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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Current Reporting Status	Yes
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015
Entity Registrant Name	AGENUS INC
Entity Central Index Key	0001098972
Trading Symbol	AGEN
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		86,516,484
Entity Public Float			$ 571.0
Entity Voluntary Filers	No

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 136,702,873	$ 25,714,519
Short-term investments	34,964,730	14,509,570
Inventories	88,200	95,700
Accounts Receivable	9,800,342	463,007
Prepaid expenses	1,956,941	1,247,548
Other current assets	582,280	639,957
Total current assets	184,095,366	42,670,301
Property, plant and equipment, net of accumulated amortization and depreciation of $29,488,793 and $28,369,982 at December 31, 2015 and 2014, respectively	15,310,623	5,996,687
Goodwill	22,792,778	17,869,023
Acquired intangible assets, net of accumulated amortization of $987,394 and $462,248 at December 31, 2015 and 2014, respectively	18,759,662	6,773,722
Other long-term assets	1,270,055	1,216,795
Total assets	242,228,484	74,526,528
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion, long-term debt	146,061	1,257,178
Current portion, deferred revenue	3,829,371	184,421
Accounts payable	4,488,561	1,710,946
Accrued liabilities	14,165,816	5,501,527
Other current liabilities	6,304,281	575,351
Total current liabilities	28,934,090	9,229,423
Long-term debt	114,326,489	4,769,359
Deferred revenue	15,065,754	3,009,568
Contingent royalty obligation		15,279,000
Contingent purchase price consideration	5,608,000	16,420,300
Other long-term liabilities	7,566,601	2,800,491
Commitments and contingencies (Notes 15 and 18)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; 140,000,000 shares authorized; 86,390,697 shares and 62,720,065 shares issued at December 31, 2015 and 2014, respectively	863,907	627,201
Additional paid-in capital	851,103,934	715,667,633
Accumulated other comprehensive loss	(2,053,143)	(1,970,420)
Accumulated deficit	(779,187,464)	(691,306,343)
Total stockholders’ equity	70,727,550	23,018,387
Total liabilities and stockholders’ equity	242,228,484	74,526,528
Series A-1 convertible preferred stock [Member]
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized: Series A-1 convertible preferred stock; 31,620 shares designated, issued, and outstanding at December 31, 2015 and 2014; liquidation value of $32,215,432 at December 31, 2015	316	316
Total stockholders’ equity	$ 316	$ 316

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Property plant and equipment, accumulated amortization and depreciation	$ 29,488,793	$ 28,369,982
Acquired intangible assets, accumulated amortization	$ 987,394	$ 462,248
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	140,000,000	140,000,000
Common stock, shares issued	86,390,697	62,720,065
Series A-1 convertible preferred stock [Member]
Series A-1 convertible preferred stock, shares designated	31,620	31,620
Series A-1 convertible preferred stock, shares issued	31,620	31,620
Series A-1 convertible preferred stock, shares outstanding	31,620	31,620
Series A-1 convertible preferred stock, liquidation value	$ 32,215,432

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Grant revenue	$ 24,118	$ 504,228
Service revenue			$ 1,417,864
Research and development	24,792,907	6,473,227	1,627,343
Total revenues	24,817,025	6,977,455	3,045,207
Operating expenses:
Cost of service revenue			(536,118)
Research and development	(70,444,259)	(22,349,327)	(13,005,366)
General and administrative	(28,370,001)	(21,249,710)	(14,483,835)
Contingent purchase price consideration fair value adjustment	(6,703,700)	(6,699,300)
Operating loss	(80,700,936)	(43,320,882)	(24,980,112)
Other (expense) income:
Non-operating (expense) income	(5,968,170)	2,096,334	(2,672,759)
Interest expense, net	(6,599,083)	(1,261,626)	(2,419,798)
Loss before taxes	(93,268,188)	(42,486,174)	(30,072,669)
Income tax benefit	5,387,067	0	0
Net loss	(87,881,121)	(42,486,174)	(30,072,669)
Dividends on Series A-1 convertible preferred stock	(202,960)	(203,832)	(3,159,782)
Net loss attributable to common stockholders	$ (88,084,081)	$ (42,690,006)	$ (33,232,451)
Per common share data:
Basic and diluted net loss attributable to common stockholders	$ (1.13)	$ (0.71)	$ (1.12)
Weighted average number of common shares outstanding:
Basic and diluted	78,212,094	59,753,552	29,765,547
Other comprehensive income (loss):
Foreign currency translation gain (loss)	$ 164,150	$ (1,778,184)
Unrealized (loss) gain on investments	(1,690)	1,764
Pension liability	(245,183)	(194,000)
Other comprehensive loss	(82,723)	(1,970,420)
Comprehensive loss	$ (88,166,804)	$ (44,660,426)	$ (33,232,451)

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	Total	4-antibody acquisition [Member]	SECANT Yeast Display Acquisition [Member]	PhosImmune Inc. [Member]	Antibody Manufacturing Facility Acquisition [Member]	Common Stock [Member]	Common Stock [Member] 4-antibody acquisition [Member]	Common Stock [Member] SECANT Yeast Display Acquisition [Member]	Common Stock [Member] PhosImmune Inc. [Member]	Common Stock [Member] Antibody Manufacturing Facility Acquisition [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] 4-antibody acquisition [Member]	Additional Paid-in Capital [Member] SECANT Yeast Display Acquisition [Member]	Additional Paid-in Capital [Member] PhosImmune Inc. [Member]	Additional Paid-in Capital [Member] Antibody Manufacturing Facility Acquisition [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]	Chief Executive Officer [Member]	Chief Executive Officer [Member] Common Stock [Member]	Chief Executive Officer [Member] Additional Paid-in Capital [Member]	Series A convertible preferred stock [Member]	Series A-1 convertible preferred stock [Member]	Series B2 convertible preferred stock [Member]
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2012	$ (17,600,157)					$ 246,451					$ 595,917,080					$ (324,792)		$ (619,019,367)	$ 5,580,124				$ 316		$ 31
Balance, shares at Dec. 31, 2012						24,645,112										43,490							31,620		3,105
Net loss	(30,072,669)																	(30,072,669)
Shares sold at the market, shares						4,831,132
Shares sold at the market, value	16,990,316					$ 48,312					16,942,004
Common stock issued to preferred shareholder, shares						666,666																	(31,620)	31,620
Common stock issued to preferred shareholder						$ 6,667					(6,667)												$ (316)	$ 316
Extinguishment of debt, shares						2,500,000
Extinguishment of debt	12,416,689					$ 25,000					17,971,813								$ (5,580,124)
Shares issued in private placements, shares \| Registered direct offering [Member]						3,333,333
Shares issued in private placements, value \| Registered direct offering [Member]	9,472,494					$ 33,333					9,439,161
Share-based compensation	4,054,561										4,054,561
Reclassification of liability classified option grants	(4,347)										(4,347)
Vesting of nonvested shares, shares						339,800
Vesting of nonvested shares, value						$ 3,398					(3,398)
Shares issued for compensation, shares																					43,887
Shares issued for compensation, value																				$ 158,400	$ 439	$ 157,961
Exercise of stock options, shares						4,503
Exercise of stock options, value	15,130					$ 45					15,085
Employee share purchases, shares						26,758
Employee share purchases, value	88,880					$ 267					88,613
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2013	(4,480,703)					$ 363,912					644,571,866					$ (324,792)		(649,092,036)						$ 316	$ 31
Balance, shares at Dec. 31, 2013						36,391,191										43,490								31,620	3,105
Net loss	(42,486,174)																	(42,486,174)
Other comprehensive loss	(1,970,420)																$ (1,970,420)
Shares sold at the market, shares						215,489
Shares sold at the market, value	600,659					$ 2,155					598,504
Shares issued in private placements, shares \| Registered direct offering [Member]						22,236,000
Shares issued in private placements, value \| Registered direct offering [Member]	56,191,593					$ 222,360					55,969,233
Share-based compensation	4,604,713										4,604,713
Reclassification of liability classified option grants	(487,227)										(487,227)
Vesting of nonvested shares, shares						48,239
Vesting of nonvested shares, value						$ 483					(483)
Issuance of stock for acquisition, value		$ 10,102,259					$ 33,341					$ 10,068,918
Issuance of stock for acquisition, share							3,334,079
Shares issued for compensation, shares																					25,989
Shares issued for compensation, value																				$ 79,200	$ 260	$ 78,940
Shares issued for acquisition liability, value	119,774					$ 351					119,423
Shares issued for acquisition liability, shares						35,124
Retirement of treasury shares, share						(43,490)										(43,490)
Retirement of treasury shares, value						$ (435)					(596,224)					$ 324,792		271,867
Stock Repurchased and Retired During Period, Value											31														$ (31)
Series B2 convertible preferred stock cancelled and extinguished																									$ (3,105)
Shares issued to repurchase convertible senior notes, value	953,765					$ 3,830					949,935
Shares issued to repurchase convertible senior notes, shares						383,038
Exercise of stock options, shares						48,381
Exercise of stock options, value	145,314					$ 484					144,830
Employee share purchases, shares						46,025
Employee share purchases, value	106,597					$ 460					106,137
Dividends on series A convertible preferred stock	(460,963)										(460,963)
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2014	23,018,387					$ 627,201					715,667,633						(1,970,420)	(691,306,343)						$ 316
Balance, shares at Dec. 31, 2014						62,720,065																		31,620
Net loss	(87,881,121)																	(87,881,121)
Other comprehensive loss	(82,723)																(82,723)
Shares sold at the market, shares						12,650,000
Shares sold at the market, value	74,669,980					$ 126,500					74,543,480
Share-based compensation	8,098,650										8,098,650
Reclassification of liability classified option grants	(495,742)										(495,742)
Vesting of nonvested shares, shares						35,332
Vesting of nonvested shares, value						$ 353					(353)
Issuance of stock for acquisition, value			$ 3,000,000	$ 7,400,000	$ 500,000			$ 5,741	$ 16,315	$ 1,092			$ 2,994,259	$ 7,383,685	$ 498,908
Issuance of stock for acquisition, share								574,140	1,631,521	109,211
Shares sold under Stock Purchase Agreement, shares						7,763,968
Shares sold under Stock Purchase Agreement, values	35,000,001					$ 77,640					34,922,361
Issuance of shares related to milestone achievement, shares						80,493
Issuance of shares related to milestone achievement, values	344,541					$ 805					343,736
Issuance of warrants	3,038,438										3,038,438
Issuance of stock for settlement of contingent royalty obligation, shares						300,000
Issuance of stock for settlement of contingent royalty obligation value	$ 2,142,000					$ 3,000					2,139,000
Exercise of stock options, shares	462,428					462,428
Exercise of stock options, value	$ 1,766,861					$ 4,624					1,762,237
Employee share purchases, shares						63,539
Employee share purchases, value	208,278					$ 636					207,642
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2015	$ 70,727,550					$ 863,907					$ 851,103,934						$ (2,053,143)	$ (779,187,464)						$ 316
Balance, shares at Dec. 31, 2015						86,390,697																		31,620

Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Dec. 31, 2014 $ / shares
Series A convertible preferred stock [Member]
Dividends on series A convertible preferred stock, per share	$ 14.58

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (87,881,121)	$ (42,486,174)	$ (30,072,669)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,957,591	1,583,960	586,343
Share-based compensation	7,438,308	4,672,256	4,127,786
Non-cash interest expense	5,626,918	619,846	1,820,787
Loss on disposal of assets		4,583	59,110
Change in fair value of contingent obligations	13,567,000	3,579,159
In-process research and development purchase	12,245,231
Loss on extinguishment of debt	154,117		3,322,657
Bargain purchase	(1,522,377)
Deferred tax benefit	(5,387,067)
Gain on sale of investment			(355,500)
Change in fair value of assumed convertible notes		(201,092)
Change in fair value of derivative liability			(291,517)
Changes in operating assets and liabilities:
Accounts receivable	(9,331,622)	1,200	551,134
Inventories	7,500	(95,700)	16,022
Prepaid expenses	(703,424)	(254,045)	(112,505)
Accounts payable	2,668,064	(45,902)	189,638
Deferred revenue	15,957,820	(3,610,811)	(1,474,171)
Accrued liabilities and other current liabilities	9,565,639	(1,316,169)	1,916,467
Other operating assets and liabilities	(11,538,019)	(685,696)	183,473
Net cash used in operating activities	(47,175,441)	(38,234,585)	(19,532,945)
Cash flows from investing activities:
Cash paid for acquisitions	(7,182,069)
Cash acquired in acquisition		514,470
Purchases of plant and equipment	(3,591,335)	(2,819,764)	(813,520)
Purchases of available-for-sale securities	(34,993,100)	(14,507,806)
Proceeds from sale of available-for-sale securities	14,534,486	0	450,000
Net cash used in investing activities	(31,232,018)	(16,813,100)	(363,520)
Cash flows from financing activities:
Net proceeds from sale of equity	109,669,980	56,792,252	26,462,810
Proceeds from employee stock purchases and option exercises	1,975,139	251,911	104,010
Financing of plant and equipment		(39,156)	(53,297)
Proceeds from issuance of long-term debt	109,000,000		10,000,000
Debt issuance costs	(1,774,323)		(177,802)
Payments of debt	(1,111,111)	(3,333,334)	(555,556)
Payment of contingent purchase price consideration	(8,180,000)
Payment of preferred stock dividends		(460,963)
Payment of contingent royalty obligation	(20,000,000)	(400,000)
Payments of convertible notes			(10,000,000)
Net cash provided by financing activities	189,579,685	52,810,710	25,780,165
Effect of exchange rate changes on cash	(183,873)	599,525
Net increase in cash and cash equivalents	110,988,354	(1,637,450)	5,883,700
Cash and cash equivalents, beginning of period	25,714,519	27,351,969	21,468,269
Cash and cash equivalents, end of period	136,702,873	25,714,519	27,351,969
Supplemental cash flow information:
Cash paid for interest	1,053,447	675,391	579,650
Supplemental disclosures - non-cash activities:
Purchases of plant and equipment in accounts payable and accrued liabilities	105,245
Contingent purchase price consideration		9,721,000
Deemed dividend on series A convertible preferred stock			2,906,664
Issuance of common stock, $0.01 par value, as payment of long-term debt including accrued and unpaid interest		953,765	11,275,000
Contingent royalty obligation			19,090,658
Elimination of non-controlling interest			$ 5,580,124
Contingent royalty consideration [Member]
Supplemental disclosures - non-cash activities:
Issuance of common stock	2,142,000
Contingent purchase price obligation [Member]
Supplemental disclosures - non-cash activities:
Issuance of common stock	344,541
PhosImmune Inc. [Member]
Supplemental disclosures - non-cash activities:
Issuance of common stock	7,400,000
Contingent purchase price consideration	2,484,000
Antibody Manufacturing Facility Acquisition [Member]
Supplemental disclosures - non-cash activities:
Issuance of common stock	500,000
SECANT Yeast Display technology [Member]
Supplemental disclosures - non-cash activities:
Issuance of common stock	$ 3,000,000
4-antibody acquisition [Member]
Supplemental disclosures - non-cash activities:
Issuance of common stock		$ 10,102,259

Consolidated Statements of Cash Flows (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Common stock, par value	$ 0.01	$ 0.01
Contingent royalty consideration [Member]
Common stock, par value	0.01
Contingent purchase price obligation [Member]
Common stock, par value	0.01
PhosImmune Inc. [Member]
Common stock, par value	0.01
Antibody Manufacturing Facility Acquisition [Member]
Common stock, par value	0.01
SECANT Yeast Display technology [Member]
Common stock, par value	$ 0.01
4-antibody acquisition [Member]
Common stock, par value		$ 0.01

Description of Business

12 Months Ended

Dec. 31, 2015

Description Of Business [Abstract]

Description of Business

(1) Description of Business

Agenus Inc. (including its subsidiaries, collectively referred to as “Agenus,” the “Company,” “we,” “us,” and “our”) is an immuno-oncology company focused on the discovery and development of revolutionary new treatments that engage the body’s immune system to benefit patients suffering from cancer. We are developing a comprehensive immuno-oncology portfolio driven by the following platforms and programs, which we intend to utilize individually and in combination:

our antibody discovery platforms, including our Retrocyte Display™, SECANT^® yeast display, and phage display technologies designed to produce quality human antibodies;

our antibody candidate programs, including our checkpoint modulator, or CPM, programs;

our vaccine programs, including Prophage^™ and AutoSynVax^™; and

our saponin-based vaccine adjuvants, principally our QS-21 Stimulon^® adjuvant, or QS-21 Stimulon.

We have a portfolio of programs in pre-clinical and clinical stages, including a series of CPMs in early stage development and investigational new drug (IND)-enabling studies, our Prophage vaccine, a Phase 3 ready Heat Shock Protein (HSP)-based autologous vaccine for a form of brain cancer and a number of advanced QS-21 Stimulon-containing vaccine candidates in late stage development by our licensee.

Our core technologies include our antibody discovery platforms that are designed to effectively discover and produce quality human antibodies against antigens of interest. We and our partners currently have pre-clinical and clinical programs targeting GITR, OX40, CTLA-4, LAG-3, TIM-3, PD-1, CEACAM1 and other undisclosed targets. We have completed the following Phase 2 trials for HSP-based vaccines for cancer and infectious disease: (1) Prophage autologous HSP-based vaccine in newly diagnosed glioblastoma multiforme (GBM) and (2) HerpV recombinant HSP70-synthetic peptide vaccine for the treatment of herpes simplex virus 2 (HSV2) infection. Our QS-21 Stimulon adjuvant platform is extensively partnered with GlaxoSmithKline (GSK).

Our business activities have included product research and development, intellectual property prosecution, manufacturing, regulatory and clinical affairs, corporate finance and development activities, and support of our collaborations. Our product candidates require clinical trials and approvals from regulatory agencies, as well as acceptance in the marketplace. Part of our strategy is to develop and commercialize some of our product candidates by continuing our existing arrangements with academic and corporate collaborators and licensees and by entering into new collaborations.

We have incurred significant losses since our inception. As of December 31, 2015, we had an accumulated deficit of $779.2 million. Since our inception, we have financed our operations primarily through the sale of equity and convertible and other notes, and interest income earned on cash, cash equivalents, and short-term investment balances. We believe that, based on our current plans and activities, our cash, cash equivalents and short-term investments balance of $171.7 million as of December 31, 2015 will be sufficient to satisfy our liquidity requirements through the first half of 2017. We continue to monitor the likelihood of success of our key initiatives and are prepared to discontinue funding of such activities if they do not prove to be feasible, restrict capital expenditures and/or reduce the scale of our operations.

Research and development program costs include compensation and other direct costs plus an allocation of indirect costs, based on certain assumptions, and our review of the status of each program. Our product candidates are in various stages of development and significant additional expenditures will be required if we start new trials, encounter delays in our programs, apply for regulatory approvals, continue development of our technologies, expand our operations, and/or bring our product candidates to market. The eventual total cost of each clinical trial is dependent on a number of factors such as trial design, length of the trial, number of clinical sites, and number of patients. The process of obtaining and maintaining regulatory approvals for new therapeutic products is lengthy, expensive, and uncertain. Because our CPM antibody programs are pre-clinical and because further development of our Prophage vaccines are dependent on successful partnering or funding efforts, among other factors, we are unable to reliably estimate the cost of completing research and development programs, the timing of bringing such programs to various markets, or substantial partnering or out-licensing arrangements, and, therefore, are unable to determine when, if ever, material cash inflows from operating activities are likely to commence. We will continue to adjust our spending as needed in order to preserve liquidity.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Basis of Presentation and Principles of Consolidation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Agenus and our wholly-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

(b) Segment Information

We are managed and operated as one business segment. The entire business is managed by a single executive operating committee that reports to the chief executive officer. We do not operate separate lines of business with respect to any of our product candidates or geographic locations. Accordingly, we do not prepare discrete financial information with respect to separate product areas or by location and do not have separately reportable segments as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, Segment Reporting.

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base those estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

(d) Cash and Cash Equivalents

We consider all highly liquid investments purchased with maturities at acquisition of three months or less to be cash equivalents. Cash equivalents consist primarily of money market funds and U.S. Treasury Bills.

(e) Investments

We classify investments in marketable securities at the time of purchase. At December 31, 2015, all marketable securities are classified as available for sale and as such, the investments are recorded at fair value. Gains and losses on the sale of marketable securities are recognized in operations based on the specific identification method. At December 31, 2015, our investments consisted of institutional money market funds and U.S. Treasury Bills.

(f) Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk are primarily cash equivalents, investments, and accounts receivable. We invest our cash, cash equivalents and short-term investments in accordance with our investment policy, which specifies high credit quality standards and limits the amount of credit exposure from any single issue, issuer, or type of investment. We carry balances in excess of federally insured levels, however, we have not experienced any losses to date from this practice.

(g) Inventories

Inventories are stated at the lower of cost or market. Cost has been determined using standard costs that approximate the first-in, first-out method. Inventory as of December 31, 2015 consisted solely of finished goods.

(h) Accounts Receivable

Accounts receivable are primarily amounts due from our collaboration partner as a result of research and development services provided and reimbursements under co-funded research and development programs. We considered the need for an allowance for doubtful accounts and have concluded that no allowance was needed as of December 31, 2015 and 2014, as the estimated risk of loss on our accounts receivable was determined to be minimal.

(i) Property, Plant and Equipment

Property, plant and equipment, including software developed for internal use, are carried at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Amortization of leasehold improvements is computed over the shorter of the lease term or estimated useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. Amortization and depreciation of plant and equipment was $1.4 million, $1.1 million, and $586,000, for the years ended December 31, 2015, 2014, and 2013, respectively.

(j) Fair Value of Financial Instruments

The estimated fair values of all of our financial instruments, excluding debt, approximate their carrying amounts in the consolidated balance sheets. The fair value of our outstanding debt is based on a present value methodology. The outstanding principal amount of our debt, including the current portion, was $114.1 million and $6.3 million at December 31, 2015 and 2014, respectively.

(k) Revenue Recognition

Revenue for services under research and development contracts are recognized as the services are performed, or as clinical trial materials are provided. Non-refundable milestone payments that represent the completion of a separate earnings process are recognized as revenue when earned. License fees and royalties are recognized as they are earned. Grant revenue is recognized when the related expense is recorded. Revenue recognized from collaborative agreements is based upon the provisions of ASC 605-25, Revenue Recognition – Multiple-Element Arrangements, as amended by Accounting Standards Update (“ASU”) 2009-13. For the year ended December 31, 2015, 95% of our revenue was earned from one collaboration partner. For the years ended December 31, 2014, and 2013, 48%, and 44%, respectively, of our revenue was earned from one research partner. In addition 47%, of our revenue for the year ended December 31, 2013, was earned from one service customer. The revenues from the service customer did not continue past 2013.

(l) Foreign Currency Transactions

Gains and losses from our foreign currency based accounts and transactions, such as those resulting from the translation and settlement of receivables and payables denominated in foreign currencies, are included in the consolidated statements of operations within other (expense) income. We do not currently use derivative financial instruments to manage the risks associated with foreign currency fluctuations. We recorded foreign currency losses of $866,000, $773,000, and $9,000, for the years ended December 31, 2015, 2014, and 2013, respectively.

(m) Research and Development

Research and development expenses include the costs associated with our internal research and development activities, including salaries and benefits, share-based compensation, occupancy costs, clinical manufacturing costs, related administrative costs, and research and development conducted for us by outside advisors, such as sponsored university-based research partners and clinical study partners. We account for our clinical study costs by estimating the total cost to treat a patient in each clinical trial and recognizing this cost based on estimates of when the patient receives treatment, beginning when the patient enrolls in the trial. Research and development expenses also include the cost of clinical trial materials shipped to our research partners. Research and development costs are expensed as incurred.

(n) Share-Based Compensation

We account for share-based compensation in accordance with the provisions of ASC 718, Compensation—Stock Compensation and ASC 505-50, Equity-Based Payments to Non-Employees. Share-based compensation expense is recognized based on the estimated grant date fair value, and is recognized net of an estimated forfeiture rate such that we recognize compensation cost for those shares expected to vest. Compensation cost is recognized on a straight-line basis over the requisite service period of the award. The non-cash charge to operations for non-employee awards with vesting or other performance criteria is affected each reporting period by changes in the fair value of our common stock. Under the provisions of ASC 505-50, the change in fair value of vested options issued to non-employees is reflected in the statement of operations each reporting period, until the options are exercised or expire. See Note 11 for a further discussion on share-based compensation.

(o) Income Taxes

Income taxes are accounted for under the asset and liability method with deferred tax assets and liabilities recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which such items are expected to be reversed or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statement of operations in the period that includes the enactment date. Deferred tax assets are recognized when they are more likely than not expected to be realized.

(p) Net Loss Per Share

Basic income and loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our Directors’ Deferred Compensation Plan). Diluted income per common share is calculated by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our Directors’ Deferred Compensation Plan) plus the dilutive effect of outstanding instruments such as warrants, stock options, nonvested shares, convertible preferred stock, and convertible notes. Because we reported a net loss attributable to common stockholders for all periods presented, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. Therefore, the following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as of December 31, 2015, 2014, and 2013, as they would be anti-dilutive:

	Year Ended
	2015		2014		2013
Warrants		4,351,450		2,951,450		3,280,396
Stock options		8,345,835		6,525,724		4,163,100
Nonvested shares		1,730,604		78,828		147,274
Convertible preferred stock		333,333		333,333		333,333

(q) Goodwill

Goodwill represents the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized, but instead tested for impairment at least annually. Annually we assess whether there is an indication that goodwill is impaired, or more frequently if events and circumstances indicate that the asset might be impaired during the year. We perform our annual impairment test as of October 31 of each year. The first step of our impairment analysis compares our fair value to our net book value to determine if there is an indicator of impairment. We operate as a single operating segment and single reporting unit and our fair value is based on our quoted market price of our common stock to derive the market capitalization as of the date of the impairment test. ASC 350, Intangibles, Goodwill and Other states that if the carrying value of the reporting unit is negative, the second step of the impairment test shall be performed to measure the amount of impairment loss, if any, if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. No goodwill impairment has been recognized for the periods presented.

(r) In-process Research and Development

Acquired in-process research and development (“IPR&D”) represents the fair value assigned to research and development assets that have not reached technological feasibility. The value assigned to acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. The revenue and costs projections used to value acquired IPR&D are, as applicable, reduced based on the probability of success of developing a new drug. Additionally, the projections consider the relevant market sizes and growth factors, expected trends in technology, and the nature and expected timing of new product introductions by us and our competitors. The rates utilized to discount the net cash flows to their present value are commensurate with the stage of development of the projects and uncertainties in the economic estimates used in the projections. Upon the acquisition of IPR&D, we complete an assessment of whether our acquisition constitutes the purchase of a single asset or a group of assets. We consider multiple factors in this assessment, including the nature of the technology acquired, the presence or absence of separate cash flows, the development process and stage of completion, quantitative significance and our rationale for entering into the transaction.

If we acquire an asset or group of assets that do not meet the definition of a business under applicable accounting standards, then the acquired IPR&D is expensed on its acquisition date. Future costs to develop these assets are recorded to research and development expense as they are incurred.

We review amounts capitalized as acquired IPR&D for impairment at least annually, as of October 31, and whenever events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. When performing our impairment assessment, we have the option to first assess qualitative factors to determine whether it is necessary to recalculate the fair value of our acquired IPR&D. If we elect this option and believe, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of our acquired IPR&D is less than its carrying amount, we calculate the fair value using the same methodology as described above. If the carrying value of our acquired IPR&D exceeds its fair value, then the intangible asset is written-down to its fair value. Alternatively, we may elect to not first assess qualitative factors and immediately recalculate the fair value of our acquired IPR&D. No IPR&D impairments were recognized for the years presented.

(s) Accounting for Asset Retirement Obligations

We record the fair value of an asset retirement obligation as a liability in the period in which we incur a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the assets. A legal obligation is a liability that a party is required to settle as a result of an existing or enacted law, statute, ordinance, or contract. We are also required to record a corresponding asset that is depreciated over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation will be adjusted at the end of each period to reflect the passage of time (accretion) and changes in the estimated future cash flows underlying the obligation. Changes in the liability due to accretion are charged to the consolidated statement of operations, whereas changes due to the timing or amount of cash flows are an adjustment to the carrying amount of the related asset. Our asset retirement obligations primarily relate to the expiration of our facility lease and anticipated costs to be incurred based on our lease terms.

(t) Long-lived Assets

If required based on certain events and circumstances, recoverability of assets to be held and used, other than goodwill and intangible assets not being amortized, is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Authoritative guidance requires companies to separately report discontinued operations and extends that reporting to a component of an entity that either has been disposed of (by sale, abandonment, or in a distribution to owners) or is classified as held for sale. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

(u) Recent Accounting Pronouncements

In May 2014, the FASB ASU No. 2014-09, Revenue from Contracts with Customers, ("ASU 2014-09"). ASU 2014-09 amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. This new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. We are currently evaluating the potential impact that ASU 2014-09 may have on our financial position and results of operations.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, ("ASU 2014-15"). ASU 2014-15 describes how an entity should assess its ability to meet obligations and sets rules for how this information should be disclosed in the financial statements. The standard provides accounting that will be used along with existing auditing standards. ASU 2014-15 applies to all entities and is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. We are currently evaluating the potential impact that ASU 2014-15 may have on our consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs, as this new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. This guidance is effective for annual reporting beginning after December 15, 2015, including interim periods within the year of adoption, and calls for retrospective application, with early application permitted. We adopted ASU 2015-03 with the interim period ended September 30, 2015. During the quarter ended September 30, 2015, in connection with the execution of the Note Purchase Agreement as described in Note 16, the Company incurred approximately $1.5 million in debt issuance costs that are classified as a reduction to long-term debt in our consolidated balance sheet. No debt issuance costs required retrospective application as the result of the adoption of ASU 2015-03. The amortization of the debt issuance costs for the three and year ended December 31, 2015 was not material.

In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, (“ASU 2015-17”). ASU 2015-17 requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. ASU 2015-17 is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. We early adopted ASU 2015-17 for the year ended December 31, 2015. The adoption of ASU 2015-17 did not have a material impact on our consolidated balance sheets.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-2”) which supersedes Topic 840, Leases. ASU2016-02 requires lessees to recognize a right-of-use asset and a lease liability on their balance sheets for all leases with terms greater than twelve months. Based on certain criteria, leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the income statement. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-2 is effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients primarily focused on leases that commenced before the effective date of Topic 842, including continuing to account for leases that commence before the effective date in accordance with previous guidance, unless the lease is modified. We are evaluating the impact of the adoption of the standard on our consolidated financial statements.

Business Acquisitions (Notes)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Acquisitions

(3) Business Acquisitions

4-Antibody

On January 10, 2014, we entered into a Share Exchange Agreement (the “Share Exchange Agreement”) providing for our acquisition of all of the outstanding capital stock of 4-Antibody AG (“4-AB”), from the shareholders of 4-AB (the “4-AB Shareholders”). The transaction closed on February 12, 2014 (the “Closing Date”). In exchange for their shares, the 4-AB Shareholders received an aggregate of 3,334,079 shares of our common stock paid upon closing and valued at $10.1 million. Contingent milestone payments of up to $40.0 million (the “contingent purchase price consideration”), payable in cash or shares of our common stock at our option, are due to the 4-AB Shareholders as follows: (i) $20.0 million upon our market capitalization exceeding $300.0 million for 10 consecutive trading days prior to the earliest of (a) the fifth anniversary of the Closing Date (b) the sale of the 4-AB or (c) the sale of Agenus; (ii) $10.0 million upon our market capitalization exceeding $750.0 million for 30 consecutive trading days prior to the earliest of (a) the tenth anniversary of the Closing Date (b) the sale of 4-AB, or (c) the sale of Agenus, and (iii) $10.0 million upon our market capitalization exceeding $1.0 billion for 30 consecutive trading days prior to the earliest of (a) the tenth anniversary of the Closing Date, (b) the sale of 4-AB, or (c) the sale of Agenus. We assigned an acquisition date fair value of $9.7 million to the contingent purchase price consideration. During January 2015, the first milestone noted above was achieved. This acquisition provided us with the Retrocyte Display technology platform for the rapid discovery and optimization of fully-human and humanized monoclonal antibodies against a wide array of molecular targets and a portfolio of CPM antibodies.

The acquisition of 4-AB was accounted for under the acquisition method of accounting. The purchase price of approximately $19.8 million has been allocated to the tangible and intangible assets acquired and liabilities assumed.

The following table summarizes the purchase price of the 4-AB acquisition, the identified assets acquired and liabilities assumed at the acquisition date (in thousands):

Assets Acquired:
Cash	$	514
Other current assets		600
Plant and equipment		1,340
In-process research and development		2,100
Patented technology		5,700
Other finite-lived intangible asset		190
Goodwill		16,891
Total assets	$	27,335
Liabilities Assumed:
Accounts Payable		649
Other current liabilities		2,889
Convertible notes		1,142
Deferred revenue		1,890
Deferred tax liability		420
Other long-term liabilities		522
Total liabilities		7,512
Total purchase price	$	19,823

The fair value of the IPR&D and patented technology was determined using the income approach and the relief from royalty rate method, respectively, using significant inputs, including an 18% discount rate, that are not observable. We consider the fair value of the IPR&D and patented technology to be Level 3 due to the significant estimates and assumptions used by management in establishing the estimated fair values.

All of the convertible notes assumed by us in the acquisition were converted into approximately 383,000 shares of our common stock on May 8, 2014.

The following table summarizes the supplemental statements of operations information on an unaudited pro forma basis as if the 4-AB acquisition had occurred on January 1, 2013 (in thousands except per share data):

	2014			2013
Pro forma revenues	$	7,183		$	6,949
Pro forma net loss attributable to common stockholders		(43,282	)		(39,065	)
Basic and diluted pro forma net loss attributable to common stockholders per share	$	(0.72	)	$	(1.18	)

The pro forma results presented above are for illustrative purposes only for the periods presented and do not purport to be indicative of the actual results which would have occurred had the transaction been completed as of the beginning of the period, nor are they indicative of results of operations which may occur in the future.

PhosImmune Inc.

On December 23, 2015 (the “PhosImmune Closing Date”), we entered into a Purchase Agreement with PhosImmune Inc., a privately-held Virginia corporation (“PhosImmune”), the securityholders of PhosImmune (the “PhosImmune Securityholders”) and Fanelli Haag PLLC, as representative of the PhosImmune Securityholders providing for the acquisition of all outstanding securities of PhosImmune. On the PhosImmune Closing Date, in exchange for their shares, the PhosImmune Securityholders received $2.5 million in cash and an aggregate of 1,631,521 of our common stock paid upon closing and valued at $7.4 million. Contingent milestone payments up to $35.0 million payable in cash and/or stock at our option are due as follows: (i) $5.0 million upon the closing trading price of our common stock equals or exceeds $8.00 for 60 consecutive trading days prior to the earlier of (a) the fifth anniversary of the PhosImmune Closing Date or (b) the sale of Agenus; (ii) $15.0 million if the closing trading price of our common stock equals or exceeds $13.00 for 60 consecutive trading days prior to the earlier of (a) the tenth anniversary of the PhosImmune Closing Date or (b) the sale of Agenus; and (iii) $15.0 million if the closing trading price of our common stock equals or exceeds $19.00 for 60 consecutive trading days prior to the earlier of (a) the tenth anniversary of the PhosImmune Closing Date or (b) the sale of Agenus. We assigned an acquisition date fair value of $2.5 million to the contingent purchase price consideration. This acquisition expands our immuno-oncology pipeline and strengthens our neoantigen capabilities to enable the development of best-in-class cancer vaccines and other novel therapies.

The acquisition of PhosImmune was accounted for under the acquisition method of accounting. The purchase price of approximately $12.4 million has been allocated to the intangible assets acquired; no liabilities were assumed in the transaction.

The following table summarizes the purchase price of the PhosImmune acquisition and the identified assets acquired at the acquisition date (in thousands):

Assets Acquired:
Non-compete agreements	$	196
Patented and unpatented technology		11,888
Goodwill		4,936
Total assets	$	17,020
Deferred Tax Liability		4,636
Total purchase price	$	12,384

The fair value of the non-compete agreements and patented and unpatented technology was determined using the income approach and the relief from royalty rate method, respectively, using significant inputs, including a 16.9% discount rate, that are not observable.

Antibody Manufacturing Facility

On November 5, 2015, we entered into Asset Purchase Agreement (the “Asset Purchase Agreement”) providing for our acquisition of an antibody manufacturing pilot plant and related capabilities from XOMA Corporation (“XOMA”). The transaction closed on December 31, 2015 (the “XOMA Closing Date”). As consideration for the purchased assets, we paid XOMA $4.7 million in cash and issued XOMA 109,211 shares of our common stock valued at $500,000. XOMA is entitled to receive an additional 109,211 shares of our common stock subject to the satisfaction of conditions set forth in the Asset Purchase Agreement. We do not believe it is probable that XOMA will satisfy these conditions and therefore have not ascribed a value to the contingent consideration. The transaction with XOMA provides us with an antibody pilot manufacturing facility enabling the production and manufacture of CPM antibodies under our programs and those of our collaborations.

The acquisition of antibody manufacturing pilot plant and related capabilities was accounted for under the acquisition method of accounting as the acquired assets can be operated as set of integrated assets. The purchase price of approximately $5.2 million has been allocated to the tangible and intangible assets acquired; no liabilities were assumed in the transaction.

The following table summarizes the purchase price of the acquisition and the identified assets acquired at the acquisition date (in thousands):

Total purchase price	$	5,182
Assets Acquired:
Property, plant and equipment		7,212
Patented technology		250
Favorable Lease		200
Total assets acquired	$	7,662
Deferred tax liability		958
Bargain purchase gain	$	(1,522	)

The fair value of the property, plant and equipment acquired was valued using the indirect and direct cost new methodologies.

In accordance with the guidance of ASC 805 Business Combinations, when the fair value of the assets acquired exceed the total purchase consideration, a bargain purchase has occurred and the resulting gain is to be recognized in earning as of the date of the transaction. In July 2015, XOMA experienced a set-back in a late-stage clinical trial and as a result of the setback, began the immediate divestiture of their antibody body production capabilities at values less than the prevailing market rates for the assets. For the year ended December 31, 2015, we recorded the gain of approximately $1.5 million on the acquisition of the antibody manufacturing pilot facility and related capabilities in non-operating (expense) income in our consolidated statements of operations and comprehensive loss.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Asset Purchase Agreement	12 Months Ended
Asset Purchase Agreement	Dec. 31, 2015
Asset Purchase Agreement [Abstract]
Asset Purchase Agreement	(4) Asset Purchase Agreements Celexion, LLC On April 7, 2015 (the “Celexion Closing Date”), we entered into an Asset Purchase Agreement (the “Celexion Purchase Agreement”) with Celexion, LLC (“Celexion”) and each of the members of Celexion, pursuant to which, we acquired Celexion’s SECANT yeast display antibody discovery platform, its full-length IgG antibody library, its technology for the discovery of molecules targeting cell membrane-associated antigens, and certain other related intellectual property assets (collectively, the “Purchased Assets”). As consideration for the Purchased Assets, on the Celexion Closing Date we paid Celexion $1.0 million in cash and issued Celexion 574,140 shares of our common stock valued at approximately $5.23 per share. As additional consideration for the Purchased Assets, we agreed under the Celexion Purchase Agreement to pay to Celexion (i) $1.0 million in cash payable on each of the 9-month and 18-month anniversaries of the Celexion Closing Date and (ii) $4.0 million on each of the 12-month and 24-month anniversaries of the Celexion Closing Date payable at our discretion in cash, shares of our common stock, or any combination thereof. If we elect to pay any of the additional consideration in shares of our common stock, such shares will be issued at a price per share equal to the simple average of the daily closing volume weighted average price over the 20 trading days preceding the date of issuance. We agreed to file one or more registration statements under the Securities Act to cover the resale of all shares issued as consideration under the Celexion Purchase Agreement. In May 2015, we filed a registration statement covering the resale of the 574,140 shares issued to Celexion on the Celexion Closing Date, and the SEC declared the registration statement effective in June 2015. This transaction was accounted for as an asset acquisition in accordance with ASC 805 Business Combinations. In accordance with ASC 730 Research and Development, the purchase price of approximately $13.2 million was recorded as research and development expense in our consolidated statement of operations and comprehensive loss for the year December 31, 2015 as the IPR&D was deemed to have no future alternative use.

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

(5) Goodwill and Acquired Intangible Assets

The following table sets forth the changes in the carrying amount of goodwill for year ended December 31, 2015 (in thousands):

Balance, December 31, 2014	$	17,869
PhosImmune acquisition (Note 3)		4,936
Other		(12	)
Balance, December 31, 2015	$	22,793

Acquired intangible assets consisted of the following at December 31, 2015 and 2014 (in thousands):

	As of December 31, 2015
	Amortization period (years)	Gross carrying amount		Accumulated amortization			Net carrying amount
Intellectual Property	7-15 years	$	16,472	$	(542	)	$	15,931
Trademarks	4.5 years		812		(339	)		473
Other	2-6 years		567		(107	)		460
In-process research and development	Indefinite		1,896		—			1,896
Total		$	19,747	$	(987	)	$	18,760

	As of December 31, 2014
	Amortization period (years)	Gross carrying amount		Accumulated amortization			Net carrying amount
Intellectual Property	15 years	$	4,348	$	(254	)	$	4,094
Trademarks	4.5 years		815		(158	)		657
Other	3 years		172		(50	)		122
In-process research and development	Indefinite		1,901		—			1,901
Total		$	7,236	$	(462	)	$	6,774

The weighted average amortization period of our finite-lived intangible assets is approximately 9 years. Amortization expense for the years ended December 31, 2015 and 2014 was $525,000 and $462,000 respectively. No amortization expense was recorded for the year ended December 31, 2013. Amortization expense related to acquired intangibles is estimated at $2.2 million for 2016 and 2017, $2.1 million for 2018, and $1.9 million for each of 2019 and 2020.

The acquired IPR&D asset relates to the six pre-clinical CPM antibody programs acquired in the 4-AB transaction. IPR&D acquired in a business combination is capitalized at fair value until the underlying project is completed and is subject to impairment testing. Once the project is completed, the carrying value of IPR&D is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the acquired IPR&D are expensed as incurred.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Investments

12 Months Ended

Dec. 31, 2015

Cash And Cash Equivalents [Abstract]

Investments

(6) Investments

Cash Equivalents and Short-term Investments

Cash equivalents and short-term investments consisted of the following as of December 31, 2015 and 2014 (in thousands):

	December 31, 2015				December 31, 2014
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Institutional Money Market Funds	$	106,370	$	106,370	$	25,149	$	25,149
U.S. Treasury Bills		54,945		54,961		14,508		14,510
Total	$	161,315	$	161,331	$	39,657	$	39,659

We received proceeds of approximately $14.5 million and $450,000 from the sale of available-for-sale securities for the years ended December 31, 2015 and 2013, respectively. We did not receive proceeds from maturities of available-for-sale securities for the year ended December 31, 2014. No available-for-sale securities were sold before their maturity in 2015. As a result of the short-term nature of our investments, there were minimal unrealized holding gains or losses as of December 31, 2015 and 2014, and none as of December 31, 2013.

Of the investments listed above, $126.4 million and $25.1 million have been classified as cash equivalents on our consolidated balance sheet as of December 31, 2015 and 2014, respectively. Approximately $35.0 million and $14.5 million were classified as short-term investments as of December 31, 2015 and 2014, respectively.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2015

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

(7) Property, Plant and Equipment

Property, plant and equipment, net as of December 31, 2015 and 2014 consist of the following (in thousands):

	2015			2014			Estimated Depreciable Lives
Land	$	2,230		$	—		Indefinite
Building and building improvements		2,900			—		35 years
Furniture, Fixtures, and other		2,168			1,930		3 to 10 years
Laboratory and manufacturing equipment		12,241			7,917		4 to 10 years
Leasehold improvements		18,938			18,455		2 to 12 years
Software and computer equipment		6,323			6,065		3 years
		44,800			34,367
Less accumulated depreciation and amortization		(29,489	)		(28,370	)
Total	$	15,311		$	5,997

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

(8) Income Taxes

We are subject to taxation in the U.S. and various state, local, and foreign jurisdictions. We remain subject to examination by U.S. Federal, state, local, and foreign tax authorities for tax years 2012 through 2015. With a few exceptions, we are no longer subject to U.S. Federal, state, local, and foreign examinations by tax authorities for the tax year 2011 and prior. However, net operating losses from the tax year 2011 and prior would be subject to examination if and when used in a future tax return to offset taxable income. Our policy is to recognize income tax related penalties and interest, if any, in our provision for income taxes and, to the extent applicable, in the corresponding income tax assets and liabilities, including any amounts for uncertain tax positions.

As of December 31, 2015, we had available net operating loss carryforwards of $630.4 million and $128.7 million for Federal and state income tax purposes, respectively, which are available to offset future Federal and state taxable income, if any, and expire between 2018 and 2035. At December 31, 2015, the Company had additional federal and state net operating loss carryforwards of $0.5 million related to excess stock based compensation tax benefits for which the benefit will be recorded to additional paid-in capital when recognized. Our ability to use these net operating losses is limited by change of control provisions under Internal Revenue Code Section 382 and may expire unused. In addition, we have $10.2 million and $14.0 million of Federal and state research and development credits, respectively, available to offset future taxable income. These Federal and state research and development credits expire between 2018 and 2035 and 2017 and 2030, respectively. We also have foreign income tax net operating loss carryforwards of approximately $41.1 million which are available to offset future foreign taxable income, if any, and expire between 2016 and 2022. The potential impacts of such provisions are among the items considered and reflected in management’s assessment of our valuation allowance requirements.

The tax effect of temporary differences and net operating loss and tax credit carryforwards that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2015 and 2014 are presented below (in thousands).

	2015			2014
Deferred tax assets:
U.S. Federal and State net operating loss carryforwards	$	221,139		$	192,223
Foreign net operating loss carryforwards		8,412			10,153
Research and development tax credits		19,475			14,393
Share-based compensation		10,339			8,327
Contingent obligations		—			3,370
Other		7,123			6,732
Total deferred tax assets		266,488			235,198
Less: valuation allowance		(260,057	)		(234,149	)
Net deferred tax assets		6,431			1,049
Deferred tax liabilities		(7,093	)		(1,471	)
Net deferred tax liability	$	(662	)	$	(422	)

In assessing the realizablility of deferred tax assets, we consider 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 future taxable income during the periods in which the net operating loss and tax credit carryforwards can be utilized or the temporary differences become deductible. We consider projected future taxable income and tax planning strategies in making this assessment. In order to fully realize the deferred tax asset, we will need to generate future taxable income sufficient to utilize net operating losses prior to their expiration. Based upon our history of not generating taxable income due to our business activities focused on product development, we believe that it is more likely than not that deferred tax assets will not be realized through future earnings. Accordingly, a valuation allowance has been established for deferred tax assets which will not be offset by the reversal of deferred tax liabilities. The valuation allowance on the deferred tax assets increased by $25.9 million and $21.6 million during the years ended December 31, 2015 and 2014, respectively. The net operating loss includes amounts pertaining to tax deductions relating to stock exercises for which any subsequently recognized tax benefit will be recorded as an increase to additional paid-in capital.

Income tax benefit was $5.4 million for the year ended December 31, 2015 and nil for each of the years ended December 31, 2014 and 2013, respectively. The income tax benefit of $5.4 million for the year ended December 31, 2015 was entirely related to a deferred tax benefit recognized as a result of deferred tax liabilities recorded in connection with our acquisitions of PhosImmune and certain assets from XOMA. Income taxes recorded differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to loss before income taxes as a result of the following (in thousands).

	2015			2014			2013
Computed “expected” Federal tax benefit	$	(31,669	)	$	(14,445	)	$	(10,225	)
(Increase) reduction in income taxes benefit resulting from:
Change in valuation allowance		25,908			14,043			9,561
Increase due to uncertain tax positions		203			117			102
State and local income benefit, net of Federal income tax benefit		(3,869	)		(642	)		(1,359	)
Net operating loss expirations		—			996			1,778
Foreign rate differential		(314	)		726			—
Other, net		4,354			(795	)		143
Income tax benefit	$	(5,387	)	$	—		$	—

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

Balance, December 31, 2014	$	5,778
Increase related to current year provision		203
Decrease related to previously recognized positions		(500	)
Balance, December 31, 2015	$	5,481

These unrecognized tax benefits would all impact the effective tax rate if recognized. There are no positions which we anticipate could change within the next twelve months.

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2015

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

(9) Accrued and Other Current Liabilities

Accrued liabilities consist of the following as of December 31, 2015 and 2014 (in thousands):

December 31, 2015

December 31, 2014