Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SNSS | ' |
Entity Registrant Name | 'SUNESIS PHARMACEUTICALS INC | ' |
Entity Central Index Key | '0001061027 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 53,982,501 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $21,732 | $14,940 | [1] |
Marketable securities | 23,766 | 56,287 | [1] |
Prepaids and other current assets | 1,014 | 1,705 | [1] |
Total current assets | 46,512 | 72,932 | [1] |
Property and equipment, net | 27 | 43 | [1] |
Deposits and other assets | 16 | 42 | [1] |
Total assets | 46,555 | 73,017 | [1] |
Current liabilities: | ' | ' | |
Accounts payable | 1,459 | 78 | [1] |
Accrued clinical expense | 4,838 | 5,449 | [1] |
Accrued compensation | 1,302 | 1,465 | [1] |
Other accrued liabilities | 1,973 | 2,113 | [1] |
Current portion of deferred revenue | 7,956 | 7,956 | [1] |
Current portion of notes payable | 8,750 | 6,610 | [1] |
Warrant liability | 9,054 | 8,070 | [1] |
Total current liabilities | 35,332 | 31,741 | [1] |
Non-current portion of deferred revenue | 5,701 | 11,668 | [1] |
Non-current portion of notes payable | 11,299 | 17,651 | [1] |
Commitments | ' | ' | [1] |
Stockholders' equity (deficit): | ' | ' | |
Common stock | 5 | 5 | [1] |
Additional paid-in capital | 466,727 | 457,011 | [1] |
Accumulated other comprehensive income | 9 | 38 | [1] |
Accumulated deficit | -472,518 | -445,097 | [1] |
Total stockholders' equity (deficit) | -5,777 | 11,957 | [1] |
Total liabilities and stockholders' equity (deficit) | $46,555 | $73,017 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue: | ' | ' | ' | ' |
License and other revenue | $1,989 | $265 | $5,967 | $1,765 |
Total revenues | 1,989 | 265 | 5,967 | 1,765 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 6,957 | 6,878 | 22,008 | 21,596 |
General and administrative | 2,807 | 2,331 | 8,140 | 6,702 |
Total operating expenses | 9,764 | 9,209 | 30,148 | 28,298 |
Loss from operations | -7,775 | -8,944 | -24,181 | -26,533 |
Interest expense | -695 | -385 | -2,294 | -1,016 |
Other income (expense), net | 863 | -8,067 | -946 | -12,350 |
Net loss | -7,607 | -17,396 | -27,421 | -39,899 |
Unrealized gain (loss) on available-for-sale securities | 9 | 2 | -29 | -22 |
Comprehensive loss | -7,598 | -17,394 | -27,450 | -39,921 |
Net loss: | ' | ' | ' | ' |
Basic | -7,607 | -17,396 | -27,421 | -39,899 |
Diluted | ($8,329) | ($17,396) | ($27,421) | ($39,899) |
Shares used in computing net loss per common share: | ' | ' | ' | ' |
Basic | 51,698 | 47,398 | 51,639 | 47,049 |
Diluted | 53,271 | 47,398 | 51,639 | 47,049 |
Net loss per common share: | ' | ' | ' | ' |
Basic | ($0.15) | ($0.37) | ($0.53) | ($0.85) |
Diluted | ($0.16) | ($0.37) | ($0.53) | ($0.85) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities | ' | ' | |
Net loss | ($27,421) | ($39,899) | |
Adjustments to reconcile loss to net cash used in operating activities: | ' | ' | |
Stock-based compensation expense | 2,897 | 2,019 | |
Depreciation and amortization | 16 | 24 | |
Amortization of debt discount and debt issuance costs | 488 | 221 | |
Increase in fair value of warrant liability | 984 | 12,276 | |
Foreign exchange (gain) loss on marketable securities | -174 | 34 | |
Changes in operating assets and liabilities: | ' | ' | |
Prepaids and other assets | 679 | -106 | |
Accounts payable | 1,381 | 529 | |
Accrued clinical expense | -611 | 2,293 | |
Accrued compensation | -163 | -197 | |
Other accrued liabilities | 169 | -188 | |
Deferred revenue | -5,967 | 21,613 | |
Net cash used in operating activities | -27,722 | -1,381 | |
Cash flows from investing activities | ' | ' | |
Purchases of marketable securities | -22,602 | -35,290 | |
Proceeds from maturities of marketable securities | 55,268 | 35,109 | |
Net cash provided by (used in) investing activities | 32,666 | -181 | |
Cash flows from financing activities | ' | ' | |
Proceeds from notes payable, net | ' | 14,982 | |
Principal payments on notes payable | -4,971 | ' | |
Proceeds from issuance of common stock through controlled equity offering facilities, net | 6,574 | 15,252 | |
Fair value of warrants issued in connection with royalty agreement | ' | 3,122 | |
Proceeds from exercise of warrants, stock options and stock purchase rights | 245 | 520 | |
Net cash provided by financing activities | 1,848 | 33,876 | |
Net increase in cash and cash equivalents | 6,792 | 32,314 | |
Cash and cash equivalents at beginning of period | 14,940 | [1] | 9,311 |
Cash and cash equivalents at end of period | $21,732 | $41,625 | |
[1] | The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Company_Overview
Company Overview | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Company Overview | ' |
1. Company Overview | |
Description of Business | |
Sunesis Pharmaceuticals, Inc. (the “Company” or “Sunesis”) was incorporated in the state of Delaware on February 10, 1998, and its facilities are located in South San Francisco, California. Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. The Company’s primary activities since incorporation have been conducting research and development internally and through corporate collaborators, in-licensing and out-licensing pharmaceutical compounds and technology, conducting clinical trials and raising capital. | |
In September 2013, the Company completed enrollment of a Phase 3, multi-national, randomized, double-blind, placebo-controlled, pivotal clinical trial of vosaroxin in combination with cytarabine in patients with relapsed or refractory acute myeloid leukemia (the “VALOR trial”). | |
Significant Risks and Uncertainties | |
The Company has incurred significant losses and negative cash flows from operations since its inception, and as of September 30, 2013, had cash, cash equivalents and marketable securities totaling $45.5 million and an accumulated deficit of $472.5 million. | |
The Company will need to raise substantial additional capital to complete the development and potential commercialization of vosaroxin, and expects to finance its future cash needs primarily through equity issuances, debt arrangements, one or more possible licenses, collaborations or other similar arrangements with respect to development and/or commercialization rights to vosaroxin, or a combination of the above. | |
Concentrations of Credit Risk | |
In accordance with its investment policy, the Company invests cash that is not currently being used for operational purposes. The policy allows for the purchase of low risk, debt securities issued by: (a) the United States and certain European governments and government agencies, and (b) highly rated banks and corporations, denominated in U.S. dollars, Euros or British pounds, subject to certain concentration limits. The policy limits maturities of securities purchased to no longer than 18 months and the weighted average maturity of the portfolio to nine months. Management believes these guidelines ensure both the safety and liquidity of any investment portfolio the Company may hold. | |
Financial instruments that potentially subject the Company to concentrations of credit risk generally consist of cash, cash equivalents and marketable securities. The Company is exposed to credit risk in the event of default by the institutions holding its cash, cash equivalents and any marketable securities to the extent of the amounts recorded in the balance sheets. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The financial statements include all adjustments (consisting only of normal recurring adjustments) that management believes are necessary for a fair presentation of the periods presented. The balance sheet as of December 31, 2012 was derived from the audited financial statements as of that date. These interim financial results are not necessarily indicative of results to be expected for the full year or any other period. These unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Sunesis Europe Limited, a United Kingdom corporation, and Sunesis Pharmaceuticals (Bermuda) Ltd., which was incorporated in Bermuda on June 28, 2013. All intercompany balances and transactions have been eliminated in consolidation. | |
Segment Reporting | |
Management has determined that the Company operates as a single reportable segment. | |
Significant Estimates and Judgments | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. Significant estimates, assumptions and judgments made by management include those related to the valuation of equity and related instruments, revenue recognition, stock-based compensation and clinical trial accounting. | |
Cash Equivalents and Marketable Securities | |
Invoices for certain services provided to the Company are denominated in foreign currencies. To manage the risk of future movements in foreign exchange rates that would affect such amounts, the Company may purchase certain European currencies or highly-rated investments denominated in those currencies, subject to similar criteria as for other investments defined in the Company’s investment policy. There is no guarantee that the related gains and losses will substantially offset each other, and the Company may be subject to significant exchange gains or losses as currencies fluctuate from quarter to quarter. To date, the Company has purchased Euros and Euro-denominated obligations of foreign governments and corporate debt, and as of September 30, 2013, held investments denominated in Euros with an aggregate fair value of $4.6 million. These cash, cash equivalent and short-term investment balances are recorded at their fair value based on the current exchange rate as of each balance sheet date. The resulting exchange gains or losses and those from amounts payable for services originally denominated in foreign currencies are both recorded in other income (expense) in the statements of operations and comprehensive income (loss). | |
Fair Value Measurements | |
The Company measures cash equivalents, marketable securities and warrant liabilities at fair value on a recurring basis using the following hierarchy to prioritize valuation inputs, in accordance with applicable GAAP: | |
Level 1—quoted prices (unadjusted) in active markets for identical assets and liabilities that can be accessed at the measurement date. | |
Level 2—inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. | |
Level 3—unobservable inputs. | |
The Company’s Level 2 valuations of marketable securities are generally based upon quoted prices in active markets for similar securities, with prices adjusted for yield and number of days to maturity. | |
The fair value of the Company’s liability for warrants issued in connection with an underwritten offering completed in October 2010 (the “2010 Offering”) is determined using the Black-Scholes model, which requires inputs such as the expected term of the warrants, share price volatility, expected dividend yield and risk-free interest rate. As some of these inputs are unobservable, and require significant analysis and judgment to measure, these variables are classified as Level 3. | |
The Company does not measure cash, prepayments, accounts payable, accrued liabilities, deferred revenue and notes payable at fair value, as their carrying amounts approximated their fair value as of September 30, 2013 and December 31, 2012. |
Loss_per_Common_Share
Loss per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Loss per Common Share | ' | ||||||||||||||||
3. Loss per Common Share | |||||||||||||||||
Basic loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted loss per common share is computed by dividing (a) net loss, less any anti-dilutive amounts recorded during the period for the change in the fair value of warrant liabilities, by (b) the weighted-average number of common shares outstanding for the period plus dilutive potential common shares as determined using the treasury stock method for options and warrants to purchase common stock. | |||||||||||||||||
The following table sets forth the computation of basic and diluted loss per common share for the periods presented (in thousands, except per share amounts): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net loss—basic | $ | (7,607 | ) | $ | (17,396 | ) | $ | (27,421 | ) | $ | (39,899 | ) | |||||
Adjustment for change in fair value of warrant liability | (722 | ) | — | — | — | ||||||||||||
Net loss—diluted | $ | (8,329 | ) | $ | (17,396 | ) | $ | (27,421 | ) | $ | (39,899 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding—basic | 51,698 | 47,398 | 51,639 | 47,049 | |||||||||||||
Dilutive effect of warrants | 1,573 | — | — | — | |||||||||||||
Weighted-average common shares outstanding—diluted | 53,271 | 47,398 | 51,639 | 47,049 | |||||||||||||
Net loss per common share: | |||||||||||||||||
Basic | $ | (0.15 | ) | $ | (0.37 | ) | $ | (0.53 | ) | $ | (0.85 | ) | |||||
Diluted | $ | (0.16 | ) | $ | (0.37 | ) | $ | (0.53 | ) | $ | (0.85 | ) | |||||
The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted loss per common share because their inclusion would have had an anti-dilutive effect (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Warrants to purchase shares of common stock | 6,878 | 11,087 | 9,996 | 11,087 | |||||||||||||
Options to purchase shares of common stock | 7,512 | 6,267 | 7,512 | 6,267 | |||||||||||||
Outstanding securities not included in calculations | 14,390 | 17,354 | 17,508 | 17,354 | |||||||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||
4. Financial Instruments | |||||||||||||||||||||
Financial Assets | |||||||||||||||||||||
The following tables summarize the estimated fair value of the Company’s financial assets measured on a recurring basis as of the dates indicated, which were comprised solely of available-for-sale marketable securities with remaining contractual maturities of one year or less (in thousands): | |||||||||||||||||||||
September 30, 2013 | Input Level | Amortized | Gross | Gross | Estimated Fair | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Money market funds | Level 1 | $ | 12,956 | $ | — | $ | — | $ | 12,956 | ||||||||||||
U.S. corporate debt obligations | Level 2 | 11,036 | 3 | (1 | ) | 11,038 | |||||||||||||||
U.S. commercial paper | Level 2 | 9,592 | 8 | — | 9,600 | ||||||||||||||||
Foreign corporate debt obligations | Level 2 | 4,629 | — | (1 | ) | 4,628 | |||||||||||||||
Total available-for-sale securities | 38,213 | 11 | (2 | ) | 38,222 | ||||||||||||||||
Less amounts classified as cash equivalents | (14,456 | ) | — | — | (14,456 | ) | |||||||||||||||
Amounts classified as marketable securities | $ | 23,757 | $ | 11 | $ | (2 | ) | $ | 23,766 | ||||||||||||
December 31, 2012 | Input Level | Amortized | Gross | Gross | Estimated Fair | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Money market funds | Level 1 | $ | 14,397 | $ | — | $ | — | $ | 14,397 | ||||||||||||
U.S. corporate debt obligations | Level 2 | 7,156 | — | (2 | ) | 7,154 | |||||||||||||||
U.S. commercial paper | Level 2 | 44,592 | 44 | — | 44,636 | ||||||||||||||||
Foreign corporate debt obligations | Level 2 | 4,501 | — | (4 | ) | 4,497 | |||||||||||||||
Total available-for-sale securities | 70,646 | 44 | (6 | ) | 70,684 | ||||||||||||||||
Less amounts classified as cash equivalents | (14,397 | ) | — | — | (14,397 | ) | |||||||||||||||
Amounts classified as marketable securities | $ | 56,249 | $ | 44 | $ | (6 | ) | $ | 56,287 | ||||||||||||
The following table summarizes the available-for-sale securities that were in an unrealized loss position as of the date indicated, having been in such a position for less than 12 months, and none having been deemed to be other-than-temporarily impaired (in thousands): | |||||||||||||||||||||
September 30, 2013 | Gross | Estimated Fair | |||||||||||||||||||
Unrealized Losses | Value | ||||||||||||||||||||
Corporate debt obligations | $ | 2 | $ | 7,714 | |||||||||||||||||
No significant facts or circumstances have arisen to indicate that there has been any deterioration in the creditworthiness of the issuers of these securities. The gross unrealized losses are not considered to be significant and have been for relatively short durations. The Company does not intend to sell these securities before maturity and it is not likely that they will need to be sold prior to the recovery of their amortized cost basis. There were no sales of available-for-sale securities in the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
The following table summarizes the inputs and assumptions and estimated fair value of the Company’s financial liabilities measured on a recurring basis as of the dates indicated, which were comprised solely of a liability for warrants issued in connection with the 2010 Offering: | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Inputs and assumptions: | |||||||||||||||||||||
Fair market value of Company’s common stock | $ | 4.96 | $ | 4.2 | |||||||||||||||||
Exercise price | $ | 2.52 | $ | 2.52 | |||||||||||||||||
Expected term (years) | 2 | 2.8 | |||||||||||||||||||
Expected volatility | 67.8 | % | 78.7 | % | |||||||||||||||||
Risk-free interest rate | 0.3 | % | 0.3 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||
Fair value: | |||||||||||||||||||||
Estimated fair value per warrant share | $ | 2.9 | $ | 2.59 | |||||||||||||||||
Shares underlying outstanding warrants classified as liabilities (in thousands) | 3,118 | 3,118 | |||||||||||||||||||
Total estimated fair value of outstanding warrants (in thousands) | $ | 9,054 | $ | 8,070 | |||||||||||||||||
The warrants have been classified as a derivative liability on the Company’s balance sheet due to the potential for the warrants to be settled in cash upon the occurrence of certain transactions specified in the warrant agreements. At each balance sheet date, the estimated fair value of the outstanding warrants is determined using the Black-Scholes model and recorded to the balance sheet, with the change in fair value recorded to other income (expense) in the statements of operations and comprehensive income (loss). | |||||||||||||||||||||
The Black-Scholes model requires Level 3 inputs such as the expected term of the warrants and expected share price volatility. These inputs are subjective and generally require significant analysis and judgment to develop. Any changes in these inputs could result in a significantly higher or lower fair value measurement. The following table summarizes the changes in the fair value of the Company’s Level 3 financial liabilities for the period indicated (in thousands): | |||||||||||||||||||||
Warrant | |||||||||||||||||||||
Liability | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 8,070 | |||||||||||||||||||
Change in fair value of warrant liability | 984 | ||||||||||||||||||||
Balance as of September 30, 2013 | $ | 9,054 | |||||||||||||||||||
Royalty_Agreement
Royalty Agreement | 9 Months Ended |
Sep. 30, 2013 | |
Revenue Recognition [Abstract] | ' |
Royalty Agreement | ' |
5. Royalty Agreement | |
In March 2012, the Company entered into a Revenue Participation Agreement (the “Royalty Agreement”), with RPI Finance Trust (“RPI”), an entity related to Royalty Pharma. In September 2012, pursuant to the provisions of the Royalty Agreement, RPI made a $25.0 million cash payment to the Company. The payment, less $3.1 million representing the fair value of the warrants granted under the arrangement, was initially classified as deferred revenue and is being amortized to revenue over the related performance period. |
Notes_Payable
Notes Payable | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Notes Payable | ' | ||||
6. Notes Payable | |||||
In October 2011, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Oxford Finance LLC, Silicon Valley Bank and Horizon Technology Finance Corporation (collectively, the “Lenders”), under which the Company could borrow up to $25.0 million in two tranches. The first tranche of $10.0 million was funded upon closing of the transaction in October 2011, and the second tranche of $15.0 million was drawn by the Company in September 2012. | |||||
Aggregate future minimum payments due under the Loan Agreement as of September 30, 2013 were as follows (in thousands): | |||||
Period ending December 31, | |||||
2013 | $ | 2,644 | |||
2014 | 10,577 | ||||
2015 | 8,814 | ||||
Total minimum payments | 22,035 | ||||
Less amount representing interest | (2,006 | ) | |||
Notes payable, gross | 20,029 | ||||
Unamortized discount on notes payable | (544 | ) | |||
Accretion of final payment | 564 | ||||
Notes payable, balance | 20,049 | ||||
Current portion of notes payable | (8,750 | ) | |||
Non-current portion of notes payable | $ | 11,299 | |||
In addition, a final payment equal to 3.75% of the aggregate amount drawn will be due on October 1, 2015, or such earlier date as specified in the Loan Agreement. The weighted average annual effective interest rate on the notes payable, including the amortization of the debt discounts and accretion of the final payments, is 13.9%. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
7. Stockholders’ Equity | |
On August 11, 2011, the Company entered into a Controlled Equity OfferingSM sales agreement (the “Sales Agreement”), with Cantor Fitzgerald & Co. (“Cantor”), as agent and/or principal, pursuant to which the Company could issue and sell shares of its common stock having an aggregate gross sales price of up to $20.0 million. On April 10, 2013, the Sales Agreement was amended to provide for an increase of $30.0 million in the aggregate gross sales price under the Sales Agreement. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any common stock sold through the Sales Agreement, as amended. | |
During the nine months ended September 30, 2013, the Company sold an aggregate of 1,426,576 shares of common stock under the Sales Agreement, as amended, at an average price of approximately $4.75 per share for gross proceeds of $6.8 million and net proceeds of $6.6 million, after deducting Cantor’s commission. As of September 30, 2013, $27.1 million of common stock remained available to be sold under this facility. | |
In October 2013, the Company sold an aggregate of 925,843 shares of common stock under the Sales Agreement, as amended, at an average price of approximately $5.06 per share for gross proceeds of $4.7 million and net proceeds of $4.5 million, after deducting Cantor’s commission. As of October 31, 2013, $22.4 million of common stock remained available to be sold under the Sales Agreement, as amended, subject to certain conditions as specified in the agreement. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
8. Stock-Based Compensation | |||||||||||||||||
Employee stock-based compensation expense is calculated based on the grant-date fair value of awards ultimately expected to vest, reduced for estimated forfeitures, and is recorded on a straight-line basis over the vesting period of the awards. Forfeitures are estimated at the time of grant, based on historical option cancellation information, and revised in subsequent periods if actual forfeitures differ from those estimates. The following table summarizes stock-based compensation expense related to the Company’s stock-based awards for the periods indicated (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 402 | $ | 300 | $ | 1,202 | $ | 733 | |||||||||
General and administrative | 528 | 359 | 1,486 | 1,029 | |||||||||||||
Employee stock-based compensation expense | 930 | 659 | 2,688 | 1,762 | |||||||||||||
Non-employee stock-based compensation expense | 103 | 215 | 209 | 257 | |||||||||||||
Total stock-based compensation expense | $ | 1,033 | $ | 874 | $ | 2,897 | $ | 2,019 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The financial statements include all adjustments (consisting only of normal recurring adjustments) that management believes are necessary for a fair presentation of the periods presented. The balance sheet as of December 31, 2012 was derived from the audited financial statements as of that date. These interim financial results are not necessarily indicative of results to be expected for the full year or any other period. These unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Sunesis Europe Limited, a United Kingdom corporation, and Sunesis Pharmaceuticals (Bermuda) Ltd., which was incorporated in Bermuda on June 28, 2013. All intercompany balances and transactions have been eliminated in consolidation. | |
Segment Reporting | ' |
Segment Reporting | |
Management has determined that the Company operates as a single reportable segment. | |
Significant Estimates and Judgments | ' |
Significant Estimates and Judgments | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. Significant estimates, assumptions and judgments made by management include those related to the valuation of equity and related instruments, revenue recognition, stock-based compensation and clinical trial accounting. | |
Cash Equivalents and Marketable Securities | ' |
Cash Equivalents and Marketable Securities | |
Invoices for certain services provided to the Company are denominated in foreign currencies. To manage the risk of future movements in foreign exchange rates that would affect such amounts, the Company may purchase certain European currencies or highly-rated investments denominated in those currencies, subject to similar criteria as for other investments defined in the Company’s investment policy. There is no guarantee that the related gains and losses will substantially offset each other, and the Company may be subject to significant exchange gains or losses as currencies fluctuate from quarter to quarter. To date, the Company has purchased Euros and Euro-denominated obligations of foreign governments and corporate debt, and as of September 30, 2013, held investments denominated in Euros with an aggregate fair value of $4.6 million. These cash, cash equivalent and short-term investment balances are recorded at their fair value based on the current exchange rate as of each balance sheet date. The resulting exchange gains or losses and those from amounts payable for services originally denominated in foreign currencies are both recorded in other income (expense) in the statements of operations and comprehensive income (loss). | |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company measures cash equivalents, marketable securities and warrant liabilities at fair value on a recurring basis using the following hierarchy to prioritize valuation inputs, in accordance with applicable GAAP: | |
Level 1—quoted prices (unadjusted) in active markets for identical assets and liabilities that can be accessed at the measurement date. | |
Level 2—inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. | |
Level 3—unobservable inputs. | |
The Company’s Level 2 valuations of marketable securities are generally based upon quoted prices in active markets for similar securities, with prices adjusted for yield and number of days to maturity. | |
The fair value of the Company’s liability for warrants issued in connection with an underwritten offering completed in October 2010 (the “2010 Offering”) is determined using the Black-Scholes model, which requires inputs such as the expected term of the warrants, share price volatility, expected dividend yield and risk-free interest rate. As some of these inputs are unobservable, and require significant analysis and judgment to measure, these variables are classified as Level 3. | |
The Company does not measure cash, prepayments, accounts payable, accrued liabilities, deferred revenue and notes payable at fair value, as their carrying amounts approximated their fair value as of September 30, 2013 and December 31, 2012. |
Loss_per_Common_Share_Tables
Loss per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Loss per Common Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted loss per common share for the periods presented (in thousands, except per share amounts): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net loss—basic | $ | (7,607 | ) | $ | (17,396 | ) | $ | (27,421 | ) | $ | (39,899 | ) | |||||
Adjustment for change in fair value of warrant liability | (722 | ) | — | — | — | ||||||||||||
Net loss—diluted | $ | (8,329 | ) | $ | (17,396 | ) | $ | (27,421 | ) | $ | (39,899 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding—basic | 51,698 | 47,398 | 51,639 | 47,049 | |||||||||||||
Dilutive effect of warrants | 1,573 | — | — | — | |||||||||||||
Weighted-average common shares outstanding—diluted | 53,271 | 47,398 | 51,639 | 47,049 | |||||||||||||
Net loss per common share: | |||||||||||||||||
Basic | $ | (0.15 | ) | $ | (0.37 | ) | $ | (0.53 | ) | $ | (0.85 | ) | |||||
Diluted | $ | (0.16 | ) | $ | (0.37 | ) | $ | (0.53 | ) | $ | (0.85 | ) | |||||
Schedule of Potential Common Shares Issuable Pursuant to Outstanding Securities Excluded from Computation of Diluted Loss per Common Share | ' | ||||||||||||||||
The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted loss per common share because their inclusion would have had an anti-dilutive effect (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Warrants to purchase shares of common stock | 6,878 | 11,087 | 9,996 | 11,087 | |||||||||||||
Options to purchase shares of common stock | 7,512 | 6,267 | 7,512 | 6,267 | |||||||||||||
Outstanding securities not included in calculations | 14,390 | 17,354 | 17,508 | 17,354 | |||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Company's Financial Assets Measured on Recurring Basis | ' | ||||||||||||||||||||
The following tables summarize the estimated fair value of the Company’s financial assets measured on a recurring basis as of the dates indicated, which were comprised solely of available-for-sale marketable securities with remaining contractual maturities of one year or less (in thousands): | |||||||||||||||||||||
September 30, 2013 | Input Level | Amortized | Gross | Gross | Estimated Fair | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Money market funds | Level 1 | $ | 12,956 | $ | — | $ | — | $ | 12,956 | ||||||||||||
U.S. corporate debt obligations | Level 2 | 11,036 | 3 | (1 | ) | 11,038 | |||||||||||||||
U.S. commercial paper | Level 2 | 9,592 | 8 | — | 9,600 | ||||||||||||||||
Foreign corporate debt obligations | Level 2 | 4,629 | — | (1 | ) | 4,628 | |||||||||||||||
Total available-for-sale securities | 38,213 | 11 | (2 | ) | 38,222 | ||||||||||||||||
Less amounts classified as cash equivalents | (14,456 | ) | — | — | (14,456 | ) | |||||||||||||||
Amounts classified as marketable securities | $ | 23,757 | $ | 11 | $ | (2 | ) | $ | 23,766 | ||||||||||||
December 31, 2012 | Input Level | Amortized | Gross | Gross | Estimated Fair | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Money market funds | Level 1 | $ | 14,397 | $ | — | $ | — | $ | 14,397 | ||||||||||||
U.S. corporate debt obligations | Level 2 | 7,156 | — | (2 | ) | 7,154 | |||||||||||||||
U.S. commercial paper | Level 2 | 44,592 | 44 | — | 44,636 | ||||||||||||||||
Foreign corporate debt obligations | Level 2 | 4,501 | — | (4 | ) | 4,497 | |||||||||||||||
Total available-for-sale securities | 70,646 | 44 | (6 | ) | 70,684 | ||||||||||||||||
Less amounts classified as cash equivalents | (14,397 | ) | — | — | (14,397 | ) | |||||||||||||||
Amounts classified as marketable securities | $ | 56,249 | $ | 44 | $ | (6 | ) | $ | 56,287 | ||||||||||||
Summary of Available-for-Sale Securities in Unrealized Loss Position | ' | ||||||||||||||||||||
The following table summarizes the available-for-sale securities that were in an unrealized loss position as of the date indicated, having been in such a position for less than 12 months, and none having been deemed to be other-than-temporarily impaired (in thousands): | |||||||||||||||||||||
September 30, 2013 | Gross | Estimated Fair | |||||||||||||||||||
Unrealized Losses | Value | ||||||||||||||||||||
Corporate debt obligations | $ | 2 | $ | 7,714 | |||||||||||||||||
Summary of Assumptions and Estimated Fair Value of Company's Financial Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||
The following table summarizes the inputs and assumptions and estimated fair value of the Company’s financial liabilities measured on a recurring basis as of the dates indicated, which were comprised solely of a liability for warrants issued in connection with the 2010 Offering: | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||
Inputs and assumptions: | |||||||||||||||||||||
Fair market value of Company’s common stock | $ | 4.96 | $ | 4.2 | |||||||||||||||||
Exercise price | $ | 2.52 | $ | 2.52 | |||||||||||||||||
Expected term (years) | 2 | 2.8 | |||||||||||||||||||
Expected volatility | 67.8 | % | 78.7 | % | |||||||||||||||||
Risk-free interest rate | 0.3 | % | 0.3 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||
Fair value: | |||||||||||||||||||||
Estimated fair value per warrant share | $ | 2.9 | $ | 2.59 | |||||||||||||||||
Shares underlying outstanding warrants classified as liabilities (in thousands) | 3,118 | 3,118 | |||||||||||||||||||
Total estimated fair value of outstanding warrants (in thousands) | $ | 9,054 | $ | 8,070 | |||||||||||||||||
Summary of Changes in Fair Value of Company's Level 3 Financial Liabilities | ' | ||||||||||||||||||||
The following table summarizes the changes in the fair value of the Company’s Level 3 financial liabilities for the period indicated (in thousands): | |||||||||||||||||||||
Warrant | |||||||||||||||||||||
Liability | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 8,070 | |||||||||||||||||||
Change in fair value of warrant liability | 984 | ||||||||||||||||||||
Balance as of September 30, 2013 | $ | 9,054 | |||||||||||||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Summary of Future Minimum Payments Under Loan Agreement | ' | ||||
Aggregate future minimum payments due under the Loan Agreement as of September 30, 2013 were as follows (in thousands): | |||||
Period ending December 31, | |||||
2013 | $ | 2,644 | |||
2014 | 10,577 | ||||
2015 | 8,814 | ||||
Total minimum payments | 22,035 | ||||
Less amount representing interest | (2,006 | ) | |||
Notes payable, gross | 20,029 | ||||
Unamortized discount on notes payable | (544 | ) | |||
Accretion of final payment | 564 | ||||
Notes payable, balance | 20,049 | ||||
Current portion of notes payable | (8,750 | ) | |||
Non-current portion of notes payable | $ | 11,299 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock-Based Compensation Expense Related to the Company's Stock-Based Awards | ' | ||||||||||||||||
The following table summarizes stock-based compensation expense related to the Company’s stock-based awards for the periods indicated (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 402 | $ | 300 | $ | 1,202 | $ | 733 | |||||||||
General and administrative | 528 | 359 | 1,486 | 1,029 | |||||||||||||
Employee stock-based compensation expense | 930 | 659 | 2,688 | 1,762 | |||||||||||||
Non-employee stock-based compensation expense | 103 | 215 | 209 | 257 | |||||||||||||
Total stock-based compensation expense | $ | 1,033 | $ | 874 | $ | 2,897 | $ | 2,019 | |||||||||
Company_Overview_Additional_In
Company Overview - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | |
Date of incorporation | 10-Feb-98 | ' | |
Cash, cash equivalents and marketable securities | $45,500,000 | ' | |
Accumulated deficit | ($472,518,000) | ($445,097,000) | [1] |
Maturity limits period | '18 months | ' | |
Dollars weighted average maturity limit period | '9 months | ' | |
[1] | The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Segment | |
Accounting Policies [Abstract] | ' |
Number of reportable segment | 1 |
Fair value of investments denominated in Euros | $4.60 |
Loss_per_Common_Share_Computat
Loss per Common Share - Computation of Basic and Diluted Loss per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net loss-basic | ($7,607) | ($17,396) | ($27,421) | ($39,899) |
Adjustment for change in fair value of warrant liability | -722 | ' | ' | ' |
Net loss-diluted | ($8,329) | ($17,396) | ($27,421) | ($39,899) |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding-basic | 51,698 | 47,398 | 51,639 | 47,049 |
Dilutive effect of warrants | 1,573 | ' | ' | ' |
Weighted-average common shares outstanding-diluted | 53,271 | 47,398 | 51,639 | 47,049 |
Net loss per common share: | ' | ' | ' | ' |
Basic | ($0.15) | ($0.37) | ($0.53) | ($0.85) |
Diluted | ($0.16) | ($0.37) | ($0.53) | ($0.85) |
Loss_per_Common_Share_Schedule
Loss per Common Share - Schedule of Potential Common Shares Issuable Pursuant to Outstanding Securities Excluded from Computation of Diluted Loss per Common Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Outstanding securities not included in calculations | 14,390 | 17,354 | 17,508 | 17,354 |
Warrants to purchase shares of common stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Outstanding securities not included in calculations | 6,878 | 11,087 | 9,996 | 11,087 |
Options to purchase shares of common stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Outstanding securities not included in calculations | 7,512 | 6,267 | 7,512 | 6,267 |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Company's Financial Assets Measured on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Available-for-sale securities, Amortized Cost | $38,213 | $70,646 | |
Available-for-sale securities, Gross Unrealized Gains | 11 | 44 | |
Available-for-sale securities, Gross Unrealized Losses | -2 | -6 | |
Available-for-sale securities, Estimated Fair Value | 38,222 | 70,684 | |
Less amounts classified as cash equivalents, Amortized Cost | -14,456 | -14,397 | |
Less amounts classified as cash equivalents Gross, Unrealized Gains | ' | ' | |
Less amounts classified as cash equivalents Gross, Unrealized Losses | ' | ' | |
Less amounts classified as cash equivalents, Estimated Fair Value | -14,456 | -14,397 | |
Amounts classified as marketable securities, Amortized Cost | 23,757 | 56,249 | |
Amounts classified as marketable securities, Gross Unrealized Gains | 11 | 44 | |
Amounts classified as marketable securities, Gross Unrealized Losses | -2 | -6 | |
Amounts classified as marketable securities, Estimated Fair Value | 23,766 | 56,287 | [1] |
Level 2 [Member] | Foreign corporate debt obligations [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Available-for-sale securities, Amortized Cost | 4,629 | 4,501 | |
Available-for-sale securities, Gross Unrealized Gains | ' | ' | |
Available-for-sale securities, Gross Unrealized Losses | -1 | -4 | |
Available-for-sale securities, Estimated Fair Value | 4,628 | 4,497 | |
Level 2 [Member] | U.S. corporate debt obligations [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Available-for-sale securities, Amortized Cost | 11,036 | 7,156 | |
Available-for-sale securities, Gross Unrealized Gains | 3 | ' | |
Available-for-sale securities, Gross Unrealized Losses | -1 | -2 | |
Available-for-sale securities, Estimated Fair Value | 11,038 | 7,154 | |
Money market funds [Member] | Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Available-for-sale securities, Amortized Cost | 12,956 | 14,397 | |
Available-for-sale securities, Gross Unrealized Gains | ' | ' | |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | |
Available-for-sale securities, Estimated Fair Value | 12,956 | 14,397 | |
U.S commercial paper [Member] | Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Available-for-sale securities, Amortized Cost | 9,592 | 44,592 | |
Available-for-sale securities, Gross Unrealized Gains | 8 | 44 | |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | |
Available-for-sale securities, Estimated Fair Value | $9,600 | $44,636 | |
[1] | The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Financial_Instruments_Summary_
Financial Instruments - Summary of Available-for-Sale Securities in Unrealized Loss Position (Detail) (U.S. corporate debt obligations [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
U.S. corporate debt obligations [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Gross Unrealized Losses | $2 |
Estimated Fair Value | $7,714 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Sales of available-for-sale securities | $0 | $0 |
Financial_Instruments_Summary_1
Financial Instruments - Summary of Assumptions and Estimated Fair Value of Company's Financial Liabilities Measured on Recurring Basis (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Inputs and assumptions: | ' | ' | |
Fair market value of Company's common stock | $4.96 | $4.20 | |
Exercise price | 2.52 | 2.52 | |
Expected term (years) | '2 years | '2 years 9 months 18 days | |
Expected volatility | 67.80% | 78.70% | |
Risk-free interest rate | 0.30% | 0.30% | |
Expected dividend yield | 0.00% | 0.00% | |
Fair value: | ' | ' | |
Estimated fair value per warrant share | $2.90 | $2.59 | |
Shares underlying outstanding warrants classified as liabilities | 3,118 | 3,118 | |
Total estimated fair value of outstanding warrants | $9,054 | $8,070 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Financial_Instruments_Summary_2
Financial Instruments - Summary of Changes in Fair Value of Company's Level 3 Financial Liabilities (Detail) (Warrant Liability [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Warrant Liability [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Balance as of December 31, 2012 | $8,070 |
Change in fair value of warrant liability | 984 |
Balance as of September 30, 2013 | $9,054 |
Royalty_Agreement_Additional_I
Royalty Agreement - Additional Information (Detail) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 |
Royalty Agreements [Member] | Royalty Agreement Terms [Member] | Royalty Agreement Terms [Member] | |
Royalty Agreement [Line Items] | ' | ' | ' |
Royalty Agreement date | ' | 29-Mar-12 | ' |
Acquisition price of revenue participation right | ' | ' | $25 |
Fair value of warrants issued in connection with royalty agreement | $3.10 | ' | ' |
Date of acquisition of revenue participation right | 18-Sep-12 | ' | ' |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Oct. 31, 2011 | Sep. 30, 2013 | Oct. 31, 2011 | Oct. 18, 2011 | Sep. 30, 2012 | Oct. 18, 2011 |
Tranches | Notes payable [Member] | Tranche one [Member] | Tranche one [Member] | Tranche two [Member] | Tranche two [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing Capacity | ' | $25 | ' | $10 | ' | $15 | ' |
Number of tranches for maximum borrowing | 2 | ' | ' | ' | ' | ' | ' |
Line of credit facility final payment percentage | ' | ' | ' | ' | 3.75% | ' | 3.75% |
Interest rate on the note payable, including amortization of debt discounts and accretion | ' | ' | 13.90% | ' | ' | ' | ' |
Aggregate amount drawn due date | 1-Oct-15 | ' | ' | ' | ' | ' | ' |
Notes_Payable_Summary_of_Futur
Notes Payable - Summary of Future Minimum Payments Under Loan Agreement (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | |
Notes payable, balance | $20,049 | ' | |
Current portion of notes payable | -8,750 | -6,610 | [1] |
Non-current portion of notes payable | 11,299 | 17,651 | [1] |
Notes payable [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
2013 | 2,644 | ' | |
2014 | 10,577 | ' | |
2015 | 8,814 | ' | |
Total minimum payments | 22,035 | ' | |
Less amount representing interest | -2,006 | ' | |
Notes payable, gross | 20,029 | ' | |
Unamortized discount on notes payable | -544 | ' | |
Accretion of final payment | $564 | ' | |
[1] | The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Aug. 11, 2011 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 |
Controlled Equity Offering Facilities [Member] | Controlled Equity Offering Facilities [Member] | Controlled Equity Offering Facilities [Member] | Controlled Equity Offering Facilities [Member] | Controlled Equity Offering Facilities [Member] | Additional Controlled Equity Offerings Facilities Amended [Member] | |
Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Issuance of common stock, offering value | ' | $20 | ' | ' | ' | ' |
Common stock sales agreement, date | 11-Aug-11 | ' | ' | ' | ' | ' |
Increase in aggregate controlled equity offering agreement as per amendment | ' | ' | ' | ' | ' | 30 |
Issuance of common stock, commission percentage | ' | ' | ' | ' | ' | 3.00% |
Common stock sales agreement amended, date | 10-Apr-13 | ' | ' | ' | ' | ' |
Common stock, shares sold | ' | ' | 1,426,576 | ' | 925,843 | ' |
Common stock price per share | ' | ' | $4.75 | ' | $5.06 | ' |
Proceeds from issuance of common stock through controlled equity offering facilities, gross | ' | ' | 6.8 | ' | 4.7 | ' |
Proceeds from issuance of common stock through controlled equity offering facilities, net | ' | ' | 6.6 | ' | 4.5 | ' |
Issuance of common stock, remaining offering value | $27.10 | ' | ' | $22.40 | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Company's Stock-based Awards (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation, Allocation and Classification in Financial Statements | ' | ' | ' | ' |
Total stock-based compensation expense | $1,033 | $874 | $2,897 | $2,019 |
Employee stock-based compensation expense [Member] | ' | ' | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements | ' | ' | ' | ' |
Total stock-based compensation expense | 930 | 659 | 2,688 | 1,762 |
Non-employee stock-based compensation expense [Member] | ' | ' | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements | ' | ' | ' | ' |
Total stock-based compensation expense | 103 | 215 | 209 | 257 |
Research and development [Member] | ' | ' | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements | ' | ' | ' | ' |
Total stock-based compensation expense | 402 | 300 | 1,202 | 733 |
General and administrative [Member] | ' | ' | ' | ' |
Share-based Compensation, Allocation and Classification in Financial Statements | ' | ' | ' | ' |
Total stock-based compensation expense | $528 | $359 | $1,486 | $1,029 |