Cassava Sciences (SAVA) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,595,509

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 14,067	$ 16,615
Marketable securities		2,099
Other current assets	12	356
Total current assets	14,079	19,070
Property and equipment, net	190	232
Total assets	14,269	19,302
Current liabilities:
Accounts payable	658	303
Accrued development expense	32	27
Accrued compensation and benefits	309	335
Total current liabilities	999	665
Noncurrent liabilities
Total liabilities	999	665
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	7	7
Additional paid-in capital	165,654	164,118
Accumulated other comprehensive income
Accumulated deficit	(152,391)	(145,488)
Total stockholders' equity	13,270	18,637
Total liabilities and stockholders' equity	$ 14,269	$ 19,302

Statements Of Operations

Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating expenses:
Research and development	$ 3,063	$ 1,589	$ 4,452	$ 5,184
General and administrative	1,103	1,455	2,478	3,689
Total operating expenses	4,166	3,044	6,930	8,873
Operating loss	(4,166)	(3,044)	(6,930)	(8,873)
Interest income	6	29	27	63
Net loss	$ (4,160)	$ (3,015)	$ (6,903)	$ (8,810)
Net loss per share, basic and diluted	$ (0.64)	$ (0.46)	$ (1.06)	$ (1.35)
Shares used in computing net loss per share, basic and diluted	6,537	6,530	6,536	6,505

Statements Of Comprehensive Inc

Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statements Of Comprehensive Income (Loss) [Abstract]
Net loss	$ (4,160)	$ (3,015)	$ (6,903)	$ (8,810)
Other comprehensive income (loss):
Net unrealized gains (losses) on marketable securities
Comprehensive loss	$ (4,160)	$ (3,015)	$ (6,903)	$ (8,810)

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (6,903)	$ (8,810)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash stock-based compensation	1,536	2,644
Depreciation and amortization	34	28
Non-cash net interest income	(2)	(3)
Changes in operating assets and liabilities:
Other current assets	344	323
Accounts payable	363	(656)
Accrued development expense	5	(253)
Accrued compensation and benefits	(26)	311
Net cash used in operating activities	(4,649)	(6,416)
Cash flows from investing activities:
Purchases of property and equipment
Purchases of marketable securities	(399)	(1,497)
Sales of marketable securities	400
Maturities of marketable securities	2,100	1,500
Net cash provided by investing activities	2,101	3
Cash flows from financing activities:
Cash used for statutory taxes for net exercise of Performance Awards		(214)
Deferred financing costs		(46)
Net cash used in financing activities		(260)
Net decrease in cash and cash equivalents	(2,548)	(6,673)
Cash and cash equivalents at beginning of period	16,615	31,299
Cash and cash equivalents at end of period	$ 14,067	$ 24,626

General

General	6 Months Ended
	Jun. 30, 2017
General [Abstract]
General	Note 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.  We have prepared the accompanying unaudited condensed financial statements of Pain Therapeutics, Inc. in accordance with generally accepted accounting principles for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for any other interim period or for the year 201 7 . For further information, refer to the consolidated financial statements and footnotes thereto included in our annual report on Form 10-K for the year ended December 31, 2016 .  On November 16, 2016, we received a letter from the Listing Qualifications staff of Nasdaq (the “Staff”) notifying us that, for the previous 30 consecutive business days, the bid price for our common stock had closed below the minimum $1.00 per share requirement (the “Minimum Price Requirement”) under NASDAQ’s Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to May 15, 2017, the closing bid price of our common stock is at or above $1.00 for a minimum of 10 consecutive business days, the Staff will provide us with written confirmation of compliance. On May 24, 2017, we received a lett er from the Staff indicating that the we had regained compliance with the $1.00 minimum closing bid requirement following completion of the reverse stock split described below.  On May 4, 2017, fol lowing stockholder approval, our board of directors approved a reverse stock split ratio of 7 -fo r-1. On May 4, 2017, we filed with the Secretary of State of the State of Delaware a Certificate of Amendment of the Company’s Amended and Restated Certificate of Incorporation to effect the 7-for-1 reve rse stock split of our outstanding shares of common stock. The number of outstanding shares of common stock on the date of the reverse split was reduced from 46.1 million to 6 .6 million shares. Our common stock began trading on the NASDAQ Global Market on a split-adjusted basis when the market opened for trading on May 10, 2017. As a result, all common stock share amounts included in these condensed consolidated financial statements have been retroactively reduced by a factor of seven, and all common stock per share amounts have been increased by a factor of seven, wit h the exception of our common stock par value.  We have evaluated subsequent events through the date of filing this Form 10-Q. 

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies  Use of Estimates  We make estimates and assumptions in preparing our financial statements in conformity with accounting principles generally accepted in the United States of America. These estimates and assumptions 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 these estimates and assumptions.  Cash Equivalents, Marketable Securities and Concentration of Credit Risk  We invest in cash equivalents and marketable securities. We consider highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. O ur marketable securities include interest-bearing financial instruments, generally consisting of corporate or government securities.  Our investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. We maintain our investments at one financial institution.  A change in prevailing interest rates may cause the fair value of the investment to fluctuate. We don’t recognize an impairment charge related to this type of fluctuation because the fluctuation is temporary and eliminated by the time an investment matures. We would recognize an impairment charge if and when we determine that a decline in the fair value below the amortized cost of an investment is other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including any adverse changes in the investees’ financial condition, how long the fair value has been below the amortized cost and whether it is more likely than not that we would elect to or be required to sell the marketable security before its anticipated recovery.  We may elect to sell marketable securities before they mature. 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.  Fair Value Measurements  We report our cash equivalents and marketable securities at fair value as Level 1, Level 2 or Level 3 using the following inputs:  · Level 1 includes quoted prices in active markets. We base the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. We use market pricing and other observable market inputs obtained from third-party providers. We use the bid price to establish fair value where a bid price is available. We base the fair value of our marketable securities on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. We do not have any investments where the fair value is based on Level 3 inputs.  We include unrealized gains or losses on our investments as Accumulated other comprehensive loss in the Stockholders’ equity section of our Balance Sheets. We include changes in net unrealized gains or losses in our Statements of Comprehensive Income. We would recognize significant realized gains and losses on a specific identification basis as other income in our Statements of Operations.  Proceeds from Grants  During the first six m onths of 2017 and 2016, we received $0.1 million and $0.9 million respectively , pursuant to a grant from the National Institutes of Health, or NIH, that we recorded as a reduction to our research and development expenses.  Non-cash Stock-based Compensation  We recognize non-cash expense for the fair value of all stock options and other share-based awards. We use the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, we recognize the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, we remeasure the fair value expense using Black-Scholes each reporting period.  We have granted share-based awards that vest upon achievement of certain performance criteria, or Performance Awards. We multiply the number of Performance Awards by the fair market value of our common stock on the date of grant to calculate the fair value of each award. We estimate an implicit service period for achieving performance criteria for each award. We recognize the resulting fair value as expense over the implicit service period when we conclude that achieving the performance criteria is probable. We periodically review and update as appropriate our estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.  Net Loss per Share  We compute basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. We compute diluted net loss per share on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options.  We include the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):    Three months ended Six months ended  June 30, June 30,  2017 2016 2017 2016  Numerator:  Net loss $ (4,160) $ (3,015) $ (6,903) $ (8,810)  Denominator:  Shares used in computing net loss per share, basic and diluted 6,537 6,530 6,536 6,505  Net loss per share, basic and diluted $ (0.64) $ (0.46) $ (1.06) $ (1.35)  Dilutive common shares excluded from net loss per share, diluted 2,369 2,605 2,402 2,625   We excluded options outstanding from the calculation of net loss per share, diluted because the effect of including options outstanding would have been 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 that 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. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these deferred tax assets with a valuation allowance.  We may in the future determine that certain deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the period 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 recognized pursuant to our deferred tax assets as interest expense, when appropriate.

Cash, Cash Equivalents And Mark

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value	6 Months Ended
	Jun. 30, 2017
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value [Abstract]
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value	Note 3. Cash, Cash Equivalents and Marketable Securities and Assets Measured at Fair Value  Our cash, cash equivalents and marketable securities are as follows (in thousands):    Cash, Cash Equivalents and Marketable Securities  Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Accrued Interest Total Value  June 30, 2017  Cash $ 107 $ — $ — $ 107 $ — $ 107  Cash equivalents 13,960 — — 13,960 — 13,960  Commercial paper — — — — — —  $ 14,067 $ — $ — $ 14,067 $ — $ 14,067  Reported as:  Cash and cash equivalents $ 14,067 — — $ 14,067 $ — $ 14,067  Marketable securities — — — — — —  $ 14,067 $ — $ — $ 14,067 $ — $ 14,067  Maturities:  Matures in one year or less $ 14,067 $ — $ — $ 14,067 $ — $ 14,067  Matures one to three years — — — — — —  $ 14,067 $ — $ — $ 14,067 $ — $ 14,067   December 31, 2016  Cash $ 1,434 $ — $ — $ 1,434 $ — $ 1,434  Cash equivalents 12,783 — — 12,783 — 12,783  Commercial paper 4,497 — — 4,497 — 4,497  $ 18,714 $ — $ — $ 18,714 $ — $ 18,714  Reported as:  Cash and cash equivalents $ 16,615 — — $ 16,615 $ — $ 16,615  Marketable securities 2,099 — — 2,099 — 2,099  $ 18,714 $ — $ — $ 18,714 $ — $ 18,714  Maturities:  Matures in one year or less $ 18,714 $ — $ — $ 18,714 $ — $ 18,714  Matures one to three years — — — — — —  $ 18,714 $ — $ — $ 18,714 $ — $ 18,714   We did no t realize any material gains or losses on our investments in marketable securities during the first half of 2017 and 2016 . 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 on a recurring basis are as follows (in thousands):     Level 1 Level 2 Level 3 Total  June 30, 2017  Cash and cash equivalents $ 14,067 $ — $ — $ 14,067  Commercial paper — — — —  $ 14,067 $ — $ — $ 14,067  December 31, 2016  Cash and cash equivalents $ 14,217 $ — $ — $ 14,217  Commercial paper — 4,497 — 4,497  $ 14,217 $ 4,497 $ — $ 18,714   There were no transfers between Level 1 , Level 2 and Level 3 during the first half of 2017 and 2016 . 

Equity And Stock-Based Compensa

Equity And Stock-Based Compensation Expense	6 Months Ended
	Jun. 30, 2017
Equity And Stock-Based Compensation Expense [Abstract]
Equity And Stock-Based Compensation Expense	Note 4. Equity and Stock-Based Compensation Expense  Stockholders’ equity activity in 2017  During the first half of 2017, our common stock outstanding and stockholders’ equity (in thousands) changed as follows:    Common Stock Stockholders' equity (in thousands)  Balance at December 31, 2016 6,591,705 $ 18,637  Non-cash stock-related compensation for:  Stock options for employees — 1,531  Stock options for non-employees — 5  Issuance of common stock pursuant to 7 for 1 Reverse Stock Split 3,804 —  Net loss — (6,903)  Balance at June 30, 2017 6,595,509 $ 13,270   Stock option and Performance Award activity in 2017  During the first half of 2017, stock options and unvested Performance Awards outstanding under our 2008 Equity Incentive Plan changed as follows:     Stock Options Performance Awards  Outstanding as of December 31, 2016 2,434,829 222,060  Granted 93,210 —  Vested Performance Awards — —  Forfeited/expired (294,224) (14,723)  Outstanding as of June 30, 2017 2,233,815 207,337   The weighted average exercise price of options outstanding at June 30, 2017 was $23.44 . As outstanding options vest over the current remaining vesting period of 2.3 years, we expect to recognize non-cash expense of $4.4 million. If and when outstanding Performance Awards vest, we would recognize non-cash expense of $4.4 million over the implicit service period.  m Stock-based Compensation Expense in 2017  During the first half of 2017, our non-cash stock-related compensation expenses were as follows (in thousands):    Three months ended Six months ended  June 30, June 30,  2017 2016 2017 2016  Research and development  Vesting of stock options $ 289 $ 354 $ 601 $ 700  Vesting of Performance Awards — — — 409  289 354 601 1,109  General and administrative  Vesting of stock options 420 580 935 1,150  Vesting of Performance Awards — — — 385  420 580 935 1,535  Total non-cash stock-based compensation expenses  Vesting of stock options 709 934 1,536 1,850  Vesting of Performance Awards — — — 794  $ 709 $ 934 $ 1,536 $ 2,644   Capital on Demand Sales Agreement  In December 2015, we entered into a Capital on Demand™ Sales Agreement with JonesTrading Institutional Services, or the ATM Agreement, relating to the offering of up to 10.0 million shares of our Common Stock in “at the market” offerings. We did not issue any shares under the ATM Agreement during the first half of 2017 or 2016 . In March 2017, the ATM Agreement expired and was not renewed. 

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Taxes [Abstract]
Income Taxes	Note 5. Income Taxes  We did not provide for income taxes in the second quarter or first half of 2017 because we have projected a net loss for the full year 2017 . 

Commitments

Commitments	6 Months Ended
	Jun. 30, 2017
Commitments [Abstract]
Commitments	Note 6. Commitments  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 that are cancelable. Our obligations under these contracts are largely based on services performed.  We have a non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that expires in December 2017 . Minimum lease payments are as follows (in thousands):      2017 Total  Minimum lease payments $ 148 $ 148  

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	Note 7 . Recently Issued Accounting Pronouncements  We reviewed recently issued accounting pronouncements and have adopted or 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. 

Significant Accounting Polici13

Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2017
Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates  We make estimates and assumptions in preparing our financial statements in conformity with accounting principles generally accepted in the United States of America. These estimates and assumptions 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 these estimates and assumptions.
Cash Equivalents, Marketable Securities and Concentration of Credit Risk	Cash Equivalents, Marketable Securities and Concentration of Credit Risk  We invest in cash equivalents and marketable securities. We consider highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. O ur marketable securities include interest-bearing financial instruments, generally consisting of corporate or government securities.  Our investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. We maintain our investments at one financial institution.  A change in prevailing interest rates may cause the fair value of the investment to fluctuate. We don’t recognize an impairment charge related to this type of fluctuation because the fluctuation is temporary and eliminated by the time an investment matures. We would recognize an impairment charge if and when we determine that a decline in the fair value below the amortized cost of an investment is other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including any adverse changes in the investees’ financial condition, how long the fair value has been below the amortized cost and whether it is more likely than not that we would elect to or be required to sell the marketable security before its anticipated recovery.  We may elect to sell marketable securities before they mature. 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.
Fair Value Measurements	Fair Value Measurements  We report our cash equivalents and marketable securities at fair value as Level 1, Level 2 or Level 3 using the following inputs:  · Level 1 includes quoted prices in active markets. We base the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. We use market pricing and other observable market inputs obtained from third-party providers. We use the bid price to establish fair value where a bid price is available. We base the fair value of our marketable securities on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. We do not have any investments where the fair value is based on Level 3 inputs.  We include unrealized gains or losses on our investments as Accumulated other comprehensive loss in the Stockholders’ equity section of our Balance Sheets. We include changes in net unrealized gains or losses in our Statements of Comprehensive Income. We would recognize significant realized gains and losses on a specific identification basis as other income in our Statements of Operations.
Proceeds from Grants	Proceeds from Grants  During the first six m onths of 2017 and 2016, we received $0.1 million and $0.9 million respectively , pursuant to a grant from the National Institutes of Health, or NIH, that we recorded as a reduction to our research and development expenses.
Non-cash Stock-based Compensation	Non-cash Stock-based Compensation  We recognize non-cash expense for the fair value of all stock options and other share-based awards. We use the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, we recognize the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, we remeasure the fair value expense using Black-Scholes each reporting period.  We have granted share-based awards that vest upon achievement of certain performance criteria, or Performance Awards. We multiply the number of Performance Awards by the fair market value of our common stock on the date of grant to calculate the fair value of each award. We estimate an implicit service period for achieving performance criteria for each award. We recognize the resulting fair value as expense over the implicit service period when we conclude that achieving the performance criteria is probable. We periodically review and update as appropriate our estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.
Net Loss per Share	  Net Loss per Share  We compute basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. We compute diluted net loss per share on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options.  We include the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):    Three months ended Six months ended  June 30, June 30,  2017 2016 2017 2016  Numerator:  Net loss $ (4,160) $ (3,015) $ (6,903) $ (8,810)  Denominator:  Shares used in computing net loss per share, basic and diluted 6,537 6,530 6,536 6,505  Net loss per share, basic and diluted $ (0.64) $ (0.46) $ (1.06) $ (1.35)  Dilutive common shares excluded from net loss per share, diluted 2,369 2,605 2,402 2,625   We excluded options outstanding from the calculation of net loss per share, diluted because the effect of including options outstanding would have been 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 that 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. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these deferred tax assets with a valuation allowance.  We may in the future determine that certain deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the period 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 recognized pursuant to our deferred tax assets as interest expense, when appropriate.

Significant Accounting Polici14

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Significant Accounting Policies [Abstract]
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share	   Three months ended Six months ended  June 30, June 30,  2017 2016 2017 2016  Numerator:  Net loss $ (4,160) $ (3,015) $ (6,903) $ (8,810)  Denominator:  Shares used in computing net loss per share, basic and diluted 6,537 6,530 6,536 6,505  Net loss per share, basic and diluted $ (0.64) $ (0.46) $ (1.06) $ (1.35)  Dilutive common shares excluded from net loss per share, diluted 2,369 2,605 2,402 2,625  

Cash, Cash Equivalents And Ma15

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value [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  June 30, 2017  Cash $ 107 $ — $ — $ 107 $ — $ 107  Cash equivalents 13,960 — — 13,960 — 13,960  Commercial paper — — — — — —  $ 14,067 $ — $ — $ 14,067 $ — $ 14,067  Reported as:  Cash and cash equivalents $ 14,067 — — $ 14,067 $ — $ 14,067  Marketable securities — — — — — —  $ 14,067 $ — $ — $ 14,067 $ — $ 14,067  Maturities:  Matures in one year or less $ 14,067 $ — $ — $ 14,067 $ — $ 14,067  Matures one to three years — — — — — —  $ 14,067 $ — $ — $ 14,067 $ — $ 14,067   December 31, 2016  Cash $ 1,434 $ — $ — $ 1,434 $ — $ 1,434  Cash equivalents 12,783 — — 12,783 — 12,783  Commercial paper 4,497 — — 4,497 — 4,497  $ 18,714 $ — $ — $ 18,714 $ — $ 18,714  Reported as:  Cash and cash equivalents $ 16,615 — — $ 16,615 $ — $ 16,615  Marketable securities 2,099 — — 2,099 — 2,099  $ 18,714 $ — $ — $ 18,714 $ — $ 18,714  Maturities:  Matures in one year or less $ 18,714 $ — $ — $ 18,714 $ — $ 18,714  Matures one to three years — — — — — —  $ 18,714 $ — $ — $ 18,714 $ — $ 18,714  
Assets Measured At Fair Value On Recurring Basis	   Level 1 Level 2 Level 3 Total  June 30, 2017  Cash and cash equivalents $ 14,067 $ — $ — $ 14,067  Commercial paper — — — —  $ 14,067 $ — $ — $ 14,067  December 31, 2016  Cash and cash equivalents $ 14,217 $ — $ — $ 14,217  Commercial paper — 4,497 — 4,497  $ 14,217 $ 4,497 $ — $ 18,714  

Equity And Stock-Based Compen16

Equity And Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2017
Equity And Stock-Based Compensation Expense [Abstract]
Common Stock Outstanding and Stockholders' Equity	  Common Stock Stockholders' equity (in thousands)  Balance at December 31, 2016 6,591,705 $ 18,637  Non-cash stock-related compensation for:  Stock options for employees — 1,531  Stock options for non-employees — 5  Issuance of common stock pursuant to 7 for 1 Reverse Stock Split 3,804 —  Net loss — (6,903)  Balance at June 30, 2017 6,595,509 $ 13,270  
Stock Option and Performance Award activity	   Stock Options Performance Awards  Outstanding as of December 31, 2016 2,434,829 222,060  Granted 93,210 —  Vested Performance Awards — —  Forfeited/expired (294,224) (14,723)  Outstanding as of June 30, 2017 2,233,815 207,337  
Summary Of Non-Cash Stock-Based Compensation	   Three months ended Six months ended  June 30, June 30,  2017 2016 2017 2016  Research and development  Vesting of stock options $ 289 $ 354 $ 601 $ 700  Vesting of Performance Awards — — — 409  289 354 601 1,109  General and administrative  Vesting of stock options 420 580 935 1,150  Vesting of Performance Awards — — — 385  420 580 935 1,535  Total non-cash stock-based compensation expenses  Vesting of stock options 709 934 1,536 1,850  Vesting of Performance Awards — — — 794  $ 709 $ 934 $ 1,536 $ 2,644  

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments [Abstract]
Future Minimum Lease Payments	   2017 Total  Minimum lease payments $ 148 $ 148  

General (Narrative) (Details)

General (Narrative) (Details)	May 04, 2017	Jun. 30, 2017$ / sharesshares	May 03, 2017shares	Dec. 31, 2016shares
Previous consecutive business days		30 days
Calendar days following date of notification		180 days
Minimum consecutive business days		10 days
Reverse stock split ratio	0.1429
Shares outstanding | shares		6,595,509	46,100,000	6,591,705
Minimum [Member]
Per share requirement | $ / shares		$ 1

Significant Accounting Polici19

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Significant Accounting Policies [Abstract]
Contractual maturity of a particular investment	1 year
Reduction to research and development expense	$ 0.1	$ 0.9
Vesting period of stock options	4 years

Significant Accounting Polici20

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net loss	$ (4,160)	$ (3,015)	$ (6,903)	$ (8,810)
Denominator:
Shares used in computing net loss per share, basic and diluted	6,537	6,530	6,536	6,505
Net loss per share, basic and diluted	$ (0.64)	$ (0.46)	$ (1.06)	$ (1.35)
Dilutive common shares excluded from net loss per share, diluted	2,369	2,605	2,402	2,625

Cash, Cash Equivalents And Ma21

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Transfers from level 1 to level 2	$ 0	$ 0
Transfers from level 2 to level 1	0	0
Net transfers to level 3	0	0
Marketable Securities [Member]
Gain (loss) on investments	$ 0	$ 0

Cash, Cash Equivalents And Ma22

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Cash, Cash Equivalents And Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents	$ 14,067	$ 16,615	$ 24,626	$ 31,299
Cash and cash equivalents, Short Term Investment, Amortized Cost	14,067	18,714
Cash and cash equivalents, Short Term Investment Unrealized Gains
Cash and cash equivalents, Short Term Investment Unrealized Losses
Accrued Interest
Estimated Fair Value, Marketable securities		2,099
Cash and cash equivalents, Short Term Investment, Fair Value	14,067	18,714
Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Fair Value	14,067	18,714
Marketable Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost Basis		2,099
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Estimated Fair Value, Marketable securities		2,099
Marketable Securities [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value, Marketable securities		2,099
Cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash	107	1,434
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	107	1,434
Cash [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	107	1,434
Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash equivalents	13,960	12,783
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	13,960	12,783
Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	13,960	12,783
Cash And Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents	14,067	16,615
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	14,067	16,615
Cash And Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	14,067	16,615
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost Basis		4,497
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Estimated Fair Value, Marketable securities		4,497
Commercial Paper [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value, Marketable securities		4,497
Matures In One Year Or Less [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Amortized Cost	14,067	18,714
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Short Term Investment, Fair Value	14,067	18,714
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	14,067	18,714
Matures One To Three Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Amortized Cost
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Short Term Investment, Fair Value
Matures One To Three Years [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

Cash, Cash Equivalents And Ma23

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 14,067	$ 18,714
Cash And Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	14,067	14,217
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		4,497
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	14,067	14,217
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	14,067	14,217
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		4,497
Level 2 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		4,497
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

Equity And Stock-Based Compen24

Equity And Stock-Based Compensation Expense (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2015
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period of stock options			4 years
Non-cash stock-based compensation expense	$ 709	$ 934	$ 1,536	$ 2,644
ATM Agreement [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Offering of common stock shares					10,000,000
Common stock, shares issued	0	0	0	0
Stock Options [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period of stock options			2 years 3 months 18 days
Stock Options [Member] | 2008 Equity Incentive Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Weighted average exercise price or options	$ 23.44		$ 23.44
Non-cash stock-based compensation expense			$ 4,400
Performance Awards [Member] | 2008 Equity Incentive Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense			$ 4,400

Equity And Stock-Based Compen25

Equity And Stock-Based Compensation Expense (Common Stock Outstanding and Stockholders' Equity) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Common stock, balance at December 31, 2016			6,591,705
Common stock, balance at June 30, 2017	6,595,509		6,595,509
Stockholders' equity, balance at December 31, 2016			$ 18,637,000
Stockholders' equity, Non-cash stock-based compensation			1,536,000	$ 2,644,000
Performance Awards related to statutory taxes, shares				(214,000)
Issuance of common stock pursuant to 7 for 1 Reverse Stock Split			3,804
Net loss	$ (4,160,000)	$ (3,015,000)	(6,903,000)	$ (8,810,000)
Stockholders' equity, balance at June 30, 2017	$ 13,270,000		13,270,000
Stock Options [Member]
Stockholders' equity, Non-cash stock-based compensation			1,531,000
Non-Employee Stock Options [Member]
Stockholders' equity, Non-cash stock-based compensation			$ 5,000

Equity And Stock-Based Compen26

Equity And Stock-Based Compensation Expense (Stock Option and Performance Award activity) (Details)	6 Months Ended
	Jun. 30, 2017shares
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of December 31, 2016	2,434,829
Granted	93,210
Vested Performance Awards
Forfeited/expired	(294,224)
Outstanding as of June 30, 2017	2,233,815
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of December 31, 2016	222,060
Granted
Vested Performance Awards
Forfeited/expired	(14,723)
Outstanding as of June 30, 2017	207,337

Equity And Stock-Based Compen27

Equity And Stock-Based Compensation Expense (Summary Of Non-Cash Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	$ 709	$ 934	$ 1,536	$ 2,644
Vesting Of Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	709	934	1,536	1,850
Vesting Of Performace Awards [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense				794
Research And Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	289	354	601	1,109
Research And Development [Member] | Vesting Of Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	289	354	601	700
Research And Development [Member] | Vesting Of Performace Awards [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense				409
General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	420	580	935	1,535
General And Administrative [Member] | Vesting Of Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	$ 420	$ 580	$ 935	1,150
General And Administrative [Member] | Vesting Of Performace Awards [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense				$ 385

Commitments (Narrative) (Detail

Commitments (Narrative) (Details) - Austin, TX [Member]	6 Months Ended
	Jun. 30, 2017ft²
Operating Leased Assets [Line Items]
Office space	6,000
Operating lease expiration year	2017-12

Commitments (Future Minimum Lea

Commitments (Future Minimum Lease Payments) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Commitments [Abstract]
Minimum lease payments, 2017	$ 148
Total	$ 148