Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 12, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PTIE | ' | ' |
Entity Registrant Name | 'PAIN THERAPEUTICS INC | ' | ' |
Entity Central Index Key | '0001069530 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 45,510,038 | ' |
Entity Public Float | ' | ' | $82,913,105 |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $48,588 | $49,355 |
Marketable securities | 1,250 | 6,899 |
Other current assets | 265 | 253 |
Total current assets | 50,103 | 56,507 |
Other assets | ' | 352 |
Total assets | 50,103 | 56,859 |
Current liabilities: | ' | ' |
Accounts payable | 445 | 361 |
Accrued development expense | 641 | 929 |
Deferred program fee revenue - current portion | ' | 7,832 |
Accrued compensation and benefits | 712 | 853 |
Other current liabilities | 3 | 24 |
Total current liabilities | 1,801 | 9,999 |
Non-current liabilities: | ' | ' |
Deferred program fee revenue - non-current portion | ' | 33,287 |
Deferred tax liabilities | ' | 437 |
Total liabilities | 1,801 | 43,723 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding | ' | ' |
Common stock, $.001 par value; 120,000,000 shares authorized; 45,510,038 and 45,326,940 shares issued and outstanding at December 31, 2013 and 2012, respectively | 45 | 45 |
Additional paid-in-capital | 152,363 | 148,738 |
Accumulated other comprehensive income | 1 | 4 |
Accumulated deficit | -104,107 | -135,651 |
Total stockholders' equity | 48,302 | 13,136 |
Total liabilities and stockholders' equity | $50,103 | $56,859 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 45,510,038 | 45,326,940 |
Common stock, shares outstanding | 45,510,038 | 45,326,940 |
Statements_Of_Operations
Statements Of Operations (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' |
Program fee revenue | $41,119,000 | $10,641,000 | $10,897,000 |
Collaboration revenue | ' | 249,000 | 587,000 |
Total revenue | 41,119,000 | 10,890,000 | 11,484,000 |
Operating expenses: | ' | ' | ' |
Research and development | 4,917,000 | 7,605,000 | 8,300,000 |
General and administrative | 4,837,000 | 7,182,000 | 6,698,000 |
Total operating expenses | 9,754,000 | 14,787,000 | 14,998,000 |
Operating income (loss) | 31,365,000 | -3,897,000 | -3,514,000 |
Interest and other income, net | 106,000 | 451,000 | 901,000 |
Income (loss) before provision for (benefit from) income taxes | 31,471,000 | -3,446,000 | -2,613,000 |
Provision for (benefit from) income taxes | -73,000 | 0 | 0 |
Net income (loss) | $31,544,000 | ($3,446,000) | ($2,613,000) |
Net income (loss) per share | ' | ' | ' |
Basic | $0.70 | ($0.08) | ($0.06) |
Diluted | $0.70 | ($0.08) | ($0.06) |
Weighted-average shares used in computing net income (loss) per share | ' | ' | ' |
Basic | 45,007 | 44,753 | 44,160 |
Diluted | 45,208 | 44,753 | 44,160 |
Statements_Of_Comprehensive_In
Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income (loss) | $31,544 | ($3,446) | ($2,613) |
Other comprehensive loss: | ' | ' | ' |
Net unrealized losses on marketable securities | -3 | -124 | -397 |
Comprehensive income (loss) | $31,541 | ($3,570) | ($3,010) |
Statements_Of_Stockholders_Equ
Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | $43 | $161,957 | $525 | ($129,592) | $32,933 |
Balance, Shares at Dec. 31, 2010 | 42,910,164 | ' | ' | ' | ' |
Issuance of common stock pursuant to exercise of stock options and awards, net of taxes paid on net issuance of stock options and awards | 2 | 8,908 | ' | ' | 8,910 |
Issuance of common stock pursuant to exercise of stock options and awards, net of taxes paid on net issuance of stock options and awards, shares | 1,781,769 | ' | ' | ' | ' |
Issuance of common stock related to employee stock purchase plan | ' | 122 | ' | ' | 122 |
Issuance of common stock related to employee stock purchase plan, shares | 40,084 | ' | ' | ' | ' |
Compensation with respect to non-employee option grants | ' | 60 | ' | ' | 60 |
Compensation with respect to employee option grants and share based awards | ' | 5,378 | ' | ' | 5,378 |
Other comprehensive loss | ' | ' | -397 | ' | -397 |
Net loss | ' | ' | ' | -2,613 | -2,613 |
Balance at Dec. 31, 2011 | 45 | 176,425 | 128 | -132,205 | 44,393 |
Balance, Shares at Dec. 31, 2011 | 44,732,017 | ' | ' | ' | ' |
Issuance of common stock pursuant to exercise of stock options and awards, net of taxes paid on net issuance of stock options and awards | ' | -366 | ' | ' | -366 |
Issuance of common stock pursuant to exercise of stock options and awards, net of taxes paid on net issuance of stock options and awards, shares | 574,370 | ' | ' | ' | ' |
Issuance of common stock related to employee stock purchase plan | ' | 64 | ' | ' | 64 |
Issuance of common stock related to employee stock purchase plan, shares | 20,553 | ' | ' | ' | ' |
Compensation with respect to non-employee option grants | ' | 75 | ' | ' | 75 |
Compensation with respect to employee option grants and share based awards | ' | 6,535 | ' | ' | 6,535 |
Non-dividend cash distribution of $0.75 per share | ' | -33,995 | ' | ' | -33,995 |
Other comprehensive loss | ' | ' | -124 | ' | -124 |
Net loss | ' | ' | ' | -3,446 | -3,446 |
Balance at Dec. 31, 2012 | 45 | 148,738 | 4 | -135,651 | 13,136 |
Balance, Shares at Dec. 31, 2012 | 45,326,940 | ' | ' | ' | ' |
Issuance of common stock pursuant to exercise of stock options and awards, net of taxes paid on net issuance of stock options and awards | ' | 492 | ' | ' | 492 |
Issuance of common stock pursuant to exercise of stock options and awards, net of taxes paid on net issuance of stock options and awards, shares | 166,635 | ' | ' | ' | 287,449 |
Issuance of common stock related to employee stock purchase plan | ' | 32 | ' | ' | 32 |
Issuance of common stock related to employee stock purchase plan, shares | 16,463 | ' | ' | ' | ' |
Compensation with respect to non-employee option grants | ' | 95 | ' | ' | 95 |
Compensation with respect to employee option grants and share based awards | ' | 3,006 | ' | ' | 3,006 |
Other comprehensive loss | ' | ' | -3 | ' | -3 |
Net loss | ' | ' | ' | 31,544 | 31,544 |
Balance at Dec. 31, 2013 | $45 | $152,363 | $1 | ($104,107) | $48,302 |
Balance, Shares at Dec. 31, 2013 | 45,510,038 | ' | ' | ' | ' |
Statements_Of_Stockholders_Equ1
Statements Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Statements Of Stockholders' Equity [Abstract] | ' |
Non-dividend cash distribution, per share | $0.75 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows used in operating activities: | ' | ' | ' |
Net income (loss) | $31,544 | ($3,446) | ($2,613) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Deferred program fee revenue | -41,119 | -10,641 | -10,897 |
Non-cash stock based compensation | 3,101 | 6,610 | 5,428 |
Depreciation and amortization | ' | 122 | 163 |
Non-cash net interest income | -10 | 342 | 1,141 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivables | ' | ' | 7,114 |
Other current assets | -12 | 105 | -214 |
Other non-current assets | 352 | ' | 74 |
Accounts payable | 84 | -103 | -643 |
Accrued development expense | -288 | 15 | 656 |
Accrued compensation and benefits | -141 | -62 | -797 |
Excess tax benefits from equity-based compensation plans | ' | -57 | 339 |
Other accrued liabilities | -21 | -58 | -15 |
Deferred tax liabilities | -437 | 2 | 4 |
Net cash used in operating activities | -6,947 | -7,171 | -260 |
Cash flows provided by investing activities: | ' | ' | ' |
Purchases of marketable securities | -6,644 | -20,768 | -2,497 |
Maturities of marketable securities | 12,300 | 38,390 | 62,400 |
Net cash provided by investing activities | 5,656 | 17,622 | 59,903 |
Cash flows provided by (used in) financing activities: | ' | ' | ' |
Nondividend distribution | ' | -33,995 | ' |
Excess tax benefits from equity-based compensation plans | ' | 57 | -339 |
Proceeds from issuance of common stock, net | 524 | -302 | 9,042 |
Net cash provided by (used in) financing activities | 524 | -34,240 | 8,703 |
Net increase (decrease) in cash and cash equivalents | -767 | -23,789 | 68,346 |
Cash and cash equivalents at beginning of the period | 49,355 | 73,144 | 4,798 |
Cash and cash equivalents at end of the period | $48,588 | $49,355 | $73,144 |
General
General | 12 Months Ended |
Dec. 31, 2013 | |
General [Abstract] | ' |
General | ' |
1. General | |
We are a biopharmaceutical company that develops novel drugs. Our lead drug candidate is called REMOXY® (oxycodone) Extended-Release Capsules CII. REMOXY is a strong painkiller with a unique formulation designed to reduce potential risks of unintended use. REMOXY and three other abuse-resistant painkillers are being developed pursuant to the collaboration agreement and license agreement, or the Pfizer Agreements, between us and King Pharmaceuticals, Inc., a subsidiary of Pfizer, Inc., or Pfizer. | |
In the course of our development activities, we have sustained cumulative operating losses. There are no assurances that additional financing will be available on favorable terms, or at all. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Summary Of Significant Accounting Policies | ' | ||||||||
2. Summary of Significant Accounting Policies | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. Actual results could differ from those estimates. | |||||||||
Revenue Recognition and Deferred Program Fee Revenue | |||||||||
Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collection is reasonably assured. | |||||||||
We and Pfizer have a strategic alliance to develop and commercialize REMOXY and up to three other opioid painkillers designed to reduce potential risks of unintended use. In connection with the strategic alliance, we recognize program fee revenue, collaboration revenue and milestone revenue. Program fee revenue is derived from upfront payments under the Pfizer Agreements, including the $150.0 million paid to us at the beginning of the strategic alliance and the $5.0 million we received in July 2010 in connection with an amendment the Pfizer Agreements. Through the end of the third quarter of 2013, these payments were recognized from receipt ratably over our estimate of the development period for the fourth of four drug candidates expected to be developed under the Pfizer Agreements. In October 2013, we and Pfizer amended the Pfizer Agreements to focus on REMOXY. As a result of the amendment, we no longer have any substantive responsibilities for development activities pursuant to the Pfizer Agreements and we recognized all remaining deferred program fee revenue as program fee revenue during the fourth quarter of 2013. | |||||||||
Collaboration revenues from reimbursement of development expenses are generally recognized when Pfizer has completed its review of the expenses invoiced to them. | |||||||||
We recognize milestone payments from Pfizer as revenue when we achieve the underlying developmental milestone as the milestone payments are not dependent upon any other future activities or achievement of any other future milestones and the achievement of each of the developmental milestones were substantively at risk and contingent at the effective date of the collaboration. Substantial effort is involved in achieving each of the developmental milestones. These milestones represent the culmination of discrete earnings processes and the amount of each milestone payment is reasonable in relation with the level of effort associated with the achievement of the milestone. Each milestone payment is non-refundable and non-creditable when made. The ongoing research and development services being provided to Pfizer under the collaboration are priced at fair value based upon the reimbursement of expenses incurred pursuant to the collaboration with Pfizer. | |||||||||
Cash, Cash Equivalents and Concentration of Credit Risk | |||||||||
We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of cash maintained at two financial institutions and in money market funds. We believe the financial risks associated with these instruments are minimal. We have not incurred material losses from our investments in these securities. | |||||||||
Marketable Securities and Fair Value Measurements | |||||||||
We invest in interest bearing marketable securities, generally consisting of corporate and government securities. We may elect to sell these investments before they mature. Therefore, we hold these investments as “available for sale” and include these investments in our balance sheets as current assets, even though the contractual maturity of a particular investment may be beyond one year. We report our marketable securities at fair value, which may include unrealized gains and losses. Our unrealized gains and losses on investments are recorded as a separate component of stockholders’ equity as accumulated other comprehensive income or loss. We recognize all realized gains and losses on our available-for-sale securities in interest income in the accompanying statement of operations on a specific identification basis. Our marketable securities are maintained at one financial institution and are governed by our investment policy as approved by our Board of Directors. | |||||||||
To date we have not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. We would recognize an impairment charge when the decline in the estimated fair value of a marketable security below the amortized cost is determined to be other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than our amortized cost, any adverse changes in the investees’ financial condition and our intent to sell or whether it is more likely than not that we would be required to sell the marketable security before its anticipated recovery. | |||||||||
We measure our cash equivalents and marketable securities at fair value on a recurring basis and have significant observable inputs where there are identical or comparable assets in the market to use in establishing our fair value measurements. We use significant observable inputs that include but are not limited to benchmark yields, reported trades, broker/dealer quotes and issuer spreads. We consider these inputs to be Level 2 inputs. Generally, the types of instruments we invest in are not traded on a market such as the NASDAQ Global Market, which we would consider to be Level 1 inputs. We do not have any investments that would require inputs considered to be Level 3. We use the bid price to establish fair value. | |||||||||
Business Segments | |||||||||
We report segment information based on how we internally evaluate the operating performance of our business units, or segments. Our operations are confined to one business segment: the development of novel drugs. | |||||||||
Stock-based Compensation | |||||||||
We recognize non-cash expense in the statement of operations for the fair value of all share-based payments, including grants of employee stock options and other share based awards. For stock options, we use the Black-Scholes option valuation model and the single-option award approach and straight-line attribution method. Using this approach, the compensation cost is amortized on a straight-line basis over the vesting period of each respective stock option, generally four years. | |||||||||
We have granted share-based awards that vest upon achievement of certain performance criteria, or Performance Awards. The value of these awards is the product of the number of shares of our common stock to be issued under the award multiplied by the fair market value of a share of our common stock on the date of grant. These awards include future performance conditions. We estimate an implicit service period for achieving these performance conditions. Performance Awards vest and common stock is issued on achieving performance conditions. We recognize non-cash stock-based compensation expense for Performance Awards when we conclude that achieving a performance condition is probable. We periodically review and update as appropriate our estimates of the implicit service periods and the likelihood of achieving the performance conditions. | |||||||||
Net Loss per Share | |||||||||
Basic net loss per share is computed on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options and warrants. The numerators and denominators in the calculation of basic and diluted net loss per share were as follows (in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Numerator: | |||||||||
Net income (loss) | $ | 31,544 | $ | -3,446 | $ | -2,613 | |||
Denominator: | |||||||||
Weighted-average shares used to compute basic net income (loss) per share | 45,007 | 44,753 | 44,160 | ||||||
Effect of dilutive securities - Dilution from employee stock plans | 201 | — | — | ||||||
Weighted-average shares used to compute diluted net income (loss) per share | 45,208 | 44,753 | — | 44,160 | |||||
Net income (loss) per share - Basic | $ | 0.70 | $ | -0.08 | $ | -0.06 | |||
Net income (loss) per share - Diluted | $ | 0.70 | $ | -0.08 | $ | -0.06 | |||
We excluded weighted options outstanding to purchase common stock of 13.5 million for 2013, 13.2 million for 2012 and 13.7 million for 2011 from the calculation of diluted net loss per share because the effect of including these shares in this calculation would be anti-dilutive. | |||||||||
Income Taxes | |||||||||
We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income or loss for each full fiscal year. We have accumulated significant deferred tax assets. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these net deferred tax assets with a valuation allowance. We may in the future determine that more of our deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the quarter in which such determination is made. If the valuation allowance is reduced, we may recognize a benefit from income taxes in our statement of operations in that period. We classify interest and penalties recognized related to uncertain tax positions as interest expense. | |||||||||
Recent Accounting Pronouncements | |||||||||
We reviewed recently issued accounting pronouncements and plan to adopt those that are applicable to us. We do not expect the adoption of these pronouncements to have a material impact on our financial position, results of operations or cash flows. | |||||||||
Collaboration_Agreements
Collaboration Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Collaboration Agreements [Abstract] | ' |
Collaboration Agreements | ' |
3. Collaboration Agreements | |
Pfizer, Inc. | |
Our strategic alliance with Pfizer, as amended, includes a collaboration agreement and a license agreement to develop and commercialize REMOXY. We received a $150.0 million upfront fee in connection with the closing of this strategic alliance and $5.0 million in July 2010 in connection with an amendment to this strategic alliance. As of December 31, 2013, all of these payments had been recognized as program fee revenue, including $41.1 million in 2013, $10.6 million in 2012 and $10.9 million in 2011. | |
In addition, Pfizer has funded development expenses incurred by us pursuant to the collaboration agreement, of which we recorded as collaboration revenue $0.2 million in 2012 and $0.6 million in 2011. Pfizer is obligated to fund the commercialization expenses of, and has the exclusive right to market and sell, REMOXY. The royalty rate for net sales of REMOXY in the United States is 20%, except as to the first $1.0 billion in cumulative net sales in the United States, for which the royalty is set at 15%. The royalty rate for net sales of REMOXY outside the United States is 10% on net sales. | |
Durect Corporation | |
We have an exclusive, worldwide licensing agreement with Durect Corporation to use a patented technology that forms the basis for certain drug candidates, including REMOXY. We have sub-licensed to Pfizer certain rights to develop and to commercialize REMOXY. Under the agreement with Durect, we control all of the preclinical, clinical, commercial manufacturing and sales/marketing activities for REMOXY and other abuse-resistant opioid painkillers. We reimburse Durect for formulation and related work, and will make milestone payments based on the achievement of certain technical, clinical or regulatory milestones. We also are responsible to pay Durect royalties on any related drug sales. Pfizer is obligated to reimburse us for costs we incur under the agreement with Durect for REMOXY, including royalties. | |
Cash_And_Cash_Equivalents_And_
Cash And Cash Equivalents And Marketable Securities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Cash And Cash Equivalents And Marketable Securities [Abstract] | ' | ||||||||||||||||||
Cash And Cash Equivalents And Marketable Securities | ' | ||||||||||||||||||
4. Cash and Cash Equivalents and Marketable Securities | |||||||||||||||||||
Cash, cash equivalents and marketable securities held as available-for-sale consisted of the following (in thousands): | |||||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | |||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | Accrued Interest | Total Value | ||||||||||||||
31-Dec-13 | |||||||||||||||||||
Cash and cash equivalents | $ | 48,587 | $ | 1 | $ | — | $ | 48,588 | $ | — | $ | 48,588 | |||||||
Commercial paper | 1,250 | — | — | 1,250 | — | 1,250 | |||||||||||||
$ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | ||||||||
Reported as: | |||||||||||||||||||
Cash and cash equivalents | $ | 48,587 | $ | 1 | $ | — | $ | 48,588 | $ | — | $ | 48,588 | |||||||
Marketable securities | 1,250 | — | — | 1,250 | — | 1,250 | |||||||||||||
$ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | ||||||||
Maturities: | |||||||||||||||||||
Matures in one year or less | $ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | |||||||
Matures one to three years | — | — | — | — | — | — | |||||||||||||
$ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | ||||||||
31-Dec-12 | |||||||||||||||||||
Cash and cash equivalents | $ | 49,352 | $ | 3 | $ | — | $ | 49,355 | $ | — | $ | 49,355 | |||||||
Corporate securities | $ | 6,898 | 1 | — | 6,899 | — | 6,899 | ||||||||||||
$ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | ||||||||
Reported as: | |||||||||||||||||||
Cash and cash equivalents | $ | 49,352 | $ | 3 | $ | — | $ | 49,355 | $ | — | $ | 49,355 | |||||||
Marketable securities | 6,898 | 1 | — | 6,899 | — | 6,899 | |||||||||||||
$ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | ||||||||
Maturities: | |||||||||||||||||||
Matures in one year or less | $ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | |||||||
Matures one to three years | — | — | — | — | — | — | |||||||||||||
$ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | ||||||||
To date we have not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. Our realized gains and losses on our marketable securities were immaterial in 2013, 2012 and 2011. | |||||||||||||||||||
Our assets measured at fair value were (in thousands): | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Cash and money market fund | $ | 48,588 | $ | — | $ | — | $ | 48,588 | |||||||||||
Commercial paper | — | 1,250 | — | 1,250 | |||||||||||||||
$ | 48,588 | $ | 1,250 | $ | — | $ | 49,838 | ||||||||||||
31-Dec-12 | |||||||||||||||||||
Cash and money market fund | $ | 1,817 | $ | — | $ | — | $ | 1,817 | |||||||||||
Corporate securities | — | 54,437 | — | 54,437 | |||||||||||||||
$ | 1,817 | $ | 54,437 | $ | — | $ | 56,254 | ||||||||||||
Property_And_Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2013 | |
Property And Equipment [Abstract] | ' |
Property And Equipment | ' |
5. Property and Equipment | |
Property and equipment at December 31, 2013 and 2012 consisted of furniture and equipment with a purchase value of $0.6 million. All of our property and equipment was fully depreciated prior to December 31, 2012. Depreciation and amortization expense was $0.1 million in 2012 and $0.2 million in 2011. | |
Stockholders_Equity_And_StockB
Stockholders' Equity And Stock-Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | |||||||||||||||||
Stockholders' Equity And Stock-Based Compensation | ' | |||||||||||||||||
6. Stockholders' Equity and Stock-Based Compensation | ||||||||||||||||||
Preferred Stock | ||||||||||||||||||
Our Board of Directors has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges, restrictions and the number of shares constituting any series or the designation of the series. | ||||||||||||||||||
We have a stockholder rights plan, or the Rights Plan, designed to guard against partial tender offers and other coercive tactics to gain control of the Company without offering a fair and adequate price and terms to all of the Company’s stockholders. Pursuant to the Rights Plan, our Board of Directors declared and paid a dividend of one right to purchase one one-thousandth share of our Series A Participating Preferred Stock for each outstanding share of our common stock. Each of these rights entitles the registered holder to purchase from us one one-thousandth of a share of Series A Preferred at an exercise price of $40.00, subject to adjustment at any time. In 2013, we amended certain terms of the Rights Plan, primarily to provide for certain mechanical and procedural adjustments. | ||||||||||||||||||
2008 Equity Incentive Plan | ||||||||||||||||||
Under our 2008 Equity Incentive Plan, or 2008 Equity Plan, our employees, directors and consultants may receive share-based awards, including grants of stock options and Performance Awards. Our Board of Directors or a designated Committee of the Board is responsible for administration of the 2008 Equity Plan and determines the terms and conditions of each option granted, consistent with the terms of the plan. | ||||||||||||||||||
Stock options generally expire ten years from the date of grant. Cancelled options become available for reissuance. Shares reserved for issuance and available for grant under the 2008 Equity Incentive Plan were 4.8 million as of December 31, 2013. The 2008 Equity Plan terminates in 2018. | ||||||||||||||||||
The 2008 Equity Plan also provides for the automatic grant of options to purchase shares of common stock to outside directors. On the date of each annual stockholders’ meeting, each outside director is automatically granted an option to purchase 50,000 shares of common stock. The term of these options is ten years, the exercise price is 100% of the fair market value of the stock on the date of grant, and the option becomes exercisable as to 25% of the shares on the anniversary of its date of grant provided the optionee continues to serve as a director on such dates. | ||||||||||||||||||
When stock options or Performance Awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled and returned to the 2008 Equity Plan. We then use our cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
The following summarizes information about stock option activity during 2013: | ||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||
In years | In millions | |||||||||||||||||
Outstanding as of December 31, 2012 | 15,519,562 | $ | 4.27 | 5 | $ | 0.2 | ||||||||||||
Granted | 1,870,000 | $ | 2.44 | |||||||||||||||
Exercised | -287,449 | $ | 3.98 | |||||||||||||||
Cancelled | -968,220 | $ | 4.25 | |||||||||||||||
Outstanding as of December 31, 2013 | 16,133,893 | $ | 4.06 | 5 | $ | 16.3 | ||||||||||||
Vested and expected to vest at December 31, 2013 | 16,133,893 | $ | 4.06 | 5 | $ | 16.3 | ||||||||||||
Exercisable at December 31, 2013 | 12,791,698 | $ | 4.24 | 4 | $ | 10.3 | ||||||||||||
The pre-tax intrinsic value of options exercised, calculated by multiplying options exercised by the difference between our stock price on the date of exercise and the exercise price of the options, was approximately $0.2 million in 2013, immaterial in 2012 and $5.9 million in 2011. | ||||||||||||||||||
The following summarizes information about stock options outstanding at December 31, 2013 by a range of exercise prices: | ||||||||||||||||||
Options outstanding | Options exercisable | |||||||||||||||||
Weighted | ||||||||||||||||||
average | Weighted | Weighted | ||||||||||||||||
Number of | remaining | average | Number of | average | ||||||||||||||
Range of exercise prices | outstanding | contractual | exercise | vested | exercise | |||||||||||||
From | To | options | life (in years) | price | options | price | ||||||||||||
$ | 2.33 | $ | 2.8 | 3,241,253 | 7.8 | $ | 2.49 | 1,531,894 | $ | 2.55 | ||||||||
$ | 2.89 | $ | 3.41 | 4,320,747 | 5.5 | $ | 3.23 | 3,169,166 | $ | 3.22 | ||||||||
$ | 3.49 | $ | 4.69 | 3,239,249 | 2.9 | $ | 4.41 | 3,199,031 | $ | 4.42 | ||||||||
$ | 4.75 | $ | 4.88 | 3,716,638 | 3 | $ | 4.84 | 3,716,638 | $ | 4.84 | ||||||||
$ | 4.9 | $ | 7.65 | 1,616,006 | 6.3 | $ | 6.96 | 1,174,969 | $ | 6.77 | ||||||||
16,133,893 | 5 | $ | 4.06 | 12,791,698 | $ | 4.24 | ||||||||||||
We use Black-Scholes to estimate the fair value of options granted. Black-Scholes considers a number of factors, including the market price of our common stock. For options granted to employees and directors, we used certain factors to value each stock option granted, which resulted in a weighted average fair value of options granted during 2013, 2012 and 2011, as follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Volatility | 58% to 64% | 56% to 64% | 50% to 60% | |||||||||||||||
Risk-free interest rates | 1% to 2% | 1% | 1% to 3% | |||||||||||||||
Expected life of option | 7 years | 6 years | 6 years | |||||||||||||||
Dividend yield | zero | zero | zero | |||||||||||||||
Forfeiture rate | zero | 7% | 6% | |||||||||||||||
Weighted average fair value of stock options granted | $1.54 | $1.70 | $4.68 | |||||||||||||||
Volatility is based on reviews of the historical volatility of our common stock. Risk-free interest rates are based on yields of U.S. treasury notes in effect at the date of grant. Expected life of option is based on actual historical option exercises. Dividend yield is zero because we do not anticipate paying cash dividends in the foreseeable future. We estimate forfeitures and adjust this estimate periodically based in part on the extent to which actual forfeitures differ from our estimates. | ||||||||||||||||||
For options granted to non-employees, we estimate the fair value of stock options granted using factors similar to those used for stock options granted to employees and directors and appropriate for the terms underlying the stock options granted to non-employees. We re-measure the compensation expense for options granted to non-employees each reporting period. | ||||||||||||||||||
As of December 31, 2013, we expect to recognize compensation costs of $16.3 million related to non-vested options over the weighted average remaining recognition period of 2.5 years. | ||||||||||||||||||
Performance Awards | ||||||||||||||||||
At December 31, 2013, we have outstanding 3,250,065 shares of Performance Awards. We did not grant, issue via exercise or cancel any Performance Awards during 2013. If and when these Performance Awards vest, we would recognize $7.7 million in non-cash stock-based compensation. The modifications to outstanding Performance Awards in 2013 decreased the amount we would recognize if and when these Performance Awards vest by $3.5 million. These Performance Awards expire in 2022. If Performance Awards expire, the underlying shares return to the 2008 Equity Incentive Plan. | ||||||||||||||||||
2000 Employee Stock Purchase Plan | ||||||||||||||||||
Under the amended and restated 2000 Employee Stock Purchase Plan, or the Purchase Plan, eligible employees may purchase common stock through payroll deductions of up to 15% of the employee’s compensation. In May 2013, we issued 16,463 shares pursuant to the Purchase Plan. | ||||||||||||||||||
The purchase price of the stock under the Purchase Plan is generally 85% of the lower of the fair market value of the common stock at the beginning of the offering period or at the end of the purchase period. We use Black-Scholes to estimate the fair value of rights granted under the Purchase Plan, using assumptions similar to those used in determining the fair value of options. Stock based compensation costs related to the Purchase Plan was immaterial in 2013. | ||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||
Our non-cash stock-based compensation was $3.1 million in 2013, $6.6 million in 2012 and $5.4 million in 2011. In 2013, we modified outstanding share-based awards to provide for full acceleration of vesting in the event that a plan participant has their service provider status with the Company terminated by the Company (or any successor entity) without cause or terminated by such participant for good reason at any time following a change in control of the Company. As a result of these modifications, the amount of stock-based compensation we recognized in 2013 was reduced by an immaterial amount. | ||||||||||||||||||
Employee_401k_Benefit_Plan
Employee 401(k) Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Employee 401(k) Benefit Plan [Abstract] | ' |
Employee 401(k) Benefit Plan | ' |
7. Employee 401(k) Benefit Plan | |
We have a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees. Employees are eligible to participate in the plan the first day of the month after hire and may contribute up to the current statutory limits under Internal Revenue Service regulations. The 401(k) plan permits us to make additional matching contributions on behalf of all employees. Through December 31, 2013, we have not made any matching contributions. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
8. Income Taxes | ||||||||||
We recorded a non-cash benefit from income taxes in 2013 related to previously unrecognized tax benefits for use of certain research and development tax credits in 2006. Other than this benefit, we did not provide for income taxes in 2013 as a result of we had a net operating loss for tax purposes in 2013. A reconciliation between the amount computed by multiplying our income before benefit from income taxes for 2013 by the U.S. statutory tax rate and our benefit from income taxes follows (in thousands): | ||||||||||
2013 | ||||||||||
Tax at U.S. statutory tax rate of 34% | $ | 10,725 | ||||||||
State taxes | -73 | |||||||||
Equity-based compensation | 844 | |||||||||
Research credits | -81 | |||||||||
Other | -242 | |||||||||
Change in valuation allowance | -11,246 | |||||||||
Benefit from income taxes | $ | -73 | ||||||||
We did not have a provision for income taxes in 2012 or 2011 because we had a net operating loss for tax purposes in those years. | ||||||||||
Deferred tax assets and valuation allowance | ||||||||||
Deferred tax assets reflect the tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows (in thousands): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Deferred tax assets: | ||||||||||
Net operating loss carryforwards | $ | 10,200 | $ | 9,200 | $ | 6,500 | ||||
Stock-related compensation | 11,100 | 11,700 | 12,000 | |||||||
Research & development credit carryforwards | 5,700 | 6,400 | 6,300 | |||||||
Deferred license fee revenue | — | 14,600 | 19,900 | |||||||
Other | 600 | 600 | 900 | |||||||
27,600 | 42,500 | 45,600 | ||||||||
Valuation allowance | -27,600 | -42,200 | -45,300 | |||||||
$ | — | $ | 300 | $ | 300 | |||||
We are uncertain about the timing and amount of any future profits. Accordingly, we offset our deferred tax assets by a valuation allowance. The valuation allowance decreased by $15.0 in 2013, $3.1 million in 2012 and $0.8 million in 2011. | ||||||||||
Our pre-tax net operating loss carryforwards of $32.7 million are federal and expire between 2029 and 2033. Our deferred tax assets exclude certain federal tax deductions associated with stock option transactions over and above the stock related compensation expenses in our financial statements by approximately $2.6 million. If and when we are able to reduce our income taxes payable with these tax deductions, we will credit additional paid-in capital. | ||||||||||
As of December 31, 2013, we had federal research and development tax credits of approximately $9.5 million, which expire in the years 2023 through 2033. | ||||||||||
Our deferred tax liabilities at December 31, 2012 resulted from reserves for credits used to reduce state taxes paid for 2006 and 2008. In 2013, we concluded that these reserves will never be realized. Interest expense related to our tax positions was immaterial for 2013, 2012 and 2011. | ||||||||||
Unrecognized tax benefits | ||||||||||
We have unrecognized tax benefits related primarily to tax credits. In 2013, we reduced our unrecognized tax benefits for the lapse of applicable statute of limitations for tax credits used in prior years. A reconciliation of the beginning and ending unrecognized tax benefits recorded for 2013, 2012 and 2011 follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 5,200 | $ | 5,100 | $ | 4,800 | ||||
Additions based on tax positions related to the current year | 100 | 100 | 300 | |||||||
Lapse of applicable statute of limitations | -600 | — | — | |||||||
Reductions for tax positions related to prior years | -900 | — | — | |||||||
Ending balance | $ | 3,800 | $ | 5,200 | $ | 5,100 | ||||
Leases_And_Commitments
Leases And Commitments | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Leases And Commitments [Abstract] | ' | |||||
Leases And Commitments | ' | |||||
9. Leases and Commitments | ||||||
We lease approximately 6,000 square feet of office space pursuant to a non-cancelable operating lease in Austin, TX that expires in 2014. Future minimum lease payments are as follows for the years ended December 31, (in thousands): | ||||||
2014 | Total | |||||
Future minimum lease payments | $ | 81 | $ | 81 | ||
We believe that our facilities are adequate and suitable for our current needs. Rent expense was $0.1 million for 2013 and 2012 and $0.6 million for 2011. | ||||||
We conduct our product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations, however these contracts are cancelable on thirty days’ notice and our obligations under these contracts are largely based on services performed. | ||||||
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
10. Legal proceedings | |
K B Partners I, L.P., Individually and On Behalf of All Others Similarly Situated v. Pain Therapeutics, Inc., Remi Barbier, Nadav Friedmann and Peter S. Roddy. | |
On December 2, 2011, a purported class action was filed against us and our executive officers in the U.S. District Court for the Western District of Texas. This complaint alleges, among other things, violations of Section 10(b), Rule 10b-5, and Section 20(a) of the Exchange Act arising out of allegedly untrue or misleading statements of material facts made by us regarding REMOXY’s development and regulatory status during the purported class period, February 3, 2011 through June 23, 2011. The complaint states that monetary damages are being sought, but no amounts are specified. On June 3, 2013, the Court certified a class consisting of all purchasers of our common stock and a class period of December 27, 2010 through June 26, 2011. | |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||
11. Selected Quarterly Financial Data (Unaudited) (in thousands, except per share data) | |||||||||||||
Quarters Ended | |||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||
2013 | |||||||||||||
Total revenue | $ | 1,958 | $ | 1,959 | $ | 1,958 | $ | 35,244 | |||||
Net income (loss) | $ | -408 | $ | -301 | $ | -762 | $ | 33,015 | |||||
Basic net income (loss) per share | $ | -0.01 | $ | -0.01 | $ | -0.02 | $ | 0.73 | |||||
Diluted net income (loss) per share | $ | -0.01 | $ | -0.01 | $ | -0.02 | $ | 0.72 | |||||
2012 | |||||||||||||
Total revenue | $ | 2,973 | $ | 2,724 | $ | 2,725 | $ | 2,468 | |||||
Net income (loss) | $ | 30 | $ | -130 | $ | -1,550 | $ | -1,796 | |||||
Basic and diluted net income (loss) per share | $ | 0.00 | $ | 0 | $ | -0.03 | $ | -0.04 | |||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Use Of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. Actual results could differ from those estimates. | |||||||||
Revenue Recognition And Deferred Program Fee Revenue | ' | ||||||||
Revenue Recognition and Deferred Program Fee Revenue | |||||||||
Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collection is reasonably assured. | |||||||||
We and Pfizer have a strategic alliance to develop and commercialize REMOXY and up to three other opioid painkillers designed to reduce potential risks of unintended use. In connection with the strategic alliance, we recognize program fee revenue, collaboration revenue and milestone revenue. Program fee revenue is derived from upfront payments under the Pfizer Agreements, including the $150.0 million paid to us at the beginning of the strategic alliance and the $5.0 million we received in July 2010 in connection with an amendment the Pfizer Agreements. Through the end of the third quarter of 2013, these payments were recognized from receipt ratably over our estimate of the development period for the fourth of four drug candidates expected to be developed under the Pfizer Agreements. In October 2013, we and Pfizer amended the Pfizer Agreements to focus on REMOXY. As a result of the amendment, we no longer have any substantive responsibilities for development activities pursuant to the Pfizer Agreements and we recognized all remaining deferred program fee revenue as program fee revenue during the fourth quarter of 2013. | |||||||||
Collaboration revenues from reimbursement of development expenses are generally recognized when Pfizer has completed its review of the expenses invoiced to them. | |||||||||
We recognize milestone payments from Pfizer as revenue when we achieve the underlying developmental milestone as the milestone payments are not dependent upon any other future activities or achievement of any other future milestones and the achievement of each of the developmental milestones were substantively at risk and contingent at the effective date of the collaboration. Substantial effort is involved in achieving each of the developmental milestones. These milestones represent the culmination of discrete earnings processes and the amount of each milestone payment is reasonable in relation with the level of effort associated with the achievement of the milestone. Each milestone payment is non-refundable and non-creditable when made. The ongoing research and development services being provided to Pfizer under the collaboration are priced at fair value based upon the reimbursement of expenses incurred pursuant to the collaboration with Pfizer. | |||||||||
Cash, Cash Equivalents And Concentration Of Credit Risk | ' | ||||||||
Cash, Cash Equivalents and Concentration of Credit Risk | |||||||||
We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of cash maintained at two financial institutions and in money market funds. We believe the financial risks associated with these instruments are minimal. We have not incurred material losses from our investments in these securities. | |||||||||
Marketable Securities And Fair Value Measurements | ' | ||||||||
Marketable Securities and Fair Value Measurements | |||||||||
We invest in interest bearing marketable securities, generally consisting of corporate and government securities. We may elect to sell these investments before they mature. Therefore, we hold these investments as “available for sale” and include these investments in our balance sheets as current assets, even though the contractual maturity of a particular investment may be beyond one year. We report our marketable securities at fair value, which may include unrealized gains and losses. Our unrealized gains and losses on investments are recorded as a separate component of stockholders’ equity as accumulated other comprehensive income or loss. We recognize all realized gains and losses on our available-for-sale securities in interest income in the accompanying statement of operations on a specific identification basis. Our marketable securities are maintained at one financial institution and are governed by our investment policy as approved by our Board of Directors. | |||||||||
To date we have not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. We would recognize an impairment charge when the decline in the estimated fair value of a marketable security below the amortized cost is determined to be other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than our amortized cost, any adverse changes in the investees’ financial condition and our intent to sell or whether it is more likely than not that we would be required to sell the marketable security before its anticipated recovery. | |||||||||
We measure our cash equivalents and marketable securities at fair value on a recurring basis and have significant observable inputs where there are identical or comparable assets in the market to use in establishing our fair value measurements. We use significant observable inputs that include but are not limited to benchmark yields, reported trades, broker/dealer quotes and issuer spreads. We consider these inputs to be Level 2 inputs. Generally, the types of instruments we invest in are not traded on a market such as the NASDAQ Global Market, which we would consider to be Level 1 inputs. We do not have any investments that would require inputs considered to be Level 3. We use the bid price to establish fair value. | |||||||||
Business Segments | ' | ||||||||
Business Segments | |||||||||
We report segment information based on how we internally evaluate the operating performance of our business units, or segments. Our operations are confined to one business segment: the development of novel drugs. | |||||||||
Stock-Based Compensation | ' | ||||||||
Stock-based Compensation | |||||||||
We recognize non-cash expense in the statement of operations for the fair value of all share-based payments, including grants of employee stock options and other share based awards. For stock options, we use the Black-Scholes option valuation model and the single-option award approach and straight-line attribution method. Using this approach, the compensation cost is amortized on a straight-line basis over the vesting period of each respective stock option, generally four years. | |||||||||
We have granted share-based awards that vest upon achievement of certain performance criteria, or Performance Awards. The value of these awards is the product of the number of shares of our common stock to be issued under the award multiplied by the fair market value of a share of our common stock on the date of grant. These awards include future performance conditions. We estimate an implicit service period for achieving these performance conditions. Performance Awards vest and common stock is issued on achieving performance conditions. We recognize non-cash stock-based compensation expense for Performance Awards when we conclude that achieving a performance condition is probable. We periodically review and update as appropriate our estimates of the implicit service periods and the likelihood of achieving the performance conditions. | |||||||||
Net Loss Per Share | ' | ||||||||
Net Loss per Share | |||||||||
Basic net loss per share is computed on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options and warrants. The numerators and denominators in the calculation of basic and diluted net loss per share were as follows (in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Numerator: | |||||||||
Net income (loss) | $ | 31,544 | $ | -3,446 | $ | -2,613 | |||
Denominator: | |||||||||
Weighted-average shares used to compute basic net income (loss) per share | 45,007 | 44,753 | 44,160 | ||||||
Effect of dilutive securities - Dilution from employee stock plans | 201 | — | — | ||||||
Weighted-average shares used to compute diluted net income (loss) per share | 45,208 | 44,753 | — | 44,160 | |||||
Net income (loss) per share - Basic | $ | 0.70 | $ | -0.08 | $ | -0.06 | |||
Net income (loss) per share - Diluted | $ | 0.70 | $ | -0.08 | $ | -0.06 | |||
We excluded weighted options outstanding to purchase common stock of 13.5 million for 2013, 13.2 million for 2012 and 13.7 million for 2011 from the calculation of diluted net loss per share because the effect of including these shares in this calculation would be anti-dilutive. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income or loss for each full fiscal year. We have accumulated significant deferred tax assets. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these net deferred tax assets with a valuation allowance. We may in the future determine that more of our deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the quarter in which such determination is made. If the valuation allowance is reduced, we may recognize a benefit from income taxes in our statement of operations in that period. We classify interest and penalties recognized related to uncertain tax positions as interest expense. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
We reviewed recently issued accounting pronouncements and plan to adopt those that are applicable to us. We do not expect the adoption of these pronouncements to have a material impact on our financial position, results of operations or cash flows. | |||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share | ' | ||||||||
Years ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Numerator: | |||||||||
Net income (loss) | $ | 31,544 | $ | -3,446 | $ | -2,613 | |||
Denominator: | |||||||||
Weighted-average shares used to compute basic net income (loss) per share | 45,007 | 44,753 | 44,160 | ||||||
Effect of dilutive securities - Dilution from employee stock plans | 201 | — | — | ||||||
Weighted-average shares used to compute diluted net income (loss) per share | 45,208 | 44,753 | — | 44,160 | |||||
Net income (loss) per share - Basic | $ | 0.70 | $ | -0.08 | $ | -0.06 | |||
Net income (loss) per share - Diluted | $ | 0.70 | $ | -0.08 | $ | -0.06 | |||
Cash_And_Cash_Equivalents_And_1
Cash And Cash Equivalents And Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Cash And Cash Equivalents And Marketable Securities [Abstract] | ' | ||||||||||||||||||
Cash, Cash Equivalents And Marketable Securities | ' | ||||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | |||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | Accrued Interest | Total Value | ||||||||||||||
31-Dec-13 | |||||||||||||||||||
Cash and cash equivalents | $ | 48,587 | $ | 1 | $ | — | $ | 48,588 | $ | — | $ | 48,588 | |||||||
Commercial paper | 1,250 | — | — | 1,250 | — | 1,250 | |||||||||||||
$ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | ||||||||
Reported as: | |||||||||||||||||||
Cash and cash equivalents | $ | 48,587 | $ | 1 | $ | — | $ | 48,588 | $ | — | $ | 48,588 | |||||||
Marketable securities | 1,250 | — | — | 1,250 | — | 1,250 | |||||||||||||
$ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | ||||||||
Maturities: | |||||||||||||||||||
Matures in one year or less | $ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | |||||||
Matures one to three years | — | — | — | — | — | — | |||||||||||||
$ | 49,837 | $ | 1 | $ | — | $ | 49,838 | $ | — | $ | 49,838 | ||||||||
31-Dec-12 | |||||||||||||||||||
Cash and cash equivalents | $ | 49,352 | $ | 3 | $ | — | $ | 49,355 | $ | — | $ | 49,355 | |||||||
Corporate securities | $ | 6,898 | 1 | — | 6,899 | — | 6,899 | ||||||||||||
$ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | ||||||||
Reported as: | |||||||||||||||||||
Cash and cash equivalents | $ | 49,352 | $ | 3 | $ | — | $ | 49,355 | $ | — | $ | 49,355 | |||||||
Marketable securities | 6,898 | 1 | — | 6,899 | — | 6,899 | |||||||||||||
$ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | ||||||||
Maturities: | |||||||||||||||||||
Matures in one year or less | $ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | |||||||
Matures one to three years | — | — | — | — | — | — | |||||||||||||
$ | 56,250 | $ | 4 | $ | — | $ | 56,254 | $ | — | $ | 56,254 | ||||||||
Assets Measured At Fair Value On Recurring Basis | ' | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Cash and money market fund | $ | 48,588 | $ | — | $ | — | $ | 48,588 | |||||||||||
Commercial paper | — | 1,250 | — | 1,250 | |||||||||||||||
$ | 48,588 | $ | 1,250 | $ | — | $ | 49,838 | ||||||||||||
31-Dec-12 | |||||||||||||||||||
Cash and money market fund | $ | 1,817 | $ | — | $ | — | $ | 1,817 | |||||||||||
Corporate securities | — | 54,437 | — | 54,437 | |||||||||||||||
$ | 1,817 | $ | 54,437 | $ | — | $ | 56,254 | ||||||||||||
Stockholders_Equity_And_StockB1
Stockholders' Equity And Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | |||||||||||||||||
Stock Option Activity | ' | |||||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||
In years | In millions | |||||||||||||||||
Outstanding as of December 31, 2012 | 15,519,562 | $ | 4.27 | 5 | $ | 0.2 | ||||||||||||
Granted | 1,870,000 | $ | 2.44 | |||||||||||||||
Exercised | -287,449 | $ | 3.98 | |||||||||||||||
Cancelled | -968,220 | $ | 4.25 | |||||||||||||||
Outstanding as of December 31, 2013 | 16,133,893 | $ | 4.06 | 5 | $ | 16.3 | ||||||||||||
Vested and expected to vest at December 31, 2013 | 16,133,893 | $ | 4.06 | 5 | $ | 16.3 | ||||||||||||
Exercisable at December 31, 2013 | 12,791,698 | $ | 4.24 | 4 | $ | 10.3 | ||||||||||||
Information About Stock Options Outstanding | ' | |||||||||||||||||
Options outstanding | Options exercisable | |||||||||||||||||
Weighted | ||||||||||||||||||
average | Weighted | Weighted | ||||||||||||||||
Number of | remaining | average | Number of | average | ||||||||||||||
Range of exercise prices | outstanding | contractual | exercise | vested | exercise | |||||||||||||
From | To | options | life (in years) | price | options | price | ||||||||||||
$ | 2.33 | $ | 2.8 | 3,241,253 | 7.8 | $ | 2.49 | 1,531,894 | $ | 2.55 | ||||||||
$ | 2.89 | $ | 3.41 | 4,320,747 | 5.5 | $ | 3.23 | 3,169,166 | $ | 3.22 | ||||||||
$ | 3.49 | $ | 4.69 | 3,239,249 | 2.9 | $ | 4.41 | 3,199,031 | $ | 4.42 | ||||||||
$ | 4.75 | $ | 4.88 | 3,716,638 | 3 | $ | 4.84 | 3,716,638 | $ | 4.84 | ||||||||
$ | 4.9 | $ | 7.65 | 1,616,006 | 6.3 | $ | 6.96 | 1,174,969 | $ | 6.77 | ||||||||
16,133,893 | 5 | $ | 4.06 | 12,791,698 | $ | 4.24 | ||||||||||||
Weighted Average Fair Value Of Options Granted | ' | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Volatility | 58% to 64% | 56% to 64% | 50% to 60% | |||||||||||||||
Risk-free interest rates | 1% to 2% | 1% | 1% to 3% | |||||||||||||||
Expected life of option | 7 years | 6 years | 6 years | |||||||||||||||
Dividend yield | zero | zero | zero | |||||||||||||||
Forfeiture rate | zero | 7% | 6% | |||||||||||||||
Weighted average fair value of stock options granted | $1.54 | $1.70 | $4.68 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | |||||||||
2013 | ||||||||||
Tax at U.S. statutory tax rate of 34% | $ | 10,725 | ||||||||
State taxes | -73 | |||||||||
Equity-based compensation | 844 | |||||||||
Research credits | -81 | |||||||||
Other | -242 | |||||||||
Change in valuation allowance | -11,246 | |||||||||
Benefit from income taxes | $ | -73 | ||||||||
Schedule Of Deferred Tax Assets And Valuation Allowance | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Deferred tax assets: | ||||||||||
Net operating loss carryforwards | $ | 10,200 | $ | 9,200 | $ | 6,500 | ||||
Stock-related compensation | 11,100 | 11,700 | 12,000 | |||||||
Research & development credit carryforwards | 5,700 | 6,400 | 6,300 | |||||||
Deferred license fee revenue | — | 14,600 | 19,900 | |||||||
Other | 600 | 600 | 900 | |||||||
27,600 | 42,500 | 45,600 | ||||||||
Valuation allowance | -27,600 | -42,200 | -45,300 | |||||||
$ | — | $ | 300 | $ | 300 | |||||
Schedule Of Unrecognized Tax Benefits | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 5,200 | $ | 5,100 | $ | 4,800 | ||||
Additions based on tax positions related to the current year | 100 | 100 | 300 | |||||||
Lapse of applicable statute of limitations | -600 | — | — | |||||||
Reductions for tax positions related to prior years | -900 | — | — | |||||||
Ending balance | $ | 3,800 | $ | 5,200 | $ | 5,100 | ||||
Leases_And_Commitments_Tables
Leases And Commitments (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Leases And Commitments [Abstract] | ' | |||||
Future Minimum Lease Payments | ' | |||||
2014 | Total | |||||
Future minimum lease payments | $ | 81 | $ | 81 | ||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Quarterly Financial Information | ' | ||||||||||||
Quarters Ended | |||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||
2013 | |||||||||||||
Total revenue | $ | 1,958 | $ | 1,959 | $ | 1,958 | $ | 35,244 | |||||
Net income (loss) | $ | -408 | $ | -301 | $ | -762 | $ | 33,015 | |||||
Basic net income (loss) per share | $ | -0.01 | $ | -0.01 | $ | -0.02 | $ | 0.73 | |||||
Diluted net income (loss) per share | $ | -0.01 | $ | -0.01 | $ | -0.02 | $ | 0.72 | |||||
2012 | |||||||||||||
Total revenue | $ | 2,973 | $ | 2,724 | $ | 2,725 | $ | 2,468 | |||||
Net income (loss) | $ | 30 | $ | -130 | $ | -1,550 | $ | -1,796 | |||||
Basic and diluted net income (loss) per share | $ | 0.00 | $ | 0 | $ | -0.03 | $ | -0.04 | |||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 85 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 |
segment | |||||
item | |||||
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Upfront cash payment | $5 | ' | ' | ' | $150 |
Number of financial institutions that maintain cash and cash equivalents | ' | 2 | ' | ' | ' |
Contractual maturity of a particular investment | ' | '1 year | ' | ' | ' |
Number of financial institutions that maintain marketable securities | ' | 1 | ' | ' | ' |
Number of business segments | ' | 1 | ' | ' | ' |
Vesting period of stock options | ' | '4 years | ' | ' | ' |
Anti-dilutive shares excluded from computation of diluted net loss per share | ' | 13.5 | 13.2 | 13.7 | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | $31,544 | ($3,446) | ($2,613) |
Denominator | ' | ' | ' | ' | ' | ' | ' |
Weighted-average shares used to compute basic net income (loss) per share | ' | ' | ' | ' | 45,007 | 44,753 | 44,160 |
Effect of dilutive securities - Dilution from employee stock plans | ' | ' | ' | ' | 201 | ' | ' |
Weighted-average shares used to compute diluted net income (loss) per share | ' | ' | ' | ' | 45,208 | 44,753 | 44,160 |
Net income (loss) per share - Basic | $0.73 | ($0.02) | ($0.01) | ($0.01) | $0.70 | ($0.08) | ($0.06) |
Net income (loss) per share - Diluted | $0.72 | ($0.02) | ($0.01) | ($0.01) | $0.70 | ($0.08) | ($0.06) |
Collaboration_Agreements_Detai
Collaboration Agreements (Details) (USD $) | 1 Months Ended | 12 Months Ended | 85 Months Ended | ||
Jul. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 | |
Collaboration Agreements [Abstract] | ' | ' | ' | ' | ' |
Upfront cash payment | $5,000,000 | ' | ' | ' | $150,000,000 |
Program fee revenue | ' | 41,119,000 | 10,641,000 | 10,897,000 | ' |
Collaboration revenue | ' | ' | 249,000 | 587,000 | ' |
Royalty rate for net sales | ' | 20.00% | ' | ' | ' |
Cumulative net sales | ' | $1,000,000,000 | ' | ' | ' |
Royalty rate for cumulative net sales | ' | 15.00% | ' | ' | ' |
Royalty rate on all of net sales | ' | 10.00% | ' | ' | ' |
Cash_And_Cash_Equivalents_And_2
Cash And Cash Equivalents And Marketable Securities (Cash, Cash Equivalents And Marketable Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $48,588 | $49,355 | $73,144 | $4,798 |
Cash and cash equivalents, Short Term Investment, Amortized Cost | 49,837 | 56,250 | ' | ' |
Cash and cash equivalents, Short Term Investment Unrealized Gains | 1 | 4 | ' | ' |
Cash and cash equivalents, Short Term Investment Unrealized Loss | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Estimated Fair Value, Marketable securities | 1,250 | 6,899 | ' | ' |
Cash and cash equivalents, Short Term Investment, Fair Value | 49,838 | 56,254 | ' | ' |
Marketable Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale securities, Amortized Cost Basis | 1,250 | 6,898 | ' | ' |
Available-for-sale securities, Gross Unrealized Gains | ' | 1 | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Estimated Fair Value, Marketable securities | 1,250 | 6,899 | ' | ' |
Cash And Cash Equivalents [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 48,587 | 49,352 | ' | ' |
Available-for-sale securities, Gross Unrealized Gains | 1 | 3 | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 48,588 | 49,355 | ' | ' |
Commercial Paper [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale securities, Amortized Cost Basis | 1,250 | ' | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Estimated Fair Value, Marketable securities | 1,250 | ' | ' | ' |
Corporate Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale securities, Amortized Cost Basis | ' | 6,898 | ' | ' |
Available-for-sale securities, Gross Unrealized Gains | ' | 1 | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Estimated Fair Value, Marketable securities | ' | 6,899 | ' | ' |
Cash And Cash Equivalents, Reported Value [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 48,587 | 49,352 | ' | ' |
Available-for-sale securities, Gross Unrealized Gains | 1 | 3 | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 48,588 | 49,355 | ' | ' |
Matures In One Year Or Less [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Short Term Investment, Amortized Cost | 49,837 | 56,250 | ' | ' |
Available-for-sale securities, Gross Unrealized Gains | 1 | 4 | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Cash and cash equivalents, Short Term Investment, Fair Value | 49,838 | 56,254 | ' | ' |
Matures One To Three Years [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale securities, Gross Unrealized Losses | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' |
Estimated Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Short Term Investment, Fair Value | 49,838 | 56,254 | ' | ' |
Estimated Fair Value, Fair Value Disclosure [Member] | Marketable Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Estimated Fair Value, Marketable securities | 1,250 | 6,899 | ' | ' |
Estimated Fair Value, Fair Value Disclosure [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 48,588 | 49,355 | ' | ' |
Estimated Fair Value, Fair Value Disclosure [Member] | Commercial Paper [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Estimated Fair Value, Marketable securities | 1,250 | ' | ' | ' |
Estimated Fair Value, Fair Value Disclosure [Member] | Corporate Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Estimated Fair Value, Marketable securities | ' | 6,899 | ' | ' |
Estimated Fair Value, Fair Value Disclosure [Member] | Cash And Cash Equivalents, Reported Value [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 48,588 | 49,355 | ' | ' |
Estimated Fair Value, Fair Value Disclosure [Member] | Matures In One Year Or Less [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Short Term Investment, Fair Value | $49,838 | $56,254 | ' | ' |
Cash_And_Cash_Equivalents_And_3
Cash And Cash Equivalents And Marketable Securities (Assets Measured At Fair Value On Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | $49,838 | $56,254 |
Cash And Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | 48,588 | 1,817 |
Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | 1,250 | ' |
Corporate Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | ' | 54,437 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | 48,588 | 1,817 |
Level 1 [Member] | Cash And Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | 48,588 | 1,817 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | 1,250 | 54,437 |
Level 2 [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | 1,250 | ' |
Level 2 [Member] | Corporate Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | ' | 54,437 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | ' | ' |
Level 3 [Member] | Cash And Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | ' | ' |
Level 3 [Member] | Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | ' | ' |
Level 3 [Member] | Corporate Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value | ' | ' |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Furniture And Equipment [Member] | Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment, purchase value | ' | ' | $0.60 | $0.60 |
Depreciation and amortization expense | $0.10 | $0.20 | ' | ' |
Stockholders_Equity_And_StockB2
Stockholders' Equity And Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-cash stock based compensation | $3,101,000 | $6,610,000 | $5,428,000 |
2008 Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares reserved for issuance | 4,800,000 | ' | ' |
Common stock shares granted to outside directors | 50,000 | ' | ' |
Expiration period of stock options granted | '10 years | ' | ' |
Fair market value percent | 100.00% | ' | ' |
Options exercisable percentage | 25.00% | ' | ' |
Pre-tax intrinsic value of options exercised | 200,000 | ' | 5,900,000 |
Compensation costs prior to forfeiture | 16,300,000 | ' | ' |
Weighted average remaining recognition period | '2 years 6 months | ' | ' |
2000 Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Fair market value percent | 85.00% | ' | ' |
Payroll deductions | 15.00% | ' | ' |
Shares reserved for issuance | 16,463 | ' | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance awards granted | 3,250,065 | ' | ' |
Additional stock compensation expense | 7,700,000 | ' | ' |
Decrease to additional stock compensation expense | $3,500,000 | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise price, Preferred Stock | $40 | ' | ' |
Stockholders_Equity_And_StockB3
Stockholders' Equity And Stock-Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | ' |
Beginning Balance, Number of Options, Outstanding | 15,519,562 | ' |
Number of Options, Granted | 1,870,000 | ' |
Number of Options, Exercised | -287,449 | ' |
Number of Options, Cancelled | -968,220 | ' |
Ending Balance, Number of Options, Outstanding | 16,133,893 | 15,519,562 |
Number of Options, Vested and expected to vest | 16,133,893 | ' |
Number of Options, Exercisable | 12,791,698 | ' |
Beginning Balance, Weighted Average Exercise Price | $4.27 | ' |
Weighted Average Exercise Price, Granted | $2.44 | ' |
Weighted Average Exercise Price, Exercised | $3.98 | ' |
Weighted Average Exercise Price, Cancelled | $4.25 | ' |
Ending Balance, Weighted Average Exercise Price | $4.06 | $4.27 |
Weighted Average Exercise Price, Vested and expected to vest | $4.06 | ' |
Weighted Average Exercise Price, Exercisable | $4.24 | ' |
Beginning of year, Weighted Average Remaining Contractual Term | '5 years | '5 years |
End of year, Weighted Average Remaining Contractual Term | '5 years | '5 years |
Weighted Average Remaining Contractual Term, Vested and expected to vest | '5 years | ' |
Weighted Average Remaining Contractual Term, Exercisable | '4 years | ' |
Beginning Balance, Aggregate Intrinsic Value | $0.20 | ' |
Ending Balance, Aggregate Intrinsic Value | 16.3 | 0.2 |
Aggregate Intrinsic Value, Vested and expected to vest | 16.3 | ' |
Aggregate Intrinsic Value, Exercisable | $10.30 | ' |
Stockholders_Equity_And_StockB4
Stockholders' Equity And Stock-Based Compensation (Information About Stock Options Outstanding) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options, outstanding | 16,133,893 |
Weighted average remaining contractual life | '5 years |
Weighted average exercise price, Options outstanding | $4.06 |
Number of vested options, Options exercisable | 12,791,698 |
Weighted average exercise price, Options exercisable | $4.24 |
$2.33 - $2.80 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, Minimum | $2.33 |
Range of exercise prices, Maximum | $2.80 |
Stock options, outstanding | 3,241,253 |
Weighted average remaining contractual life | '7 years 9 months 18 days |
Weighted average exercise price, Options outstanding | $2.49 |
Number of vested options, Options exercisable | 1,531,894 |
Weighted average exercise price, Options exercisable | $2.55 |
$2.89 - $3.41 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, Minimum | $2.89 |
Range of exercise prices, Maximum | $3.41 |
Stock options, outstanding | 4,320,747 |
Weighted average remaining contractual life | '5 years 6 months |
Weighted average exercise price, Options outstanding | $3.23 |
Number of vested options, Options exercisable | 3,169,166 |
Weighted average exercise price, Options exercisable | $3.22 |
$3.49 - $4.69 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, Minimum | $3.49 |
Range of exercise prices, Maximum | $4.69 |
Stock options, outstanding | 3,239,249 |
Weighted average remaining contractual life | '2 years 10 months 24 days |
Weighted average exercise price, Options outstanding | $4.41 |
Number of vested options, Options exercisable | 3,199,031 |
Weighted average exercise price, Options exercisable | $4.42 |
$4.75 - $4.88 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, Minimum | $4.75 |
Range of exercise prices, Maximum | $4.88 |
Stock options, outstanding | 3,716,638 |
Weighted average remaining contractual life | '3 years |
Weighted average exercise price, Options outstanding | $4.84 |
Number of vested options, Options exercisable | 3,716,638 |
Weighted average exercise price, Options exercisable | $4.84 |
$4.90 - $7.65 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices, Minimum | $4.90 |
Range of exercise prices, Maximum | $7.65 |
Stock options, outstanding | 1,616,006 |
Weighted average remaining contractual life | '6 years 3 months 18 days |
Weighted average exercise price, Options outstanding | $6.96 |
Number of vested options, Options exercisable | 1,174,969 |
Weighted average exercise price, Options exercisable | $6.77 |
Stockholders_Equity_And_StockB5
Stockholders' Equity And Stock-Based Compensation (Weighted Average Fair Value Of Options Granted) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | ' | ' | ' |
Volatility, Minimum | 58.00% | 56.00% | 50.00% |
Volatility, Maximum | 64.00% | 64.00% | 60.00% |
Risk-free interest rates | ' | 1.00% | ' |
Risk-free interest rates, Minimum | 1.00% | ' | 1.00% |
Risk-free interest rates, Maximum | 2.00% | ' | 3.00% |
Expected life of option | '7 years | '6 years | '6 years |
Dividend yield | 0.00% | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 7.00% | 6.00% |
Weighted average fair value of stock options granted | $1.54 | $1.70 | $4.68 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Provision for income taxes | ($73,000) | $0 | $0 |
Valuation allowance decreased | 15,000,000 | 3,100,000 | 800,000 |
Part of valuation allowance as tax benefits associated with stock option transactions | 2,600,000 | ' | ' |
Federal [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Pre-tax net operating loss carryforwards | 32,700,000 | ' | ' |
Federal research and development tax credits | $9,500,000 | ' | ' |
Federal [Member] | Minimum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Expiration date of pre-tax net operating loss carryforwards | 1-Jan-29 | ' | ' |
Expiration date of federal research and development tax credits | 1-Jan-23 | ' | ' |
Federal [Member] | Maximum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Expiration date of pre-tax net operating loss carryforwards | 31-Dec-33 | ' | ' |
Expiration date of federal research and development tax credits | 31-Dec-33 | ' | ' |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Tax at U.S. statutory tax rate of 34% | $10,725,000 | ' | ' |
State taxes | -73,000 | ' | ' |
Equity-based compensation | 844,000 | ' | ' |
Research credits | -81,000 | ' | ' |
Other | -242,000 | ' | ' |
Change in valuation allowance | -11,246,000 | ' | ' |
Benefit from income taxes | ($73,000) | $0 | $0 |
U.S. statutory tax rate | 34.00% | ' | ' |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Valuation Allowance) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Income Taxes [Abstract] | ' | ' | ' |
Net operating loss carryforwards | $10,200 | $9,200 | $6,500 |
Stock-related compensation | 11,100 | 11,700 | 12,000 |
Research & development credit carryforwards | 5,700 | 6,400 | 6,300 |
Deferred license fee revenue | ' | 14,600 | 19,900 |
Other | 600 | 600 | 900 |
Total deferred tax assets | 27,600 | 42,500 | 45,600 |
Valuation allowance | -27,600 | -42,200 | -45,300 |
Net deferred tax assets | ' | $300 | $300 |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Beginning balance | $5,200 | $5,100 | $4,800 |
Additions based on tax positions related to the current year | 100 | 100 | 300 |
Lapse of applicable statute of limitations | -600 | ' | ' |
Reductions for tax positions related to prior years | -900 | ' | ' |
Ending Balance | $3,800 | $5,200 | $5,100 |
Leases_And_Commitments_Narrati
Leases And Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
sqft | |||
Office space | 6,000 | ' | ' |
Rent expense | $0.10 | $0.10 | $0.60 |
Austin, TX [Member] | ' | ' | ' |
Operating lease expiration year | '2014 | ' | ' |
Leases_And_Commitments_Future_
Leases And Commitments (Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases And Commitments [Abstract] | ' |
2014 | $81 |
Total | $81 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $35,244 | $1,958 | $1,959 | $1,958 | $2,468 | $2,725 | $2,724 | $2,973 | $41,119 | $10,890 | $11,484 |
Net income (loss) | $33,015 | ($762) | ($301) | ($408) | ($1,796) | ($1,550) | ($130) | $30 | $31,471 | ($3,446) | ($2,613) |
Net income (loss) per share - Basic | $0.73 | ($0.02) | ($0.01) | ($0.01) | ' | ' | ' | ' | $0.70 | ($0.08) | ($0.06) |
Net income (loss) per share - Diluted | $0.72 | ($0.02) | ($0.01) | ($0.01) | ' | ' | ' | ' | $0.70 | ($0.08) | ($0.06) |
Basic and diluted net income (loss) per share | ' | ' | ' | ' | ($0.04) | ($0.03) | $0 | $0 | ' | ' | ' |