View Filing Data

Years Ended December 31,

Intrinsic value of options exercised

$1.1 million

$16.7 million

$8.5 million

Fair value of awards vested

$15.1 million

$9.6 million

$7.5 million

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Entity Information [Line Items]
Entity Registrant Name	NEWLINK GENETICS CORP
Entity Central Index Key	0001126234
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		29,216,429
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 242,067,649

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 131,490	$ 195,620
Certificates of deposit	0	2,180
Prepaid expenses and other current assets	5,921	4,954
Income tax receivable	5,975	0
Other receivables	24,526	5,388
Total current assets	167,912	208,142
Property and equipment, net	6,835	10,400
Total assets	174,747	218,542
Current liabilities:
Accounts payable	22,883	3,661
Accrued expenses	14,309	8,761
Income taxes payable	0	859
Current portion of unearned revenue	391	892
Current portion of deferred rent	90	96
Current portion of notes payable and obligations under capital leases	232	571
Total current liabilities	37,905	14,840
Long term liabilities:
Royalty obligation payable to Iowa Economic Development Authority	6,000	6,000
Notes payable and obligations under capital leases	285	368
Unearned revenue	0	407
Deferred rent	1,091	1,153
Total long-term liabilities	7,376	7,928
Total liabilities	45,281	22,768
Stockholders' Equity
Blank check preferred stock, $0.01 par value: Authorized shares — 5,000,000 at December 31, 2016 and 2015; issued and outstanding shares — 0 at December 31, 2016 and 2015	0	0
Common stock, $0.01 par value: Authorized shares — 75,000,000 at December 31, 2016 and 2015; issued 29,193,718 and 28,838,176 at December 31, 2016 and 2015 and outstanding 29,163,673 and 28,814,142 at December 31, 2016 and December 31, 2015	292	288
Additional paid-in capital	295,535	276,610
Treasury stock, at cost: 30,045 and 24,034 shares at December 31, 2016 and 2015	(853)	(771)
Accumulated deficit	(165,508)	(80,353)
Total stockholders' equity	129,466	195,774
Total liabilities and stockholders' equity	$ 174,747	$ 218,542

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity:
Blank check preferred stock, par value	$ 0.01	$ 0.01
Blank check preferred stock, authorized shares	5,000,000	5,000,000
Blank check preferred stock, issued shares	0	0
Blank check preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	75,000,000	75,000,000
Common stock, issued shares	29,193,718	28,838,176
Common Stock
Stockholders' Equity:
Common stock, outstanding shares	29,163,673	28,814,142

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Grant revenue	$ 32,242	$ 32,358	$ 6,642
Licensing and collaboration revenue	3,526	36,143	165,950
Total operating revenues	35,768	68,501	172,592
Operating expenses:
Research and development	93,300	71,414	35,691
General and administrative	33,226	30,689	19,328
Total operating expenses	126,526	102,103	55,019
(Loss) income from operations	(90,758)	(33,602)	117,573
Other income and expense:
Miscellaneous income (expense)	32	(14)	0
Interest income	237	78	86
Interest expense	(22)	(105)	(26)
Other income (expense), net	247	(41)	60
Net (loss) income before taxes	(90,511)	(33,643)	117,633
Income tax benefit (expense)	5,356	(6,738)	(21,616)
Net (loss) income	$ (85,155)	$ (40,381)	$ 96,017
Basic (loss) earnings per share	$ (2.94)	$ (1.41)	$ 3.45
Diluted (loss) earnings per share	$ (2.94)	$ (1.41)	$ 3.09
Basic average shares outstanding	28,979,327	28,586,585	27,838,873
Diluted average shares outstanding	28,979,327	28,586,585	31,025,099

Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings
Balance at Dec. 31, 2013	$ 58,327	$ 266	$ 194,038	$ 0	$ (135,977)
Balance (shares) at Dec. 31, 2013		26,573,023
Increase (Decrease) in Stockholders' Equity
Share-based compensation	8,613		8,613
Exercise of stock options and restricted stock awards	1,861	$ 4	1,857
Exercise of stock options and restricted stock awards (shares)		375,834
Sale of shares under stock purchase plan	466		466
Sale of shares under stock purchase plan (shares)		25,168
Stock issued under ATM	27,572	$ 10	27,562
Stock issued under ATM (shares)		1,017,217
Stock Repurchased During Period	(222)			(222)
Stock Repurchased During Period (shares)		(10,393)
Tax benefit from employee stock plan awards	4,302		4,302
Net (loss) income	96,017				96,017
Balance at Dec. 31, 2014	196,936	$ 280	236,838	(222)	(39,960)
Balance (shares) at Dec. 31, 2014		27,980,849
Increase (Decrease) in Stockholders' Equity
Share-based compensation	15,940		15,940
Exercise of stock options and restricted stock awards	3,355	$ 5	3,350
Exercise of stock options and restricted stock awards (shares)		477,284
Sale of shares under stock purchase plan	851		851
Sale of shares under stock purchase plan (shares)		40,248
Stock issued under ATM	13,534	$ 3	13,531
Stock issued under ATM (shares)		329,402
Stock Repurchased During Period	$ (561)			(561)
Stock Repurchased During Period (shares)		(14,183)
Treasury Stock, Shares, Retired	542
Stock Issued During Period, Value, Treasury Stock Reissued	$ 0			12	(12)
Tax benefit from employee stock plan awards	6,100		6,100
Net (loss) income	(40,381)				(40,381)
Balance at Dec. 31, 2015	195,774	$ 288	276,610	(771)	(80,353)
Balance (shares) at Dec. 31, 2015		28,814,142
Increase (Decrease) in Stockholders' Equity
Share-based compensation	16,707		16,707
Exercise of stock options and restricted stock awards	1,679	$ 4	1,675
Exercise of stock options and restricted stock awards (shares)		296,933
Sale of shares under stock purchase plan	543		543
Sale of shares under stock purchase plan (shares)		58,609
Stock Repurchased During Period	(82)			(82)
Stock Repurchased During Period (shares)		(6,011)
Net (loss) income	(85,155)				(85,155)
Balance at Dec. 31, 2016	$ 129,466	$ 292	$ 295,535	$ (853)	$ (165,508)
Balance (shares) at Dec. 31, 2016		29,163,673

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net (loss) income	$ (85,155)	$ (40,381)	$ 96,017
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Share-based compensation	16,707	15,940	8,613
Depreciation and amortization	2,084	1,592	1,097
Forgiveness of debt	(397)	0	0
Impairment of fixed assets, net of gain on sale of fixed assets	3,958	0	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(965)	3,379	(7,561)
State research and development credit receivable	0	13	316
Other receivables	(19,139)	(1,672)	(2,388)
Accounts payable and accrued expenses	24,770	245	7,898
Income taxes (receivable) payable	(6,834)	9,622	(8,892)
Unearned revenue	(68)	(12,752)	14,051
Deferred rent	(908)	(73)	(83)
Net cash (used in) provided by operating activities	(65,947)	(24,087)	109,068
Cash Flows From Investing Activities
Purchase of certificates of deposit	0	0	(17,377)
Maturity of certificates of deposit	2,180	10,213	5,233
Purchase of equipment	(2,246)	(3,995)	(1,700)
Net cash (used in) provided by investing activities	(66)	6,218	(13,844)
Cash Flows From Financing Activities
Issuance of common stock, net of offering costs	0	13,534	27,572
Issuance of common stock under share-based compensation plans	2,222	4,206	2,327
Excess tax benefits from share-based compensation awards	0	6,100	4,302
Repurchase of common stock	(82)	(561)	(222)
Proceeds from notes payable	0	0	97
Payments under capital lease obligations and principal payments on notes payable	(257)	(194)	(187)
Net cash provided by financing activities	1,883	23,085	33,889
Net (decrease) increase in cash and cash equivalents	(64,130)	5,216	129,113
Cash and cash equivalents at beginning of year	195,620	190,404	61,291
Cash and cash equivalents at end of year	131,490	195,620	190,404
Supplemental disclosure of cash flows information:
Cash paid for interest	22	105	26
Cash paid for taxes	1,022	4,814	26,443
Proceeds from income tax refunds	197	13,796	0
Noncash financing and investing activities:
Purchased leasehold improvements and equipment in accounts payable and accrued expenses	0	398	409
Assets acquired under capital lease	$ 231	$ 0	$ 0

Description of Business Activities Level 1 (Notes)	12 Months Ended
Description of Business Activities Level 1 (Notes)	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business Activities	Description of Business Activities NewLink Genetics Corporation (NewLink) was incorporated as a Delaware corporation on June 4, 1999 and initiated operations in April of 2000. NewLink and its subsidiaries (the Company) are devoting substantially all of their efforts toward research and development. The Company has incurred significant losses in all years since being incorporated, except for the year ended December 31, 2014, and has never generated revenue from commercial sales of its drugs. In May 2016, the Company announced that its Phase 3 clinical trial IMPRESS (IMmunotherapy for Pancreatic RESectable cancer Study) of algenpantucel-L for patients with resected pancreatic cancer did not achieve its primary endpoint and the Company's management adopted a restructuring plan designed to better align the Company's workforce and operating costs to its revised pipeline development plans and operating needs. The restructuring plan included a reduction in the Company's workforce; the exit or reduction of certain leased facilities; and the renegotiation or termination of contracts with certain third parties. In connection with the restructuring plan, the Company also discontinued the development of its commercial manufacturing capabilities for algenpantucel-L, discontinued programs supporting the future commercialization of algenpantucel-L, and recorded an impairment charge to fixed assets. The Company has retained internal manufacturing ability to support the development of clinical supplies for its ongoing clinical trials of the other HyperAcute Cellular Immunotherapy product candidates. Refer to Note 13 for more information. The accompanying financial statements as of and for the year ended December 31, 2016 have been prepared assuming the Company will continue as a going concern. The Company successfully raised net proceeds of $37.6 million from its IPO, completed a follow-on offering of its common stock raising net proceeds of $49.0 million, and raised an additional $58.7 million in net proceeds from an at the market offering prior to March 31, 2015. On November 29, 2016, the Company entered into a sales agreement with Cantor Fitzgerald & Co., under which the Company may sell up to $40.0 million in shares of its common stock in one or more placements at prevailing market prices for its common stock (the ATM Offering). As of December 31, 2016, the Company had not sold any shares of common stock under the ATM Offering. In connection with two license and collaboration agreements the Company entered into during 2014, the Company received a nonrefundable upfront cash payment of $150.0 million from Genentech Inc., a member of the Roche Group, or Genentech, in 2014, and a nonrefundable upfront cash payment of $30.0 million from Merck, Sharpe and Dohme Corp., or Merck, in 2014, as well as an additional milestone payment of $20.0 million from Merck in February 2015. The Company's cash and cash equivalents after these agreements and offerings are expected to be adequate to satisfy the Company's liquidity requirements through 2018. If available liquidity becomes insufficient to meet the Company’s operating obligations as they come due, the Company's plans include pursuing alternative funding arrangements and/or reducing expenditures as necessary to meet the Company’s cash requirements. However, there is no assurance that, if required, the Company will be able to raise additional capital or reduce discretionary spending to provide the required liquidity. Failure by the Company to successfully execute its plans or otherwise address its liquidity needs may have a material adverse effect on its business and financial position, and may materially affect the Company’s ability to continue as a going concern.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles, or U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the financial statements of NewLink and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents For the purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents of $131.5 million and $195.6 million at December 31, 2016 and 2015, respectively, consist of checking accounts, money market accounts and treasury bills. Certificates of Deposit Certificates of deposit have original maturities of greater than three months. Certificates of deposit are classified as held-to-maturity with due dates that matured in 2016 and are presented at fair value. The Company did not have any certificates of deposit as of December 31, 2016. Leasehold Improvements and Equipment, and Deferred Rent Leasehold improvements and equipment are capitalized as the Company believes they have alternative future uses and are stated at cost. Equipment under capital leases is stated at the present value of future minimum lease payments. Depreciation on all leasehold improvements and equipment is calculated on the straight-line method over the shorter of the lease term or estimated useful life of the asset. Computer equipment has useful lives of three to five years, lab equipment has a useful life of five years and contract manufacturing organization equipment has a useful life of five years. Deferred rent reflects improvement allowances from the Company's lessors deferred to be recognized as part of lease expense over the remaining term of the lease, which is recognized on a straight-line basis. Total deferred rents were $1.2 million and $1.2 million as of December 31, 2016 and 2015, respectively. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future net undiscounted cash flows expected to be generated by the asset group, primarily relating to proceeds for selling the assets. If such assets are considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Revenue Recognition The Company recognizes revenue for the performance of services or the shipment of products when each of the following four criteria is met: (1) persuasive evidence of an arrangement exists; (2) products are delivered or as services are rendered; (3) the sales price is fixed or determinable; and (4) collectability is reasonably assured. The Company receives payments from government entities under its grants and contracts with the National Institute of Health, the Department of Defense, and the United States Department of Health and Human Services. These agreements provide the Company cost reimbursement plus a percentage for certain types of expenditures in return for research and development activities over a contractually defined period. Grant revenues are recognized in the period during which the related costs are incurred, provided that the conditions under which the costs submitted or to be submitted for reimbursement have been met and the Company has only perfunctory obligations outstanding. During the years ended December 31, 2016, 2015, and 2014, the Company has earned $32.2 million, $32.4 million, and $6.6 million in grant revenue, respectively. The Company had $23.9 million and $4.1 million of receivables from the government contracts recorded in other receivables and $4.3 million and $3.6 million of unbilled expenses relating to the government contracts recorded in prepaid expenses and other assets on the balance sheet as of December 31, 2016 and 2015, respectively. The Company had $2.9 million and $1.1 million of accrued expenses for subcontractor fees and $19.3 million and $66,000 of subcontractor fees in accounts payable for amounts incurred under the government contracts as of December 31, 2016 and 2015, respectively. The Company follows ASC 605-25, Revenue Recognition - Multiple-Element Arrangements and ASC 808, Collaborative Arrangements , if applicable, to determine the recognition of revenue under our license and collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (1) licenses to our intellectual property, (2) materials and technology, (3) clinical supply, and/or (4) participation on joint research or joint steering committees. The payments the Company may receive under these arrangements typically include one or more of the following: non-refundable, up-front license fees; funding of research and/or development efforts; amounts due upon the achievement of specified milestones; and/or royalties on future product sales. ASC 605-25 provides guidance relating to the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (1) the identification of deliverables, (2) whether such deliverables are separable from the other aspects of the contractual relationship, (3) the estimated selling price of each deliverable, and (4) the expected period of performance for each deliverable. To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit utilizing the relative selling price method. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria. If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as unearned revenue in the accompanying balance sheets and recognized as revenue when the related revenue recognition criteria are met. The Company typically receives non-refundable, up-front payments when licensing our intellectual property, which often occurs in conjunction with a research and development agreement. If management believes that the license to our intellectual property has stand-alone value, the Company generally recognizes revenue attributed to the license upon delivery provided that there are no future performance requirements for use of the license. When management believes that the license to our intellectual property does not have stand-alone value, the Company would recognize revenue attributed to the license on a straight-line basis over the contractual or estimated performance period. When the performance period is not specifically identifiable from the agreement, the Company would estimate the performance period based upon provisions contained within the agreement, such as the duration of the research or development term. For payments payable on achievement of milestones that do not meet all of the conditions to be considered substantive, the Company recognizes a portion of the payment as revenue when the specific milestone is achieved, and the contingency is removed. Other contingent event-based payments for which payment is either contingent solely upon the passage of time or the result of collaborator's performance are recognized when earned. Expenses Accrued Under Contractual Arrangements with Third Parties; Accrued Clinical Expenses The Company estimates its accrued expenses through a process of reviewing open contracts and purchase orders, communicating with personnel to identify services that have been performed and estimating the level of service performed and the associated cost incurred for the service that may not be invoiced from the provider. The estimates of accrued expenses as of each balance sheet date are based on facts and circumstances known at that time. Such estimates are periodically confirmed with the service providers to verify accuracy. The Company bases its expenses related to clinical trials on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on behalf of the Company. Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on its estimate of management fees, site management and monitoring costs and data management costs as contracted. Differences between actual clinical trial costs and estimated clinical trial costs are adjusted for in the period in which they become known through operations. Research and Development Research and development costs are expensed as incurred. Research and development expenses consist primarily of employee-related expenses, which include salaries, bonuses, benefits and share-based compensation; manufacturing-related costs; clinical trial expenses which include expenses incurred under agreements with contract research organizations, investigative sites and consultants that conduct our clinical trials; facilities, depreciation of fixed assets and other allocated expenses, which include direct and allocated expenses for rent and maintenance of research facilities and equipment; license fees for and milestone payments related to in-licensed products and technology; and costs associated with non-clinical activities and regulatory approvals. Patents The Company generally applies for patent protection on processes and products. Patent application costs are expensed as incurred as a component of general and administrative expense, as recoverability of such expenditures is uncertain. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and 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 those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period that includes the enactment date. Management assesses the realizability of deferred tax assets and records a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax position is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Interest and penalties assessed, if any, are accrued as income tax expense. As of December 31, 2016, the Company has recognized an uncertain tax position of $653,000 and had zero uncertain tax positions recognized as of December 31, 2015. Share-Based Compensation The Company is required to estimate the grant-date fair value of share-based payment transactions with employees which include stock options, restricted stock units (RSUs) and performance shares (PSUs) and recognizes the compensation cost over the requisite service period based on the estimated fair values as well as expected forfeiture rates. The Company estimates the fair value of each award granted using the Black-Scholes option pricing model. The Black-Scholes model requires the input of assumptions, including the expected stock price volatility, the calculation of expected term and the fair value of the underlying common stock on the date of grant, among other inputs. The Company calculates the fair value of the award on the grant date, which is the date the award is authorized by the Board of Directors or Chief Executive Officer and the employee has an understanding of the terms of the award. Generally, the Company has issued employee awards that vest either monthly or 25% vest on the first anniversary date of issuance with the remaining options vesting ratably over the next 36 months. The Company records compensation cost on a straight-line basis over the vesting period. The fair value of RSUs are subject to cliff vesting are recognized as compensation expense over the requisite service period using the straight line attribution method, and the fair value of RSUs that are subject to graded vesting are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of PSUs are recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, over the remaining requisite service period. The Company has issued awards to nonemployee consultants and advisers. All grants to nonemployees are valued using the same fair value method that we use for grants to employees. The compensation cost on these awards is measured each period until vesting, and is recognized through the earlier of the vesting of the award or completion of services by the nonemployee. Following is a description of the inputs for the Black-Scholes model: Exercise Price The Company uses the quoted market price as listed on the public exchange on the date of grant. If Incentive Stock Options are granted to a 10% stockholder in the Company, the exercise price shall not be less than 110% of the common stock’s fair market value on the date of grant. Expected Term (in Years) The expected term of a stock option is the period of time for which the option is expected to be outstanding. The Company uses historical exercise and option expiration data to estimate the expected term for the Black-Scholes grant-date valuation. Risk-Free Interest Rate The Company uses the average yield on current U.S. Treasury instruments with terms that approximate the expected term of the stock options being valued. Expected Dividend Yield The expected dividend yield for all of the Company’s stock option grants is 0%, as the Company has not declared a cash dividend since inception and has no plans to declare a dividend. Expected Volatility The Company uses its historical stock price volatility. The volatility is calculated over a period of time commensurate with the expected term for the options granted. Forfeitures The share-based compensation expense has been reduced for estimated forfeitures. The estimated forfeiture rate is based on historical experience of the Company’s option plan, which the Company expects to continue at the current level, and any adjustments in the forfeiture rate in the future will result in a cumulative adjustment in the period that this estimate is changed. Ultimately, the total compensation expense recognized for any given stock-based award over its vesting period will only be for those shares that actually vest. Segments The Company operates in one segment. The Company conducts research and development activities based from facilities located in Ames, Iowa and has corporate headquarters in Ames, Iowa and Austin, Texas. The Company conducts preclinical and clinical research in the biopharmaceutical industry. The chief operating decision maker uses cash flow as the primary measure to manage the business and management does not segment its business for internal reporting or decision-making. Financial Instruments and Concentrations of Credit Risk The fair values of cash and cash equivalents, certificates of deposit, receivables and accounts payable, which are recorded at cost, approximate fair value based on the short-term nature of these financial instruments. The fair value of notes payable and capital lease obligations was $517,000 and $941,000 as of December 31, 2016 and 2015, respectively, and was determined using Level 2 inputs (computed in accordance with ASC 820). The Company is unable to estimate the fair value of the royalty obligation based on future product sales as the timing of payments, if any, is uncertain. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and certificates of deposit. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, the Company’s cash and cash equivalents balance exceeds the federally insured limits. To limit the credit risk, the Company invests its excess cash primarily in high quality securities such as money market funds. Earnings per share (EPS) The Company computes basic EPS attributable to the Company's common stockholders by dividing net income (loss) attributable to the Company by our weighted-average common shares outstanding during the period. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in our earnings. The Company computes basic and diluted EPS using net income (loss) attributable to the Company's common stockholders, and its actual weighted-average shares. Concentration of Revenue Genentech, a member of the Roche Group, and Merck Sharpe and Dohme Corp., or Merck, accounted for 7.6% and 2.3%, respectively, of the $35.8 million of revenue for the year ended December 31, 2016, with the remainder obtained from government grants. Genentech and Merck accounted for 21.5% and 31.3%, respectively, of the $68.5 million of revenue earned for the year ended December 31, 2015, with the remainder obtained from government grants. Genentech and Merck accounted for 78.9% and 17.2%, respectively, of the $172.6 million of revenue earned for the year ended December 31, 2014, with the remainder obtained from government grants. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU No, 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, earnings per share, and the statement of cash flows. The effective date for public entities is for fiscal years beginning after December 15, 2016. Early adoption is permitted in any interim period provided that the entire ASU is adopted. The Company elected to early adopt ASU No. 2016-09 as of the fourth quarter of 2016 which required the Company to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. Adoption also requires using a modified retrospective method with a cumulative-effect adjustment to the accumulated deficit for the excess tax benefits not previously recognized as of the beginning of the year of adoption. There was no impact to the opening accumulated deficit (and thus, deferred tax assets) for unrecognized tax benefits, as any prior excess tax benefits have already reduced current taxes payable and been previously recognized as additional paid in capital. Accordingly, the adoption had no impact on accumulated deficit as of January 1, 2016. The primary impact of adoption resulted in the recognition of excess tax benefits in the Company's income tax provision rather than as paid-in capital. This guidance is to be applied prospectively and resulted in the reversal of $640,000 of excess tax benefits that had been recognized in additional paid-in capital for the nine months ended September 30, 2016. The adoption did not have a material impact on the Company's consolidated financial statements for the year ended December 31, 2016. The amendments require excess tax benefits to be classified along with other income tax cash flows as an operating activity. The Company prospectively adopted this provision and did not adjust the consolidated statements of cash flows for the years ended December 31, 2015 and 2014. Amendments to the minimum statutory withholding tax requirements had no impact to the accumulated deficit as of January 1, 2016. In addition, the Company has elected to continue to estimate forfeitures expected to occur when determining the amount of compensation cost to be recognized in each period. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board, or the FASB, issued ASU No. 2016-02, Leases, to improve financial reporting for leasing transactions. The new standard requires lessees to recognize on the balance sheet a right of use asset and related lease liability for all leases with terms greater than twelve months. The ASU also requires disclosures about the amount, timing, and uncertainty of cash flows arising from leases. The effective date for public entities is fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company does not currently have any material leases and therefore does not anticipate adoption to have a material impact on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance will be effective for the fiscal year beginning after December 15, 2017, including interim periods within that year. The Company is currently evaluating the impact the adoption of this standard will have an impact on its consolidated financial statements. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018; however, early adoption at January 1, 2017, is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently analyzing the impact ASU 2014-09 will have on its consolidated financial statements and related disclosures and, at this time, we are unable to determine the impact of the new standard, if any, on our consolidated financial statements. The Company anticipates having the analysis completed by the third quarter of 2017. The Company anticipates adopting ASU 2014-09 effective January 1, 2018 and has not yet selected a transition method.

Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Leases

(a) Capital Leases

The following is an analysis of the leased property under capital leases by major class (in thousands):



	Asset Balances at December 31,
Class of property	2016			2015
Lab equipment	$	720		$	489
Leasehold improvements	27			27
Computer equipment	54			54
Total property under capital leases	801			570
Less accumulated depreciation and amortization	(586		)	(472		)
Capital leased assets, net	$	215		$	98

The depreciation and amortization reflected above has been recorded in both research and development and general administrative expense in the consolidated statements of operations.

The following is a schedule by years of the future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2016 (in thousands):



Year Ending December 31:
2017	$	81
2018	74
Total minimum lease payments	155
Less amount representing interest	(5		)
Present value of net minimum lease payments	$	150

(b) Operating Leases

The Company has certain facility leases with terms ranging between one and five years. Lease expense is recognized on a straight-line basis. Rental expense for operating leases during the years ended December 31, 2016, 2015 and 2014, was $1.7 million, $1.7 million, and $1.2 million, respectively, including those with terms less than one year, and has been included in both research and development and general and administration in the consolidated statements of operations.

Future minimum lease payments under the noncancelable operating leases (with initial or remaining lease terms in excess of one year) as of December 31, 2016 are as follows (in thousands):



Year Ending December 31:
2017	1,007
2018	620
2019	555
2020	32
Thereafter	—
Total	$	2,214

Leasehold improvements and equipment (Notes)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Leasehold Improvements and Equipment

Leasehold improvements and equipment

Leasehold improvements and equipment at December 31, 2016 and 2015 consisted of the following:



	Year Ended December 31,
	2016			2015
Leasehold Improvements	$	5,310		$	7,347
Computer equipment	2,219			2,432
Lab equipment	4,056			5,642
Contract manufacturing organization equipment	486			1,075
Assets not placed in service	490			420
Total leasehold improvements and equipment	12,561			16,916
Less accumulated depreciation and amortization	(5,726		)	(6,516		)
Total leasehold improvements and equipment, net	$	6,835		$	10,400

Long-Term Debt Conversion to Royalty Obligation	12 Months Ended
Long-Term Debt Conversion to Royalty Obligation	Dec. 31, 2016
Long-Term Debt Conversion to Royalty Obligation [Abstract]
Long-Term Debt and Conversion to Royalty Obligation	Long-Term Debt and Conversion to Royalty Obligation March 2005 Iowa Department of Economic Development Loan In March 2005, the Company entered into a $6.0 million forgivable loan agreement with the Iowa Department of Economic Development, or the IDED. Under the agreement, in the absence of default, there were no principal or interest payments due until the completion date for the project. The balance outstanding under the loan agreement was $6.0 million as of December 31, 2011. This loan was converted into a royalty obligation under the terms of a settlement agreement entered into on March 26, 2012, or the IEDA Agreement, with the Iowa Economic Development Authority (the IEDA), as successor in interest to the IDED. March 2012 IEDA Royalty Obligation Under the terms of the IEDA Agreement the Company agreed to pay a 0.5% royalty on future product sales up to a cap of $6.8 million in exchange for IDED’s release of the Company's job creation and project expenditure obligations and their release of the security interest in substantially all of the Company's assets. As no payments are expected in the next 12 months, the entire accrued royalty obligation of $6.0 million is considered long-term as of December 31, 2016. 2009 and 2012 Iowa State University Research Park Notes In 2009, the Company executed a promissory note in favor of Iowa State University Research Park, or ISURP, in an original principal amount of $800,000, which is due in monthly installments through March, 2018. The note represents amounts owed by the Company to ISURP for certain improvements that were made to facilities the Company leases from ISURP. The principal and interest owed under the note is amortized over an eight-year period. Interest is payable monthly under this promissory note, initially at a rate of 3.0% per annum and increasing to 5.0% per annum after five years from the date the improvements were completed. ISURP may accelerate all amounts owed under the note upon an event of default, including the Company’s uncured material breach of the terms of the note or the lease or upon early termination of the lease. In the event of a default under the note, amounts owed under the note will bear interest at 8.0% per annum. The balance outstanding under the 2009 note was $140,000 and $246,000 at December 31, 2016 and December 31, 2015, respectively. In 2012, the Company executed a promissory note in favor of ISURP in an original principal amount of $456,000, which is due in monthly installments through September 2020. The note represents amounts owed by the Company to ISURP for certain additional improvements that were made to facilities the Company leases from ISURP. The principal and interest owed under the note is amortized over an eight-year period. Interest is payable monthly under this promissory note, initially at a rate of 3.0% per annum and increasing to 5.0% per annum after five years from the date the improvements were completed. ISURP may accelerate all amounts owed under the note upon an event of default, including the Company’s uncured material breach of the terms of the note or the lease or upon early termination of the lease. In the event of a default under the note, amounts owed under the note will bear interest at 8.0% per annum. The balance outstanding under the 2012 note was $227,000 and $284,000 at December 31, 2016 and December 31, 2015, respectively. March 2010 City of Ames Forgivable Loan In March 2010, the Company entered into a $400,000 forgivable loan agreement with the City of Ames, Iowa and the Ames Chamber of Commerce, jointly, as lenders. The project provided the Company with financial assistance to construct new facilities within the Ames city limits. In the absence of a default, there were no principal or interest payments due until March 10, 2016. The project called for the Company to create or retain at least 150 full-time positions located in Ames, Iowa by March 10, 2016. The agreement required the Company to enter into a five-year building lease with the option for extension for an additional five years of not less than 20,000 square feet within the corporate limits of the City of Ames by March 10, 2015, which requirement the Company met by the March 10, 2105 deadline. As of March 10, 2016, the Company had satisfactorily fulfilled all of the above terms of the loan agreement and the loan was forgiven. Accordingly, the entire amount of $397,000 was derecognized with a corresponding amount recorded in grant revenue for the year ended December 31, 2016.

License and Research Collaboration Agreements	12 Months Ended
License and Research Collaboration Agreements	Dec. 31, 2016
Revenue Recognition [Abstract]
License and Research Collaboration Agreements	License and Research Collaboration Agreements Genentech, a Member of the Roche Group In October 2014, the Company entered into a worldwide exclusive collaboration and license agreements with Genentech for the development and commercialization of GDC-0919, one of NewLink's clinical stage IDO pathway inhibitors and for a research collaboration for the discovery of next generation IDO/TDO compounds to be developed and commercialized under this agreement. Under the terms of the agreement, the Company received a nonrefundable upfront cash payment of $150.0 million from Genentech and is eligible to receive additional payments of over $1.0 billion upon achieving certain GDC-0919 and Next Generation Product Development regulatory development, international patent acceptance, country marketing approval, and sales-based milestones. The Company is also eligible to receive escalating double-digit royalty payments on potential commercial sales of multiple products by Genentech. The Company is obligated to deliver multiple non-contingent deliverables related to the GDC-0919 upfront cash payment. These deliverables include the GDC-0919 development and commercialization license, research license, program materials and technology, clinical supply of GDC-0919 product, manufacturing technology, participation in a joint research committee, or JRC, and providing an alliance manager. The Company's obligations under the JRC ended November 2016. The GDC-0919 development and commercialization license and research license are separate deliverables, but without the ability to develop GDC-0919, the ability to perform research on the compound would not benefit Genentech. Therefore, the Company believes that the value of the development and commercialization license cannot be separated from the research license value and the two are valued together. The other deliverables qualify as separate units of accounting. The respective standalone value from each of these deliverables has been determined by applying the best estimated selling price method and the revenue was allocated based on the relative selling price method with revenue recognition timing to be determined either by delivery or the provision of service. The estimated selling price determination required the use of significant estimates. To determine the stand-alone value of the license, we considered the negotiation discussions that led to the final terms of the agreement. The Company utilized historical cost plus an estimated gross margin to estimate the selling price for program materials and technology, manufacturing technology, clinical supply, participation in a JRC, and participation of an alliance manager. The program materials and technology, clinical supply of GDC-0919, participation in a JRC and participation of an alliance manager are expected to be delivered throughout the duration of the agreement. The license and manufacturing technology was delivered shortly after the effective date of the agreement. The Company recognized revenue under this agreement of $2.7 million for the year ended December 31, 2016. This amount includes the recognition of $180,000 for participation in the JRC and $670,000 for providing an alliance manager to the collaboration. Additionally, $1.9 million was recognized for amounts received as reimbursement for the Company's employees working on the project. Revenues of $391,000 remain deferred as of December 31, 2016 for deliverables identified within the collaboration and license agreement that have not yet been completed in their entirety. The Company recognized revenue under this agreement of $14.7 million for the year ended December 31, 2015. This amount includes the recognition of $9.4 million for program materials and technology transfer, $2.5 million for the clinical supply of GDC-0919 product, $151,000 for participation in the JRC, and $502,000 for providing an alliance manager to the collaboration. Additionally, $2.1 million was recognized for amounts received as reimbursement for the Company's employees working on the project. Revenues of $1.2 million remain deferred as of December 31, 2015 for deliverables identified within the collaboration and license agreement that have not yet been completed in their entirety. The Company recognized revenue under this agreement of $136.2 million for the year ended December 31, 2014 associated with license and manufacturing technology transfer deliverables, which were completed in their entirety. Per the agreement, the up-front payment provides no general right of return for any non-contingent deliverable and no portion of any revenue recognized is refundable. The Company will apply the contingency-adjusted performance model to recognize revenue related to potential future milestones under the agreement, therefore, revenue will only be recognized upon the achievement of a milestone. The Company is eligible to receive from Genentech tiered royalty payments based on product sales, with royalty rates varying based on the territory of the sales, the product, the licenses incorporated in the development, and the opt-in by the Company during development. Royalties will be accounted for as contingent revenue and will be recognized as earned in accordance with contract terms, when Genentech results are reported, the amount can be reasonably estimated, and collectability is reasonably assured. Merck Sharpe & Dohme Corp. In November 2014, the Company entered into a licensing and collaboration agreement with Merck to develop, manufacture and commercialize rVSV∆G-ZEBOV GP, an Ebola vaccine the Company licensed from the Public Health Agency of Canada, or PHAC. Under the terms of the agreement, the Company granted Merck an exclusive, royalty-bearing license to the rVSV∆G-ZEBOV GP and related technology. NewLink received a $30.0 million non-refundable, upfront payment in December 2014, and was also eligible for a one-time $20.0 million non-refundable milestone payment upon the initiation of the pivotal clinical trial using the current rVSV∆G-ZEBOV GP vaccine product as one arm of the trial. In February 2015, this milestone was achieved and the Company received the milestone payment. In addition, NewLink can receive escalating royalties on potential commercial sales by Merck of the current product candidate ranging from single-digit to double-digits on the rVSV∆G-ZEBOV GP license agreement product sales and escalating royalties on potential commercial sales by Merck of products other than current products within the Company’s patent rights ranging from low to high single-digit, on increasing levels of annual net sales worldwide. Merck will lead the development of rVSV∆G-ZEBOV GP and any other rVSV-based viral hemorrhagic fever, or VHF, vaccine product candidates in order to create a marketable product safe for human use. The Company is obligated to deliver multiple non-contingent deliverables related to the rVSV∆G-ZEBOV GP upfront cash payment. These deliverables include the license, information and know-how, technology transfer, participation in a joint steering committee, or JSC, and providing a project leader. These deliverables qualify as separate units of accounting. The respective standalone value from each of these deliverables has been determined by applying the best estimated selling price method and the revenue allocated based on the relative selling price method with revenue recognition timing to be determined either by delivery or the provision of service. The determination of the best estimated selling price required the use of significant estimates. To determine the stand alone value of the license, the Company considered the negotiation discussions that led to the final terms of the agreement. The Company used historical cost plus an estimated gross margin to estimate the selling price for information and know-how, technology transfer, participation in the JSC, and providing a project leader. The technology transfer, participation in the JSC and providing a project leader are expected to be delivered throughout the duration of the agreement. The license and information and know-how was delivered shortly after the effective date of the agreement. The Company recognized revenue under this agreement of $815,300 for the year ended December 31, 2016. This amount includes the recognition of $53,800 in revenue relating to the remaining deliverables and $761,500 for the reimbursement of costs associated with the Ebola clinical trials not reimbursed under its government contracts. No revenue remains deferred as of December 31, 2016. The Company recognized revenue under this agreement of $21.4 million for the year ended December 31, 2015. This amount includes the recognition of the $20.0 million milestone payment from Merck after notification from Merck that the milestone event specified in the license and collaboration agreement between the two companies relating to the further development of the rVSV-EBOV vaccine product candidate had been achieved. The milestone pertains to the initiation of a key clinical trial for the vaccine. The Company recognized $170,000 in revenue relating to the other deliverables and $1.2 million for the reimbursement of costs associated with the Ebola clinical trials not reimbursed under the Company's government contracts. Revenue of $53,800 was deferred as of December 31, 2015. The Company recognized revenue under this agreement of $29.6 million for the year ended December 31, 2014 associated with license and information and know-how, which were completed in their entirety, and also recognized an additional $170,000 associated with the remaining deliverables. The Company is eligible to receive from Merck tiered royalty payments based on product sales, with royalty rates varying based on Merck sales of the current rVSV∆G-ZEBOV GP vaccine product and Merck sales of other products included within the Company’s patent rights. Royalties will be recognized as earned in accordance with contract terms, when Merck results are reported, the amount can be reasonably estimated, and collectability is reasonably assured.

Stockholders' Equity (Notes)	12 Months Ended
Stockholders' Equity (Notes)	Dec. 31, 2016
Class of Stock [Line Items]
Stockholders' Equity Note Disclosure	Stockholders' Equity Common Stock The holders of common stock are entitled to one vote per share on all matters to be voted upon by the Company stockholders. Subject to preferences applicable to outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Company's Board of Directors. In the event of liquidation, dissolution, or winding up of the Company, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities subject to prior distribution rights of the preferred stock. Preferred Stock As of December 31, 2016 and 2015, the Company had no outstanding preferred stock. The Company's Board of Directors has the authority to issue up to 5,000,000 shares of preferred stock in one or more series and to fix the voting power and such designations, preferences, and rights of such series, subject to approval of outstanding preferred series shareholders.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Common Stock Equity Incentive Plans

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Common Stock Equity Incentive Plan

Common Stock Equity Incentive Plans

In April 2000, the stockholders approved NewLink’s 2000 Equity Incentive Plan. as amended, or the 2000 Plan, and in July 2009, the stockholders approved NewLink’s 2009 Equity Incentive Plan, as amended, or the 2009 Plan. Following the approval of the 2009 Plan, all options outstanding under the 2000 Plan were effectively included under the 2009 Plan. Under the provisions of the 2009 Plan, NewLink may grant the following types of common stock awards:


•	Incentive Stock Options


•	Nonstatutory Stock Options


•	Restricted Stock Awards


•	Stock Appreciation Rights

Awards under the 2009 Plan, as amended, may be made to officers, employees, members of the NewLink Board of Directors, advisors, and consultants to NewLink. As of December 31, 2016 there were 9,071,674 shares of common stock authorized for the 2009 Plan and 1,044,717 shares remained available for issuance. As of December 31, 2015 there were 7,919,109 shares of common stock authorized for the 2009 Plan and 774,449 shares remained available for issuance.

The following table summarizes the authorized increases of common stock under the 2009 Plan:



Date Authorized		Authorized Shares Added
May 15, 2010		1,238,095
January 7, 2011		714,286
January 1, 2013		838,375
January 1, 2014		1,066,340
January 1, 2015		1,119,255
January 1, 2016		1,152,565

Subsequent to year end, on January 1, 2017, an additional 1,166,546 shares of common stock were added to the shares reserved for future issuance under the 2009 plan. The increases in the authorized shares of common stock under the 2009 Plan in 2010 and 2011 were approved by the Company’s stockholders. The increases in the authorized shares of common stock under the 2009 Plan in 2012 through 2017 were made pursuant to an “evergreen provision,” in accordance with which, on January 1 of each year, from 2012 to (and including) 2019, a number of shares of common stock in an amount equal to 4% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or such lesser amount of shares (or no shares) approved by the Company's Board of Directors, was added or will be added to the shares reserved under the 2009 Plan.

Under the terms of the Company's 2010 Non-Employee Directors’ Stock Option Plan, as amended, or the Directors’ Plan, which became effective on November 10, 2011, 238,095 shares of common stock were reserved for future issuance. On May 9, 2013, an additional 161,905 shares of common stock were added to the reserve. As of December 31, 2016, zero shares remained available for issuance under the Directors' Plan.

Under the terms of the Company's 2010 Employee Stock Purchase Plan, as amended, or the 2010 Purchase Plan, which became effective on November 10, 2011, 214,285 shares of common stock were reserved for future issuance. On May 9, 2013, an additional 185,715 shares of common stock were added to the reserve. As of December 31, 2016, 172,783 shares remained available for issuance under the plan. During the years ended December 31, 2016 and 2015, 58,609 and 40,248 shares of common stock, respectively, were purchased under the terms of the 2010 Purchase Plan.

Share-based Compensation

Share-based employee compensation expense for the years ended December 31, 2016, 2015 and 2014, was $16.7 million, $15.9 million, and $8.6 million, respectively, and is allocated between research and development and general and administrative expenses within the consolidated statements of operations. As of December 31, 2016, the total compensation cost related to unvested option awards not yet recognized was $32.1 million and the weighted average period over which it is expected to be recognized was 2 years. The total income tax benefit recognized in the consolidated statements of operations for stock-based compensation arrangements was $13.7 million, $7.8 million and $3.7 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Stock Options

The Company's Board of Directors determines the vesting period for each stock option award. Generally, stock options awarded to date under the 2009 Plan vest monthly or vest 25% on the first anniversary date of issuance with the remaining options vesting ratably over the next 36 months, though some options have effective vesting periods that begin prior to the date of grant. In such cases, compensation expense was recognized for the vested portion of the award upon grant. The stock options may include provisions for early exercise of options. If any shares acquired are unvested, they are subject to repurchase at the Company’s discretion until they become vested.

The following table summarizes the stock option activity for the year ended December 31, 2016:



	Number of options		Weighted average exercise price		Weighted average remaining contractual term (years)
Outstanding at beginning of period	5,646,480		$	15.11
Options granted	1,346,758		19.03
Options exercised	(222,793	)	7.53
Options forfeited	(361,084	)	32.12
Options expired	(130,819	)	29.96
Outstanding at end of period	6,278,542		$	14.93	5.8
Options exercisable at end of period	4,532,593		$	11.26	4.7

Based on the December 31, 2016 price of $10.28 per share, the intrinsic value of stock options outstanding at December 31, 2016, was $17.8 million, of which $15.1 million and $2.7 million related to stock options that were vested and unvested, respectively, at that date.

The following table summarizes options that were granted during the years ended December 31, 2016, 2015 and 2014, and the range of assumptions used to estimate the fair value of those stock options using a Black-Scholes valuation model:



	Years Ended December 31,
	2016	2015	2014
Number of options granted	1,346,758	1,019,445	974,555
Risk-free interest rate	1.19%-1.97%	1.51%-2.00%	1.73%-2.24%
Expected dividend yield	—	—	—
Expected volatility	67.1%-69.8%	62.5%-67.3%	57.4%-68.3%
Expected term (in years)	5.9-7.4	5.9-7.0	6.0-7.0
Weighted average grant-date fair value per share	$11.91	$26.36	$14.80

The following table summarizes the intrinsic value of options exercised and the fair value of awards vested during the years ended December 31, 2016, 2015 and 2014:

The fair value of options vested for the year ended December 31, 2015, includes the accelerated vesting as a result of an employee's departure from the Company of $2.8 million. The fair value of options vested for the year ended December 31, 2014, includes $1.7 million in share-based compensation resulting from the vesting in full of one employee's options upon the employee's termination that occurred during 2014.

Restricted Stock

Restricted stock is common stock that is subject to restrictions, including risks of forfeiture, determined by the plan committee of the Board of Directors in its sole discretion, for so long as such common stock remains subject to any such restrictions. A holder of restricted stock has all rights of a stockholder with respect to such stock, including the right to vote and to receive dividends thereon, except as otherwise provided in the award agreement relating to such award. Restricted stock awards are equity classified within the consolidated balance sheets. The fair value of each restricted stock grant is estimated on the date of grant using the closing price of the Company's Common Stock on The NASDAQ Global Market on the date of grant.

During the year ended December 31, 2016 and 2015, there were 193,834 and 137,780 shares of restricted stock granted, respectively. Compensation expense is determined for the issuance of restricted stock by amortizing on a straight-line basis over the requisite service period, or the vesting period, the aggregate fair value of the restricted stock awarded based on the closing price of the Company's common stock on the date of grant.

A summary of the Company's unvested restricted stock at December 31, 2016 and changes during the year ended December 31, 2016 is as follows:



	Restricted Stock		Weighted Average Grant Date Fair Value
Unvested at beginning of period	228,972		$	34.94
Granted	193,834		34.73
Vested	(74,140	)	34.68
Forfeited/cancelled	(59,702	)	34.58
Unvested at end of period	288,964		$	34.94

As of December 31, 2016, the total remaining unrecognized compensation cost related to issuances of restricted stock was approximately $6.9 million and is expected to be recognized over a weighted-average period of 2.4 years. The grant date fair value of restricted stock awards granted during the year ended December 31, 2016 was $6.7 million. The fair value of restricted stock awards vested during the year ended December 31, 2016 was $1.9 million.

The Company does not have a formal policy regarding the source of shares issued upon exercise of stock options or issuance of restricted stock. The Company expects shares issued to be issued from treasury shares or new shares.

On January 4, 2017, the Company approved grants of restricted stock unit awards to certain of the named executive officers for extraordinary performance in 2016. These grants will be recognized in 2017.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense consists of (in thousands):



	Current			Deferred		Total
Year Ended December 31, 2016:
U.S. federal	$	6,469		$	—	$	6,469
State and local	(1,113		)	—		(1,113		)
	$	5,356		$	—	$	5,356

Year Ended December 31, 2015:
U.S. federal	$	5,522		$	—	$	5,522
State and local	1,216			—		1,216
	$	6,738		$	—	$	6,738

Year Ended December 31, 2014:
U.S. federal	$	14,592		$	—	$	14,592
State and local	7,024			—		7,024
	$	21,616		$	—	$	21,616

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and the deferred tax liability at December 31, 2016 and 2015 are presented below (in thousands):



	Year Ended December 31,
	2016			2015
Deferred tax assets:
Net operating loss carryforwards	$	654		$	654
Federal research and development tax credits	20,836			10,928
Share-based compensation	11,843			8,327
Deferred rent	491			519
Minimum tax credits	143			143
Accrued compensation	427			363
Unearned revenue	163			540
Charitable contributions	13			—
Leasehold improvements and equipment	552			26
Gross deferred tax assets	35,122			21,500
Less valuation allowance	(35,122		)	(20,691		)
Net deferred tax assets	—			809
Deferred tax liability:
Leasehold improvements and equipment	—			(809		)
Total net deferred tax assets	$	—		$	—

The valuation allowance for deferred tax assets as of December 31, 2016 and 2015 was $35.1 million and $20.7 million, respectively. The net change in the total valuation allowance for the years ended December 31, 2016 and 2015 was an increase of $14.4 million and of $6.1 million, respectively. In assessing the realizability of deferred tax assets, management 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 future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment. Valuation allowances have been established for the entire amount of the net deferred tax assets as of December 31, 2016 and 2015, due to the uncertainty of future recoverability.

Federal operating loss carryforwards as of December 31, 2016 of approximately $1.4 million and federal research credit carryforwards of approximately $20.8 million expire at various dates from 2026 through 2035. Sections 382 and 383 of the Internal Revenue Code limit a corporation’s ability to utilize its net operating loss carryforwards and certain other tax attributes (including research credits) to offset any future taxable income or tax if the corporation experiences a cumulative ownership change of more than 50% over any rolling three year period. State net operating loss carryforwards (and certain other tax attributes) may be similarly limited. An ownership change can therefore result in significantly greater tax liabilities than a corporation would incur in the absence of such a change and any increased liabilities could adversely affect the corporation’s business, results of operations, financial condition and cash flow.

Based on analysis from its inception through December 31, 2015, the Company experienced Section 382 ownership changes in September 2001 and March 2003 and one of its subsidiaries experienced Section 382 ownership changes in January 2006 and January 2011 and the reported deferred tax assets reflect these expected limitations. These ownership changes limited the Company's ability to utilize federal net operating loss carryforwards (and certain other tax attributes) that accrued prior to the respective ownership changes of the Company and one of its subsidiaries. Additional ownership changes may occur in the future as a result of events over which the Company will have little or no control, including purchases and sales of the Company’s equity by our 5% stockholders, the emergence of new 5% stockholders, additional equity offerings or redemptions of the Company’s stock or certain changes in the ownership of any of the Company’s 5% stockholders.

Income tax benefit was $5.4 million for the year ended December 31, 2016. The Company had income tax expense of $6.7 million and $21.6 million for the years ended December 31, 2015 and 2014, respectively.

A reconciliation of income taxes at the statutory federal income tax rate to net income tax expense (benefit) included in the accompanying statements of operations is set forth in the following table:



	Year ended December 31,
	2016		2015		2014
U.S. federal income tax expense (benefit) at the statutory rate	(35.00	)%	(35.00	)%	35.00	%
Available research and experimentation tax credits	—		(2.30	)	(7.00	)
State income taxes, net of federal taxes	0.88		(0.50	)	4.70
Loss in foreign subsidiary	15.88		43.60		8.40
Valuation allowance	12.07		13.70		(21.60	)
Other	0.25		0.50		(1.10	)
Total	(5.92	)%	20.00	%	18.40	%

The loss in foreign subsidiary reconciling item in the above table is the tax effect of intercompany research and development expenses which are not deductible on the Company's consolidated federal income tax return.

The Company accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax position is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Interest and penalties assessed, if any, are accrued as income tax expense. The Company did not record any interest or penalties relating to its uncertain tax positions during the three years ended December 31, 2016. The liability for uncertain tax benefits consists of estimated federal and state income tax liabilities in years for which the statute of limitations is open. Open years range from 2014 through 2016.

The changes in the Company's uncertain income tax positions for the year ended December 31, 2016 consisted of the following (in thousands):




	December 31, 2016
Beginning Balance - uncertain tax positions	$	—
Increases for tax positions related to current year	653
Decreases due to settlements with taxing authorities	—
Reductions due to lapsed statute of limitations	—
Ending Balance - uncertain tax positions	$	653

The Company does not anticipate the liability for uncertain tax positions as of December 31, 2016 to significantly change in the next 12 months. The Company currently has no open jurisdictional audits.

Earnings Per Share (EPS)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Net Loss per Common Share

Earning Per Share (EPS)

The following table presents the calculations of earnings (loss) per share:



	Years Ended December 31,
	2016			2015			2014
Historical net income (loss) per share
Numerator
Net (loss) income attributable to common stockholders	$	(85,155	)	$	(40,381	)	$	96,017

Denominator
Basic weighted-average shares outstanding	28,979,327			28,586,585			27,838,873
Dilutive effect of stock option and restricted stock shares	—			—			3,186,226
Diluted weighted-average shares outstanding	28,979,327			28,586,585			31,025,099

Basic earnings (loss) per share	$	(2.94	)	$	(1.41	)	$	3.45
Diluted earnings (loss) per share	$	(2.94	)	$	(1.41	)	$	3.09

All common stock equivalents are excluded from the computation of diluted loss per share during periods in which losses are reported since the result would be anti-dilutive. For December 31, 2016, anti-dilutive stock options and restricted stock awards excluded from our calculation totaled 6,278,542 and 288,964, respectively. For December 31, 2015, anti-dilutive stock options and restricted stock awards excluded from our calculation totaled 5,646,480 and 228,972.

Licensing Agreements

12 Months Ended

Dec. 31, 2016

Licensing Agreements [Abstract]

Licensing Agreements

The Company is a party to a number of licensing agreements with respect to certain of the technologies that underlie its intellectual property. These agreements typically provide that the Company has exclusive rights to the use and sublicensing of the technologies in question for the duration of the intellectual property patent protection in question, subject to the Company meeting its financial and other contractual obligations under the agreements. The Company recognizes expense under its licensing agreements in the period the obligation is incurred. These agreements typically provide for a license fee based on a percent of sales and annual minimum royalties. For additional information regarding how the Company records payments under these agreements, see Note 2 above. The Company has incurred expense of approximately $2.0 million, $2.0 million, and $3.1 million, under all of the in-licensing agreements for the years ended December 31, 2016, 2015, and 2014, respectively, which is recorded as a component of general and administrative expenses.

Under certain license agreements the Company is obligated to make potential milestone payments as listed in the following table. In addition to the milestone payments, each license is paid as a low single-digit percentage of net sales of the licensed product, subject to annual minimum royalties. These obligations are contingent upon achieving the applicable milestone event, the timing of which cannot presently be determined. The milestone payments and royalty payments are in place through at least the expiration of certain of the Company's patents, which is currently 2029 and beyond.



Licensor		Aggregate potential milestone payments
Lankenau Institute for Medical Research under the IDO-1 Agreement		$1.36 million per licensed product

Lankenau Institute for Medical Research under the LIMR IDO-2 Agreement		$1.52 million per licensed product, subject to reductions if milestones also qualify under the IDO-1 Agreement

Lankenau Institute for Medical Research under the 2009 LIMR Agreement		$610,000 per licensed product, subject to reductions if milestones also qualify under the IDO-1 Agreement or LIMR IDO-2 Agreement

Augusta University Research Institute under AURI IDO		$2.8 million per licensed product

Augusta University Research Institute under the AURI PTEN Agreement		$4.3 million in total

Public Health Agency of Canada		C$205,000 per licensed product

The Ohio State University		$2.75 million for first licensed product

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2016
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors a 401(k) plan, which includes a defined contribution feature. The Company's defined contribution was $482,000, $361,000, $303,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company made discretionary contributions to the plan of $446,000, $319,000, and $299,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company has approved employment agreements for certain executives, dated October 29, 2010, as amended January 4, 2016, that provide for the payment of 6 to 24 months of base salary, bonus, and group health insurance premiums plus accrued obligations upon termination of the executive in certain circumstances. The agreements include provisions to accelerate the vesting of stock options subject to certain events including those related to a change in control. The Company entered into the January 2016 amendments to the foregoing agreements, upon recommendation by the Compensation Committee of the Board of Directors, to align the terms of certain termination benefits with termination terms for executive officers at similarly situated companies to the Company.

Restructuring Charges (Notes)

12 Months Ended

Dec. 31, 2016

Restructuring Cost and Reserve [Line Items]

Restructuring Charges

The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Employee severance costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period. The Company also records costs incurred with contract terminations associated with restructuring activities.

In order to reduce costs associated with algenpantucel-L and the HyperAcute Cellular Immunotherapy platform technology, the Company's management adopted a restructuring plan in May 2016 which included a reduction in the Company's workforce; the exit or reduction of certain leased facilities; and the renegotiation or termination of contracts with certain third parties. As a result of the restructuring, the Company also recorded an impairment charge for fixed assets which management determined had no or limited future use. The fair value of impaired fixed assets was determined based on management’s estimate of market resale value.

During the year ended December 31, 2016 these restructuring activities resulted in charges of $11.6 million, of which $500,000 is included within general and administrative expenses and $11.1 million is included within the research and development expenses in the condensed consolidated statement of operations. Included in the $11.6 million of charges is non-cash asset impairment charges of $4.0 million. There were no restructuring charges recorded in prior years.

The following table shows the amount accrued for restructuring activities which is recorded within Accrued Expenses in the condensed consolidated balance sheet (in thousands):



	Employee Severance Cost		Contract Termination Cost			Total
Balance as of December 31, 2015	$	—	$	—		$	—
Expensed	1,800		6,500			8,300
Cash Payments	1,758		5,758			7,516
Adjustments	—		(742		)	(742		)
Balance as of December 31, 2016	$	42	$	—		$	42

Commitments and Contingencies (Notes)	12 Months Ended
Commitments and Contingencies (Notes)	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, claims are asserted against the Company arising in the ordinary course of business. In the opinion of management, liabilities, if any, arising from existing claims are not expected to have a material effect on the Company's earnings, financial position, or liquidity. On or about May 12, 2016, Trevor Abramson filed a putative securities class action lawsuit in the United States District Court for the Southern District of New York, or the Court, against the Company, the Company’s Chief Executive Officer Charles J. Link, Jr., the Company’s Chief Financial Officer John B. Henneman III, and the Company’s former Chief Financial Officer Gordon H. Link, Jr., captioned Abramson v. NewLink Genetics Corp., et al., Case 1:16-cv-3545, or the Action. Subsequently, the Court appointed Michael and Kelly Nguyen as lead plaintiffs and approved their selection of Kahn, Swick & Foti, LLC as lead counsel in the Action. On August 26, 2016, the Court issued an order providing that (i) the lead plaintiffs shall file an amended complaint on or before October 31, 2016, (ii) the defendants shall submit a letter to the Court regarding a potential motion responsive to the amended complaint on November 15, 2016, and (iii) the lead plaintiffs shall submit a letter to the Court opposing the defendants’ letter on November 22, 2016. On October 31, 2016, the lead plaintiffs filed an amended complaint which asserts claims under the federal securities laws against the Company, Charles J. Link, Jr., and the Company’s Chief Medical Officer and President Nicholas Vahanian, or collectively, the Defendants (no claims are asserted in the amended complaint against Messrs. Henneman or Gordon Link). The amended complaint alleges the Defendants made material false and/or misleading statements that caused losses to the Company’s investors. In particular, the lead plaintiffs allege that the Defendants made material misstatements or omissions related to the Phase II and III trials and efficacy of the product candidate algenpantucel-L. The lead plaintiffs do not quantify any alleged damages in the amended complaint but, in addition to attorneys’ fees and costs, they seek to recover damages on behalf of themselves and other persons who purchased or otherwise acquired the Company’s stock during the putative class period of September 17, 2013 through May 9, 2016, inclusive, at allegedly inflated prices and purportedly suffered financial harm as a result. On November 15, 2016, the Defendants filed a letter seeking a pre-motion conference on their anticipated motion to dismiss. In response, on November 22, 2016, the lead plaintiffs filed a letter in support of proceeding directly to briefing on Defendants’ anticipated motion to dismiss. The Company disputes the claims in the Action and intends to defend against them vigorously.

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information (Unaudited) [Abstract]

Quarterly Financial Information

Quarterly Financial Information (Unaudited)



	First			Second			Third			Fourth
	(In thousands, except per share data)
Year Ended December 31, 2016
Grant and licensing revenue	$	5,708		$	2,012		$	15,345		$	12,703
Loss from operations	(25,393		)	(34,528		)	(16,687		)	(13,970		)
Net loss ⁽¹⁾	(23,720		)	(32,389		)	(15,540		)	(13,506		)
Basic loss per share	(0.82		)	(1.12		)	(0.54		)	(0.46		)
Diluted loss per share	$	(0.82	)	$	(1.12	)	$	(0.54	)	$	(0.46	)
Year Ended December 31, 2015
Grant and licensing revenue	$	39,195		$	7,445		$	14,209		$	7,652
Income (loss) from operations	12,848			(15,942		)	(15,683		)	(14,825		)
Net income (loss)	11,190			(14,091		)	(15,906		)	(21,574		)
Basic earnings (loss) per share	0.40			(0.49		)	(0.55		)	(0.75		)
Diluted earnings (loss) per share	$	0.35		$	(0.49	)	$	(0.55	)	$	(0.75	)

(1)

In the fourth quarter of 2016, the Company adopted ASU 2016-09 which required adoption as of January 1, 2016. In the second and third quarter of 2016, the Company recorded an income tax benefit and an increase to additional paid in capital of $127,000 and $513,000, respectively, which is reflected in the above quarterly financial information (unaudited) as reported. Adoption allows for the recognition of excess tax benefits in the income tax provision rather than as paid-in capital. This resulted in the reversal of the prior quarter entries, including tax expense of $640,000 recorded in the fourth quarter of 2016.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles, or U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the financial statements of NewLink and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents of $131.5 million and $195.6 million at December 31, 2016 and 2015, respectively, consist of checking accounts, money market accounts and treasury bills.
Certificates of Deposit	Certificates of Deposit Certificates of deposit have original maturities of greater than three months. Certificates of deposit are classified as held-to-maturity with due dates that matured in 2016 and are presented at fair value. The Company did not have any certificates of deposit as of December 31, 2016.
Leasehold Improvements and Equipment, and Deferred Rent	Leasehold Improvements and Equipment, and Deferred Rent Leasehold improvements and equipment are capitalized as the Company believes they have alternative future uses and are stated at cost. Equipment under capital leases is stated at the present value of future minimum lease payments. Depreciation on all leasehold improvements and equipment is calculated on the straight-line method over the shorter of the lease term or estimated useful life of the asset. Computer equipment has useful lives of three to five years, lab equipment has a useful life of five years and contract manufacturing organization equipment has a useful life of five years. Deferred rent reflects improvement allowances from the Company's lessors deferred to be recognized as part of lease expense over the remaining term of the lease, which is recognized on a straight-line basis. Total deferred rents were $1.2 million and $1.2 million as of December 31, 2016 and 2015, respectively.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future net undiscounted cash flows expected to be generated by the asset group, primarily relating to proceeds for selling the assets. If such assets are considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Revenue Recognition	Revenue Recognition The Company recognizes revenue for the performance of services or the shipment of products when each of the following four criteria is met: (1) persuasive evidence of an arrangement exists; (2) products are delivered or as services are rendered; (3) the sales price is fixed or determinable; and (4) collectability is reasonably assured. The Company receives payments from government entities under its grants and contracts with the National Institute of Health, the Department of Defense, and the United States Department of Health and Human Services. These agreements provide the Company cost reimbursement plus a percentage for certain types of expenditures in return for research and development activities over a contractually defined period. Grant revenues are recognized in the period during which the related costs are incurred, provided that the conditions under which the costs submitted or to be submitted for reimbursement have been met and the Company has only perfunctory obligations outstanding. During the years ended December 31, 2016, 2015, and 2014, the Company has earned $32.2 million, $32.4 million, and $6.6 million in grant revenue, respectively. The Company had $23.9 million and $4.1 million of receivables from the government contracts recorded in other receivables and $4.3 million and $3.6 million of unbilled expenses relating to the government contracts recorded in prepaid expenses and other assets on the balance sheet as of December 31, 2016 and 2015, respectively. The Company had $2.9 million and $1.1 million of accrued expenses for subcontractor fees and $19.3 million and $66,000 of subcontractor fees in accounts payable for amounts incurred under the government contracts as of December 31, 2016 and 2015, respectively. The Company follows ASC 605-25, Revenue Recognition - Multiple-Element Arrangements and ASC 808, Collaborative Arrangements , if applicable, to determine the recognition of revenue under our license and collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (1) licenses to our intellectual property, (2) materials and technology, (3) clinical supply, and/or (4) participation on joint research or joint steering committees. The payments the Company may receive under these arrangements typically include one or more of the following: non-refundable, up-front license fees; funding of research and/or development efforts; amounts due upon the achievement of specified milestones; and/or royalties on future product sales. ASC 605-25 provides guidance relating to the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (1) the identification of deliverables, (2) whether such deliverables are separable from the other aspects of the contractual relationship, (3) the estimated selling price of each deliverable, and (4) the expected period of performance for each deliverable. To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit utilizing the relative selling price method. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria. If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as unearned revenue in the accompanying balance sheets and recognized as revenue when the related revenue recognition criteria are met. The Company typically receives non-refundable, up-front payments when licensing our intellectual property, which often occurs in conjunction with a research and development agreement. If management believes that the license to our intellectual property has stand-alone value, the Company generally recognizes revenue attributed to the license upon delivery provided that there are no future performance requirements for use of the license. When management believes that the license to our intellectual property does not have stand-alone value, the Company would recognize revenue attributed to the license on a straight-line basis over the contractual or estimated performance period. When the performance period is not specifically identifiable from the agreement, the Company would estimate the performance period based upon provisions contained within the agreement, such as the duration of the research or development term. For payments payable on achievement of milestones that do not meet all of the conditions to be considered substantive, the Company recognizes a portion of the payment as revenue when the specific milestone is achieved, and the contingency is removed. Other contingent event-based payments for which payment is either contingent solely upon the passage of time or the result of collaborator's performance are recognized when earned.
Expenses Accrued Under Contractual Arrangements with Third Parties; Accrued Clinical Expenses	Expenses Accrued Under Contractual Arrangements with Third Parties; Accrued Clinical Expenses The Company estimates its accrued expenses through a process of reviewing open contracts and purchase orders, communicating with personnel to identify services that have been performed and estimating the level of service performed and the associated cost incurred for the service that may not be invoiced from the provider. The estimates of accrued expenses as of each balance sheet date are based on facts and circumstances known at that time. Such estimates are periodically confirmed with the service providers to verify accuracy. The Company bases its expenses related to clinical trials on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on behalf of the Company. Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on its estimate of management fees, site management and monitoring costs and data management costs as contracted. Differences between actual clinical trial costs and estimated clinical trial costs are adjusted for in the period in which they become known through operations.
Research and Development	Research and Development Research and development costs are expensed as incurred. Research and development expenses consist primarily of employee-related expenses, which include salaries, bonuses, benefits and share-based compensation; manufacturing-related costs; clinical trial expenses which include expenses incurred under agreements with contract research organizations, investigative sites and consultants that conduct our clinical trials; facilities, depreciation of fixed assets and other allocated expenses, which include direct and allocated expenses for rent and maintenance of research facilities and equipment; license fees for and milestone payments related to in-licensed products and technology; and costs associated with non-clinical activities and regulatory approvals.
Patents	Patents The Company generally applies for patent protection on processes and products. Patent application costs are expensed as incurred as a component of general and administrative expense, as recoverability of such expenditures is uncertain.
Income Taxes	ncome Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and 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 those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period that includes the enactment date. Management assesses the realizability of deferred tax assets and records a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax position is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Interest and penalties assessed, if any, are accrued as income tax expense. As of December 31, 2016, the Company has recognized an uncertain tax position of $653,000 and had zero uncertain tax positions recognized as of December 31, 2015.
Share-Based Compensation	Share-Based Compensation The Company is required to estimate the grant-date fair value of share-based payment transactions with employees which include stock options, restricted stock units (RSUs) and performance shares (PSUs) and recognizes the compensation cost over the requisite service period based on the estimated fair values as well as expected forfeiture rates. The Company estimates the fair value of each award granted using the Black-Scholes option pricing model. The Black-Scholes model requires the input of assumptions, including the expected stock price volatility, the calculation of expected term and the fair value of the underlying common stock on the date of grant, among other inputs. The Company calculates the fair value of the award on the grant date, which is the date the award is authorized by the Board of Directors or Chief Executive Officer and the employee has an understanding of the terms of the award. Generally, the Company has issued employee awards that vest either monthly or 25% vest on the first anniversary date of issuance with the remaining options vesting ratably over the next 36 months. The Company records compensation cost on a straight-line basis over the vesting period. The fair value of RSUs are subject to cliff vesting are recognized as compensation expense over the requisite service period using the straight line attribution method, and the fair value of RSUs that are subject to graded vesting are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of PSUs are recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, over the remaining requisite service period. The Company has issued awards to nonemployee consultants and advisers. All grants to nonemployees are valued using the same fair value method that we use for grants to employees. The compensation cost on these awards is measured each period until vesting, and is recognized through the earlier of the vesting of the award or completion of services by the nonemployee. Following is a description of the inputs for the Black-Scholes model: Exercise Price The Company uses the quoted market price as listed on the public exchange on the date of grant. If Incentive Stock Options are granted to a 10% stockholder in the Company, the exercise price shall not be less than 110% of the common stock’s fair market value on the date of grant. Expected Term (in Years) The expected term of a stock option is the period of time for which the option is expected to be outstanding. The Company uses historical exercise and option expiration data to estimate the expected term for the Black-Scholes grant-date valuation. Risk-Free Interest Rate The Company uses the average yield on current U.S. Treasury instruments with terms that approximate the expected term of the stock options being valued. Expected Dividend Yield The expected dividend yield for all of the Company’s stock option grants is 0%, as the Company has not declared a cash dividend since inception and has no plans to declare a dividend. Expected Volatility The Company uses its historical stock price volatility. The volatility is calculated over a period of time commensurate with the expected term for the options granted. Forfeitures The share-based compensation expense has been reduced for estimated forfeitures. The estimated forfeiture rate is based on historical experience of the Company’s option plan, which the Company expects to continue at the current level, and any adjustments in the forfeiture rate in the future will result in a cumulative adjustment in the period that this estimate is changed. Ultimately, the total compensation expense recognized for any given stock-based award over its vesting period will only be for those shares that actually vest.
Segments	Segments The Company operates in one segment. The Company conducts research and development activities based from facilities located in Ames, Iowa and has corporate headquarters in Ames, Iowa and Austin, Texas. The Company conducts preclinical and clinical research in the biopharmaceutical industry. The chief operating decision maker uses cash flow as the primary measure to manage the business and management does not segment its business for internal reporting or decision-making.
Financial Instruments	Financial Instruments and Concentrations of Credit Risk The fair values of cash and cash equivalents, certificates of deposit, receivables and accounts payable, which are recorded at cost, approximate fair value based on the short-term nature of these financial instruments. The fair value of notes payable and capital lease obligations was $517,000 and $941,000 as of December 31, 2016 and 2015, respectively, and was determined using Level 2 inputs (computed in accordance with ASC 820). The Company is unable to estimate the fair value of the royalty obligation based on future product sales as the timing of payments, if any, is uncertain.
Concentration of Revenue	Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and certificates of deposit. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, the Company’s cash and cash equivalents balance exceeds the federally insured limits. To limit the credit risk, the Company invests its excess cash primarily in high quality securities such as money market funds.
Earnings Per Share	Earnings per share (EPS) The Company computes basic EPS attributable to the Company's common stockholders by dividing net income (loss) attributable to the Company by our weighted-average common shares outstanding during the period. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in our earnings. The Company computes basic and diluted EPS using net income (loss) attributable to the Company's common stockholders, and its actual weighted-average shares.
Concentration of Revenue	Concentration of Revenue Genentech, a member of the Roche Group, and Merck Sharpe and Dohme Corp., or Merck, accounted for 7.6% and 2.3%, respectively, of the $35.8 million of revenue for the year ended December 31, 2016, with the remainder obtained from government grants. Genentech and Merck accounted for 21.5% and 31.3%, respectively, of the $68.5 million of revenue earned for the year ended December 31, 2015, with the remainder obtained from government grants. Genentech and Merck accounted for 78.9% and 17.2%, respectively, of the $172.6 million of revenue earned for the year ended December 31, 2014, with the remainder obtained from government grants.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU No, 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, earnings per share, and the statement of cash flows. The effective date for public entities is for fiscal years beginning after December 15, 2016. Early adoption is permitted in any interim period provided that the entire ASU is adopted. The Company elected to early adopt ASU No. 2016-09 as of the fourth quarter of 2016 which required the Company to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. Adoption also requires using a modified retrospective method with a cumulative-effect adjustment to the accumulated deficit for the excess tax benefits not previously recognized as of the beginning of the year of adoption. There was no impact to the opening accumulated deficit (and thus, deferred tax assets) for unrecognized tax benefits, as any prior excess tax benefits have already reduced current taxes payable and been previously recognized as additional paid in capital. Accordingly, the adoption had no impact on accumulated deficit as of January 1, 2016. The primary impact of adoption resulted in the recognition of excess tax benefits in the Company's income tax provision rather than as paid-in capital. This guidance is to be applied prospectively and resulted in the reversal of $640,000 of excess tax benefits that had been recognized in additional paid-in capital for the nine months ended September 30, 2016. The adoption did not have a material impact on the Company's consolidated financial statements for the year ended December 31, 2016. The amendments require excess tax benefits to be classified along with other income tax cash flows as an operating activity. The Company prospectively adopted this provision and did not adjust the consolidated statements of cash flows for the years ended December 31, 2015 and 2014. Amendments to the minimum statutory withholding tax requirements had no impact to the accumulated deficit as of January 1, 2016. In addition, the Company has elected to continue to estimate forfeitures expected to occur when determining the amount of compensation cost to be recognized in each period. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board, or the FASB, issued ASU No. 2016-02, Leases, to improve financial reporting for leasing transactions. The new standard requires lessees to recognize on the balance sheet a right of use asset and related lease liability for all leases with terms greater than twelve months. The ASU also requires disclosures about the amount, timing, and uncertainty of cash flows arising from leases. The effective date for public entities is fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company does not currently have any material leases and therefore does not anticipate adoption to have a material impact on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance will be effective for the fiscal year beginning after December 15, 2017, including interim periods within that year. The Company is currently evaluating the impact the adoption of this standard will have an impact on its consolidated financial statements. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018; however, early adoption at January 1, 2017, is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently analyzing the impact ASU 2014-09 will have on its consolidated financial statements and related disclosures and, at this time, we are unable to determine the impact of the new standard, if any, on our consolidated financial statements. The Company anticipates having the analysis completed by the third quarter of 2017. The Company anticipates adopting ASU 2014-09 effective January 1, 2018 and has not yet selected a transition method.

Leases (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Capital Leased Assets

The following is an analysis of the leased property under capital leases by major class (in thousands):



	Asset Balances at December 31,
Class of property	2016			2015
Lab equipment	$	720		$	489
Leasehold improvements	27			27
Computer equipment	54			54
Total property under capital leases	801			570
Less accumulated depreciation and amortization	(586		)	(472		)
Capital leased assets, net	$	215		$	98

Minimum Lease Payments for Capital Leases



Year Ending December 31:
2017	$	81
2018	74
Total minimum lease payments	155
Less amount representing interest	(5		)
Present value of net minimum lease payments	$	150

Minimum Rental Payments for Operating Leases

Future minimum lease payments under the noncancelable operating leases (with initial or remaining lease terms in excess of one year) as of December 31, 2016 are as follows (in thousands):



Year Ending December 31:
2017	1,007
2018	620
2019	555
2020	32
Thereafter	—
Total	$	2,214

Leasehold improvements and equipment (Tables)

12 Months Ended

Dec. 31, 2016

Leasehold Improvements and Equipment

Leasehold Improvements and Equipment

Leasehold improvements and equipment at December 31, 2016 and 2015 consisted of the following:



	Year Ended December 31,
	2016			2015
Leasehold Improvements	$	5,310		$	7,347
Computer equipment	2,219			2,432
Lab equipment	4,056			5,642
Contract manufacturing organization equipment	486			1,075
Assets not placed in service	490			420
Total leasehold improvements and equipment	12,561			16,916
Less accumulated depreciation and amortization	(5,726		)	(6,516		)
Total leasehold improvements and equipment, net	$	6,835		$	10,400

Stockholders' Equity (Tables)	12 Months Ended
Stockholders' Equity (Tables)	Dec. 31, 2016
Class of Stock [Line Items]
Common Stock [Table Text Block]	Common Stock The holders of common stock are entitled to one vote per share on all matters to be voted upon by the Company stockholders. Subject to preferences applicable to outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Company's Board of Directors. In the event of liquidation, dissolution, or winding up of the Company, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities subject to prior distribution rights of the preferred stock.
Preferred Stock [Text Block]	Preferred Stock As of December 31, 2016 and 2015, the Company had no outstanding preferred stock. The Company's Board of Directors has the authority to issue up to 5,000,000 shares of preferred stock in one or more series and to fix the voting power and such designations, preferences, and rights of such series, subject to approval of outstanding preferred series shareholders.

Common Stock Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Authorized Increases under 2009 Stock Plan

The following table summarizes the authorized increases of common stock under the 2009 Plan:



Date Authorized		Authorized Shares Added
May 15, 2010		1,238,095
January 7, 2011		714,286
January 1, 2013		838,375
January 1, 2014		1,066,340
January 1, 2015		1,119,255
January 1, 2016		1,152,565

Stock Option Activity

The following table summarizes the stock option activity for the year ended December 31, 2016:



	Number of options		Weighted average exercise price		Weighted average remaining contractual term (years)
Outstanding at beginning of period	5,646,480		$	15.11
Options granted	1,346,758		19.03
Options exercised	(222,793	)	7.53
Options forfeited	(361,084	)	32.12
Options expired	(130,819	)	29.96
Outstanding at end of period	6,278,542		$	14.93	5.8
Options exercisable at end of period	4,532,593		$	11.26	4.7

Assumptions Used in Black-Scholes Pricing Model for New Grants



	Years Ended December 31,
	2016	2015	2014
Number of options granted	1,346,758	1,019,445	974,555
Risk-free interest rate	1.19%-1.97%	1.51%-2.00%	1.73%-2.24%
Expected dividend yield	—	—	—
Expected volatility	67.1%-69.8%	62.5%-67.3%	57.4%-68.3%
Expected term (in years)	5.9-7.4	5.9-7.0	6.0-7.0
Weighted average grant-date fair value per share	$11.91	$26.36	$14.80

Intrinsic Value of options exercised and Fair Value of awards vested

The following table summarizes the intrinsic value of options exercised and the fair value of awards vested during the years ended December 31, 2016, 2015 and 2014:

Restricted Stock Activity

A summary of the Company's unvested restricted stock at December 31, 2016 and changes during the year ended December 31, 2016 is as follows:



	Restricted Stock		Weighted Average Grant Date Fair Value
Unvested at beginning of period	228,972		$	34.94
Granted	193,834		34.73
Vested	(74,140	)	34.68
Forfeited/cancelled	(59,702	)	34.58
Unvested at end of period	288,964		$	34.94

Income Taxes Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income tax expense

Income tax expense consists of (in thousands):



	Current			Deferred		Total
Year Ended December 31, 2016:
U.S. federal	$	6,469		$	—	$	6,469
State and local	(1,113		)	—		(1,113		)
	$	5,356		$	—	$	5,356

Year Ended December 31, 2015:
U.S. federal	$	5,522		$	—	$	5,522
State and local	1,216			—		1,216
	$	6,738		$	—	$	6,738

Year Ended December 31, 2014:
U.S. federal	$	14,592		$	—	$	14,592
State and local	7,024			—		7,024
	$	21,616		$	—	$	21,616

Valuation Allowance

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and the deferred tax liability at December 31, 2016 and 2015 are presented below (in thousands):



	Year Ended December 31,
	2016			2015
Deferred tax assets:
Net operating loss carryforwards	$	654		$	654
Federal research and development tax credits	20,836			10,928
Share-based compensation	11,843			8,327
Deferred rent	491			519
Minimum tax credits	143			143
Accrued compensation	427			363
Unearned revenue	163			540
Charitable contributions	13			—
Leasehold improvements and equipment	552			26
Gross deferred tax assets	35,122			21,500
Less valuation allowance	(35,122		)	(20,691		)
Net deferred tax assets	—			809
Deferred tax liability:
Leasehold improvements and equipment	—			(809		)
Total net deferred tax assets	$	—		$	—

Income Tax Rate Reconciliation



	Year ended December 31,
	2016		2015		2014
U.S. federal income tax expense (benefit) at the statutory rate	(35.00	)%	(35.00	)%	35.00	%
Available research and experimentation tax credits	—		(2.30	)	(7.00	)
State income taxes, net of federal taxes	0.88		(0.50	)	4.70
Loss in foreign subsidiary	15.88		43.60		8.40
Valuation allowance	12.07		13.70		(21.60	)
Other	0.25		0.50		(1.10	)
Total	(5.92	)%	20.00	%	18.40	%

Uncertain Income Tax Positions

The changes in the Company's uncertain income tax positions for the year ended December 31, 2016 consisted of the following (in thousands):




	December 31, 2016
Beginning Balance - uncertain tax positions	$	—
Increases for tax positions related to current year	653
Decreases due to settlements with taxing authorities	—
Reductions due to lapsed statute of limitations	—
Ending Balance - uncertain tax positions	$	653

Net Loss per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Common Share

The following table presents the calculations of earnings (loss) per share:



	Years Ended December 31,
	2016			2015			2014
Historical net income (loss) per share
Numerator
Net (loss) income attributable to common stockholders	$	(85,155	)	$	(40,381	)	$	96,017

Denominator
Basic weighted-average shares outstanding	28,979,327			28,586,585			27,838,873
Dilutive effect of stock option and restricted stock shares	—			—			3,186,226
Diluted weighted-average shares outstanding	28,979,327			28,586,585			31,025,099

Basic earnings (loss) per share	$	(2.94	)	$	(1.41	)	$	3.45
Diluted earnings (loss) per share	$	(2.94	)	$	(1.41	)	$	3.09

Licensing Agreements (Tables)

12 Months Ended

Dec. 31, 2016

Licensing Agreements [Abstract]

Licensing Agreements



Licensor		Aggregate potential milestone payments
Lankenau Institute for Medical Research under the IDO-1 Agreement		$1.36 million per licensed product

Lankenau Institute for Medical Research under the LIMR IDO-2 Agreement		$1.52 million per licensed product, subject to reductions if milestones also qualify under the IDO-1 Agreement

Lankenau Institute for Medical Research under the 2009 LIMR Agreement		$610,000 per licensed product, subject to reductions if milestones also qualify under the IDO-1 Agreement or LIMR IDO-2 Agreement

Augusta University Research Institute under AURI IDO		$2.8 million per licensed product

Augusta University Research Institute under the AURI PTEN Agreement		$4.3 million in total

Public Health Agency of Canada		C$205,000 per licensed product

The Ohio State University		$2.75 million for first licensed product

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2016

Restructuring Cost and Reserve [Line Items]

Restructuring Charges

The following table shows the amount accrued for restructuring activities which is recorded within Accrued Expenses in the condensed consolidated balance sheet (in thousands):



	Employee Severance Cost		Contract Termination Cost			Total
Balance as of December 31, 2015	$	—	$	—		$	—
Expensed	1,800		6,500			8,300
Cash Payments	1,758		5,758			7,516
Adjustments	—		(742		)	(742		)
Balance as of December 31, 2016	$	42	$	—		$	42

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information (Unaudited) [Abstract]

Quarterly Financial Information (Unaudited)



	First			Second			Third			Fourth
	(In thousands, except per share data)
Year Ended December 31, 2016
Grant and licensing revenue	$	5,708		$	2,012		$	15,345		$	12,703
Loss from operations	(25,393		)	(34,528		)	(16,687		)	(13,970		)
Net loss ⁽¹⁾	(23,720		)	(32,389		)	(15,540		)	(13,506		)
Basic loss per share	(0.82		)	(1.12		)	(0.54		)	(0.46		)
Diluted loss per share	$	(0.82	)	$	(1.12	)	$	(0.54	)	$	(0.46	)
Year Ended December 31, 2015
Grant and licensing revenue	$	39,195		$	7,445		$	14,209		$	7,652
Income (loss) from operations	12,848			(15,942		)	(15,683		)	(14,825		)
Net income (loss)	11,190			(14,091		)	(15,906		)	(21,574		)
Basic earnings (loss) per share	0.40			(0.49		)	(0.55		)	(0.75		)
Diluted earnings (loss) per share	$	0.35		$	(0.49	)	$	(0.55	)	$	(0.75	)

Description of Business Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Feb. 04, 2013	Nov. 16, 2011
Summary of Financings
Genentech Upfront Payments		$ 150.0
Merck Upfront Payments		$ 30.0
Merck One-Time Milestones	$ 20.0
Initial Public Offering
Summary of Financings
FInancing proceeds					$ 37.6
Follow-on Offering
Summary of Financings
FInancing proceeds				$ 49.0
ATM Offering
Summary of Financings
FInancing proceeds	$ 58.7
Potential ATM Proceeds			$ 40.0

Significant Accounting Policies (Details) - USD ($)	3 Months Ended								12 Months Ended
Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial Instruments
Fair value and carrying value of notes payable and capital lease obligations	$ 517,000				$ 941,000				$ 517,000	$ 941,000
Cash and Cash Equivalents
Cash and cash equivalents	131,490,000				195,620,000				131,490,000	195,620,000
Leasehold Improvements and Equipment
Deferred rents	1,200,000				1,200,000				1,200,000	1,200,000
Revenue Recognition
Grant revenue									32,242,000	32,358,000	$ 6,642,000
Accrued Fees and Other Revenue Receivable	23,900,000				4,100,000				23,900,000	4,100,000
Unbilled Contracts Receivable	4,300,000				3,600,000				4,300,000	3,600,000
Other Accrued Liabilities, Current	2,900,000				1,100,000				2,900,000	1,100,000
Accounts Payable, Other, Current	19,300,000				66,000				19,300,000	66,000
Licensing Agreements
Total operating revenues	12,703,000	$ 15,345,000	$ 2,012,000	$ 5,708,000	7,652,000	$ 14,209,000	$ 7,445,000	$ 39,195,000	$ 35,768,000	68,501,000	$ 172,592,000
Stock Option Valuation
ISO Stockholder Ownership Threshold									10.00%
Greater Than 10% Stockholder ISO Exercise Price Threshold									110.00%
Expected Dividend Yield									0.00%
Effective Income Tax Rate Reconciliation, percent
Uncertain Tax Positions	$ 653,000				$ 0				$ 653,000	$ 0
Prospective Adoption of New Accounting Pronouncements [Abstract]
Effect of Adoption of ASU 2016-09 resulted in reversal of previously recognized excess tax benefits									$ 640,000
Customer Concentration Risk [Member] \| Genentech
Licensing Agreements
Concentration Risk, Percentage									7.60%	21.50%	78.90%
Customer Concentration Risk [Member] \| Merck
Licensing Agreements
Concentration Risk, Percentage									2.30%	31.30%	17.20%

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Capital Leases, Lessee Balance Sheet [Abstract]
Lab equipment	$ 720	$ 489
Leasehold improvements	27	27
Computer equipment	54	54
Total property under capital leases	801	570
Less accumulated depreciation and amortization	(586)	(472)
Capital leased assets, net	215	98
Capital Leases, Future Minimum Payments, Net Minimum Payments, Rolling Maturity [Abstract]
Capital Leases, Due in 2017	81
Capital Leases, Due in 2018	74
Capital Leases, Minimum Payments Due	155
Capital Leases, Interest Included in Payments	5
Capital Leases, Minimum Payments, Present Value	150
Operating Leases, Rent Expense, Net	1,700	$ 1,700	$ 1,200
Operating Leases, Future Minimum Payments Receivable [Abstract]
Operating Leases, Due in 2017	1,007
Operating Leases, Due in 2018	620
Operating Leases, Due in 2019	555
Operating Leases, Due in 2020	32
Operating Leases, Due Thereafter	0
Operating Leases, Future Minimum Payments Due	$ 2,214

Leasehold improvements and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Leasehold Improvements, Gross	$ 5,310	$ 7,347
Capitalized Computer Software, Gross	2,219	2,432
Fixtures and Equipment, Gross	4,056	5,642
Machinery and Equipment, Gross	486	1,075
Construction in Progress, Gross	490	420
Property, Plant and Equipment, Gross	12,561	16,916
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(5,726)	(6,516)
Property and equipment, net	$ 6,835	$ 10,400

Long-Term Debt Conversion to Royalty Obligation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Iowa Department of Economic Development Loan 2005 \| Amount
Debt Instrument
Original Balance	$ 6,000,000
Outstanding Balance	6,000,000
Iowa Economic Development Authority Royalty Obligation 2012 \| Amount
Debt Instrument
Outstanding Balance	6,000,000
Revised Royalty Maximum Amount	$ 6,800,000
Iowa Economic Development Authority Royalty Obligation 2012 \| Percent
Debt Instrument
Revised Royalty Rate	0.50%
Iowa State University Research Park Loan 2009 \| Amount
Debt Instrument
Original Balance	$ 800,000
Outstanding Balance	$ 140,000	$ 246,000
Iowa State University Research Park Loan 2009 \| Percent
Debt Instrument
Interest rate initial	3.00%
Interest rate after five years	5.00%
Interest rate in default	8.00%
Iowa State University Research Park Loan 2012 \| Amount
Debt Instrument
Original Balance	$ 456,000
Outstanding Balance	$ 227,000	$ 284,000
Iowa State University Research Park Loan 2012 \| Percent
Debt Instrument
Interest rate initial	3.00%
Interest rate after five years	5.00%
Interest rate in default	8.00%
City of Ames Forgivable Loan 2010 \| Amount
Debt Instrument
Original Available Balance	$ 400,000
Jobs by March 10, 2015	150
Lease square feet	20,000
Extinguishment of Debt, Amount	$ 397,000

License and Research Collaboration Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Genentech Potential Milestones	$ 1,000,000,000
Genentech Revenue Allocated to License and Manufacturing Technology Transfer Revenue Recognition	2,700,000	$ 14,700,000	$ 136,200,000
Genentech Program Materials and Technology Transfer		9,400,000
Genentech Participation in JRC Revenue Recognition	180,000	151,000
Genentech Clinical Supply of GDC-0919 Product		2,500,000
Genentech Alliance Manager Revenue Recognition	670,000	502,000
Genentech Reimbursement NewLink Employees Revenue Recognition	1,900,000	2,100,000
Genentech Upfront Payments			150,000,000
Merck Upfront Payments			30,000,000
Merck One-Time Milestones		20,000,000
Merck Revenue Allocated to License	815,300	21,400,000	29,600,000
Merck Revenue Allocated to Other Deliverables	53,800	170,000	170,000
Merck Reimbursement Ebola Costs Revenue Recognition	800,000	1,200,000
Merck
Deferred Revenue Arrangement [Line Items]
Deferred Revenue		$ 53,800
Genentech
Deferred Revenue Arrangement [Line Items]
Deferred Revenue			$ 1,200,000
Genentech Deferred Revenue for Deliverables	$ 391,000

Stockholders' Equity (Details) - shares	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Blank check preferred stock, authorized shares	5,000,000	5,000,000

Common Stock Equity Incentive Plans (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2010 shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 shares	Dec. 31, 2012 shares	Dec. 31, 2011 shares
Common Stock Equity Incentive Plan
Total Compensation Cost Related to Non-vested Option Awards \| $		$ 32.1
Weighted Average Vesting Period for Non-vested Option Awards, In Years		2
Share-based Compensation Expense \| $		$ 16.7	$ 15.9	$ 8.6
Income Tax Benefit from Compensation Expense \| $		13.7	7.8	3.7
Intrinsic Value of Options Exercised \| $		1.1	16.7	8.5
Fair Value of Options Vested \| $		$ 15.1	9.6	7.5
Fair Value of Awards Vested - Accelerated Compensation Cost \| $			$ 2.8	$ 1.7
Intrinsic Value Price per Share Base \| $ / shares		$ 10.28
Intrinsic Value Outstanding \| $		$ 17.8
Intrinsic Value Vested \| $		15.1
Intrinsic Value Unvested \| $		$ 2.7
Assumptions Used in Black Scholes Pricing Model for New Grants
Risk Free Interest Rate, Minimum		1.19%	1.51%	1.73%
Risk Free Interest Rate, Maximum		1.97%	2.00%	2.24%
Dividend Rate		0.00%	0.00%	0.00%
Volatility Rate, Minimum		67.10%	62.50%	57.40%
Volatility Rate, Maximum		69.80%	67.30%	68.30%
Weighted average grant-date fair value per share \| $ / shares		$ 11.91	$ 0	$ 0
Stock Option Activity
Outstanding at beginning of period		5,646,480
Outstanding at beginning of period, weighted average exercise price \| $ / shares		$ 15.11
Grants		1,346,758	1,019,445	974,555
Grants, weighted average exercise price \| $ / shares		$ 19.03
Exercises		(222,793)
Exercises, weighted average exercise price \| $ / shares		$ 7.53
Forfeitures		(361,084)
Forfeitures, weighted average exercise price \| $ / shares		$ 32.12
Expirations		(130,819)
Expirations, weighted average exercise price \| $ / shares		$ 29.96
Outstanding at end of period			5,646,480
Outstanding at end of period, weighted average exercise price \| $ / shares		$ 14.93	$ 15.11
Outstanding at end of period, weighted average remaining contractual term, in years		5.8
Exercisable, weighted average exercise price \| $ / shares		$ 11.26
Exercisable, weighted average remaining contractual term, in years		4.7
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period		228,972
Granted		193,834	137,780
Vested		(74,140)
Forfeited/cancelled		(59,702)
Unvested restricted stock at end of period			228,972
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Exercisable		4,532,593
Beginning of period, weighted average grant date fair value \| $ / shares		$ 34.94
Grants, weighted average grant date fair value \| $ / shares		34.73
Vested, weighted average grant date fair value \| $ / shares		34.68
Forfeited/cancelled, weighted average grant date fair value \| $ / shares		34.58
End of period, weighted average grant date fair value \| $ / shares		$ 34.94	$ 34.94
Total Compensation Cost Related to Non-vested Restricted Stock Awards \| $		$ 6.9
Weighted Average Vesting Period for Non-vested Restricted Stock Awards, In Years		2.4
Grant Date Fair Value of Restricted Stock Awards Granted \| $		$ 6.7
Fair Value of Restricted Stock Awards Vested \| $		$ 1.9
Minimum
Assumptions Used in Black Scholes Pricing Model for New Grants
Expected Term		5 years 10 months 24 days	5 years 10 months 24 days	6 years
Maximum
Assumptions Used in Black Scholes Pricing Model for New Grants
Expected Term		7 years 4 months 25 days	7 years	7 years
2009 Equity Incentive Plan
Common Stock Equity Incentive Plan
Increase in Number of Shares Authorized	1,238,095	1,166,546	1,152,565	1,119,255	1,066,340	838,375	714,286
Number of Shares Authorized		9,071,674	7,919,109
Number of Shares Available for Grant		(1,044,717)	(774,449)
Evergreen Increase Percentage		4.00%
2009 Equity Incentive Plan \| Minimum
Common Stock Equity Incentive Plan
Remaining Vesting Period in Months		36
2009 Equity Incentive Plan \| Maximum
Common Stock Equity Incentive Plan
First Year Vesting Percentage		25.00%
2010 Employee Stock Purchase Plan
Common Stock Equity Incentive Plan
Increase in Number of Shares Authorized			185,715
Number of Shares Authorized				214,285
Number of Shares Available for Grant		(172,783)
Shares Issued		58,609	40,248
2010 Non-Employee Directors' Stock Option Plan
Common Stock Equity Incentive Plan
Increase in Number of Shares Authorized			161,905
Number of Shares Authorized				238,095
Number of Shares Available for Grant		0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		288,964	228,972
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		6,278,542	5,646,480

Income Taxes Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current U.S. federal income tax expense	$ 6,469	$ 5,522	$ 14,592
Deferred U.S. federal income tax expense	0	0	0
Federal income tax expense	6,469	5,522	14,592
Current state and local income tax expense	(1,113)	1,216	7,024
Deferred state and local income tax expense	0	0	0
State and local income tax expense	(1,113)	1,216	7,024
Current income tax expense	5,356	6,738	21,616
Deferred income tax expense	0	0	0
Income tax benefit (expense)	$ 5,356	$ (6,738)	$ (21,616)

Income Taxes Deferred Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 654	$ 654
Federal research and development tax credits	20,836	10,928
Share-based compensation	11,843	8,327
Deferred rent	491	519
Minimum tax credits	143	143
Accrued compensation	427	363
Unearned revenue	163	540
Charitable contributions	13	0
Leasehold improvements and equipment	552	26
Gross deferred tax assets	35,122	21,500
Less valuation allowance	35,122	20,691
Net deferred tax assets	0	809
Leasehold improvements and equipment	0	(809)
Total net deferred tax assets	$ 0	$ 0

Income Taxes Other Tax Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred Tax Valuation Allowance	$ (35,122)	$ (20,691)
Change in Deferred Tax Valuation Allowance	14,400	6,100
Federal Operating Loss Carryforwards	1,400
Federal Research Credit Carryforward	20,800
Income tax benefit (expense)	$ 5,356	$ (6,738)	$ (21,616)

Income Taxes Income Tax Rate Reconciliation (Details)	12 Months Ended
Income Taxes Income Tax Rate Reconciliation (Details)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
U.S. federal income tax expense (benefit) at the statutory rate	(35.00%)	(35.00%)	(35.00%)
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	0.00%	(2.30%)	7.00%
State income taxes, net of federal taxes	0.88%	(0.50%)	(4.70%)
Loss in foreign subsidiary	15.88%	43.60%	(8.40%)
Valuation allowance	12.07%	13.70%	21.60%
Other	0.25%	0.50%	1.10%
Total	(5.92%)	20.00%	(18.40%)

Income Taxes Uncertain Income Tax Positions (Details)	12 Months Ended
Income Taxes Uncertain Income Tax Positions (Details)	Dec. 31, 2016 USD ($)
Reconciliation of Uncertain Income Tax Positions
Beginning Balance - uncertain tax positions	$ 0
Increases for tax positions related to current year	653,000
Decreases due to settlements with taxing authorities	0
Reductions due to lapsed statute of limitations	0
Ending Balance - uncertain tax positions	$ 653,000

Net Loss per Common Share (Net Loss Per Share Computation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders	$ (13,506)	$ (15,540)	$ (32,389)	$ (23,720)	$ (21,574)	$ (15,906)	$ (14,091)	$ 11,190	$ (85,155)	$ (40,381)	$ 96,017
Basic weighted-average shares outstanding									28,979,327	28,586,585	27,838,873
Dilutive effect of stock option and restricted stock shares									0	0	3,186,226
Diluted weighted-average shares outstanding									28,979,327	28,586,585	31,025,099
Basic (loss) earnings per share	$ (0.46)	$ (0.54)	$ (1.12)	$ (0.82)	$ (0.75)	$ (0.55)	$ (0.49)	$ 0.40	$ (2.94)	$ (1.41)	$ 3.45
Diluted earnings (loss) per share	$ (0.46)	$ (0.54)	$ (1.12)	$ (0.82)	$ (0.75)	$ (0.55)	$ (0.49)	$ 0.35	$ (2.94)	$ (1.41)	$ 3.09

Net Loss per Common Share (Antidilutive Securities) (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potentially dilutive securities excluded from computation of diluted net loss per share	6,278,542	5,646,480
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potentially dilutive securities excluded from computation of diluted net loss per share	288,964	228,972

Licensing Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
Licensing Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Licensing Agreements
Licensing Payments Under All In-Licensing Agreements	$ 2,000	$ 2,000	$ 3,100
Lankenau Institute for Medical Research IDO-1
Licensing Agreements
Potential Milestone Payment per Licensed Product	1,360
Lankenau Institute for Medical Research IDO-2
Licensing Agreements
Potential Milestone Payment per Licensed Product	1,520
Lankenau Institute for Medical Research 2009 Agreement
Licensing Agreements
Potential Milestone Payment per Licensed Product	610
Augusta University Research Institute under AURI IDO
Licensing Agreements
Potential Milestone Payment per Licensed Product	2,800
Public Health Agency of Canada
Licensing Agreements
Potential Milestone Payment per Licensed Product	205
Ohio State University
Licensing Agreements
Potential Milestone Payment per Licensed Product	2,750
Augusta University Research Institute under AURI PTEN
Licensing Agreements
Licensing Payments Under All In-Licensing Agreements	$ 4,300

Employee Benefit Plans (Details)	12 Months Ended
Employee Benefit Plans (Details)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Maximum
Base Salary Continutation Upon Termintation
Duration of Payment, Months	24
Minimum
Base Salary Continutation Upon Termintation
Duration of Payment, Months	6
Defined Contribution
Defined Contribution Pension Plan
Defined Contribution Plan	$ 482,000	$ 361,000	$ 303,000
Discretionary Contribution
Defined Contribution Pension Plan
Defined Contribution Plan	$ 446,000	$ 319,000	$ 299,000

Restructuring Charges (Details) - USD ($)	12 Months Ended
Restructuring Charges (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 11,600,000
General and administrative restructuring expense	500,000
Research and development restructuring expense	11,100,000
Tangible Asset Impairment Charges	4,000,000
Employee Severance
Restructuring Cost and Reserve [Line Items]
Balance as of December 31, 2015	42,000	$ 0
Expensed	1,800,000
Cash Payments	1,758,000
Adjustments	0
Contract Termination
Restructuring Cost and Reserve [Line Items]
Balance as of December 31, 2015	0	0
Expensed	6,500,000
Cash Payments	5,758,000
Adjustments	(742,000)
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Balance as of December 31, 2015	42,000	$ 0
Expensed	8,300,000
Cash Payments	7,516,000
Adjustments	$ (742,000)

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information (Unaudited) [Abstract]
Grant and licensing revenue	$ 12,703	$ 15,345	$ 2,012	$ 5,708	$ 7,652	$ 14,209	$ 7,445	$ 39,195	$ 35,768	$ 68,501	$ 172,592
Loss from operations	(13,970)	(16,687)	(34,528)	(25,393)	(14,825)	(15,683)	(15,942)	12,848	(90,758)	(33,602)	117,573
Net (loss) income	$ (13,506)	$ (15,540)	$ (32,389)	$ (23,720)	$ (21,574)	$ (15,906)	$ (14,091)	$ 11,190	$ (85,155)	$ (40,381)	$ 96,017
Basic (loss) earnings per share	$ (0.46)	$ (0.54)	$ (1.12)	$ (0.82)	$ (0.75)	$ (0.55)	$ (0.49)	$ 0.40	$ (2.94)	$ (1.41)	$ 3.45
Diluted (loss) earnings per share	$ (0.46)	$ (0.54)	$ (1.12)	$ (0.82)	$ (0.75)	$ (0.55)	$ (0.49)	$ 0.35	$ (2.94)	$ (1.41)	$ 3.09
Impact of adoption of ASU 2016-09
Income tax benefit	$ (640)	$ 513	$ 127
Increase in APIC	$ (640)	$ 513	$ 127