Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 11, 2015 | Jun. 30, 2014 |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | APRI | ||
Entity Registrant Name | APRICUS BIOSCIENCES, INC. | ||
Entity Central Index Key | 1017491 | ||
Current Fiscal Year End Date | -19 | ||
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 | 50,414,481 | ||
Entity Public Float | $85.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $11,400 | $21,405 |
Accounts receivable | 678 | 59 |
Restricted cash | 290 | 332 |
Inventories | 275 | 336 |
Prepaid expenses and other current assets | 646 | 132 |
Total current assets | 13,289 | 22,264 |
Property and equipment, net | 1,358 | 955 |
Other long term assets | 162 | 91 |
Total assets | 14,809 | 23,310 |
Current liabilities | ||
Notes payable | 153 | 0 |
Convertible notes payable, net | 0 | 2,600 |
Accounts payable | 860 | 926 |
Accrued expenses | 4,555 | 2,119 |
Accrued compensation | 1,112 | 952 |
Deferred revenue | 226 | 1,800 |
Derivative liability | 0 | 517 |
Deconsolidation of former French Subsidiaries | 0 | 2,846 |
Total current liabilities | 6,906 | 11,760 |
Long term liabilities | ||
Notes payable, net | 4,626 | 0 |
Deferred revenue | 1,000 | 0 |
Other long term liabilities | 358 | 578 |
Total liabilities | 12,890 | 12,338 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of December 31, 2014 and 2013 | 0 | 0 |
Common stock, $.001 par value, 75,000,000 shares authorized, 44,330,006 and 37,541,404 issued and outstanding as of December 31, 2014 and 2013, respectively | 44 | 38 |
Additional paid-in-capital | 291,727 | 279,000 |
Accumulated deficit | -289,852 | -268,066 |
Total stockholders’ equity | 1,919 | 10,972 |
Total liabilities and stockholders’ equity | $14,809 | $23,310 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
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 | 44,330,006 | 37,541,404 |
Common stock, outstanding | 44,330,006 | 37,541,404 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
License fee revenue | $8,454 | $941 | $4,276 |
Royalty revenue | 36 | 0 | 0 |
Product sales | 769 | 21 | 23 |
Contract service revenue | 0 | 1,549 | 3,646 |
Total revenue | 9,259 | 2,511 | 7,945 |
Cost of product sales | 918 | 23 | 10 |
Cost of service revenue | 0 | 2,608 | 4,230 |
Gross profit (loss) | 8,341 | -120 | 3,705 |
Operating expense (income) | |||
Research and development | 21,288 | 5,123 | 5,375 |
General and administrative | 11,418 | 13,554 | 15,336 |
Gain on contract settlement | -910 | -534 | 0 |
Recovery loss on sale of subsidiary | -50 | -255 | -250 |
Deconsolidation of former French Subsidiaries | -846 | -641 | 0 |
Impairment on goodwill and intangible assets | 0 | 0 | 8,254 |
Total operating expense | 30,900 | 17,247 | 28,715 |
Loss from continuing operations before other income (expense) | -22,559 | -17,367 | -25,010 |
Other income (expense) | |||
Interest expense, net | -339 | -727 | -325 |
Loss on extinguishment of debt | -82 | 0 | 0 |
Gain on sale of investment | 0 | 2,600 | 0 |
Other income (expense), net | 503 | -376 | 175 |
Total other income (expense) | 82 | 1,497 | -150 |
Loss from continuing operations before income tax expense | -22,477 | -15,870 | -25,160 |
Income tax expense | 0 | 0 | -516 |
Loss from continuing operations | -22,477 | -15,870 | -25,676 |
Income (loss) from discontinued operations | 691 | -1,068 | -6,095 |
Net loss | -21,786 | -16,938 | -31,771 |
Basic and diluted loss per common share | |||
Loss per share from continuing operations (USD per share) | ($0.57) | ($0.46) | ($0.94) |
Income (loss) from discontinued operations (USD per share) | $0.02 | ($0.03) | ($0.22) |
Net loss per share (USD per share) | ($0.55) | ($0.49) | ($1.16) |
Weighted average common shares outstanding used for basic and diluted loss per share (shares) | 39,540,409 | 34,413,253 | 27,458,184 |
Net loss | -21,786 | -16,938 | -31,771 |
Other comprehensive income | |||
Foreign currency translation adjustments | 0 | 0 | 641 |
Comprehensive loss | ($21,786) | ($16,938) | ($31,130) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities of continuing operations: | |||
Net loss | ($21,786) | ($16,938) | ($31,771) |
Gain (loss) from discontinued operations | 691 | -1,068 | -6,095 |
Loss (income) from continuing operations | -22,477 | -15,870 | -25,676 |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities of continuing operations: | |||
Shares issued in connection with the fispemifene in-license agreement | 5,904 | 0 | 0 |
Deconsolidation of former French Subsidiaries | -846 | -641 | 0 |
Gain on contract settlement | -910 | -534 | 0 |
Depreciation and amortization | 170 | 77 | 203 |
Non cash interest expense | 163 | 250 | 37 |
Loss on debt extinguishment | 51 | 0 | 0 |
Stock-based compensation expense | 1,731 | 1,992 | 2,917 |
Recovery on loss on sale of subsidiary | -50 | -255 | -250 |
Derivative liability revaluation | -517 | 274 | 0 |
Interest on contingent consideration | 0 | 242 | 0 |
Non-cash deferred compensation | 0 | 0 | 640 |
Impairment charges on property held for sale | 0 | 0 | 656 |
Impairment charges on goodwill and intangible assets | 0 | 0 | 8,254 |
Deferred tax provision | 0 | 0 | 1,261 |
Other | 0 | 131 | 0 |
Changes in operating assets and liabilities of continuing operations, net of assets and liabilities acquired and divested: | |||
Accounts receivable | -620 | 253 | 682 |
Inventories | 61 | -341 | 0 |
Prepaid expenses and other current assets | -464 | 143 | -928 |
Other assets | 2 | -52 | 0 |
Accounts payable | -66 | -920 | 681 |
Deconsolidation of Former French Subsidiaries | -2,000 | 0 | 0 |
Accrued expenses | 2,465 | -476 | -1,348 |
Accrued compensation | 160 | -140 | 967 |
Deferred revenue | -574 | 1,021 | -490 |
Other liabilities | -214 | -257 | -3 |
Net cash used in operating activities from continuing operations | -18,031 | -15,103 | -12,397 |
Cash flows from investing activities of continuing operations: | |||
Purchase of fixed assets | -580 | -573 | -436 |
Proceeds from sale of subsidiary | 50 | 255 | 250 |
Proceeds from the sale of property and equipment | 0 | 3,657 | 0 |
Deposit of restricted cash | 0 | -280 | 0 |
Cash acquired from acquisitions | 0 | 0 | 2,067 |
Cash paid for acquisitions | 0 | 0 | -513 |
Net cash (used in) provided by investing activities from continuing operations | -530 | 3,059 | 1,368 |
Cash flows from financing activities of continuing operations: | |||
Issuance of common stock, net of offering costs | 5,913 | 16,612 | 20,410 |
Proceeds from issuance of notes payable, net | 4,729 | 0 | 0 |
Proceeds from exercise of warrants | 0 | 46 | 40 |
Payment under convertible notes | -2,750 | 0 | -4,000 |
Release of restricted cash, net | 42 | 0 | 0 |
Repurchase and retirement of stock | -42 | 0 | 0 |
Reissuance of convertible notes payable | 0 | 0 | 3,413 |
Changes in derivative liability | 0 | 0 | 906 |
Proceeds from the exercise of stock options | 0 | 0 | 10 |
Repayment of capital lease obligations | -27 | -27 | -13 |
Net cash provided by financing activities from continuing operations | 7,865 | 16,631 | 20,766 |
Cash flows from discontinued operations: | |||
Net cash provided by (used in) operating activities of discontinued operations | 16 | 38 | -1,985 |
Net cash provided by (used in) investing activities of discontinued operations | 675 | 1,650 | -300 |
Net cash provided by (used in) discontinued operations | 691 | 1,688 | -2,285 |
Effect of exchange rate changes on cash | 0 | 0 | 243 |
Net (decrease) increase in cash and cash equivalents | -10,005 | 6,275 | 7,695 |
Cash and cash equivalents, beginning of period | 21,405 | 15,130 | 7,435 |
Cash and cash equivalents, end of period | 11,400 | 21,405 | 15,130 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 193 | 238 | 318 |
Non-cash investing and financing activities: | |||
Liability incurred in connection with fixed asset purchases | -7 | 0 | 0 |
Issuance of 193,798 common warrants to debtholders | 104 | 0 | 0 |
Issuance of 486,923 shares of common stock upon conversion of convertible note | 0 | 1,737 | 0 |
Release of restricted cash | 0 | -337 | 0 |
Release of obligations related to short-term loans | 0 | 270 | 0 |
TopoTarget | |||
Non-cash investing and financing activities: | |||
Issuance of 688,717 shares of common stock to TopoTarget | 0 | 1,543 | 0 |
Finesco | |||
Non-cash investing and financing activities: | |||
Issuance of shares of common stock | 0 | 0 | 8,556 |
PediatRx Inc. | |||
Non-cash investing and financing activities: | |||
Issuance of shares of common stock | $0 | $0 | $1,000 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Warrants issued (in shares) | 193,798 | |
Issuance of shares of common stock upon conversion of convertible note | 486,923 | |
TopoTarget | ||
Issuance of common stock upon acquisition, shares | 688,717 | |
Finesco | ||
Issuance of common stock upon acquisition, shares | 2,592,592 | |
PediatRx Inc. | ||
Issuance of common stock to PediatRx Inc. for co-promote agreement, shares | 373,134 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Finesco | TopoTarget | Forendo Pharma Ltd. | Common Stock | Common Stock | Common Stock | Common Stock | Additional Paid-In Capital | 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 | Finesco | TopoTarget | Forendo Pharma Ltd. | Finesco | TopoTarget | Forendo Pharma Ltd. | ||||||||
Beginning Balance at Dec. 31, 2011 | $4,818 | $21 | $224,154 | $0 | ($219,357) | |||||||||
Beginning 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 members (shares) | 147,761 | |||||||||||||
Issuance of stock to employees, consultants and Board of Director members | 0 | |||||||||||||
Stock-based compensation expense | 2,917 | 2,917 | ||||||||||||
Issuance of common stock for co-promote agreement (shares) | 373,134 | |||||||||||||
Issuance of common stock for co-promote agreement | 1,000 | 1,000 | ||||||||||||
Issuance of common stock, net of offering costs (shares) | 2,592,592 | |||||||||||||
Issuance of common stock and warrants, net of offering costs | 8,556 | 3 | 8,553 | |||||||||||
Issuance of common stock and warrants, net of offering costs (shares) | 5,453,601 | |||||||||||||
Issuance of common stock and warrants, net of offering costs | 20,410 | 6 | 20,404 | |||||||||||
Issuance of common stock upon exercise of warrants (shares) | 17,595 | |||||||||||||
Issuance of common stock upon exercise of warrants | 40 | 40 | ||||||||||||
Foreign currency translation adjustment | 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 stock to employees, consultants and Board of Director members | 0 | |||||||||||||
Stock-based compensation expense | 1,992 | 1,992 | ||||||||||||
Issuance of common stock, net of offering costs (shares) | 312,450 | 688,717 | ||||||||||||
Issuance of common stock and warrants, net of offering costs | 792 | 1,543 | 1 | 792 | 1,542 | |||||||||
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 warrants (shares) | 20,000 | |||||||||||||
Issuance of common stock upon exercise of warrants | 46 | 46 | ||||||||||||
Issuance of restricted stock to employees and Board of Director members (shares) | 95,645 | |||||||||||||
Issuance of common stock upon exercise of convertible notes (shares) | 486,923 | |||||||||||||
Issuance of common stock upon exercise of convertible notes | 1,737 | 1 | 1,736 | |||||||||||
Foreign currency translation adjustment | -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 | |||||||||||||
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 members | 0 | |||||||||||||
Stock-based compensation expense | 1,731 | 1,731 | ||||||||||||
Issuance of common stock, net of offering costs (shares) | 3,600,070 | |||||||||||||
Issuance of common stock and warrants, net of offering costs | 5,904 | 3 | 5,901 | |||||||||||
Issuance of common stock and warrants, net of offering costs (shares) | 3,570,030 | |||||||||||||
Issuance of common stock and warrants, net of offering costs | 6,050 | 3 | 6,047 | |||||||||||
Issuance of restricted stock to employees and Board of Director members (shares) | 26,728 | |||||||||||||
Repurchase and retirement of stock (shares) | -19,338 | |||||||||||||
Repurchase and retirement of stock | -42 | -42 | ||||||||||||
Return of common stock in connection with contract settlement (shares) | -388,888 | -388,888 | ||||||||||||
Return of common stock in connection with contract settlement | -910 | -910 | ||||||||||||
Net loss | -21,786 | -21,786 | ||||||||||||
Ending Balance at Dec. 31, 2014 | $1,919 | $44 | $291,727 | $0 | ($289,852) | |||||||||
Ending Balance (shares) at Dec. 31, 2014 | 44,330,006 |
Organization_and_Summary_of_Si
Organization and Summary of Signifcant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 the development and commercialization of products and product candidates in the areas of specialty urology and rheumatology. The Company’s proprietary drug delivery technology is a permeation enhancer 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 (“DCP”) in Europe. Vitaros® was launched by the Company’s licensee partners in certain territories in Europe in the second half of 2014 and the Company expects that commercial launches will continue to occur throughout 2015. The Company has a second generation Vitaros® product candidate (“Room Temperature Vitaros®”) in development, which is a proprietary stabilized dosage formulation that is expected to be stored at room temperature conditions. RayVa™, the Company’s product candidate which also utilizes its proprietary permeation enhancer for the treatment of Raynaud’s Phenomenon secondary to scleroderma, received clearance from the United States Food and Drug Administration (“FDA”) in May 2014 to begin clinical studies, and the Company’s Phase 2a clinical trial began in December 2014. | |||||||||||||
In October 2014, the Company entered into an agreement to license the exclusive United States development and commercialization rights for fispemifene, a tissue-specific selective estrogen receptor modulator (“SERM”) designed to treat secondary hypogonadism, chronic prostatitis and lower urinary tract symptoms in men (see note 3 for further details). | |||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||
The 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. Certain prior year items have been reclassified to conform to the current year presentation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of these consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) 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, accounting for clinical trials, the valuation of stock based compensation, the impairment of long-lived assets 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 $289.9 million as of December 31, 2014, recorded a net loss of approximately $21.8 million for the year ended December 31, 2014 and has principally been financed through the sale of its common stock and other equity securities, debt financing and up-front payments received from commercial partners for the Company’s products under development. Funds raised in recent periods from the sale of common stock include approximately 1) $15.8 million from the Company’s May 2013 follow-on public offering, 2) $3.7 million in net proceeds during 2014 from the sale of common stock from its committed equity financing facility with Aspire Capital Fund, LLC (“Aspire Capital”) (see note 7 for further details) and 3) $2.2 million in net proceeds during 2014 from the sale of common stock via its “at-the-market” (“ATM”) stock selling facility, which was terminated in August 2014. These and other cash-generating activities should not necessarily be considered an indication of the Company’s ability to raise additional funds in the future. | |||||||||||||
In February 2015, the Company entered into subscription agreements with certain purchasers pursuant to which it agreed to sell an aggregate of 6,043,955 shares of its common stock and issued warrants to purchase up to an additional 3,021,977 shares of its common stock. Each share of common stock was priced at $1.82 and included one half of a warrant to purchase a share of common stock. The warrants have an exercise price of $1.82 per share, are exercisable beginning six months and one day after the date of issuance and expire on the seventh anniversary of the date of issuance. The total net proceeds from the offering were $10.8 million after deducting expenses of approximately $0.2 million. The subscription agreements require that the Company obtain permission from certain of the purchasers prior to selling shares under its committed equity financing facility. | |||||||||||||
Based upon its current operating plan, the access to additional capital under its committed equity financing facility, potential to borrow an additional amount of up to $5.0 million under our credit facility, and the $10.8 million received from the Company’s February 2015 financing, the Company believes it has sufficient cash to fund its on-going operations through the first quarter of 2016. | |||||||||||||
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 or debt financings may have a dilutive effect on the holdings of the Company’s existing stockholders. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash equivalents represent all highly liquid investments with an original maturity date of three months or less and were not significant as of December 31, 2014 and 2013. | |||||||||||||
Restricted Cash | |||||||||||||
Short term restricted cash of $0.3 million is primarily restricted cash held in escrow for environmental remediation services to be performed and for taxes in connection with the sale of our New Jersey facility, 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. | |||||||||||||
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. Laboratoires Majorelle, Recordati Ireland Ltd., and Hexal AG accounted for approximately 45%, 27%, and 27%, respectively, of total revenues during the year ended December 31, 2014. In addition, one of these companies comprised 75% of the Company’s accounts receivable as of December 31, 2014. | |||||||||||||
Inventory Valuation | |||||||||||||
Inventories are stated at the lower of cost or estimated realizable value. The Company capitalizes inventory costs associated with its products after regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Otherwise, such costs are expensed as research and development. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and writes-down such inventories as appropriate. In addition, the Company’s products are subject to strict quality control and monitoring which is performed throughout the manufacturing process, which takes place at its contract manufacturer. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to cost of sales to write down such inventory to its estimated realizable value. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets. The Company estimates useful lives as follows: | |||||||||||||
• | Machinery and equipment: three to five years | ||||||||||||
• | Furniture and fixtures: ten years | ||||||||||||
• | Computer software: five years | ||||||||||||
Amortization of leasehold improvements and capital lease equipment 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). | |||||||||||||
Leases | |||||||||||||
Leases are reviewed and classified as capital or operating at their inception. The Company records rent expense associated with operating leases on a straight-line basis over the term of the lease. The difference between rent payments and straight-line rent expense is recorded as deferred rent in accrued liabilities. | |||||||||||||
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. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company generates revenues from the licensing of technology rights and the sale of products, and historically, from the 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, and royalties on the sale 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. | |||||||||||||
License Fee Revenue | |||||||||||||
Consideration received for the Company’s 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 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. | |||||||||||||
Product Sales Revenue | |||||||||||||
The Company has supply and manufacturing agreements with certain of its licensee partners for the manufacture and delivery of Vitaros® product. These agreements do not permit the Company’s licensee partners to return product, unless the product sold to the licensee partner is short-dated as defined in each respective license agreement. In those cases, the Company defers revenue recognition on these shipments until the right of return no longer exists, which is the earlier of: (i) evidence that the product has been sold through to the end customer or (ii) the right of return expires. As such, the Company does not have a sales and returns allowance recorded as of December 31, 2014. | |||||||||||||
In 2014, the Company commenced shipping of its Vitaros® product to its licensee partners and recognized product sales revenue on certain of these shipments since the criteria for revenue recognition was met. | |||||||||||||
Royalty Revenue | |||||||||||||
The Company relies on its commercial partners to sell its product, Vitaros®, in approved markets. The Company receives royalties from licensee partners based upon the amount of sales of licensed Vitaros® product consummated by its commercial partners. Royalty revenues are computed based on sales reported to the Company by its licensee partners on a quarterly basis and agreed upon royalty rates for the respective license agreement. | |||||||||||||
Contract Service Revenue | |||||||||||||
Revenue from contract sales services resulted primarily from the Company’s former subsidiaries, Scomedica SAS, NexMed Europe SAS and NexMed Pharma SAS (the “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 determined the period in which the performance obligation occurred and recognized revenue using the proportional performance method when the level of effort to complete its performance obligations under an arrangement was able to be reasonably estimated. The Company does not anticipate future revenues from contract services. | |||||||||||||
Cost of Product Sales | |||||||||||||
The Company’s cost of product sales includes direct material and manufacturing overhead associated with the production of inventories. Cost of product sales is also affected by manufacturing efficiencies, allowances for scrap or expired material and additional costs related to initial production quantities of new products. | |||||||||||||
Deferred Cost of Product Sales | |||||||||||||
Deferred cost of product sales is stated at the lower of cost or net realizable value and includes product sold where title has transferred, but the criteria for revenue recognition have not been met. The Company’s deferred cost of product sales is included in prepaid expenses and other current assets in the consolidated balance sheets. | |||||||||||||
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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Outstanding stock options | 3,955,548 | 2,351,237 | 2,213,916 | ||||||||||
Outstanding warrants | 6,859,682 | 6,185,492 | 3,205,492 | ||||||||||
Unvested restricted stock | — | 26,728 | 112,705 | ||||||||||
Convertible notes payable | — | 1,065,891 | 1,544,402 | ||||||||||
10,815,230 | 9,629,348 | 7,076,515 | |||||||||||
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. | |||||||||||||
Segment Information | |||||||||||||
The Company operates under one segment which develops pharmaceutical products. | |||||||||||||
Geographic Information | |||||||||||||
Revenues by geographic area for the Company’s continuing operations are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
France | $ | 4,150 | $ | 921 | $ | 2,970 | |||||||
Europe- Other | 5,109 | 1,590 | 2,475 | ||||||||||
North America | — | — | 2,500 | ||||||||||
$ | 9,259 | $ | 2,511 | $ | 7,945 | ||||||||
-1 | Amounts included in Europe-other have not been broken out by country as it is impractical to do so given the nature and structure of the license agreements which cover multiple territories. See note 2 for further details related to these agreements. | ||||||||||||
All of the Company’s net long-lived assets were located in the United States in 2014 and 2013. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In November 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. This update clarifies how current guidance should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. In addition, it clarifies that in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (that is, the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The effects of initially adopting the new standard should be applied on a modified retrospective basis to existing hybrid financial instruments issued in a form of a share as of the beginning of the fiscal year for which the amendments are effective. Retrospective application is permitted to all relevant prior periods. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently in the process of evaluating whether the adoption of this update will have a material effect on its consolidated financial statements and related disclosures. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements -Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this update will require management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern and, if management identifies conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, to disclose in the notes to the entity’s financial statements the principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of their significance, and management’s plans that alleviated or are intended to alleviate substantial doubt about the entity’s ability to continue as a going concern. This new standard is effective for annual periods ending after December 15, 2016 and early application is permitted. The Company is currently in the process of evaluating whether the adoption of this update will have a material effect on its consolidated financial statements and related disclosures. | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires entities to recognize revenue in the way it expects to be entitled for the transfer of promised goods or services to customers. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the effect that this pronouncement will have on its financial statements and related disclosures. | |||||||||||||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU raises the threshold for a disposal to qualify as discontinued operations and requires new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. Under the new standard, companies report discontinued operations when they have a disposal that represents a strategic shift that has or will have a major impact on operations or financial results. This update will be applied prospectively and is effective for annual periods, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted provided the disposal was not previously disclosed. This update will not have a material impact on the Company's reported results of operations and financial position. |
Vitaros_Licensing_Agreements
Vitaros Licensing Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure - Licensing and Research and Development Agreements [Abstract] | |
Vitaros Licensing Agreements | VITAROS® LICENSING AGREEMENTS |
Abbott Laboratories Limited | |
In January 2012, the Company entered into a license agreement with Abbott Laboratories Limited (“Abbott”), granting Abbott the exclusive rights to commercialize Vitaros® for the treatment of ED in Canada. The product was approved by Health Canada in late 2010. To date, the Company has received $2.5 million in upfront payments and is eligible to receive an additional $13.2 million in aggregate regulatory and sales milestone payments, plus tiered royalty payments based on Abbott’s sales of the product. | |
Bracco SpA | |
In December 2010, the Company entered into a license agreement with Bracco SpA (“Bracco”), granting Bracco the exclusive rights to commercialize Vitaros® for the treatment of ED in Italy. Vitaros® was granted national phase approval for the treatment of ED in Italy in November 2013. To date, the Company has received $1.3 million in upfront payments and regulatory milestones and is eligible to receive up to an additional €4.5 million ($5.5 million as of December 31, 2014) in regulatory and sales milestone payments, plus tiered double-digit royalties based on Bracco’s sales of the product. | |
Hexal AG, an affiliate within the Sandoz Division of the Novartis Group of Companies | |
In February 2012, the Company entered into a license agreement with Hexal AG, an affiliate within the Sandoz Division of the Novartis Group of Companies (“Sandoz”), granting Sandoz the exclusive rights to commercialize Vitaros® for the treatment of ED in Germany. 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”). In June 2014, the Company entered into a Manufacturing and Supply Agreement with Sandoz whereby the Company’s or its contract manufacturer will manufacture Vitaros® product and supply the product to Sandoz on a cost plus basis. Vitaros® has been granted national phase approval for the treatment of ED in Germany, the Netherlands, Sweden, Belgium, and Luxembourg. The Company filed a marketing application in Switzerland with Swissmedic, the Swiss Agency for Therapeutic Products, for Vitaros® for the treatment of ED and is awaiting regulatory comments from Swissmedic. | |
In December 2013, upon amendment, the Company recorded $2.0 million of deferred revenue for the upfront payment received since Sandoz was entitled to a $2.0 million refund if certain regulatory and manufacturing conditions were not met. In December 2014, the Company met the manufacturing requirement and recognized $1.0 million of the upfront payment as license fee revenue during the fourth quarter of 2014. The results of the regulatory condition will be determined by December 2016. | |
In 2014, Sandoz launched Vitaros® in Germany, Sweden and Belgium. The Company recorded $1.0 million in aggregate license fee revenue in 2014 as a result of the launches in Sweden and Belgium in August 2014 and November 2014, respectively. | |
To date, the Company has received $4.0 million in upfront payments and launch milestone payments and is eligible to receive up to €0.2 million ($0.2 million as of December 31, 2014) in regulatory milestones, up to $1.5 million in marketing launch milestones, and up to €41.75 million ($50.7 million as of December 31, 2014) in sales milestones. Additionally, the Company is entitled to receive tiered double-digit royalties on Sandoz’ sales of the product. | |
In February 2015, the Company amended its license agreement with Sandoz to grant exclusive rights to commercialize Vitaros® in the following countries: Malaysia, Indonesia, the Philippines, Thailand, Taiwan, Vietnam, Hong Kong and Singapore (the “Expanded APAC Territory”). Under the amended agreement, the Company earned an upfront payment of $0.4 million and is entitled to receive an additional regulatory milestone payment of $0.1 million upon marketing authorization in the Expanded APAC Territory as well as tiered double-digit royalties based on Sandoz’ sales of the product. | |
Laboratoires Majorelle | |
In November 2013, the Company entered into a license agreement with Laboratoires Majorelle (“Majorelle”), granting Majorelle the exclusive rights to market Vitaros® for the treatment of ED in France, Monaco and certain countries in Africa. In December 2013, in a related negotiation, Majorelle agreed to make severance payments to certain former employees of the Company’s former French Subsidiaries for an aggregate amount of approximately $2.0 million on behalf of the Company. In September 2014, the Company entered into a Manufacturing and Supply Agreement with Majorelle whereby the Company’s or its contract manufacturer will manufacture Vitaros® product and supply the product to Majorelle on a cost plus basis. In addition, during the first quarter of 2015, Groupe Parima began manufacturing product for Majorelle under its own manufacturing and supply agreement. Vitaros® was granted national phase approval for the treatment of ED in France in December 2013. | |
The Company concluded that the fair value of the Vitaros® license granted was equal to $4.0 million or the sum of the $1.8 million upfront payment received, the $0.2 million payment received for National Phase approval in France, and the $2.0 million paid by Majorelle on behalf of the Company. During the second quarter of 2014, upon withdrawal of the Works Council Claim in June 2014 (see note 4 for further details regarding the claim), the Company recognized $3.0 million of the $4.0 million Vitaros® license fair value as license fee revenue in its statement of operations. During the third quarter of 2014, the Company met the remaining contractual condition to deliver a specified amount of Vitaros® and therefore, the remaining $1.0 million of deferred revenue that had previously been deferred was recognized as license fee revenue in the Company’s consolidated statement of operations. To date, the Company has received $2.0 million in upfront payments and regulatory milestones, and is eligible to receive up to $2.0 million in additional regulatory milestone payments and €15.5 million ($18.8 million as of December 31, 2014) in sales milestones, plus tiered double-digit royalties based on Majorelle’s sales of the product. | |
Recordati Ireland Ltd. | |
In February 2014, the Company entered into a license agreement with Recordati Ireland Ltd. (“Recordati”), granting Recordati the exclusive rights 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. In June 2014, the Company entered into a Manufacturing and Supply Agreement with Recordati whereby the Company or its contract manufacturer will manufacture Vitaros® product and supply the product to Recordati on a cost plus basis. Vitaros® has been granted national phase approval for the treatment of ED in Ireland and Spain. | |
The Company received $2.5 million in upfront payments in February 2014 which were recorded as deferred revenue. Upon execution of the manufacturing and supply agreement in June 2014, the Company recorded the deferred revenue as license fee revenue of $2.5 million. To date, the Company has received $2.5 million in upfront payments and is eligible to receive up to €1.0 million ($1.2 million as of December 31, 2014) in commercial launch payments and €34.5 million ($41.9 million as of December 31, 2014) in sales milestones. Additionally, 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 a license agreement with Takeda Pharmaceuticals International GmbH (“Takeda”), granting Takeda the exclusive rights to market Vitaros® for the treatment of ED in the United Kingdom. In September 2013, the Company entered into a Manufacturing and Supply Agreement with Takeda whereby the Company or its contract manufacturer will manufacture Vitaros® product and supply the product to Takeda on a cost plus basis. Vitaros® was granted national phase approval in August 2013 for the treatment of ED in the UK. To date, the Company has received $1.0 million in upfront payments and is eligible to receive up to €34.65 million ($42.1 million as of December 31, 2014) in up-front license fees and aggregate milestone payments plus tiered double-digit royalty payments. Takeda launched Vitaros® in the United Kingdom in June 2014. | |
Actavis plc | |
Warner Chilcott Company, Inc., now a subsidiary of Actavis plc, acquired the Vitaros® United States commercial rights in 2009. To date, the Company has received $2.5 million in upfront payments and is eligible to receive an additional $2.5 million upon receipt of an NDA approval from the FDA. |
InLicensing_Agreement_Notes
In-Licensing Agreement (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
In-Licensing Agreement [Abstract] | |
In-Licensing Agreement | IN-LICENSING AGREEMENT |
On October 17, 2014, the Company entered into a license agreement and stock issuance agreement with Forendo Pharma Ltd. (“Forendo”), under which the Company was granted exclusive rights in the United States to develop and commercialize fispemifene, a tissue-specific SERM designed to treat secondary hypogonadism, chronic prostatitis and lower urinary tract symptoms in men. | |
In exchange for the license, the Company issued to Forendo approximately 3.6 million shares of common stock with a value of $5.9 million based on the Company’s closing stock price on the date of the agreement and made an upfront cash payment of $5.0 million. Additionally, the Company may be obligated to pay Forendo up to $45.0 million based on completion of certain regulatory milestones, up to $260.0 million in sales milestones, plus tiered double-digit royalties based on its sales of the product in the United States. | |
As part of the agreement, the Company is obligated to pay Forendo $2.5 million upon the earlier of 1) initiation of a Phase 2b clinical trial or 2) April 1, 2015. Since the agreement is not terminable prior to payment, the payment was considered deferred consideration and was recorded as a liability as of December 31, 2014. | |
The Company recognized research and development expense of $13.6 million upon the completion of the transaction. The $13.6 million is the sum of the following: $5.0 million upfront payment made in October 2014; $5.9 million in common stock issued to Forendo; the additional $2.5 million cash consideration due no later than April 1, 2015, and transaction costs of $0.2 million. |
Ceased_and_Discontinued_Operat
Ceased and Discontinued Operations | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Ceased and Discontinued Operations | CEASED AND DISCONTINUED OPERATIONS | ||||
In June 2014, consistent with the Global Settlement Agreement (“GSA”) signed in February 2014, the Works Council withdrew its previously submitted €4.1 million claim in the Versailles Civil Court (the “Civil Court”), all parties accepted the withdrawal and the Civil Court judge closed the discussions between all parties. The final procedural step occurred in October 2014, when the Company received a written judgment from the Civil Court acknowledging the dismissal of the claim and the closure of the litigation. Given the existence of the aforementioned ratified GSA, the accepted withdrawal and the closure of the discussions by the Civil Court judge, it was concluded during the second quarter of 2014 that the Company was relieved of all claims previously asserted by the French Works Council. | |||||
Pursuant to the aforementioned license and settlement agreements, Majorelle agreed to make certain severance payments of approximately $2.0 million to the former French Subsidiaries’ employees on behalf of the Company, a portion of which were made in May 2014. In addition, the Works Council and the Judicial Liquidator and Trustee of the Company’s former French Subsidiaries as well as each of the former French Subsidiaries’ employees, waived all claims they had asserted or could have asserted against the Company related to the liquidation and reorganization of the French Subsidiaries. As a result, during the second quarter of 2014, the Company released the approximate $2.8 million liability previously recorded in connection with the deconsolidation of the former French Subsidiaries and recognized approximately $0.8 million as a gain on deconsolidation as follows: | |||||
Release of deconsolidation liability | $ | 2.8 | |||
Less: Payments made by Majorelle on the Company’s behalf | (2.0 | ) | |||
Gain on deconsolidation of former French Subsidiaries | $ | 0.8 | |||
Sale of Bio-Quant | |||||
In June 2014, the Company and BioTox amended its stock purchase agreement and the Company received a one-time cash payment of approximately $0.6 million in exchange for relinquishing its rights to minimum payments in the future. Prior to the amendment of the agreement, the Company also received payments of approximately $0.1 million for a total received from BioTox of $0.7 million in 2014. The Company has rights to certain potential future payments upon a change of control of BioTox within a specified time frame. These potential future payments will be recorded if and when realized. | |||||
The Company has recorded the gain of approximately $0.7 million as discontinued operations within its statement of operations in 2014. Historically, the Company reflected the operations and subsequent cash collections associated with the sale of the business as a component of continuing operations, on the line recovery on sale of subsidiary within the consolidated statements of operations. However, the Company has elected not to correct these prior period amounts which were deemed not material to prior period financial statements. |
Other_Financial_Information
Other Financial Information | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Other Financial Information | OTHER FINANCIAL INFORMATION | |||||||
Inventory | ||||||||
Inventory is comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 106 | $ | 209 | ||||
Work in process | 169 | 127 | ||||||
Inventory | $ | 275 | $ | 336 | ||||
Property and Equipment | ||||||||
Property and equipment are comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Leasehold improvements | $ | 43 | $ | 20 | ||||
Machinery and equipment | 1,385 | 847 | ||||||
Capital lease equipment | 76 | 76 | ||||||
Computer software | 142 | 134 | ||||||
Furniture and fixtures | 37 | 34 | ||||||
Total property and equipment | 1,683 | 1,111 | ||||||
Less: accumulated depreciation and amortization | (325 | ) | (156 | ) | ||||
Property and equipment, net | $ | 1,358 | $ | 955 | ||||
Depreciation expense totaled $0.2 million, $0.1 million and $0.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||
Accrued Expenses | ||||||||
Accrued expenses are comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred consideration to Forendo (Note 3) | $ | 2,500 | $ | — | ||||
Outside research and development services | 838 | 298 | ||||||
Professional fees | 625 | 997 | ||||||
Deferred compensation | 176 | 184 | ||||||
Environmental remediation | 126 | 168 | ||||||
Other | 290 | 472 | ||||||
$ | 4,555 | $ | 2,119 | |||||
Other Long Term Liabilities | ||||||||
Other long term liabilities are comprised of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred compensation | $ | 312 | $ | 487 | ||||
Deferred rent | 41 | 80 | ||||||
Capital lease payable | 5 | 11 | ||||||
$ | 358 | $ | 578 | |||||
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. In addition to the long-term portion above, the Company had a balance of $0.2 million classified as short-term deferred severance compensation as of December 31, 2014 and December 31, 2013. | ||||||||
Gain on Contract Settlement | ||||||||
The $0.9 million gain on contract settlement recorded during 2014 represents the fair value of 388,888 escrowed shares of common stock that were returned to the Company in connection with a settlement with former managers of the French Subsidiaries. These shares were restored as authorized, unissued common stock in March 2014. The $0.5 million gain on contract settlement recorded during 2013 represents the difference between the $1.2 million in common shares issued to TopoTarget in exchange for the extinguishment of $1.7 million of contingent consideration. |
Debt
Debt | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Debt | DEBT | ||||
Credit Facility | |||||
On October 17, 2014 (the “closing date”), the Company entered into a loan and security agreement (the “credit facility”) with Oxford Finance LLC (“Oxford”) and Silicon Valley Bank (“SVB”) (the “lenders”), pursuant to which the lenders agreed to make term loans totaling up to $10.0 million available to the Company. The proceeds from these loans are designated to pay off existing indebtedness and for working capital and general business purposes. The first $5.0 million term loan was funded on the closing date of the credit facility. A second term loan of up to a principal amount of $5.0 million may be funded at the Company’s request prior to April 30, 2015, subject to certain conditions. The lenders have first priority over all other potential creditors. Substantially all of the Company’s current and future assets, other than intellectual property, have been pledged as collateral. The lenders have the right to declare the loan immediately due and payable in an event of default under the credit facility, which includes, among other things, a material adverse change in the Company’s business, operations, or financial condition or a material impairment in the prospect of repayment of the loan. As of December 31, 2014, the Company was in compliance with all covenants under the credit facility. | |||||
The first term loan bears interest at an annual rate of 7.95%. The repayment schedule provides for interest-only payments in arrears for the first 12 months followed by consecutive equal monthly payments of principal and interest in arrears through the maturity date, or October 1, 2018. The Company has the option to prepay the outstanding balance of the term loan in full prior to the maturity date, subject to a prepayment fee of up to 3%. Upon repayment of each term loan, the Company is also required to make a final payment to the lenders equal to 6.00% of the original principal amount of each term loan funded. This final payment is being accreted over the life of the credit facility using the effective interest method. | |||||
On the closing date of the credit facility, the Company issued to Oxford and SVB warrants to purchase up to 193,798 shares of common stock at an exercise price of $1.29 per share. The warrants expire ten years from the date of issuance. The initial fair value of the warrants was recorded as a discount to the principal balance and is being amortized over the life of the credit facility using the effective interest method. | |||||
The Company’s notes payable balance as of December 31, 2014 consisted of the following (in thousands): | |||||
Notes payable | $ | 5,000 | |||
Add: accretion of final payment fee | 16 | ||||
Less: unamortized debt discount | (237 | ) | |||
4,779 | |||||
Less: current portion of notes payable, net | (153 | ) | |||
$ | 4,626 | ||||
The debt issuance costs, accretion of the final payment and amortization of the warrants are included in interest expense in the Company’s consolidated financial statements. The Company recognized interest expense related to the credit facility of $0.1 million during the year ended December 31, 2014. | |||||
Convertible Notes Payable | |||||
On October 17, 2014, the Company amended the terms of its 7% Convertible Notes (“2012 Convertible Notes”) due December 31, 2014 and repaid the remaining aggregate principal balance of $1.225 million with accrued interest. In addition, the Company issued warrants to the former note holders for the right to purchase up to an aggregate of 480,392 shares of common stock, at an exercise price of $2.55 per share. The warrants are exercisable through December 31, 2015. The Company incurred a loss on extinguishment of debt of approximately $0.1 million during the fourth quarter of 2014, which consisted of the fair value of the warrants, an additional payment to the note holders in the amount of the remaining interest payments prior to the amendment, the write-off of the remaining debt discount, and legal fees incurred as part of the amended terms. | |||||
The Company’s convertible notes payable balance as of December 31, 2013 consisted of the following (in thousands): | |||||
Convertible notes payable | $ | 4,000 | |||
Less: conversions to common stock | (1,250 | ) | |||
2,750 | |||||
Less: unamortized debt discount | (150 | ) | |||
$ | 2,600 | ||||
The Company recognized interest expense related to its convertible notes payable of $0.2 million, $0.5 million and $0.3 million during the years ended December 31, 2014, 2013 and 2012, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, 2014 or 2013. | |||||||||
Common Stock Offerings | |||||||||
Ascendiant Offering Agreement | |||||||||
During 2014, 2013 and 2012, the Company sold an aggregate of 954,922, 312,450, and 515,329 shares of common stock, respectively, under the Ascendiant Offering Agreement resulting in offering proceeds of approximately $2.2 million, $0.8 million, and $2.0 million, respectively. The agreement with Ascendiant was terminated by the Company in August 2014. | |||||||||
Aspire Common Stock Purchase Agreement | |||||||||
In August 2014, the Company and Aspire Capital entered into a Common Stock Purchase Agreement (the “Aspire Purchase Agreement”), which provides that Aspire Capital is committed to purchase, if the Company chooses to sell and at the Company’s discretion (pursuant to obtaining the permission mentioned in the paragraph below), an aggregate of up to $22.0 million of shares of the Company’s common stock over the 24-month term of the Aspire Purchase Agreement. The Aspire Purchase Agreement can be terminated at any time by the Company by delivering notice to Aspire Capital. The shares will be sold at a price equal to the lower of the lowest sales price of the Company’ s common stock on the purchase date or the average of the lowest three closing sales prices for the twelve business days prior to the purchase date. Under the Aspire Purchase Agreement, the Company delivered to Aspire Capital a commitment fee in the form of common stock of 255,161 shares at a value of $0.4 million, in consideration for Aspire Capital's obligation to purchase up to $22.0 million of the Company’s common stock. During 2014, the Company sold approximately 2.4 million additional shares of its common stock to Aspire Capital at a weighted average sales price of $1.62 per share, for aggregate net proceeds of $3.7 million. As of December 31, 2014, the Company had $18.2 million remaining under the terms of the Aspire Purchase Agreement. | |||||||||
February 2015 Financing | |||||||||
In February 2015, the Company entered into subscription agreements with certain purchasers pursuant to which it agreed to sell an aggregate of 6,043,955 shares of its common stock and issued warrants to purchase up to an additional 3,021,977 shares of its common stock. Each share of common stock was priced at $1.82 per unit and included one half of a warrant to purchase a share of common stock. The warrants have an exercise price of $1.82 per share, are exercisable beginning six months and one day after the date of issuance and expire on the seventh anniversary of the date of issuance. The total net proceeds from the offering were $10.8 million after deducting expenses of approximately $0.2 million. The subscription agreements also require that the Company obtain permission from certain of the purchasers of the subscription agreements prior to selling shares under its committed equity financing facility. | |||||||||
Warrants | |||||||||
A summary of warrant activity during the year ended December 31, 2014 is as follows: | |||||||||
Common Shares | Weighted | Weighted | |||||||
Issuable upon | Average | Average | |||||||
Exercise | Exercise | Remaining | |||||||
Price | Contractual | ||||||||
Life (in years) | |||||||||
Outstanding at December 31, 2013 | 6,185,492 | $ | 4.01 | 3.6 | |||||
Issued | 674,190 | 2.19 | |||||||
Exercised | — | — | |||||||
Cancelled | — | — | |||||||
Outstanding at December 31, 2014 | 6,859,682 | 3.83 | 2.7 | ||||||
Exercisable at December 31, 2014 | 6,859,682 | $ | 3.83 | 2.7 | |||||
During the years ended December 31, 2013, and 2012, the Company received proceeds of $50,000 and $40,000 from the exercise of 20,000, and 17,595 warrants, respectively. | |||||||||
In connection with the credit facility entered into in October 2014, the Company issued warrants to the lenders to purchase up to 193,798 shares of common stock at an exercise price of $1.29 per share. The warrants expire ten years from each date of issuance. The Company also issued warrants to its former convertible note holders to purchase up to an aggregate of 480,392 shares of common stock at an exercise price of $2.55 per share. The warrants are exercisable through December 31, 2015 (see note 6 for further details regarding the warrants issued in connection with the debt arrangements). | |||||||||
The following table shows the number of outstanding warrants by exercise price and date of expiration as of December 31, 2014: | |||||||||
Shares Issuable Upon Exercise | Exercise Price | Expiration Date | |||||||
716,356 | $ | 2.27 | Oct-15 | ||||||
480,392 | $ | 2.55 | Dec-15 | ||||||
2,469,136 | $ | 5.25 | Feb-17 | ||||||
3,000,000 | $ | 3.4 | May-18 | ||||||
193,798 | $ | 1.29 | Jan-24 | ||||||
6,859,682 | |||||||||
Equity_Compensation_Plans
Equity Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Equity Compensation Plans | EQUITY COMPENSATION PLANS | ||||||||||||
As of December 31, 2014, the Company had two share-based compensation plans: the 2012 Stock Long Term Incentive Plan (the “2012 Plan”) and the NexMed, Inc. 2006 Stock Incentive Plan (“the 2006 Plan”). Both plans provide for the issuance of incentive and non-incentive stock options, restricted and unrestricted stock awards, stock unit awards and stock appreciation rights. 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, 2014, an aggregate of 6.8 million shares of common stock are authorized under the Company’s equity compensation plans, of which 1.6 million common shares are available for future grants. | |||||||||||||
Stock Options | |||||||||||||
A summary of stock option activity during the year ended December 31, 2014 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, 2013 | 2,351,237 | $ | 3.1 | 8.6 | $ | 444,012 | |||||||
Granted | 2,173,506 | 1.96 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | (569,195 | ) | 2.37 | ||||||||||
Outstanding as of December 31, 2014 | 3,955,548 | $ | 2.58 | 7.5 | $ | — | |||||||
Vested or expected to vest as of December 31, 2014 | 3,837,625 | $ | 2.61 | 7.4 | $ | — | |||||||
Exercisable as of December 31, 2014 | 1,613,222 | $ | 3.42 | 5.1 | $ | — | |||||||
As of December 31, 2014, 2013, and 2012, there were 1,613,222, 752,815 and 856,868 options exercisable, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2012 was approximately $16,000. | |||||||||||||
Stock Awards | |||||||||||||
A summary of stock award activity during the year ended December 31, 2014 is as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair Value Per Share | ||||||||||||
Nonvested as of December 31, 2013 | 26,728 | $ | 4.58 | ||||||||||
Granted | — | — | |||||||||||
Vested | (26,728 | ) | 4.58 | ||||||||||
Forfeited | — | — | |||||||||||
Nonvested as of December 31, 2014 | — | $ | — | ||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.58% - 1.96% | 1.08% - 1.85% | 0.6% - 1.1% | ||||||||||
Volatility | 80.75 | % | 70 | % | 70 | % | |||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected term | 5.25- 6.08 years | 5.25-6.25 years | 5.25-6.0 years | ||||||||||
Forfeiture rate | 3.6 | % | 2.66 | % | 2.66 | % | |||||||
Weighted average fair value | $ | 1.25 | $ | 1.52 | $ | 1.95 | |||||||
Expected Volatility. The Company uses analysis of historical volatility to compute the expected volatility of its stock options. | |||||||||||||
Expected Term. The expected life assumptions are based on the simplified method set forth in SEC’s 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 United States 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 adjusts 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, 2014, there was $2.7 million in unrecognized compensation cost related to non-vested stock options expected to be recognized over a weighted average period of 2.9 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, 2014 there are no non-vested stock awards outstanding and therefore no unrecognized compensation cost related to non-vested restricted stock. | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Research and development | $ | 267 | $ | 225 | $ | 299 | |||||||
General and administrative | 1,464 | 1,767 | 2,618 | ||||||||||
$ | 1,731 | $ | 1,992 | $ | 2,917 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||
The Company has incurred losses since inception, which have generated United States net operating loss carry forwards (“NOLs”) of approximately $174.7 million for federal income tax purposes. These carry forwards are available to offset future taxable income and expire beginning in 2018 through 2034 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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
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, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating tax loss carryforwards | $ | 60,380 | $ | 59,927 | |||||||||
Research and development tax credits | 534 | 404 | |||||||||||
Deferred compensation | 168 | 269 | |||||||||||
Other accruals and reserves | 670 | 504 | |||||||||||
Basis of intangible assets | 4,610 | (45 | ) | ||||||||||
Total deferred tax asset | 66,362 | 61,059 | |||||||||||
Less valuation allowance | (66,362 | ) | (61,059 | ) | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||||
The net operating loss carryforwards and tax credit carryforwards resulted in a noncurrent deferred tax asset as of December 31, 2014 and 2013 of approximately $60.9 million and $60.3 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 2014 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, 2014, 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, 2014 through December 31, 2014 is provided in the following table (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Beginning balance | $ | 2,795 | $ | 2,879 | |||||||||
Increase in current period positions | 34 | 41 | |||||||||||
Decrease in prior period positions | (7 | ) | (125 | ) | |||||||||
Ending balance | $ | 2,822 | $ | 2,795 | |||||||||
The reconciliation of income taxes computed using the statutory United States income tax rate and the provision (benefit) for income taxes for continuing operations for the years ended December 31, 2014, 2013, and 2012, are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | (34 | )% | (34 | )% | (34 | )% | |||||||
State taxes, net of federal benefit | (1 | )% | (1 | )% | (3 | )% | |||||||
Valuation allowance | 22 | % | 37 | % | 20 | % | |||||||
Prior year true-ups | 17 | % | 1 | % | 6 | % | |||||||
Foreign rate difference | — | % | — | % | 2 | % | |||||||
Permanent differences | (3 | )% | (1 | )% | 11 | % | |||||||
Tax credits | (1 | )% | (2 | )% | — | % | |||||||
Income tax expense | — | % | — | % | 2 | % | |||||||
For the years ended December 31, 2014, 2013, and 2012, 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, 2014 | |||||
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 approximately $24,000 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. | |||||
In June 2014, the Company entered into a two and one-half year sublease agreement for additional office space within the same building as its headquarters location in San Diego, California expiring December 31, 2016. | |||||
For the years ended December 31, 2014, 2013, and 2012, rent expense for continuing operations totaled $0.4 million for each year. | |||||
Future minimum rental payments under operating leases as of December 31, 2014 are as follows (in thousands): | |||||
2015 | $ | 515 | |||
2016 | 416 | ||||
Total | $ | 931 | |||
The Company has significant contractual obligations related to its clinical trial expenditures with clinical research organizations (“CROs”). As of December 31, 2014, net open purchase orders which include obligations to our CROs, less any accruals or invoices charged or amounts paid, totaled approximately $5.3 million. These payments are generally cancellable upon notice and do not have any penalties upon cancellation and therefore these obligations are not included in the table above. | |||||
Additionally, certain employees have agreements that provide for severance compensation in the event of termination or a change in control. These agreements can provide for a severance payment of up to 12 months of base salary and bonus in effect at the time of termination and continued health benefits at the Company’s cost for up to 12 months. | |||||
Legal Matters | |||||
The Company is a party to certain 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. |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 (in thousands, except per share data): | |||||||||||||||||
2014 | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | — | $ | 5,454 | $ | 1,898 | $ | 1,907 | |||||||||
Gross profit (loss) | — | 5,379 | 1,413 | 1,549 | |||||||||||||
Loss (income) from continuing operations | (3,262 | ) | 1,205 | (3,132 | ) | (17,288 | ) | ||||||||||
Income (loss) from discontinued operations | — | 672 | 19 | — | |||||||||||||
Net loss (income) | (3,262 | ) | 1,877 | (3,113 | ) | (17,288 | ) | ||||||||||
Basic loss (income) per share | |||||||||||||||||
(Loss) income from continuing operations | (0.09 | ) | 0.03 | (0.08 | ) | (0.40 | ) | ||||||||||
(Loss) income from discontinued operations | — | 0.02 | — | — | |||||||||||||
Net loss | (0.09 | ) | 0.05 | (0.08 | ) | (0.40 | ) | ||||||||||
Diluted loss (income) per share | |||||||||||||||||
Loss from continuing operations | (0.09 | ) | 0.03 | (0.08 | ) | (0.40 | ) | ||||||||||
(Loss) income from discontinued operations | — | 0.02 | — | — | |||||||||||||
Net loss | $ | (0.09 | ) | $ | 0.05 | $ | (0.08 | ) | $ | (0.40 | ) | ||||||
2013 (1) | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | 929 | $ | 1,192 | $ | 28 | $ | 362 | |||||||||
Gross profit (loss) | (922 | ) | 490 | 13 | 299 | ||||||||||||
Loss from continuing operations | (6,950 | ) | (4,086 | ) | (3,199 | ) | (1,635 | ) | |||||||||
Loss 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 from discontinued operations | (0.06 | ) | — | 0.01 | — | ||||||||||||
Net loss | $ | (0.29 | ) | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.04 | ) | |||||
-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. |
Organization_and_Summary_of_Si1
Organization and Summary of Signifcant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation and Consolidation | Basis of Presentation and Principles of Consolidation | |
The 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. 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 in conformity with generally accepted accounting principles (“GAAP”) 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, accounting for clinical trials, the valuation of stock based compensation, the impairment of long-lived assets 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 $289.9 million as of December 31, 2014, recorded a net loss of approximately $21.8 million for the year ended December 31, 2014 and has principally been financed through the sale of its common stock and other equity securities, debt financing and up-front payments received from commercial partners for the Company’s products under development. Funds raised in recent periods from the sale of common stock include approximately 1) $15.8 million from the Company’s May 2013 follow-on public offering, 2) $3.7 million in net proceeds during 2014 from the sale of common stock from its committed equity financing facility with Aspire Capital Fund, LLC (“Aspire Capital”) (see note 7 for further details) and 3) $2.2 million in net proceeds during 2014 from the sale of common stock via its “at-the-market” (“ATM”) stock selling facility, which was terminated in August 2014. These and other cash-generating activities should not necessarily be considered an indication of the Company’s ability to raise additional funds in the future. | ||
In February 2015, the Company entered into subscription agreements with certain purchasers pursuant to which it agreed to sell an aggregate of 6,043,955 shares of its common stock and issued warrants to purchase up to an additional 3,021,977 shares of its common stock. Each share of common stock was priced at $1.82 and included one half of a warrant to purchase a share of common stock. The warrants have an exercise price of $1.82 per share, are exercisable beginning six months and one day after the date of issuance and expire on the seventh anniversary of the date of issuance. The total net proceeds from the offering were $10.8 million after deducting expenses of approximately $0.2 million. The subscription agreements require that the Company obtain permission from certain of the purchasers prior to selling shares under its committed equity financing facility. | ||
Based upon its current operating plan, the access to additional capital under its committed equity financing facility, potential to borrow an additional amount of up to $5.0 million under our credit facility, and the $10.8 million received from the Company’s February 2015 financing, the Company believes it has sufficient cash to fund its on-going operations through the first quarter of 2016. | ||
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 or debt financings may have a dilutive effect on the holdings of the Company’s existing stockholders. | ||
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 not significant as of December 31, 2014 and 2013. | ||
Restricted Cash | Restricted Cash | |
Short term restricted cash of $0.3 million is primarily restricted cash held in escrow for environmental remediation services to be performed and for taxes in connection with the sale of our New Jersey facility, 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. | ||
Concentration of Credit Rsk | 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. Laboratoires Majorelle, Recordati Ireland Ltd., and Hexal AG accounted for approximately 45%, 27%, and 27%, respectively, of total revenues during the year ended December 31, 2014. In addition, one of these companies comprised 75% of the Company’s accounts receivable as of December 31, 2014. | ||
Inventories | Inventory Valuation | |
Inventories are stated at the lower of cost or estimated realizable value. The Company capitalizes inventory costs associated with its products after regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Otherwise, such costs are expensed as research and development. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and writes-down such inventories as appropriate. In addition, the Company’s products are subject to strict quality control and monitoring which is performed throughout the manufacturing process, which takes place at its contract manufacturer. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to cost of sales to write down such inventory to its estimated realizable value. | ||
Property and Equipment | Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets. The Company estimates useful lives as follows: | ||
• | Machinery and equipment: three to five years | |
• | Furniture and fixtures: ten years | |
• | Computer software: five years | |
Amortization of leasehold improvements and capital lease equipment 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). | ||
Leases | Leases | |
Leases are reviewed and classified as capital or operating at their inception. The Company records rent expense associated with operating leases on a straight-line basis over the term of the lease. The difference between rent payments and straight-line rent expense is recorded as deferred rent in accrued liabilities. | ||
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. | ||
Revenue Recognition | Revenue Recognition | |
The Company generates revenues from the licensing of technology rights and the sale of products, and historically, from the 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, and royalties on the sale 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. | ||
License Fee Revenue | ||
Consideration received for the Company’s 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 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. | ||
Product Sales Revenue | ||
The Company has supply and manufacturing agreements with certain of its licensee partners for the manufacture and delivery of Vitaros® product. These agreements do not permit the Company’s licensee partners to return product, unless the product sold to the licensee partner is short-dated as defined in each respective license agreement. In those cases, the Company defers revenue recognition on these shipments until the right of return no longer exists, which is the earlier of: (i) evidence that the product has been sold through to the end customer or (ii) the right of return expires. As such, the Company does not have a sales and returns allowance recorded as of December 31, 2014. | ||
In 2014, the Company commenced shipping of its Vitaros® product to its licensee partners and recognized product sales revenue on certain of these shipments since the criteria for revenue recognition was met. | ||
Royalty Revenue | ||
The Company relies on its commercial partners to sell its product, Vitaros®, in approved markets. The Company receives royalties from licensee partners based upon the amount of sales of licensed Vitaros® product consummated by its commercial partners. Royalty revenues are computed based on sales reported to the Company by its licensee partners on a quarterly basis and agreed upon royalty rates for the respective license agreement. | ||
Contract Service Revenue | ||
Revenue from contract sales services resulted primarily from the Company’s former subsidiaries, Scomedica SAS, NexMed Europe SAS and NexMed Pharma SAS (the “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 determined the period in which the performance obligation occurred and recognized revenue using the proportional performance method when the level of effort to complete its performance obligations under an arrangement was able to be reasonably estimated. The Company does not anticipate future revenues from contract services. | ||
Cost of Product Sales and Deferred Cost of Product Sales | Cost of Product Sales | |
The Company’s cost of product sales includes direct material and manufacturing overhead associated with the production of inventories. Cost of product sales is also affected by manufacturing efficiencies, allowances for scrap or expired material and additional costs related to initial production quantities of new products. | ||
Deferred Cost of Product Sales | ||
Deferred cost of product sales is stated at the lower of cost or net realizable value and includes product sold where title has transferred, but the criteria for revenue recognition have not been met. The Company’s deferred cost of product sales is included in prepaid expenses and other current assets in the consolidated balance sheets. | ||
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. | ||
Segment Information | Segment Information | |
The Company operates under one segment which develops pharmaceutical products. | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |
In November 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. This update clarifies how current guidance should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. In addition, it clarifies that in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (that is, the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The effects of initially adopting the new standard should be applied on a modified retrospective basis to existing hybrid financial instruments issued in a form of a share as of the beginning of the fiscal year for which the amendments are effective. Retrospective application is permitted to all relevant prior periods. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently in the process of evaluating whether the adoption of this update will have a material effect on its consolidated financial statements and related disclosures. | ||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements -Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this update will require management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern and, if management identifies conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, to disclose in the notes to the entity’s financial statements the principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of their significance, and management’s plans that alleviated or are intended to alleviate substantial doubt about the entity’s ability to continue as a going concern. This new standard is effective for annual periods ending after December 15, 2016 and early application is permitted. The Company is currently in the process of evaluating whether the adoption of this update will have a material effect on its consolidated financial statements and related disclosures. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires entities to recognize revenue in the way it expects to be entitled for the transfer of promised goods or services to customers. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. The Company is currently evaluating the effect that this pronouncement will have on its financial statements and related disclosures. | ||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU raises the threshold for a disposal to qualify as discontinued operations and requires new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. Under the new standard, companies report discontinued operations when they have a disposal that represents a strategic shift that has or will have a major impact on operations or financial results. This update will be applied prospectively and is effective for annual periods, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted provided the disposal was not previously disclosed. This update will not have a material impact on the Company's reported results of operations and financial position. |
Organization_and_Summary_of_Si2
Organization and Summary of Signifcant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Outstanding stock options | 3,955,548 | 2,351,237 | 2,213,916 | ||||||||||
Outstanding warrants | 6,859,682 | 6,185,492 | 3,205,492 | ||||||||||
Unvested restricted stock | — | 26,728 | 112,705 | ||||||||||
Convertible notes payable | — | 1,065,891 | 1,544,402 | ||||||||||
10,815,230 | 9,629,348 | 7,076,515 | |||||||||||
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): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
France | $ | 4,150 | $ | 921 | $ | 2,970 | |||||||
Europe- Other | 5,109 | 1,590 | 2,475 | ||||||||||
North America | — | — | 2,500 | ||||||||||
$ | 9,259 | $ | 2,511 | $ | 7,945 | ||||||||
-1 | Amounts included in Europe-other have not been broken out by country as it is impractical to do so given the nature and structure of the license agreements which cover multiple territories. See note 2 for further details related to these agreements. |
Ceased_and_Discontinued_Operat1
Ceased and Discontinued Operations (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Gain on Deconsolidation of Former French Subsidiaries | As a result, during the second quarter of 2014, the Company released the approximate $2.8 million liability previously recorded in connection with the deconsolidation of the former French Subsidiaries and recognized approximately $0.8 million as a gain on deconsolidation as follows: | ||||
Release of deconsolidation liability | $ | 2.8 | |||
Less: Payments made by Majorelle on the Company’s behalf | (2.0 | ) | |||
Gain on deconsolidation of former French Subsidiaries | $ | 0.8 | |||
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Inventory | Inventory is comprised of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 106 | $ | 209 | ||||
Work in process | 169 | 127 | ||||||
Inventory | $ | 275 | $ | 336 | ||||
Property and Equipment | Property and equipment are comprised of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Leasehold improvements | $ | 43 | $ | 20 | ||||
Machinery and equipment | 1,385 | 847 | ||||||
Capital lease equipment | 76 | 76 | ||||||
Computer software | 142 | 134 | ||||||
Furniture and fixtures | 37 | 34 | ||||||
Total property and equipment | 1,683 | 1,111 | ||||||
Less: accumulated depreciation and amortization | (325 | ) | (156 | ) | ||||
Property and equipment, net | $ | 1,358 | $ | 955 | ||||
Accrued Expenses | Accrued expenses are comprised of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred consideration to Forendo (Note 3) | $ | 2,500 | $ | — | ||||
Outside research and development services | 838 | 298 | ||||||
Professional fees | 625 | 997 | ||||||
Deferred compensation | 176 | 184 | ||||||
Environmental remediation | 126 | 168 | ||||||
Other | 290 | 472 | ||||||
$ | 4,555 | $ | 2,119 | |||||
Other Long Term Liabilities | Other long term liabilities are comprised of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred compensation | $ | 312 | $ | 487 | ||||
Deferred rent | 41 | 80 | ||||||
Capital lease payable | 5 | 11 | ||||||
$ | 358 | $ | 578 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Summary of Debt | The Company’s notes payable balance as of December 31, 2014 consisted of the following (in thousands): | ||||
Notes payable | $ | 5,000 | |||
Add: accretion of final payment fee | 16 | ||||
Less: unamortized debt discount | (237 | ) | |||
4,779 | |||||
Less: current portion of notes payable, net | (153 | ) | |||
$ | 4,626 | ||||
The Company’s convertible notes payable balance as of December 31, 2013 consisted of the following (in thousands): | |||||
Convertible notes payable | $ | 4,000 | |||
Less: conversions to common stock | (1,250 | ) | |||
2,750 | |||||
Less: unamortized debt discount | (150 | ) | |||
$ | 2,600 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity [Abstract] | |||||||||
Summary of Warrant Activity | A summary of warrant activity during the year ended December 31, 2014 is as follows: | ||||||||
Common Shares | Weighted | Weighted | |||||||
Issuable upon | Average | Average | |||||||
Exercise | Exercise | Remaining | |||||||
Price | Contractual | ||||||||
Life (in years) | |||||||||
Outstanding at December 31, 2013 | 6,185,492 | $ | 4.01 | 3.6 | |||||
Issued | 674,190 | 2.19 | |||||||
Exercised | — | — | |||||||
Cancelled | — | — | |||||||
Outstanding at December 31, 2014 | 6,859,682 | 3.83 | 2.7 | ||||||
Exercisable at December 31, 2014 | 6,859,682 | $ | 3.83 | 2.7 | |||||
The following table shows the number of outstanding warrants by exercise price and date of expiration as of December 31, 2014: | |||||||||
Shares Issuable Upon Exercise | Exercise Price | Expiration Date | |||||||
716,356 | $ | 2.27 | Oct-15 | ||||||
480,392 | $ | 2.55 | Dec-15 | ||||||
2,469,136 | $ | 5.25 | Feb-17 | ||||||
3,000,000 | $ | 3.4 | May-18 | ||||||
193,798 | $ | 1.29 | Jan-24 | ||||||
6,859,682 | |||||||||
Equity_Compensation_Plans_Tabl
Equity Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, 2014 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, 2013 | 2,351,237 | $ | 3.1 | 8.6 | $ | 444,012 | |||||||
Granted | 2,173,506 | 1.96 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | (569,195 | ) | 2.37 | ||||||||||
Outstanding as of December 31, 2014 | 3,955,548 | $ | 2.58 | 7.5 | $ | — | |||||||
Vested or expected to vest as of December 31, 2014 | 3,837,625 | $ | 2.61 | 7.4 | $ | — | |||||||
Exercisable as of December 31, 2014 | 1,613,222 | $ | 3.42 | 5.1 | $ | — | |||||||
Schedule of Nonvested Restricted Stock Units Activity | A summary of stock award activity during the year ended December 31, 2014 is as follows: | ||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair Value Per Share | ||||||||||||
Nonvested as of December 31, 2013 | 26,728 | $ | 4.58 | ||||||||||
Granted | — | — | |||||||||||
Vested | (26,728 | ) | 4.58 | ||||||||||
Forfeited | — | — | |||||||||||
Nonvested as of December 31, 2014 | — | $ | — | ||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.58% - 1.96% | 1.08% - 1.85% | 0.6% - 1.1% | ||||||||||
Volatility | 80.75 | % | 70 | % | 70 | % | |||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected term | 5.25- 6.08 years | 5.25-6.25 years | 5.25-6.0 years | ||||||||||
Forfeiture rate | 3.6 | % | 2.66 | % | 2.66 | % | |||||||
Weighted average fair value | $ | 1.25 | $ | 1.52 | $ | 1.95 | |||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Research and development | $ | 267 | $ | 225 | $ | 299 | |||||||
General and administrative | 1,464 | 1,767 | 2,618 | ||||||||||
$ | 1,731 | $ | 1,992 | $ | 2,917 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Expense or Benefit | Details of income tax expense are as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
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, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating tax loss carryforwards | $ | 60,380 | $ | 59,927 | |||||||||
Research and development tax credits | 534 | 404 | |||||||||||
Deferred compensation | 168 | 269 | |||||||||||
Other accruals and reserves | 670 | 504 | |||||||||||
Basis of intangible assets | 4,610 | (45 | ) | ||||||||||
Total deferred tax asset | 66,362 | 61,059 | |||||||||||
Less valuation allowance | (66,362 | ) | (61,059 | ) | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the Company’s unrecognized tax benefits from January 1, 2014 through December 31, 2014 is provided in the following table (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Beginning balance | $ | 2,795 | $ | 2,879 | |||||||||
Increase in current period positions | 34 | 41 | |||||||||||
Decrease in prior period positions | (7 | ) | (125 | ) | |||||||||
Ending balance | $ | 2,822 | $ | 2,795 | |||||||||
Reconciliation of Income Taxes | The reconciliation of income taxes computed using the statutory United States income tax rate and the provision (benefit) for income taxes for continuing operations for the years ended December 31, 2014, 2013, and 2012, are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | (34 | )% | (34 | )% | (34 | )% | |||||||
State taxes, net of federal benefit | (1 | )% | (1 | )% | (3 | )% | |||||||
Valuation allowance | 22 | % | 37 | % | 20 | % | |||||||
Prior year true-ups | 17 | % | 1 | % | 6 | % | |||||||
Foreign rate difference | — | % | — | % | 2 | % | |||||||
Permanent differences | (3 | )% | (1 | )% | 11 | % | |||||||
Tax credits | (1 | )% | (2 | )% | — | % | |||||||
Income tax expense | — | % | — | % | 2 | % |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Rental Payments under Operating Leases | Future minimum rental payments under operating leases as of December 31, 2014 are as follows (in thousands): | ||||
2015 | $ | 515 | |||
2016 | 416 | ||||
Total | $ | 931 | |||
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||||
2014 | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | — | $ | 5,454 | $ | 1,898 | $ | 1,907 | |||||||||
Gross profit (loss) | — | 5,379 | 1,413 | 1,549 | |||||||||||||
Loss (income) from continuing operations | (3,262 | ) | 1,205 | (3,132 | ) | (17,288 | ) | ||||||||||
Income (loss) from discontinued operations | — | 672 | 19 | — | |||||||||||||
Net loss (income) | (3,262 | ) | 1,877 | (3,113 | ) | (17,288 | ) | ||||||||||
Basic loss (income) per share | |||||||||||||||||
(Loss) income from continuing operations | (0.09 | ) | 0.03 | (0.08 | ) | (0.40 | ) | ||||||||||
(Loss) income from discontinued operations | — | 0.02 | — | — | |||||||||||||
Net loss | (0.09 | ) | 0.05 | (0.08 | ) | (0.40 | ) | ||||||||||
Diluted loss (income) per share | |||||||||||||||||
Loss from continuing operations | (0.09 | ) | 0.03 | (0.08 | ) | (0.40 | ) | ||||||||||
(Loss) income from discontinued operations | — | 0.02 | — | — | |||||||||||||
Net loss | $ | (0.09 | ) | $ | 0.05 | $ | (0.08 | ) | $ | (0.40 | ) | ||||||
2013 (1) | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
Total revenue | $ | 929 | $ | 1,192 | $ | 28 | $ | 362 | |||||||||
Gross profit (loss) | (922 | ) | 490 | 13 | 299 | ||||||||||||
Loss from continuing operations | (6,950 | ) | (4,086 | ) | (3,199 | ) | (1,635 | ) | |||||||||
Loss 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 from discontinued operations | (0.06 | ) | — | 0.01 | — | ||||||||||||
Net loss | $ | (0.29 | ) | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.04 | ) | |||||
-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. |
Organization_and_Summary_of_Si3
Organization and Summary of Signifcant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Feb. 28, 2015 | Aug. 31, 2014 | Oct. 17, 2014 | |
Segment | |||||||||||||||
Basis of Presentation | |||||||||||||||
Retained earnings (accumulated deficit) | $289,852,000 | $268,066,000 | $289,852,000 | $268,066,000 | |||||||||||
Net income (loss) | 17,288,000 | 3,113,000 | -1,877,000 | 3,262,000 | 1,345,000 | 2,985,000 | 3,935,000 | 8,673,000 | 21,786,000 | 16,938,000 | 31,771,000 | ||||
Proceeds from issuance of common stock | 5,913,000 | 16,612,000 | 20,410,000 | ||||||||||||
Warrants issued (in shares) | 193,798 | ||||||||||||||
Exercise Price | $2.55 | ||||||||||||||
Cash and cash equivalent, maturity period | 3 months | ||||||||||||||
Restricted cash held in escrow | 300,000 | 300,000 | |||||||||||||
Number of operating segments | 1 | ||||||||||||||
Open purchase orders, net | 5,300,000 | 5,300,000 | |||||||||||||
Follow-on public offering | |||||||||||||||
Basis of Presentation | |||||||||||||||
Proceeds from issuance of common stock | 15,800,000 | ||||||||||||||
Aspire Capital Common Stock Purchase Agreement | |||||||||||||||
Basis of Presentation | |||||||||||||||
Proceeds from issuance of common stock | 3,700,000 | ||||||||||||||
At-the-market stock sales | |||||||||||||||
Basis of Presentation | |||||||||||||||
Proceeds from issuance of common stock | 2,200,000 | ||||||||||||||
Machinery and Equipment | Minimum | |||||||||||||||
Basis of Presentation | |||||||||||||||
Useful lives of property and equipment | 3 years | ||||||||||||||
Machinery and Equipment | Maximum | |||||||||||||||
Basis of Presentation | |||||||||||||||
Useful lives of property and equipment | 5 years | ||||||||||||||
Furniture and Fixtures | |||||||||||||||
Basis of Presentation | |||||||||||||||
Useful lives of property and equipment | 10 years | ||||||||||||||
Computer Software | |||||||||||||||
Basis of Presentation | |||||||||||||||
Useful lives of property and equipment | 5 years | ||||||||||||||
Subsequent Event | |||||||||||||||
Basis of Presentation | |||||||||||||||
Proceeds from issuance of common stock and warrants, net of issuance cost | 10,800,000 | ||||||||||||||
Stock and warrant issuance costs | 200,000 | ||||||||||||||
Common Stock | Subsequent Event | |||||||||||||||
Basis of Presentation | |||||||||||||||
Warrants issued (in shares) | 3,021,977 | ||||||||||||||
Exercise Price | $1.82 | ||||||||||||||
Common Stock | |||||||||||||||
Basis of Presentation | |||||||||||||||
Issuance of common stock, net of offering costs (shares) | 2,400,000 | 255,161 | |||||||||||||
Common Stock | Subsequent Event | |||||||||||||||
Basis of Presentation | |||||||||||||||
Issuance of common stock, net of offering costs (shares) | 6,043,955 | ||||||||||||||
Loan And Security Agreement | |||||||||||||||
Basis of Presentation | |||||||||||||||
Line of credit facility, maximum borrowing capacity | 10,000,000 | ||||||||||||||
Loan And Security Agreement | Common Stock | |||||||||||||||
Basis of Presentation | |||||||||||||||
Exercise Price | $1.29 | ||||||||||||||
Loan And Security Agreement | Term Loan 2 | |||||||||||||||
Basis of Presentation | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $5,000,000 | ||||||||||||||
Accounts Receivable | |||||||||||||||
Basis of Presentation | |||||||||||||||
Number of companies | 1 | 1 | |||||||||||||
Concentration risk, percentage | 75.00% | ||||||||||||||
Accounts Receivable | Customer One | |||||||||||||||
Basis of Presentation | |||||||||||||||
Concentration risk, percentage | 45.00% | ||||||||||||||
Accounts Receivable | Customer Two | |||||||||||||||
Basis of Presentation | |||||||||||||||
Concentration risk, percentage | 27.00% | ||||||||||||||
Accounts Receivable | Customer Three | |||||||||||||||
Basis of Presentation | |||||||||||||||
Concentration risk, percentage | 27.00% |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of securities that are antidilutive | 10,815,230 | 9,629,348 | 7,076,515 |
Outstanding stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of securities that are antidilutive | 3,955,548 | 2,351,237 | 2,213,916 |
Outstanding warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of securities that are antidilutive | 6,859,682 | 6,185,492 | 3,205,492 |
Unvested restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of securities that are antidilutive | 0 | 26,728 | 112,705 |
Convertible notes payable | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of securities that are antidilutive | 0 | 1,065,891 | 1,544,402 |
Organization_and_Summary_of_Si5
Organization and Summary of Signifcant Accounting Policies - Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $1,907 | $1,898 | $5,454 | $0 | $362 | $28 | $1,192 | $929 | $9,259 | $2,511 | $7,945 |
France | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,150 | 921 | 2,970 | ||||||||
Europe- Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,109 | 1,590 | 2,475 | ||||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $0 | $0 | $2,500 |
Vitaros_Licensing_Agreements_A
Vitaros Licensing Agreements - Additional Information (Detail) | 12 Months Ended | 36 Months Ended | 49 Months Ended | 36 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 14 Months Ended | 1 Months Ended | 11 Months Ended | 28 Months Ended | 72 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Feb. 28, 2015 | Jan. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Abbott 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 | Sandoz License Amendment Agreement | Sandoz License Amendment Agreement | Majorelle License Agreement | Majorelle License Agreement | Majorelle License Agreement | Majorelle License 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 | Actavis plc | |
USD ($) | USD ($) | EUR (€) | USD ($) | Maximum | Maximum | Vitaros | USD ($) | USD ($) | Maximum | Maximum | Vitaros | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum | Maximum | USD ($) | USD ($) | EUR (€) | USD ($) | Maximum | Maximum | Maximum | Maximum | USD ($) | ||||
USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | Subsequent Event | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||||||||||||||||||
USD ($) | ||||||||||||||||||||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from licensing agreement | $2,500,000 | $1,300,000 | $400,000 | $200,000 | $1,800,000 | $2,000,000 | $2,500,000 | $2,500,000 | $1,000,000 | $2,500,000 | ||||||||||||||||||||||
Expected upfront license fees and milestone payments | 13,200,000 | 5,500,000 | 4,500,000 | 200,000 | 200,000 | 100,000 | 42,100,000 | 34,650,000 | 2,500,000 | |||||||||||||||||||||||
Deferred revenue | 2,000,000 | 2,500,000 | ||||||||||||||||||||||||||||||
License revenue | 8,454,000 | 941,000 | 4,276,000 | 4,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 3,000,000 | 4,000,000 | |||||||||||||||||||||||
Future expected proceeds from marketing launch milestones | 1,500,000 | |||||||||||||||||||||||||||||||
Future expected proceeds from sales milestones | 50,700,000 | 41,750,000 | 18,800,000 | 15,500,000 | 41,900,000 | 34,500,000 | ||||||||||||||||||||||||||
Payments made by Majorelle on behalf of the Company | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||
Future expected proceeds from regulatory milestones | 2,000,000 | |||||||||||||||||||||||||||||||
Future expected proceeds from commercial launch payments | 1,200,000 | 1,000,000 | ||||||||||||||||||||||||||||||
Accrued license fees | $2,500,000 | $0 | $2,000,000 |
InLicensing_Agreement_Details
In-Licensing Agreement (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 17, 2014 | Oct. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Accrued license fees | $2,500,000 | $0 | $2,500,000 | |||||
Research and development | 21,288,000 | 5,123,000 | 5,375,000 | |||||
Issuance of common stock, value | 792,000 | |||||||
Forendo License Agreement | Option To Purchase A Drug Product | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Payment of license fees | 5,000,000 | |||||||
Maximum product license agreement, regulatory milestone payment | 45,000,000 | |||||||
Accrued license fees | 2,500,000 | 2,500,000 | ||||||
Maximum product license agreement, commercial milestone payment | 260,000,000 | |||||||
Research and development | 13,600,000 | |||||||
Transaction costs | 200,000 | |||||||
Common Stock | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Issuance of common stock (shares) | 255,161 | 2,400,000 | ||||||
Common Stock | Forendo License Agreement | Option To Purchase A Drug Product | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Issuance of common stock (shares) | 3,600,000 | |||||||
Issuance of common stock, value | $5,900,000 |
Ceased_and_Discontinued_Operat2
Ceased and Discontinued Operations - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | USD ($) | Majorelle License Agreement | Majorelle License Agreement | Scomedica | |
USD ($) | USD ($) | EUR (€) | ||||
Business Acquisition [Line Items] | ||||||
Loss contingency, damages sought | € 4,100,000 | |||||
Payments made by Majorelle on behalf of the Company | 2,000,000 | 2,000,000 | ||||
Release of deconsolidation liability | 2,000,000 | 0 | 0 | 2,800,000 | ||
Deconsolidation of former French Subsidiaries | $846,000 | $641,000 | $0 | $800,000 |
Gain_on_Deconsolidation_Detail
- Gain on Deconsolidation (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | |||||
Release of deconsolidation liability | $2,000,000 | $0 | $0 | ||
Gain on deconsolidation of former French Subsidiaries | 846,000 | 641,000 | 0 | ||
Majorelle License Agreement | |||||
Business Acquisition [Line Items] | |||||
Release of deconsolidation liability | 2,800,000 | ||||
Less: Payments made by Majorelle on the Company’s behalf | -2,000,000 | -2,000,000 | |||
Gain on deconsolidation of former French Subsidiaries | $800,000 |
Ceased_and_Discontinued_Operat3
Ceased and Discontinued Operations - Sale of Bio-Quant (Details) (USD $) | 12 Months Ended | 1 Months Ended | 5 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | 31-May-14 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of subsidiary | $50,000 | $255,000 | $250,000 | ||
Sale Of Bio Quant Incorporated | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of subsidiary | 700,000 | 600,000 | 100,000 | ||
Gain on disposal of discontinued operations | $700,000 |
Other_Financial_Information_In
Other Financial Information - Inventory (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $106 | $209 |
Work in process | 169 | 127 |
Inventory | $275 | $336 |
Other_Financial_Information_Pr
Other Financial Information - Property and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Leasehold improvements | $43 | $20 | |
Machinery and equipment | 1,385 | 847 | |
Capital lease equipment | 76 | 76 | |
Computer software | 142 | 134 | |
Furniture and fixtures | 37 | 34 | |
Total property and equipment | 1,683 | 1,111 | |
Less: accumulated depreciation and amortization | -325 | -156 | |
Property and equipment, net | 1,358 | 955 | |
Depreciation | $200 | $100 | $200 |
Other_Financial_Information_Ac
Other Financial Information - Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Deferred consideration to Forendo | $2,500 | $0 |
Outside research and development services | 838 | 298 |
Professional fees | 625 | 997 |
Deferred compensation | 176 | 184 |
Environmental remediation | 126 | 168 |
Other | 290 | 472 |
Accrued expenses | $4,555 | $2,119 |
Other_Financial_Information_Ot
Other Financial Information - Other Long-term Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred compensation | $312 | $487 |
Deferred rent | 41 | 80 |
Capital lease payable | 5 | 11 |
Other long term liabilities | $358 | $578 |
Other_Financial_Information_De
Other Financial Information - (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Deferred compensation, current | $176 | $184 |
Chief Executive Officer And President | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Severance payable period | 180 months | |
Deferred compensation, current | $200 | $200 |
Other_Financial_Information_Ga
Other Financial Information - Gain on Contract Settlement (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on contract settlement | $910,000 | $534,000 | $0 |
Return of common stock in connection with contract settlement (shares) | 388,888 | ||
TopoTarget | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on contract settlement | 500,000 | ||
Business acquisition, value of common stock issued | 1,200,000 | ||
Contingent consideration, liability | $1,700,000 |
Debt_Credit_Agreement_Details
Debt - Credit Agreement (Details) (USD $) | 0 Months Ended | |
Oct. 17, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Number of securities called by warrants (shares) | 480,392 | 6,859,682 |
Warrant exercise price (USD per share) | $2.55 | |
Loan And Security Agreement | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $10,000,000 | |
Debt instrument final payment fee, percentage | 6.00% | |
Loan And Security Agreement | Common Stock | ||
Debt Instrument [Line Items] | ||
Number of securities called by warrants (shares) | 193,798 | |
Warrant exercise price (USD per share) | $1.29 | |
Loan And Security Agreement | Term Loan 1 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 5,000,000 | |
Interest rate | 7.95% | |
Debt instrument, prepayment fee, percentage | 3.00% | |
Loan And Security Agreement | Term Loan 2 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $5,000,000 |
Debt_Term_Loans_Details
Debt - Term Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Oct. 17, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Notes payable | $1,225 | $2,750 | |
Loan And Security Agreement | Term Loan 1 | |||
Debt Instrument [Line Items] | |||
Notes payable | 5,000 | ||
Add: accretion of final payment fee | 16 | ||
Less: unamortized debt discount | -237 | ||
Long-term Debt | 4,779 | ||
Less: current portion of notes payable, net | -153 | ||
Long-term debt, excluding current maturities | 4,626 | ||
Interest expense | $100 |
Debt_2012_Convertible_Notes_De
Debt - 2012 Convertible Notes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 17, 2014 |
Debt Instrument [Line Items] | |||||
Notes payable | $2,750 | $1,225 | |||
Shares Issuable Upon Exercise | 6,859,682 | 6,859,682 | 480,392 | ||
Warrant exercise price (USD per share) | $2.55 | ||||
Loss on extinguishment of debt | $100 | ($82) | $0 | $0 | |
Convertible Note 2012 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.00% |
Debt_Detail
Debt - (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Oct. 17, 2014 |
Debt Disclosure [Abstract] | ||
Convertible notes payable | $4,000 | |
Less: conversions to common stock | -1,250 | |
Notes payable | 2,750 | 1,225 |
Less: unamortized debt discount | -150 | |
Convertible notes payable | $2,600 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Interest expense | $0.20 | $0.50 | $0.30 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | Aug. 31, 2014 | Sep. 30, 2014 | Oct. 17, 2014 | |
Stockholders Equity Note | |||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |||||
Preferred stock, par value (USD per share) | $0.00 | $0.00 | |||||
Preferred stock shares outstanding (in shares) | 0 | 0 | |||||
Warrants issued (in shares) | 193,798 | ||||||
Proceeds from issuance of common stock | $5,913,000 | $16,612,000 | $20,410,000 | ||||
Proceeds from exercise of warrants | 0 | 46,000 | 40,000 | ||||
Number of warrants exercised | 20,000 | 17,595 | |||||
Shares Issuable Upon Exercise | 6,859,682 | 480,392 | |||||
Warrant exercise price (USD per share) | $2.55 | ||||||
Subsequent Event | |||||||
Stockholders Equity Note | |||||||
Proceeds from issuance of common stock and warrants, net of issuance cost | 10,800,000 | ||||||
Stock and warrant issuance costs | 200,000 | ||||||
Subsequent Event | Common Stock | |||||||
Stockholders Equity Note | |||||||
Warrants issued (in shares) | 3,021,977 | ||||||
Warrant exercise price (USD per share) | $1.82 | ||||||
At-the-market equity offering | |||||||
Stockholders Equity Note | |||||||
Issuance of common stock (shares) | 954,922 | 312,450 | 515,329 | ||||
Proceeds from issuance of common stock | 800,000 | 2,000,000 | |||||
Offerings | |||||||
Stockholders Equity Note | |||||||
Proceeds from exercise of warrants | 50,000 | 40,000 | |||||
Series A Junior Participating Preferred Stock | |||||||
Stockholders Equity Note | |||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | ||||||
Series B 8% Cumulative Convertible Preferred Stock | |||||||
Stockholders Equity Note | |||||||
Preferred stock, shares authorized (in shares) | 800 | ||||||
Preferred stock dividend rate | 8.00% | ||||||
Series C 6% Cumulative Convertible Preferred Stock | |||||||
Stockholders Equity Note | |||||||
Preferred stock, shares authorized (in shares) | 600 | ||||||
Preferred stock dividend rate | 6.00% | ||||||
Series D Junior Participating Cumulative Preferred Stock | |||||||
Stockholders Equity Note | |||||||
Preferred stock, shares authorized (in shares) | 50,000 | ||||||
Common Stock | |||||||
Stockholders Equity Note | |||||||
Issuance of common stock (shares) | 255,161 | 2,400,000 | |||||
Common share purchase agreement, shares authorized | 22,000,000 | ||||||
Common stock purchase agreement, term | 24 months | ||||||
Common stock purchase agreement, commitment fee, amount | 400,000 | ||||||
Common stock, shares authorized, remaining amount | $18,200,000 | ||||||
Weighted average sales price per share (USD per share) | $1.62 | ||||||
Common Stock | Subsequent Event | |||||||
Stockholders Equity Note | |||||||
Issuance of common stock (shares) | 6,043,955 | ||||||
Common Stock | Loan And Security Agreement | |||||||
Stockholders Equity Note | |||||||
Shares Issuable Upon Exercise | 193,798 | ||||||
Warrant exercise price (USD per share) | $1.29 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Warrant Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Common shares Issuable upon Exercise | ||
Outstanding at December 31, 2013 (in shares) | 6,185,492 | |
Issued (in shares) | 674,190 | |
Exercised (in shares) | 0 | |
Cancelled (in shares) | 0 | |
Outstanding as of December 31, 2014 (in shares) | 6,859,682 | |
Exercisable at December 31, 2014 (in shares) | 6,859,682 | |
Weighted Average Exercise Price | ||
Outstanding at December 31, 2013 (USD per Share) | $4.01 | |
Issued (USD per Share) | $2.19 | |
Exercised (USD per Share) | $0 | |
Cancelled (USD per Share) | $0 | |
Outstanding at December 31, 2014 (USD per Share) | $3.83 | |
Exercisable at December 31, 2014 (USD per Share) | $3.83 | |
Weighted Average Contractual Life | ||
Outstanding at December 31, 2013 (in years) | 3 years 7 months 6 days | |
Outstanding at December 31, 2014 (in years) | 2 years 8 months 6 days | |
Exercisable at December 31, 2014 (in years) | 2 years 8 months 6 days |
Stockholders_Equity_Warrants_O
Stockholders' Equity - Warrants Outstanding by Expiration Date (Details) (USD $) | Dec. 31, 2014 | Oct. 17, 2014 |
Class of Warrant or Right [Line Items] | ||
Shares Issuable Upon Exercise | 6,859,682 | 480,392 |
Exercise Price | $2.55 | |
Oct-15 | ||
Class of Warrant or Right [Line Items] | ||
Shares Issuable Upon Exercise | 716,356 | |
Exercise Price | 2.27 | |
Dec-15 | ||
Class of Warrant or Right [Line Items] | ||
Shares Issuable Upon Exercise | 480,392 | |
Exercise Price | $2.55 | |
Feb-17 | ||
Class of Warrant or Right [Line Items] | ||
Shares Issuable Upon Exercise | 2,469,136 | |
Exercise Price | 5.25 | |
May-18 | ||
Class of Warrant or Right [Line Items] | ||
Shares Issuable Upon Exercise | 3,000,000 | |
Exercise Price | 3.4 | |
Jan-24 | ||
Class of Warrant or Right [Line Items] | ||
Shares Issuable Upon Exercise | 193,798 | |
Exercise Price | $1.29 |
Equity_Compensation_Plans_Addi
Equity Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Common shares authorized for issuance | 6,800,000 | ||
Common shares available for future grants | 1,600,000 | ||
Stock options exercisable (number of shares) | 1,613,222 | 752,815 | 856,868 |
Aggregate intrinsic value of options exercised | $16,000 | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Non Vested Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation cost related to non-vested stock options | 2,700,000 | ||
Unrecognized compensation cost related to non-vested stock options, recognition period (in years) | 2 years 10 months 8 days | ||
2012 Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Options vesting period | 1 year | ||
2012 Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Options vesting period | 4 years | ||
Term of options | 10 years |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of shares | |||
Outstanding as of December 31, 2013 (shares) | 2,351,237 | ||
Granted (shares) | 2,173,506 | ||
Exercised (shares) | 0 | ||
Cancelled (shares) | -569,195 | ||
Outstanding as of December 31, 2014 (shares) | 3,955,548 | 2,351,237 | |
Stock options vested or expected to vest as of December 31, 2014 (shares) | 3,837,625 | ||
Stock options exercisable as of December 31, 2014 (number of shares) | 1,613,222 | 752,815 | 856,868 |
Weighted-Average Exercise Price | |||
Beginning balance (USD per share) | $3.10 | ||
Granted (USD per share) | $1.96 | ||
Exercised (USD per share) | $0 | ||
Cancelled (USD per share) | $2.37 | ||
Ending balance (USD per share) | $2.58 | $3.10 | |
Weighted-average exercise price of vested or expected to vest stock options (USD per share) | $2.61 | ||
Weighted-average exercise price of exercisable stock options (USD per share) | $3.42 | ||
Weighted Average Remaining Contractual Life (in years) | |||
Outstanding (in years) | 7 years 6 months 6 days | 8 years 7 months 24 days | |
Weighted Average Remaining Contractual Life (in years) of vested or expected to vest stock options | 7 years 5 months 6 days | ||
Weighted Average Remaining Contractual Life (in years) of exercisable stock options | 5 years 1 month | ||
Total Aggregate Intrinsic Value | |||
Beginning Balance | $444,012 | ||
Ending Balance | 0 | 444,012 | |
Total aggregate intrinsic value of vested or expected to vest stock options | 0 | ||
Total aggregate intrinsic value of exercisable stock options | $0 |
Equity_Compensation_Plans_Summ1
Equity Compensation Plans - Summary Of Restricted Stock Award Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Number of Shares | |
Nonvested as of December 31, 2013 | 26,728 |
Shares granted | 0 |
Shares vested and granted | -26,728 |
Shares forfeited | 0 |
Nonvested as of December 31, 2014 | 0 |
Stock Awards | |
Weighted Average Grant Date Fair Value Per Share | |
Nonvested Weighted Average Grant Date Fair Value as of December 31, 2013 (USD per share) | 4.58 |
Shares granted (USD per share) | 0 |
Shares vested and issued (USD per share) | 4.58 |
Shares forfeited (USD per share) | 0 |
Date Fair Value as of December 31, 2014 (USD per share) | 0 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Risk-free interest rate, minimum | 1.58% | 1.08% | 0.60% |
Risk-free interest rate, maximum | 1.96% | 1.85% | 1.10% |
Volatility | 80.75% | 70.00% | 70.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Forfeiture rate | 3.60% | 2.66% | 2.66% |
Weighted average fair value | $1.25 | $1.52 | $1.95 |
Minimum | |||
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Expected term (in years) | 5 years 3 months | 5 years 3 months | 5 years 3 months |
Maximum | |||
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Expected term (in years) | 6 years 0 months 29 days | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $1,731 | $1,992 | $2,917 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 267 | 225 | 299 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $1,464 | $1,767 | $2,618 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | $174.70 | |
Non current deferred tax benefits | $60.90 | $60.30 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense or Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 0 | 516 |
Total deferred | 0 | 0 | 516 |
Total income tax expense | $0 | $0 | $516 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating tax loss carryforwards | $60,380 | $59,927 |
Research and development tax credits | 534 | 404 |
Deferred compensation | 168 | 269 |
Other accruals and reserves | 670 | 504 |
Basis of intangible assets | 4,610 | -45 |
Total deferred tax asset | 66,362 | 61,059 |
Less valuation allowance | -66,362 | -61,059 |
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, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $2,795 | $2,879 |
Increase in current period positions | 34 | 41 |
Decrease in prior period positions | -7 | -125 |
Ending balance | $2,822 | $2,795 |
Income_Taxes_Reconciliation_Of
Income Taxes - Reconciliation Of Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | -34.00% | -34.00% | -34.00% |
State taxes, net of federal benefit | -1.00% | -1.00% | -3.00% |
Valuation allowance | 22.00% | 37.00% | 20.00% |
Prior year true-ups | 17.00% | 1.00% | 6.00% |
Foreign rate difference | 0.00% | 0.00% | 2.00% |
Permanent differences | -3.00% | -1.00% | 11.00% |
Tax credits | -1.00% | -2.00% | 0.00% |
Income tax expense | 0.00% | 0.00% | 2.00% |
Commitments_And_Contingencies_1
Commitments And Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended |
Dec. 31, 2014 | Dec. 31, 2011 | |
Commitments And Contingencies [Line Items] | ||
Operating lease, rent expense | $400,000 | |
Open purchase orders, net | 5,300,000 | |
San Diego California | ||
Commitments And Contingencies [Line Items] | ||
Operating lease, agreement period | 5 years | |
Operating lease, renewal option | 5 years | |
Operating lease, monthly rent | $24,000 | |
Operating leases rent expense percentage of annual escalation | 3.00% | |
Operating lease, rent abatement period | 5 months |
Commitments_And_Contingencies_2
Commitments And Contingencies - Future Minimum Rental Payments Under Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $515 |
2016 | 416 |
Total | $931 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $1,907 | $1,898 | $5,454 | $0 | $362 | $28 | $1,192 | $929 | $9,259 | $2,511 | $7,945 |
Gross profit (loss) | 1,549 | 1,413 | 5,379 | 0 | 299 | 13 | 490 | -922 | 8,341 | -120 | 3,705 |
Loss (income) from continuing operations | -17,288 | -3,132 | 1,205 | -3,262 | -1,635 | -3,199 | -4,086 | -6,950 | -22,477 | -15,870 | -25,676 |
Income (loss) from discontinued operations | 0 | 19 | 672 | 0 | 290 | 214 | 151 | -1,723 | 691 | -1,068 | -6,095 |
Net loss | ($17,288) | ($3,113) | $1,877 | ($3,262) | ($1,345) | ($2,985) | ($3,935) | ($8,673) | ($21,786) | ($16,938) | ($31,771) |
Income (loss) from continuing operations, per basic share | ($0.40) | ($0.08) | $0.03 | ($0.09) | |||||||
Discontinued operation, income (loss) from discontinued operation, net of tax, per basic share | $0 | $0 | $0.02 | $0 | |||||||
Earnings per share, basic | ($0.40) | ($0.08) | $0.05 | ($0.09) | |||||||
Income (loss) from continuing operations, per diluted share | ($0.40) | ($0.08) | $0.03 | ($0.09) | |||||||
Discontinued operation, income (loss) from discontinued operation, net of tax, per diluted share | $0 | $0 | $0.02 | $0 | |||||||
Earnings per share, diluted | ($0.40) | ($0.08) | $0.05 | ($0.09) | |||||||
Basic and diluted loss per share | |||||||||||
Loss from continuing operations (USD per share) | ($0.04) | ($0.09) | ($0.12) | ($0.23) | ($0.57) | ($0.46) | ($0.94) | ||||
Income (loss) from discontinued operations (USD per share) | $0 | $0.01 | $0 | ($0.06) | $0.02 | ($0.03) | ($0.22) | ||||
Net loss per share (USD per share) | ($0.04) | ($0.08) | ($0.12) | ($0.29) | ($0.55) | ($0.49) | ($1.16) |