Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 13, 2014 | Jun. 30, 2013 |
Document Information | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'APRI | ' | ' |
Entity Registrant Name | 'APRICUS BIOSCIENCES, INC. | ' | ' |
Entity Central Index Key | '0001017491 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 37,872,682 | ' |
Entity Public Float | ' | ' | $86 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $21,405 | $15,130 |
Accounts receivable | 59 | 652 |
Restricted cash | 332 | 52 |
Inventories | 336 | 0 |
Prepaid expenses and other current assets | 132 | 582 |
Property held for sale | 0 | 3,654 |
Current assets of discontinued operations | 0 | 825 |
Total current assets | 22,264 | 20,895 |
Property and equipment, net | 955 | 601 |
Other long term assets | 91 | 100 |
Restricted cash long term | 0 | 343 |
Noncurrent assets of discontinued operations | 0 | 1,940 |
Total assets | 23,310 | 23,879 |
Current liabilities | ' | ' |
Convertible notes payable, net | 2,600 | 0 |
Trade accounts payable | 926 | 2,277 |
Accrued expenses | 2,119 | 2,514 |
Accrued compensation | 952 | 1,905 |
Deferred revenue | 1,800 | 536 |
Derivative liability | 517 | 0 |
Deconsolidation of former French Subsidiaries | 2,846 | 0 |
Current liabilities of discontinued operations | 0 | 3,534 |
Total current liabilities | 11,760 | 10,766 |
Long term liabilities | ' | ' |
Convertible notes payable, net | 0 | 3,413 |
Derivative liability | 0 | 906 |
Deferred compensation | 487 | 1,529 |
Other long term liabilities | 91 | 196 |
Noncurrent liabilities of discontinued operations | 0 | 448 |
Total liabilities | 12,338 | 17,258 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2013 and December 31, 2012 | 0 | 0 |
Common stock, $.001 par value, 75,000,000 shares authorized, 37,541,404 and 29,937,669 issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 38 | 30 |
Additional paid-in-capital | 279,000 | 257,078 |
Accumulated other comprehensive income | 0 | 641 |
Accumulated deficit | -268,066 | -251,128 |
Total stockholders’ equity | 10,972 | 6,621 |
Total liabilities and stockholders’ equity | $23,310 | $23,879 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (USD per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $0.00 | $0.00 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 37,541,404 | 29,937,669 |
Common stock, outstanding | 37,541,404 | 29,937,669 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations And Other Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
License fee revenue | $941 | $4,276 | $877 |
Grant revenue | 0 | 0 | 483 |
Product sales | 21 | 23 | 0 |
Contract service revenue | 1,549 | 3,646 | 2,243 |
Total revenue | 2,511 | 7,945 | 3,603 |
Cost of product sales | 23 | 10 | 0 |
Cost of service revenue | 2,608 | 4,230 | 1,858 |
Gross (loss) profit | -120 | 3,705 | 1,745 |
Costs and expenses, net | ' | ' | ' |
Research and development | 5,123 | 5,375 | 5,821 |
General and administrative | 13,554 | 15,336 | 11,451 |
Gain on contract settlement | -534 | 0 | 0 |
(Recovery) loss on sale of subsidiary | -255 | -250 | 2,760 |
Deconsolidation of former French Subsidiaries | -641 | 0 | 0 |
Impairment on goodwill and intangible assets | 0 | 8,254 | 0 |
Total costs and expenses, net | 17,247 | 28,715 | 20,032 |
Loss from continuing operations before other income (expense) | -17,367 | -25,010 | -18,287 |
Other income (expense) | ' | ' | ' |
Interest expense, net | -727 | -325 | -364 |
Gain on sale of investment | 2,600 | 0 | 0 |
Other (expense) income, net | -376 | 175 | 426 |
Total other income (expense) | 1,497 | -150 | 62 |
Loss from continuing operations before income tax expense | -15,870 | -25,160 | -18,225 |
Income tax expense | 0 | -516 | 0 |
Loss from continuing operations | -15,870 | -25,676 | -18,225 |
(Loss) income from discontinued operations | -1,068 | -6,095 | 108 |
Net loss | -16,938 | -31,771 | -18,117 |
Basic and diluted loss per common share | ' | ' | ' |
Loss per share from continuing operations (USD per share) | ($0.46) | ($0.94) | ($0.91) |
(Loss) income per share from discontinued operations (USD per share) | ($0.03) | ($0.22) | $0.01 |
Net loss per share (USD per share) | ($0.49) | ($1.16) | ($0.90) |
Weighted average common shares outstanding used for basic and diluted loss per share (shares) | 34,413,253 | 27,458,184 | 20,023,456 |
Other comprehensive income | ' | ' | ' |
Foreign currency translation adjustments | 0 | 641 | 0 |
Comprehensive loss | ($16,938) | ($31,130) | ($18,117) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities of continuing operations: | ' | ' | ' |
Net loss | ($16,938) | ($31,771) | ($18,117) |
(Loss) gain from discontinued operations | -1,068 | -6,095 | 108 |
Loss from continuing operations | -15,870 | -25,676 | -18,225 |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities of continuing operations: | ' | ' | ' |
Deconsolidation of French Subsidiaries | -641 | 0 | 0 |
Gain on contract settlement | -534 | 0 | 0 |
Depreciation and amortization | 77 | 203 | 602 |
Accretion of debt discount | 250 | 37 | 37 |
Stock-based compensation expense | 1,992 | 2,917 | 2,135 |
Derivative liability revaluation | 274 | 0 | 0 |
Non-cash deferred compensation | 0 | 640 | 0 |
Impairment charges on property held for sale | 0 | 656 | 0 |
Impairment charges on goodwill and intangible assets | 0 | 8,254 | 0 |
Deferred tax provision | 0 | 1,261 | 0 |
Interest on contingent consideration | 242 | 0 | 0 |
(Recovery) loss on sale of subsidiary | -255 | -250 | 2,760 |
Other | 131 | 0 | 276 |
Changes in operating assets and liabilities of continuing operations, net of assets and liabilities acquired and divested: | ' | ' | ' |
Accounts receivable | 253 | 682 | 90 |
Inventories | -341 | 0 | 3 |
Prepaid expenses and other current assets | 143 | -928 | -54 |
Deferred rental income and other assets | -52 | 0 | -17 |
Accounts payable | -920 | 681 | 989 |
Accrued expenses | -476 | -1,348 | 1,228 |
Accrued compensation | -140 | 967 | 86 |
Deferred revenue | 1,021 | -490 | 124 |
Deferred compensation | -209 | -230 | 134 |
Other liabilities | -48 | 227 | 0 |
Net cash used in operating activities from continuing operations | -15,103 | -12,397 | -9,832 |
Cash flows from investing activities of continuing operations: | ' | ' | ' |
Purchase of fixed assets | -573 | -436 | -263 |
Proceeds from the sale of property and equipment | 3,657 | 0 | 0 |
Cash acquired from acquisitions | 0 | 2,067 | 107 |
Cash paid for acquisitions | 0 | -513 | 0 |
Deposit of restricted cash | -280 | 0 | 0 |
Proceeds from sale of subsidiary | 255 | 250 | 500 |
Net cash provided by investing activities from continuing operations | 3,059 | 1,368 | 344 |
Cash flows from financing activities of continuing operations: | ' | ' | ' |
Issuance of common stock, net of offering costs | 16,612 | 20,410 | 6,157 |
Proceeds from exercise of warrants | 46 | 40 | 1,364 |
Extinguishment of convertible notes payable | 0 | -4,000 | 0 |
Reissuance of convertible notes payable | 0 | 3,413 | 0 |
Changes in derivative liability | 0 | 906 | 0 |
Proceeds from the exercise of stock options | 0 | 10 | 13 |
Release of restricted cash | 0 | 0 | 553 |
Repayment on short-term borrowing | 0 | 0 | -401 |
Repayment of capital lease obligations | -27 | -13 | -20 |
Net cash provided by financing activities from continuing operations | 16,631 | 20,766 | 7,666 |
Cash flows from discontinued operations: | ' | ' | ' |
Net cash provided by (used in) operating activities of discontinued operations | 38 | -1,985 | 111 |
Net cash provided by (used in) investing activities of discontinued operations | 1,650 | -300 | 0 |
Net cash provided by (used in) discontinued operations | 1,688 | -2,285 | 111 |
Effect of exchange rate changes on cash | 0 | 243 | 0 |
Net increase (decrease) in cash and cash equivalents | 6,275 | 7,695 | -1,711 |
Cash and cash equivalents, beginning of period | 15,130 | 7,435 | 9,146 |
Cash and cash equivalents, end of period | 21,405 | 15,130 | 7,435 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 238 | 318 | 333 |
Non-cash investing and financing activities: | ' | ' | ' |
Issuance of 486,923 shares of common stock upon conversion of convertible note | 1,737 | 0 | 0 |
Release of restricted cash | -337 | 0 | 0 |
Release of obligations related to short-term loans | 270 | 0 | 0 |
Prepaid expenses and other current assets | ' | 533 | ' |
Equipment and leasehold improvements, net | ' | 40 | ' |
Intangible assets, net | ' | 1,877 | ' |
Accounts payable | ' | -706 | ' |
Payroll-related liabilities | ' | -3,534 | ' |
Capital lease payable | ' | -28 | ' |
TopoTarget | ' | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Issuance of shares of common stock | 1,543 | 0 | 0 |
Issuance of shares of common stock | 0 | 0 | 1,700 |
Finesco | ' | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Issuance of shares of common stock | 0 | 8,556 | 0 |
Subsidiaries | ' | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Accounts receivable | 0 | 0 | 199 |
Prepaid expenses and other current assets | 0 | 0 | 5 |
Equipment and leasehold improvements, net | 0 | 0 | 781 |
Intangible assets, net | 0 | 0 | 2,642 |
Accounts payable | 0 | 0 | -205 |
Payroll-related liabilities | 0 | 0 | -41 |
Capital lease payable | 0 | 0 | -118 |
PediatRx Inc. | ' | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Issuance of shares of common stock | $0 | $1,000 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | |
TopoTarget | TopoTarget | Finesco | PediatRx Inc. | ||
Issuance of shares of common stock upon conversion of convertible note | 486,923 | ' | ' | ' | ' |
Issuance of common stock upon acquisition, shares | ' | 688,717 | ' | 2,592,592 | ' |
Issuance of common stock to PediatRx Inc. for co-promote agreement, shares | ' | ' | ' | ' | 373,134 |
Issuance of common stock to TopoTarget shareholders, shares | ' | ' | 334,382 | ' | ' |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Common Stock | Common Stock | Additional Paid-In Capital | Additional Paid-In Capital | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | TopoTarget | Finesco | USD ($) | TopoTarget | Finesco | USD ($) | USD ($) |
USD ($) | USD ($) | USD ($) | |||||||
Beginning Balance at Dec. 31, 2010 | $11,566 | $18 | ' | ' | $212,788 | ' | ' | $0 | ($201,240) |
Beginning Balance (shares) at Dec. 31, 2010 | ' | 18,521,951 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options (shares) | ' | 7,500 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options | 13 | ' | ' | ' | 13 | ' | ' | ' | ' |
Issuance of stock to employees, consultants and Board of Director (shares) | ' | 307,039 | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock to employees, consultants and Board of Director (shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 2,135 | ' | ' | ' | 2,135 | ' | ' | ' | ' |
Issuance of common stock, net of offering costs (shares) | ' | 1,527,249 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of offering costs | 6,157 | 2 | ' | ' | 6,155 | ' | ' | ' | ' |
Issuance of holdback shares in the form of common stock to TopoTarget (shares) | ' | ' | 334,382 | ' | ' | ' | ' | ' | ' |
Issuance of holdback shares in the form of common stock to TopoTarget | 1,700 | ' | ' | ' | ' | 1,700 | ' | ' | ' |
Issuance of common stock upon exercise of warrants (shares) | ' | 649,865 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants | 1,364 | 1 | ' | ' | 1,363 | ' | ' | ' | ' |
Net loss | -18,117 | ' | ' | ' | ' | ' | ' | ' | -18,117 |
Ending Balance at Dec. 31, 2011 | 4,818 | 21 | ' | ' | 224,154 | ' | ' | 0 | -219,357 |
Ending Balance (shares) at Dec. 31, 2011 | ' | 21,347,986 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options (shares) | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options | 10 | ' | ' | ' | 10 | ' | ' | ' | ' |
Issuance of stock to employees, consultants and Board of Director (shares) | ' | 147,761 | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock to employees, consultants and Board of Director (shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 2,917 | ' | ' | ' | 2,917 | ' | ' | ' | ' |
Issuance of common stock, net of offering costs (shares) | ' | 5,453,601 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of offering costs | 20,410 | 6 | ' | ' | 20,404 | ' | ' | ' | ' |
Issuance of holdback shares in the form of common stock to TopoTarget (shares) | ' | ' | ' | 2,592,592 | ' | ' | ' | ' | ' |
Issuance of holdback shares in the form of common stock to TopoTarget | 8,556 | ' | ' | 3 | ' | ' | 8,553 | ' | ' |
Issuance of common stock upon exercise of warrants (shares) | ' | 17,595 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants | 40 | ' | ' | ' | 40 | ' | ' | ' | ' |
Issuance of common stock for co-promote agreement (shares) | ' | 373,134 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for co-promote agreement | 1,000 | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Elimination of cumulative translation adjustment upon deconsolidation of former French Subsidiaries | 641 | ' | ' | ' | ' | ' | ' | 641 | ' |
Net loss | -31,771 | ' | ' | ' | ' | ' | ' | ' | -31,771 |
Ending Balance at Dec. 31, 2012 | 6,621 | 30 | ' | ' | 257,078 | ' | ' | 641 | -251,128 |
Ending Balance (shares) at Dec. 31, 2012 | ' | 29,937,669 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options (shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock to employees, consultants and Board of Director (shares) | 1,416,771 | 95,645 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 1,992 | ' | ' | ' | 1,992 | ' | ' | ' | ' |
Issuance of common stock, net of offering costs (shares) | ' | 312,450 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of offering costs | 792 | ' | ' | ' | 792 | ' | ' | ' | ' |
Issuance of holdback shares in the form of common stock to TopoTarget (shares) | ' | 688,717 | ' | ' | ' | ' | ' | ' | ' |
Issuance of holdback shares in the form of common stock to TopoTarget | 1,543 | 1 | ' | ' | 1,542 | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants (shares) | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants | 46 | ' | ' | ' | 46 | ' | ' | ' | ' |
Issuance of common stock and warrants, net of offering costs (shares) | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock and warrants, net of offering costs | 15,820 | 6 | ' | ' | 15,814 | ' | ' | ' | ' |
Issuance of common stock upon exercise of convertible notes (shares) | 486,923 | 486,923 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of convertible notes | 1,737 | 1 | ' | ' | 1,736 | ' | ' | ' | ' |
Elimination of cumulative translation adjustment upon deconsolidation of former French Subsidiaries | -641 | ' | ' | ' | ' | ' | ' | -641 | ' |
Net loss | -16,938 | ' | ' | ' | ' | ' | ' | ' | -16,938 |
Ending Balance at Dec. 31, 2013 | $10,972 | $38 | ' | ' | $279,000 | ' | ' | $0 | ($268,066) |
Ending Balance (shares) at Dec. 31, 2013 | ' | 37,541,404 | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Summary_of_Si
Organization and Summary of Signifcant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounting Policies [Abstract] | ' | |||||||||
Organization and Summary of Significant Accounting Policies | ' | |||||||||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Organization | ||||||||||
Apricus Biosciences, Inc. and Subsidiaries (“Apricus” or the “Company”) is a Nevada corporation initially formed in 1987. The Company has operated in the pharmaceutical industry since 1995 with a current primary focus on product development and commercialization in the area of men’s and women’s health. The Company’s proprietary drug delivery technology is called NexACT® and the Company has one approved drug,Vitaros®, which uses the NexACT® delivery system, and is approved for the treatment of erectile dysfunction (“ED”) in Canada and through the European Decentralized Procedure in Europe . The Company has a second generation Vitaros® product (“Room Temperature Vitaros®”) in development, which is a proprietary stabilized dosage formulation that can be stored at room temperature conditions. In the area of women’s health is the Company’s product candidate, Femprox®, for female sexual interest / arousal disorder (“FSIAD”), which the Company is seeking to out-license to one or more partners for future development. | ||||||||||
Basis of Presentation | ||||||||||
The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). Certain prior year items have been reclassified to conform to the current year presentation. | ||||||||||
Use of Estimates | ||||||||||
The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company’s most significant estimates relate to whether revenue recognition criteria have been met, the fair value of its embedded derivatives related to the convertible notes payable, and valuation allowances for the Company’s deferred tax assets. The Company’s actual results may differ from these estimates under different assumptions or conditions. | ||||||||||
Liquidity | ||||||||||
The accompanying consolidated financial statements have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company had an accumulated deficit of approximately $268.1 million as of December 31, 2013, recorded a net loss of approximately $16.9 million for the year ended December 31, 2013 and has principally been financed through the public offering of our common stock and other equity securities, private placements of equity securities, debt financing and up-front payments received from commercial partners for our products under development. Funds raised in recent periods include approximately $15.8 million and $18.4 million from our May 2013 and February 2012 follow-on public offerings, respectively. Additionally, the Company raised approximately $0.8 million during the year ended December 31, 2013 from the sale of common stock via its “at-the-market” (“ATM”) stock selling facility and approximately $2.0 million from this facility in 2012. In March 2013, the Company completed the sale of its New Jersey Facility to a third-party resulting in net proceeds to the Company of approximately $3.6 million (See Note 5). In March 2013, the Company received $1.5 million in cash, as consideration for the sale of its Totect® assets (See Note 4). In November 2013, the Company received $2.6 million in cash upon sale of securities from an investment previously held and in December 2013, it received $1.8 million as an upfront payment from Laboratoires Majorelle (“Majorelle”). These cash-generating activities should not necessarily be considered an indication of our ability to raise additional funds in any future periods due to the uncertainty associated with raising capital. | ||||||||||
The Company’s cash and cash equivalents as of December 31, 2013 were approximately $21.4 million. In January 2014, the Company received an up-front license payment of $2.0 million from Hexal AG and a regulatory milestone payment of $0.2 million from Majorelle related to marketing approval obtained for France. Based upon its current business plan, the Company believes it has sufficient cash reserves to fund its on-going operations through mid-2015. The Company expects to have net cash outflows from operations in 2014 as it continues to support the market approvals and partner commercialization plans for Vitaros®, further develops Room Temperature Vitaros® and seeks to develop new product candidates through its existing technology. The Company’s $2.75 million in convertible notes are, at the holders’ option, redeemable in cash upon maturity at December 31, 2014, or convertible into shares of common stock. The Company expects the majority of its cash inflows from operations during 2014 will be from licensing and milestone revenues received from existing and potentially new commercial partners for licenses granted for Vitaros®. | ||||||||||
Based on its recurring losses, negative cash flows from operations and working capital levels, the Company will need to raise substantial additional funds to finance its operations. If the Company is unable to maintain sufficient financial resources, including by raising additional funds when needed, its business, financial condition and results of operations will be materially and adversely affected. There can be no assurance that the Company will be able to obtain the needed financing on reasonable terms or at all. Additionally, equity financings may have a dilutive effect on the holdings of the Company’s existing stockholders. | ||||||||||
Principles of consolidation | ||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||
Cash and cash equivalents | ||||||||||
Cash equivalents represent all highly liquid investments with an original maturity date of three months or less and were insignificant as of December 31, 2013 and 2012. | ||||||||||
Restricted cash | ||||||||||
Short term restricted cash is held as security for environmental remediation services to be performed as a result of the sale of the Company’s New Jersey facility in March 2013. | ||||||||||
Concentration of credit risk | ||||||||||
From time to time, the Company maintains cash in bank accounts that exceed the FDIC insured limits. The Company has not experienced any losses on its cash accounts. It performs credit evaluations of its customers, but generally does not require collateral to support accounts receivable. Three global pharmaceutical companies accounted for approximately 44%, 27%, and 26%, of total revenues during the year ended December 31, 2013. In addition, one of these companies comprised 95% of the Company’s accounts receivable as of December 31, 2013. | ||||||||||
Inventories | ||||||||||
Inventories are valued at the lower of cost (first-in, first-out) or market value (net realizable value) considering excess and obsolete inventory based on management’s review of inventories on hand, compared to estimated future usage and sales, shelf-life and assumptions about the likelihood of obsolescence. | ||||||||||
Fair value of financial instruments | ||||||||||
The Company accounts for assets and liabilities at fair value in accordance with GAAP, which defines fair value and establishes a framework for measuring fair value based on a three-tiered valuation approach. The Company periodically reviews and evaluates the application of these valuation techniques to its assets and liabilities. For details on the assets and liabilities subject to fair value measurements and the related valuation techniques used, refer to Note 14. | ||||||||||
Assets held for sale | ||||||||||
The Company classifies assets as held for sale based on the accounting guidance which states that when the assets’ carrying amounts will be recovered principally through a sale transaction rather than continuing use and a sale is highly probable, the assets designated as held for sale are held at the lower of the net book value or fair value less costs to sell, and reported separately on the balance sheet. Depreciation is not charged against property, plant and equipment classified as held for sale. | ||||||||||
In June 2013, the Company made the decision to sell its BQ Kits business and reclassified this segment to assets held for sale. In July 2013, the business was sold to an unrelated third party. | ||||||||||
In August of 2012 the Company decided to sell its facility in East Windsor, New Jersey, and as a result, the land, building and machinery associated with the facility were reclassified to property held for sale. | ||||||||||
In December of 2012 the Company decided to sell its Apricus Pharmaceutical business, and as a result, the underlying assets and liabilities were reclassified to assets held for sale. In March 2013, the Company sold all of its assets related to its Apricus Pharmaceutical business but retained the related liabilities which were reclassified to continuing operations (See Note 4 for further details). | ||||||||||
Property and equipment | ||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation of equipment and furniture and fixtures is provided on a straight-line basis over the estimated useful lives of the assets, or three to ten years. Amortization of leasehold improvements is provided on a straight-line basis over the shorter of their estimated useful lives or the lease term. The costs of additions and betterments are capitalized, and repairs and maintenance costs are charged to operations in the periods incurred (See Note 5 for further details). | ||||||||||
Impairment of long-lived assets | ||||||||||
The Company reviews for impairment of long-lived assets whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. If such assets are considered impaired, the amount of the impairment loss recognized is measured as the amount by which the carrying value of the asset exceeds the fair value of the asset, fair value being determined based upon future cash flows or appraised values, depending on the nature of the asset. | ||||||||||
Debt issuance costs | ||||||||||
Amounts paid related to debt financing activities are capitalized and amortized over the term of the loan. | ||||||||||
Derivative liability | ||||||||||
The Company’s embedded conversion feature on its convertible note payable has a conversion price reset feature, which is treated as a derivative for accounting purposes. The Company estimates the fair value of the embedded conversion features using a Black-Scholes valuation model each reporting period and any resulting increases or decreases in estimated fair value recorded as an adjustment to other income (expense). | ||||||||||
Revenue recognition | ||||||||||
The Company has historically generated revenues from licensing of technology rights, product sales, performance of pre-clinical testing services, and contract sales services. Payments received under commercial arrangements, such as the licensing of technology rights, may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements designated in the agreements, or royalties on sales of products. | ||||||||||
The Company recognizes revenue when all of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the Company’s price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. | ||||||||||
i. | License Arrangements. License arrangements may consist of non-refundable upfront license fees, various performance or sales milestones, royalties upon sales of product, and the delivery of product and/or research services to the licensor. The Company considers a variety of factors in determining the appropriate method of accounting under its license agreements, including whether the various elements can be separated and accounted for individually as separate units of accounting. Deliverables under the arrangement will be separate units of accounting, provided (i) a delivered item has value to the customer on a standalone basis; and (ii) if the arrangement includes a general right of return relative to the delivered item and delivery or performance of the undelivered item is considered probable and substantially in the Company’s control. The Company accounts for revenue arrangements with multiple elements entered into or materially modified after January 1, 2011, by separating and allocating consideration in a multiple-element arrangement according to the relative selling price of each deliverable. If an element can be separated, an amount is allocated based upon the relative selling price of each element. The Company determines the relative selling price of a separate deliverable using the price it charges other customers when it sells that product or service separately; however, if the product or service is not sold separately and third party pricing evidence is not available, the Company will use its best estimate of selling price. The Company defers recognition of non-refundable upfront fees if it has continuing performance obligations without which the technology, right, product or service conveyed in conjunction with the non-refundable fee has no utility to the licensee that is separate and independent of its performance under the other elements of the arrangement. Non-refundable, up-front fees that are not contingent on any future performance by the Company and require no consequential continuing involvement on its part are recognized as revenue when the license term commences and the licensed data, technology and/or compound is delivered. The specific methodology for the recognition of the revenue is determined on a case-by-case basis according to the facts and circumstances of the applicable agreement. | |||||||||
There have been no royalties or sales milestones received during the years ended December 31, 2013, 2012 or 2011. | ||||||||||
ii. | Contract Service Revenue. Revenue from contract sales services resulted primarily from the Company’s former French Subsidiaries. The revenue was based on the number of medical visits plus an incentive based on the sales growth of the targeted pharmaceutical products. Revenue associated with medical visits was recognized in the accounting period in which services were rendered. For research services, the Company determines the period in which the performance obligation occurs and recognizes revenue using the proportional performance method when the level of effort to complete its performance obligations under an arrangement can be reasonably estimated. | |||||||||
iii. | Milestone Revenue. The Company evaluates milestone payments on an individual basis and revenues are recognized upon achievement of the associated milestone, provided that (i) the milestone event is substantive and its achievability was not reasonably assured at the inception of the agreement and (ii) the amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with the milestone event. | |||||||||
Research and development | ||||||||||
Research and development costs are expensed as incurred and include the cost of compensation and related expenses, as well as expenses for third parties who conduct research and development on the Company’s behalf, pursuant to development and consulting agreements in place. | ||||||||||
Income taxes | ||||||||||
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||||
The Company also follows the provisions of accounting for uncertainty in income taxes which prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure and transition. | ||||||||||
Loss per common share | ||||||||||
Basic and diluted net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding for the respective period, without consideration of common stock equivalents as they would have an anti-dilutive effect on per share amounts. | ||||||||||
The following securities that could potentially decrease net loss per share in the future are not included in the determination of diluted loss per share as they are anti-dilutive and are as follows: | ||||||||||
FOR THE YEAR ENDED | ||||||||||
DECEMBER 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Outstanding stock options | 2,351,237 | 2,213,916 | 840,833 | |||||||
Outstanding warrants | 6,185,492 | 3,205,492 | 777,284 | |||||||
Unvested restricted stock | 26,728 | 112,705 | 257,063 | |||||||
Convertible notes payable | 1,065,891 | 1,544,402 | 658,979 | |||||||
Stock-based Compensation | ||||||||||
The estimated grant date fair value of stock options granted to employees and directors is calculated based upon the closing stock price of the Company’s common stock on the date of the grant and recognized as stock-based compensation expense over the expected service period. The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. | ||||||||||
Comprehensive income | ||||||||||
Comprehensive income and accumulated other comprehensive income includes unrealized foreign currency translation adjustments that are excluded from the consolidated statements of operations and reported as a separate component in stockholders’ equity. | ||||||||||
Segment Information | ||||||||||
The Company operates under one segment which designs and develops pharmaceutical products using its NexACT® technology. | ||||||||||
Geographic Information | ||||||||||
Revenues by geographic area for the Company’s continuing operations are as follows (in thousands): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
United States | — | — | 2,361 | |||||||
North America- Other | — | 2,500 | 162 | |||||||
France | 921 | 2,970 | — | |||||||
Europe- Other | 1,590 | 2,475 | 887 | |||||||
Rest of the World | — | — | 193 | |||||||
2,511 | 7,945 | 3,603 | ||||||||
Net long-lived assets by geographic area for the Company’s continuing operations are as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
United States | 955 | 491 | ||||||||
France | — | 110 | ||||||||
955 | 601 | |||||||||
Recent Accounting Pronouncements | ||||||||||
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment Upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in Foreign Entity, which addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013 (early adoption is permitted). The Company does not expect the adoption to have a material impact on the consolidated financial position and results of operations. | ||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, that requires an unrecognized tax benefit be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward (collectively referred to as a “tax attribute carryforward”), unless the jurisdiction from which the tax attribute carryforward arose does not allow for such treatment. To the extent that a company does not have a tax attribute carryforward as of the reporting date, the unrecognized tax benefit is to be reported as a liability. The Company will adopt this ASU in the first quarter of 2014. The Company does not expect the adoption to have a material impact on the consolidated financial position and results of operations. |
Licensing_and_Research_and_Dev
Licensing and Research and Development Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure - Licensing and Research and Development Agreements [Abstract] | ' |
Licensing and Research and Development Agreements | ' |
LICENSING AND RESEARCH AND DEVELOPMENT AGREEMENTS | |
Vitaros® | |
Abbott Laboratories Limited | |
In January 2012, the Company entered into an exclusive license agreement with Abbott Laboratories Limited (“Abbott”), granting Abbott the exclusive rights to commercialize Vitaros® for ED in Canada. The product was approved by Health Canada in late 2010. Under the license agreement, the Company received $2.5 million in October 2012 as an up-front payment. The Company determined that the only deliverable was the license element and given no additional obligation was associated with the license, the up-front license fee of $2.5 million from Abbott was recorded as revenue in the third quarter of 2012. | |
Over the term of the agreement, the Company is eligible to receive an additional $13.2 million in aggregate milestone payments if all the regulatory and sales thresholds specified in the agreement are achieved, plus tiered royalty payments based on Abbott’s sales of the product in Canada. | |
Bracco SpA | |
On December 22, 2010, the Company entered into an exclusive license agreement with Bracco SpA (“Bracco”) for its Vitaros® product for ED. Under the terms of the license agreement, Bracco has been granted exclusive rights in Italy to commercialize and market Vitaros® under the Bracco trademark, and the Company received €0.75 million ($1.0 million) as an up-front payment during the year ended December 31, 2011, and is eligible to receive up to €4.75 million ($6.5 million as of December 31, 2013), net of withholding taxes, in regulatory and sales milestone payments. Further, over the life of the agreement, the Company is eligible to receive tiered double-digit royalties based on Bracco’s sales of the product. | |
The Company concluded that the only deliverable was the license element, and $0.3 million of the $1.0 million up-front payment was contingent upon the Company receiving regulatory marketing approval for the product in Europe. Therefore, $0.7 million, net of withholding taxes, was recognized as license revenue during the year ended December 31, 2011, as there was no additional obligation associated with the license. The remaining $0.3 million was deferred until the Company received regulatory marketing approval for the product in Europe, which occurred during the second quarter of 2013. Under the license agreement, an additional regulatory milestone of approximately $0.3 million was earned upon European regulatory approval in the second quarter of 2013 and as a result approximately $0.3 million was billed and recognized as revenue for this substantive milestone during the second quarter of 2013, for a total of approximately $0.6 million of revenue recognized during the second quarter of 2013. | |
Hexal AG, an affiliate within the Sandoz Division of the Novartis Group of Companies | |
In February 2012, the Company entered into an exclusive license agreement with Hexal AG, an affiliate within the Sandoz Division of the Novartis Group of Companies (“Sandoz”) for Sandoz to market Vitaros® for the treatment of ED in Germany. Under the license agreement, the Company received $0.7 million as an up-front payment and is eligible to receive up to an additional €0.4 million ($0.6 million as of December 31, 2013) in regulatory milestones and €20.875 million ($28.7 million as of December 31, 2013) in aggregate sales milestones if all the regulatory and sales thresholds specified in the agreement are achieved, as well as tiered double-digit royalties on net sales by Sandoz in Germany. The Company concluded that the only deliverable was the license element and given no additional obligation was associated with the license, the up-front license fee of $0.7 million, net of withholding taxes, from Sandoz for the German territory was recorded as revenue in the first quarter of 2012. | |
In December 2013, the Company amended and restated its license agreement with Sandoz to include the following countries as part of the exclusive license agreement: Austria, Belgium, Denmark, Finland, Iceland, Luxemburg, the Netherlands, Norway, Sweden and Switzerland (the “Expanded Territory”). Under the revised agreement, the Company received in January 2014 an additional up-front payment of $2.0 million for the Expanded Territory, and is eligible to receive up to an additional $2.5 million in marketing launch milestones as well as €20.875 million ($28.7 million as of December 31, 2013) in sales milestones plus tiered double-digit royalties on net sales by Sandoz in the Expanded Territory. Under the terms of the agreement, Sandoz is entitled to a refund of the up-front payment under certain marketing and manufacturing conditions and, in accordance with the Company’s revenue recognition criteria, the $2.0 million up-front payment has been deferred and will be recognized as revenue once the conditions related to the refund rights have been met or lapse. The result of the manufacturing and marketing conditions will be determined no later than December 2014 and December 2016, respectively. | |
Laboratoires Majorelle | |
In November 2013, the Company entered into an exclusive license agreement with Laboratoires Majorelle (“Majorelle”), granting Majorelle the rights to commercialize Vitaros® for the treatment of ED in France, Monaco and certain countries in Africa. The Company received $1.8 million as an up-front payment in November 2013, and is eligible to receive up to $2.2 million in regulatory milestone payments and €15.5 million ($21.3 million as of December 31, 2013) in sales milestones. Further, over the life of the agreement, the Company is entitled to receive tiered double-digit royalties based on Majorelle’s sales of the product. | |
The Company will recognize license revenue upon ratification of the Global Settlement Agreement (See note 3 for further details regarding the Global Settlement Agreement). | |
Recordati Ireland Ltd. | |
In February 2014, the Company entered into an exclusive license agreement with Recordati Ireland Ltd. (“Recordati”) for Recordati to market Vitaros® for the treatment of ED in Spain, Ireland, Portugal, Greece, Cyprus, the CEE Countries (Central and Eastern Europe), Russia and the other CIS Countries (former Soviet republics), Ukraine, Georgia, Turkey and certain countries in Africa. The Company received €1.8 million ($2.5 million) as an up-front payment in February 2014 and is eligible to receive up to €1.0 million ($1.4 million as of December 31, 2013) in commercial launch payments and €34.5 million ($47.5 million as of December 31, 2013) in sales milestones. Further, over the life of the agreement, the Company is entitled to receive tiered double-digit royalties based on Recordati’s sales of the product. | |
Takeda Pharmaceuticals International GmbH | |
In September 2012, the Company entered into an exclusive license agreement with Takeda Pharmaceuticals International GmbH (“Takeda”) to market the Company’s Vitaros® drug for the treatment of ED in the United Kingdom. Under the license agreement, the Company is eligible to receive up to €34.65 million ($47.7 million as of December 31, 2013) in up-front license fees and aggregate milestone payments if all the regulatory and sales thresholds specified in the agreement are achieved, plus tiered double-digit royalty payments. The agreement with Takeda includes two deliverables: the granting of a license and manufacturing, with related product supply. In accordance with the accounting guidance on revenue recognition for multiple-element agreements, the product supply element of the agreement meets the criteria for separation. Therefore, it will be treated as a single unit of accounting and, accordingly, the supply price of product shipped to Takeda will be recognized as revenue for the supply element when earned. Given there was no additional obligation associated with the license element, the up-front license fee of $1.0 million from Takeda was recognized as revenue in the third quarter of 2012. | |
Warner Chilcott UK Limited | |
In February 2012, the Company entered into an Alprostadil Cream and Placebo Clinical Supply Agreement (the “Supply Agreement”), as amended, with Warner Chilcott UK Limited (“Warner Chilcott UK”), a subsidiary of Actavis pls. Under the Supply Agreement, the Company is entitled to receive approximately $0.3 million in exchange for Vitaros® ordered by Warner Chilcott UK. During the second half of 2012, the Company received additional work orders from Warner Chilcott UK under the Supply Agreement, ordering additional quantities of the Vitaros® product and requesting that certain testing procedures be performed by the Company. The associated aggregate amount of the purchase orders received in 2012 from Warner Chilcott UK was approximately $1.2 million and reflects the value of the products to be delivered and certain testing procedures to be performed. | |
The Company determined that the agreement with Warner Chilcott UK includes two deliverables: certain contract services and product supply. The product supply element and contract services element of the agreement were treated as separate units of accounting. No revenue has been recognized to date associated with the product supply element. Revenue associated with the contract services element is recognized using the proportional performance method over the period in which the contract services are performed. During the years ended December 31, 2013 and 2012, the Company recognized contract service revenue of $0.6 million and $0.5 million, respectively. |
French_Business_Combination_an
French Business Combination and Deconsolidation | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
French Business Combination and Deconsolidation | ' |
FRENCH BUSINESS COMBINATION AND DECONSOLIDATION | |
On July 12, 2012, the Company entered into an agreement under which it accepted, by way of a share contribution, one hundred percent of all outstanding common stock of Finesco and its wholly-owned subsidiary, Scomedica in a transaction accounted for as a business combination. Further, in July 2012, Finesco acquired all of the capital stock of Portalis SARL, later renamed NexMed Pharma, which was accounted for as a business combination. Accordingly, the assets acquired, including goodwill of approximately $7.5 million, and liabilities assumed of the former French Subsidiaries were recorded as of the transaction date at their respective fair values and are included in the consolidated balance sheet as of December 31, 2012. The operating results of the former French Subsidiaries were included in the contract sales segment as of the acquisition date, which was eliminated as a result of the deconsolidation of the Company’s former French Subsidiaries. Net loss from operations amounted to approximately $11.7 million for the year ended December 31, 2012. | |
The Company reassessed the fair value of the contract sales reporting unit during the fourth quarter of 2012. The Company performed a Step 1 goodwill impairment analysis using significant judgments including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the businesses, the useful life over which cash flows will occur, and determination of the Company’s weighted average cost of capital. These significant, unobservable inputs represent a Level 3 measurement within the fair value hierarchy. The fair value of the reporting unit was less than the carrying value indicating that the goodwill may be impaired. The Company then performed a Step 2 analysis determining that the implied value of the goodwill was less than the carrying value of the goodwill for the reporting unit. In the fourth quarter of 2012, the Company fully impaired the goodwill previously recognized. | |
In March 2013, the Company announced that it would cease funding its former French Subsidiaries. On March 28, 2013, the Versailles Commercial Court, France opened a bankruptcy reorganization of the French Subsidiaries following a declaration of insolvency by their legal representative, which was a result of a decrease in the unit’s operating performance resulting from recently enacted pricing policies affecting drug reimbursement in France, the subsequent related loss of certain contract sales agreements and in this context, the Company’s decision to cease funding its former French Subsidiaries. On April 25, 2013, the former French Subsidiaries entered into a judicial liquidation procedure. As a result of the conversion of the bankruptcy reorganization into a liquidation process, the Company deconsolidated the former French Subsidiaries from the Company’s financial statements as of April 25, 2013, the date that the Company no longer controlled the former French Subsidiaries in accordance with the consolidation guidance. As a result, the assets and liabilities of the former French Subsidiaries were deconsolidated as of April 25, 2013, and the operating results of the French Subsidiaries from January 1, 2013 through April 25, 2013 are included in the continuing operations of the Company until the date of deconsolidation. | |
As a result of the deconsolidation, the Company recorded a non-cash benefit of $0.6 million during the second quarter of 2013, which was a result of other comprehensive income being recorded as income in the consolidated income statement as a result of the deconsolidation of the former French Subsidiaries. Additionally, although the Company did not expect to be liable for the unsatisfied liabilities of the former French Subsidiaries as a result of the liquidation process in France, it was possible that a French court could have imposed these liabilities on the Company. If that had occurred, the Company could have been required to satisfy liabilities of the liquidating former French Subsidiaries and therefore, the Company recorded a liability of $2.8 million as of December 31, 2013, for the amount of the liabilities associated with the former French Subsidiaries. | |
In November 2013, the Company signed a license agreement with Majorelle (See Note 2). In February 2014, the Global Settlement Agreement (“GSA”) by and among the Company, the Works Council, the Judicial Liquidator of both Scomedica SAS and NexMed Europe SAS, the Trustee of NexMed Pharma SAS and Majorelle, became effective upon ratification by the Versailles Commercial Court, becoming a legally enforceable agreement and in conjunction with the Majorelle license agreement released the Company from any outstanding and potentially future claims or liabilities related to the liquidation process of the former French Subsidiaries. Accordingly, the $2.8 million liability reflected in the Company’s consolidated balance sheet as of December 31, 2013, will be released during 2014. |
Other_Acquisitions_and_Disposi
Other Acquisitions and Dispositions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Acquisitions and Dispositions [Abstract] | ' | |||||||||||
Other Acquisitions And Dispositions | ' | |||||||||||
OTHER ACQUISITIONS AND DISPOSITIONS | ||||||||||||
Apricus Pharmaceuticals | ||||||||||||
TopoTarget | ||||||||||||
On December 29, 2011, the Company acquired all of the outstanding stock of TopoTarget USA, Inc., which became a wholly-owned subsidiary of the Company and was subsequently renamed Apricus Pharmaceuticals USA, Inc. (“TopoTarget” or “Apricus Pharmaceuticals”), in a transaction accounted for as a business combination. Accordingly, the assets acquired, including goodwill and intangible assets of approximately $1.1 million and $2.6 million, respectively, and liabilities assumed of TopoTarget were recorded as of the acquisition date at their respective fair values. The results of this business were included in the pharmaceuticals segment as of the acquisition date. | ||||||||||||
In December 2012, the Company made the strategic decision to divest Apricus Pharmaceuticals resulting in the assets and liabilities and results of the Apricus Pharmaceuticals operations being classified as discontinued operations in the Company’s consolidated financial statements as of the and for the year ended December 31, 2012. | ||||||||||||
In connection with the Company’s annual goodwill impairment assessment, the Company reassessed the fair value of this reporting unit during the fourth quarter of 2012. The Company performed a Step 1 goodwill impairment analysis which uses significant judgments including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the businesses, the useful life over which cash flows will occur, and determination of the Company’s weighted average cost of capital. These significant, unobservable inputs represent a Level 3 measurement within the fair value hierarchy. The fair value of the reporting unit was significantly less than the carrying value indicating that the goodwill may be impaired. The Company then compared the fair value estimated in Step 1 to the fair value of the net assets less goodwill to calculate the implied value of goodwill. The fair value of the net assets less goodwill was approximately the same as the fair value of the business. Thus the implied value of goodwill was determined to be $0 and the goodwill associated with the reporting unit was fully impaired resulting in a charge of $1.1 million being recorded in the fourth quarter of 2012. Based on the Company’s analysis, an impairment charge of $1.8 million associated with the Apricus Pharmaceuticals intangible assets was also recorded. | ||||||||||||
In April 2013, the Company delivered 148,441 shares of common stock representing $0.3 million of holdback consideration owed to TopoTarget A/S under the original terms of the purchase agreement. In addition, approximately $0.09 million was recorded as other expense as a result of a change in stock price between the agreement date and the date the shares were issued. | ||||||||||||
In September 2013, the Company and TopoTarget A/S negotiated a settlement agreement which resulted in the extinguishment of the contingent consideration associated with milestone stock payments and all other obligations set forth in the purchase agreement, in exchange for 540,276 shares of Apricus common stock, valued at approximately $1.2 million at the date of issuance. To the extent that the shares, when sold by TopoTarget A/S, had an aggregate value of less than $1.1 million, the Company was required to provide additional consideration to TopoTarget A/S in an amount equal to the shortfall. As a result, the Company recorded a non-cash gain of $0.5 million in its continuing operations for the difference between the contingent consideration of $1.7 million relieved from liabilities and the $1.2 million of common stock provided in accordance with the settlement agreement. TopoTarget sold all of the Apricus shares during the fourth quarter of 2013 for approximately $1.0 million. Therefore, the Company owed TopoTarget additional consideration of approximately $0.09 million, which was recorded within accrued expense and other expense as of and for the year ended December 31, 2013. | ||||||||||||
Sale of Totect® Assets | ||||||||||||
On March 26, 2013, the Company entered into an agreement to sell to Biocodex, Inc. (“Biocodex”) all of the Company’s rights and certain information, property and inventory related to Totect® (the “Assets”) in exchange for $1.5 million in cash at the closing date plus the right to receive double-digit, tiered, decreasing royalties based on Biocodex’s net sales over the next three years (the “Transaction”). | ||||||||||||
The royalty payments are based on a percentage of net sales beginning on March 26, 2013. As of December 31, 2013, no royalty payments had been earned or collected. The Company evaluated the potential and estimated future earn-out payments prescribed by the future royalty arrangement, concluding that it was unable to determine the amount, timing or certainty of its ability to receive future royalty payments from Biocodex associated with the future sales of Totect® and accordingly, has not recorded an earn-out receivable associated with the Biocodex Agreement. | ||||||||||||
A summary of the assets sold in conjunction with the sale of the Assets as of March 26, 2013 is as follows (in thousands): | ||||||||||||
Current assets, including inventory, prepaid expenses | $ | 960 | ||||||||||
Fixed assets, net of depreciation | 63 | |||||||||||
Technology license, net of accumulated amortization | 1,467 | |||||||||||
Trade name license, net of accumulated amortization | 411 | |||||||||||
$ | 2,901 | |||||||||||
The Company recorded a loss of $1.4 million in the first quarter of 2013 related to the sale of the Assets, which were previously recorded in discontinued operations in 2012, representing the difference between the book value of the assets sold and the $1.5 million in cash consideration received. The Company will recognize any future earnings related to the receipt of royalties from Biocodex in the reporting period when earned as a recovery of the loss within discontinued operations. This loss and any future earnings will be presented in discontinued operations. | ||||||||||||
The Company retained all liabilities arising in connection with the manufacture or commercialization of Totect® by the Company prior to the closing date of the Transaction. As a result, following the sale of the Totect® assets in the first quarter of 2013, the liabilities related to Totect® were reclassified to continuing operations. The liabilities related to Apricus Pharmaceuticals, which were reclassified to continuing operations as of the date of the sale, amounted to $0.2 million as of December 31, 2013. | ||||||||||||
Granisol® | ||||||||||||
In June 2013, after seeking strategic alternatives for its U.S. oncology supportive care business, the Company determined that it would no longer pursue a buyer for its sales promotional interest in the Granisol® product and provided a notice of termination to PediatRx under the Co-Promotion Agreement, which was finalized in August 2013. There are no remaining assets or liabilities related to Granisol® at this time. | ||||||||||||
BQ Kits | ||||||||||||
The Company had a segment of research-use-only Elisa Kits and Rapid Tests across a range of targets. The business was not core to the Company’s current strategy which is focused on the development and commercialization of products associated with male and female sexual health and in June 2013, management initiated a sale process. Accordingly, the operating results of the BQ Kits, Inc. (“BQ Kits”) business have been included in discontinued operations for the year ended December 31, 2013, 2012, and 2011. | ||||||||||||
In July 2013, the Company sold BQ Kits to an unrelated third-party for a gain on sale of approximately $0.2 million, which was reflected during the third quarter of 2013 within the Company’s discontinued operations. | ||||||||||||
Discontinued Operations | ||||||||||||
The carrying amounts of the assets and liabilities of its discontinued operations, associated with Apricus Pharmaceuticals and BQ Kits, as of December 31, 2012 are as follows (in thousands): | ||||||||||||
Inventories | $ | 292 | ||||||||||
Prepaid expenses and other current assets | 533 | |||||||||||
Current assets of discontinued operations | 825 | |||||||||||
Fixed assets, net | 40 | |||||||||||
Intangible assets, net | 1,877 | |||||||||||
Other long-term assets | 23 | |||||||||||
Noncurrent assets of discontinued operations | 1,940 | |||||||||||
Total assets of discontinued operations | $ | 2,765 | ||||||||||
Trade accounts payable | $ | 706 | ||||||||||
Accrued expenses | 1,087 | |||||||||||
Deferred revenue | 243 | |||||||||||
Contingent consideration | 1,328 | |||||||||||
Provision for replacement inventory | 170 | |||||||||||
Current liabilities of discontinued operations | 3,534 | |||||||||||
Contingent consideration | 420 | |||||||||||
Provision for replacement inventory | 28 | |||||||||||
Noncurrent liabilities of discontinued operations | 448 | |||||||||||
Total liabilities of discontinued operations | $ | 3,982 | ||||||||||
The operating results of the Company’s discontinued operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Product sales | $ | 432 | $ | 785 | $ | 499 | ||||||
Cost of goods sold | (177 | ) | (583 | ) | (379 | ) | ||||||
Operating expenses | (120 | ) | (6,444 | ) | (12 | ) | ||||||
Other income | — | 147 | — | |||||||||
Gain (loss) on sale of assets | (1,203 | ) | — | — | ||||||||
Income (loss) from discontinued operations | $ | (1,068 | ) | $ | (6,095 | ) | $ | 108 | ||||
Other_Financial_Information
Other Financial Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Other Financial Information | ' | |||||||
OTHER FINANCIAL INFORMATION | ||||||||
Inventory | ||||||||
Inventory as of December 31, 2013 was $0.3 million and consisted of raw material of $0.2 million and work-in-progress of $0.1 million. | ||||||||
Property and equipment | ||||||||
Property and equipment are comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Leasehold improvements | $ | 20 | $ | 130 | ||||
Machinery and equipment | 847 | 126 | ||||||
Capital lease equipment | 76 | 76 | ||||||
Computer software | 134 | 17 | ||||||
Furniture and fixtures | 34 | 31 | ||||||
Equipment in process | — | 318 | ||||||
Total property and equipment | 1,111 | 698 | ||||||
Less: accumulated depreciation and amortization | (156 | ) | (97 | ) | ||||
Property and equipment, net | $ | 955 | $ | 601 | ||||
Depreciation expense totaled $0.08 million, $0.2 million and $0.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||
Sale of property | ||||||||
In August 2012, the Company decided to sell its facility in East Windsor, New Jersey and as a result, the land, building and machinery associated with the facility were classified as property held for sale as of December 2012. On December 28, 2012, an agreement was signed to sell the facility for a total of $4.1 million. The Company performed a review for impairment of the facility based on this offer price, less the estimated selling costs of $0.5 million, and recorded an impairment charge of approximately $0.5 million in general and administrative expenses in 2012. The property was leased to a tenant under a long-term lease. | ||||||||
In March 2013, the Company sold the building to an unrelated third party buyer for gross cash proceeds of $4.1 million. The rental income received from the tenant prior to the sale was recognized as other income in continuing operations during the year ended December 31, 2013. Rental income for the years ended December 31, 2013, 2012, and 2011 was $0.09 million, $0.5 million, and $0.5 million, respectively. | ||||||||
Pursuant to the building sale agreement, $0.3 million is restricted cash held in escrow for environmental remediation services to be performed and for taxes, both of which are the obligation of the Company. The Company has recorded a liability for the environmental remediation as well as tax liabilities, both of which are included in accrued liabilities. These liabilities represent the best estimate of the fair value of the total obligations and are expected to be satisfied within the current year and are therefore classified as current restricted cash and current liabilities, respectively. | ||||||||
Accrued expenses | ||||||||
Accrued expenses are comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Professional fees | $ | 997 | $ | 379 | ||||
Outside research and development services | 298 | 564 | ||||||
Deferred compensation | 184 | 616 | ||||||
Environmental remediation services | 168 | — | ||||||
Social and VAT taxes | — | 359 | ||||||
Other | 472 | 596 | ||||||
$ | 2,119 | $ | 2,514 | |||||
Gain on sale of investment | ||||||||
The Company previously held a restricted investment in a privately-held biotechnology company, which was valued at zero in the Company’s consolidated financial statements as of December 31, 2012. In 2013, the Company sold its investment in the entity and realized net proceeds of approximately $2.6 million, which was reflected as a gain on sale of investment during the fourth quarter of 2013 in the Company’s Consolidated Statement of Operations. |
Deferred_Compensation
Deferred Compensation | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Deferred Compensation | ' |
DEFERRED COMPENSATION | |
In 2002, the Company entered into an employment agreement with Y. Joseph Mo, Ph.D., pursuant to which Dr. Mo served as the Company’s Chief Executive Officer and President. Under the employment agreement, Dr. Mo was entitled to severance, payable monthly for 180 months, upon termination of his employment. Dr. Mo’s employment was terminated in December 2005. The Company had deferred severance compensation balances, pursuant to the terms of the agreement, of $0.7 million and $0.8 million as of December 31, 2013 and December 31, 2012, respectively. |
Convertible_Notes_Payable
Convertible Notes Payable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Convertible Notes Payable | ' | |||||||
CONVERTIBLE NOTES PAYABLE | ||||||||
On December 7, 2012, the Company issued convertible notes (the “2012 Convertible Notes”). The 2012 Convertible Notes are, at the holders’ option, redeemable in cash upon maturity at December 31, 2014, or convertible into shares of common stock at a conversion price ($2.58 per share as of December 31, 2013), which price is subject to adjustment upon certain dilutive issuances of common stock. The 2012 Convertible Notes bear interest at 7% per annum, which is payable quarterly at the Company’s option in cash or, if the Company’s net cash balance is less than $3.0 million at the time of payment, in shares of common stock. If paid in shares of common stock, then the price of the stock issued is determined at 95% of the five-day weighted average of the market price of the common stock prior to the time of payment. | ||||||||
The fair value of the 2012 Convertible Notes was determined on the amendment date based on a discounted cash flow model using a risk adjusted annual interest rate of approximately 16%, which represents a Level 3 measurement within the fair value hierarchy given that this is an unobservable input. The fair value of these notes as of December 31, 2013 approximates the book value. The holders have the option to redeem $1.5 million of the principal on the 2012 Convertible Notes on April 1, 2014 | ||||||||
The 2012 Convertible Notes have an anti-dilution provision that results in an embedded conversion feature that has been accounted for as a derivative. The Company valued the derivative as of December 31, 2012 using a Black-Scholes valuation model on the issuance date using the following inputs: stock price on the day of issuance ($1.93), 70% volatility, a 2 year term and a risk-free interest rate of 0.25%. These unobservable inputs represent a Level 3 measurement within the fair value hierarchy. The estimated fair value of the conversion feature is revalued on a monthly basis and any resulting increases or decreases in the estimated fair value are recorded within other income (expense). The fair value as of December 31, 2013 was determined using the following inputs: stock price of $2.65, 60% volatility, a one year term and a risk-free interest rate of 0.13%. The estimated fair value of the conversion feature as of December 31, 2013 and 2012 was $0.5 million and $0.9 million, respectively, which has been recorded as a derivative liability in the consolidated balance sheets. | ||||||||
During the year ended December 31, 2013, the Company issued 486,923 common shares upon the conversion of $1.25 million of the principal balance of the 2012 Convertible Notes into common stock. $0.7 million of the derivative liability was re-classified to additional paid in capital upon conversion, and $0.2 million of the debt discount was credited to additional paid in capital. | ||||||||
The Company’s convertible notes payable balance as of December 31, 2013 and 2012 consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Convertible notes payable | $ | 4,000 | $ | 4,000 | ||||
Less: conversions to common stock | (1,250 | ) | — | |||||
2,750 | 4,000 | |||||||
Less: unamortized debt discount | (150 | ) | (587 | ) | ||||
$ | 2,600 | $ | 3,413 | |||||
Current portion, net of discount of $150 | $ | 2,600 | $ | — | ||||
Long term portion, net of discount of $587 | — | 3,413 | ||||||
$ | 2,600 | $ | 3,413 | |||||
The Company recognized interest expense related to its convertible notes payable of $0.5 million, $0.3 million and $0.3 million during the year ended December 31, 2013, 2012 and 2011, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholder's Equity | ' | ||||||||
STOCKHOLDERS' EQUITY | |||||||||
Preferred Stock | |||||||||
The Company is authorized to issue 10.0 million shares of preferred stock, par value $0.001, of which 1.0 million shares are designated as Series A Junior Participating Preferred Stock, 800 are designated as Series B 8% Cumulative Convertible Preferred Stock, 600 are designated as Series C 6% Cumulative Convertible Preferred Stock and 50,000 have been designated as Series D Junior Participating Cumulative Preferred Stock. No shares of preferred stock were outstanding as of December 31, 2013 or 2012. | |||||||||
Common Stock Offerings | |||||||||
Offering Agreement | |||||||||
On December 30, 2011, the Company entered into a Controlled Equity Offering Agreement (the “Offering Agreement”) with Ascendiant Capital Markets, LLC (“Ascendiant”). Pursuant to the Offering Agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $20.0 million, from time to time through Ascendiant. The sales of the common stock under the Offering Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933 (the “Securities Act”), including sales made directly on the NASDAQ Capital Market, on any other existing trading market for the Shares or to or through a market maker. The Company’s ATM common stock selling facility may be terminated by either party by giving proper written notice. In April 2013, the Company amended the Offering Agreement primarily to change the effective shelf registration statement on Form S-3 associated with the shares to be sold under the ATM offerings. | |||||||||
During 2012, the Company sold an aggregate of 515,329 shares of common stock under the Offering Agreement at a weighted average sales price of approximately $4.01 per share, resulting in offering proceeds of approximately $2.0 million, net of sales commissions of $0.07 million. During the first half of 2013, the Company sold an aggregate of 312,450 shares of common stock under the Offering Agreement at a weighted average sales price of approximately $2.63 per share, resulting in offering proceeds of approximately $0.8 million, net of sales commissions of $0.03 million. There were no shares sold under the Offering Agreement during the second half of 2013. | |||||||||
2012 Units | |||||||||
On February 14, 2012, the Company offered and sold 4,938,272 units (“2012 Units”) in a follow-on public offering of securities with each 2012 Unit consisting of one share of common stock, $0.001 par value per share of the Company and one warrant to purchase 0.50 shares of Common Stock at a price of $5.25 per full warrant share. The 2012 Units were offered at a public offering price of $4.05 per 2012 Unit. The underwriters purchased the 2012 Units from the Company at a price of $3.807 per 2012 Unit, which represented a 6.0% discount to the public offering price. The warrants were exercisable immediately upon issuance and will expire five years from the date of issuance. The net proceeds to the Company from this offering were approximately $18.4 million after deducting underwriting discounts and commissions and other offering expenses payable by the Company. In accordance with the equity guidance, the warrants’ fair value of $3.7 million was determined on the date of grant using the Black-Scholes model with the following assumptions: risk free interest rate of 1.0%, volatility of 70.0%, a 5.0 year term and no dividend yield. These warrants were recorded as a component of stockholders’ equity with an equal offsetting amount to stockholders’ equity because the warrants did not meet the liability classification criteria. No warrants that were issued as part of the 2012 Unit offering have been exercised as of December 31, 2013. | |||||||||
2013 Units | |||||||||
On May 29, 2013, the Company offered and sold 6,000,000 units (“2013 Units”) in a follow-on public offering of securities with each 2013 Unit consisting of one share of common stock, $0.001 par value per share of the Company and one warrant to purchase 0.5 shares of Common Stock at a price of $3.40 per full warrant share. The 2013 Units were offered at a public offering price of $2.85 per 2013 Unit. The underwriters purchased the 2013 Units from the Company at a price of $2.679 per 2013 Unit, which represented a 6% discount to the public offering price. The warrants were exercisable immediately upon issuance and will expire five years from the date of issuance. The net proceeds to the Company from this offering were approximately $15.8 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company. In accordance with the equity guidance, the warrants’ fair value of $3.3 million was determined on the date of grant using the Black-Scholes model with the following assumptions: risk free interest rate of 1.0%, volatility of 70%, a 5 year term and no dividend yield. These warrants were recorded as a component of stockholders’ equity with an equal offsetting amount to stockholders’ equity because the warrants did not meet the liability classification criteria. No warrants that were issued as part of the 2013 Unit offering have been exercised as of December 31, 2013. | |||||||||
Warrants | |||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company received proceeds of $0.05 million, $0.04 million, and $1.0 million from the exercise of 20,000, 17,595, and 649,865 warrants, respectively. | |||||||||
A summary of warrant activity during the year ended December 31, 2013 is as follows: | |||||||||
Common Shares | Weighted | Weighted | |||||||
Issuable upon | Average | Average | |||||||
Exercise | Exercise | Remaining | |||||||
Price | Contractual | ||||||||
Life (in years) | |||||||||
Outstanding at December 31, 2012 | 3,205,492 | $ | 4.56 | 3.8 | |||||
Issued | 3,000,000 | 3.4 | |||||||
Exercised | (20,000 | ) | 2.27 | ||||||
Cancelled | — | — | |||||||
Outstanding at December 31, 2013 | 6,185,492 | 4.01 | 3.6 | ||||||
Exercisable at December 31, 2013 | 6,185,492 | $ | 4.01 | 3.6 | |||||
Equity_Compensation_Plans
Equity Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Equity Compensation Plans | ' | ||||||||||||
EQUITY COMPENSATION PLANS | |||||||||||||
As of December 31, 2013, the Company had two share-based compensation plans that provided for awards to acquire shares of its common stock. In March 2012, the Company’s stockholders approved the 2012 Stock Long Term Incentive Plan (the “2012 Plan”), which provides for the issuance of incentive and non-incentive stock options, restricted and unrestricted stock awards, stock unit awards and stock appreciation rights. A total of 3.0 million common shares have been authorized for issuance under the 2012 Plan, which includes 1.0 million common shares authorized in May of 2013 in accordance with the evergreen provisions of the 2012 Plan. The NexMed, Inc. 2006 Stock Incentive Plan (“the 2006 Plan”) includes 3.8 million authorized shares. | |||||||||||||
Options granted generally vest over a period of one to four years and have a maximum term of 10 years from the date of grant. As of December 31, 2013, an aggregate of 6.8 million shares of common stock are authorized under the Company’s equity compensation plans, of which 3.2 million common shares are available for future grants. | |||||||||||||
Stock Options | |||||||||||||
A summary of stock option activity during the year ended December 31, 2013 is as follows: | |||||||||||||
Number of | Weighted | Weighted | Total | ||||||||||
Shares | Average | Average Remaining | Aggregate | ||||||||||
Exercise | Contractual | Intrinsic | |||||||||||
Price | Life (in years) | Value | |||||||||||
Outstanding as of December 31, 2012 | 2,213,916 | $ | 3.71 | 8.9 | $ | — | |||||||
Granted | 1,416,771 | 2.41 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | (1,279,450 | ) | 3.38 | ||||||||||
Outstanding as of December 31, 2013 | 2,351,237 | $ | 3.1 | 8.6 | $ | 444,012 | |||||||
Vested or expected to vest as of December 31, 2013 | 2,288,694 | $ | 3.1 | 8.6 | $ | 432,202 | |||||||
Exercisable as of December 31, 2013 | 752,815 | $ | 4.32 | 7.5 | $ | 66,631 | |||||||
As of December 31, 2013, 2012, and 2011, there were 752,815, 856,868 and 138,323 options exercisable, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2012 and 2011 was approximately $15,850, and $14,175, respectively. | |||||||||||||
Stock Awards | |||||||||||||
A summary of stock award activity during the year ended December 31, 2013 is as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair Value Per Share | ||||||||||||
Nonvested as of December 31, 2012 | 112,705 | $ | 5.15 | ||||||||||
Granted | 9,668 | $ | 2.48 | ||||||||||
Vested | (95,645 | ) | $ | 5.04 | |||||||||
Forfeited | — | $ | — | ||||||||||
Nonvested as of December 31, 2013 | 26,728 | $ | 4.58 | ||||||||||
Share-Based Compensation | |||||||||||||
The value of stock grants is calculated based upon the closing stock price of the Company’s common stock on the date of the grant. For stock options granted to employees and directors, the Company recognizes compensation expense based on the grant-date fair value over the requisite service period of the awards, which is the vesting period. The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. | |||||||||||||
The following table presents the weighted average assumptions used by the Company to estimate the fair value of stock option grants using the Black-Scholes option-pricing model, as well as the resulting weighted average fair values: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 1.08% - 1.85% | 0.6% - 1.1% | 1.2% - 1.7% | ||||||||||
Volatility | 70 | % | 70 | % | 255 | % | |||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected term | 5.25- 6.25 years | 5.25-6 years | 4.00 years | ||||||||||
Forfeiture rate | 2.66 | % | 2.66 | % | 2.66 | % | |||||||
Weighted average fair value | $ | 1.52 | $ | 1.95 | $ | 4.4 | |||||||
Expected Volatility. The Company uses analysis of historical volatility to compute the expected volatility of its stock options. For the consideration of volatility in 2011, the Company had a limited number of reference points and as a result, the expected volatility was considered to be significant but did not have a significant impact to the consolidated financial statements. | |||||||||||||
Expected Term. The expected life assumptions were based on the simplified method set forth in Staff Accounting Bulletin 14. | |||||||||||||
Risk-Free Interest Rate. The interest rate used in valuing awards is based on the yield at the time of grant of a U.S. Treasury security with an equivalent remaining term. | |||||||||||||
Dividend Yield. The Company has never paid cash dividends, and does not currently intend to pay cash dividends, and thus has assumed a 0% dividend yield. | |||||||||||||
Pre-Vesting Forfeitures. Estimates of pre-vesting option forfeitures are based on the Company’s experience. The Company will adjust its estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change and also impact the amount of compensation expense to be recognized in future periods. Adjustments have not been significant to date. | |||||||||||||
As of December 31, 2013, there was $2.2 million in unrecognized compensation cost related to non-vested stock options expected to be recognized over a weighted average period of 1.47 years. | |||||||||||||
The value of stock awards is calculated based upon the closing stock price of the Company’s common stock on the date of the grant and is expensed over the vesting period of the award. As of December 31, 2013 there was $0.1 million in unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over a weighted average period of 0.5 years. | |||||||||||||
The following table summarizes the total stock-based compensation expense resulting from share-based awards recorded in the Company’s Consolidated Statements of Operations (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Research and development | $ | 225 | $ | 299 | $ | 307 | |||||||
General and administrative | 1,767 | 2,618 | 1,828 | ||||||||||
$ | 1,992 | $ | 2,917 | $ | 2,135 | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
The Company had the following related party transactions during the years ended December 31, 2013, 2012, and 2011: | |
Innovus Pharmaceuticals, Inc. | |
Innovus Pharmaceuticals, Inc. (“Innovus”) is a development-stage company of which a former executive officer and a former director of the Company were minority shareholders during 2012 and 2011. Each left the Company during 2012. | |
In April 2011, the Company and Innovus entered into an Asset Purchase Agreement, pursuant to which Innovus (formerly “FasTrack Pharmaceuticals, Inc.” (“FasTrack”)) sold to the Company all the rights it had in certain back-up compounds for PrevOnco™, a development-stage candidate that the Company had studied for the treatment of solid tumors. In exchange for the PrevOnco™ back-up compound portfolio, the Company loaned FasTrack $0.25 million in the form of a secured convertible note and restructured the then existing outstanding demand notes and interest payable due to the Company into a second secured convertible note in the amount of $0.2 million. In March 2012, FasTrack converted the notes to common stock of FasTrack based on a December 2011 merger of FasTrack with a publicly-traded company, to form Innovus. The Company received less than a 1% common stock interest in Innovus in connection with the conversion, which was returned to Innovus in October 2012 along with $0.03 million in cash in exchange for all rights and interests to PrevOnco™. The transaction was recorded as a charge to research and development expense of $0.03 million during the year ended December 31, 2012. | |
Other Related Party Transactions | |
For the years ended December 31, 2012 and 2011, the Company purchased approximately $0.04 million and $0.12 million, respectively, of supplies from an entity owned 100% by the Company’s former CEO. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The Company has incurred losses since inception, which have generated U.S. net operating loss carry forwards (“NOLs”) of approximately $162.0 million for federal income tax purposes. These carry forwards are available to offset future taxable income and expire beginning in 2018 through 2032 for federal income tax purposes. | |||||||||||||
Utilization of the NOLs may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required under Internal Revenue Code Section 382 (“Section 382”), as well as similar state and foreign provisions. These ownership changes may limit the amount of NOLs that can be utilized annually to offset future taxable income. In general, an “ownership change” as defined by Section 382 results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on several occasions which, combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership change in the future upon subsequent disposition. | |||||||||||||
The Company has not completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since the Company’s formation due to the complexity and cost associated with such a study, and the fact that there may be additional such ownership changes in the future. If the Company has experienced an ownership change at any time since its formation, utilization of the NOLs would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term, tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the NOL before utilization. Further, until a study is completed and any limitation known, no amounts are being considered as an uncertain tax position or disclosed as an unrecognized tax benefit under authoritative accounting guidance. Any NOLs that will expire prior to utilization as a result of such limitations will be removed from deferred tax assets with a corresponding reduction of the valuation allowance with no net effect on income tax expense or the effective tax rate. | |||||||||||||
Details of income tax expense are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | — | — | — | ||||||||||
Deferred | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Foreign | — | 516 | — | ||||||||||
Total deferred | — | 516 | — | ||||||||||
Total income tax expense | $ | — | $ | 516 | $ | — | |||||||
Deferred tax assets consist of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Net operating tax loss carryforwards | $ | 59,927 | $ | 54,563 | |||||||||
Research and development tax credits | 404 | — | |||||||||||
Deferred compensation | 269 | 482 | |||||||||||
Other accruals and reserves | 504 | 1,199 | |||||||||||
Basis of intangible assets | (45 | ) | 20 | ||||||||||
Total deferred tax asset | 61,059 | 56,264 | |||||||||||
Less valuation allowance | (61,059 | ) | (56,264 | ) | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||||
The net operating loss carryforwards and tax credit carryforwards resulted in a noncurrent deferred tax asset as of December 31, 2013 and 2012 of approximately $60.3 million and $54.6 million, respectively. In consideration of the Company’s accumulated losses and the uncertainty of its ability to utilize this deferred tax asset in the future, the Company has recorded a full valuation allowance as of such dates. | |||||||||||||
The Company follows the provisions of income tax guidance which provides recognition criteria and a related measurement model for uncertain tax positions taken or expected to be taken in income tax returns. The guidance requires that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. Tax positions that meet the more likely than not threshold are then measured using a probability weighted approach recognizing the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company’s Federal income tax returns for 2011 to 2013 are still open and subject to audit. In addition, net operating losses arising from prior years are also subject to examination at the time they are utilized in future years. Unrecognized tax benefits, if recognized, would have no effect on the Company’s effective tax rate. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2013, the Company has not recorded any interest and penalties related to uncertain tax positions. The Company does not foresee any material changes to unrecognized tax benefits within the next twelve months. | |||||||||||||
A reconciliation of the Company’s unrecognized tax benefits from January 1, 2013 through December 31, 2013 is provided in the following table (in thousands): | |||||||||||||
2013 | |||||||||||||
Balance as of January 1, 2013 | $ | 2,879 | |||||||||||
Increase in current period positions | 41 | ||||||||||||
Decrease in prior period positions | (125 | ) | |||||||||||
Balance as of December 31, 2013 | $ | 2,795 | |||||||||||
The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision (benefit) for income taxes for continuing operations for the years ended December 31, 2013, 2012, and 2011, are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | (34 | )% | (34 | )% | (34 | )% | |||||||
State taxes, net of federal benefit | (1 | )% | (3 | )% | (5 | )% | |||||||
Valuation allowance | 37 | % | 20 | % | 39 | % | |||||||
Prior year true-ups | 1 | % | 6 | % | — | % | |||||||
Foreign rate difference | — | % | 2 | % | — | % | |||||||
Permanent differences | (1 | )% | 11 | % | — | % | |||||||
Tax credits | (2 | )% | — | % | — | % | |||||||
Income tax expense | — | % | 2 | % | — | % | |||||||
For the years ended December 31, 2013, 2012, and 2011, the Company’s effective tax rate differs from the federal statutory rate principally due to net operating losses and other temporary differences for which no benefit was recorded. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments And Contingencies | ' | ||
COMMITMENTS AND CONTINGENCIES | |||
Operating Leases | |||
In December 2011, the Company entered into a five year lease agreement for its headquarters location in San Diego, California expiring December 31, 2016. The Company has an option to extend the lease an additional five years. The lease term contains a base rent of $0.02 million per month with 3% annual escalations, plus a supplemental real estate tax and operating expense charge to be determined annually. The Company received a five month base rent abatement with the lease agreement. This abatement is recoverable by the landlord on a straight line amortized basis over 60 months should the Company terminate the lease early for any reason. | |||
For the years ended December 31, 2013, 2012, and 2011, rent expense for continuing operations totaled $0.4 million, $0.4 million and $0.4 million, respectively. | |||
Future minimum rental payments under operating leases as of December 31, 2013 are as follows (in thousands): | |||
Year Ended December 31, | |||
2014 | 412 | ||
2015 | 425 | ||
2016 | 324 | ||
Total | 1,161 | ||
Legal Matters | |||
The Company is a party to the following litigation, as well as certain other litigation that is either judged to be not material or that arises in the ordinary course of business from time to time. The Company intends to vigorously defend its interests in these matters. The Company expects that the resolution of these matters will not have a material adverse effect on its business, financial condition or results of operations. However, due to the uncertainties inherent in litigation, no assurance can be given as to the outcome of these proceedings. | |||
Versailles Civil Court Summons | |||
On April 25, 2013, the Company’s former French Subsidiaries entered into a judicial liquidation procedure as a result of a decrease in the unit’s operating performance resulting from recently enacted pricing policies affecting drug reimbursement in France, the subsequent related loss or interruption of certain contract sales agreements and in this context, the Company’s decision to cease financing its former French Subsidiaries. | |||
In June 2013, the Versailles Civil Court (the “Civil Court”) authorized the French Works Council (which represents individuals previously employed by the former French Subsidiaries) to deliver a writ of summons to the Company for a hearing in the Civil Court in September 2013. In the summons it was claimed that the Company was the co-employer of the individuals working for Scomedica and that, as such, was liable for the financing of a job protection plan. The summons sought €4.1 million ($5.6 million as of December 31, 2013) from us. | |||
In February 2014, the Global Settlement Agreement (the “Global Settlement Agreement”) by and among the Company, the Works Council, the Judicial Liquidator of both Scomedica SAS and NexMed Europe SAS, the Trustee of NexMed Pharma SAS and Laboratoires Majorelle, became effective upon ratification by the Versailles Commercial Court (the “Commercial Court”). In March 2014, the Company signed individual settlement agreements with the former employees of Scomedica SAS, which are expected to be fully executed in March 2014 and become effective upon notification by the Commercial Court in March or April 2014. | |||
Pursuant to the aforementioned settlement agreements, the respective parties are waiving all claims they have asserted or could assert against the Company relating to the liquidation and reorganization of the French Subsidiaries, the Company is not required to make any direct payments to those parties and the Works Council agrees to the withdrawal of proceedings and actions relating to their €4.1 million claim against the Company. | |||
With the resolution of these matters in 2014, the approximate $2.8 million liability reflected in the most recent consolidated balance sheet of the Company will be released in 2014. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The Company determines the fair value measurements of applicable assets and liabilities based on a three-tier fair value hierarchy established by accounting guidance and prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||||
The following table summarizes the Company’s liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy contained in accounting guidance for fair value measurements and disclosures (in thousands): | |||||||||||||||||
Fair Value | Quoted Market Prices | Significant Other | Significant | ||||||||||||||
for Identical Assets | Observable Inputs | Unobservable | |||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Derivative liability related to 2012 Convertible Notes | $ | 517 | $ | — | $ | — | $ | 517 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Derivative liability related to 2012 Convertible Notes | $ | 906 | $ | — | $ | — | $ | 906 | |||||||||
Contingent consideration (discontinued operations) | $ | 1,748 | $ | — | $ | — | $ | 1,748 | |||||||||
Deferred compensation | $ | 868 | $ | — | $ | — | $ | 868 | |||||||||
Derivative Instruments | |||||||||||||||||
The Company’s conversion derivative related to its 2012 Convertible Notes is classified as Level 3 since the liability is not actively traded and is valued using significant unobservable inputs. Significant inputs to this model were the Company’s stock price, conversion price, risk free interest rate, and expected volatility of the Company’s stock price. Changes in fair value are recorded in the statement of operations as other income (expense). A portion of the notes were converted during 2013 and the associated derivative liability was reclassified to stockholders’ equity. | |||||||||||||||||
Deferred Compensation | |||||||||||||||||
The Company pays compensation on a deferred basis to a former executive based on the estimated present value of the obligation valued on the date of separation. During 2012, before the Company deconsolidated its former French Subsidiaries, NexMed Europe SAS, through its Scomedica subsidiary, had an accrued retirement benefit liability mandated by the French Works Council which consisted of one lump-sum paid on the last working day when the employee retires and has been included within the Deferred Compensation line item within the accompanying 2012 balance sheet. The amount of the payment was based on the length of service and earnings of the retiree. The Scomedica liability was estimated using the present value of the obligation at the end of the reporting period and was determined to be $0.9 million as of December 31, 2012. The amount of the payment was based on the length of service and earnings of the retiree. The cost of the obligation was estimated using the present value at the end of the reporting period representing Level 3 inputs. Actuarial estimates for the obligation are performed annually. The discount rate applied in the computation of the present value of the retirement liability corresponds to the yield on high quality corporate bonds denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related retirement liability. | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
The $1.7 million estimated fair value of additional purchase consideration (“contingent consideration”) as of December 31, 2012 is based on the projected achievement of various regulatory and product cost reductions milestones which would be settled in shares of common stock based on the fair value at the date the milestone is achieved. The Company determined the fair values of the obligation to pay additional milestone payments using various inputs, including probability of success, discount rates and amount of time until the conditions of the milestone payments are anticipated to be met. This fair value measurement is based on significant inputs not observable in the market, representing a Level 3 measurement within the fair value hierarchy. The resulting probability-weighted cash flows were discounted using a risk adjusted cost of capital factor of 23.6%, which was representative of the rate of return a market participant would expect to receive from these assets. Management’s estimate of the range of milestone stock payments varied from approximately $0.3 million if no regulatory or commercial milestones were achieved to approximately $2.3 million if all milestones were achieved. The contingent consideration was eliminated as a result of the settlement agreement with TopoTarget signed during the third quarter of 2013. | |||||||||||||||||
The following table summarizes the continuing operations activity of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 inputs) (in thousands): | |||||||||||||||||
Convertible Notes Derivative | Deferred | Contingent Consideration | |||||||||||||||
Compensation | |||||||||||||||||
Balance as of December 31, 2012 | $ | 906 | $ | 868 | $ | — | |||||||||||
Change in fair value measurement of derivative liability in connection with 2012 Convertible Notes, included in other expense | 274 | — | — | ||||||||||||||
Derivative liability reclassified to stockholders' equity | (663 | ) | — | — | |||||||||||||
Disposition of deferred compensation liability as a result of deconsolidation of former French Subsidiaries | — | (868 | ) | — | |||||||||||||
Transfer of contingent consideration from discontinued operations to continuing operations | — | — | 1,748 | ||||||||||||||
Extinguishment of contingent consideration upon contract settlement | — | — | (1,748 | ) | |||||||||||||
Balance as of December 31, 2013 | $ | 517 | $ | — | $ | — | |||||||||||
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (Unaudited) | |||||||||||||||||
The following table presents the Company’s unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
2013 (1)(2) | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | 929 | $ | 1,192 | $ | 28 | $ | 362 | |||||||||
Gross (loss) profit | (922 | ) | 490 | 13 | 299 | ||||||||||||
Loss from continuing operations | (6,950 | ) | (4,086 | ) | (3,199 | ) | (1,635 | ) | |||||||||
(Loss) income from discontinued operations | (1,723 | ) | 151 | 214 | 290 | ||||||||||||
Net loss | (8,673 | ) | (3,935 | ) | (2,985 | ) | (1,345 | ) | |||||||||
Basic and diluted loss per share | |||||||||||||||||
Loss from continuing operations | (0.23 | ) | (0.12 | ) | (0.09 | ) | (0.04 | ) | |||||||||
(Loss) income from discontinued operations | (0.06 | ) | — | 0.01 | — | ||||||||||||
Net loss | (0.29 | ) | (0.12 | ) | (0.08 | ) | (0.04 | ) | |||||||||
2012 (1)(2) | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | 669 | $ | 3 | $ | 4,895 | $ | 2,378 | |||||||||
Gross profit (loss) | 669 | 3 | 3,304 | (271 | ) | ||||||||||||
Loss from continuing operations (3), (4) | (3,698 | ) | (4,322 | ) | (1,921 | ) | (15,735 | ) | |||||||||
Loss from discontinued operations (5) | (1,015 | ) | (604 | ) | (573 | ) | (3,903 | ) | |||||||||
Net loss | (4,713 | ) | (4,926 | ) | (2,494 | ) | (19,638 | ) | |||||||||
Basic and diluted loss per share | |||||||||||||||||
Loss from continuing operations | (0.16 | ) | (0.16 | ) | (0.07 | ) | (0.53 | ) | |||||||||
Loss from discontinued operations (5) | (0.04 | ) | (0.03 | ) | (0.02 | ) | (0.13 | ) | |||||||||
Net loss | (0.20 | ) | (0.19 | ) | (0.09 | ) | (0.66 | ) | |||||||||
-1 | In June 2013, the Company determined that the BQ Kits division would be offered for sale to qualified buyers and in July 2013, it was sold to an unrelated third-party. For all quarters included above, it is presented as discontinued operations. | ||||||||||||||||
-2 | In December 2012, the Company made the strategic decision to divest its operating segment aggregated in the Pharmaceuticals reporting segment, Apricus Pharmaceuticals (USA), Inc. (“Apricus Pharmaceuticals”) which is comprised of its U.S. oncology care products. The results of the Apricus Pharmaceuticals operations are classified as discontinued operations in the Company’s consolidated financial statements during 2012. In 2013, the Company sold all the assets related to this segment and reclassified all remaining liabilities to continuing operations. See Note 4 of the Consolidated Financial Statements. They are presented as such in the Company’s consolidated financial statements for 2013. | ||||||||||||||||
-3 | Loss from continuing operations during the fourth quarter of 2012 included a one-time charge for $8.3 million to record an impairment of the goodwill associated with the Finesco transaction. | ||||||||||||||||
-4 | Loss from continuing operations during the fourth quarter of 2012 included a one-time charge for $1.3 million to record a valuation allowance on the deferred tax asset associated with the Finesco transaction. This valuation allowance was recorded as tax expense and was partially offset by deferred tax assets recorded subsequent to the Finesco transaction. The impact to the loss from continuing operations was a charge of $0.5 million presented as tax expense on the consolidated statement of operations and comprehensive loss. | ||||||||||||||||
-5 | Loss from discontinued operations during the fourth quarter of 2012 included $2.9 million for the impairment of intangible assets and goodwill related to the Company’s discontinued operations. |
Organization_and_Summary_of_Si1
Organization and Summary of Signifcant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of presentation | ' | |
Basis of Presentation | ||
The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). Certain prior year items have been reclassified to conform to the current year presentation. | ||
Use of estimates | ' | |
Use of Estimates | ||
The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company’s most significant estimates relate to whether revenue recognition criteria have been met, the fair value of its embedded derivatives related to the convertible notes payable, and valuation allowances for the Company’s deferred tax assets. The Company’s actual results may differ from these estimates under different assumptions or conditions. | ||
Liquidity | ' | |
Liquidity | ||
The accompanying consolidated financial statements have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company had an accumulated deficit of approximately $268.1 million as of December 31, 2013, recorded a net loss of approximately $16.9 million for the year ended December 31, 2013 and has principally been financed through the public offering of our common stock and other equity securities, private placements of equity securities, debt financing and up-front payments received from commercial partners for our products under development. Funds raised in recent periods include approximately $15.8 million and $18.4 million from our May 2013 and February 2012 follow-on public offerings, respectively. Additionally, the Company raised approximately $0.8 million during the year ended December 31, 2013 from the sale of common stock via its “at-the-market” (“ATM”) stock selling facility and approximately $2.0 million from this facility in 2012. In March 2013, the Company completed the sale of its New Jersey Facility to a third-party resulting in net proceeds to the Company of approximately $3.6 million (See Note 5). In March 2013, the Company received $1.5 million in cash, as consideration for the sale of its Totect® assets (See Note 4). In November 2013, the Company received $2.6 million in cash upon sale of securities from an investment previously held and in December 2013, it received $1.8 million as an upfront payment from Laboratoires Majorelle (“Majorelle”). These cash-generating activities should not necessarily be considered an indication of our ability to raise additional funds in any future periods due to the uncertainty associated with raising capital. | ||
The Company’s cash and cash equivalents as of December 31, 2013 were approximately $21.4 million. In January 2014, the Company received an up-front license payment of $2.0 million from Hexal AG and a regulatory milestone payment of $0.2 million from Majorelle related to marketing approval obtained for France. Based upon its current business plan, the Company believes it has sufficient cash reserves to fund its on-going operations through mid-2015. The Company expects to have net cash outflows from operations in 2014 as it continues to support the market approvals and partner commercialization plans for Vitaros®, further develops Room Temperature Vitaros® and seeks to develop new product candidates through its existing technology. The Company’s $2.75 million in convertible notes are, at the holders’ option, redeemable in cash upon maturity at December 31, 2014, or convertible into shares of common stock. The Company expects the majority of its cash inflows from operations during 2014 will be from licensing and milestone revenues received from existing and potentially new commercial partners for licenses granted for Vitaros®. | ||
Based on its recurring losses, negative cash flows from operations and working capital levels, the Company will need to raise substantial additional funds to finance its operations. If the Company is unable to maintain sufficient financial resources, including by raising additional funds when needed, its business, financial condition and results of operations will be materially and adversely affected. There can be no assurance that the Company will be able to obtain the needed financing on reasonable terms or at all. Additionally, equity financings may have a dilutive effect on the holdings of the Company’s existing stockholders. | ||
Principles of consolidation | ' | |
Principles of consolidation | ||
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Cash and cash equivalents | ' | |
Cash and cash equivalents | ||
Cash equivalents represent all highly liquid investments with an original maturity date of three months or less and were insignificant as of December 31, 2013 and 2012. | ||
Restricted cash | ' | |
Restricted cash | ||
Short term restricted cash is held as security for environmental remediation services to be performed as a result of the sale of the Company’s New Jersey facility in March 2013. | ||
Concentration of credit risk | ' | |
Concentration of credit risk | ||
From time to time, the Company maintains cash in bank accounts that exceed the FDIC insured limits. The Company has not experienced any losses on its cash accounts. It performs credit evaluations of its customers, but generally does not require collateral to support accounts receivable. Three global pharmaceutical companies accounted for approximately 44%, 27%, and 26%, of total revenues during the year ended December 31, 2013. In addition, one of these companies comprised 95% of the Company’s accounts receivable as of December 31, 2013. | ||
Inventories | ' | |
Inventories | ||
Inventories are valued at the lower of cost (first-in, first-out) or market value (net realizable value) considering excess and obsolete inventory based on management’s review of inventories on hand, compared to estimated future usage and sales, shelf-life and assumptions about the likelihood of obsolescence. | ||
Fair value of financial instruments | ' | |
Fair value of financial instruments | ||
The Company accounts for assets and liabilities at fair value in accordance with GAAP, which defines fair value and establishes a framework for measuring fair value based on a three-tiered valuation approach. The Company periodically reviews and evaluates the application of these valuation techniques to its assets and liabilities. For details on the assets and liabilities subject to fair value measurements and the related valuation techniques used, refer to Note 14. | ||
Assets held for sale | ' | |
Assets held for sale | ||
The Company classifies assets as held for sale based on the accounting guidance which states that when the assets’ carrying amounts will be recovered principally through a sale transaction rather than continuing use and a sale is highly probable, the assets designated as held for sale are held at the lower of the net book value or fair value less costs to sell, and reported separately on the balance sheet. Depreciation is not charged against property, plant and equipment classified as held for sale. | ||
In June 2013, the Company made the decision to sell its BQ Kits business and reclassified this segment to assets held for sale. In July 2013, the business was sold to an unrelated third party. | ||
In August of 2012 the Company decided to sell its facility in East Windsor, New Jersey, and as a result, the land, building and machinery associated with the facility were reclassified to property held for sale. | ||
In December of 2012 the Company decided to sell its Apricus Pharmaceutical business, and as a result, the underlying assets and liabilities were reclassified to assets held for sale. In March 2013, the Company sold all of its assets related to its Apricus Pharmaceutical business but retained the related liabilities which were reclassified to continuing operations (See Note 4 for further details). | ||
Property and equipment | ' | |
Property and equipment | ||
Property and equipment are stated at cost less accumulated depreciation. Depreciation of equipment and furniture and fixtures is provided on a straight-line basis over the estimated useful lives of the assets, or three to ten years. Amortization of leasehold improvements is provided on a straight-line basis over the shorter of their estimated useful lives or the lease term. The costs of additions and betterments are capitalized, and repairs and maintenance costs are charged to operations in the periods incurred (See Note 5 for further details). | ||
Impairment of long-lived assets | ' | |
Impairment of long-lived assets | ||
The Company reviews for impairment of long-lived assets whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. If such assets are considered impaired, the amount of the impairment loss recognized is measured as the amount by which the carrying value of the asset exceeds the fair value of the asset, fair value being determined based upon future cash flows or appraised values, depending on the nature of the asset. | ||
Debt issuance costs | ' | |
Debt issuance costs | ||
Amounts paid related to debt financing activities are capitalized and amortized over the term of the loan. | ||
Derivative liability | ' | |
Derivative liability | ||
The Company’s embedded conversion feature on its convertible note payable has a conversion price reset feature, which is treated as a derivative for accounting purposes. The Company estimates the fair value of the embedded conversion features using a Black-Scholes valuation model each reporting period and any resulting increases or decreases in estimated fair value recorded as an adjustment to other income (expense). | ||
Revenue recognition | ' | |
Revenue recognition | ||
The Company has historically generated revenues from licensing of technology rights, product sales, performance of pre-clinical testing services, and contract sales services. Payments received under commercial arrangements, such as the licensing of technology rights, may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements designated in the agreements, or royalties on sales of products. | ||
The Company recognizes revenue when all of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the Company’s price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. | ||
i. | License Arrangements. License arrangements may consist of non-refundable upfront license fees, various performance or sales milestones, royalties upon sales of product, and the delivery of product and/or research services to the licensor. The Company considers a variety of factors in determining the appropriate method of accounting under its license agreements, including whether the various elements can be separated and accounted for individually as separate units of accounting. Deliverables under the arrangement will be separate units of accounting, provided (i) a delivered item has value to the customer on a standalone basis; and (ii) if the arrangement includes a general right of return relative to the delivered item and delivery or performance of the undelivered item is considered probable and substantially in the Company’s control. The Company accounts for revenue arrangements with multiple elements entered into or materially modified after January 1, 2011, by separating and allocating consideration in a multiple-element arrangement according to the relative selling price of each deliverable. If an element can be separated, an amount is allocated based upon the relative selling price of each element. The Company determines the relative selling price of a separate deliverable using the price it charges other customers when it sells that product or service separately; however, if the product or service is not sold separately and third party pricing evidence is not available, the Company will use its best estimate of selling price. The Company defers recognition of non-refundable upfront fees if it has continuing performance obligations without which the technology, right, product or service conveyed in conjunction with the non-refundable fee has no utility to the licensee that is separate and independent of its performance under the other elements of the arrangement. Non-refundable, up-front fees that are not contingent on any future performance by the Company and require no consequential continuing involvement on its part are recognized as revenue when the license term commences and the licensed data, technology and/or compound is delivered. The specific methodology for the recognition of the revenue is determined on a case-by-case basis according to the facts and circumstances of the applicable agreement. | |
There have been no royalties or sales milestones received during the years ended December 31, 2013, 2012 or 2011. | ||
ii. | Contract Service Revenue. Revenue from contract sales services resulted primarily from the Company’s former French Subsidiaries. The revenue was based on the number of medical visits plus an incentive based on the sales growth of the targeted pharmaceutical products. Revenue associated with medical visits was recognized in the accounting period in which services were rendered. For research services, the Company determines the period in which the performance obligation occurs and recognizes revenue using the proportional performance method when the level of effort to complete its performance obligations under an arrangement can be reasonably estimated. | |
iii. | Milestone Revenue. The Company evaluates milestone payments on an individual basis and revenues are recognized upon achievement of the associated milestone, provided that (i) the milestone event is substantive and its achievability was not reasonably assured at the inception of the agreement and (ii) the amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with the milestone event. | |
Research and development | ' | |
Research and development | ||
Research and development costs are expensed as incurred and include the cost of compensation and related expenses, as well as expenses for third parties who conduct research and development on the Company’s behalf, pursuant to development and consulting agreements in place. | ||
Income taxes | ' | |
Income taxes | ||
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. | ||
The Company also follows the provisions of accounting for uncertainty in income taxes which prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure and transition. | ||
Loss per common share | ' | |
Loss per common share | ||
Basic and diluted net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding for the respective period, without consideration of common stock equivalents as they would have an anti-dilutive effect on per share amounts. | ||
Stock-based compensation | ' | |
Stock-based Compensation | ||
The estimated grant date fair value of stock options granted to employees and directors is calculated based upon the closing stock price of the Company’s common stock on the date of the grant and recognized as stock-based compensation expense over the expected service period. The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. | ||
Comprehensive income | ' | |
Comprehensive income | ||
Comprehensive income and accumulated other comprehensive income includes unrealized foreign currency translation adjustments that are excluded from the consolidated statements of operations and reported as a separate component in stockholders’ equity. | ||
Segment Information | ' | |
Segment Information | ||
The Company operates under one segment which designs and develops pharmaceutical products using its NexACT® technology. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment Upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in Foreign Entity, which addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013 (early adoption is permitted). The Company does not expect the adoption to have a material impact on the consolidated financial position and results of operations. | ||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, that requires an unrecognized tax benefit be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward (collectively referred to as a “tax attribute carryforward”), unless the jurisdiction from which the tax attribute carryforward arose does not allow for such treatment. To the extent that a company does not have a tax attribute carryforward as of the reporting date, the unrecognized tax benefit is to be reported as a liability. The Company will adopt this ASU in the first quarter of 2014. The Company does not expect the adoption to have a material impact on the consolidated financial position and results of operations. |
Organization_and_Summary_of_Si2
Organization and Summary of Signifcant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounting Policies [Abstract] | ' | |||||||||
Schedule of Securities That Could Potentially Decrease Net Loss Per Share | ' | |||||||||
The following securities that could potentially decrease net loss per share in the future are not included in the determination of diluted loss per share as they are anti-dilutive and are as follows: | ||||||||||
FOR THE YEAR ENDED | ||||||||||
DECEMBER 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Outstanding stock options | 2,351,237 | 2,213,916 | 840,833 | |||||||
Outstanding warrants | 6,185,492 | 3,205,492 | 777,284 | |||||||
Unvested restricted stock | 26,728 | 112,705 | 257,063 | |||||||
Convertible notes payable | 1,065,891 | 1,544,402 | 658,979 | |||||||
Schedule of Revenues and Net Long-Lived Assets by Geographic Area | ' | |||||||||
Revenues by geographic area for the Company’s continuing operations are as follows (in thousands): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
United States | — | — | 2,361 | |||||||
North America- Other | — | 2,500 | 162 | |||||||
France | 921 | 2,970 | — | |||||||
Europe- Other | 1,590 | 2,475 | 887 | |||||||
Rest of the World | — | — | 193 | |||||||
2,511 | 7,945 | 3,603 | ||||||||
Net long-lived assets by geographic area for the Company’s continuing operations are as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
United States | 955 | 491 | ||||||||
France | — | 110 | ||||||||
955 | 601 | |||||||||
Other_Acquisitions_and_Disposi1
Other Acquisitions and Dispositions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary of Assets and Liabilities in Discontinued Operations | ' | |||||||||||
The carrying amounts of the assets and liabilities of its discontinued operations, associated with Apricus Pharmaceuticals and BQ Kits, as of December 31, 2012 are as follows (in thousands): | ||||||||||||
Inventories | $ | 292 | ||||||||||
Prepaid expenses and other current assets | 533 | |||||||||||
Current assets of discontinued operations | 825 | |||||||||||
Fixed assets, net | 40 | |||||||||||
Intangible assets, net | 1,877 | |||||||||||
Other long-term assets | 23 | |||||||||||
Noncurrent assets of discontinued operations | 1,940 | |||||||||||
Total assets of discontinued operations | $ | 2,765 | ||||||||||
Trade accounts payable | $ | 706 | ||||||||||
Accrued expenses | 1,087 | |||||||||||
Deferred revenue | 243 | |||||||||||
Contingent consideration | 1,328 | |||||||||||
Provision for replacement inventory | 170 | |||||||||||
Current liabilities of discontinued operations | 3,534 | |||||||||||
Contingent consideration | 420 | |||||||||||
Provision for replacement inventory | 28 | |||||||||||
Noncurrent liabilities of discontinued operations | 448 | |||||||||||
Total liabilities of discontinued operations | $ | 3,982 | ||||||||||
Operating Results of Discontinued Operations | ' | |||||||||||
The operating results of the Company’s discontinued operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Product sales | $ | 432 | $ | 785 | $ | 499 | ||||||
Cost of goods sold | (177 | ) | (583 | ) | (379 | ) | ||||||
Operating expenses | (120 | ) | (6,444 | ) | (12 | ) | ||||||
Other income | — | 147 | — | |||||||||
Gain (loss) on sale of assets | (1,203 | ) | — | — | ||||||||
Income (loss) from discontinued operations | $ | (1,068 | ) | $ | (6,095 | ) | $ | 108 | ||||
Sale Of Assets | ' | |||||||||||
Summary of Assets and Liabilities in Discontinued Operations | ' | |||||||||||
A summary of the assets sold in conjunction with the sale of the Assets as of March 26, 2013 is as follows (in thousands): | ||||||||||||
Current assets, including inventory, prepaid expenses | $ | 960 | ||||||||||
Fixed assets, net of depreciation | 63 | |||||||||||
Technology license, net of accumulated amortization | 1,467 | |||||||||||
Trade name license, net of accumulated amortization | 411 | |||||||||||
$ | 2,901 | |||||||||||
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and equipment are comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Leasehold improvements | $ | 20 | $ | 130 | ||||
Machinery and equipment | 847 | 126 | ||||||
Capital lease equipment | 76 | 76 | ||||||
Computer software | 134 | 17 | ||||||
Furniture and fixtures | 34 | 31 | ||||||
Equipment in process | — | 318 | ||||||
Total property and equipment | 1,111 | 698 | ||||||
Less: accumulated depreciation and amortization | (156 | ) | (97 | ) | ||||
Property and equipment, net | $ | 955 | $ | 601 | ||||
Accrued Expenses | ' | |||||||
Accrued expenses are comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Professional fees | $ | 997 | $ | 379 | ||||
Outside research and development services | 298 | 564 | ||||||
Deferred compensation | 184 | 616 | ||||||
Environmental remediation services | 168 | — | ||||||
Social and VAT taxes | — | 359 | ||||||
Other | 472 | 596 | ||||||
$ | 2,119 | $ | 2,514 | |||||
Convertible_Notes_Payable_Tabl
Convertible Notes Payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Notes Payable | ' | |||||||
The Company’s convertible notes payable balance as of December 31, 2013 and 2012 consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Convertible notes payable | $ | 4,000 | $ | 4,000 | ||||
Less: conversions to common stock | (1,250 | ) | — | |||||
2,750 | 4,000 | |||||||
Less: unamortized debt discount | (150 | ) | (587 | ) | ||||
$ | 2,600 | $ | 3,413 | |||||
Current portion, net of discount of $150 | $ | 2,600 | $ | — | ||||
Long term portion, net of discount of $587 | — | 3,413 | ||||||
$ | 2,600 | $ | 3,413 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of Warrant Activity | ' | ||||||||
A summary of warrant activity during the year ended December 31, 2013 is as follows: | |||||||||
Common Shares | Weighted | Weighted | |||||||
Issuable upon | Average | Average | |||||||
Exercise | Exercise | Remaining | |||||||
Price | Contractual | ||||||||
Life (in years) | |||||||||
Outstanding at December 31, 2012 | 3,205,492 | $ | 4.56 | 3.8 | |||||
Issued | 3,000,000 | 3.4 | |||||||
Exercised | (20,000 | ) | 2.27 | ||||||
Cancelled | — | — | |||||||
Outstanding at December 31, 2013 | 6,185,492 | 4.01 | 3.6 | ||||||
Exercisable at December 31, 2013 | 6,185,492 | $ | 4.01 | 3.6 | |||||
Equity_Compensation_Plans_Tabl
Equity Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||
A summary of stock option activity during the year ended December 31, 2013 is as follows: | |||||||||||||
Number of | Weighted | Weighted | Total | ||||||||||
Shares | Average | Average Remaining | Aggregate | ||||||||||
Exercise | Contractual | Intrinsic | |||||||||||
Price | Life (in years) | Value | |||||||||||
Outstanding as of December 31, 2012 | 2,213,916 | $ | 3.71 | 8.9 | $ | — | |||||||
Granted | 1,416,771 | 2.41 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | (1,279,450 | ) | 3.38 | ||||||||||
Outstanding as of December 31, 2013 | 2,351,237 | $ | 3.1 | 8.6 | $ | 444,012 | |||||||
Vested or expected to vest as of December 31, 2013 | 2,288,694 | $ | 3.1 | 8.6 | $ | 432,202 | |||||||
Exercisable as of December 31, 2013 | 752,815 | $ | 4.32 | 7.5 | $ | 66,631 | |||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | ||||||||||||
A summary of stock award activity during the year ended December 31, 2013 is as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair Value Per Share | ||||||||||||
Nonvested as of December 31, 2012 | 112,705 | $ | 5.15 | ||||||||||
Granted | 9,668 | $ | 2.48 | ||||||||||
Vested | (95,645 | ) | $ | 5.04 | |||||||||
Forfeited | — | $ | — | ||||||||||
Nonvested as of December 31, 2013 | 26,728 | $ | 4.58 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
The following table presents the weighted average assumptions used by the Company to estimate the fair value of stock option grants using the Black-Scholes option-pricing model, as well as the resulting weighted average fair values: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 1.08% - 1.85% | 0.6% - 1.1% | 1.2% - 1.7% | ||||||||||
Volatility | 70 | % | 70 | % | 255 | % | |||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected term | 5.25- 6.25 years | 5.25-6 years | 4.00 years | ||||||||||
Forfeiture rate | 2.66 | % | 2.66 | % | 2.66 | % | |||||||
Weighted average fair value | $ | 1.52 | $ | 1.95 | $ | 4.4 | |||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | ||||||||||||
The following table summarizes the total stock-based compensation expense resulting from share-based awards recorded in the Company’s Consolidated Statements of Operations (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Research and development | $ | 225 | $ | 299 | $ | 307 | |||||||
General and administrative | 1,767 | 2,618 | 1,828 | ||||||||||
$ | 1,992 | $ | 2,917 | $ | 2,135 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Expense or Benefit | ' | ||||||||||||
Details of income tax expense are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | — | — | — | ||||||||||
Deferred | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Foreign | — | 516 | — | ||||||||||
Total deferred | — | 516 | — | ||||||||||
Total income tax expense | $ | — | $ | 516 | $ | — | |||||||
Deferred Tax Assets | ' | ||||||||||||
Deferred tax assets consist of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Net operating tax loss carryforwards | $ | 59,927 | $ | 54,563 | |||||||||
Research and development tax credits | 404 | — | |||||||||||
Deferred compensation | 269 | 482 | |||||||||||
Other accruals and reserves | 504 | 1,199 | |||||||||||
Basis of intangible assets | (45 | ) | 20 | ||||||||||
Total deferred tax asset | 61,059 | 56,264 | |||||||||||
Less valuation allowance | (61,059 | ) | (56,264 | ) | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the Company’s unrecognized tax benefits from January 1, 2013 through December 31, 2013 is provided in the following table (in thousands): | |||||||||||||
2013 | |||||||||||||
Balance as of January 1, 2013 | $ | 2,879 | |||||||||||
Increase in current period positions | 41 | ||||||||||||
Decrease in prior period positions | (125 | ) | |||||||||||
Balance as of December 31, 2013 | $ | 2,795 | |||||||||||
Reconciliation of Income Taxes | ' | ||||||||||||
The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision (benefit) for income taxes for continuing operations for the years ended December 31, 2013, 2012, and 2011, are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | (34 | )% | (34 | )% | (34 | )% | |||||||
State taxes, net of federal benefit | (1 | )% | (3 | )% | (5 | )% | |||||||
Valuation allowance | 37 | % | 20 | % | 39 | % | |||||||
Prior year true-ups | 1 | % | 6 | % | — | % | |||||||
Foreign rate difference | — | % | 2 | % | — | % | |||||||
Permanent differences | (1 | )% | 11 | % | — | % | |||||||
Tax credits | (2 | )% | — | % | — | % | |||||||
Income tax expense | — | % | 2 | % | — | % |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Future Minimum Rental Payments under Operating Leases | ' | ||
Future minimum rental payments under operating leases as of December 31, 2013 are as follows (in thousands): | |||
Year Ended December 31, | |||
2014 | 412 | ||
2015 | 425 | ||
2016 | 324 | ||
Total | 1,161 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Liabilities that Require Fair Value Measurement on a Recurring Basis and Input Levels | ' | ||||||||||||||||
The following table summarizes the Company’s liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy contained in accounting guidance for fair value measurements and disclosures (in thousands): | |||||||||||||||||
Fair Value | Quoted Market Prices | Significant Other | Significant | ||||||||||||||
for Identical Assets | Observable Inputs | Unobservable | |||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Derivative liability related to 2012 Convertible Notes | $ | 517 | $ | — | $ | — | $ | 517 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Derivative liability related to 2012 Convertible Notes | $ | 906 | $ | — | $ | — | $ | 906 | |||||||||
Contingent consideration (discontinued operations) | $ | 1,748 | $ | — | $ | — | $ | 1,748 | |||||||||
Deferred compensation | $ | 868 | $ | — | $ | — | $ | 868 | |||||||||
Summary of Continuing Operations Activity of Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following table summarizes the continuing operations activity of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 inputs) (in thousands): | |||||||||||||||||
Convertible Notes Derivative | Deferred | Contingent Consideration | |||||||||||||||
Compensation | |||||||||||||||||
Balance as of December 31, 2012 | $ | 906 | $ | 868 | $ | — | |||||||||||
Change in fair value measurement of derivative liability in connection with 2012 Convertible Notes, included in other expense | 274 | — | — | ||||||||||||||
Derivative liability reclassified to stockholders' equity | (663 | ) | — | — | |||||||||||||
Disposition of deferred compensation liability as a result of deconsolidation of former French Subsidiaries | — | (868 | ) | — | |||||||||||||
Transfer of contingent consideration from discontinued operations to continuing operations | — | — | 1,748 | ||||||||||||||
Extinguishment of contingent consideration upon contract settlement | — | — | (1,748 | ) | |||||||||||||
Balance as of December 31, 2013 | $ | 517 | $ | — | $ | — | |||||||||||
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
The following table presents the Company’s unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
2013 (1)(2) | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | 929 | $ | 1,192 | $ | 28 | $ | 362 | |||||||||
Gross (loss) profit | (922 | ) | 490 | 13 | 299 | ||||||||||||
Loss from continuing operations | (6,950 | ) | (4,086 | ) | (3,199 | ) | (1,635 | ) | |||||||||
(Loss) income from discontinued operations | (1,723 | ) | 151 | 214 | 290 | ||||||||||||
Net loss | (8,673 | ) | (3,935 | ) | (2,985 | ) | (1,345 | ) | |||||||||
Basic and diluted loss per share | |||||||||||||||||
Loss from continuing operations | (0.23 | ) | (0.12 | ) | (0.09 | ) | (0.04 | ) | |||||||||
(Loss) income from discontinued operations | (0.06 | ) | — | 0.01 | — | ||||||||||||
Net loss | (0.29 | ) | (0.12 | ) | (0.08 | ) | (0.04 | ) | |||||||||
2012 (1)(2) | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | 669 | $ | 3 | $ | 4,895 | $ | 2,378 | |||||||||
Gross profit (loss) | 669 | 3 | 3,304 | (271 | ) | ||||||||||||
Loss from continuing operations (3), (4) | (3,698 | ) | (4,322 | ) | (1,921 | ) | (15,735 | ) | |||||||||
Loss from discontinued operations (5) | (1,015 | ) | (604 | ) | (573 | ) | (3,903 | ) | |||||||||
Net loss | (4,713 | ) | (4,926 | ) | (2,494 | ) | (19,638 | ) | |||||||||
Basic and diluted loss per share | |||||||||||||||||
Loss from continuing operations | (0.16 | ) | (0.16 | ) | (0.07 | ) | (0.53 | ) | |||||||||
Loss from discontinued operations (5) | (0.04 | ) | (0.03 | ) | (0.02 | ) | (0.13 | ) | |||||||||
Net loss | (0.20 | ) | (0.19 | ) | (0.09 | ) | (0.66 | ) | |||||||||
-1 | In June 2013, the Company determined that the BQ Kits division would be offered for sale to qualified buyers and in July 2013, it was sold to an unrelated third-party. For all quarters included above, it is presented as discontinued operations. | ||||||||||||||||
-2 | In December 2012, the Company made the strategic decision to divest its operating segment aggregated in the Pharmaceuticals reporting segment, Apricus Pharmaceuticals (USA), Inc. (“Apricus Pharmaceuticals”) which is comprised of its U.S. oncology care products. The results of the Apricus Pharmaceuticals operations are classified as discontinued operations in the Company’s consolidated financial statements during 2012. In 2013, the Company sold all the assets related to this segment and reclassified all remaining liabilities to continuing operations. See Note 4 of the Consolidated Financial Statements. They are presented as such in the Company’s consolidated financial statements for 2013. | ||||||||||||||||
-3 | Loss from continuing operations during the fourth quarter of 2012 included a one-time charge for $8.3 million to record an impairment of the goodwill associated with the Finesco transaction. | ||||||||||||||||
-4 | Loss from continuing operations during the fourth quarter of 2012 included a one-time charge for $1.3 million to record a valuation allowance on the deferred tax asset associated with the Finesco transaction. This valuation allowance was recorded as tax expense and was partially offset by deferred tax assets recorded subsequent to the Finesco transaction. The impact to the loss from continuing operations was a charge of $0.5 million presented as tax expense on the consolidated statement of operations and comprehensive loss. | ||||||||||||||||
-5 | Loss from discontinued operations during the fourth quarter of 2012 included $2.9 million for the impairment of intangible assets and goodwill related to the Company’s discontinued operations. |
Organization_and_Summary_of_Si3
Organization and Summary of Signifcant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Nov. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 26, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | 31-May-13 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | |||||||||
Segment | Totect | Totect | Totect | Follow-on public offering | Follow-on public offering | At-the-market stock sales | At-the-market stock sales | Pharmaceutical | Accounts Receivable | Customer One | Customer Two | Customer Three | Furniture and Fixtures | Furniture and Fixtures | United States | United States | United States | North America - Other | North America - Other | North America - Other | France | France | France | Europe - Other | Europe - Other | Europe - Other | Rest Of World | Rest Of World | Rest Of World | Majorelle License Agreement | Subsequent Event | Subsequent Event | Subsequent Event | ||||||||||||||||||||||
Entity | Entity | Minimum | Maximum | Majorelle License Agreement | Sandoz License Amendment Agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Retained earnings (accumulated deficit) | ' | ' | ($268,066,000) | ' | ' | ' | ($251,128,000) | ' | ' | ' | ($268,066,000) | ($251,128,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) | ' | ' | -1,345,000 | [1],[2] | -2,985,000 | [1],[2] | -3,935,000 | [1],[2] | -8,673,000 | [1],[2] | -19,638,000 | [1],[2] | -2,494,000 | [1],[2] | -4,926,000 | [1],[2] | -4,713,000 | [1],[2] | -16,938,000 | -31,771,000 | -18,117,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,612,000 | 20,410,000 | 6,157,000 | ' | ' | ' | ' | 15,800,000 | 18,400,000 | 800,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proceeds from the sale of assets | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proceeds received upon sale of securities from an investment previously held | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proceeds from licensing agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | 200,000 | 2,000,000 | ||||||||
Cash and cash equivalents | ' | ' | 21,405,000 | ' | ' | ' | 15,130,000 | ' | ' | ' | 21,405,000 | 15,130,000 | 7,435,000 | 9,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Convertible notes | ' | ' | 2,750,000 | ' | ' | ' | 4,000,000 | ' | ' | ' | 2,750,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,750,000 | ' | ' | ||||||||
Cash and cash equivalent, maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of companies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | 44.00% | 27.00% | 26.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Useful lives of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of operating segments | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | 362,000 | [1],[2] | 28,000 | [1],[2] | 1,192,000 | [1],[2] | 929,000 | [1],[2] | 2,378,000 | [1],[2] | 4,895,000 | [1],[2] | 3,000 | [1],[2] | 669,000 | [1],[2] | 2,511,000 | 7,945,000 | 3,603,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2,361,000 | 0 | 2,500,000 | 162,000 | 921,000 | 2,970,000 | 0 | 1,590,000 | 2,475,000 | 887,000 | 0 | 0 | 193,000 | ' | ' | ' | ' |
Long-lived assets | ' | ' | $955,000 | ' | ' | ' | $601,000 | ' | ' | ' | $955,000 | $601,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $955,000 | $491,000 | ' | ' | ' | ' | $0 | $110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | In December 2012, the Company made the strategic decision to divest its operating segment aggregated in the Pharmaceuticals reporting segment, Apricus Pharmaceuticals (USA), Inc. (“Apricus Pharmaceuticalsâ€) which is comprised of its U.S. oncology care products. The results of the Apricus Pharmaceuticals operations are classified as discontinued operations in the Company’s consolidated financial statements during 2012. In 2013, the Company sold all the assets related to this segment and reclassified all remaining liabilities to continuing operations. See Note 4 of the Consolidated Financial Statements. They are presented as such in the Company’s consolidated financial statements for 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | In June 2013, the Company determined that the BQ Kits division would be offered for sale to qualified buyers and in July 2013, it was sold to an unrelated third-party. For all quarters included above, it is presented as discontinued operations. |
Organization_and_Summary_of_Si4
Organization and Summary of Signifcant Accounting Policies - Weighted Average Common Stock Equivalents Outstanding During The Respective Periods (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Outstanding stock options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of securities that are antidilutive | 2,351,237 | 2,213,916 | 840,833 |
Outstanding warrants | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of securities that are antidilutive | 6,185,492 | 3,205,492 | 777,284 |
Unvested compensatory stock | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of securities that are antidilutive | 26,728 | 112,705 | 257,063 |
Convertible notes payable | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of securities that are antidilutive | 1,065,891 | 1,544,402 | 658,979 |
Licensing_and_Research_and_Dev1
Licensing and Research and Development Agreements - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | |
USD ($) | USD ($) | USD ($) | Abbott License Agreement | Abbott License Agreement | Abbott License Agreement | Bracco License Agreement | Bracco License Agreement | Bracco License Agreement | Bracco License Agreement | Bracco License Agreement | Bracco License Agreement | Sandoz License Agreement | Sandoz License Agreement | Sandoz License Agreement | Sandoz License Agreement | Sandoz License Amendment Agreement | Sandoz License Amendment Agreement | Sandoz License Amendment Agreement | Majorelle License Agreement | Majorelle License Agreement | Majorelle License Agreement | Majorelle License Agreement | Recordati License Agreement | Recordati License Agreement | Recordati License Agreement | Recordati License Agreement | Recordati License Agreement | Recordati License Agreement | Takeda Agreement | Takeda Agreement | Takeda Agreement | Warner Chilcott UK Supply Agreement | Warner Chilcott UK Supply Agreement | Warner Chilcott UK Supply Agreement | |
deliverable | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | Additional Revenue Recognized | USD ($) | Maximum | Maximum | Maximum | Maximum | Maximum | Subsequent Event | USD ($) | Maximum | Maximum | Subsequent Event | USD ($) | EUR (€) | Maximum | Maximum | Subsequent Event | Subsequent Event | USD ($) | Maximum | Maximum | USD ($) | USD ($) | Maximum | |||
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | |||||||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from licensing agreement | ' | ' | ' | $2,500,000 | ' | ' | ' | $1,000,000 | € 750,000 | ' | ' | ' | ' | $700,000 | ' | ' | ' | ' | $2,000,000 | $1,800,000 | ' | ' | $200,000 | ' | ' | ' | ' | $2,500,000 | € 1,800,000 | ' | ' | ' | ' | ' | ' |
License revenue | 941,000 | 4,276,000 | 877,000 | ' | 2,500,000 | ' | ' | 700,000 | ' | ' | ' | 600,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Expected upfront license fees and milestone payments | ' | ' | ' | ' | ' | 13,200,000 | ' | ' | ' | 6,500,000 | 4,750,000 | ' | ' | ' | 600,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,700,000 | 34,650,000 | ' | ' | ' |
Contingent revenue from up-front payment | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future expected proceeds from sales milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,700,000 | 20,875,000 | ' | ' | 21,300,000 | 15,500,000 | ' | ' | ' | 47,500,000 | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Future expected proceeds from marketing launch milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future expected proceeds from regulatory milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future expected proceeds from commercial launch payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of deliverables | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable from current ordered quantity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Total purchase order under Supply agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' |
Contract service revenue | $1,549,000 | $3,646,000 | $2,243,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | $500,000 | ' |
French_Business_Combination_an1
French Business Combination and Deconsolidation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | |||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 12, 2012 | Dec. 31, 2012 | |
Contract Manufacturing Product Sales | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Contribution agreement, ownership interest acquired | ' | ' | ' | ' | 100.00% | ' |
Goodwill | ' | ' | ' | ' | $7,500,000 | ' |
Income (loss) since acquisition | ' | ' | ' | ' | ' | -11,700,000 |
Deconsolidation of former French Subsidiaries | 600,000 | -641,000 | 0 | 0 | ' | ' |
Liabilities recorded relating to the deconsolidation of former French Subsidiaries | ' | $2,846,000 | $0 | ' | ' | ' |
Other_Acquisitions_and_Disposi2
Other Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 12, 2012 | Mar. 26, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 29, 2011 | |
Totect | Totect | Totect | Totect | BQ Kits | TopoTarget | TopoTarget | TopoTarget | TopoTarget | TopoTarget | |||||||
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $1,100,000 |
Intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' |
Asset impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' |
Business acquisition, shares of common stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,276 | 148,441 | ' | ' | ' |
Contingent consideration (discontinued operations) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 300,000 | ' | ' | ' |
Operating expenses as a result of reducing stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' |
Aggregate value floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' |
Gain on contract settlement | ' | ' | 534,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Contingent consideration, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' |
Proceeds from other equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Cash paid for certain transaction costs paid on behalf of the seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' |
Proceeds from the sale of assets | 3,600,000 | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Period of decreasing royalties (in years) | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposal | ' | -1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations, liabilities reclassified to continuing operations | ' | ' | ' | 3,982,000 | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Gain on sale of segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' |
Discontinued operations disposal group, revenue | ' | ' | $432,000 | $785,000 | $499,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Acquisitions_and_Disposi3
Other Acquisitions and Dispositions - Summary of Assets Sold in Conjunction with Sale of Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 26, 2013 | Mar. 26, 2013 | Mar. 26, 2013 |
In Thousands, unless otherwise specified | Totect | Totect | Totect | ||
Sale Of Assets | Technology licenses | Trade name license | |||
Sale Of Assets | Sale Of Assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Current assets, including inventory, prepaid expenses | $0 | $825 | $960 | ' | ' |
Fixed assets, net of depreciation | ' | 40 | 63 | ' | ' |
Intangible assets, net of accumulated amortization | ' | 1,877 | ' | 1,467 | 411 |
Total assets of discontinued operations | ' | $2,765 | $2,901 | ' | ' |
Other_Acquisitions_and_Disposi4
Other Acquisitions and Dispositions - Carrying Amounts of Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Acquisitions and Dispositions [Abstract] | ' | ' |
Inventories | ' | $292 |
Prepaid expenses and other current assets | ' | 533 |
Current assets of discontinued operations | 0 | 825 |
Fixed assets, net of depreciation | ' | 40 |
Intangible assets, net | ' | 1,877 |
Other long-term assets | ' | 23 |
Noncurrent assets of discontinued operations | 0 | 1,940 |
Total assets of discontinued operations | ' | 2,765 |
Trade accounts payable | ' | 706 |
Accrued expenses | ' | 1,087 |
Deferred revenue | ' | 243 |
Contingent consideration | ' | 1,328 |
Provision for replacement inventory | ' | 170 |
Current liabilities of discontinued operations | ' | 3,534 |
Contingent consideration | ' | 420 |
Provision for replacement inventory | ' | 28 |
Noncurrent liabilities of discontinued operations | 0 | 448 |
Total liabilities of discontinued operations | ' | $3,982 |
Other_Acquisitions_and_Disposi5
Other Acquisitions and Dispositions - Operating Results of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Other Acquisitions and Dispositions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | $432 | $785 | $499 | ||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -177 | -583 | -379 | ||||||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -120 | -6,444 | -12 | ||||||||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 147 | 0 | ||||||||
Gain (loss) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -1,203 | 0 | 0 | ||||||||
Income (loss) from discontinued operations | $290 | [1],[2] | $214 | [1],[2] | $151 | [1],[2] | ($1,723) | [1],[2] | ($3,903) | [1],[2],[3] | ($573) | [1],[2],[3] | ($604) | [1],[2],[3] | ($1,015) | [1],[2],[3] | ($1,068) | ($6,095) | $108 |
[1] | In December 2012, the Company made the strategic decision to divest its operating segment aggregated in the Pharmaceuticals reporting segment, Apricus Pharmaceuticals (USA), Inc. (“Apricus Pharmaceuticalsâ€) which is comprised of its U.S. oncology care products. The results of the Apricus Pharmaceuticals operations are classified as discontinued operations in the Company’s consolidated financial statements during 2012. In 2013, the Company sold all the assets related to this segment and reclassified all remaining liabilities to continuing operations. See Note 4 of the Consolidated Financial Statements. They are presented as such in the Company’s consolidated financial statements for 2013. | ||||||||||||||||||
[2] | In June 2013, the Company determined that the BQ Kits division would be offered for sale to qualified buyers and in July 2013, it was sold to an unrelated third-party. For all quarters included above, it is presented as discontinued operations. | ||||||||||||||||||
[3] | Loss from discontinued operations during the fourth quarter of 2012 included $2.9 million for the impairment of intangible assets and goodwill related to the Company’s discontinued operations. |
Other_Financial_Information_Ad
Other Financial Information - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 |
Inventory, Gross [Abstract] | ' | ' | ' | ' | ' |
Inventory | ' | $0.30 | ' | ' | ' |
Raw material | ' | 0.2 | ' | ' | ' |
Work in process | ' | 0.1 | ' | ' | ' |
Contractual Sales Price For Divestiture Of Business | ' | ' | ' | ' | 4.1 |
Long Lived Assets Held For Sale Estimated Selling Cost | ' | ' | ' | ' | 0.5 |
Impairment charges on property held for sale | ' | ' | 0.5 | ' | ' |
Proceeds from Sale of Buildings | 4.1 | ' | ' | ' | ' |
Rental Income, Nonoperating | ' | 0.09 | 0.5 | 0.5 | ' |
Escrow Deposit | ' | 0.3 | ' | ' | ' |
Gain on sale of investment | ' | $2.60 | ' | ' | ' |
Other_Financial_Information_Pr
Other Financial Information - Property and Equipment (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Leasehold improvements | $20,000 | $130,000 | ' |
Machinery and equipment | 847,000 | 126,000 | ' |
Capital lease equipment | 76,000 | 76,000 | ' |
Computer software | 134,000 | 17,000 | ' |
Furniture and fixtures | 34,000 | 31,000 | ' |
Equipment in process | 0 | 318,000 | ' |
Total property and equipment | 1,111,000 | 698,000 | ' |
Less: accumulated depreciation and amortization | -156,000 | -97,000 | ' |
Property and equipment, net | 955,000 | 601,000 | ' |
Depreciation | $80,000 | $200,000 | $500,000 |
Other_Financial_Information_Ac
Other Financial Information - Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Professional fees | $997 | $379 |
Outside research and development services | 298 | 564 |
Deferred compensation | 184 | 616 |
Environmental remediation services | 168 | 0 |
Social and VAT taxes | 0 | 359 |
Other | 472 | 596 |
Accrued expenses | $2,119 | $2,514 |
Deferred_Compensation_Addition
Deferred Compensation - Additional Information (Detail) (Chief Executive Officer And President, USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 |
Chief Executive Officer And President | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Severance payable period | ' | '180 months | ' |
Accrued compensation balance | ' | $0.70 | $0.80 |
Agreement Termination Month And Year | '2005-12 | ' | ' |
Convertible_Notes_Payable_Addi
Convertible Notes Payable - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument | ' | ' | ' | ' |
Issuance of common stock upon exercise of convertible notes (shares) | ' | 486,923 | ' | ' |
Principal balance of note converted into common stock | ' | $1,250,000 | $0 | ' |
Derivative liability was re-classified as additional paid in capital upon conversion | ' | 700,000 | ' | ' |
Debt discount credited to statement of operations upon on conversion | ' | 200,000 | ' | ' |
Amortization of debt discount | 500,000 | ' | 300,000 | 300,000 |
Amended 2010 Convertible Notes | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Convertible notes, conversion price (in USD per share) | $2.58 | $2.58 | ' | ' |
Convertible notes, coupon rate | ' | ' | 7.00% | ' |
Net cash balance threshold below which note coupon will be paid in shares of Common Stock | ' | ' | 3,000,000 | ' |
Convertible notes, coupon paid in shares of Common Stock, price per share as percentage of five-day weighted average of the market price | ' | ' | 95.00% | ' |
Period of weighted average of market price (in days) | ' | ' | '5 years | ' |
Convertible Note 2012 | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Stock price (in USD per share) | $2.65 | $2.65 | ' | ' |
Fair value assumption, volatility | ' | 60.00% | ' | ' |
Fair value assumption, term (in years) | ' | '1 year | ' | ' |
Derivative liability related to 2012 Convertible Notes | 500,000 | 500,000 | 900,000 | ' |
Convertible Note 2012 | Fair Value, Inputs, Level 3 | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Risk adjusted annual interest rate | ' | ' | 16.00% | ' |
Convertible notes, option to redeem | ' | $1,500,000 | ' | ' |
Convertible notes, maturity date | ' | 1-Apr-14 | ' | ' |
Stock price (in USD per share) | ' | ' | $1.93 | ' |
Fair value assumption, volatility | ' | ' | 70.00% | ' |
Fair value assumption, term (in years) | ' | ' | '2 years | ' |
Fair value assumption, risk-free interest rate | ' | 0.13% | 0.25% | ' |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Convertible notes payable | $4,000 | $4,000 |
Less: conversions to common stock | -1,250 | 0 |
Long-term debt, gross | 2,750 | 4,000 |
Less: unamortized debt discount | -150 | -587 |
Convertible notes payable | 2,600 | 3,413 |
Current portion, net of discount of $150 | 2,600 | 0 |
Long term portion, net of discount of $587 | 0 | 3,413 |
Convertible notes payable | $2,600 | $3,413 |
Convertible_Notes_Payable_Pare
Convertible Notes Payable (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Convertible notes payable, current portion, discount | $150 | $0 |
Convertible notes payable, long-term portion, discount | $0 | $587 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | 29-May-13 | Feb. 14, 2012 | 31-May-13 | Feb. 29, 2012 | Dec. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
At-the-market equity offering | At-the-market equity offering | At-the-market equity offering | Follow-on public offering | Follow-on public offering | Follow-on public offering | Follow-on public offering | Follow-on public offering | Series A Junior Participating Preferred Stock | Series B 8% Cumulative Convertible Preferred Stock | Series C 6% Cumulative Convertible Preferred Stock | Series D Junior Participating Cumulative Preferred Stock | Offerings | Offerings | Offerings | ||||
Stockholders Equity Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 800 | 600 | 50,000 | ' | ' | ' |
Preferred stock, par value (USD per share) | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 6.00% | ' | ' | ' | ' |
Preferred stock shares outstanding (in shares) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock amount issuable under the Sales Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | ' | ' | ' | 0 | 312,450 | 515,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued, weighted average price per share (USD per share) | ' | ' | ' | ' | $2.63 | $4.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued, sales commissions | ' | ' | ' | ' | 30,000 | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued in public offering (in shares) | ' | ' | ' | ' | ' | ' | 6,000,000 | 4,938,272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock per each unit sold (in shares) | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (USD per share) | $0.00 | $0.00 | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock purchase warrants per each unit sold | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued by each stock purchase warrant (in shares) | ' | ' | ' | ' | ' | ' | 0.5 | 0.5 | 6,000,000 | 4,938,272 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, exercise price (USD per warrant share) | ' | ' | ' | ' | ' | ' | 3.4 | 5.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unit price (USD per share) | ' | ' | ' | ' | ' | ' | $2.85 | $4.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriters purchased Units per price (price per share) | ' | ' | ' | ' | ' | ' | $2.68 | $3.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate on public offering price | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued, expire period from date of issuance (in years) | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 16,612,000 | 20,410,000 | 6,157,000 | ' | 800,000 | 2,000,000 | 15,800,000 | 18,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, fair value | ' | ' | ' | ' | ' | ' | 3,300,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, risk free interest rate | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, volatility | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, term (in years) | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of warrants | $46,000 | $40,000 | $1,364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000 | $40,000 | $1,000,000 |
Number Of warrants exercised | 20,000 | 17,595 | 649,865 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Warrant Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Common shares Issuable upon Exercise | ' | ' |
Outstanding at December 31, 2012 (in shares) | 3,205,492 | ' |
Issued (in shares) | 3,000,000 | ' |
Exercised (in shares) | -20,000 | ' |
Cancelled (in shares) | 0 | ' |
Outstanding as of December 31, 2013 (in shares) | 6,185,492 | 3,205,492 |
Exercisable at December 31, 2013 (in shares) | 6,185,492 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding at December 31, 2012 (USD per Share) | $4.56 | ' |
Issued (USD per Share) | $3.40 | ' |
Exercised (USD per Share) | $2.27 | ' |
Cancelled (USD per Share) | $0 | ' |
Outstanding at December 31, 2013 (USD per Share) | $4.01 | $4.56 |
Exercisable at December 31, 2013 (USD per Share) | $4.01 | ' |
Weighted Average Contractual Life | ' | ' |
Outstanding at December 31, 2012 (in years) | ' | '3 years 9 months 18 days |
Outstanding at December 31, 2013 (in years) | '3 years 7 months 6 days | ' |
Exercisable at December 31, 2013 (in years) | '3 years 7 months 6 days | ' |
Equity_Compensation_Plans_Addi
Equity Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
2012 Plan | 2012 Plan | 2012 Plan | 2012 Plan | 2006 Plan | Non Vested Stock Options | Non Vested Restricted Stock | ||||
Minimum | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares authorized for issuance | 6,800,000 | ' | ' | ' | 3,000,000 | ' | ' | 3,800,000 | ' | ' |
Common shares authorized for issuance during period | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Options vesting period | ' | ' | ' | ' | ' | '1 year | '4 years | ' | ' | ' |
Term of options | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Common shares available for future grants | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable (number of shares) | 752,815 | 856,868 | 138,323 | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | ' | $15,850 | $14,175 | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested stock options | ' | ' | ' | ' | ' | ' | ' | ' | $2,200,000 | $100,000 |
Unrecognized compensation cost related to non-vested stock options, recognition period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 5 months 19 days | '6 months 11 days |
Equity_Compensation_Plans_Summ
Equity Compensation Plans - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of shares | ' | ' | ' |
Outstanding as of December 31, 2012 (shares) | 2,213,916 | ' | ' |
Granted (shares) | 1,416,771 | ' | ' |
Exercised (shares) | 0 | ' | ' |
Cancelled (shares) | -1,279,450 | ' | ' |
Outstanding as of December 31, 2013 (shares) | 2,351,237 | 2,213,916 | ' |
Stock options vested or expected to vest as of December 31, 2013 (shares) | 2,288,694 | ' | ' |
Stock options exercisable as of December 31, 2013 (number of shares) | 752,815 | 856,868 | 138,323 |
Weighted-Average Exercise Price | ' | ' | ' |
Beginning balance (USD per share) | $3.71 | ' | ' |
Granted (USD per share) | $2.41 | ' | ' |
Exercised (USD per share) | $0 | ' | ' |
Cancelled (USD per share) | $3.38 | ' | ' |
Ending balance (USD per share) | $3.10 | $3.71 | ' |
Weighted-average exercise price of vested or expected to vest stock options (USD per share) | $3.10 | ' | ' |
Weighted-average exercise price of exercisable stock options (USD per share) | $4.32 | ' | ' |
Weighted Average Remaining Contractual Life (in years) | ' | ' | ' |
Outstanding (in years) | '8 years 7 months 6 days | '8 years 10 months 24 days | ' |
Weighted Average Remaining Contractual Life (in years) of vested or expected to vest stock options | '8 years 7 months 6 days | ' | ' |
Weighted Average Remaining Contractual Life (in years) of exercisable stock options | '7 years 6 months | ' | ' |
Total Aggregate Intrinsic Value | ' | ' | ' |
Beginning Balance | $0 | ' | ' |
Ending Balance | 444,012 | 0 | ' |
Total aggregate intrinsic value of vested or expected to vest stock options | 432,202 | ' | ' |
Total aggregate intrinsic value of exercisable stock options | $66,631 | ' | ' |
Equity_Compensation_Plans_Summ1
Equity Compensation Plans - Summary Of Restricted Stock Award Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Number of Shares | ' |
Nonvested as of December 31, 2012 | 112,705 |
Shares granted | 9,668 |
Shares vested and granted | -95,645 |
Shares forfeited | 0 |
Nonvested as of December 31, 2013 | 26,728 |
Stock Awards | ' |
Weighted Average Grant Date Fair Value Per Share | ' |
Nonvested Weighted Average Grant Date Fair Value as of December 31, 2012 (USD per share) | 5.15 |
Shares granted (USD per share) | 2.48 |
Shares vested and issued (USD per share) | 5.04 |
Shares forfeited (USD per share) | 0 |
Date Fair Value as of December 31, 2013 (USD per share) | 4.58 |
Equity_Compensation_Plans_Assu
Equity Compensation Plans - Assumptions Of Black-Scholes Option Pricing Model Used In Estimating Fair Value Of Stock Option Grant (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Risk-free interest rate, Minimum | 1.08% | 0.60% | 1.20% |
Risk-free interest rate, Maximum | 1.85% | 1.10% | 1.70% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value | $1.52 | $1.95 | $4.40 |
Minimum | ' | ' | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Volatility | 70.00% | 70.00% | 255.00% |
Expected term (in years) | '5 years 3 months | '5 years 3 months | '4 years |
Forfeiture rate | 2.66% | 2.66% | 2.66% |
Maximum | ' | ' | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Expected term (in years) | '6 years 3 months | '6 years | ' |
Equity_Compensation_Plans_Comp
Equity Compensation Plans - Compensation Expense Resulting From Stock Options And Awards (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | $1,992 | $2,917 | $2,135 |
Research and Development Expense | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | 225 | 299 | 307 |
General and Administrative Expense | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | $1,767 | $2,618 | $1,828 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2012 | Apr. 30, 2011 | Apr. 30, 2011 | Mar. 31, 2012 | |
Innovus Pharmaceuticals, Inc. | Innovus Pharmaceuticals, Inc. | Innovus Pharmaceuticals, Inc. | Innovus Pharmaceuticals, Inc. | Innovus Pharmaceuticals, Inc. | ||||
Settlement Agreement | Settlement Agreement | Secured Convertible Note One | Secured Convertible Note Two | Secured Convertible Notes | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Related party notes receivable | ' | ' | ' | ' | ' | $250,000 | $200,000 | ' |
Notes receivable, interest spread above prime rate | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Research and development | 5,123,000 | 5,375,000 | 5,821,000 | 30,000 | 30,000 | ' | ' | ' |
Purchases from related party | ' | $40,000 | $120,000 | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Operating Loss Carryforwards | $162 | ' |
Non current deferred tax benefits | $60.30 | $54.60 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense or Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $0 | $0 | $0 |
State | 0 | 0 | 0 |
Foreign | 0 | 0 | 0 |
Total current | 0 | 0 | 0 |
Deferred | ' | ' | ' |
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | 0 | 516 | 0 |
Total deferred | 0 | 516 | 0 |
Total income tax expense | $0 | $516 | $0 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Net operating tax loss carryforwards | $59,927 | $54,563 |
Research and development tax credits | 404 | 0 |
Deferred compensation | 269 | 482 |
Other accruals and reserves | 504 | 1,199 |
Basis of intangible assets | -45 | 20 |
Total deferred tax asset | 61,059 | 56,264 |
Less valuation allowance | -61,059 | -56,264 |
Net deferred tax asset | $0 | $0 |
Income_Taxes_Recognition_Of_Un
Income Taxes - Recognition Of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Balance as of January 1, 2013 | $2,879 |
Increase in current period positions | 41 |
Decrease in prior period positions | -125 |
Balance as of December 31, 2013 | $2,795 |
Income_Taxes_Reconciliation_Of
Income Taxes - Reconciliation Of Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate | -34.00% | -34.00% | -34.00% |
State taxes, net of federal benefit | -1.00% | -3.00% | -5.00% |
Valuation allowance | 37.00% | 20.00% | 39.00% |
Prior year true-ups | 1.00% | 6.00% | 0.00% |
Foreign rate difference | 0.00% | 2.00% | 0.00% |
Permanent differences | -1.00% | 11.00% | 0.00% |
Tax credits | -2.00% | 0.00% | 0.00% |
Income tax expense | 0.00% | 2.00% | 0.00% |
Commitments_And_Contingencies_1
Commitments And Contingencies - Additional Information (Details) | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 |
USD ($) | USD ($) | USD ($) | Scomedica | Scomedica | San Diego California | |
USD ($) | EUR (€) | USD ($) | ||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Operating lease, agreement period | ' | ' | ' | ' | ' | '5 years |
Lease Expiration Date | ' | ' | ' | ' | ' | 31-Dec-16 |
Operating lease, renewal option | ' | ' | ' | ' | ' | '5 years |
Operating lease, monthly rent | ' | ' | ' | ' | ' | $0.02 |
Operating leases rent expense percentage of annual escalation | ' | ' | ' | ' | ' | 3.00% |
Operating lease, rent abatement period | ' | ' | ' | ' | ' | '5 months |
Operating lease, rent expense | 0.4 | 0.4 | 0.4 | ' | ' | ' |
Loss contingency, damages sought | ' | ' | ' | 5.6 | 4.1 | ' |
Loss contingency liability | ' | ' | ' | $2.80 | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies - Future Minimum Rental Payments Under Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $412 |
2015 | 425 |
2016 | 324 |
Total | $1,161 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration (discontinued operations) | ' | $1,748 |
Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability related to 2012 Convertible Notes | 517 | 906 |
Deferred compensation | ' | 868 |
Recurring | Discontinued Operations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration (discontinued operations) | ' | 1,748 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability related to 2012 Convertible Notes | 0 | 0 |
Deferred compensation | ' | 0 |
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Discontinued Operations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration (discontinued operations) | ' | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability related to 2012 Convertible Notes | 0 | 0 |
Deferred compensation | ' | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Discontinued Operations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration (discontinued operations) | ' | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability related to 2012 Convertible Notes | 517 | 906 |
Deferred compensation | ' | 868 |
Recurring | Significant Unobservable Inputs (Level 3) | Discontinued Operations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration (discontinued operations) | ' | $1,748 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Contingent consideration (discontinued operations) | $1,748,000 |
TopoTarget | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Risk adjusted annual interest rate | 23.60% |
Management's estimate of the range milestone stock payments, if no regulatory commercial milestones achieved | 300,000 |
Managment's estimate of the range milestone stock payments, if all milestones achieved | 2,300,000 |
Recurring | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Deferred compensation | 868,000 |
Recurring | Finesco | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Deferred compensation | $900,000 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary Of Activity In Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Convertible Notes Derivative | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance as of December 31, 2012 | $906 |
Change in fair value measurement of derivative liability in connection with 2012 Convertible Notes, included in other expense | 274 |
Derivative liability reclassified to stockholders' equity | -663 |
Balance as of December 31, 2013 | 517 |
Deferred Compensation Obligation | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance as of December 31, 2012 | 868 |
Disposition of deferred compensation liability as a result of deconsolidation of former French Subsidiaries | -868 |
Balance as of December 31, 2013 | 0 |
Contingent Consideration | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance as of December 31, 2012 | 0 |
Transfer of contingent consideration from discontinued operations to continuing operations | 1,748 |
Extinguishment of contingent consideration upon contract settlement | -1,748 |
Balance as of December 31, 2013 | $0 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | $362 | [1],[2] | $28 | [1],[2] | $1,192 | [1],[2] | $929 | [1],[2] | $2,378 | [1],[2] | $4,895 | [1],[2] | $3 | [1],[2] | $669 | [1],[2] | $2,511 | $7,945 | $3,603 |
Gross (loss) profit | 299 | [1],[2] | 13 | [1],[2] | 490 | [1],[2] | -922 | [1],[2] | -271 | [1],[2] | 3,304 | [1],[2] | 3 | [1],[2] | 669 | [1],[2] | -120 | 3,705 | 1,745 |
Loss from continuing operations | -1,635 | [1],[2] | -3,199 | [1],[2] | -4,086 | [1],[2] | -6,950 | [1],[2] | -15,735 | [1],[2],[3],[4] | -1,921 | [1],[2],[3],[4] | -4,322 | [1],[2],[3],[4] | -3,698 | [1],[2],[3],[4] | -15,870 | -25,676 | -18,225 |
(Loss) income from discontinued operations | 290 | [1],[2] | 214 | [1],[2] | 151 | [1],[2] | -1,723 | [1],[2] | -3,903 | [1],[2],[5] | -573 | [1],[2],[5] | -604 | [1],[2],[5] | -1,015 | [1],[2],[5] | -1,068 | -6,095 | 108 |
Net loss | ($1,345) | [1],[2] | ($2,985) | [1],[2] | ($3,935) | [1],[2] | ($8,673) | [1],[2] | ($19,638) | [1],[2] | ($2,494) | [1],[2] | ($4,926) | [1],[2] | ($4,713) | [1],[2] | ($16,938) | ($31,771) | ($18,117) |
Basic and diluted loss per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss from continuing operations (USD per share) | ($0.04) | [1],[2] | ($0.09) | [1],[2] | ($0.12) | [1],[2] | ($0.23) | [1],[2] | ($0.53) | [1],[2] | ($0.07) | [1],[2] | ($0.16) | [1],[2] | ($0.16) | [1],[2] | ($0.46) | ($0.94) | ($0.91) |
(Loss) income from discontinued operations (USD per share) | $0 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[2] | ($0.06) | [1],[2] | ($0.13) | [1],[2],[5] | ($0.02) | [1],[2],[5] | ($0.03) | [1],[2],[5] | ($0.04) | [1],[2],[5] | ($0.03) | ($0.22) | $0.01 |
Net loss per share (USD per share) | ($0.04) | [1],[2] | ($0.08) | [1],[2] | ($0.12) | [1],[2] | ($0.29) | [1],[2] | ($0.66) | [1],[2] | ($0.09) | [1],[2] | ($0.19) | [1],[2] | ($0.20) | [1],[2] | ($0.49) | ($1.16) | ($0.90) |
[1] | In December 2012, the Company made the strategic decision to divest its operating segment aggregated in the Pharmaceuticals reporting segment, Apricus Pharmaceuticals (USA), Inc. (“Apricus Pharmaceuticalsâ€) which is comprised of its U.S. oncology care products. The results of the Apricus Pharmaceuticals operations are classified as discontinued operations in the Company’s consolidated financial statements during 2012. In 2013, the Company sold all the assets related to this segment and reclassified all remaining liabilities to continuing operations. See Note 4 of the Consolidated Financial Statements. They are presented as such in the Company’s consolidated financial statements for 2013. | ||||||||||||||||||
[2] | In June 2013, the Company determined that the BQ Kits division would be offered for sale to qualified buyers and in July 2013, it was sold to an unrelated third-party. For all quarters included above, it is presented as discontinued operations. | ||||||||||||||||||
[3] | Loss from continuing operations during the fourth quarter of 2012 included a one-time charge for $1.3 million to record a valuation allowance on the deferred tax asset associated with the Finesco transaction. This valuation allowance was recorded as tax expense and was partially offset by deferred tax assets recorded subsequent to the Finesco transaction. The impact to the loss from continuing operations was a charge of $0.5 million presented as tax expense on the consolidated statement of operations and comprehensive loss. | ||||||||||||||||||
[4] | Loss from continuing operations during the fourth quarter of 2012 included a one-time charge for $8.3 million to record an impairment of the goodwill associated with the Finesco transaction. | ||||||||||||||||||
[5] | Loss from discontinued operations during the fourth quarter of 2012 included $2.9 million for the impairment of intangible assets and goodwill related to the Company’s discontinued operations. |
Selected_Quarterly_Financial_I3
Selected Quarterly Financial Information (Unaudited) (Parenthetical) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Finesco | Continuing Operations | Discontinued Operations | ||||
Finesco | ||||||
Selected Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of goodwill | ' | ' | ' | $8,300,000 | ' | ' |
Provision for valuation allowance on deferred tax assets | ' | ' | ' | ' | 1,300,000 | ' |
Net tax expense | ' | ' | ' | ' | 500,000 | ' |
Impairment charges on goodwill and intangible assets | $0 | $8,254,000 | $0 | ' | ' | $2,900,000 |