise prices, high end of range (in dollars per share)	$ 10.03
Options Outstanding
Total Options Outstanding (in shares)	1,243
Weighted Average Remaining Life	7 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 5.67
Options Exercisable
Number Exercisable (in shares)	761
Weighted Average Exercise Price (in dollars per share)	$ 3.66
Options outstanding \| $10.04-$20.00
Range of Exercise Prices
Exercise prices, low end of range (in dollars per share)	10.04
Exercise prices, high end of range (in dollars per share)	$ 20.00
Options Outstanding
Total Options Outstanding (in shares)	534
Weighted Average Remaining Life	8 years 6 months
Weighted Average Exercise Price (in dollars per share)	$ 13.38
Options Exercisable
Number Exercisable (in shares)	132
Weighted Average Exercise Price (in dollars per share)	$ 13.39
Options outstanding \| $20.01-$30.00
Range of Exercise Prices
Exercise prices, low end of range (in dollars per share)	20.01
Exercise prices, high end of range (in dollars per share)	$ 30.00
Options outstanding \| $30.01-$43.90
Options Outstanding
Total Options Outstanding (in shares)	1,724
Weighted Average Remaining Life	9 years 2 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 34.00
Options Exercisable
Number Exercisable (in shares)	54
Weighted Average Exercise Price (in dollars per share)	$ 34.79

Stock Option and Compensation Plans (Details 3) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 03, 2014	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock Option and Compensation Plans
Share-based compensation expense			$ 13,040	$ 2,871	$ 640
Stock options
Stock Option and Compensation Plans
Share-based compensation expense			11,300	2,200	500
Unrecognized share-based compensation costs, net of estimated forfeitures			$ 37,800
Expected weighted average period to recognize share-based compensation costs			3 years 1 month 6 days
Non-employee Options \| Consultants
Stock Option and Compensation Plans
Share-based compensation expense			$ 1,400	$ 700	$ 100
Unrecognized share-based compensation costs, net of estimated forfeitures			$ 4,100
Expected weighted average period to recognize share-based compensation costs			2 years 10 months 24 days
Unvested restricted stock
Stock Option and Compensation Plans
Units outstanding			37,000
Unvested restricted stock \| Employees
Stock Option and Compensation Plans
Share-based compensation expense			$ 300
Unrecognized share-based compensation costs, net of estimated forfeitures			$ 900
Expected weighted average period to recognize share-based compensation costs			2 years 4 months 24 days
Options outstanding
Stock Option and Compensation Plans
Granted (in shares)			1,744,000	1,583,000	250,000
Granted (in dollars per share)			$ 33.92	$ 14.82	$ 3.12
Options outstanding \| New Executive
Stock Option and Compensation Plans
Granted (in shares)	150,000	200,000
Granted (in dollars per share)	$ 38.41	$ 38.93

Employee Benefit Plan - (Details) $ in Millions	12 Months Ended
Employee Benefit Plan - (Details) $ in Millions	Dec. 31, 2014 USD ($)
Employee Benefit Plan
Defined Contribution Plan, Cost Recognized	$ 0.2

Fair Value Measurements (Details) - Recurring basis - Quoted prices in active markets for identical assets (Level 1) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Money Market Funds
Fair Value Measurements
Investments in U.S. Treasury money market funds and U.S. Treasury securities with maturities less than three months		$ 203,828
U.S. Treasury money market funds
Fair Value Measurements
Investments in U.S. Treasury money market funds and U.S. Treasury securities with maturities less than three months	$ 35,111
U.S. Treasury securities with maturities less than one year
Fair Value Measurements
Investments in U.S. Treasury securities	$ 423,746

Selected Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Selected Quarterly Financial Information (unaudited)
Collaboration revenue	$ 1,684	$ 39,575							$ 41,259
Research and development	22,196	17,105	$ 34,707	$ 14,377	$ 15,379	$ 11,101	$ 4,345	$ 2,390	88,385	$ 33,215	$ 6,792
General and administrative	10,656	8,812	7,570	6,349	5,065	4,166	3,241	1,738	33,387	14,210	6,889
Income (loss) from operations	(31,168)	13,658	(42,277)	(20,726)	(20,444)	(15,267)	(7,586)	(4,128)	(80,513)	(47,425)	(13,681)
Net loss attributable to common stockholders	$ (35,871)	$ 10,864	$ (52,499)	$ (20,682)	$ (20,388)	$ (18,424)	$ (11,863)	$ (6,361)	$ (98,188)	$ (57,036)	$ (21,625)
Basic earnings (loss) per common share	$ (1.06)	$ 0.32	$ (1.57)	$ (0.64)
Diluted earnings (loss) per common share	$ (1.06)	$ 0.31	$ (1.57)	$ (0.64)
Basic and diluted earnings per common share (in dollars per share)					$ (0.65)	$ (10.26)	$ (8.07)	$ (4.33)	$ (2.95)	$ (6.34)	$ (14.89)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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