2016
During the three and nine months ended March 31, 2016, the Company recognized $0.0 million and $3.9 million of revenue, respectively, related to substantive milestones, as follows:
The Company recognized $0.0 million and $1.7 million of revenue during the three and nine months ended March 31, 2016, respectively, pursuant to a feasibility agreement with a customer related to substantive milestones that were completed and
accepted. This agreement provides for certain customization and development activities for a drug delivery system to be performed for the customer and provides for payments to be made upon the completion of agreed-upon substantive milestones. An initial
up-front payment of $0.1 million was determined to be non-substantive and was recognized on a straight line basis over the expected term of the agreement. The remaining milestones were determined to be substantive at the time the agreement was entered
into. Substantive milestones that were achieved during the nine months ended March 31, 2016 are as follows:
- $0.5 million for development and delivery of additional human factor stimuli and a report on updated product requirements; and
- $1.2 million for development and delivery of semi-functional prototypes and related feasibility, product requirement, and risk management reports.
There are no remaining substantive milestones under this agreement.
The Company recognized $0.0 million and $1.5 million of revenue during the three and nine months ended March 31, 2016, respectively, pursuant to a master services and supply agreement with a customer related to substantive milestones that
were completed and accepted. This agreement provides for certain customization and development activities for a drug delivery system to be performed for the customer and provides for payments to be made upon the completion of agreed-upon substantive
milestones. An initial up-front payment of $1.1 million was determined to be non-substantive and is being recognized on a straight-line basis over the expected term of the agreement. The remaining milestones were determined to be substantive at the time the
agreement was entered into. Substantive milestones that were achieved during the nine months ended March 31, 2016 are as follows:
- $0.6 million for development and delivery of a complete system layout;
- $0.3 million for development and delivery of components for a human factor study; and
- $0.6 million for development and delivery of feasibility devices for testing;
The remaining substantive milestones as of March 31, 2016 are as follows:
- $0.6 million for development and delivery of a clinical production process;
- $0.4 million for development and delivery of components for a human factor study;
- $0.4 million for completion of testing of assembly equipment;
- $0.3 million for completion of filling process of clinical devices;
- $0.4 million for delivery of containers for the filling process; and
- $0.3 million for delivery of devices for clinical studies.
The Company recognized $0.0 million and $0.3 million of revenue during the three and nine months ended March 31, 2016, pursuant to a feasibility agreement with a customer related to substantive milestones that were completed and accepted.
This agreement provides for certain customization and development activities for a drug delivery system to be performed for the customer and provides for payments to be made upon the completion of agreed-upon milestones. An initial up-front payment of
$0.5 million was determined to be non-substantive and was recognized on a straight-line basis over the expected term of the agreement. The remaining milestones were determined to be substantive at the time the agreement was entered into. Substantive
milestones that were achieved during the nine months ended March 31, 2016 are as follows:
- $0.3 million for development and delivery of a summary report related to testing and documentation activities.
There are no remaining substantive milestones under this agreement.
The Company recognized $0.0 million and $0.4 million of revenue during the three and nine months ended March 31, 2016, pursuant to a master services and supply agreement with a customer related to substantive milestones that were completed
and accepted. This agreement provides for certain customization and development activities for a drug delivery system to be performed for
the customer and provide s for payments to be made upon the completion of agreed-upon substantive milestones. An initial up-front payment of $1.0 million was determined to be non-substantive and was recognized on a straight-line basis over the expected
term of the agreement. The remaining milestones were determined to be substantive at the time the agreement was entered into. Substantive milestones that were achieved during the nine months ended March 31, 2016 are as follows:
- $0.4 million for development and delivery of feasibility devices for testing;
The remaining substantive milestones as of March 31, 2016 are as follows:
- $0.6 million for delivery of design transfer for the Device and the related filling equipment and fixtures; and
- $0.3 million for commissioning of the pilot line.
During the three and nine months ended March 31, 2016, the Company recognized $0.8 million and $4.6 million, respectively, in revenue related to services rendered on a time and materials basis, proportional performance method, the completed
contract method and/or straight line basis over the requisite service period pursuant to customer agreements to provide various customization and development services.
Cheers
Waasup
