Arqule (ARQL) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 22, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ARQULE INC
Entity Central Index Key	1,019,695
Trading Symbol	arql
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		62,881,261
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 14,111	$ 12,525
Marketable securities-short term	33,890	46,683
Prepaid expenses and other current assets	601	1,893
Total current assets	48,602	61,101
Marketable securities-long term		2,058
Property and equipment, net	322	133
Other assets	252	102
Total assets	49,176	63,394
Current liabilities:
Accounts payable and accrued expenses	5,737	6,947
Current portion of deferred revenue	10,157	11,098
Deferred gain on sale leaseback		232
Total current liabilities	15,894	18,277
Deferred revenue, net of current portion		4,572
Total liabilities	$ 15,894	$ 22,849
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value; 100,000,000 shares authorized; 62,880,485 and 62,821,781 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 629	$ 628
Additional paid-in capital	509,571	508,270
Accumulated other comprehensive loss	(7)	(10)
Accumulated deficit	(476,911)	(468,343)
Total stockholders' equity	33,282	40,545
Total liabilities and stockholders' equity	$ 49,176	$ 63,394

CONDENSED BALANCE SHEETS (Unau3

CONDENSED BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	62,880,485	62,821,781
Common stock, shares outstanding	62,880,485	62,821,781

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Research and development revenue	$ 3,004	$ 2,901	$ 5,789	$ 5,577
Costs and expenses:
Research and development	4,327	6,236	8,740	12,967
General and administrative	2,776	3,071	5,963	6,321
Total costs and expenses	7,103	9,307	14,703	19,288
Loss from operations	(4,099)	(6,406)	(8,914)	(13,711)
Interest income	28	76	64	171
Interest expense		(10)		(17)
Other income	54	1	282	77
Net loss	(4,017)	(6,339)	(8,568)	(13,480)
Unrealized gain (loss) on marketable securities	(8)	(4)	3	(21)
Comprehensive loss	$ (4,025)	$ (6,343)	$ (8,565)	$ (13,501)
Basic and diluted net loss per share:
Net loss per share (in dollars per share)	$ (0.06)	$ (0.10)	$ (0.14)	$ (0.22)
Weighted average basic and diluted common shares outstanding (in shares)	62,754	62,627	62,747	62,605

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (8,568)	$ (13,480)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	91	409
Amortization of premium on marketable securities	322	633
Amortization of deferred gain on sale leaseback	(232)	(278)
Non-cash stock compensation	1,240	1,880
Gain on auction rate securities		(77)
Gain on sale of property and equipment	(282)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,196	(1)
Accounts payable and accrued expenses	(1,210)	(616)
Deferred revenue	(5,513)	(5,464)
Net cash used in operating activities	(12,956)	(16,994)
Cash flows from investing activities:
Purchases of marketable securities	(11,807)	(14,100)
Proceeds from sale or maturity of marketable securities	26,339	26,672
Additions to property and equipment	(280)
Proceeds from sale of property and equipment	228
Net cash provided by investing activities	14,480	12,572
Cash flows from financing activities:
Proceeds from employee stock plan purchases	62	57
Net cash provided by financing activities	62	57
Net increase (decrease) in cash and cash equivalents	1,586	(4,365)
Cash and cash equivalents, beginning of period	12,525	15,579
Cash and cash equivalents, end of period	$ 14,111	$ 11,214

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
Organization and Nature Of Operations [Abstract]
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION We are a clinical-stage biotechnology company organized as a Delaware corporation in 1993 engaged in the research and development of innovative therapeutics to treat cancers and rare diseases. Our mission is to produce novel drugs with differentiated mechanisms of action that will extend and improve the lives of our patients. These drugs target biological pathways implicated in a wide range of cancers and certain non-oncology indications. Our prioritized clinical stage pipeline consists of four product candidates, all of which are in targeted, biomarker-defined populations. Our drug discovery efforts focus on a number of pre-clinical programs based on our insights into kinase biology and are derived from our extensive library of proprietary compounds. Our lead product candidate is tivantinib (ARQ 197), an orally administered, small molecule inhibitor of the c-Met receptor tyrosine kinase (“c-MET”) and its biological pathway. C-MET is a promising target for cancer therapy based on its multiple roles in cancerous cell proliferation, tumor spread, new blood vessel formation and resistance to certain drug therapies. We and our partners, Daiichi Sankyo Co., Ltd. (“Daiichi Sankyo”) and Kyowa Hakko Kirin Co., Ltd. (“Kyowa Hakko Kirin”), are implementing a worldwide clinical development program with tivantinib. Our strategy is to focus on the most promising indications within our clinical programs based upon continually generated and updated clinical and pre-clinical data. Our lead indication is liver cancer (“hepatocellular carcinoma” or “HCC”), and we are currently conducting two Phase 3 trials with our partners. We have also completed earlier-stage single agent and combination therapy trials and pre-clinical experiments with tivantinib and other anti-cancer agents that may provide data to support later-stage trials in additional indications. We have licensed commercial rights to tivantinib for human cancer indications to Daiichi Sankyo in the U.S., Europe, South America and the rest of the world, excluding Japan and certain other Asian countries, where we have licensed commercial rights to Kyowa Hakko Kirin. Our agreements with these partners provide for possible future milestone payments, royalties on product sales, and development funding, in addition to significant payments that we have already received. During 2011, we received $25 million from Daiichi Sankyo resulting from the dosing of the first patient in the MARQUEE trial and $10 million from Kyowa Hakko Kirin resulting from dosing of the first patient in the ATTENTION trial. On January 31, 2013, we announced that the first patient had been enrolled in the pivotal Phase 3 METIV trial of tivantinib, entitling us to a $15 million milestone. That milestone was netted against our cumulative share of Phase 3 collaboration costs in 2013, and consequently we did not receive any cash proceeds from this milestone. We regained worldwide rights for the development and commercialization of ARQ 092, designed to inhibit the AKT serine/threonine kinase, and all other compounds included under our AKT collaboration with Daiichi Sankyo pursuant to their formal notice to terminate our license and co-commercialization agreement received on March 26, 2013. Following the termination, we became responsible for funding the remainder of the Phase 1 trial with ARQ 092 beyond the contractual termination period, as well as any future clinical development and commercialization of this compound. The license agreement had provided exclusive rights to Daiichi Sankyo for the development, manufacturing and marketing of ARQ 092 on a worldwide basis. Under this agreement, we received a $10 million upfront fee from Daiichi Sankyo in November 2011. Following the termination of this agreement, ARQ 092 became our proprietary asset, and Daiichi Sankyo has no further financial or other obligations or rights related to this program. ARQ 092 is part of our proprietary pipeline of product candidates directed toward molecular targets and biological processes with demonstrated roles in the development of human cancers and rare diseases. Our priorities within this pipeline include ARQ 092, ARQ 087, a multi-kinase inhibitor designed to preferentially inhibit the fibroblast growth factor receptor (“FGFR”) family, and ARQ 761, a Beta lapachone analog being investigated in investigator-sponsored testing as a promoter of NQ01-mediated cancer cell necrosis. Our uses of cash for operating activities have primarily consisted of salaries and wages for our employees, facility and facility-related costs for our offices and laboratories, fees paid in connection with preclinical and clinical studies, laboratory supplies and materials, and professional fees. The sources of our cash flow from operating activities have consisted primarily of payments received from our collaborators for services performed or upfront payments for future services. For the six month periods ended June 30, 2015 and 2014, our net use of cash was primarily driven by payments for operating expenses which resulted in net cash outflows of $13.0 million and $17.0 million, respectively. Our cash requirements may vary materially from those now planned depending upon the results of our drug discovery and development strategies, our ability to enter into additional corporate collaborations and the terms of such collaborations, results of research and development, unanticipated required capital expenditures, competitive and technological advances, acquisitions and other factors. We cannot guarantee that we will be able to develop any of our drug candidates into a commercial product. It is likely we will need to raise additional capital or incur indebtedness to continue to fund our operations in the future. Our ability to raise additional funds will depend on financial, economic and market conditions, and due to global capital and credit market conditions or for other reasons, we may be unable to raise capital when needed, or on terms favorable to us. If necessary funds are not available, we may have to delay, reduce the scope of, or eliminate some of our development programs, potentially delaying the time to market for any of our product candidates. We have prepared the accompanying condensed financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. These condensed financial statements should be read in conjunction with our audited financial statements and footnotes related thereto for the year ended December 31, 2014 included in our annual report on Form 10-K filed with the SEC on March 4, 2015. The unaudited condensed financial statements include, in our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of our financial position as of June 30, 2015, and the results of our operations and cash flows for the six months ended June 30, 2015 and June 30, 2014. The results of operations for such interim periods are not necessarily indicative of the results to be achieved for the full year.

COLLABORATIONS AND ALLIANCES

COLLABORATIONS AND ALLIANCES	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
COLLABORATIONS AND ALLIANCES	2. COLLABORATIONS AND ALLIANCES Beryllium Discovery Corp. Agreement Daiichi Sankyo Tivantinib Agreement On December 18, 2008, we entered into a license, co-development and co-commercialization agreement with Daiichi Sankyo to conduct research, clinical trials and the commercialization of tivantinib in human cancer indications in the U.S., Europe, South America and the rest of the world, excluding Japan, China (including Hong Kong), South Korea and Taiwan, where Kyowa Hakko Kirin has exclusive rights for development and commercialization. The agreement provides for a $60 million cash upfront licensing payment from Daiichi Sankyo to us, which we received in December 2008, and an additional $560 million in potential development and sales milestone payments offset by our share of the Phase 3 costs. Upon commercialization, we will receive tiered, double-digit royalties from Daiichi Sankyo on net sales of tivantinib commensurate with the magnitude of the transaction. We retain the option to participate in the commercialization of tivantinib in the U.S. We and Daiichi Sankyo will share equally the costs of Phase 2 and Phase 3 clinical studies, with our share of Phase 3 costs payable solely from milestone and royalty payments by Daiichi Sankyo. In each quarter the tivantinib collaboration costs we incur are compared with those of Daiichi Sankyo. If our costs for the quarter exceed Daiichi Sankyo’s, we recognize revenue on the amounts due to us under the contingency adjusted performance model. Revenue is calculated on a pro-rata basis using the time elapsed from inception of the agreement over the estimated duration of the development period under the agreement. If our costs for the quarter are less than those of Daiichi Sankyo’s, we report the amount due to Daiichi Sankyo as contra-revenue in that quarter. To the extent that our share of Phase 3 collaboration costs exceeds the amount of milestones and royalties received, that excess is netted against future milestones and royalties if and when earned and is not reported as contra-revenue. Our cumulative share of the Daiichi Sankyo Phase 3 costs through June 30, 2015, totaled $96.7 million. We received a milestone of $25 million in February 2011 upon enrolling the first patient in the MARQUEE trial, the cash proceeds of which were subsequently applied to our share of Phase 3 collaboration costs. On January 31, 2013, we announced that the first patient had been enrolled in the pivotal Phase 3 METIV trial of tivantinib, entitling us to a $15 million milestone. That $15 million milestone was also netted against our cumulative share of Phase 3 collaboration costs in 2013, and consequently we did not receive any cash proceeds from this milestone. Our cumulative share of Phase 3 collaboration costs has exceeded the amount of milestones received through June 30, 2015 by $56.7 million which will be netted against future milestones and royalties, if any, when earned and has not been reported as contra-revenue. For the quarter ended June 30, 2015, our non-Phase 3 tivantinib collaboration costs incurred exceeded those of Daiichi Sankyo’s and $229 was recognized as tivantinib Daiichi Sankyo research and development revenue. For the six months ended June 30, 2015, our non-Phase 3 tivantinib collaboration costs incurred exceeded those of Daiichi Sankyo’s and $240 was recognized as tivantinib Daiichi Sankyo research and development revenue. For the quarter ended June 30, 2014, our non-Phase 3 tivantinib collaboration costs incurred exceeded those of Daiichi Sankyo and $144 was recognized as research and development revenue. For the six months ended June 30, 2014, no research and development revenue was recognized related to our non-Phase 3 tivantinib collaboration as our costs incurred were offset by an equal amount of contra-revenue. The duration and termination of the agreement are tied to future events. Unless earlier terminated due to breach, insolvency or upon 90 days notice if prior to phase 3 clinical trials or 180 days notice if on or after the beginning of phase 3 clinical trials by Daiichi Sankyo, the agreement shall continue until the later of (i) such time as Daiichi Sankyo is no longer developing at least one licensed product or (ii) if Daiichi Sankyo has commercialized a licensed product or products, such time as all royalty terms for all licensed products have ended. The royalty term, on a country-by-country basis for a product, ends as of the later of (i) the expiration of the last valid claim under a patent covering the manufacture, use, or sale of a licensed product or (ii) a certain number of years from the date of the commercial sale of the licensed product in such country. Revenue for this agreement is recognized using the contingency-adjusted performance model. Through September 30, 2012, revenue was recognized based upon an estimated development period through December 2013. As a result of the October 2012 decision to discontinue the MARQUEE trial, the development period as of October 1, 2012 was extended to June 2015. Commencing with the fourth quarter of 2012 and through the third quarter of 2013 revenue was recognized over that development period. In the fourth quarter of 2013, following a recommendation by the Data Monitoring Committee that the METIV-HCC trial continue with patients receiving a lower dose of tivantinib than the dose originally employed in the trial, we reviewed the estimated development period and extended it to June 2016. For the quarters ended June 30, 2015 and 2014, $1.6 million and $1.5 million, respectively, were recognized as net revenue. At June 30, 2015, $5.5 million remains in deferred revenue. Kyowa Hakko Kirin Licensing Agreement On April 27, 2007, we entered into an exclusive license agreement with Kyowa Hakko Kirin to develop and commercialize tivantinib in Japan and parts of Asia. A $3 million portion of an upfront licensing fee was received by the Company under this agreement in the first quarter of 2007, and an additional $27 million in upfront licensing fees was received on May 7, 2007. The agreement includes $123 million in upfront and potential development milestone payments from Kyowa Hakko Kirin to ArQule, including the $30 million cash upfront licensing payments. In February 2008, we received a $3 million milestone payment from Kyowa Hakko Kirin. Upon commercialization, ArQule will receive tiered royalties in the mid-teen to low-twenty percent range from Kyowa Hakko Kirin on net sales of tivantinib. Kyowa Hakko Kirin will be responsible for all clinical development costs and commercialization of the compound in certain Asian countries, consisting of Japan, China (including Hong Kong), South Korea and Taiwan. In July 2010, we announced the initiation of a Phase 2 trial with tivantinib by Kyowa Hakko Kirin in gastric cancer, for which we received a $5 million milestone payment in September 2010. In August 2011, Kyowa Hakko Kirin announced the initiation of the Phase 3 ATTENTION trial. Dosing of the first patient in this trial triggered a $10 million milestone payment, which we received in August 2011. The milestone payment was recorded as deferred revenue and is being recognized as revenue using the contingency-adjusted performance model with an estimated development period through April 2016. In addition to the upfront and possible regulatory milestone payments totaling $123 million, the Company will be eligible for future milestone payments based on the achievement of certain levels of net sales. The Company will recognize the payments, if any, as revenue in accordance with the contingency-adjusted performance model. As of June 30, 2015, the Company had not recognized any revenue from these sales milestone payments, and there can be no assurance that it will do so in the future. The duration and termination of the agreement are tied to future events. Unless earlier terminated due to breach, insolvency or upon 90 days notice by Kyowa Hakko Kirin, the agreement terminates on the date that the last royalty term expires in all countries in the territory. The royalty term ends as of the later of (i) the expiration of the last pending patent application or expiration of the patent in the country covering the manufacture, use, or sale of a licensed product or (ii) a certain number of years from the date of the commercial launch in such country of such license product. Revenue for this agreement is recognized using the contingency-adjusted performance model with an estimated development period through April 2016. For both

MARKETABLE SECURITIES AND FAIR

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Marketable Securities and Fair Value Measurements [Abstract]
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS	3. MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS We generally classify our marketable securities as available-for-sale at the time of purchase and re-evaluate such designation as of each balance sheet date. Since we generally intend to convert them into cash as necessary to meet our liquidity requirements our marketable securities are classified as cash equivalents if the original maturity, from the date of purchase, is ninety days or less and as short-term investments if the original maturity, from the date of purchase, is in excess of ninety days but less than one year. Our marketable securities are classified as long-term investments if the maturity date is in excess of one year of the balance sheet date. We report available-for-sale investments at fair value as of each balance sheet date and include any unrealized gains and, to the extent deemed temporary, unrealized losses in stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense) in the statement of operations and comprehensive loss. We conduct quarterly reviews to determine the fair value of our investment portfolio and to identify and evaluate each investment that has an unrealized loss, in accordance with the meaning of other-than-temporary impairment and its application to certain investments. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. In the event that the cost basis of a security exceeds its fair value, we evaluate, among other factors, the duration of the period that, and extent to which, the fair value is less than cost basis, the financial health of and business outlook for the issuer, including industry and sector performance, and operational and financing cash flow factors, overall market conditions and trends, our intent to sell the investment and if it is more likely than not that we would be required to sell the investment before its anticipated recovery. Unrealized losses on available-for-sale securities that are determined to be temporary, and not related to credit loss, are recorded in accumulated other comprehensive income (loss). For available-for-sale debt securities with unrealized losses, we perform an analysis to assess whether we intend to sell or whether we would more likely than not be required to sell the security before the expected recovery of the amortized cost basis. Where we intend to sell a security, or may be required to do so, the security’s decline in fair value is deemed to be other-than-temporary and the full amount of the unrealized loss is reflected in the statement of operations and comprehensive loss as an impairment loss. Regardless of our intent to sell a security, we perform additional analysis on all securities with unrealized losses to evaluate losses associated with the creditworthiness of the security. Credit losses are identified where we do not expect to receive cash flows sufficient to recover the amortized cost basis of a security. The following is a summary of the fair value of available-for-sale marketable securities we held at June 30, 2015 and December 31, 2014: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Security type Corporate debt securities-short term $ 33,897 $ 6 $ (13 ) $ 33,890 Corporate debt securities-long term — — — — Total available-for-sale marketable securities $ 33,897 $ 6 $ (13 ) $ 33,890 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Security type Corporate debt securities-short term $ 46,690 $ 16 $ (23 ) $ 46,683 Corporate debt securities-long term 2,061 — (3 ) 2,058 Total available-for-sale marketable securities $ 48,751 $ 16 $ (26 ) $ 48,741 The fair value of our available-for-sale marketable securities in a continuous unrealized loss position for more than 12 months was $1,136 at June 30, 2015. The unrealized loss on these marketable securities was $1 at June 30, 2015. Our available-for-sale marketable securities in a loss position at December 31, 2014 were in a continuous unrealized loss position for less than 12 months. The following tables present information about our assets that are measured at fair value on a recurring basis for the periods presented and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. We value our level 2 investments using quoted prices for identical assets in the markets where they are traded, although such trades may not occur daily. These quoted prices are based on observable inputs, primarily interest rates. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. There were no transfers in or out of Level 1 or Level 2 measurements for the periods presented: June 30, 2015 Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 10,646 $ 10,646 $ — $ — Corporate debt securities-short term 33,890 — 33,890 — Corporate debt securities-long term — — — — Total $ 44,536 $ 10,646 $ 33,890 $ — December 31, 2014 Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 10,740 $ 10,740 $ — $ — Corporate debt securities-short term 46,683 — 46,683 — Corporate debt securities-long term 2,058 — 2,058 — Total $ 59,481 $ 10,740 $ 48,741 $ —

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	4. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses include the following at June 30, 2015 and December 31, 2014: 2015 2014 Accounts payable $ 73 $ 259 Accrued payroll 1,331 2,130 Accrued outsourced pre-clinical and clinical fees 3,673 3,753 Accrued professional fees 308 157 Other accrued expenses 352 648 $ 5,737 $ 6,947

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
NET LOSS PER SHARE	5. NET LOSS PER SHARE Net loss per share is computed using the weighted average number of common shares outstanding. Basic and diluted net loss per share amounts are equivalent for the periods presented as the inclusion of potential common shares in the number of shares used for the diluted computation would be anti-dilutive to loss per share. Potential common shares, the shares that would be issued upon the exercise of outstanding stock options, were 8,791,732 and 8,478,057 for the three and six months ended June 30, 2015 and 2014, respectively.

STOCK-BASED COMPENSATION AND ST

STOCK-BASED COMPENSATION AND STOCK PLANS	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
STOCK-BASED COMPENSATION AND STOCK PLANS	6. STOCK-BASED COMPENSATION AND STOCK PLANS Our stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employees’ requisite service period (generally the vesting period of the equity grant). We estimate the fair value of stock options using the Black-Scholes valuation model. Key input assumptions used to estimate the fair value of stock options include the exercise price of the award, expected option term, expected volatility of our stock over the option’s expected term, risk-free interest rate over the option’s expected term, and the expected annual dividend yield. We believe that the valuation technique and approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of our stock options granted in the six months ended June 30, 2015 and 2014. The following table presents stock-based compensation expense included in our Condensed Statements of Operations and Comprehensive Loss: Three Months Ended June 30, Six Months Ended June 30 2015 2014 2015 2014 Research and development $ 124 $ 263 $ 396 $ 668 General and administrative 298 531 844 1,212 Total stock-based compensation expense $ 422 $ 794 $ 1,240 $ 1,880 In the three and six months ended June 30, 2015 and 2014, no stock-based compensation expense was capitalized and there were no recognized tax benefits associated with the stock-based compensation expense. Option activity under our stock plans for the six months ended June 30, 2015 was as follows: Stock Options Number of Shares Weighted Average Exercise Price Outstanding as of December 31, 2014 7,724,614 $ 4.89 Granted 1,513,850 1.25 Cancelled (446,732 ) 4.33 Outstanding as of June 30, 2015 8,791,732 $ 4.29 Exercisable as of June 30, 2015 6,241,907 $ 5.13 The aggregate intrinsic value of options outstanding at June 30, 2015 was $543, and $21 related to exercisable options. The weighted average grant date fair value of options granted in the six months ended June 30, 2015 and 2014 was $0.77 and $1.65 per share, respectively. No options were exercised in the six months ended June 30, 2015 or 2014. Shares vested, expected to vest and exercisable at June 30, 2015 are as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Vested and unvested expected to vest at 8,604,947 $ 4.29 5.4 $ 504 Exercisable at June 30, 2015 6,241,907 $ 5.13 4.0 $ 21 The total compensation cost not yet recognized as of June 30, 2015 related to non-vested option awards was $3.6 million, which will be recognized over a weighted-average period of 2.9 years. During the six months ended June 30, 2015, 240,752 shares expired and 205,980 shares were forfeited. The weighted average remaining contractual life for options exercisable at June 30, 2015 was 4.0 years. In 2013, we granted 242,697 shares of restricted stock to employees, vesting annually over a four year period. The weighted average fair value of the restricted stock at the time of grant in 2013 was $2.51 per share, and is being expensed ratably over the vesting period. Through June 30, 2015, 82,564 shares have been forfeited, and 101,498 shares have vested. We recognized share-based compensation expense related to restricted stock of $42 and $61for the six months ended June 30, 2015 and 2014, respectively. Restricted stock activity under the Plan for the six months ended June 30, 2015 was as follows: Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2014 105,665 $ 2.51 Vested (36,101 ) 2.51 Cancelled (10,929 ) 2.51 Unvested as of June 30, 2015 58,635 $ 2.51 The fair value of restricted stock vested in the six months ended June 30, 2015 and 2014 was $58 and $76, respectively. In July 2010, the Company amended its chief executive officer’s (the “CEO’s”) employment agreement to grant the CEO 100,000 stock options, of which 25% vested upon grant and 25% vest annually over the next three years, and a maximum of 390,000 performance-based stock units that vest upon the achievement of certain performance and market based targets. In March 2013, the Company amended its CEO’s employment agreement to modify the performance and market based targets. In February 2012, the Company amended its chief medical officer’s (the “CMO’s”) employment agreement to grant the CMO 50,000 performance-based stock units that vest upon the achievement of certain performance based targets. In March 2013, the Company amended its chief operating officer’s (the “COO’s”) employment agreement to grant the COO 125,000 performance-based stock units that vest upon the achievement of certain performance based targets. In March 2013, the Company amended its CMO’s employment agreement to grant the CMO 120,000 performance-based stock units that vest upon the achievement of certain performance based targets. Through June 30, 2015, no expense has been recorded for any performance-based stock units granted to the CEO, COO, or CMO.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	7. RECENT ACCOUNTING PRONOUNCEMENTS From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. In August 2014, the FASB issued Accounting Standard Update (“ASU”) 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. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for annual and interim periods thereafter. We are currently evaluating the potential impact that this ASU may have on our disclosures. In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” This ASU requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and apply existing guidance under the Stock Compensation Topic of the ASC as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. We are currently evaluating the potential impact that this ASU may have on our financial position and results of operations. During the quarter ended June 30, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The new standard will be effective for us on January 1, 2018 and allows for prospective or retrospective application. We are currently evaluating the potential adoption methods as well as the impact this ASU may have on our financial position and results of operations.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES As of December 31, 2014, we had federal NOL, state NOL, and research and development credit carryforwards of approximately $331,909, $152,434 and $27,761, respectively, which expire at various dates through 2034, which can be used to offset future income tax liabilities. Federal capital loss carry forwards of approximately $571 can be used to offset future federal capital gain income and expire in 2015. Approximately $15,014 of our federal NOL and $863 of our state NOL were generated from excess tax deductions from share-based awards, the tax benefit of which will be credited to additional paid-in-capital when the deductions reduce current taxes payable. We have determined that it is more likely than not that we will not recognize the benefits of our federal and state deferred tax assets and, as a result, we have a full valuation allowance against our net deferred tax assets. At June 30, 2015 and December 31, 2014, we had no unrecognized tax benefits. We do not expect that the total amount of unrecognized tax benefits will significantly increase in the next twelve months. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2015 and December 31, 2014, we had no accrued interest or penalties related to uncertain tax positions. Our U.S. federal tax returns for the tax years 2011 through 2014 and our state tax returns for the tax years 2010 through 2014 remain open to examination. Prior tax years remain open to the extent of net operating loss and tax credit carryforwards. Utilization of NOL and research and development credit carryforwards may be subject to a substantial annual limitation in the event of an ownership change that has occurred previously or could occur in the future pursuant to Section 382 and 383 of the Internal Revenue Code of 1986, as amended, as well as similar state provisions. An ownership change may limit the amount of NOL and research and development credit carryforwards that can be utilized annually to offset future taxable income, and may, in turn, result in the expiration of a portion of those carryforwards before utilization. In general, an ownership change, as defined by Section 382, results from transactions that increase the ownership of certain stockholders or public groups in the stock of a corporation by more than 50 percentage points over a three year period. We undertook a detailed study of our NOL and research and development credit carryforwards through January 31, 2015, to determine whether such amounts are likely to be limited by Sections 382 or 383. As a result of this analysis, we currently do not believe any Sections 382 or 383 limitations will significantly impact our ability to offset income with available NOL and research and development credit carryforwards. However, future ownership changes under Section 382 may limit our ability to fully utilize these tax benefits.

MARKETABLE SECURITIES AND FAI14

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Marketable Securities and Fair Value Measurements [Abstract]
Schedule of fair value of available-for-sale marketable securities	June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Security type Corporate debt securities-short term $ 33,897 $ 6 $ (13 ) $ 33,890 Corporate debt securities-long term — — — — Total available-for-sale marketable securities $ 33,897 $ 6 $ (13 ) $ 33,890 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Security type Corporate debt securities-short term $ 46,690 $ 16 $ (23 ) $ 46,683 Corporate debt securities-long term 2,061 — (3 ) 2,058 Total available-for-sale marketable securities $ 48,751 $ 16 $ (26 ) $ 48,741
Schedule of assets measured at fair value on a recurring basis	June 30, 2015 Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 10,646 $ 10,646 $ — $ — Corporate debt securities-short term 33,890 — 33,890 — Corporate debt securities-long term — — — — Total $ 44,536 $ 10,646 $ 33,890 $ — December 31, 2014 Quoted Prices in Active Markets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 10,740 $ 10,740 $ — $ — Corporate debt securities-short term 46,683 — 46,683 — Corporate debt securities-long term 2,058 — 2,058 — Total $ 59,481 $ 10,740 $ 48,741 $ —

ACCOUNTS PAYABLE AND ACCRUED 15

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expense	2015 2014 Accounts payable $ 73 $ 259 Accrued payroll 1,331 2,130 Accrued outsourced pre-clinical and clinical fees 3,673 3,753 Accrued professional fees 308 157 Other accrued expenses 352 648 $ 5,737 $ 6,947

STOCK-BASED COMPENSATION AND 16

STOCK-BASED COMPENSATION AND STOCK PLANS (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of stock-based compensation expense	Three Months Ended June 30, Six Months Ended June 30 2015 2014 2015 2014 Research and development $ 124 $ 263 $ 396 $ 668 General and administrative 298 531 844 1,212 Total stock-based compensation expense $ 422 $ 794 $ 1,240 $ 1,880
Schedule of activity of options under stock plans	Stock Options Number of Shares Weighted Average Exercise Price Outstanding as of December 31, 2014 7,724,614 $ 4.89 Granted 1,513,850 1.25 Cancelled (446,732 ) 4.33 Outstanding as of June 30, 2015 8,791,732 $ 4.29 Exercisable as of June 30, 2015 6,241,907 $ 5.13
Schedule of shares vested, expected to vest and exercisable	Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Vested and unvested expected to vest at 8,604,947 $ 4.29 5.4 $ 504 Exercisable at June 30, 2015 6,241,907 $ 5.13 4.0 $ 21
Schedule of restricted stock activity	Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2014 105,665 $ 2.51 Vested (36,101 ) 2.51 Cancelled (10,929 ) 2.51 Unvested as of June 30, 2015 58,635 $ 2.51

NATURE OF OPERATIONS AND BASI17

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2013	Nov. 30, 2011	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2011
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Net use of cash			$ (12,956)	$ (16,994)
License agreement | Daiichi Sankyo Co. Ltd
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payment received	$ 15,000				$ 25,000
Upfront payment received		$ 10,000
License agreement | Kyowa Hakko Kirin Co. Ltd.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payment received					$ 10,000

COLLABORATIONS AND ALLIANCES (D

COLLABORATIONS AND ALLIANCES (Detail Textuals) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2013	Feb. 28, 2011	Dec. 31, 2008	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Net revenues				$ 3,004	$ 2,901	$ 5,789	$ 5,577
Daiichi Sankyo Tivantinib Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment received			$ 60,000
Additional potential development and sales milestone payments			$ 560,000
Cumulative share of phase 3 collaboration costs						96,700
Milestone payment received	$ 15,000	$ 25,000
Cumulative share of phase 3 collaboration costs in excess of milestones amounts received						56,700
Non Phase 3 collaboration costs incurred recognized as research and development revenue				229	144	$ 240
Notice period for termination of contract prior to start of specified period						90 days
Notice period for termination of contract post start of Phase 3 clinical trials						180 days
Net revenues				1,600	$ 1,500
Deferred revenue				$ 5,500		$ 5,500

COLLABORATIONS AND ALLIANCES 19

COLLABORATIONS AND ALLIANCES (Detail Textuals 1) - USD ($) $ in Thousands	May. 07, 2007	Aug. 31, 2011	Sep. 30, 2010	Feb. 29, 2008	Apr. 27, 2007	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2007	Jun. 30, 2015	Jun. 30, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development revenue						$ 3,004	$ 2,901		$ 5,789	$ 5,577
Kyowa Hakko Kirin Licensing Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment received	$ 27,000							$ 3,000
Upfront and potential development milestone payments					$ 123,000
Cash upfront licensing payments					$ 30,000
Notice period for termination of contract									90 days
Research and development revenue						1,400	$ 1,400		$ 2,800	$ 2,800
Deferred revenue						$ 4,700			$ 4,700
Kyowa Hakko Kirin Licensing Agreement | Phase Two trial Kyowa Hakko Kirin
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payment received			$ 5,000
Kyowa Hakko Kirin Licensing Agreement | Phase Three Attention Trial Asia
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payment received		$ 10,000
Kyowa Hakko Kirin Licensing Agreement | Kyowa Hakko Kirin
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payment received				$ 3,000
Percentage of royalties expected to be received - lower range				mid-teen percent
Percentage of royalties expected to be received - upper range				low-twenty percent

MARKETABLE SECURITIES AND FAI20

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Summary of fair value of available-for-sale securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 33,897	$ 48,751
Gross Unrealized Gains	6	16
Gross Unrealized Losses	(13)	(26)
Fair Value	33,890	48,741
Corporate debt securities | Short term
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	33,897	46,690
Gross Unrealized Gains	6	16
Gross Unrealized Losses	(13)	(23)
Fair Value	$ 33,890	46,683
Corporate debt securities | Long term
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 2,061
Gross Unrealized Gains
Gross Unrealized Losses		$ (3)
Fair Value		$ 2,058

MARKETABLE SECURITIES AND FAI21

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Assets measured at fair value on a recurring basis (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term	$ 33,890	$ 48,741
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10,646	10,740
Total	44,536	59,481
Fair Value, Measurements, Recurring | Corporate debt securities | Short term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term	$ 33,890	46,683
Fair Value, Measurements, Recurring | Corporate debt securities | Long term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term		2,058
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 10,646	10,740
Total	$ 10,646	$ 10,740
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Corporate debt securities | Short term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Corporate debt securities | Long term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Total	$ 33,890	$ 48,741
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | Short term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term	$ 33,890	46,683
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | Long term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term		$ 2,058
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Total
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Short term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Long term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities-short term & long term

MARKETABLE SECURITIES AND FAI22

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS (Detail Textuals) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Marketable Securities and Fair Value Measurements [Abstract]
Fair value of available marketable securities unrealized loss position	$ 1,136
Unrealized loss on marketable securities	$ 1

ACCOUNTS PAYABLE AND ACCRUED 23

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Summary of accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable	$ 73	$ 259
Accrued payroll	1,331	2,130
Accrued outsourced pre-clinical and clinical fees	3,673	3,753
Accrued professional fees	308	157
Other accrued expenses	352	648
Accounts payable and accrued expenses, Total	$ 5,737	$ 6,947

NET LOSS PER SHARE (Detail Text

NET LOSS PER SHARE (Detail Textuals) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Potential common shares issued upon exercise of outstanding stock options	8,791,732	8,478,057	8,791,732	8,478,057

STOCK-BASED COMPENSATION AND 25

STOCK-BASED COMPENSATION AND STOCK PLANS - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 422	$ 794	$ 1,240	$ 1,880
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	124	263	396	668
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 298	$ 531	$ 844	$ 1,212

STOCK-BASED COMPENSATION AND 26

STOCK-BASED COMPENSATION AND STOCK PLANS - Option activity (Details 1) - Jun. 30, 2015 - Stock Options - $ / shares	Total
Number of Shares
Outstanding as of December 31, 2014	7,724,614
Granted	1,513,850
Cancelled	(446,732)
Outstanding as of June 30, 2015	8,791,732
Exercisable as of June 30, 2015	6,241,907
Weighted Average Exercise Price
Outstanding as of December 31, 2014	$ 4.89
Granted	1.25
Cancelled	4.33
Outstanding as of June 30, 2015	4.29
Exercisable as of June 30, 2015	$ 5.13

STOCK-BASED COMPENSATION AND 27

STOCK-BASED COMPENSATION AND STOCK PLANS - Shares vested, expected to vest and exercisable (Details 2) - Jun. 30, 2015 - Stock Options - USD ($) $ / shares in Units, $ in Thousands	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and unvested expected to vest shares	8,604,947
Vested and unvested expected to vest, weighted-average exercise price	$ 4.29
Vested and unvested expected to vest, weighted-average remaining contractual term (in years)	5 years 4 months 24 days
Vested and unvested expected to vest, aggregate intrinsic value	$ 504
Exercisable shares	6,241,907
Exercisable, weighted-average exercise price	$ 5.13
Exercisable, weighted-average remaining contractual term (in years)	4 years
Exercisable, aggregate intrinsic value	$ 21

STOCK-BASED COMPENSATION AND 28

STOCK-BASED COMPENSATION AND STOCK PLANS - Restricted stock activity (Details 3) - 6 months ended Jun. 30, 2015 - Restricted Stock - $ / shares	Total
Number of Shares
Unvested as of December 31, 2014	105,665
Vested	(36,101)
Cancelled	(10,929)
Unvested as of June 30, 2015	58,635
Weighted Average Grant Date Fair Value
Unvested as of December 31, 2014	$ 2.51
Vested	2.51
Cancelled	2.51
Unvested as of June 30, 2015	$ 2.51

STOCK-BASED COMPENSATION AND 29

STOCK-BASED COMPENSATION AND STOCK PLANS (Detail Textuals) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options outstanding	$ 543
Aggregate intrinsic value of options exercisable	$ 21
Weighted average grant date fair value of options granted (in dollars per share)	$ 0.77	$ 1.65
Compensation cost not yet recognized related to non-vested option awards	$ 3,600
Compensation cost related to non-vested option awards recognition period	2 years 10 months 24 days
Number of the non-vested options shares expired during the period	240,752
Number of options forfeited during the period	205,980
Weighted average remaining contractual life for options exercisable	4 years

STOCK-BASED COMPENSATION AND 30

STOCK-BASED COMPENSATION AND STOCK PLANS (Detail Textuals 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 422	$ 794	$ 1,240	$ 1,880
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted					242,697
Award vesting period					4 years
Weighted average grant date fair value for the options granted during the period (in dollars per share)					$ 2.51
Number of shares forfeited			82,564
Number of shares vested during the period			101,498
Share-based compensation expense			$ 42	61
Fair value of stock vested during period			$ 58	$ 76

STOCK-BASED COMPENSATION AND 31

STOCK-BASED COMPENSATION AND STOCK PLANS (Detail Textuals 2) - shares	1 Months Ended			6 Months Ended
	Mar. 31, 2013	Feb. 29, 2012	Jul. 31, 2010	Jun. 30, 2015
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				1,513,850
Chief executive officer employment agreement | Chief executive officer (CEO) | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted			100,000
Chief executive officer employment agreement | Chief executive officer (CEO) | Stock Options | Vested upon grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested			25.00%
Chief executive officer employment agreement | Chief executive officer (CEO) | Stock Options | Vest annually
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of options vested			25.00%
Award vesting period			3 years
Chief executive officer employment agreement | Chief executive officer (CEO) | Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stocks vested during the period			390,000
Chief medical officer employment agreement | Chief medical officer (CMO) | Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stocks vested during the period	120,000	50,000
Chief operating officer employment agreement | Chief operating officer (COO) | Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stocks vested during the period	125,000

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Increase in ownership percentage of certain stockholders or public groups	more than 50 percentage points
Ownership change, increase in ownership percentage, term	3 years
Federal income tax
Operating Loss Carryforwards [Line Items]
Net operating loss		$ 331,909
Net operating loss generated from excess tax deduction from share based awards		15,014
State income tax
Operating Loss Carryforwards [Line Items]
Net operating loss		152,434
Net operating loss generated from excess tax deduction from share based awards		863
Research and development credit carryforwards
Operating Loss Carryforwards [Line Items]
Net operating loss		27,761
Capital loss carryforward | Federal income tax
Operating Loss Carryforwards [Line Items]
Net capital loss carryforwards		$ 571