ACADIA Pharmaceuticals (ACAD) 10-Q 6 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 31, 2013
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'ACAD	'
Entity Registrant Name	'ACADIA PHARMACEUTICALS INC	'
Entity Central Index Key	'0001070494	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	90,866,470

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$11,803	$57,899	[1]
Investment securities, available-for-sale	184,377	50,068	[1]
Prepaid expenses, receivables and other current assets	2,495	581	[1]
Total current assets	198,675	108,548	[1]
Property and equipment, net	490	42	[1]
Other assets	120	'
Total assets	199,285	108,590	[1]
Liabilities, redeemable common stock and stockholders' equity	'	'
Accounts payable	1,120	1,375	[1]
Accrued expenses	6,670	4,139	[1]
Deferred revenue	80	434	[1]
Total current liabilities	7,870	5,948	[1]
Long-term liabilities	2	'
Total Liabilities	7,872	5,948	[1]
Commitments and contingencies (Note 9)	'	'	[1]
Redeemable common stock, $0.0001 par value; 1,855,637 and 5,347,137 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively (Note 9)	10,659	17,658	[1]
Stockholders' equity	'	'
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at September 30, 2013 and December 31, 2012; no shares issued or outstanding at September 30, 2013 and December 31, 2012	'	'	[1]
Common stock, $0.0001 par value; 150,000,000 shares authorized at September 30, 2013 and December 31, 2012; 88,972,357 shares and 73,334,216 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	9	7	[1]
Additional paid-in capital	574,280	452,693	[1]
Accumulated deficit	-393,619	-367,720	[1]
Accumulated other comprehensive income	84	4	[1]
Total stockholders' equity	180,754	84,984	[1]
Total liabilities, redeemable common stock and stockholders' equity	$199,285	$108,590	[1]
[1]	The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]	'	'
Redeemable common stock, par value	$0.00	$0.00	[1]
Redeemable common stock, shares issued	1,855,637	5,347,137	[1]
Redeemable common stock, shares outstanding	1,855,637	5,347,137	[1]
Preferred stock, par value	$0.00	$0.00	[1]
Preferred stock, shares authorized	5,000,000	5,000,000	[1]
Preferred stock, shares issued	'	'	[1]
Preferred stock, shares outstanding	'	'	[1]
Common stock, par value	$0.00	$0.00	[1]
Common stock, shares authorized	150,000,000	150,000,000	[1]
Common stock, shares issued	88,972,357	73,334,216	[1]
Common stock, shares outstanding	88,972,357	73,334,216	[1]
[1]	The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'	'	'
Collaborative revenues	$240	$3,478	$1,108	$4,527
Operating expenses	'	'	'	'
Research and development (includes stock-based compensation of $690, $157, $1,417, and $450, respectively)	7,254	4,400	18,797	13,893
General and administrative (includes stock-based compensation of $1,201, $331, $2,120, and $929, respectively)	3,797	1,485	8,444	4,701
Total operating expenses	11,051	5,885	27,241	18,594
Loss from operations	-10,811	-2,407	-26,133	-14,067
Interest income, net	116	5	234	28
Net loss	($10,695)	($2,402)	($25,899)	($14,039)
Net loss per common share, basic and diluted	($0.12)	($0.04)	($0.31)	($0.26)
Weighted average common shares outstanding, basic and diluted	89,504	53,911	83,946	53,262

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Research and development	'	'	'	'
Stock-based compensation	$690	$157	$1,417	$450
General and Administrative	'	'	'	'
Stock-based compensation	$1,201	$331	$2,120	$929

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Net loss	($10,695)	($2,402)	($25,899)	($14,039)
Other comprehensive loss:	'	'	'	'
Unrealized gain (loss) on investment securities	110	3	80	-4
Foreign currency translation adjustments	'	-1	'	-1
Comprehensive loss	($10,585)	($2,400)	($25,819)	($14,044)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012
Cash flows from operating activities	'		'
Net loss	($25,899)		($14,039)
Adjustments to reconcile net loss to net cash used in operating activities:	'		'
Stock-based compensation	3,537		1,379
Amortization of investment securities premium	938		-161
Depreciation	40		88
Other	-10		-252
Changes in operating assets and liabilities:	'		'
Prepaid expenses, receivables and other current assets	-1,914		274
Other assets	-120		12
Accounts payable	-255		-829
Accrued expenses	2,531		1,182
Deferred revenue	-354		-2,990
Long-term liabilities	2		'
Net cash used in operating activities	-21,504		-15,336
Cash flows from investing activities	'		'
Purchases of investment securities	-186,756		-15,609
Maturities of investment securities	51,589		24,883
Purchases of property and equipment	-490		'
Proceeds from sales of property and equipment	12		252
Net cash (used in) provided by investing activities	-135,645		9,526
Cash flows from financing activities	'		'
Proceeds from issuance of common stock and warrants, net of issuance costs	111,053		6,967
Repayments of long-term debt	'		-28
Net cash provided by financing activities	111,053		6,939
Effect of exchange rate changes on cash	'		-2
Net (decrease) increase in cash and cash equivalents	-46,096		1,127
Cash and cash equivalents	'		'
Beginning of period	57,899	[1]	6,889
End of period	11,803		8,016
Unrealized gain (loss) on investment securities	$80		($4)
[1]	The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of ACADIA Pharmaceuticals Inc. should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission (the “SEC”). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
	The Company has incurred substantial operating losses since its inception due in large part to expenditures for its research and development activities. As of September 30, 2013, the Company had an accumulated deficit of $393.6 million. The Company expects to continue to incur operating losses for at least the next several years as it pursues the development and commercialization of its product candidates.
	The Company will require significant additional financing in the future to fund its operations. Future capital requirements will depend on many factors, including the progress in, the outcome of and the costs of the Company’s development and regulatory activities, costs associated with establishing necessary sales and marketing capabilities, the scope, prioritization and number of its research and development programs, the ability of its collaborators and the Company to reach milestones and other events or developments under its collaboration and license agreements, and the ability of the Company to enter into new, and to maintain existing, collaboration and license agreements. Until the Company can generate significant continuing revenues, it expects to fund its operations through its existing cash, cash equivalents and investment securities, payments from existing and potential future collaborations, proceeds from private or public sales of its equity securities, debt financing, grant funding, or by licensing all or a portion of its product candidates or technology. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. Conditions in the financial markets and other factors could have a material adverse effect on the Company’s ability to access sufficient funding on acceptable terms, or at all. If the Company cannot raise adequate additional capital, it will be required to delay, further reduce the scope of, or eliminate one or more of its research or development programs or its commercialization efforts. In addition, the Company may be required to relinquish greater, or even all, rights to product candidates at earlier stages of development or on less favorable terms than it would otherwise choose.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings (Loss) Per Share	'
	2. Earnings (Loss) Per Share
	Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, increased to include potential dilutive common shares that were outstanding during the period. The effect of outstanding stock options and warrants is reflected, when dilutive, in diluted earnings per common share by application of the treasury stock method. The Company has excluded all outstanding stock options and warrants from the calculation of diluted net loss per common share because all such securities are antidilutive for all periods presented.
	Shares used in calculating basic and diluted net loss per common share exclude these potential common shares (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(unaudited)				(unaudited)
	Antidilutive options to purchase common stock		7,448		7,301		7,220		6,847
	Antidilutive warrants to purchase common stock		3,075		4,618		3,505		4,655
			10,523		11,919		10,725		11,502

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Stock-Based Compensation	'
	3. Stock-Based Compensation
	The fair value of each stock option and each employee stock purchase plan right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair values of stock options or purchase plan rights, including the effect of estimated forfeitures, are then expensed over the vesting period. The Company recognized stock-based compensation expense of $1.9 million and $3.5 million during the three and nine months ended September 30, 2013, respectively, and $488,000 and $1.4 million during the three and nine months ended September 30, 2012, respectively. At September 30, 2013, total unrecognized compensation cost related to stock options and purchase plan rights was $20.3 million, which is expected to be recognized over a weighted-average period of 2.8 years.

Accrued_Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]	'
Accrued Expenses	'
	4. Accrued Expenses
	Accrued expenses consisted of the following (in thousands):
		September 30,		December 31,
		2013		2012
		(unaudited)
	Accrued research and development services	$	4,604	$	3,216
	Accrued compensation and benefits		1,410		413
	Accrued professional fees		446		364
	Other		210		146
	Total	$	6,670	$	4,139

Investment_Securities

Investment Securities	9 Months Ended
	Sep. 30, 2013
Investments Debt And Equity Securities [Abstract]	'
Investment Securities	'
	5. Investment Securities
	Investment securities, including investment securities available-for-sale and investment securities classified as cash equivalents, consisted of the following (in thousands):
		September 30, 2013
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
		(unaudited)
	Government sponsored enterprise securities	$	88,204	$	40	$	(3	)	$	88,241
	Commercial paper		39,541		58		—			39,599
	Corporate debt securities		56,552		7		(22	)		56,537
		$	184,297	$	105	$	(25	)	$	184,377
		December 31, 2012
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
	U.S. Treasury notes	$	2,029	$	1	$	—		$	2,030
	Government sponsored enterprise securities		54,353		4		(5	)		54,352
		$	56,382	$	5	$	(5	)	$	56,382
	The Company has classified all of its investment securities available-for-sale, including those with maturities beyond one year, as current assets on the consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of September 30, 2013, the Company held $32.9 million of available-for-sale investment securities with contractual maturity dates more than one year and less than two years, and all other available-for-sale investment securities had contractual maturity dates of less than one year.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	6. Fair Value Measurements
	As of September 30, 2013, the Company held $193.6 million of cash equivalents and available-for-sale investment securities consisting of a money market fund and high quality, marketable debt instruments of corporations, financial institutions and government sponsored enterprises. The Company has adopted an investment policy and established guidelines relating to credit quality, diversification and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least AA or A1+/p1 as determined by Moody’s Investors Service or Standard & Poor’s.
	The Company’s cash equivalents and available-for-sale investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities classified as Level 1 are valued using quoted market prices and the Company’s investment securities classified as Level 2 are valued using other observable inputs such as recent trades for the securities or similar securities, interest rates on similar securities, or yield curves or benchmark interest rates observable at commonly quoted intervals. The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred any investment securities between the classifications. No other-than-temporary impairments were identified for the investment securities held by the Company as of September 30, 2013 or December 31, 2012.
	The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):
				Fair Value Measurements at
				Reporting Date Using
		September 30,		Quoted Prices		Significant		Significant
		2013		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
		(unaudited)
	Money market fund	$	9,244	$	9,244	$	—	$	—
	Government sponsored enterprise securities		88,241		—		88,241		—
	Commercial paper		39,599		—		39,599		—
	Corporate debt securities		56,537		—		56,537		—
		$	193,621	$	9,244	$	184,377	$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		Quoted Prices		Significant		Significant
		2012		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Money market fund	$	51,216	$	51,216	$	—	$	—
	U.S. Treasury notes		2,030		2,030		—		—
	Government sponsored enterprise securities		54,352		—		54,352		—
		$	107,598	$	53,246	$	54,352	$	—

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Stockholders' Equity	'
	7. Stockholders’ Equity
	In May 2013, the Company raised net proceeds of $107.9 million from the sale of 9,200,000 shares of its common stock in a public offering, including 1,200,000 shares sold pursuant to the exercise in full of the underwriters’ over-allotment option.
	In August 2013, warrants to purchase 1,759,162 shares of common stock at an exercise price of $1.38 per share were exercised in a cashless transaction resulting in the net issuance of 1,643,006 shares of common stock.

Collaborative_Research_and_Lic

Collaborative Research and Licensing Agreements	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Collaborative Research and Licensing Agreements	'
	8. Collaborative Research and Licensing Agreements
	The Company has been a party to three collaboration agreements with Allergan, Inc. The March 2003 collaboration originally provided for a three-year research term, which had been extended by the parties through March 2013. Pursuant to this agreement, the Company had received an aggregate of $19.5 million in payments, consisting of an upfront payment, research funding and related fees, through the conclusion of the collaboration in March 2013. The Company’s two ongoing collaboration agreements with Allergan involve the development of product candidates in the areas of glaucoma and chronic pain. Under the glaucoma collaboration, the Company had received an aggregate of $9.9 million in payments as of September 30, 2013, and is eligible to receive up to an aggregate of approximately $15.5 million in additional payments per product upon the achievement of development and regulatory milestones. Under the chronic pain collaboration, the Company had received an aggregate of $10.5 million in payments as of September 30, 2013, and is eligible to receive up to an aggregate of $10 million in additional payments upon the achievement of development and regulatory milestones. The Company also is eligible to receive royalties on future product sales worldwide, if any, under each of the two ongoing collaboration agreements with Allergan. The Company recognized revenues, consisting of research funding, milestone and related fees, from its collaboration agreements with Allergan of $15,000 and $559,000 during the three and nine months ended September 30, 2013, respectively, and $294,000 and $842,000 during the three and nine months ended September 30, 2012, respectively.
	In March 2009, the Company entered into a collaboration agreement with Meiji Seika Pharma Co., Ltd. (“Meiji Seika Pharma”). In July 2012, the Company and Meiji Seika Pharma jointly decided to discontinue the development program that was being pursued under the collaboration, and the collaboration agreement was terminated pursuant to its terms. Under the collaboration agreement, the Company had received $3 million in non-refundable license fees as well as payments for the reimbursement of development costs that it had incurred during the collaboration. Payments received from Meiji Seika Pharma were deferred and recognized as revenues using a contingency-adjusted performance model over the estimated period of the Company’s performance. Upon the termination of this collaboration agreement and the end of the Company’s related performance obligations, the Company recorded as revenue all of the remaining deferred revenue from this collaboration during the third quarter of 2012. The Company recognized revenues relating to this collaboration of $3.0 million and $3.2 million during the three and nine months ended September 30, 2012, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	9. Commitments and Contingencies
	The Company has entered into agreements with contract research organizations and other external service providers primarily for services in connection with the development of its product candidates. The Company was contractually obligated for up to approximately $12.8 million of future services under these agreements as of September 30, 2013. The nature of the work being conducted under the Company’s agreements with contract research organizations is such that, in most cases, the services may be stopped with short notice. In such event, the Company would not be liable for the full amount of the contract. The Company’s actual contractual obligations may vary depending upon several factors, including the progress and results of the underlying studies.
	In March 2012, the Company entered into an At-The-Market Issuance Sales Agreement (“ATM Agreement”) with MLV & Co. LLC. Pursuant to the ATM Agreement, in 2012 the Company sold 5,347,137 shares of common stock. In November 2012, the Company determined that it had failed to timely file a Current Report on Form 8-K to report the election of a new director in January 2012. As a result, the Company became ineligible to use its effective shelf registration statement on Form S-3. Sales of 1,855,637 shares of the Company’s common stock made pursuant to the ATM Agreement in 2012 remain subject to potential rescission rights for an amount up to $10.7 million, the aggregate purchase price paid for such shares, plus statutory interest. These shares are treated as outstanding for financial reporting purposes. No stockholder has claimed or attempted to exercise any potential rescission rights to date and any such rights expire in the current year. If it were determined that the Company sold unregistered securities, the Company could be subject to enforcement actions or penalties and fines by regulatory authorities. The Company is unable to predict the likelihood of any claims or actions being brought against it or the amount of any potential penalties or fines related to such sales of common stock.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Recent Accounting Pronouncements	'
	10. Recent Accounting Pronouncements
	In February 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance related to reclassifications out of accumulated other comprehensive income (loss). This guidance requires that companies present information about significant items reclassified out of accumulated other comprehensive income (loss) by component either on the face of the financial statements where net income is presented or as a separate disclosure in the footnotes to the financial statements. This authoritative guidance became effective in the current quarter. The Company’s components of accumulated other comprehensive loss include unrealized gains and losses on available-for-sale investment securities and foreign currency translation adjustments. During the three and nine months ended September 30, 2013 and 2012, no realized gains or losses on available-for-sale investment securities were recognized and no changes occurred within foreign currency translation adjustments, therefore, no amounts were reclassified out of accumulated other comprehensive loss to net loss for the periods presented. Accordingly, the adoption of this guidance had no impact on the Company’s consolidated financial position, results of operations or cash flows.
	In July 2013, the FASB issued authoritative guidance regarding the presentation of unrecognized tax benefits when a net operating loss carryforward exists. This authoritative guidance amends current guidance. The amended guidance clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This amended guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company is evaluating the impact this guidance will have on its consolidated financial statements.

Recent_Accounting_Pronouncemen1

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Recent Accounting Pronouncements	'
	In February 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance related to reclassifications out of accumulated other comprehensive income (loss). This guidance requires that companies present information about significant items reclassified out of accumulated other comprehensive income (loss) by component either on the face of the financial statements where net income is presented or as a separate disclosure in the footnotes to the financial statements. This authoritative guidance became effective in the current quarter. The Company’s components of accumulated other comprehensive loss include unrealized gains and losses on available-for-sale investment securities and foreign currency translation adjustments. During the three and nine months ended September 30, 2013 and 2012, no realized gains or losses on available-for-sale investment securities were recognized and no changes occurred within foreign currency translation adjustments, therefore, no amounts were reclassified out of accumulated other comprehensive loss to net loss for the periods presented. Accordingly, the adoption of this guidance had no impact on the Company’s consolidated financial position, results of operations or cash flows.
	In July 2013, the FASB issued authoritative guidance regarding the presentation of unrecognized tax benefits when a net operating loss carryforward exists. This authoritative guidance amends current guidance. The amended guidance clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This amended guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company is evaluating the impact this guidance will have on its consolidated financial statements.

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Potential Common Shares Excluded in Calculating Basic and Diluted Net Loss Per Common Share	'
	Shares used in calculating basic and diluted net loss per common share exclude these potential common shares (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(unaudited)				(unaudited)
	Antidilutive options to purchase common stock		7,448		7,301		7,220		6,847
	Antidilutive warrants to purchase common stock		3,075		4,618		3,505		4,655
			10,523		11,919		10,725		11,502

Accrued_Expenses_Tables

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Accrued Expenses	'
	Accrued expenses consisted of the following (in thousands):
		September 30,		December 31,
		2013		2012
		(unaudited)
	Accrued research and development services	$	4,604	$	3,216
	Accrued compensation and benefits		1,410		413
	Accrued professional fees		446		364
	Other		210		146
	Total	$	6,670	$	4,139

Investment_Securities_Tables

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2013
Investments Debt And Equity Securities [Abstract]	'
Investment Securities, Available-for-Sale and Classified as Cash Equivalents	'
	Investment securities, including investment securities available-for-sale and investment securities classified as cash equivalents, consisted of the following (in thousands):
		September 30, 2013
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
		(unaudited)
	Government sponsored enterprise securities	$	88,204	$	40	$	(3	)	$	88,241
	Commercial paper		39,541		58		—			39,599
	Corporate debt securities		56,552		7		(22	)		56,537
		$	184,297	$	105	$	(25	)	$	184,377
		December 31, 2012
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
	U.S. Treasury notes	$	2,029	$	1	$	—		$	2,030
	Government sponsored enterprise securities		54,353		4		(5	)		54,352
		$	56,382	$	5	$	(5	)	$	56,382

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities	'
	The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):
				Fair Value Measurements at
				Reporting Date Using
		September 30,		Quoted Prices		Significant		Significant
		2013		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
		(unaudited)
	Money market fund	$	9,244	$	9,244	$	—	$	—
	Government sponsored enterprise securities		88,241		—		88,241		—
	Commercial paper		39,599		—		39,599		—
	Corporate debt securities		56,537		—		56,537		—
		$	193,621	$	9,244	$	184,377	$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		Quoted Prices		Significant		Significant
		2012		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Money market fund	$	51,216	$	51,216	$	—	$	—
	U.S. Treasury notes		2,030		2,030		—		—
	Government sponsored enterprise securities		54,352		—		54,352		—
		$	107,598	$	53,246	$	54,352	$	—

Basis_of_Presentation_Addition

Basis of Presentation - Additional Information (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'	'
Accumulated deficit	($393,619)	($367,720)	[1]
[1]	The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Potential_Common_Shares_Exclud

Potential Common Shares Excluded in Calculating Basic and Diluted Net Loss Per Common Share (Detail)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities to purchase common stock	10,523	11,919	10,725	11,502
Options	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities to purchase common stock	7,448	7,301	7,220	6,847
Warrants	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities to purchase common stock	3,075	4,618	3,505	4,655

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'	'	'	'
Compensation expense	$1,900,000	$488,000	$3,537,000	$1,379,000
Unrecognized compensation costs	$20,300,000	'	$20,300,000	'
Weighted-average period to be recognized	'	'	'2 years 9 months 18 days	'

Accrued_Expenses_Detail

Accrued Expenses (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Payables And Accruals [Abstract]	'	'
Accrued research and development services	$4,604	$3,216
Accrued compensation and benefits	1,410	413
Accrued professional fees	446	364
Other	210	146
Total	$6,670	$4,139	[1]
[1]	The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Investment_Securities_Availabl

Investment Securities, Available-for-Sale and Classified as Cash Equivalents (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Investments [Line Items]	'	'
Amortized Cost	$184,297	$56,382
Unrealized Gains	105	5
Unrealized (Losses)	-25	-5
Estimated Fair Value	184,377	56,382
Government sponsored enterprise securities	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	88,204	54,353
Unrealized Gains	40	4
Unrealized (Losses)	-3	-5
Estimated Fair Value	88,241	54,352
Commercial paper	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	39,541	'
Unrealized Gains	58	'
Estimated Fair Value	39,599	'
Corporate debt securities	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	56,552	'
Unrealized Gains	7	'
Unrealized (Losses)	-22	'
Estimated Fair Value	56,537	'
U.S. Treasury notes	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	'	2,029
Unrealized Gains	'	1
Estimated Fair Value	'	$2,030

Investment_Securities_Addition

Investment Securities - Additional Information (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Investments [Line Items]	'	'
Available-for-sale investment securities	$184,377	$50,068	[1]
Maturity dates more than 1 and less than 2 years	'	'
Schedule of Investments [Line Items]	'	'
Available-for-sale investment securities	$32,900	'
[1]	The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]	'	'
Investment, fair value disclosure	$193,621	$107,598

Fair_Value_Measurements_of_Cas

Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, fair value disclosure	$193,621	$107,598
Money market fund	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, fair value disclosure	9,244	51,216
Government sponsored enterprise securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	88,241	54,352
Commercial paper	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	39,599	'
Corporate debt securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	56,537	'
U.S. Treasury notes	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	2,030
Quoted Prices in Active Markets for Identical Assets (Level 1)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, fair value disclosure	9,244	53,246
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market fund	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, fair value disclosure	9,244	51,216
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government sponsored enterprise securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	'
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	'
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	'
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury notes	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	2,030
Significant Other Observable Inputs (Level 2)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, fair value disclosure	184,377	54,352
Significant Other Observable Inputs (Level 2) | Money market fund	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, fair value disclosure	'	'
Significant Other Observable Inputs (Level 2) | Government sponsored enterprise securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	88,241	54,352
Significant Other Observable Inputs (Level 2) | Commercial paper	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	39,599	'
Significant Other Observable Inputs (Level 2) | Corporate debt securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	56,537	'
Significant Unobservable Inputs (Level 3)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, fair value disclosure	'	'
Significant Unobservable Inputs (Level 3) | Money market fund	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, fair value disclosure	'	'
Significant Unobservable Inputs (Level 3) | Government sponsored enterprise securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	'
Significant Unobservable Inputs (Level 3) | Commercial paper	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	'
Significant Unobservable Inputs (Level 3) | Corporate debt securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	'	'

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	1 Months Ended		9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Aug. 31, 2013	31-May-13	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Shareholder Rights [Line Items]	'	'	'	'	'
Proceeds from sale of Common stock	'	$107,900	$111,053	$6,967	'
Share of common stock issued	'	9,200,000	'	'	5,347,137
Warrants exercised	1,759,162	'	'	'	'
Warrants exercise price	1.38	'	'	'	'
Common stock issued upon exercise of warrants	1,643,006	'	'	'	'
Underwriter	'	'	'	'	'
Shareholder Rights [Line Items]	'	'	'	'	'
Share of common stock issued	'	1,200,000	'	'	'

Collaborative_Research_and_Lic1

Collaborative Research and Licensing Agreements - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Collaboration agreement, revenue recognized	$240,000	$3,478,000	$1,108,000	$4,527,000
Meiji Seika Pharma Co., Ltd.	'	'	'	'
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Collaboration agreement, revenue recognized	'	3,000,000	'	3,200,000
Collaboration agreement, license fees	'	'	3,000,000	'
Allergan, Inc.	'	'	'	'
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Number of collaboration agreements	'	'	3	'
Collaboration agreement, payments received	'	'	19,500,000	'
Collaboration agreement, original research term	'	'	'3 years	'
Collaboration agreement, beginning date	'	'	'2003-03	'
Collaboration agreement, revenue recognized	15,000	294,000	559,000	842,000
Allergan, Inc. | Glaucoma Collaboration	'	'	'	'
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Collaboration agreement, payments received	'	'	9,900,000	'
Collaboration agreement, estimated development and regulatory milestones	15,500,000	'	15,500,000	'
Allergan, Inc. | Chronic Pain Collaboration	'	'	'	'
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Collaboration agreement, payments received	'	'	10,500,000	'
Collaboration agreement, estimated development and regulatory milestones	$10,000,000	'	$10,000,000	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	1 Months Ended	12 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	31-May-13	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2013
			Common stock rescission	Maximum
Supply Commitment [Line Items]	'	'	'	'
Development services	'	'	'	$12.80
Share of common stock issued	9,200,000	5,347,137	1,855,637	'
Amount of common stock issued subject to rescission	'	'	$10.70	'