Cassava Sciences (SAVA) 10-K 3 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jan. 12, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	PTIE
Entity Registrant Name	PAIN THERAPEUTICS INC
Entity Central Index Key	1,069,530
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		45,756,117
Entity Public Float			$ 66,208,481
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 31,299	$ 40,590
Other current assets	392	239
Total current assets	31,691	40,829
Property and equipment, net	215	65
Other assets	12	12
Total assets	31,918	40,906
Current liabilities:
Accounts payable	1,034	173
Accrued development expense	894	25
Accrued compensation and benefits	623	652
Total current liabilities	$ 2,551	$ 850
Noncurrent liabilities
Total liabilities	$ 2,551	$ 850
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value; 10,00,000 shares authorized, none issued and outstanding
Common stock, $.001 par value; 120,000,000 shares authorized; 45,756,117 shares issued and outstanding at December 31, 2015 and 2014	$ 46	$ 46
Additional paid-in capital	159,959	156,502
Accumulated other comprehensive income		1
Accumulated deficit	(130,638)	(116,493)
Total stockholders' equity	29,367	40,056
Total liabilities and stockholders' equity	$ 31,918	$ 40,906

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Balance Sheets [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	45,756,117	45,756,117
Common stock, shares outstanding	45,756,117	45,756,117

Statements Of Operations

Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Program fee revenue			$ 41,119
Total revenue			41,119
Operating expenses:
Research and development	$ 9,100	$ 7,306	4,917
General and administrative	5,102	5,127	4,837
Total operating expenses	14,202	12,433	9,754
Operating income (loss)	(14,202)	(12,433)	31,365
Interest income	57	47	106
Income (loss) before provision for (benefit from) income taxes	(14,145)	(12,386)	31,471
Provision for income taxes			(73)
Net income (loss)	$ (14,145)	$ (12,386)	$ 31,544
Net income (loss) per share
Basic	$ (0.31)	$ (0.27)	$ 0.70
Diluted	$ (0.31)	$ (0.27)	$ 0.70
Weighted-average shares used in computing net income (loss) per share
Basic	45,756	45,269	45,007
Diluted	45,756	45,269	45,208

Statements Of Comprehensive Inc

Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statements Of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ (14,145)	$ (12,386)	$ 31,544
Other comprehensive income (losses):
Net unrealized losses on marketable securities	(1)		(3)
Comprehensive income (loss)	$ (14,146)	$ (12,386)	$ 31,541

Statements Of Stockholders' Equ

Statements Of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Total
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		492			492
Issuance of common stock pursuant to exercise of stock options and awards, shares	166,635
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 income (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
Issuance of common stock pursuant to exercise of stock options	$ 1	378			379
Issuance of common stock pursuant to exercise of stock options, shares	246,079
Compensation with respect to non-employee option grants		142			142
Compensation with respect to employee option grants		$ 3,619			$ 3,619
Other comprehensive loss
Net income (loss)				$ (12,386)	$ (12,386)
Balance at Dec. 31, 2014	$ 46	$ 156,502	$ 1	(116,493)	$ 40,056
Balance, Shares at Dec. 31, 2014	45,756,117
Issuance of common stock pursuant to exercise of stock options, shares
Compensation with respect to non-employee option grants		4			$ 4
Compensation with respect to employee option grants		3,453			3,453
Other comprehensive loss			$ (1)		(1)
Net income (loss)				(14,145)	(14,145)
Balance at Dec. 31, 2015	$ 46	$ 159,959		$ (130,638)	$ 29,367
Balance, Shares at Dec. 31, 2015	45,756,117

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows used in operating activities:
Net income (loss)	$ (14,145)	$ (12,386)	$ 31,544
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Deferred program fee revenue			(41,119)
Non-cash stock-based compensation	3,457	3,761	3,101
Depreciation and amortization	45	15
Non-cash net interest income	(4)	(2)	(10)
Changes in operating assets and liabilities:
Other current assets	(87)	26	(12)
Other non-current assets		(12)	352
Accounts payable	841	(272)	84
Accrued development expense	869	(616)	(288)
Accrued compensation and benefits	(29)	(60)	(141)
Other current liabilities		(3)	(21)
Deferred tax liabilities			(437)
Net cash used in operating activities	(9,053)	(9,549)	(6,947)
Cash flows provided by (used in) investing activities:
Purchases of property and equipment	(195)	(80)
Purchases of marketable securities	(3,847)	(2,598)	(6,644)
Maturities of marketable securities	3,850	3,850	12,300
Net cash provided by (used in) investing activities	(192)	1,172	5,656
Cash flows provided by (used in) financing activities:
Proceeds from issuance of common stock, net		379	524
Net cash provided by (used in) financing activities	(46)	379	524
Net decrease in cash and cash equivalents	(9,291)	(7,998)	(767)
Cash and cash equivalents at beginning of the period	40,590	48,588	49,355
Cash and cash equivalents at end of the period	$ 31,299	$ 40,590	$ 48,588

General

General	12 Months Ended
	Dec. 31, 2015
General [Abstract]
General	1. General Pain Therapeutics, Inc. develops proprietary drugs that offer significant improvements to patients and healthcare professionals. We generally focus our drug development efforts on disorders of the nervous system, such as chronic pain. 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 Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 Proceeds from Grants 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. Program fee revenue was recognized under the Collaboration Agreement and License Agreement with Pfizer, or the Pfizer Agreements. Program fee revenue was derived from upfront payments from Pfizer. Through the third quarter of 2013, these payments were recognized from receipt ratably over our estimate of the development period under the Pfizer Agreements . In 2013, we and Pfizer amended the Pfizer Agreements, we no longer had any substantive responsibilities for development activities under the Pfizer Agreements and we recognized all remaining deferred program fee revenue as program fee revenue. During 2015, we received $0.3 million pursuant to a grant from the National Institutes of Health that we recorded as a reduction to our research and development expenses. 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 are 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 expense 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, 2015 2014 2013 Numerator: Net income (loss) $ (14,145) $ (12,386) $ 31,544 Denominator: Weighted-average shares used to compute Net income (loss) per share - Basic 45,756 45,269 45,007 Effect of dilutive securities - Dilution from employee stock plans — — 201 Weighted-average shares used to compute Net income (loss) per share - Diluted 45,756 45,269 — 45,208 Net income (loss) per share - Basic $ (0.31) $ (0.27) $ 0.70 Net income (loss) per share - Diluted $ (0.31) $ (0.27) $ 0.70 We excluded weighted options outstanding to purchase common stock of 17. 4 million for 2015, 10.6 million for 2014 and 13.5 million for 2013 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 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, 2015
Collaboration Agreements [Abstract]
Collaboration Agreements	3. Collaboration Agreements Pfizer, Inc. We received a $150.0 million upfront fee in connection with the closing of the Pfizer Agreements and $5.0 million in 2010 in connection with an amendment to the Pfizer Agreements. As of December 31, 2013, all of these payments had been recognized as program fee revenue, including $41.1 million in 2013. The Pfizer Agreements were terminated during 2015. 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. Under the agreement with Durect, we control all of the preclinical, clinical, commercial manufacturing and sales/marketing activities for REMOXY and other abuse-deterrent 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.

Cash and Cash Equivalents And M

Cash and Cash Equivalents And Marketable Securities	12 Months Ended
	Dec. 31, 2015
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 December 31, 2015 Cash $ 273 $ — $ — $ 273 $ — $ 273 Cash equivalents 22,630 — — 22,630 — 22,630 Commercial paper 8,396 1 (1) 8,396 — 8,396 $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 Reported as: Cash and cash equivalents $ 31,299 1 (1) $ 31,299 $ — $ 31,299 $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 Maturities: Matures in one year or less $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 Matures one to three years — — — — — — $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 December 31, 2014 Cash $ 295 $ — $ — $ 295 $ — $ 295 Cash equivalents 34,805 — — 34,805 — 34,805 Commercial paper 4,848 1 — 4,849 — 4,849 Corporate securities 631 — — 631 10 641 $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 Reported as: Cash and cash equivalents $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 Maturities: Matures in one year or less $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 Matures one to three years — — — — — — $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 To date we have not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. Our assets measured at fair value were (in thousands): Level 1 Level 2 Level 3 Total December 31, 2015 Cash and cash equivalents $ 22,903 $ — $ — $ 22,903 Commercial paper — 8,396 — 8,396 $ 22,903 $ 8,396 $ — $ 31,299 December 31, 2014 Cash and cash equivalents $ 35,100 $ — $ — $ 35,100 Commercial paper — 4,849 — 4,849 Corporate securities — 641 — 641 $ 35,100 $ 5,490 $ — $ 40,590

Property And Equipment

Property And Equipment	12 Months Ended
	Dec. 31, 2015
Property And Equipment [Abstract]
Property And Equipment	5. Property and Equipment Property and equipment includes furniture and equipment with a purchase value of $0. 9 million at December 31, 2015 and $0. 7 million at December 31, 2014. Depreciation is recognized using the straight-line method over the expected life of the property and equipment. Accumulated depreciation was $0.7 million at December 31, 2015 and $0.6 millio n at December 31, 2014. Depreciation and amortization expense was not significant in 2015, 2014 and 2013.

Stockholders' Equity And Stock-

Stockholders' Equity And Stock-Based Compensation	12 Months Ended
	Dec. 31, 2015
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. 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. The 2008 Equity Plan terminates in 2018. S hare-based awards generally expire ten years from the date of grant. Cancelled share-based awards become available for reissuance. As of December 31, 2015, we have 3.4 million s hares reserved and available to be issued under the 2008 Equity Incentive Plan . The 2008 Equity Plan 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. These options have a ten - year life, have an exercise price of 100% of the fair market value of the stock on the date of grant, and become 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 2015 : Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value In years In millions Outstanding as of December 31, 2014 17,913,182 $ 3.92 5.0 $ 0.5 Granted 2,210,000 $ 1.90 Exercised — $ — Cancelled (1,607,928) $ 3.11 Outstanding as of December 31, 2015 18,515,254 $ 3.75 5.1 $ 0.0 Vested and expected to vest at December 31, 2015 18,515,254 $ 3.75 5.1 $ 0.0 Exercisable at December 31, 2015 13,315,572 $ 4.20 3.6 $ 0.0 The following summarizes information about stock options outstanding at December 31, 2015 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 $ 1.72 $ 2.23 3,830,000 9.4 $ 1.83 489,165 $ 1.75 $ 2.33 $ 3.34 4,497,632 5.4 $ 2.74 3,722,525 $ 2.77 $ 3.37 $ 4.77 3,760,591 3.4 $ 4.07 3,562,060 $ 4.04 $ 4.80 $ 5.00 4,881,408 3.0 $ 4.89 4,050,158 $ 4.87 $ 5.02 $ 7.65 1,545,623 4.2 $ 7.03 1,491,664 $ 7.09 18,515,254 5.1 $ 3.75 13,315,572 $ 4.20 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 2015, 2014 and 2013, as follows: 2015 2014 2013 Volatility 74% to 76% 68% to 74% 58% to 64% Risk-free interest rates 1% to 2% 1% to 2% 1% to 2% Expected life of option 7 years 7 years 7 years Dividend yield zero zero zero Forfeiture rate zero zero zero Weighted average fair value of stock options granted $1.29 $2.32 $1.54 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, 2015, we expect to recognize compensation expense of $ 9.1 million related to non-vested options over the weighted average remaining recognition period of 3.6 years. Performance Awards The following summarizes information about Performance Award activity during 2015: Number of Performance Awards Outstanding as of December 31, 2014 1,889,465 Granted 50,000 Exercised — Cancelled (50,000) Outstanding as of December 31, 2015 1,889,465 No outstanding Performance Awards are vested. If and when outstanding Performance Awards vest, we would recognize $ 5.2 million in non-cash stock-based compensation expense. These Performance Awards expire between 2022 and 2025 . 2000 Employee Stock Purchase Plan Prior to 2014, certain employees purchased common stock under our amended and restated 2000 Employee Stock Purchase Plan, or the Purchase Plan, within the statutory limits under Internal Revenue Service regulations. The purchase price of the stock purchased under the Purchase Plan was 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. No stock was purchased under the Purchase Plan in 2015 or 2014. Stock-based compensation expense related to the Purchase Plan was not significant in 2015 and 2014. Stock-Based Compensation Expense The following summarizes information about non-cash stock-based compensation expense, in thousands: Years ended December 31, 2015 2014 2013 Research and development $ 1,198 $ 1,624 $ 1,349 General and administrative 2,259 2,137 1,752 $ 3,457 $ 3,761 $ 3,101 Capital on Demand Sales Agreement In December 2015 we entered into a Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC, or the JonesTrading Agreement , relating to the offering of up to 10.0 million shares of our Common Stock in a “At the market” offering. We did not issue any shares under the JonesTrading Agreement in 2015. We deferred financing costs of $0.1 million at December 31, 2015 paid in connection with entering into the Jones Trading Agreement.

Employee 401(k) Benefit Plan

Employee 401(k) Benefit Plan	12 Months Ended
	Dec. 31, 2015
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, 2015, we have not made any matching contributions to the 401(k) plan.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	8. Income Taxes We did not provide for income taxes in 2015 and 2014 because we had a net operating loss for tax purposes in those years and the tax benefit that would have resulted from the statutory rate was fully offset by the valuation allowance. 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 because 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) 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, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 17,100 $ 13,800 Stock-related compensation 10,600 10,900 Research & development credit carryforwards 6,000 5,800 Other 500 300 34,200 30,800 Valuation allowance (34,200) (30,800) $ — $ — 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 increased by $3. 4 in 2015 and increased by $3.2 million in 2014 . Our pre-tax net operating loss carryforwards of $ 5 2. 9 million are federal and expire between 2029 and 2035 . 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 $ 2.5 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, 2015, we had federal research and development tax credits of approximately $ 10. 1 million, which expire in the years 2023 through 2035. Unrecognized tax benefits We have unrecognized tax benefits related to tax credits. We added to our unrecognized tax benefits in 2015 and 2014 as follows (in thousands): 2015 2014 Beginning balance $ 3,900 $ 3,800 Additions based on tax positions related to the current year 100 100 Ending balance $ 4,000 $ 3,900

Leases And Commitments

Leases And Commitments	12 Months Ended
	Dec. 31, 2015
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 2017 . F uture minimum lease payments for 2016 and 2017 are (in thousands): 2016 2017 Total Minimum lease payments $ 146 $ 147 $ 293 We believe that our facilities are adequate and suitable for our current needs. Rent expense was $0.1 million in 2015, 2014 and 2013. 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, 2015
Legal Proceedings [Abstract]
Legal Proceedings	10. Legal proceedings KB 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. In a July 7, 2015 order, the Court directed plaintiffs to file an amended complaint and set a new trial date , if necessary, for March 2017. Plaintiffs filed their amended complaint on July 27, 2015.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data [Abstract]
Selected Quarterly Financial Data	11. Selected Quarterly Financial Data (Unaudited) (in thousands, except per share data) Quarters Ended March 31 June 30 September 30 December 31 2015 Total revenue $ — $ — $ — $ — Net loss $ (2,583) $ (3,374) $ (3,671) $ (4,517) Basic and diluted net loss per share $ (0.06) $ (0.07) $ (0.08) $ (0.10) 2014 Total revenue $ — $ — $ — $ — Net loss $ (3,450) $ (3,246) $ (3,534) $ (2,156) Basic and diluted net loss per share $ (0.08) $ (0.07) $ (0.08) $ (0.05) 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

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2015
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 Proceeds from Grants	Revenue Recognition and Proceeds from Grants 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. Program fee revenue was recognized under the Collaboration Agreement and License Agreement with Pfizer, or the Pfizer Agreements. Program fee revenue was derived from upfront payments from Pfizer. Through the third quarter of 2013, these payments were recognized from receipt ratably over our estimate of the development period under the Pfizer Agreements . In 2013, we and Pfizer amended the Pfizer Agreements, we no longer had any substantive responsibilities for development activities under the Pfizer Agreements and we recognized all remaining deferred program fee revenue as program fee revenue. During 2015, we received $0.3 million pursuant to a grant from the National Institutes of Health that we recorded as a reduction to our research and development expenses.
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 are 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 expense 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, 2015 2014 2013 Numerator: Net income (loss) $ (14,145) $ (12,386) $ 31,544 Denominator: Weighted-average shares used to compute Net income (loss) per share - Basic 45,756 45,269 45,007 Effect of dilutive securities - Dilution from employee stock plans — — 201 Weighted-average shares used to compute Net income (loss) per share - Diluted 45,756 45,269 — 45,208 Net income (loss) per share - Basic $ (0.31) $ (0.27) $ 0.70 Net income (loss) per share - Diluted $ (0.31) $ (0.27) $ 0.70 We excluded weighted options outstanding to purchase common stock of 17. 4 million for 2015, 10.6 million for 2014 and 13.5 million for 2013 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 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 Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share	Years ended December 31, 2015 2014 2013 Numerator: Net income (loss) $ (14,145) $ (12,386) $ 31,544 Denominator: Weighted-average shares used to compute Net income (loss) per share - Basic 45,756 45,269 45,007 Effect of dilutive securities - Dilution from employee stock plans — — 201 Weighted-average shares used to compute Net income (loss) per share - Diluted 45,756 45,269 — 45,208 Net income (loss) per share - Basic $ (0.31) $ (0.27) $ 0.70 Net income (loss) per share - Diluted $ (0.31) $ (0.27) $ 0.70

Cash and Cash Equivalents And21

Cash and Cash Equivalents And Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2015
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 December 31, 2015 Cash $ 273 $ — $ — $ 273 $ — $ 273 Cash equivalents 22,630 — — 22,630 — 22,630 Commercial paper 8,396 1 (1) 8,396 — 8,396 $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 Reported as: Cash and cash equivalents $ 31,299 1 (1) $ 31,299 $ — $ 31,299 $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 Maturities: Matures in one year or less $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 Matures one to three years — — — — — — $ 31,299 $ 1 $ (1) $ 31,299 $ — $ 31,299 December 31, 2014 Cash $ 295 $ — $ — $ 295 $ — $ 295 Cash equivalents 34,805 — — 34,805 — 34,805 Commercial paper 4,848 1 — 4,849 — 4,849 Corporate securities 631 — — 631 10 641 $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 Reported as: Cash and cash equivalents $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 Maturities: Matures in one year or less $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590 Matures one to three years — — — — — — $ 40,579 $ 1 $ — $ 40,580 $ 10 $ 40,590
Assets Measured At Fair Value On Recurring Basis	Level 1 Level 2 Level 3 Total December 31, 2015 Cash and cash equivalents $ 22,903 $ — $ — $ 22,903 Commercial paper — 8,396 — 8,396 $ 22,903 $ 8,396 $ — $ 31,299 December 31, 2014 Cash and cash equivalents $ 35,100 $ — $ — $ 35,100 Commercial paper — 4,849 — 4,849 Corporate securities — 641 — 641 $ 35,100 $ 5,490 $ — $ 40,590

Stockholders' Equity And Stoc22

Stockholders' Equity And Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2014 17,913,182 $ 3.92 5.0 $ 0.5 Granted 2,210,000 $ 1.90 Exercised — $ — Cancelled (1,607,928) $ 3.11 Outstanding as of December 31, 2015 18,515,254 $ 3.75 5.1 $ 0.0 Vested and expected to vest at December 31, 2015 18,515,254 $ 3.75 5.1 $ 0.0 Exercisable at December 31, 2015 13,315,572 $ 4.20 3.6 $ 0.0
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 $ 1.72 $ 2.23 3,830,000 9.4 $ 1.83 489,165 $ 1.75 $ 2.33 $ 3.34 4,497,632 5.4 $ 2.74 3,722,525 $ 2.77 $ 3.37 $ 4.77 3,760,591 3.4 $ 4.07 3,562,060 $ 4.04 $ 4.80 $ 5.00 4,881,408 3.0 $ 4.89 4,050,158 $ 4.87 $ 5.02 $ 7.65 1,545,623 4.2 $ 7.03 1,491,664 $ 7.09 18,515,254 5.1 $ 3.75 13,315,572 $ 4.20
Weighted Average Fair Value Of Options Granted	2015 2014 2013 Volatility 74% to 76% 68% to 74% 58% to 64% Risk-free interest rates 1% to 2% 1% to 2% 1% to 2% Expected life of option 7 years 7 years 7 years Dividend yield zero zero zero Forfeiture rate zero zero zero Weighted average fair value of stock options granted $1.29 $2.32 $1.54
Performance Award activity	Number of Performance Awards Outstanding as of December 31, 2014 1,889,465 Granted 50,000 Exercised — Cancelled (50,000) Outstanding as of December 31, 2015 1,889,465
Summary Of Non-Cash Stock-Based Compenstion	Years ended December 31, 2015 2014 2013 Research and development $ 1,198 $ 1,624 $ 1,349 General and administrative 2,259 2,137 1,752 $ 3,457 $ 3,761 $ 3,101

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 17,100 $ 13,800 Stock-related compensation 10,600 10,900 Research & development credit carryforwards 6,000 5,800 Other 500 300 34,200 30,800 Valuation allowance (34,200) (30,800) $ — $ —
Schedule Of Unrecognized Tax Benefits	2015 2014 Beginning balance $ 3,900 $ 3,800 Additions based on tax positions related to the current year 100 100 Ending balance $ 4,000 $ 3,900

Leases And Commitments (Tables)

Leases And Commitments (Tables)	12 Months Ended
	Dec. 31, 2015
Leases And Commitments [Abstract]
Future Minimum Lease Payments	2016 2017 Total Minimum lease payments $ 146 $ 147 $ 293

Selected Quarterly Financial 25

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data [Abstract]
Quarterly Financial Information	Quarters Ended March 31 June 30 September 30 December 31 2015 Total revenue $ — $ — $ — $ — Net loss $ (2,583) $ (3,374) $ (3,671) $ (4,517) Basic and diluted net loss per share $ (0.06) $ (0.07) $ (0.08) $ (0.10) 2014 Total revenue $ — $ — $ — $ — Net loss $ (3,450) $ (3,246) $ (3,534) $ (2,156) Basic and diluted net loss per share $ (0.08) $ (0.07) $ (0.08) $ (0.05) 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

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Narrative) (Details) shares in Millions	12 Months Ended
	Dec. 31, 2015segmentitemshares	Dec. 31, 2014shares	Dec. 31, 2013shares
Summary of Significant Accounting Policies [Abstract]
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 | segment	1
Vesting period of stock options	4 years
Anti-dilutive shares excluded from computation of diluted net loss per share | shares	17.4	10.6	13.5

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income (loss)					$ (14,145)	$ (12,386)	$ 31,544
Denominator:
Weighted-average shares used to compute Net income (loss) per share - Basic					45,756	45,269	45,007
Effect of dilutive securities - Dilution from employee stock plans							201
Weighted-average shares used to compute Net income (loss) per share - Diluted					45,756	45,269	45,208
Net income (loss) per share - Basic	$ 0.73	$ (0.02)	$ (0.01)	$ (0.01)	$ (0.31)	$ (0.27)	$ 0.70
Net income (loss) per share - Diluted	$ 0.72	$ (0.02)	$ (0.01)	$ (0.01)	$ (0.31)	$ (0.27)	$ 0.70

Collaboration Agreements (Detai

Collaboration Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2010
Program fee revenue	$ 41,119
Pfizer, Inc. [Member]
Upfront cash payment received		$ 150,000
Amendment revenue		$ 5,000

Cash and Cash Equivalents And29

Cash and Cash Equivalents And Marketable Securities (Cash, Cash Equivalents And Marketable Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents	$ 31,299	$ 40,590	$ 48,588	$ 49,355
Cash and cash equivalents, Short Term Investment, Amortized Cost	31,299	40,579
Cash and cash equivalents, Short Term Investment Unrealized Gains	1	$ 1
Cash and cash equivalents, Short Term Investment Unrealized Losses	$ (1)
Accrued Interest		$ 10
Cash and cash equivalents, Short Term Investment, Fair Value	$ 31,299	40,590
Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Fair Value	31,299	40,580
Cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash	$ 273	$ 295
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	$ 273	$ 295
Cash [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	273	295
Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash equivalents	$ 22,630	$ 34,805
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	$ 22,630	$ 34,805
Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	22,630	34,805
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost Basis	8,396	4,848
Available-for-sale securities, Gross Unrealized Gains	1	$ 1
Available-for-sale securities, Gross Unrealized Losses	$ (1)
Accrued Interest
Estimated Fair Value, Marketable securities	$ 8,396	$ 4,849
Commercial Paper [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value, Marketable securities	8,396	4,849
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost Basis		$ 631
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest		$ 10
Estimated Fair Value, Marketable securities		641
Corporate Securities [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value, Marketable securities		631
Cash And Cash Equivalents, Reported Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents	31,299	40,579
Available-for-sale securities, Gross Unrealized Gains	1	$ 1
Available-for-sale securities, Gross Unrealized Losses	$ (1)
Accrued Interest		$ 10
Cash and cash equivalents, Fair Value	$ 31,299	40,590
Cash And Cash Equivalents, Reported Value [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	31,299	40,580
Matures In One Year Or Less [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Amortized Cost	31,299	40,579
Available-for-sale securities, Gross Unrealized Gains	1	$ 1
Available-for-sale securities, Gross Unrealized Losses	$ (1)
Accrued Interest		$ 10
Cash and cash equivalents, Short Term Investment, Fair Value	$ 31,299	40,590
Matures In One Year Or Less [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Fair Value	$ 31,299	$ 40,580
Matures One To Three Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest

Cash and Cash Equivalents And30

Cash and Cash Equivalents And Marketable Securities (Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 31,299	$ 40,590
Cash And Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	22,903	35,100
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	8,396	4,849
Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		641
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	22,903	35,100
Level 1 [Member] | Cash And Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	22,903	35,100
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	8,396	5,490
Level 2 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 8,396	4,849
Level 2 [Member] | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		$ 641
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 Cash Equivalents [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 ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 0.7	$ 0.6
Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, purchase value	$ 0.9	$ 0.7

Stockholders' Equity And Stoc32

Stockholders' Equity And Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Offering of common stock shares	120,000,000	120,000,000
Deferred financing costs	$ 46
2008 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance	3,400,000
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%
Compensation costs prior to forfeiture	$ 9,100
Weighted average remaining recognition period	3 years 7 months 6 days
2000 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair market value percent	85.00%
Stock purchased under purchase plan	0	0
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional stock compensation expense	$ 5,200
Performance awards vested	0
Performance Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards expiration date	Dec. 31, 2025
Performance Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards expiration date	Dec. 31, 2022
JonesTrading [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering of common stock shares	10,000,000
Deferred financing costs	$ 100

Stockholders' Equity And Stoc33

Stockholders' Equity And Stock-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity And Stock-Based Compensation [Abstract]
Beginning Balance, Number of Options, Outstanding	17,913,182
Number of Options, Granted	2,210,000
Number of Options, Exercised
Number of Options, Cancelled	(1,607,928)
Ending Balance, Number of Options, Outstanding	18,515,254	17,913,182
Number of Options, Vested and expected to vest	18,515,254
Number of Options, Exercisable	13,315,572
Beginning Balance, Weighted Average Exercise Price	$ 3.92
Weighted Average Exercise Price, Granted	$ 1.90
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Cancelled	$ 3.11
Ending Balance, Weighted Average Exercise Price	3.75	$ 3.92
Weighted Average Exercise Price, Vested and expected to vest	3.75
Weighted Average Exercise Price, Exercisable	$ 4.20
Weighted Average Remaining Contractual Term	5 years 1 month 6 days	5 years
Weighted Average Remaining Contractual Term, Vested and expected to vest	5 years 1 month 6 days
Weighted Average Remaining Contractual Term, Exercisable	3 years 7 months 6 days
Beginning Balance, Aggregate Intrinsic Value	$ 0.5
Ending Balance, Aggregate Intrinsic Value	0	$ 0.5
Aggregate Intrinsic Value, Vested and expected to vest	0
Aggregate Intrinsic Value, Exercisable	$ 0

Stockholders' Equity And Stoc34

Stockholders' Equity And Stock-Based Compensation (Information About Stock Options Outstanding) (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options, Options outstanding | shares	18,515,254
Weighted average remaining contractual life (in years), Options outstanding	5 years 1 month 6 days
Weighted average exercise price, Options outstanding	$ 3.75
Number of vested options, Options exercisable | shares	13,315,572
Weighted average exercise price, Options exercisable	$ 4.20
$1.72 - $2.23 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	1.72
Range of exercise prices, Maximum	$ 2.23
Number of outstanding options, Options outstanding | shares	3,830,000
Weighted average remaining contractual life (in years), Options outstanding	9 years 4 months 24 days
Weighted average exercise price, Options outstanding	$ 1.83
Number of vested options, Options exercisable | shares	489,165
Weighted average exercise price, Options exercisable	$ 1.75
$2.33 - $3.34 [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	$ 3.34
Number of outstanding options, Options outstanding | shares	4,497,632
Weighted average remaining contractual life (in years), Options outstanding	5 years 4 months 24 days
Weighted average exercise price, Options outstanding	$ 2.74
Number of vested options, Options exercisable | shares	3,722,525
Weighted average exercise price, Options exercisable	$ 2.77
$3.37 - $4.77 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	3.37
Range of exercise prices, Maximum	$ 4.77
Number of outstanding options, Options outstanding | shares	3,760,591
Weighted average remaining contractual life (in years), Options outstanding	3 years 4 months 24 days
Weighted average exercise price, Options outstanding	$ 4.07
Number of vested options, Options exercisable | shares	3,562,060
Weighted average exercise price, Options exercisable	$ 4.04
$4.80 - $5.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	4.80
Range of exercise prices, Maximum	$ 5
Number of outstanding options, Options outstanding | shares	4,881,408
Weighted average remaining contractual life (in years), Options outstanding	3 years
Weighted average exercise price, Options outstanding	$ 4.89
Number of vested options, Options exercisable | shares	4,050,158
Weighted average exercise price, Options exercisable	$ 4.87
$5.02 - $7.65 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	5.02
Range of exercise prices, Maximum	$ 7.65
Number of outstanding options, Options outstanding | shares	1,545,623
Weighted average remaining contractual life (in years), Options outstanding	4 years 2 months 12 days
Weighted average exercise price, Options outstanding	$ 7.03
Number of vested options, Options exercisable | shares	1,491,664
Weighted average exercise price, Options exercisable	$ 7.09

Stockholders' Equity And Stoc35

Stockholders' Equity And Stock-Based Compensation (Weighted Average Fair Value Of Options Granted) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity And Stock-Based Compensation [Abstract]
Volatility, Minimum	74.00%	68.00%	58.00%
Volatility, Maximum	76.00%	74.00%	64.00%
Risk-free interest rates, Minimum	1.00%	1.00%	1.00%
Risk-free interest rates, Maximum	2.00%	2.00%	2.00%
Expected life of option	7 years	7 years	7 years
Dividend yield	0.00%	0.00%	0.00%
Forfeiture rate	0.00%	0.00%	0.00%
Weighted average fair value of stock options granted	$ 1.29	$ 2.32	$ 1.54

Stockholders' Equity And Stoc36

Stockholders' Equity And Stock-Based Compensation (Performance Award Activity) (Details) - Performance Awards [Member]	12 Months Ended
	Dec. 31, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of December 31, 2014	1,889,465
Granted	50,000
Exercised
Cancelled	(50,000)
Outstanding as of December 31, 2015	1,889,465

Stockholders' Equity And Stoc37

Stockholders' Equity And Stock-Based Compensation (Summary Of Non-Cash Stock-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-Based Compensation [Line Items]
Share-Based Compensation Expense	$ 3,457	$ 3,761	$ 3,101
Research And Development [Member]
Stock-Based Compensation [Line Items]
Share-Based Compensation Expense	1,198	1,624	1,349
General And Administrative [Member]
Stock-Based Compensation [Line Items]
Share-Based Compensation Expense	$ 2,259	$ 2,137	$ 1,752

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (decrease)	$ 3.4	$ 3.2
Part of valuation allowance as tax benefits associated with stock option transactions	2.5
Federal [Member]
Operating Loss Carryforwards [Line Items]
Pre-tax net operating loss carryforwards	52
Federal research and development tax credits	$ 10.1
Federal [Member] | Minimum [Member]
Operating Loss Carryforwards [Line Items]
Expiration date of pre-tax net operating loss carryforwards	Jan. 1, 2029
Expiration date of federal research and development tax credits	Jan. 1, 2023
Federal [Member] | Maximum [Member]
Operating Loss Carryforwards [Line Items]
Expiration date of pre-tax net operating loss carryforwards	Dec. 31, 2035
Expiration date of federal research and development tax credits	Dec. 31, 2034

Income Taxes (Schedule Of Effec

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013USD ($)
Income Taxes [Abstract]
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)
U.S. statutory tax rate	34.00%

Income Taxes (Schedule Of Defer

Income Taxes (Schedule Of Deferred Tax Assets And Valuation Allowance) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Net operating loss carryforwards	$ 17,100	$ 13,800
Stock-related compensation	10,600	10,900
Research & development credit carryforwards	6,000	5,800
Other	500	300
Total deferred tax assets	34,200	30,800
Valuation allowance	$ (34,200)	$ (30,800)
Net deferred tax assets

Income Taxes (Schedule Of Unrec

Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Beginning balance	$ 3,900	$ 3,800
Additions based on tax positions related to the current year	100	100
Ending Balance	$ 4,000	$ 3,900

Leases And Commitments (Narrati

Leases And Commitments (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Leases And Commitments [Line Items]
Office space | ft²	6,000
Rent expense | $	$ 0.1	$ 0.1	$ 0.1
Austin, TX [Member]
Leases And Commitments [Line Items]
Operating lease expiration year	2017-01

Leases And Commitments (Future

Leases And Commitments (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Leases And Commitments [Abstract]
Minimum lease payments, 2016	$ 146
Minimum lease payments, 2017	147
Total	$ 293

Selected Quarterly Financial 44

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Data [Abstract]
Total revenue									$ 35,244	$ 1,958	$ 1,959	$ 1,958			$ 41,119
Net income (loss)	$ (4,517)	$ (3,671)	$ (3,374)	$ (2,583)	$ (2,156)	$ (3,534)	$ (3,246)	$ (3,450)	$ 33,015	$ (762)	$ (301)	$ (408)	$ (14,145)	$ (12,386)	$ 31,471
Basic net income (loss) per share									$ 0.73	$ (0.02)	$ (0.01)	$ (0.01)	$ (0.31)	$ (0.27)	$ 0.70
Diluted net income (loss) per share									$ 0.72	$ (0.02)	$ (0.01)	$ (0.01)	$ (0.31)	$ (0.27)	$ 0.70
Basic and diluted net income (loss) per share	$ (0.10)	$ (0.08)	$ (0.07)	$ (0.06)	$ (0.05)	$ (0.08)	$ (0.07)	$ (0.08)