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Critical Accounting Policies重要会计政策
We prepare our financial statements in conformity with accounting principles generally accepted in the United States of America. Our significant accounting policies are disclosed in Note 2 to our financial statements included in this Annual Report on Form 10-K for the yearended December 31, 2011. 我们编制的财务报表符合美利坚合众国公认的会计原则。我们在2011年12月31日的10-K表年度报告财务报表附注2中披露了重大会计政策。
The selection and application of these accounting principles and methods requires us to make estimates andassumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. Onan ongoing basis, we evaluate our estimates. We base our estimates on historical experience and on various other assumptions that are believedto be reasonable under the circumstances. The results of our evaluation form the basis for making judgments about the carrying values of assetsand liabilities that are not otherwise readily apparent. While we believe that the estimates and assumptions we use in preparing the financialstatements are appropriate, these estimates and assumptions are subject to a number of factors and uncertainties regarding their ultimateoutcome and, therefore, actual results could differ from these estimates. 虽然我们相信，我们在准备财务报表使用的估计和假设是适当的，但是这些估计和假设是受到了一些因素的影响，有着不确定性，关于影响他们的因素颇多，因此，实际结果可能有别于这些估计。
We have identified our critical accounting policies and estimates below. These are policies and estimates that we believe are the mostimportant in portraying our financial condition and results of operations, and that require our most difficult, subjective or complex judgments,often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We have discussed the development,selection and disclosure of these critical accounting policies and estimates with the Audit Committee of our Board of Directors.
Revenue Recognition. We recognize revenue from all sources based on the provisions of the SEC’s Staff Accounting Bulletin (SAB)
No. 104 (SAB 104) and ASC 605 Revenue Recognition.
In October 2009, the FASB updated ASC 605 Revenue Recognition by specifying how to separate deliverables in multiple-deliverablearrangements, and how to measure and allocate arrangement consideration to one or more units of accounting. Under ASC 605, the delivereditem(s) are separate units of accounting, provided (i) the delivered item(s) have value to a collaborator on a stand-alone basis, and (ii) if thearrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item(s) is consideredprobable and substantially in our control. We adopted this update on January 1, 2011.
Royalty revenue is recognized based upon net sales of related licensed products. Royalty revenue is recognized in the period the salesoccur, provided that the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and we have no remaining performance obligations under the arrangement providing for the royalty.
根据相关的许可产品的规定，专利使用费将会被大众认识到。在产品销售期间，特许使用权将会被确认，提供特许权的使用需要一定的费用，同时收集相关的应收款项的合理保证，这是企业在缴纳特许权使用费时的义务。
Amounts not expected to be recognized within one year of the balance sheet date are classified as long-term deferred revenue. The
estimate of the classification of deferred revenue as short-term or long-term is based upon the periods in which we expect to perform jointcommittee services.
Share-Based Payment Arrangements. Our share-based compensation to employees includes non-qualified stock options, restrictedstock and shares issued under our Purchase Plans, which are compensatory under ASC 718 Compensation – Stock Compensation. We accountfor share-based compensation to non-employees, including non-qualified stock options and restricted stock, in accordance with ASC 505Equity.
The fair value of each non-qualified stock option award is estimated on the date of grant using the Black-Scholes option pricing
model. The model requires input assumptions with respect to (i) expected volatility of our common stock, which is based upon the daily quotedmarket prices on The NASDAQ Stock Market LLC over a period equal to the expected term, (ii) the period of time over which employees,officers, directors and non-employee consultants are expected to hold their options prior to exercise, (iii) zero expected dividend yield due tonever having paid dividends and not expecting to pay dividends in the future, and (iv) risk-free interest rates for periods within the expectedterm of the options, which are based on the U.S. Treasury yield curve in effect at the time of grant.
Historical volatilities are based upon daily quoted market prices of our common stock on The NASDAQ Stock Market LLC over a
period equal to the expected term of the related equity instruments. We rely only on historical volatility since it provides the most reliable
indication of future volatility. Future volatility is expected to be consistent with historical; historical volatility is calculated using a simple
average calculation; historical data is available for the length of the option’s expected term and a sufficient number of price observations areused consistently. Since our stock options are not traded on a public market, we do not use implied volatility.
The expected term of options granted represents the period of time that options granted are expected to be outstanding based uponhistorical data related to exercise and post-termination cancellation activity. The expected term of stock options granted to our Chief ExecutiveOfficer (CEO), Chief Science Officer (CSO) and non-employee directors and consultants are calculated separately from stock options grantedto employees and other officers.预期存续期间需要分开计算，我们的行政ExecutiveOfficer（CEO），首席科学官（CSO）和非雇员董事和顾问都要注意股票期权这一块。
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