Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'DRRX | ' | ' |
Entity Registrant Name | 'DURECT CORP | ' | ' |
Entity Central Index Key | '0001082038 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 110,483,636 | ' |
Entity Public Float | ' | ' | $102,590,039 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $7,836 | $11,195 |
Short-term investments | 12,753 | 17,337 |
Accounts receivable (net of allowances of $144 at December 31, 2013 and $154 at December 31, 2012) | 2,349 | 2,166 |
Inventories | 3,502 | 3,399 |
Prepaid expenses and other current assets | 1,888 | 2,258 |
Total current assets | 28,328 | 36,355 |
Property and equipment, net | 1,985 | 2,457 |
Goodwill | 6,399 | 6,399 |
Intangible assets, net | 18 | 36 |
Long-term investments | 3,352 | ' |
Long-term restricted investments | 450 | 400 |
Other long-term assets | 288 | 288 |
Total assets | 40,820 | 45,935 |
Current liabilities: | ' | ' |
Accounts payable | 736 | 1,785 |
Accrued liabilities | 5,865 | 3,997 |
Contract research liabilities | 329 | 483 |
Deferred revenue, current portion | 255 | 662 |
Total current liabilities | 7,185 | 6,927 |
Deferred revenue, non-current portion | 1,296 | 1,480 |
Other long-term liabilities | 1,618 | 1,197 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.0001 par value: 10,000 shares authorized; none issued and outstanding | ' | ' |
Common stock, $0.0001 par value: 200,000 shares authorized; 110,409 and 101,880 shares issued and outstanding at December 31, 2013 and 2012, respectively | 11 | 10 |
Additional paid-in capital | 391,504 | 375,658 |
Accumulated other comprehensive income | 1 | 6 |
Accumulated deficit | -360,795 | -339,343 |
Stockholders' equity | 30,721 | 36,331 |
Total liabilities and stockholders' equity | $40,820 | $45,935 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowances for accounts receivable | $144 | $154 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 110,409 | 101,880 |
Common stock, shares outstanding | 110,409 | 101,880 |
Statements_of_Operations_and_C
Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Collaborative research and development and other revenue | $3,590 | $42,494 | $22,360 |
Product revenue, net | 11,736 | 10,576 | 11,127 |
Total revenues | 15,326 | 53,070 | 33,487 |
Operating expenses: | ' | ' | ' |
Cost of product revenues | 4,837 | 4,654 | 4,713 |
Research and development | 18,945 | 20,265 | 34,053 |
Selling, general and administrative | 12,706 | 12,095 | 13,574 |
Total operating expenses | 36,488 | 37,014 | 52,340 |
Income (loss) from operations | -21,162 | 16,056 | -18,853 |
Other income (expense): | ' | ' | ' |
Interest and other income (expenses) | -284 | 151 | 93 |
Interest expense | -6 | -7 | -5 |
Net other income (expense) | -290 | 144 | 88 |
Net income (loss) | -21,452 | 16,200 | -18,765 |
Net change in unrealized gain (loss) on available-for-sale securities, net of tax | -5 | 1 | -1 |
Total comprehensive income (loss) | ($21,457) | $16,201 | ($18,766) |
Net income (loss) per share | ' | ' | ' |
Basic | ($0.21) | $0.18 | ($0.21) |
Diluted | ($0.21) | $0.18 | ($0.21) |
Weighted-average shares used in computing net income (loss) per share | ' | ' | ' |
Basic | 103,078 | 88,433 | 87,410 |
Diluted | 103,078 | 88,589 | 87,410 |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (USD $) | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income [Member] | Accumulated deficit [Member] |
In Thousands | |||||
Beginning balance at Dec. 31, 2010 | $14,487 | $8 | $351,251 | $6 | ($336,778) |
Beginning balance, shares at Dec. 31, 2010 | ' | 87,053 | ' | ' | ' |
Issuance of common stock upon exercise of stock options and purchases of ESPP shares | 1,126 | 1 | 1,125 | ' | ' |
Issuance of common stock upon exercise of stock options and purchases of ESPP shares, shares | ' | 494 | ' | ' | ' |
Stock-based compensation expense from stock options and ESPP shares | 6,630 | ' | 6,630 | ' | ' |
Net income (loss) | -18,765 | ' | ' | ' | -18,765 |
Change in unrealized gain on available-for-sale securities, net of tax | -1 | ' | ' | -1 | ' |
Ending balance at Dec. 31, 2011 | 3,477 | 9 | 359,006 | 5 | -355,543 |
Ending balance, shares at Dec. 31, 2011 | ' | 87,547 | ' | ' | ' |
Issuance of common stock upon exercise of stock options and purchases of ESPP shares | 231 | ' | 231 | ' | ' |
Issuance of common stock upon exercise of stock options and purchases of ESPP shares, shares | ' | 333 | ' | ' | ' |
Issuance of common stock upon equity financing, net of issuance cost | 11,617 | 1 | 11,616 | ' | ' |
Issuance of common stock upon equity financing, net of issuance cost, shares | ' | 14,000 | ' | ' | ' |
Stock-based compensation expense from stock options and ESPP shares | 4,805 | ' | 4,805 | ' | ' |
Net income (loss) | 16,200 | ' | ' | ' | 16,200 |
Change in unrealized gain on available-for-sale securities, net of tax | 1 | ' | ' | 1 | ' |
Ending balance at Dec. 31, 2012 | 36,331 | 10 | 375,658 | 6 | -339,343 |
Ending balance, shares at Dec. 31, 2012 | ' | 101,880 | ' | ' | ' |
Issuance of common stock upon exercise of stock options and purchases of ESPP shares | 315 | ' | 315 | ' | ' |
Issuance of common stock upon exercise of stock options and purchases of ESPP shares, shares | ' | 315 | ' | ' | ' |
Issuance of common stock upon equity financing, net of issuance cost | 10,675 | 1 | 10,674 | ' | ' |
Issuance of common stock upon equity financing, net of issuance cost, shares | ' | 8,214 | ' | ' | ' |
Stock-based compensation expense from stock options and ESPP shares | 4,857 | ' | 4,857 | ' | ' |
Net income (loss) | -21,452 | ' | ' | ' | -21,452 |
Change in unrealized gain on available-for-sale securities, net of tax | -5 | ' | ' | -5 | ' |
Ending balance at Dec. 31, 2013 | $30,721 | $11 | $391,504 | $1 | ($360,795) |
Ending balance, shares at Dec. 31, 2013 | ' | 110,409 | ' | ' | ' |
Statement_of_Stockholders_Equi1
Statement of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
Stock issuance cost | $825 | $983 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | ($21,452) | $16,200 | ($18,765) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 558 | 964 | 1,176 |
Stock-based compensation | 3,426 | 4,320 | 6,641 |
Loss (gain) on impairment and disposal of fixed assets | ' | -73 | 8 |
Inventory write-off | 574 | 193 | 242 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -183 | 1,282 | 268 |
Inventories | -681 | -353 | -670 |
Prepaid expenses and other assets | 370 | -372 | 1,099 |
Accounts payable | -1,049 | 511 | 293 |
Accrued liabilities | 3,734 | 78 | -1,464 |
Contract research liability | -154 | -878 | -748 |
Deferred revenue | -591 | -35,320 | -5,466 |
Total adjustments | 6,004 | -29,648 | 1,379 |
Net cash used in operating activities | -15,448 | -13,448 | -17,386 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property and equipment | -69 | -290 | -2,467 |
Purchases of available-for-sale securities | -20,403 | -25,155 | -30,320 |
Proceeds from sales of available-for-sale securities | ' | ' | 349 |
Proceeds from maturities of available-for-sale securities | 21,580 | 29,352 | 47,172 |
Net cash provided by investing activities | 1,108 | 3,907 | 14,734 |
Cash flows from financing activities | ' | ' | ' |
Payments on equipment financing obligations | -9 | -8 | -15 |
Net proceeds from issuances of common stock upon exercise of stock options and purchases of ESPP shares | 315 | 231 | 1,126 |
Net proceeds from issuance of common stock in connection with equity financing | 10,675 | 11,617 | ' |
Net cash provided by financing activities | 10,981 | 11,840 | 1,111 |
Net increase (decrease) in cash and cash equivalents | -3,359 | 2,299 | -1,541 |
Cash and cash equivalents at beginning of year | 11,195 | 8,896 | 10,437 |
Cash and cash equivalents at end of year | 7,836 | 11,195 | 8,896 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | $6 | $7 | $5 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
1. Summary of Significant Accounting Policies | |||||||||||||
Nature of Operations | |||||||||||||
DURECT Corporation (the Company) was incorporated in the state of Delaware on February 6, 1998. The Company is a pharmaceutical company developing therapies based on its proprietary drug formulations and delivery platform technologies. The Company has several products under development by itself and with third party collaborators. The Company also manufactures and sells osmotic pumps used in laboratory research, and designs, develops and manufactures a wide range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products. In addition, the Company conducts research and development of pharmaceutical products in collaboration with third party pharmaceutical and biotechnology companies. | |||||||||||||
Basis of Presentation and Use of Estimates | |||||||||||||
The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Certain other expense balances on the statements of operations and comprehensive income (loss) have been reclassified to conform to the current period presentation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ materially from those estimates. | |||||||||||||
Cash, Cash Equivalents and Investments | |||||||||||||
The Company considers all highly liquid investments with maturities of 90 days or less from the date of purchase to be cash equivalents. Investments with original maturities of greater than 90 days from the date of purchase but less than one year from the balance sheet date are classified as short-term investments, while investments with maturities in one year or beyond one year from the balance sheet date are classified as long-term investments. Management determines the appropriate classification of its cash equivalents and investment securities at the time of purchase and re-evaluates such determination as of each balance sheet date. Management has classified the Company’s cash equivalents and investments as available-for-sale securities in the accompanying financial statements. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). Realized gains and losses are included in interest income. There were no material realized gains or losses in the periods presented. The cost of securities sold is based on the specific identification method. | |||||||||||||
The Company invests in debt instruments of government agencies and corporations, and money market funds with high credit ratings. The Company has established guidelines regarding diversification of its investments and their maturities with the objectives of maintaining safety and liquidity, while maximizing yield. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to credit risk consist principally of interest-bearing investments and trade receivables. The Company maintains cash, cash equivalents and investments with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any one institution. In addition, the Company performs periodic evaluations of the relative credit quality of its investments. | |||||||||||||
Pharmaceutical companies and academic institutions account for a substantial portion of the Company’s trade receivables. The Company provides credit in the normal course of business to its customers and collateral for these receivables is generally not required. The risk associated with this concentration is limited due to the large number of accounts and their geographic dispersion. The Company monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business. The Company maintains reserves for estimated credit losses and, to date, such losses have been within management’s expectations. | |||||||||||||
Customer and Product Line Concentrations | |||||||||||||
A portion of the Company’s revenue is derived from its ALZET mini pump product line, LACTEL biodegradable polymer product line and the sale of certain excipients for REMOXY and another product. In 2013, revenue from the ALZET product line and the LACTEL product line accounted for 48% and 26% of total revenue, respectively. In 2012, revenue from the ALZET product line and the LACTEL product line accounted for 13% and 7% of total revenue, respectively. In 2011, revenue from the ALZET product line and the LACTEL product line accounted for 22% and 9% of total revenue, respectively. Total revenue in 2012 reflected one-time recognition of $35.4 million of collaborative research and development revenue as a result of the termination of the Company’s agreements with Nycomed, Pfizer and Hospira. | |||||||||||||
In 2013, Tolmar Inc. accounted for 15% of the Company’s total revenues. In 2012, Hospira and Pfizer accounted for 45% and 22% of the Company’s total revenues, respectively. In 2011, Hospira and Pfizer accounted for 34% and 16% of the Company’s total revenues, respectively. | |||||||||||||
Total revenue by geographic region for the years 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 11,087 | $ | 44,687 | $ | 27,782 | |||||||
Europe | 2,089 | 6,285 | 3,651 | ||||||||||
Japan | 1,104 | 1,151 | 1,183 | ||||||||||
Other | 1,046 | 947 | 871 | ||||||||||
Total | $ | 15,326 | $ | 53,070 | $ | 33,487 | |||||||
Revenue by geography is determined by the location of the customer. | |||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. Inventories, in part, include certain excipients that are sold to a customer and included in products awaiting regulatory approval. These inventories are capitalized based on management’s judgment of probable sale prior to their expiration date which in turn is primarily based on non-binding forecasts from our customers as well as management’s internal estimates. The valuation of inventory requires management to estimate the value of inventory that may become expired prior to use. The Company may be required to expense previously capitalized inventory costs upon a change in management’s judgment, due to, among other potential factors, a denial or delay of approval of a customer’s product by the necessary regulatory bodies, or new information that suggests that the inventory will not be saleable. In addition, these circumstances may cause the Company to record a liability related to minimum purchase agreements that the Company has in place for raw materials. As of December 31, 2013, the Company had $1.2 million in inventory and $1.0 million of prepaid assets related to excipients that are included in REMOXY and other programs. In addition, the Company has future purchase commitments totaling $500,000 per year through 2018. In the event that management determines that the Company will not utilize all of these materials, there could be a potential write-off related to this inventory and a reserve for future purchase commitments. | |||||||||||||
The Company’s inventories consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Raw materials | $ | 1,404 | $ | 1,149 | |||||||||
Work in-process | 1,063 | 1,011 | |||||||||||
Finished goods | 1,035 | 1,239 | |||||||||||
Total inventories | $ | 3,502 | $ | 3,399 | |||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost less accumulated depreciation, which is computed using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the assets, or the terms of the related leases, whichever are shorter. | |||||||||||||
Acquired Intangible Assets and Goodwill | |||||||||||||
Acquired intangible assets consist of patents, developed technology, trademarks and customer lists related to the Company’s acquisitions accounted for using the purchase method. Amortization of these purchased intangibles is calculated on a straight-line basis over the respective estimated useful lives of the assets ranging from four to seven years. The Company assesses goodwill for impairment at least annually. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company reviews long-lived assets, including property and equipment, intangible assets, and other long-term assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. | |||||||||||||
An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. Impairment, if any, is calculated as the amount by which an asset’s carrying value exceeds its fair value, typically using discounted cash flows to determine fair value. Through December 31, 2013, there have been no material impairment losses. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for share-based payments using a fair-value based method for costs related to all share-based payments, including stock options and stock issued under the Company’s employee stock purchase plan (ESPP). The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. See Note 8 for further information regarding stock-based compensation. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue from the sale of products is recognized when there is persuasive evidence that an arrangement exists, the product is shipped and title transfers to customers, provided no continuing obligation on the Company’s part exists, the price is fixed or determinable and the collectability of the amounts owed is reasonably assured. The Company enters into license and collaboration agreements under which it may receive upfront license fees, research funding and contingent milestone payments and royalties. The Company’s deliverables under these arrangements typically consist of granting licenses to intellectual property rights and providing research and development services. The accounting standards contain a presumption that separate contracts entered into at or near the same time with the same entity or related parties were negotiated as a package and should be evaluated as a single agreement. | |||||||||||||
In the first quarter of 2011, the Company adopted ASU No. 2009-13, Revenue Recognition—Multiple Deliverable Revenue Arrangements (ASU 2009-13) for multiple deliverable revenue arrangements, on a prospective basis, for applicable transactions originating or materially modified on or subsequent to January 1, 2011. ASU 2009-13 provides application guidance on whether multiple deliverables exist, how the deliverables should be separated and how the consideration should be allocated to one or more units of accounting. This update changes the requirements for establishing separate units of accounting in a multiple element arrangement and establishes a selling price hierarchy for determining the selling price of a deliverable. The selling price used for each deliverable is based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. Implementation of ASU 2009-13 has had no impact on the Company’s reported revenue as compared to revenue under previous guidance. Under ASU 2009-13, the Company may be required to exercise considerable judgment in determining the estimated selling price of delivered items under new agreements and the Company’s revenue under new agreements may be more accelerated as compared to the prior accounting standard. | |||||||||||||
For multiple element arrangements entered into prior to January 1, 2011, the Company determined whether the elements had value on a stand-alone basis and whether there was objective and reliable evidence of fair value. When the delivered element did not have stand-alone value or there was insufficient evidence of fair value for the undelivered element(s), the Company recognized the consideration for the combined unit of accounting in the same manner as the revenue was recognized for the final deliverable, which was generally ratably over the longest period of involvement. For example, upfront payments received upon execution of collaborative agreements are recorded as deferred revenue and recognized as collaborative research and development revenue based on a straight-line basis over the period of the Company’s continuing involvement with the third-party collaborator pursuant to the applicable agreement. Such period generally represents the longer of the estimated research and development period or other continuing obligation period defined in the respective agreements between the Company and its third-party collaborators. Returns or credits related to the sale of products have not had a material impact on the Company’s revenues or net loss. | |||||||||||||
Research and development revenue related to services performed under the collaborative arrangements with the Company’s third-party collaborators is recognized as the related research and development services are performed. These research payments received under each respective agreement are not refundable and are generally based on reimbursement of qualified expenses, as defined in the agreements. Research and development expenses under the collaborative research and development agreements generally approximate or exceed the revenue recognized under such agreements over the term of the respective agreements. Deferred revenue may result when the Company does not expend the required level of effort during a specific period in comparison to funds received under the respective agreement. For joint control and funding development activities, the Company recognizes revenue from the net reimbursement of the research and development expenses from our collaborators and records the net payment of research and development expenses to our collaborators as additional research and development expense. | |||||||||||||
Milestone payments under collaborative arrangements are triggered either by the results of the Company’s research and development efforts or by specified sales results by a third-party collaborator. Milestones related to the Company’s development-based activities may include initiation of various phases of clinical trials, successful completion of a phase of development or results from a clinical trial, acceptance of a New Drug Application by the FDA or an equivalent filing with an equivalent regulatory agency in another territory, or regulatory approval by the FDA or by an equivalent regulatory agency in another territory. Due to the uncertainty involved in meeting these development-based milestones, the development-based milestones are considered to be substantial (i.e., not just achieved through passage of time) at the inception of the collaboration agreement. In addition, the amounts of the payments assigned thereto are considered to be commensurate with the enhancement of the value of the delivered intellectual property as a result of the Company’s performance. The Company’s involvement is necessary to the achievement of development-based milestones. The Company would account for development-based milestones as revenue upon achievement of the substantive milestone events. Milestones related to sales-based activities may be triggered upon events such as the first commercial sale of a product or when sales first achieve a defined level. Under the Company’s collaborative agreements, the Company’s third-party collaborators will take the lead in commercialization activities and the Company is typically not involved in the achievement of sales-based milestones. These sales-based milestones would be achieved after the completion of the Company’s development activities. The Company would account for the sales-based milestones in the same manner as royalties, with revenue recognized upon achievement of the milestone. In addition, upon the achievement of either development-based or sales-based milestone events, the Company has no future performance obligations related to any milestone payments. | |||||||||||||
Revenue on cost-plus-fee contracts, such as under contracts to perform research and development for others, is recognized as the related services are rendered as determined by the extent of reimbursable costs incurred plus estimated fees thereon. | |||||||||||||
Research and Development Expenses | |||||||||||||
Research and development expenses are primarily comprised of salaries and benefits associated with research and development personnel, overhead and facility costs, preclinical and non-clinical development costs, clinical trial and related clinical manufacturing costs, contract services, and other outside costs. Research and development costs are expensed as incurred. Research and development costs paid to third parties under sponsored research agreements are recognized as the related services are performed. In addition, net reimbursements of research and development expenses incurred by the Company’s partners are recorded as collaborative research and development revenue. Net payments of research and development expenses to the Company’s partners are recorded as an addition to research and development expenses in the period incurred. | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Accumulated other comprehensive income as of December 31, 2013, 2012 and 2011 is entirely comprised of unrealized gains or losses on available-for-sale securities. | |||||||||||||
Segment Reporting | |||||||||||||
The Company operates in one operating segment, which is the research, development and manufacturing of pharmaceutical products. | |||||||||||||
Net Income (Loss) Per Share | |||||||||||||
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income (loss) per share is computed using the weighted-average number of common shares outstanding and common stock equivalents (i.e., options and warrants to purchase common stock) outstanding during the period, if dilutive, using the treasury stock method for options and warrants. The numerators and denominators in the calculation of basic and diluted net income (loss) per share were as follows (in thousands except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerators: | |||||||||||||
Net income (loss) | $ | (21,452 | ) | $ | 16,200 | $ | (18,765 | ) | |||||
Denominators: | |||||||||||||
Weighted average shares used to compute basic net income (loss) per share | 103,078 | 88,433 | 87,410 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Dilution from stock options | — | 150 | — | ||||||||||
Dilution from ESPP | — | 6 | — | ||||||||||
Dilutive common shares | — | 156 | — | ||||||||||
Weighted average shares used to compute basic net income (loss) per share | 103,078 | 88,589 | 87,410 | ||||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ | (0.21 | ) | $ | 0.18 | $ | (0.21 | ) | |||||
Diluted | $ | (0.21 | ) | $ | 0.18 | $ | (0.21 | ) | |||||
The computation of diluted net income (loss) per share for the years ended December 31, 2013, 2012 and 2011 excludes the impact of options to purchase 19.6 million, 20.7 million and 21.3 million shares of common stock outstanding, respectively, at December 31, 2013, 2012 and 2011, as such impact would be antidilutive. | |||||||||||||
Shipping and Handling | |||||||||||||
Costs related to shipping and handling are included in cost of revenues for all periods presented. | |||||||||||||
Operating Leases | |||||||||||||
The Company leases administrative, manufacturing and laboratory facilities under operating leases. Lease agreements may include rent holidays, rent escalation clauses and tenant improvement allowances. The Company recognizes scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased space. The Company records tenant improvement allowances as deferred rent liabilities and amortizes the deferred rent over the terms of the lease to rent expense on the statements of operations. |
Strategic_Agreements
Strategic Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||
Strategic Agreements | ' | ||||||||||||
2. Strategic Agreements | |||||||||||||
The collaborative research and development and other revenues associated with the Company’s major third-party collaborators are as follows (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Collaborator | |||||||||||||
Zogenix, Inc. (Zogenix) (1) | $ | 918 | $ | 1,872 | $ | 2,928 | |||||||
Pain Therapeutics, Inc. (Pain Therapeutics) | 750 | 750 | 750 | ||||||||||
Pfizer Inc. (Pfizer) (2) | 42 | 11,721 | 5,203 | ||||||||||
Hospira, Inc. (Hospira) (3) | — | 23,726 | 11,419 | ||||||||||
Nycomed Danmark ApS (Nycomed) (4) | — | 3,705 | 1,235 | ||||||||||
Others | 1,880 | 720 | 825 | ||||||||||
Total collaborative research and development and other revenue | $ | 3,590 | $ | 42,494 | $ | 22,360 | |||||||
-1 | Amounts related to ratable recognition of upfront fees were $241,000 in 2013, $312,000 in 2012, and $147,000 in 2011. A development and license agreement with Zogenix was entered into in July 2011; the Company and Zogenix had previously been working together under a feasibility agreement pursuant to which the Company’s research and development costs were reimbursed by Zogenix. | ||||||||||||
-2 | Amounts related to ratable recognition of upfront fees were zero in 2013, $9.9 million in 2012, and $2.7 million in 2011. In February 2011, Pfizer acquired King and thereby assumed the rights and obligations of King under the agreements the Company formerly had in place with King; accordingly amounts attributed to King are now shown as Pfizer figures. In February 2012, the Company was notified that Pfizer was terminating the worldwide Development and License Agreement between Alpharma (acquired by King which subsequently was acquired by Pfizer) and the Company dated September 19, 2008 relating to the development and commercialization of ELADUR. As a result, the Company recognized as revenue all of the remaining upfront fees in 2012 that had previously been deferred. | ||||||||||||
-3 | Amounts related to ratable recognition of upfront fees were zero in 2013, $3.7 million in 2012, and $1.2 million in 2011. Takeda Pharmaceutical Company Limited acquired Nycomed and thereby assumed the rights and obligations of Nycomed under the agreements the Company formerly had in place with Nycomed. In January 2012, the Company was notified that Nycomed was terminating the Development and License Agreement between Nycomed and the Company dated November 26, 2006, as amended, relating to the development and commercialization of POSIDUR (SABER-Bupivacaine) in Europe and their other licensed territories. As a result, the Company recognized as revenue all of the remaining upfront fees in 2012 that had previously been deferred. | ||||||||||||
-4 | Amounts related to ratable recognition of upfront fees were zero in 2013, $21.8 million in 2012 and $3.6 million in 2011. In March 2012, the Company was notified that Hospira was terminating the Development and License Agreement between Hospira and the Company dated June 1, 2010 relating to the development and commercialization of POSIDUR in the United States and Canada. As a result, the Company recognized as revenue all of the remaining upfront fees in 2012 that had previously been deferred. | ||||||||||||
As of February 14, 2014, the Company had potential milestones of up to $171.6 million that the Company may receive in the future under its collaborative arrangements, of which $66.6 million are development-based milestones and $105.0 million are sales-based milestones. Within the category of development-based milestones, $3.1 million are related to early stage clinical testing (defined as Phase 1 or 2 activities), $9.8 million are related to late stage clinical testing (defined as Phase III activities), $17.7 million are related to regulatory filings, and $36.0 million are related to regulatory approvals. | |||||||||||||
Agreement with Pain Therapeutics, Inc. | |||||||||||||
In December 2002, the Company entered into an exclusive agreement with Pain Therapeutics, Inc. (“Pain Therapeutics”) to develop and commercialize on a worldwide basis REMOXY and other oral sustained release, abuse deterrent opioid products incorporating four specified opioid drugs, using the ORADUR technology. The agreement also provides Pain Therapeutics with the exclusive right to commercialize products developed under the agreement on a worldwide basis. In connection with the execution of the agreement, Pain Therapeutics paid the Company upfront fees of $900,000 in December 2002 and $100,000 in October 2003. In December 2005, the Company amended its agreement with Pain Therapeutics in order to specify its obligations with respect to the supply of key excipients for use in the licensed products. Under the agreement, as amended, the Company is responsible for formulation development, supply of selected key excipients used in the manufacture of licensed products and other specified tasks. Under the agreement with Pain Therapeutics, subject to and upon the achievement of predetermined development and regulatory milestones for the four drug candidates currently in development, the Company is entitled to receive milestone payments of up to $9.3 million in the aggregate. As of December 31, 2013, the Company had received $1.7 million in cumulative milestone payments. In addition, if commercialized, the Company will receive royalties for REMOXY and other licensed products which do not contain an opioid antagonist of between 6.0% to 11.5% of net sales of the product depending on sales volume. This agreement can be terminated by either party for material breach by the other party and by Pain Therapeutics without cause. Under the agreement, Pain Therapeutics reimburses the Company for qualified expenses incurred by the Company in connection with the development program. | |||||||||||||
The Company recognizes collaborative research and development revenue related to research and development activities for REMOXY and other development programs based on reimbursement of qualified expenses as defined in the collaborative agreement and related amendment with Pain Therapeutics. Total collaborative research and development revenue recognized under the agreements with Pain Therapeutics was $750,000 in 2013, 2012 and 2011. The cumulative aggregate payments received by the Company as of December 31, 2013 were $34.2 million under this agreement. | |||||||||||||
Under the terms of this agreement, Pain Therapeutics paid the Company an upfront license fee of $1.0 million, with the potential for an additional $9.3 million in performance milestone payments based on the successful development and approval of the four ORADUR-based opioids. Of these potential milestones, $9.3 million are development-based milestones (of which $1.7 million have been achieved as of December 31, 2013). There are no sales-based milestones under the agreement. | |||||||||||||
In March 2009, King assumed the responsibility for further development of REMOXY from Pain Therapeutics. As a result of this change, the Company continues to perform REMOXY-related activities in accordance with the terms and conditions set forth in the license agreement between the Company and Pain Therapeutics. Now King is substituted in lieu of Pain Therapeutics with respect to interactions with the Company in its performance of those activities including the obligation to pay the Company with respect to all REMOXY-related costs incurred by the Company. In February 2011, Pfizer acquired King and thereby assumed the rights and obligations of King with respect to REMOXY; accordingly, amounts attributed to King are now shown as Pfizer figures. | |||||||||||||
Total collaborative research and development revenue recognized for REMOXY-related work performed by the Company for Pfizer was $42,000, $1.7 million and $1.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Prior to March 2009, the Company recognized collaborative research and development revenue for REMOXY-related work under the agreements with Pain Therapeutics. The cumulative aggregate payments received by the Company from Pfizer as of December 31, 2013 were $7.1 million under this agreement. | |||||||||||||
Long Term Supply Agreement with King (now Pfizer) | |||||||||||||
During 2008, the Company began to manufacture commercial lots of certain key excipients that are included in REMOXY to meet the anticipated requirements for these components. In addition, during the second, third and fourth quarters of 2008 and the first quarter of 2009, the Company made shipments of these materials to meet the production requirements of King, which has rights to commercialize REMOXY upon approval by the FDA. During these periods, all product revenue and associated cost of goods sold was deferred pending the establishment of definitive final terms and conditions even though cash receipts and expenditures occurred during these periods. | |||||||||||||
In August 2009, the Company signed an exclusive long term excipient supply agreement with respect to REMOXY with King. In February 2011, Pfizer acquired King and thereby assumed the rights and obligations of King with respect to this long term supply agreement. This agreement stipulates the terms and conditions under which the Company will supply to King, based on the Company’s manufacturing cost plus a specified percentage mark-up, two key excipients used in the manufacture of REMOXY. | |||||||||||||
The term of the agreement commenced on August 5, 2009 and will continue in effect until the earlier of the expiration of all licenses granted under the development and license agreement between the Company and Pain Therapeutics or the termination or expiration of the 2005 development and license agreement between Pain Therapeutics and King, unless the agreement is terminated earlier in accordance with its terms. The agreement provides each party with specified termination rights, which include, but are not limited to, the right of King to terminate the agreement in the event that governmental action requires the withdrawal of REMOXY from all countries in the territory or results in the withdrawal of required manufacturing approvals, or upon a change of control of the Company, in which case termination will be effective one year after notice by King. The Company may terminate the agreement if the Company is unable to procure suitable and sufficient quantities of certain raw materials required to produce the excipient ingredients. Each party may terminate the agreement upon material breach of the agreement by, or the bankruptcy or insolvency of, the other party, in each case subject to a cure period. The agreement further specifies the rights and obligations of the Company and King with respect to plant allocation, adding additional production capacity and sourcing of raw materials, as well as other terms and conditions customary for this type of agreement, including those regarding forecasting, purchasing, invoicing, representations, warranties and indemnities. | |||||||||||||
In 2013, 2012 and 2011, the Company recognized $273,000, $48,000 and $490,000 of product revenue, respectively, related to key excipients for REMOXY and the associated cost of goods sold was $165,000, $33,000 and $302,000, respectively. | |||||||||||||
Agreement with Zogenix, Inc. | |||||||||||||
On July 11, 2011, the Company and Zogenix, Inc., (Zogenix), entered into a Development and License Agreement (the Zogenix Agreement). The Company and Zogenix had previously been working together under a feasibility agreement pursuant to which the Company’s research and development costs were reimbursed by Zogenix. Under the Zogenix Agreement, Zogenix will be responsible for the clinical development and commercialization of a proprietary, long-acting injectable formulation of risperidone using the Company’s SABER controlled-release formulation technology in combination with Zogenix’s DosePro® needle-free, subcutaneous drug delivery system. DURECT will be responsible for non-clinical, formulation and CMC development activities. The Company will be reimbursed by Zogenix for its research and development efforts on the product. | |||||||||||||
Zogenix paid a non-refundable upfront fee to the Company of $2.25 million in July 2011. The Company’s research and development services are considered integral to utilizing the licensed intellectual property and, accordingly, the deliverables are accounted for as a single unit of accounting. The $2.25 million upfront fee will be recognized as collaborative research and development revenue ratably over the term of the Company’s continuing research and development involvement with Zogenix with respect to this product candidate. Zogenix is obligated to pay the Company up to $103 million in total future milestone payments with respect to the product subject to and upon the achievement of various developments, regulatory and sales milestones. Of these potential milestones, $28 million are development-based milestones (none of which has been achieved as of December 31, 2013), and $75 million are sales-based milestones (none of which has been achieved as of December 31, 2013). Zogenix is also required to pay a mid single-digit to low double-digit percentage patent royalty on annual net sales of the product determined on a jurisdiction-by-jurisdiction basis. The patent royalty term is equal to the later of the expiration of all DURECT technology patents or joint patent rights in a particular jurisdiction, the expiration of marketing exclusivity rights in such jurisdiction, or 15 years from first commercial sale in such jurisdiction. After the patent royalty term, Zogenix will continue to pay royalties on annual net sales of the product at a reduced rate for so long as Zogenix continues to sell the product in the jurisdiction. Zogenix is also required to pay to the Company a tiered percentage of fees received in connection with any sublicense of the licensed rights. | |||||||||||||
The Company granted to Zogenix an exclusive worldwide license, with sub-license rights, to the Company’s intellectual property rights related to the Company’s proprietary polymeric and non-polymeric controlled-release formulation technology to make and have made, use, offer for sale, sell and import risperidone products, where risperidone is the sole active agent, for administration by injection in the treatment of schizophrenia, bipolar disorder or other psychiatric related disorders in humans. The Company retains the right to supply Zogenix’s Phase III clinical trial and commercial product requirements on the terms set forth in the Zogenix Agreement. | |||||||||||||
The Company retains the right to terminate the Zogenix Agreement with respect to specific countries if Zogenix fails to advance the development of the product in such country, either directly or through a sublicensee. In addition, either party may terminate the Zogenix Agreement upon insolvency or bankruptcy of the other party, upon written notice of a material uncured breach or if the other party takes any act impairing such other party’s relevant intellectual property rights. Zogenix may terminate the Zogenix Agreement upon written notice if during the development or commercialization of the product, the product becomes subject to one or more serious adverse drug experiences or if either party receives notice from a regulatory authority, independent review committee, data safety monitory board or other similar body alleging significant concern regarding a patient safety issue. Zogenix may also terminate the Zogenix Agreement with or without cause, at any time upon prior written notice. | |||||||||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreements with Zogenix (in thousands). The cumulative aggregate payments received by the Company as of December 31, 2013 were $10.6 million under these agreements. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Ratable recognition of upfront payment | $ | 241 | $ | 312 | $ | 146 | |||||||
Research and development expenses reimbursable by Zogenix | 677 | 1,560 | 2,782 | ||||||||||
Total collaborative research and development revenue | $ | 918 | $ | 1,872 | $ | 2,928 | |||||||
Agreement with Hospira, Inc. | |||||||||||||
In June 2010, the Company and Hospira, Inc. (Hospira) entered into a license agreement to develop and market POSIDUR (SABER-bupivacaine) in the U.S. and Canada. POSIDUR is the Company’s investigational post-operative pain relief depot currently in Phase III clinical development in the U.S. that utilizes the Company’s patented SABER technology to deliver bupivacaine to provide up to three days of pain relief after surgery. | |||||||||||||
Under the terms of the agreement, Hospira made an upfront payment of $27.5 million. In March 2012, the Company was notified that Hospira was terminating the agreement effective September 28, 2012, or, as permitted under the agreement, at an earlier date elected by the Company. Hospira’s termination returned to the Company the U.S. and Canadian rights to develop and commercialize POSIDUR and as such the Company now holds worldwide rights to POSIDUR. As a result of the termination of the Hospira agreement for POSIDUR, the Company recognized as revenue during the first quarter of 2012 the remaining $21.8 million of deferred revenue related to the upfront fee of the development and license agreement as the Company has no remaining performance obligations under the agreement; this recognition of revenue did not result in additional cash proceeds to the Company. | |||||||||||||
The following table provides a summary of amounts comprising the Company’s net share of the research and development costs for POSIDUR under the agreement with Hospira (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Research and development expenses reimbursable by Hospira | $ | — | $ | 1,968 | $ | 7,792 | |||||||
Research and development expenses reimbursable by the Company | — | — | — | ||||||||||
Net payable to Hospira | — | — | — | ||||||||||
Net receivable from Hospira | $ | — | $ | 1,968 | $ | 7,792 | |||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreement with Hospira (in thousands). The cumulative aggregate payments received by the Company as of December 31, 2013 were $40.7 million under this agreement. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Recognition of upfront payment (1) | $ | — | $ | 21,758 | $ | 3,627 | |||||||
Research and development expenses reimbursable by Hospira | — | 1,968 | 7,792 | ||||||||||
Total collaborative research and development revenue | $ | — | $ | 23,726 | $ | 11,419 | |||||||
-1 | The Company’s estimate of the term of its continuing performance obligation was revised in the first quarter of 2012 as a result of the termination of the POSIDUR agreement by Hospira. As a result of the termination of the Hospira agreement for POSIDUR, the Company recorded as revenue during the first quarter of 2012 the remaining $21.8 million deferred revenue related to the upfront fee of the development and license agreement. | ||||||||||||
Agreement with Nycomed | |||||||||||||
In November 2006, the Company entered into a development and license agreement with Nycomed, which was amended in February 2010 and February 2011. Under the terms of the agreement, as amended, the Company licensed to Nycomed the exclusive commercialization rights to POSIDUR for the European Union (E.U.) and certain other countries. | |||||||||||||
Under the terms of the agreement as amended, Nycomed paid the Company an upfront license fee of $14.0 million and an $8.0 million development-based milestone payment. In October 2011, Takeda Pharmaceutical Company Limited (Takeda) acquired Nycomed and thereby assumed the rights and obligations of Nycomed under the agreements the Company formerly had in place with Nycomed. In January 2012, the Company was notified that Takeda (through Nycomed) was terminating the license agreement with us, and thereby returning their right to develop and commercialize POSIDUR (SABER® -Bupivacaine) in Europe and their other licensed territories to us. As a result of the termination of the Nycomed agreement for POSIDUR, the Company recognized revenue during the first quarter of 2012 for the remaining $3.7 million of deferred revenue related to the upfront fee of the development and license agreement as the Company had no remaining performance obligations under the agreement; this recognition of revenue did not result in additional cash proceeds to the Company. | |||||||||||||
The Company’s net share of the research and development costs for POSIDUR under the Company’s agreement with Nycomed was zero in 2013, 2012 and 2011. | |||||||||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreement with Nycomed with regard to POSIDUR (in thousands). The cumulative aggregate payments received by the Company from Nycomed as of December 31, 2013 were $37.3 million under this agreement. In addition, the cumulative aggregate payments paid by the Company to Nycomed were $9.0 million as of December 31, 2013. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Recognition of upfront payment (1) | $ | — | $ | 3,705 | $ | 1,235 | |||||||
Research and development expenses reimbursable by Nycomed | — | — | — | ||||||||||
Total collaborative research and development revenue | $ | — | $ | 3,705 | $ | 1,235 | |||||||
-1 | The Company’s estimate of the term of its continuing performance obligation was revised in the first quarter of 2012 as a result of the termination of the agreement by Nycomed. As a result of the termination of the Nycomed agreement for POSIDUR, the Company recorded as revenue during the first quarter of 2012 the remaining $3.7 million deferred revenue related to the upfront fee of the development and license agreement. | ||||||||||||
Agreement with Alpharma Ireland Limited, an affiliate of Alpharma Inc. (Alpharma) (acquired by King which subsequently was acquired by Pfizer) | |||||||||||||
Effective October 2008, the Company and Alpharma, entered into a development and license agreement granting Alpharma the exclusive worldwide rights to develop and commercialize ELADUR, DURECT’s investigational transdermal bupivacaine patch. As a result of the acquisition of Alpharma by King in December 2008, King assumed the rights and obligations of Alpharma under the agreement. As a result of the acquisition of King by Pfizer in February 2011, Pfizer assumed the rights and obligations of King under the agreement; accordingly, amounts contributed to King are now shown as Pfizer figures. | |||||||||||||
Under the terms of the agreement, Alpharma paid the Company an upfront license fee of $20.0 million. The $20.0 million upfront fee had been recognized as collaborative research and development revenue ratably over the term of the Company’s continuing involvement with Pfizer with respect to ELADUR. The Company’s estimate of the remaining term of its continuing involvement was adjusted in the third quarter of 2011 as a result of an updated development plan for ELADUR. | |||||||||||||
In February 2012, the Company was notified that Pfizer was terminating the agreement, effective August 30, 2012, or, as permitted under the agreement, at an earlier date elected by the Company. Pfizer’s termination returned to the Company worldwide rights to develop and commercialize ELADUR. As a result of the termination of the agreement for ELADUR, the Company recognized revenue during the first quarter of 2012 for the remaining $9.9 million of deferred revenue related to the upfront fee of the development and license agreement as the Company has no remaining performance obligations under the agreement; this recognition of revenue did not result in additional cash proceeds to the Company. | |||||||||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreement with King with regard to ELADUR (in thousands). The cumulative aggregate payments received by the Company as of December 31, 2013 were $29.2 million under this agreement. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Recognition of upfront payment (1) | $ | — | $ | 9,895 | $ | 2,708 | |||||||
Research and development expenses reimbursable by King | — | 124 | 1,150 | ||||||||||
Total collaborative research and development revenue | $ | — | $ | 10,019 | $ | 3,858 | |||||||
-1 | The Company’s estimate of the term of our continuing performance obligation was revised in the first quarter of 2012 as a result of the termination of the agreement by Pfizer. As a result of the termination of this agreement for ELADUR, the Company recorded as revenue during the first quarter of 2012 the remaining $9.9 million deferred revenue related to the upfront fee of the development and license agreement. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||
3. Intangible Assets and Goodwill | |||||||||||||
Intangible assets recorded in connection with the Company’s acquisitions consist of the following (in thousands): | |||||||||||||
December 31, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Intangibles | Amortization | Intangibles | |||||||||||
Developed technology | $ | 3,600 | $ | (3,600 | ) | $ | — | ||||||
Patents | 591 | (573 | ) | 18 | |||||||||
Other intangible assets | 3,260 | (3,260 | ) | — | |||||||||
Total | $ | 7,451 | $ | (7,433 | ) | $ | 18 | ||||||
December 31, 2012 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Intangibles | Amortization | Intangibles | |||||||||||
Developed technology | $ | 3,600 | $ | (3,600 | ) | $ | — | ||||||
Patents | 591 | (555 | ) | 36 | |||||||||
Other intangible assets | 3,260 | (3,260 | ) | — | |||||||||
Total | $ | 7,451 | $ | (7,415 | ) | $ | 36 | ||||||
The intangible assets are being amortized on a straight-line basis over estimated useful lives ranging from four to seven years. | |||||||||||||
The net amount of intangible assets at December 31, 2013 was $18,000, which will be amortized as follows: $17,900 in 2014 and $100 in 2015. Should any intangible assets become impaired, the Company will write them down to their estimated fair value. | |||||||||||||
Goodwill totaled $6.4 million at December 31, 2013. The Company evaluates goodwill for impairment at least annually. In 2013, 2012 and 2011 goodwill was evaluated and no indicators of impairment were noted. Should goodwill become impaired, the Company may be required to record an impairment charge. To date, the Company has not recorded any impairment charge to goodwill. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
4. Financial Instruments | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company follows a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. These levels of inputs are the following: | |||||||||||||||||
— | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
— | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||
— | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
The Company’s financial instruments are valued using quoted prices in active markets or based upon other observable inputs. The following table sets forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis as of December 31, 2013 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Certificates of deposit | — | 450 | — | 450 | |||||||||||||
Commercial paper | — | 1,249 | — | 1,249 | |||||||||||||
Corporate debt | — | 3,258 | — | 3,258 | |||||||||||||
U.S. Government agencies | — | 16,898 | — | 16,898 | |||||||||||||
Total | $ | 34 | $ | 21,855 | $ | — | $ | 21,889 | |||||||||
The following table sets forth the fair value of our financial assets that were measured at fair value on a recurring basis as of December 31, 2012 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds | $ | 4,204 | $ | — | $ | — | $ | 4,204 | |||||||||
Certificates of deposit | — | 550 | — | 550 | |||||||||||||
Commercial paper | — | 8,993 | — | 8,993 | |||||||||||||
Corporate debt | — | 3,807 | — | 3,807 | |||||||||||||
U.S. Government agencies | — | 10,050 | — | 10,050 | |||||||||||||
Total | $ | 4,204 | $ | 23,400 | $ | — | $ | 27,604 | |||||||||
Money market funds are classified as Level 1 financial assets. Certificates of deposit, commercial paper, corporate debt securities, and U.S. Government agency securities are classified as Level 2 financial assets. The fair value of the Level 2 assets is estimated using pricing models using current observable market information for similar securities. The Company’s Level 2 investments include U.S. government-backed securities and corporate securities that are valued based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. The fair value of the Company’s commercial paper is based upon the time to maturity and discounted using the three-month treasury bill rate. The average remaining maturity of the Company’s Level 2 investments as of December 31, 2013 is less than twelve months and these investments are rated by S&P and Moody’s at AAA or AA- for securities and A1 or P1 for commercial paper. | |||||||||||||||||
The following is a summary of available-for-sale securities as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gain | Loss | Fair | ||||||||||||||
Value | |||||||||||||||||
Money market funds | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Certificates of deposit | 450 | — | — | 450 | |||||||||||||
Commercial paper | 1,249 | — | — | 1,249 | |||||||||||||
Corporate debt | 3,257 | 1 | — | 3,258 | |||||||||||||
U.S. Government agencies | 16,898 | 1 | (1 | ) | 16,898 | ||||||||||||
$ | 21,888 | $ | 2 | $ | (1 | ) | $ | 21,889 | |||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 5,334 | $ | — | $ | — | $ | 5,334 | |||||||||
Short-term investments | 12,752 | 2 | (1 | ) | 12,753 | ||||||||||||
Long-term investments | 3,352 | — | — | 3,352 | |||||||||||||
Long-term restricted investments | 450 | — | — | 450 | |||||||||||||
$ | 21,888 | $ | 2 | $ | (1 | ) | $ | 21,889 | |||||||||
December 31, 2012 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gain | Loss | Fair | ||||||||||||||
Value | |||||||||||||||||
Money market funds | $ | 4,204 | $ | — | $ | — | $ | 4,204 | |||||||||
Certificates of deposit | 550 | — | — | 550 | |||||||||||||
Commercial paper | 8,993 | — | — | 8,993 | |||||||||||||
Corporate debt | 3,806 | 1 | — | 3,807 | |||||||||||||
U.S. Government agencies | 10,045 | 5 | — | 10,050 | |||||||||||||
$ | 27,598 | $ | 6 | $ | — | $ | 27,604 | ||||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 9,867 | $ | — | $ | — | $ | 9,867 | |||||||||
Short-term investments | 17,331 | 6 | — | 17,337 | |||||||||||||
Long-term restricted investments | 400 | — | — | 400 | |||||||||||||
$ | 27,598 | $ | 6 | $ | — | $ | 27,604 | ||||||||||
The following is a summary of the cost and estimated fair value of available-for-sale securities at December 31, 2013, by contractual maturity (in thousands): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
Cost | Fair | ||||||||||||||||
Value | |||||||||||||||||
Mature in one year or less | $ | 18,502 | $ | 18,503 | |||||||||||||
Mature after one year through five years | 3,352 | 3,352 | |||||||||||||||
$ | 21,854 | $ | 21,855 | ||||||||||||||
There were no securities that have had an unrealized loss for more than 12 months as of December 31, 2013 or 2012. | |||||||||||||||||
As of December 31, 2013, unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
5. Property and Equipment | |||||||||
Property and equipment consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Equipment | $ | 12,438 | $ | 12,369 | |||||
Leasehold improvement | 9,855 | 9,755 | |||||||
Construction-in-progress | 180 | 289 | |||||||
22,473 | 22,413 | ||||||||
Less accumulated depreciation and amortization | (20,488 | ) | (19,956 | ) | |||||
Property and equipment, net | $ | 1,985 | $ | 2,457 | |||||
Depreciation expense was $541,000, $948,000 and $1.2 million in 2013, 2012 and 2011, respectively. Amortization expense was $9,306, $9,307 and $9,844 in 2013, 2012 and 2011 for assets held under capital leases, respectively. | |||||||||
As of December 31, 2013, the Company has recorded $558,000 as a liability which was included in other long-term liabilities on its balance sheet for asset retirement obligations associated with the estimated restoration cost for its leased buildings. |
Restricted_Investments
Restricted Investments | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Restricted Investments | ' |
6. Restricted Investments | |
As of December 31, 2013 and 2012, the Company had $450,000 and $400,000, respectively, recorded as restricted investments, which primarily served as collateral for letters of credit securing its leased facilities in Alabama and California. |
Commitments
Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Commitments | ' | ||||
7. Commitments | |||||
Operating Leases | |||||
The Company has lease arrangements for its facilities in California and Alabama. Under these leases, the Company is required to pay certain maintenance expenses in addition to monthly rent. Rent expense is recognized on a straight-line basis over the lease term for leases that have scheduled rental payment increases. Rent expense under all operating leases was $1.5 million, $1.6 million and $2.0 million, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
Future minimum payments (including principal and interest) under these noncancelable leases are as follows (in thousands): | |||||
Year ending December 31, | Operating | ||||
Leases | |||||
2014 | $ | 2,385 | |||
2015 | 2,455 | ||||
2016 | 2,477 | ||||
2017 | 2,500 | ||||
Thereafter | 3,504 | ||||
$ | 13,321 | ||||
Other Purchase Commitments | |||||
In 2005, the Company entered into a supply agreement with a vendor. The remaining minimum purchase commitments under this agreement are $500,000 per year through 2018. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||
8. Stockholders’ Equity | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
In December 2012, the Company completed an underwritten public offering through which was sold an aggregate of 14,000,000 shares of common stock pursuant to an effective registration statement at a price to the public of $0.90 per share. The Company received net proceeds of approximately $11.6 million after deducting underwriting discounts and commissions and offering expenses. | |||||||||||||||||||||
In November 2013, the Company completed an underwritten public offering through which was sold an aggregate of 8,214,287 shares of common stock pursuant to an effective registration statement at a price to the public of $1.40 per share. The Company received net proceeds of approximately $10.6 million after deducting underwriting discounts and commissions and estimated offering expenses. | |||||||||||||||||||||
In December 2013, the Company filed a new shelf registration statement on Form S-3 with the SEC, which upon being declared effective in January 2014, allows for the offer of up to $100.9 million of securities from time to time in one or more public offerings of common stock. In addition, the Company entered into a Controlled Equity Offering SM sales agreement with Cantor Fitzgerald & Co., (Cantor Fitzgerald), under which it may sell, subject to certain limitations, up to $25 million of common stock through Cantor Fitzgerald, acting as agent. | |||||||||||||||||||||
Description of Stock-Based Compensation Plans | |||||||||||||||||||||
2000 Stock Plan (Incentive Stock Plan) | |||||||||||||||||||||
In January 2000, the Company’s Board of Directors and stockholders adopted the DURECT Corporation 2000 Stock Plan, under which incentive stock options and non-statutory stock options and stock purchase rights may be granted to employees, consultants and non-employee directors. The 2000 Stock Plan was amended by written consent of the Board of Directors in March 2000 and written consent of the stockholders in August 2000. | |||||||||||||||||||||
In April 2005, the Board of Directors approved certain amendments to the 2000 Stock Plan. At the Company’s annual stockholders meeting in June 2005, the stockholders approved the amendments of the 2000 Stock Plan to: (i) expand the types of awards that the Company may grant to eligible service providers under the Stock Plan to include restricted stock units, stock appreciation rights and other similar types of awards (including other awards under which recipients are not required to pay any purchase or exercise price) as well as cash awards; and (ii) include certain performance criteria that may be applied to awards granted under the Stock Plan. | |||||||||||||||||||||
In April 2010, the Board of Directors approved certain amendments to the 2000 Stock Plan. At the Company’s annual stockholders meeting in June 2010, the stockholders approved the amendments of the 2000 Stock Plan to: (i) provide that the number of shares that remain available for issuance will be reduced by two shares for each share issued pursuant to an award (other than an option or stock appreciation right) granted on or after the date of the 2010 Annual Meeting; (ii) expand the types of transactions that might be considered repricings and option exchanges for which stockholder approval is required; (iii) provide that shares tendered or withheld in payment of the exercise price of an option or withheld to satisfy a withholding obligation, and all shares with respect to which a stock appreciation right is exercised, will not again be available for issuance under the Stock Plan; (iv) require that options and stock appreciation rights have an exercise price or base appreciation amount that is at least fair market value on the grant date, except in connection with certain corporate transactions, and that stock appreciation rights may not have longer than a 10-year term; (v) add new performance goals that may be used to provide “performance-based compensation” under the 2000 Stock Plan; (vi) extend the term of the 2000 Stock Plan to the date that is ten (10) years following the stockholders meeting; and (vii) expand the treatment of outstanding awards in connection with certain changes of control of the Company to cover mergers in which the consideration payable to stockholders is not solely securities of the successor corporation. | |||||||||||||||||||||
In March 2011, the Board of Directors approved an amendment to the 2000 Stock Plan. At the Company’s annual stockholders meeting in June 2011, the stockholders approved the amendment of the 2000 Stock Plan to increase the number of shares of the Company’s common stock available for issuance by 5,500,000 shares. A total of 29,796,500 shares of common stock have been reserved for issuance under this plan. The plan expires in June 2020. | |||||||||||||||||||||
In April 2013, the Board of Directors approved certain amendments to the 2000 Stock Plan to: (i) increase the number of stock options granted to a non-employee director on the date which such person first becomes a director from 30,000 to 70,000 shares of common stock; each option shall have a ten-year term, become exercisable in installments of one-third of the total number of options granted on each anniversary of the grant and have a two-year period following termination of Director status in which the former director can exercise the option; (ii) modify the exercise period for future option grants to a non-employee director in which a former director can exercise the option following termination of Director status from a one year period to a two-year period. | |||||||||||||||||||||
Options granted under the 2000 Stock Plan expire no later than ten years from the date of grant. Options may be granted with different vesting terms from time to time not to exceed five years from the date of grant. The option price of an incentive stock option granted to an employee or of a nonstatutory stock option granted to any person who owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary) shall be no less than 110% of the fair market value per share on the date of grant. The option price of an incentive stock option granted to any other employee shall be no less than 100% of the fair market value per share on the date of grant. | |||||||||||||||||||||
As of December 31, 2013, 3,406,167 shares of common stock were available for future grant and options to purchase 23,114,331 shares of common stock were outstanding under the 2000 Stock Plan. | |||||||||||||||||||||
2000 Directors’ Stock Option Plan | |||||||||||||||||||||
In March 2000, the Board of Directors adopted the 2000 Directors’ Stock Option Plan. A total of 300,000 shares of common stock had been reserved initially for issuance under this plan. The directors’ plan provides that each person who becomes a non-employee director of the Company after the effective date of the Company’s initial public offering will be granted a non-statutory stock option to purchase 20,000 shares of common stock on the date on which the optionee first becomes a non-employee director of the Company. This plan also provides that each option granted to a new director shall vest at the rate of 33 1/3% per year and each annual option of 5,000 shares shall vest in full at the end of one year. | |||||||||||||||||||||
At the Company’s annual stockholders meeting in June 2002, the stockholders approved an amendment of the 2000 Directors’ Stock Option Plan to: (i) increase the number of stock options granted to a non-employee director on the date which such person first becomes a director from 20,000 to 30,000 shares of common stock; (ii) increase the number of stock options granted to each non-employee director on the date of each annual meeting of the stockholders after which the director remains on the Board from 5,000 to 12,000 shares of common stock; and (iii) reserve 200,000 additional shares of common stock for issuance under the 2000 Directors’ Stock Option Plan so that the total number of shares reserved for issuance is 500,000. | |||||||||||||||||||||
In April 2005, the Board of Directors approved certain amendments to the 2000 Directors’ Stock Option Plan. At the Company’s annual stockholders meeting in June 2005, the stockholders approved the amendments of the 2000 Directors’ Stock Option Plan to: (i) increase the number of shares of common stock issuable under the Director’s Plan by an additional 425,000 shares, to an aggregate of 925,000 shares; (ii) increase the number of option shares issued to nonemployee directors annually in connection with their continued service on the Board from 12,000 shares to 20,000 shares; and (iii) modify the vesting of such annual option grants so that such shares vest completely on the day before the first anniversary of the date of grant. The plan expired in September 2010. Awards to our non-employee directors have been granted under the 2000 Stock Plan following that date. | |||||||||||||||||||||
As of December 31, 2013, no shares of common stock were available for future grant and options to purchase 622,000 shares of common stock were outstanding under the 2000 Director’s Stock Option Plan. | |||||||||||||||||||||
2000 Employee Stock Purchase Plan | |||||||||||||||||||||
In August 2000, the Company adopted the 2000 Employee Stock Purchase Plan. This purchase plan is implemented by a series of overlapping offering periods of approximately 24 months’ duration, with new offering periods, other than the first offering period, beginning on May 1 and November 1 of each year and ending April 30 and October 31, respectively, two years later. The purchase plan allows eligible employees to purchase common stock through payroll deductions at a price equal to the lower of 85% of the fair market value of the Company’s common stock at the beginning of each offering period or at the end of each purchase period. The initial offering period commenced on the effectiveness of the Company’s initial public offering. | |||||||||||||||||||||
In April 2010, the Board of Directors approved certain amendments to the 2000 Employee Stock Purchase Plan. At the Company’s annual stockholders meeting in June 2010, the stockholders approved the amendments of the 2000 Employee Stock Purchase Plan to: (i) increase the number of shares of our common stock authorized for issuance under the ESPP by 250,000 shares; (ii) extend the term of the ESPP to the date that is ten (10) years following the stockholders meeting; (iii) provide for six-month consecutive offering periods beginning on November 1, 2010; (iv) revise certain provisions to reflect the final regulations issued under Section 423 of the Code by the Internal Revenue Service; and (v) provide for the cash-out of options outstanding under an offering period in effect prior to the consummation of certain corporate transactions as an alternative to providing for a final purchase under such offering period. | |||||||||||||||||||||
The plan expires in June 2020. A total of 2,200,000 shares of common stock have been reserved for issuance under this plan. As of December 31, 2013, 245,377 shares of common stock were available for future grant and 1,954,623 shares of common stock have been issued under the 2000 Employee Stock Purchase Plan. | |||||||||||||||||||||
As of December 31, 2013, shares of common stock reserved for future issuance consisted of the following: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Stock options outstanding | 23,736,331 | ||||||||||||||||||||
Stock options available for grant | 3,406,167 | ||||||||||||||||||||
Employee Stock Purchase Plan | 245,377 | ||||||||||||||||||||
27,387,875 | |||||||||||||||||||||
A summary of stock option activity under all stock-based compensation plans is as follows: | |||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Average Remaining | Intrinsic | ||||||||||||||||||
Exercise | Contractual Term | Value | |||||||||||||||||||
Price Per Share | (in Years) | (in millions) | |||||||||||||||||||
Outstanding at December 31, 2010 | 19,383,134 | $ | 3.68 | 6.36 | $ | — | |||||||||||||||
Options granted | 2,931,779 | $ | 3.17 | ||||||||||||||||||
Options exercised | (300,809 | ) | $ | 2.71 | |||||||||||||||||
Options forfeited | (923,172 | ) | $ | 2.91 | |||||||||||||||||
Options expired | (625,868 | ) | $ | 7.21 | |||||||||||||||||
Outstanding at December 31, 2011 | 20,465,064 | $ | 3.55 | 5.65 | $ | — | |||||||||||||||
Options granted | 3,418,287 | $ | 0.79 | ||||||||||||||||||
Options exercised | (179,067 | ) | $ | 0.78 | |||||||||||||||||
Options forfeited | (640,649 | ) | $ | 2.47 | |||||||||||||||||
Options expired | (2,161,479 | ) | $ | 4.37 | |||||||||||||||||
Outstanding at December 31, 2012 | 20,902,156 | $ | 3.07 | 5.41 | $ | — | |||||||||||||||
Options granted | 4,592,849 | $ | 1.21 | ||||||||||||||||||
Options exercised | (187,014 | ) | $ | 1.01 | |||||||||||||||||
Options forfeited | (54,308 | ) | $ | 1.62 | |||||||||||||||||
Options expired | (1,517,352 | ) | $ | 3.17 | |||||||||||||||||
Outstanding at December 31, 2013 | 23,736,331 | $ | 2.73 | 5.6 | $ | 5.2 | |||||||||||||||
Exercisable at December 31, 2013 | 19,900,600 | $ | 2.97 | 5.04 | $ | 3.2 | |||||||||||||||
Vested and expected to vest at December 31, 2013 | 23,374,815 | $ | 2.75 | 5.54 | $ | 5 | |||||||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. This amount changes based on the fair market value of the Company’s common stock. The total intrinsic value of options exercised was $77,000, $103,000 and $248,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
In February 2012 and February 2013, the Company granted its employees stock options to purchase 966,000 and 1.7 million shares, respectively, of the Company’s common stock, which vested immediately on the grant date. The weighted-average grant-date fair value of all options granted with exercise prices equal to fair market value was $0.85 in 2013, $0.54 in 2012 and $2.13 in 2011 determined by the Black-Scholes option valuation method. There were no options granted with exercise prices lower than fair market value in 2013, 2012 and 2011. | |||||||||||||||||||||
Expenses for non-employee stock options are recorded over the vesting period of the options, with the value determined by the Black-Scholes option valuation method and remeasured over the vesting term. | |||||||||||||||||||||
As of December 31, 2013, the Company had three stock-based equity compensation plans, which are described above. The employee stock-based compensation cost that has been included in the statements of operations and comprehensive income (loss) is shown as below (in thousands): | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cost of product revenues | $ | 170 | $ | 244 | $ | 328 | |||||||||||||||
Research and development | 1,999 | 2,602 | 4,181 | ||||||||||||||||||
Selling, general and administrative | 1,257 | 1,474 | 2,132 | ||||||||||||||||||
$ | 3,426 | $ | 4,320 | $ | 6,641 | ||||||||||||||||
Because the Company had a net operating loss carryforward as of December 31, 2013, no excess tax benefits for the tax deductions related to stock-based compensation expense were recognized in the statement of operations. Additionally, no incremental tax benefits were recognized from stock options exercised during 2013, which would have resulted in a reclassification to reduce net cash provided by operating activities with an offsetting increase in net cash provided by financing activities. | |||||||||||||||||||||
Determining Fair Value | |||||||||||||||||||||
Valuation and Expense Recognition. The Company estimates the fair value of stock options granted using the Black-Scholes option valuation model. For options granted before January 1, 2006, the Company recognized the expense on an accelerated basis. For options granted on or after January 1, 2006, the Company recognizes the expense on a straight-line basis. The expense for options is recognized over the requisite service periods of the awards, which is generally the vesting period. | |||||||||||||||||||||
Expected Term. The expected term of options granted represents the period of time that the options are expected to be outstanding. In 2011, 2012 and 2013, the Company determined the expected life using historical options experience. This develops the expected life by taking the weighted average of the actual life of options exercised and cancelled and assumes that outstanding options are exercised uniformly from the current holding period through the end of the contractual life. | |||||||||||||||||||||
Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of the Company’s common stock. | |||||||||||||||||||||
Risk-Free Rate. The Company bases the risk-free rate that it uses in the Black-Scholes option valuation model on the implied yield in effect at the time of option grant on U.S. Treasury zero-coupon issues with substantially equivalent remaining terms. | |||||||||||||||||||||
Dividends. The Company has never paid any cash dividends on its common stock and the Company does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. | |||||||||||||||||||||
The Company used the following assumptions to estimate the fair value of options granted (including fully vested options issued in February 2012 and February 2013) and shares purchased under its stock plans and employee stock purchase plan for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Stock Options | |||||||||||||||||||||
Risk-free rate | 0.9-2.9 | % | 0.9-1.5 | % | 1.2-2.7 | % | |||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||
Expected term (in years) | 5.3 – 10.0 | 5.5 – 6.5 | 6.3 | ||||||||||||||||||
Volatility | 77-86 | % | 78-81 | % | 73-77 | % | |||||||||||||||
Forfeiture rate | 8.4 | % | 7.7 | % | 6.1 | % | |||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
Risk-free rate | 0.1-0.2 | % | 0.1-1.0 | % | 0.1-1.0 | % | |||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||
Expected term (in years) | 0.5 | 1.3 | 1.3 | ||||||||||||||||||
Volatility | 64-81 | % | 69-101 | % | 50-163 | % | |||||||||||||||
There were 128,433, 153,730 and 192,997 shares purchased under the Company’s employee stock purchase plan during the years ended December 31, 2013, 2012 and 2011, respectively. Included in the statement of operations for the year ended December 31, 2013, 2012 and 2011 was $56,000, $36,000 and $63,000, respectively, in stock-based compensation expense related to the recognition of expenses related to shares purchased under the Company’s employee stock purchase plan. | |||||||||||||||||||||
As of December 31, 2013, $2.9 million of total unrecognized compensation costs related to nonvested stock options is expected to be recognized over the respective vesting terms of each award through 2017. The weighted average term of the unrecognized stock-based compensation expense is 1.7 years. | |||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||||||
Exercise Price | Options | Average | Average | Options | Average | ||||||||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||
(In years) | |||||||||||||||||||||
$0.73 – 0.73 | 20,000 | 8.28 | $ | 0.73 | 7,500 | $ | 0.73 | ||||||||||||||
$0.74 – 0.78 | 2,747,977 | 8.04 | $ | 0.78 | 1,859,091 | $ | 0.78 | ||||||||||||||
$0.82 – 1.20 | 501,105 | 9.05 | $ | 1.01 | 228,371 | $ | 0.94 | ||||||||||||||
$1.21 – 1.21 | 3,814,429 | 9.1 | $ | 1.21 | 2,315,220 | $ | 1.21 | ||||||||||||||
$1.24 – 2.13 | 1,840,314 | 6.08 | $ | 1.86 | 1,428,844 | $ | 2.02 | ||||||||||||||
$2.18 – 2.18 | 2,522,000 | 5.79 | $ | 2.18 | 2,411,057 | $ | 2.18 | ||||||||||||||
$2.22 – 3.11 | 3,295,880 | 4.17 | $ | 2.92 | 3,269,786 | $ | 2.92 | ||||||||||||||
$3.12 – 3.26 | 3,315,805 | 4.32 | $ | 3.24 | 2,722,535 | $ | 3.24 | ||||||||||||||
$3.29 – 4.43 | 2,405,285 | 3.07 | $ | 4.12 | 2,384,660 | $ | 4.13 | ||||||||||||||
$4.45 – 6.32 | 3,273,536 | 3.08 | $ | 5.56 | 3,273,536 | $ | 5.56 | ||||||||||||||
$0.73 – 6.32 | 23,736,331 | 5.6 | $ | 2.73 | 19,900,600 | $ | 2.97 | ||||||||||||||
The Company received $188,000, $140,000 and $815,000 in cash from option exercises under all stock-based compensation plans for the years ended December 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
9. Income Taxes | |||||||||||||
The Company accounts for income taxes using the liability method under ASC 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences resulting from the different treatment of items for tax and financial reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Additionally, the Company must assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. The Company has provided a full valuation allowance on the Company’s deferred tax assets because the Company believes it is more likely than not that its deferred tax assets will not be realized. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. The Company recorded a deferred tax liability of $320,000 on its balance sheet at December 31, 2013 that arose from tax amortization of an indefinitely-lived intangible. The Company also recorded a deferred tax provision of $320,000 related to the deferred tax liability in the year ended December 31, 2013. There was no provision for income taxes in prior years as the Company has incurred losses to date. | |||||||||||||
The reconciliation of income tax expenses (benefit) at the statutory federal income tax rate of 34% to net income tax benefit included in the statements of operations for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal taxes provision (benefit) at statutory rate | $ | (7,184 | ) | $ | 5,516 | $ | (6,377 | ) | |||||
State taxes | — | — | — | ||||||||||
Change in valuation allowance | 9,517 | (7,208 | ) | 5,355 | |||||||||
Stock-based compensation | 375 | 1,688 | 995 | ||||||||||
Change in deferreds | (1,718 | ) | — | — | |||||||||
Other | (670 | ) | 4 | 27 | |||||||||
Total income tax provision | $ | 320 | $ | — | $ | — | |||||||
In 2013, 2012 and 2011, total income tax provision was $320,000, zero and zero, respectively. The Company has presented the $320,000 of deferred income tax provision in interest and other income (expenses) in its statements of operation and comprehensive income (loss) for the year ended December 31, 2013. Deferred tax assets and liabilities reflect the net tax effects of net operating loss and research and other credit carryforwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 98,425 | $ | 91,979 | |||||||||
Research and other credits | 10,127 | 9,191 | |||||||||||
Capitalized research and development expenses | 498 | 179 | |||||||||||
Deferred revenue | 584 | 624 | |||||||||||
Stock-based compensation | 8,661 | 6,708 | |||||||||||
Other | 3,724 | 1,600 | |||||||||||
Total deferred tax assets | 122,019 | 110,281 | |||||||||||
Valuation allowance for deferred tax assets | (122,019 | ) | (110,281 | ) | |||||||||
Deferred tax liabilities—Intangibles | (320 | ) | — | ||||||||||
Net deferred tax assets and liabilities | $ | (320 | ) | $ | — | ||||||||
Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $11.7 million, decreased by $10.7 million and increased by $5.1 million during 2013, 2012 and 2011, respectively. | |||||||||||||
As of December 31, 2013, the Company had net operating loss carryforwards for federal income tax purposes of approximately $258.6 million, which expire in the years 2019 through 2033, and federal research and development tax credits of approximately $8.4 million which expire at various dates beginning in 2018 through 2033, if not utilized. | |||||||||||||
As of December 31, 2013, the Company had net operating loss carryforwards for state income tax purposes of approximately $186.0 million, which expire in the years 2014 through 2033, if not utilized, and state research and development tax credits of approximately $9.1 million, which do not expire. | |||||||||||||
Utilization of the net operating losses may be subject to a substantial annual limitation due to federal and state ownership change limitations. The annual limitation may result in the expiration of net operating losses before utilization. | |||||||||||||
At December 31, 2012 and December 31, 2013, the Company had unrecognized tax benefits of approximately $4.8 million and $5.3 million, respectively (none of which, if recognized, would affect the Company’s effective tax rate). The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at beginning of the year | $ | 4,777 | $ | 4,644 | |||||||||
Increases (decrease) related to prior year tax positions | 88 | — | |||||||||||
Increases (decrease) related to current year tax positions | 387 | 133 | |||||||||||
Settlements | — | — | |||||||||||
Reductions due to lapse of applicable statute of limitations | — | — | |||||||||||
Balance at end of the year | $ | 5,252 | $ | 4,777 | |||||||||
Interest and penalty costs related to unrecognized tax benefits, if any, are classified as a component of interest income and other income (expense), net in the accompanying Statements of Operations. The Company did not recognize any interest and penalty expense related to unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is subject to U.S. federal and state income tax examination for calendar tax years ending 1998 through 2013 due to unutilized net operating losses and research credits. |
Reduction_in_Force
Reduction in Force | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Reduction in Force | ' |
10. Reduction in Force | |
In February 2012, the Company reduced the size of its workforce by 15 employees or approximately 12% of its headcount. The goal of this action was to better align the Company’s cost structure with anticipated revenues and operating expenses, while not compromising the Company’s key corporate objectives for the year. The Company completed this headcount reduction during the first quarter of 2012, and incurred approximately $336,000 in severance costs for the impacted employees, of which $195,000 was recorded in research and development expenses and $141,000 was recorded in selling, general and administrative expenses in the first quarter of 2012. All activities related to the restructuring were completed and the severance costs were paid during the first quarter of 2012. |
Unaudited_Selected_Quarterly_F
Unaudited Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Unaudited Selected Quarterly Financial Data | ' | ||||||||||||||||||||||||||||||||
11. Unaudited Selected Quarterly Financial Data (in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||
2013 | 2012* | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Revenue | $ | 4,153 | $ | 41,185 | $ | 3,918 | $ | 4,796 | $ | 2,966 | $ | 3,828 | $ | 4,289 | $ | 3,262 | |||||||||||||||||
Net income (loss) | $ | (5,183 | ) | $ | 30,829 | $ | (5,145 | ) | $ | (4,328 | ) | $ | (6,024 | ) | $ | (4,803 | ) | $ | (5,100 | ) | $ | (5,498 | ) | ||||||||||
Basic net income (loss) per share | $ | (0.05 | ) | $ | 0.35 | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | ||||||||||
Diluted net income (loss) per share | $ | (0.05 | ) | $ | 0.35 | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | ||||||||||
* | Revenue in the first quarter of 2012 included one-time recognition of $35.4 million of collaborative research and development revenue as a result of the termination of the Company’s agreements with Nycomed, Pfizer and Hospira. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
12. Subsequent Events | |
Agreement with Impax Laboratories, Inc. | |
On January 3, 2014, the Company and Impax Laboratories, Inc. (Impax) entered into a definitive agreement (the Impax Agreement). Pursuant to the Agreement, the Company has granted Impax an exclusive worldwide license to the Company’s proprietary TRANSDUR transdermal delivery technology and other intellectual property to develop and commercialize ELADUR, the Company’s investigational transdermal bupivacaine patch for the treatment of pain associated with post-herpetic neuralgia (PHN), in addition to selling certain assets and rights in and related to the product. Impax will control and fund the development and commercialization programs, and the parties will establish a joint management committee to oversee, review and coordinate the development and commercialization activities of the parties under the Impax Agreement. Impax will reimburse the Company for certain future research and development it may be requested to conduct on the product. | |
In connection with the asset transfer and license, Impax agreed to pay the Company an upfront fee of $2.0 million in cash and to make contingent cash payments to the Company of up to $61.0 million payable based upon the achievement of predefined milestones, of which $31.0 million are development-based milestones and $30.0 million are commercialization-based milestones. Upon the first commercialization of ELADUR by Impax, the Company would also receive a tiered mid single-digit to low double-digit royalty on annual net product sales determined on a country-by-country basis. Impax is also required to pay to the Company a percentage of fees received in connection with any sublicense of the licensed rights. Impax may terminate the Impax Agreement without cause at any time upon prior written notice, and either party may terminate the Impax Agreement upon certain circumstances including written notice of a material uncured breach. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | ||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Year Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at | Provision | Recoveries/ | Balance at | ||||||||||||||
beginning | Write- | end of the | |||||||||||||||
of the year | Offs | year | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 154 | $ | (20 | ) | $ | 10 | $ | 144 | ||||||||
December 31, 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 98 | $ | 73 | $ | (17 | ) | $ | 154 | ||||||||
December 31, 2011 | |||||||||||||||||
Allowance for doubtful accounts | $ | 107 | $ | (23 | ) | $ | 14 | $ | 98 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Nature of Operations | ' | ||||||||||||
Nature of Operations | |||||||||||||
DURECT Corporation (the Company) was incorporated in the state of Delaware on February 6, 1998. The Company is a pharmaceutical company developing therapies based on its proprietary drug formulations and delivery platform technologies. The Company has several products under development by itself and with third party collaborators. The Company also manufactures and sells osmotic pumps used in laboratory research, and designs, develops and manufactures a wide range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products. In addition, the Company conducts research and development of pharmaceutical products in collaboration with third party pharmaceutical and biotechnology companies. | |||||||||||||
Basis of Presentation and Use of Estimates | ' | ||||||||||||
Basis of Presentation and Use of Estimates | |||||||||||||
The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Certain other expense balances on the statements of operations and comprehensive income (loss) have been reclassified to conform to the current period presentation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ materially from those estimates. | |||||||||||||
Cash, Cash Equivalents and Investments | ' | ||||||||||||
Cash, Cash Equivalents and Investments | |||||||||||||
The Company considers all highly liquid investments with maturities of 90 days or less from the date of purchase to be cash equivalents. Investments with original maturities of greater than 90 days from the date of purchase but less than one year from the balance sheet date are classified as short-term investments, while investments with maturities in one year or beyond one year from the balance sheet date are classified as long-term investments. Management determines the appropriate classification of its cash equivalents and investment securities at the time of purchase and re-evaluates such determination as of each balance sheet date. Management has classified the Company’s cash equivalents and investments as available-for-sale securities in the accompanying financial statements. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). Realized gains and losses are included in interest income. There were no material realized gains or losses in the periods presented. The cost of securities sold is based on the specific identification method. | |||||||||||||
The Company invests in debt instruments of government agencies and corporations, and money market funds with high credit ratings. The Company has established guidelines regarding diversification of its investments and their maturities with the objectives of maintaining safety and liquidity, while maximizing yield. | |||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to credit risk consist principally of interest-bearing investments and trade receivables. The Company maintains cash, cash equivalents and investments with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any one institution. In addition, the Company performs periodic evaluations of the relative credit quality of its investments. | |||||||||||||
Pharmaceutical companies and academic institutions account for a substantial portion of the Company’s trade receivables. The Company provides credit in the normal course of business to its customers and collateral for these receivables is generally not required. The risk associated with this concentration is limited due to the large number of accounts and their geographic dispersion. The Company monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business. The Company maintains reserves for estimated credit losses and, to date, such losses have been within management’s expectations. | |||||||||||||
Customer and Product Line Concentrations | ' | ||||||||||||
Customer and Product Line Concentrations | |||||||||||||
A portion of the Company’s revenue is derived from its ALZET mini pump product line, LACTEL biodegradable polymer product line and the sale of certain excipients for REMOXY and another product. In 2013, revenue from the ALZET product line and the LACTEL product line accounted for 48% and 26% of total revenue, respectively. In 2012, revenue from the ALZET product line and the LACTEL product line accounted for 13% and 7% of total revenue, respectively. In 2011, revenue from the ALZET product line and the LACTEL product line accounted for 22% and 9% of total revenue, respectively. Total revenue in 2012 reflected one-time recognition of $35.4 million of collaborative research and development revenue as a result of the termination of the Company’s agreements with Nycomed, Pfizer and Hospira. | |||||||||||||
In 2013, Tolmar Inc. accounted for 15% of the Company’s total revenues. In 2012, Hospira and Pfizer accounted for 45% and 22% of the Company’s total revenues, respectively. In 2011, Hospira and Pfizer accounted for 34% and 16% of the Company’s total revenues, respectively. | |||||||||||||
Total revenue by geographic region for the years 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 11,087 | $ | 44,687 | $ | 27,782 | |||||||
Europe | 2,089 | 6,285 | 3,651 | ||||||||||
Japan | 1,104 | 1,151 | 1,183 | ||||||||||
Other | 1,046 | 947 | 871 | ||||||||||
Total | $ | 15,326 | $ | 53,070 | $ | 33,487 | |||||||
Revenue by geography is determined by the location of the customer. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. Inventories, in part, include certain excipients that are sold to a customer and included in products awaiting regulatory approval. These inventories are capitalized based on management’s judgment of probable sale prior to their expiration date which in turn is primarily based on non-binding forecasts from our customers as well as management’s internal estimates. The valuation of inventory requires management to estimate the value of inventory that may become expired prior to use. The Company may be required to expense previously capitalized inventory costs upon a change in management’s judgment, due to, among other potential factors, a denial or delay of approval of a customer’s product by the necessary regulatory bodies, or new information that suggests that the inventory will not be saleable. In addition, these circumstances may cause the Company to record a liability related to minimum purchase agreements that the Company has in place for raw materials. As of December 31, 2013, the Company had $1.2 million in inventory and $1.0 million of prepaid assets related to excipients that are included in REMOXY and other programs. In addition, the Company has future purchase commitments totaling $500,000 per year through 2018. In the event that management determines that the Company will not utilize all of these materials, there could be a potential write-off related to this inventory and a reserve for future purchase commitments. | |||||||||||||
The Company’s inventories consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Raw materials | $ | 1,404 | $ | 1,149 | |||||||||
Work in-process | 1,063 | 1,011 | |||||||||||
Finished goods | 1,035 | 1,239 | |||||||||||
Total inventories | $ | 3,502 | $ | 3,399 | |||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost less accumulated depreciation, which is computed using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the assets, or the terms of the related leases, whichever are shorter. | |||||||||||||
Acquired Intangible Assets and Goodwill | ' | ||||||||||||
Acquired Intangible Assets and Goodwill | |||||||||||||
Acquired intangible assets consist of patents, developed technology, trademarks and customer lists related to the Company’s acquisitions accounted for using the purchase method. Amortization of these purchased intangibles is calculated on a straight-line basis over the respective estimated useful lives of the assets ranging from four to seven years. The Company assesses goodwill for impairment at least annually. | |||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company reviews long-lived assets, including property and equipment, intangible assets, and other long-term assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. | |||||||||||||
An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. Impairment, if any, is calculated as the amount by which an asset’s carrying value exceeds its fair value, typically using discounted cash flows to determine fair value. Through December 31, 2013, there have been no material impairment losses. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for share-based payments using a fair-value based method for costs related to all share-based payments, including stock options and stock issued under the Company’s employee stock purchase plan (ESPP). The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. See Note 8 for further information regarding stock-based compensation. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenue from the sale of products is recognized when there is persuasive evidence that an arrangement exists, the product is shipped and title transfers to customers, provided no continuing obligation on the Company’s part exists, the price is fixed or determinable and the collectability of the amounts owed is reasonably assured. The Company enters into license and collaboration agreements under which it may receive upfront license fees, research funding and contingent milestone payments and royalties. The Company’s deliverables under these arrangements typically consist of granting licenses to intellectual property rights and providing research and development services. The accounting standards contain a presumption that separate contracts entered into at or near the same time with the same entity or related parties were negotiated as a package and should be evaluated as a single agreement. In the first quarter of 2011, the Company adopted ASU No. 2009-13, Revenue Recognition—Multiple Deliverable Revenue Arrangements (ASU 2009-13) for multiple deliverable revenue arrangements, on a prospective basis, for applicable transactions originating or materially modified on or subsequent to January 1, 2011. ASU 2009-13 provides application guidance on whether multiple deliverables exist, how the deliverables should be separated and how the consideration should be allocated to one or more units of accounting. This update changes the requirements for establishing separate units of accounting in a multiple element arrangement and establishes a selling price hierarchy for determining the selling price of a deliverable. The selling price used for each deliverable is based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. Implementation of ASU 2009-13 has had no impact on the Company’s reported revenue as compared to revenue under previous guidance. Under ASU 2009-13, the Company may be required to exercise considerable judgment in determining the estimated selling price of delivered items under new agreements and the Company’s revenue under new agreements may be more accelerated as compared to the prior accounting standard. | |||||||||||||
For multiple element arrangements entered into prior to January 1, 2011, the Company determined whether the elements had value on a stand-alone basis and whether there was objective and reliable evidence of fair value. When the delivered element did not have stand-alone value or there was insufficient evidence of fair value for the undelivered element(s), the Company recognized the consideration for the combined unit of accounting in the same manner as the revenue was recognized for the final deliverable, which was generally ratably over the longest period of involvement. For example, upfront payments received upon execution of collaborative agreements are recorded as deferred revenue and recognized as collaborative research and development revenue based on a straight-line basis over the period of the Company’s continuing involvement with the third-party collaborator pursuant to the applicable agreement. Such period generally represents the longer of the estimated research and development period or other continuing obligation period defined in the respective agreements between the Company and its third-party collaborators. Returns or credits related to the sale of products have not had a material impact on the Company’s revenues or net loss. | |||||||||||||
Research and development revenue related to services performed under the collaborative arrangements with the Company’s third-party collaborators is recognized as the related research and development services are performed. These research payments received under each respective agreement are not refundable and are generally based on reimbursement of qualified expenses, as defined in the agreements. Research and development expenses under the collaborative research and development agreements generally approximate or exceed the revenue recognized under such agreements over the term of the respective agreements. Deferred revenue may result when the Company does not expend the required level of effort during a specific period in comparison to funds received under the respective agreement. For joint control and funding development activities, the Company recognizes revenue from the net reimbursement of the research and development expenses from our collaborators and records the net payment of research and development expenses to our collaborators as additional research and development expense. | |||||||||||||
Milestone payments under collaborative arrangements are triggered either by the results of the Company’s research and development efforts or by specified sales results by a third-party collaborator. Milestones related to the Company’s development-based activities may include initiation of various phases of clinical trials, successful completion of a phase of development or results from a clinical trial, acceptance of a New Drug Application by the FDA or an equivalent filing with an equivalent regulatory agency in another territory, or regulatory approval by the FDA or by an equivalent regulatory agency in another territory. Due to the uncertainty involved in meeting these development-based milestones, the development-based milestones are considered to be substantial (i.e., not just achieved through passage of time) at the inception of the collaboration agreement. In addition, the amounts of the payments assigned thereto are considered to be commensurate with the enhancement of the value of the delivered intellectual property as a result of the Company’s performance. The Company’s involvement is necessary to the achievement of development-based milestones. The Company would account for development-based milestones as revenue upon achievement of the substantive milestone events. Milestones related to sales-based activities may be triggered upon events such as the first commercial sale of a product or when sales first achieve a defined level. Under the Company’s collaborative agreements, the Company’s third-party collaborators will take the lead in commercialization activities and the Company is typically not involved in the achievement of sales-based milestones. These sales-based milestones would be achieved after the completion of the Company’s development activities. The Company would account for the sales-based milestones in the same manner as royalties, with revenue recognized upon achievement of the milestone. In addition, upon the achievement of either development-based or sales-based milestone events, the Company has no future performance obligations related to any milestone payments. | |||||||||||||
Revenue on cost-plus-fee contracts, such as under contracts to perform research and development for others, is recognized as the related services are rendered as determined by the extent of reimbursable costs incurred plus estimated fees thereon. | |||||||||||||
Research and Development Expenses | ' | ||||||||||||
Research and Development Expenses | |||||||||||||
Research and development expenses are primarily comprised of salaries and benefits associated with research and development personnel, overhead and facility costs, preclinical and non-clinical development costs, clinical trial and related clinical manufacturing costs, contract services, and other outside costs. Research and development costs are expensed as incurred. Research and development costs paid to third parties under sponsored research agreements are recognized as the related services are performed. In addition, net reimbursements of research and development expenses incurred by the Company’s partners are recorded as collaborative research and development revenue. Net payments of research and development expenses to the Company’s partners are recorded as an addition to research and development expenses in the period incurred. | |||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Accumulated other comprehensive income as of December 31, 2013, 2012 and 2011 is entirely comprised of unrealized gains or losses on available-for-sale securities. | |||||||||||||
Segment Reporting | ' | ||||||||||||
Segment Reporting | |||||||||||||
The Company operates in one operating segment, which is the research, development and manufacturing of pharmaceutical products. | |||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
Net Income (Loss) Per Share | |||||||||||||
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income (loss) per share is computed using the weighted-average number of common shares outstanding and common stock equivalents (i.e., options and warrants to purchase common stock) outstanding during the period, if dilutive, using the treasury stock method for options and warrants. The numerators and denominators in the calculation of basic and diluted net income (loss) per share were as follows (in thousands except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerators: | |||||||||||||
Net income (loss) | $ | (21,452 | ) | $ | 16,200 | $ | (18,765 | ) | |||||
Denominators: | |||||||||||||
Weighted average shares used to compute basic net income (loss) per share | 103,078 | 88,433 | 87,410 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Dilution from stock options | — | 150 | — | ||||||||||
Dilution from ESPP | — | 6 | — | ||||||||||
Dilutive common shares | — | 156 | — | ||||||||||
Weighted average shares used to compute basic net income (loss) per share | 103,078 | 88,589 | 87,410 | ||||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ | (0.21 | ) | $ | 0.18 | $ | (0.21 | ) | |||||
Diluted | $ | (0.21 | ) | $ | 0.18 | $ | (0.21 | ) | |||||
The computation of diluted net income (loss) per share for the years ended December 31, 2013, 2012 and 2011 excludes the impact of options to purchase 19.6 million, 20.7 million and 21.3 million shares of common stock outstanding, respectively, at December 31, 2013, 2012 and 2011, as such impact would be antidilutive. | |||||||||||||
Shipping and Handling | ' | ||||||||||||
Shipping and Handling | |||||||||||||
Costs related to shipping and handling are included in cost of revenues for all periods presented. | |||||||||||||
Operating Leases | ' | ||||||||||||
Operating Leases | |||||||||||||
The Company leases administrative, manufacturing and laboratory facilities under operating leases. Lease agreements may include rent holidays, rent escalation clauses and tenant improvement allowances. The Company recognizes scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased space. The Company records tenant improvement allowances as deferred rent liabilities and amortizes the deferred rent over the terms of the lease to rent expense on the statements of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Total Revenue by Geographic Region | ' | ||||||||||||
Total revenue by geographic region for the years 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 11,087 | $ | 44,687 | $ | 27,782 | |||||||
Europe | 2,089 | 6,285 | 3,651 | ||||||||||
Japan | 1,104 | 1,151 | 1,183 | ||||||||||
Other | 1,046 | 947 | 871 | ||||||||||
Total | $ | 15,326 | $ | 53,070 | $ | 33,487 | |||||||
Summary of Components of Inventories | ' | ||||||||||||
The Company’s inventories consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Raw materials | $ | 1,404 | $ | 1,149 | |||||||||
Work in-process | 1,063 | 1,011 | |||||||||||
Finished goods | 1,035 | 1,239 | |||||||||||
Total inventories | $ | 3,502 | $ | 3,399 | |||||||||
Summary of Numerators and Denominators in Calculation of Basic and Diluted Net Income (Loss) per Share | ' | ||||||||||||
The numerators and denominators in the calculation of basic and diluted net income (loss) per share were as follows (in thousands except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerators: | |||||||||||||
Net income (loss) | $ | (21,452 | ) | $ | 16,200 | $ | (18,765 | ) | |||||
Denominators: | |||||||||||||
Weighted average shares used to compute basic net income (loss) per share | 103,078 | 88,433 | 87,410 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Dilution from stock options | — | 150 | — | ||||||||||
Dilution from ESPP | — | 6 | — | ||||||||||
Dilutive common shares | — | 156 | — | ||||||||||
Weighted average shares used to compute basic net income (loss) per share | 103,078 | 88,589 | 87,410 | ||||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ | (0.21 | ) | $ | 0.18 | $ | (0.21 | ) | |||||
Diluted | $ | (0.21 | ) | $ | 0.18 | $ | (0.21 | ) | |||||
Strategic_Agreements_Tables
Strategic Agreements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Collaborative Research and Development and Other Revenues Associated with Company's Major Third-Party Collaborators | ' | ||||||||||||
The collaborative research and development and other revenues associated with the Company’s major third-party collaborators are as follows (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Collaborator | |||||||||||||
Zogenix, Inc. (Zogenix) (1) | $ | 918 | $ | 1,872 | $ | 2,928 | |||||||
Pain Therapeutics, Inc. (Pain Therapeutics) | 750 | 750 | 750 | ||||||||||
Pfizer Inc. (Pfizer) (2) | 42 | 11,721 | 5,203 | ||||||||||
Hospira, Inc. (Hospira) (3) | — | 23,726 | 11,419 | ||||||||||
Nycomed Danmark ApS (Nycomed) (4) | — | 3,705 | 1,235 | ||||||||||
Others | 1,880 | 720 | 825 | ||||||||||
Total collaborative research and development and other revenue | $ | 3,590 | $ | 42,494 | $ | 22,360 | |||||||
-1 | Amounts related to ratable recognition of upfront fees were $241,000 in 2013, $312,000 in 2012, and $147,000 in 2011. A development and license agreement with Zogenix was entered into in July 2011; the Company and Zogenix had previously been working together under a feasibility agreement pursuant to which the Company’s research and development costs were reimbursed by Zogenix. | ||||||||||||
-2 | Amounts related to ratable recognition of upfront fees were zero in 2013, $9.9 million in 2012, and $2.7 million in 2011. In February 2011, Pfizer acquired King and thereby assumed the rights and obligations of King under the agreements the Company formerly had in place with King; accordingly amounts attributed to King are now shown as Pfizer figures. In February 2012, the Company was notified that Pfizer was terminating the worldwide Development and License Agreement between Alpharma (acquired by King which subsequently was acquired by Pfizer) and the Company dated September 19, 2008 relating to the development and commercialization of ELADUR. As a result, the Company recognized as revenue all of the remaining upfront fees in 2012 that had previously been deferred. | ||||||||||||
-3 | Amounts related to ratable recognition of upfront fees were zero in 2013, $3.7 million in 2012, and $1.2 million in 2011. Takeda Pharmaceutical Company Limited acquired Nycomed and thereby assumed the rights and obligations of Nycomed under the agreements the Company formerly had in place with Nycomed. In January 2012, the Company was notified that Nycomed was terminating the Development and License Agreement between Nycomed and the Company dated November 26, 2006, as amended, relating to the development and commercialization of POSIDUR (SABER-Bupivacaine) in Europe and their other licensed territories. As a result, the Company recognized as revenue all of the remaining upfront fees in 2012 that had previously been deferred. | ||||||||||||
-4 | Amounts related to ratable recognition of upfront fees were zero in 2013, $21.8 million in 2012 and $3.6 million in 2011. In March 2012, the Company was notified that Hospira was terminating the Development and License Agreement between Hospira and the Company dated June 1, 2010 relating to the development and commercialization of POSIDUR in the United States and Canada. As a result, the Company recognized as revenue all of the remaining upfront fees in 2012 that had previously been deferred. | ||||||||||||
Agreement with Zogenix, Inc. [Member] | ' | ||||||||||||
Summary of Collaborative Research and Development Revenue Recognized | ' | ||||||||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreements with Zogenix (in thousands). The cumulative aggregate payments received by the Company as of December 31, 2013 were $10.6 million under these agreements. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Ratable recognition of upfront payment | $ | 241 | $ | 312 | $ | 146 | |||||||
Research and development expenses reimbursable by Zogenix | 677 | 1,560 | 2,782 | ||||||||||
Total collaborative research and development revenue | $ | 918 | $ | 1,872 | $ | 2,928 | |||||||
Agreement with Hospira, Inc. [Member] | ' | ||||||||||||
Summary of Collaborative Research and Development Revenue Recognized | ' | ||||||||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreement with Hospira (in thousands). The cumulative aggregate payments received by the Company as of December 31, 2013 were $40.7 million under this agreement. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Recognition of upfront payment(1) | $ | — | $ | 21,758 | $ | 3,627 | |||||||
Research and development expenses reimbursable by Hospira | — | 1,968 | 7,792 | ||||||||||
Total collaborative research and development revenue | $ | — | $ | 23,726 | $ | 11,419 | |||||||
-1 | The Company’s estimate of the term of its continuing performance obligation was revised in the first quarter of 2012 as a result of the termination of the POSIDUR agreement by Hospira. As a result of the termination of the Hospira agreement for POSIDUR, the Company recorded as revenue during the first quarter of 2012 the remaining $21.8 million deferred revenue related to the upfront fee of the development and license agreement. | ||||||||||||
Summary of Amounts Comprising Company's Net Share of Research and Development Costs | ' | ||||||||||||
The following table provides a summary of amounts comprising the Company’s net share of the research and development costs for POSIDUR under the agreement with Hospira (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Research and development expenses reimbursable by Hospira | $ | — | $ | 1,968 | $ | 7,792 | |||||||
Research and development expenses reimbursable by the Company | — | — | — | ||||||||||
Net payable to Hospira | — | — | — | ||||||||||
Net receivable from Hospira | $ | — | $ | 1,968 | $ | 7,792 | |||||||
Agreement with Nycomed [Member] | ' | ||||||||||||
Summary of Collaborative Research and Development Revenue Recognized | ' | ||||||||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreement with Nycomed with regard to POSIDUR (in thousands). The cumulative aggregate payments received by the Company from Nycomed as of December 31, 2013 were $37.3 million under this agreement. In addition, the cumulative aggregate payments paid by the Company to Nycomed were $9.0 million as of December 31, 2013. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Recognition of upfront payment (1) | $ | — | $ | 3,705 | $ | 1,235 | |||||||
Research and development expenses reimbursable by Nycomed | — | — | — | ||||||||||
Total collaborative research and development revenue | $ | — | $ | 3,705 | $ | 1,235 | |||||||
-1 | The Company’s estimate of the term of its continuing performance obligation was revised in the first quarter of 2012 as a result of the termination of the agreement by Nycomed. As a result of the termination of the Nycomed agreement for POSIDUR, the Company recorded as revenue during the first quarter of 2012 the remaining $3.7 million deferred revenue related to the upfront fee of the development and license agreement. | ||||||||||||
Agreement with Alpharma Ireland Limited [Member] | ' | ||||||||||||
Summary of Collaborative Research and Development Revenue Recognized | ' | ||||||||||||
The following table provides a summary of collaborative research and development revenue recognized under the agreement with King with regard to ELADUR (in thousands). The cumulative aggregate payments received by the Company as of December 31, 2013 were $29.2 million under this agreement. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Recognition of upfront payment (1) | $ | — | $ | 9,895 | $ | 2,708 | |||||||
Research and development expenses reimbursable by King | — | 124 | 1,150 | ||||||||||
Total collaborative research and development revenue | $ | — | $ | 10,019 | $ | 3,858 | |||||||
-1 | The Company’s estimate of the term of our continuing performance obligation was revised in the first quarter of 2012 as a result of the termination of the agreement by Pfizer. As a result of the termination of this agreement for ELADUR, the Company recorded as revenue during the first quarter of 2012 the remaining $9.9 million deferred revenue related to the upfront fee of the development and license agreement. |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Acquired Intangible Assets | ' | ||||||||||||
Intangible assets recorded in connection with the Company’s acquisitions consist of the following (in thousands): | |||||||||||||
December 31, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Intangibles | Amortization | Intangibles | |||||||||||
Developed technology | $ | 3,600 | $ | (3,600 | ) | $ | — | ||||||
Patents | 591 | (573 | ) | 18 | |||||||||
Other intangible assets | 3,260 | (3,260 | ) | — | |||||||||
Total | $ | 7,451 | $ | (7,433 | ) | $ | 18 | ||||||
December 31, 2012 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Intangibles | Amortization | Intangibles | |||||||||||
Developed technology | $ | 3,600 | $ | (3,600 | ) | $ | — | ||||||
Patents | 591 | (555 | ) | 36 | |||||||||
Other intangible assets | 3,260 | (3,260 | ) | — | |||||||||
Total | $ | 7,451 | $ | (7,415 | ) | $ | 36 | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements of Assets and Liabilities | ' | ||||||||||||||||
The following table sets forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis as of December 31, 2013 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Certificates of deposit | — | 450 | — | 450 | |||||||||||||
Commercial paper | — | 1,249 | — | 1,249 | |||||||||||||
Corporate debt | — | 3,258 | — | 3,258 | |||||||||||||
U.S. Government agencies | — | 16,898 | — | 16,898 | |||||||||||||
Total | $ | 34 | $ | 21,855 | $ | — | $ | 21,889 | |||||||||
The following table sets forth the fair value of our financial assets that were measured at fair value on a recurring basis as of December 31, 2012 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds | $ | 4,204 | $ | — | $ | — | $ | 4,204 | |||||||||
Certificates of deposit | — | 550 | — | 550 | |||||||||||||
Commercial paper | — | 8,993 | — | 8,993 | |||||||||||||
Corporate debt | — | 3,807 | — | 3,807 | |||||||||||||
U.S. Government agencies | — | 10,050 | — | 10,050 | |||||||||||||
Total | $ | 4,204 | $ | 23,400 | $ | — | $ | 27,604 | |||||||||
Summary of Available-for-Sale Securities | ' | ||||||||||||||||
The following is a summary of available-for-sale securities as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gain | Loss | Fair | ||||||||||||||
Value | |||||||||||||||||
Money market funds | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||
Certificates of deposit | 450 | — | — | 450 | |||||||||||||
Commercial paper | 1,249 | — | — | 1,249 | |||||||||||||
Corporate debt | 3,257 | 1 | — | 3,258 | |||||||||||||
U.S. Government agencies | 16,898 | 1 | (1 | ) | 16,898 | ||||||||||||
$ | 21,888 | $ | 2 | $ | (1 | ) | $ | 21,889 | |||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 5,334 | $ | — | $ | — | $ | 5,334 | |||||||||
Short-term investments | 12,752 | 2 | (1 | ) | 12,753 | ||||||||||||
Long-term investments | 3,352 | — | — | 3,352 | |||||||||||||
Long-term restricted investments | 450 | — | — | 450 | |||||||||||||
$ | 21,888 | $ | 2 | $ | (1 | ) | $ | 21,889 | |||||||||
December 31, 2012 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gain | Loss | Fair | ||||||||||||||
Value | |||||||||||||||||
Money market funds | $ | 4,204 | $ | — | $ | — | $ | 4,204 | |||||||||
Certificates of deposit | 550 | — | — | 550 | |||||||||||||
Commercial paper | 8,993 | — | — | 8,993 | |||||||||||||
Corporate debt | 3,806 | 1 | — | 3,807 | |||||||||||||
U.S. Government agencies | 10,045 | 5 | — | 10,050 | |||||||||||||
$ | 27,598 | $ | 6 | $ | — | $ | 27,604 | ||||||||||
Reported as: | |||||||||||||||||
Cash and cash equivalents | $ | 9,867 | $ | — | $ | — | $ | 9,867 | |||||||||
Short-term investments | 17,331 | 6 | — | 17,337 | |||||||||||||
Long-term restricted investments | 400 | — | — | 400 | |||||||||||||
$ | 27,598 | $ | 6 | $ | — | $ | 27,604 | ||||||||||
Summary of Cost and Estimated Fair Value of Available-for-Sale Securities at by Contractual Maturity | ' | ||||||||||||||||
The following is a summary of the cost and estimated fair value of available-for-sale securities at December 31, 2013, by contractual maturity (in thousands): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
Cost | Fair | ||||||||||||||||
Value | |||||||||||||||||
Mature in one year or less | $ | 18,502 | $ | 18,503 | |||||||||||||
Mature after one year through five years | 3,352 | 3.352 | |||||||||||||||
$ | 21,854 | $ | 21,855 | ||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Equipment | $ | 12,438 | $ | 12,369 | |||||
Leasehold improvement | 9,855 | 9,755 | |||||||
Construction-in-progress | 180 | 289 | |||||||
22,473 | 22,413 | ||||||||
Less accumulated depreciation and amortization | (20,488 | ) | (19,956 | ) | |||||
Property and equipment, net | $ | 1,985 | $ | 2,457 | |||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Schedule of Future Operating Lease Minimum Payments | ' | ||||
Future minimum payments (including principal and interest) under these noncancelable leases are as follows (in thousands): | |||||
Year ending December 31, | Operating | ||||
Leases | |||||
2014 | $ | 2,385 | |||
2015 | 2,455 | ||||
2016 | 2,477 | ||||
2017 | 2,500 | ||||
Thereafter | 3,504 | ||||
$ | 13,321 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Summary of Shares of Common Stock Reserved for Future Issuance | ' | ||||||||||||||||||||
As of December 31, 2013, shares of common stock reserved for future issuance consisted of the following: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Stock options outstanding | 23,736,331 | ||||||||||||||||||||
Stock options available for grant | 3,406,167 | ||||||||||||||||||||
Employee Stock Purchase Plan | 245,377 | ||||||||||||||||||||
27,387,875 | |||||||||||||||||||||
Summary of Stock Option Activity under all Stock-Based Compensation Plans | ' | ||||||||||||||||||||
A summary of stock option activity under all stock-based compensation plans is as follows: | |||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Average Remaining | Intrinsic | ||||||||||||||||||
Exercise | Contractual Term | Value | |||||||||||||||||||
Price Per Share | (in Years) | (in millions) | |||||||||||||||||||
Outstanding at December 31, 2010 | 19,383,134 | $ | 3.68 | 6.36 | $ | — | |||||||||||||||
Options granted | 2,931,779 | $ | 3.17 | ||||||||||||||||||
Options exercised | (300,809 | ) | $ | 2.71 | |||||||||||||||||
Options forfeited | (923,172 | ) | $ | 2.91 | |||||||||||||||||
Options expired | (625,868 | ) | $ | 7.21 | |||||||||||||||||
Outstanding at December 31, 2011 | 20,465,064 | $ | 3.55 | 5.65 | $ | — | |||||||||||||||
Options granted | 3,418,287 | $ | 0.79 | ||||||||||||||||||
Options exercised | (179,067 | ) | $ | 0.78 | |||||||||||||||||
Options forfeited | (640,649 | ) | $ | 2.47 | |||||||||||||||||
Options expired | (2,161,479 | ) | $ | 4.37 | |||||||||||||||||
Outstanding at December 31, 2012 | 20,902,156 | $ | 3.07 | 5.41 | $ | — | |||||||||||||||
Options granted | 4,592,849 | $ | 1.21 | ||||||||||||||||||
Options exercised | (187,014 | ) | $ | 1.01 | |||||||||||||||||
Options forfeited | (54,308 | ) | $ | 1.62 | |||||||||||||||||
Options expired | (1,517,352 | ) | $ | 3.17 | |||||||||||||||||
Outstanding at December 31, 2013 | 23,736,331 | $ | 2.73 | 5.6 | $ | 5.2 | |||||||||||||||
Exercisable at December 31, 2013 | 19,900,600 | $ | 2.97 | 5.04 | $ | 3.2 | |||||||||||||||
Vested and expected to vest at December 31, 2013 | 23,374,815 | $ | 2.75 | 5.54 | $ | 5 | |||||||||||||||
Summary of Employee Stock-Based Compensation Cost that has been Included in Statements of Operations and Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The employee stock-based compensation cost that has been included in the statements of operations and comprehensive income (loss) is shown as below (in thousands): | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cost of product revenues | $ | 170 | $ | 244 | $ | 328 | |||||||||||||||
Research and development | 1,999 | 2,602 | 4,181 | ||||||||||||||||||
Selling, general and administrative | 1,257 | 1,474 | 2,132 | ||||||||||||||||||
$ | 3,426 | $ | 4,320 | $ | 6,641 | ||||||||||||||||
Summary of Assumptions Used to Estimate Fair Value of Options Granted and Shares Purchased | ' | ||||||||||||||||||||
The Company used the following assumptions to estimate the fair value of options granted (including fully vested options issued in February 2012 and February 2013) and shares purchased under its stock plans and employee stock purchase plan for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Stock Options | |||||||||||||||||||||
Risk-free rate | 0.9-2.9 | % | 0.9-1.5 | % | 1.2-2.7 | % | |||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||
Expected term (in years) | 5.3 – 10.0 | 5.5 – 6.5 | 6.3 | ||||||||||||||||||
Volatility | 77-86 | % | 78-81 | % | 73-77 | % | |||||||||||||||
Forfeiture rate | 8.4 | % | 7.7 | % | 6.1 | % | |||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
Risk-free rate | 0.1-0.2 | % | 0.1-1.0 | % | 0.1-1.0 | % | |||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||
Expected term (in years) | 0.5 | 1.3 | 1.3 | ||||||||||||||||||
Volatility | 64-81 | % | 69-101 | % | 50-163 | % | |||||||||||||||
Summary of Stock Options Outstanding | ' | ||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||||||
Exercise Price | Options | Average | Average | Options | Average | ||||||||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||
(In years) | |||||||||||||||||||||
$0.73 – 0.73 | 20,000 | 8.28 | $ | 0.73 | 7,500 | $ | 0.73 | ||||||||||||||
$0.74 – 0.78 | 2,747,977 | 8.04 | $ | 0.78 | 1,859,091 | $ | 0.78 | ||||||||||||||
$0.82 – 1.20 | 501,105 | 9.05 | $ | 1.01 | 228,371 | $ | 0.94 | ||||||||||||||
$1.21 – 1.21 | 3,814,429 | 9.1 | $ | 1.21 | 2,315,220 | $ | 1.21 | ||||||||||||||
$1.24 – 2.13 | 1,840,314 | 6.08 | $ | 1.86 | 1,428,844 | $ | 2.02 | ||||||||||||||
$2.18 – 2.18 | 2,522,000 | 5.79 | $ | 2.18 | 2,411,057 | $ | 2.18 | ||||||||||||||
$2.22 – 3.11 | 3,295,880 | 4.17 | $ | 2.92 | 3,269,786 | $ | 2.92 | ||||||||||||||
$3.12 – 3.26 | 3,315,805 | 4.32 | $ | 3.24 | 2,722,535 | $ | 3.24 | ||||||||||||||
$3.29 – 4.43 | 2,405,285 | 3.07 | $ | 4.12 | 2,384,660 | $ | 4.13 | ||||||||||||||
$4.45 – 6.32 | 3,273,536 | 3.08 | $ | 5.56 | 3,273,536 | $ | 5.56 | ||||||||||||||
$0.73 – 6.32 | 23,736,331 | 5.6 | $ | 2.73 | 19,900,600 | $ | 2.97 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Income Tax Expenses (Benefit) | ' | ||||||||||||
The reconciliation of income tax expenses (benefit) at the statutory federal income tax rate of 34% to net income tax benefit included in the statements of operations for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal taxes provision (benefit) at statutory rate | $ | (7,184 | ) | $ | 5,516 | $ | (6,377 | ) | |||||
State taxes | — | — | — | ||||||||||
Change in valuation allowance | 9,517 | (7,208 | ) | 5,355 | |||||||||
Stock-based compensation | 375 | 1,688 | 995 | ||||||||||
Change in deferreds | (1,718 | ) | — | — | |||||||||
Other | (670 | ) | 4 | 27 | |||||||||
Total income tax provision | $ | 320 | $ | — | $ | — | |||||||
Summary of Components of Company's Deferred Tax Assets | ' | ||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 98,425 | $ | 91,979 | |||||||||
Research and other credits | 10,127 | 9,191 | |||||||||||
Capitalized research and development expenses | 498 | 179 | |||||||||||
Deferred revenue | 584 | 624 | |||||||||||
Stock-based compensation | 8,661 | 6,708 | |||||||||||
Other | 3,724 | 1,600 | |||||||||||
Total deferred tax assets | 122,019 | 110,281 | |||||||||||
Valuation allowance for deferred tax assets | (122,019 | ) | (110,281 | ) | |||||||||
Deferred tax liabilities—Intangibles | (320 | ) | — | ||||||||||
Net deferred tax assets and liabilities | $ | (320 | ) | $ | — | ||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at beginning of the year | $ | 4,777 | $ | 4,644 | |||||||||
Increases (decrease) related to prior year tax positions | 88 | — | |||||||||||
Increases (decrease) related to current year tax positions | 387 | 133 | |||||||||||
Settlements | — | — | |||||||||||
Reductions due to lapse of applicable statute of limitations | — | — | |||||||||||
Balance at end of the year | $ | 5,252 | $ | 4,777 | |||||||||
Unaudited_Selected_Quarterly_F1
Unaudited Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||
2013 | 2012* | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Revenue | $ | 4,153 | $ | 41,185 | $ | 3,918 | $ | 4,796 | $ | 2,966 | $ | 3,828 | $ | 4,289 | $ | 3,262 | |||||||||||||||||
Net income (loss) | $ | (5,183 | ) | $ | 30,829 | $ | (5,145 | ) | $ | (4,328 | ) | $ | (6,024 | ) | $ | (4,803 | ) | $ | (5,100 | ) | $ | (5,498 | ) | ||||||||||
Basic net income (loss) per share | $ | (0.05 | ) | $ | 0.35 | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | ||||||||||
Diluted net income (loss) per share | $ | (0.05 | ) | $ | 0.35 | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.06 | ) | ||||||||||
* | Revenue in the first quarter of 2012 included one-time recognition of $35.4 million of collaborative research and development revenue as a result of the termination of the Company’s agreements with Nycomed, Pfizer and Hospira. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | ||||
Class of Stock [Line Items] | ' | ' | ' | ' |
State of incorporation | ' | 'Delaware | ' | ' |
Date of incorporation | ' | 6-Feb-98 | ' | ' |
Highly liquid investments maturity period | ' | '90 days or less | ' | ' |
Long-term investments maturity period | ' | 'One year or beyond | ' | ' |
Collaborative research and development revenue | $35,400,000 | ' | $35,400,000 | ' |
Inventories | ' | 3,502,000 | 3,399,000 | ' |
Remaining minimum purchase commitments | ' | 500,000 | ' | ' |
Long-lived assets, impairment losses | ' | 0 | ' | ' |
Number of operating segment | ' | 1 | ' | ' |
Options to purchase common stock excluded from computation of diluted net income (loss) per share | ' | 19.6 | 20.7 | 21.3 |
Agreement with Pain Therapeutics, Inc. [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Inventories | ' | 1,200,000 | ' | ' |
Prepaid assets | ' | 1,000,000 | ' | ' |
Remaining minimum purchase commitments | ' | $500,000 | ' | ' |
ALZET product line [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Percentage of revenue accounted in Company's total revenue | ' | 48.00% | 13.00% | 22.00% |
LACTEL product line [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Percentage of revenue accounted in Company's total revenue | ' | 26.00% | 7.00% | 9.00% |
Hospira Inc. [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Percentage of revenue accounted in Company's total revenue | ' | ' | 45.00% | 34.00% |
Pfizer Inc. [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Percentage of revenue accounted in Company's total revenue | ' | ' | 22.00% | 16.00% |
Tolmar Inc. [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Percentage of revenue accounted in Company's total revenue | ' | 15.00% | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Short-term investments maturity period | ' | '90 days | ' | ' |
Property and equipment, estimated useful life | ' | '3 years | ' | ' |
Acquired intangible assets, estimated useful life | ' | '4 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Short-term investments maturity period | ' | '1 year | ' | ' |
Property and equipment, estimated useful life | ' | '5 years | ' | ' |
Acquired intangible assets, estimated useful life | ' | '7 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Total Revenue by Geographic Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $4,289 | $2,966 | $3,918 | $4,153 | $3,262 | $3,828 | $4,796 | $41,185 | $15,326 | $53,070 | $33,487 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,087 | 44,687 | 27,782 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,089 | 6,285 | 3,651 |
Japan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,104 | 1,151 | 1,183 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $1,046 | $947 | $871 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Components of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials | $1,404 | $1,149 |
Work in-process | 1,063 | 1,011 |
Finished goods | 1,035 | 1,239 |
Total inventories | $3,502 | $3,399 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of Numerators and Denominators in Calculation of Basic and Diluted Net Income (Loss) per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerators: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($5,100) | ($6,024) | ($5,145) | ($5,183) | ($5,498) | ($4,803) | ($4,328) | $30,829 | ($21,452) | $16,200 | ($18,765) |
Denominators: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares used to compute basic net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 103,078 | 88,433 | 87,410 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilution from stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' |
Dilution from ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Dilutive common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156 | ' |
Weighted average shares used to compute basic net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 103,078 | 88,589 | 87,410 |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ($0.21) | $0.18 | ($0.21) |
Diluted | ($0.05) | ($0.06) | ($0.05) | ($0.05) | ($0.06) | ($0.05) | ($0.05) | $0.35 | ($0.21) | $0.18 | ($0.21) |
Strategic_Agreements_Summary_o
Strategic Agreements - Summary of Collaborative Research and Development and Other Revenues Associated with Company's Major Third-Party Collaborators (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | $3,590 | $42,494 | $22,360 |
Zogenix, Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | 918 | 1,872 | 2,928 |
Pain Therapeutics, Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | 750 | 750 | 750 |
Pfizer Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | 42 | 11,721 | 5,203 |
Hospira Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | ' | 23,726 | 11,419 |
Nycomed Danmark ApS [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | ' | 3,705 | 1,235 |
Others [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | $1,880 | $720 | $825 |
Strategic_Agreements_Summary_o1
Strategic Agreements - Summary of Collaborative Research and Development and Other Revenues Associated with Company's Major Third-Party Collaborators (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Zogenix, Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amounts related to ratable recognition of upfront fees | $241,000 | $312,000 | $147,000 |
Pfizer Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amounts related to ratable recognition of upfront fees | 0 | 9,900,000 | 2,700,000 |
Hospira Inc. [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amounts related to ratable recognition of upfront fees | 0 | 3,700,000 | 1,200,000 |
Nycomed Danmark ApS [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amounts related to ratable recognition of upfront fees | $0 | $21,800,000 | $3,600,000 |
Strategic_Agreements_Additiona
Strategic Agreements - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Future milestone payments | $171.60 |
Development-based milestones [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Future milestone payments | 66.6 |
Sales-based milestones [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Future milestone payments | 105 |
Early stage clinical testing [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Development-based milestones | 3.1 |
Late stage clinical testing [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Development-based milestones | 9.8 |
Regulatory filings [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Development-based milestones | 17.7 |
Regulatory approvals [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Development-based milestones | $36 |
Strategic_Agreements_Agreement
Strategic Agreements - Agreement with Pain Therapeutics, Inc. - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2005 | Oct. 31, 2003 | Dec. 31, 2002 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Drug | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' |
Total collaborative research and development and other revenue | ' | ' | ' | $3,590,000 | $42,494,000 | $22,360,000 |
Agreement with Pain Therapeutics, Inc. [Member] | ' | ' | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' |
Number of specified opioid drugs | ' | ' | 4 | ' | ' | ' |
Upfront license fee | 100,000 | 100,000 | 900,000 | 1,000,000 | ' | ' |
Performance milestone payments based on successful development | ' | ' | ' | 9,300,000 | ' | ' |
Revenue recognition milestone achieved | ' | ' | ' | 1,700,000 | ' | ' |
Total collaborative research and development and other revenue | ' | ' | ' | 750,000 | 750,000 | 750,000 |
Net receivable from Company | ' | ' | ' | 34,200,000 | ' | ' |
Development-based milestones | ' | ' | ' | 9,300,000 | ' | ' |
Agreement with Pain Therapeutics, Inc. [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of royalty received for REMOXY and other licensed products | ' | ' | ' | 6.00% | ' | ' |
Agreement with Pain Therapeutics, Inc. [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of royalty received for REMOXY and other licensed products | ' | ' | ' | 11.50% | ' | ' |
Agreement with Pfizer [Member] | ' | ' | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' |
Total collaborative research and development and other revenue | ' | ' | ' | 42,000 | 1,700,000 | 1,300,000 |
Net receivable from Company | ' | ' | ' | $7,100,000 | ' | ' |
Strategic_Agreements_Long_Term
Strategic Agreements - Long Term Supply Agreement with King - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Product revenue, net | $11,736,000 | $10,576,000 | $11,127,000 |
Cost of goods sold | 4,837,000 | 4,654,000 | 4,713,000 |
Agreement with Pfizer [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Product revenue, net | 273,000 | 48,000 | 490,000 |
Cost of goods sold | $165,000 | $33,000 | $302,000 |
Strategic_Agreements_Agreement1
Strategic Agreements - Agreement with Zogenix, Inc. - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2011 | Dec. 31, 2013 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Future milestone payments | ' | $171.60 |
Development-based milestones [Member] | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Future milestone payments | ' | 66.6 |
Sales-based milestones [Member] | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Future milestone payments | ' | 105 |
Agreement with Zogenix, Inc. [Member] | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Non-refundable upfront fee | 2.25 | 2.25 |
Future milestone payments | ' | 103 |
Patent royalty term | ' | '15 years |
Cumulative aggregate payments received by the Company | ' | 10.6 |
Agreement with Zogenix, Inc. [Member] | Development-based milestones [Member] | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Future milestone payments | ' | 28 |
Agreement with Zogenix, Inc. [Member] | Sales-based milestones [Member] | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Future milestone payments | ' | $75 |
Strategic_Agreements_Summary_o2
Strategic Agreements - Summary of Collaborative Research and Development Revenue Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Total collaborative research and development and other revenue | $3,590 | $42,494 | $22,360 |
Agreement with Nycomed [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Ratable recognition of upfront payment | ' | 3,705 | 1,235 |
Research and development expenses reimbursable by the company | ' | ' | ' |
Total collaborative research and development and other revenue | ' | 3,705 | 1,235 |
Agreement with Alpharma Ireland Limited [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Ratable recognition of upfront payment | ' | 9,895 | 2,708 |
Research and development expenses reimbursable by the company | ' | 124 | 1,150 |
Total collaborative research and development and other revenue | ' | 10,019 | 3,858 |
Agreement with Zogenix, Inc. [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Ratable recognition of upfront payment | 241 | 312 | 146 |
Research and development expenses reimbursable by the company | 677 | 1,560 | 2,782 |
Total collaborative research and development and other revenue | 918 | 1,872 | 2,928 |
Agreement with Hospira, Inc. [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Ratable recognition of upfront payment | ' | 21,758 | 3,627 |
Research and development expenses reimbursable by the company | ' | 1,968 | 7,792 |
Total collaborative research and development and other revenue | ' | $23,726 | $11,419 |
Strategic_Agreements_Agreement2
Strategic Agreements - Agreement with Hospira, Inc. - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Dec. 31, 2013 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Deferred revenue upfront fee | $21,800,000 | ' |
Agreement with Hospira, Inc. [Member] | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Non-refundable upfront fee | ' | 27,500,000 |
Deferred revenue upfront fee | 21,800,000 | ' |
Net receivable from Company | ' | $40,700,000 |
Strategic_Agreements_Summary_o3
Strategic Agreements - Summary of Amounts Comprising Company's Net Share of Research and Development Costs (Detail) (Agreement with Hospira, Inc. [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Net receivable from Company | $40,700 | ' | ' |
License agreement terms [Member] | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Research and development expenses | ' | 1,968 | 7,792 |
Research and development expenses reimbursable by the Company | ' | ' | ' |
Net payable to Hospira | ' | ' | ' |
Net receivable from Company | ' | $1,968 | $7,792 |
Strategic_Agreements_Summary_o4
Strategic Agreements - Summary of Collaborative Research and Development Revenue Recognized (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2012 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Deferred revenue upfront fee | $21.80 |
Agreement with Nycomed [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Deferred revenue upfront fee | 3.7 |
Agreement with Alpharma Ireland Limited [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Deferred revenue upfront fee | $9.90 |
Strategic_Agreements_Agreement3
Strategic Agreements - Agreement with Nycomed - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Development-based milestones [Member] | Agreement with Nycomed [Member] | Agreement with Nycomed [Member] | Agreement with Nycomed [Member] | Agreement with Nycomed [Member] | Agreement with Nycomed [Member] | Agreement with Nycomed [Member] | |||
License agreement terms [Member] | License agreement terms [Member] | License agreement terms [Member] | Development-based milestones [Member] | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront license fee | ' | ' | ' | ' | $14,000,000 | ' | ' | ' | ' |
Future milestone payments | ' | 171,600,000 | 66,600,000 | ' | ' | ' | ' | ' | 8,000,000 |
Deferred revenue upfront fee | 21,800,000 | ' | ' | 3,700,000 | ' | ' | ' | ' | ' |
Research and development expenses | ' | ' | ' | ' | 9,000,000 | 0 | 0 | 0 | ' |
Net receivable from Company | ' | ' | ' | ' | $37,300,000 | ' | ' | ' | ' |
Strategic_Agreements_Agreement4
Strategic Agreements - Agreement with Alpharma Ireland Limited - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Dec. 31, 2013 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Deferred revenue upfront fee | $21,800,000 | ' |
Agreement with Alpharma Ireland Limited [Member] | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' |
Upfront license fee | ' | 20,000,000 |
Deferred revenue upfront fee | 9,900,000 | ' |
Net receivable from Company | ' | $29,200,000 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Summary of Acquired Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangibles | $7,451 | $7,451 |
Accumulated Amortization | -7,433 | -7,415 |
Net Intangibles | 18 | 36 |
Developed technology [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangibles | 3,600 | 3,600 |
Accumulated Amortization | -3,600 | -3,600 |
Patents [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangibles | 591 | 591 |
Accumulated Amortization | -573 | -555 |
Net Intangibles | 18 | 36 |
Other intangible assets [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangibles | 3,260 | 3,260 |
Accumulated Amortization | ($3,260) | ($3,260) |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Net amount of intangible assets | $18,000 | $36,000 | ' |
Amortization of intangible assets in year 1 | 17,900 | ' | ' |
Amortization of intangible assets in year 2 | 100 | ' | ' |
Goodwill | 6,399,000 | 6,399,000 | ' |
Goodwill impairment | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Acquired intangible assets, estimated useful life | '4 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Acquired intangible assets, estimated useful life | '7 years | ' | ' |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value Measurements of Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | $21,889 | $27,604 |
Money market funds [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 34 | 4,204 |
Certificates of deposit [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 450 | 550 |
Commercial paper [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 1,249 | 8,993 |
Corporate debt [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 3,258 | 3,807 |
U.S. Government agencies [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 16,898 | 10,050 |
Level 1 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 34 | 4,204 |
Level 1 [Member] | Money market funds [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 34 | 4,204 |
Level 1 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 1 [Member] | Commercial paper [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 1 [Member] | Corporate debt [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 1 [Member] | U.S. Government agencies [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 21,855 | 23,400 |
Level 2 [Member] | Money market funds [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 2 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 450 | 550 |
Level 2 [Member] | Commercial paper [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 1,249 | 8,993 |
Level 2 [Member] | Corporate debt [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 3,258 | 3,807 |
Level 2 [Member] | U.S. Government agencies [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | 16,898 | 10,050 |
Level 3 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Money market funds [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Commercial paper [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Corporate debt [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | U.S. Government agencies [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Financial_Instruments_Summary_
Financial Instruments - Summary of Available-for-Sale Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $21,888 | $27,598 |
Unrealized Gain | 2 | 6 |
Unrealized Loss | -1 | ' |
Estimated Fair Value | 21,889 | 27,604 |
Money market funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 34 | 4,204 |
Unrealized Gain | ' | ' |
Unrealized Loss | ' | ' |
Estimated Fair Value | 34 | 4,204 |
Certificates of deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 450 | 550 |
Unrealized Gain | ' | ' |
Unrealized Loss | ' | ' |
Estimated Fair Value | 450 | 550 |
Commercial paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,249 | 8,993 |
Unrealized Gain | ' | ' |
Unrealized Loss | ' | ' |
Estimated Fair Value | 1,249 | 8,993 |
Corporate debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,257 | 3,806 |
Unrealized Gain | 1 | 1 |
Unrealized Loss | ' | ' |
Estimated Fair Value | 3,258 | 3,807 |
U.S. Government agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 16,898 | 10,045 |
Unrealized Gain | 1 | 5 |
Unrealized Loss | -1 | ' |
Estimated Fair Value | 16,898 | 10,050 |
Cash and cash equivalents [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,334 | 9,867 |
Unrealized Gain | ' | ' |
Unrealized Loss | ' | ' |
Estimated Fair Value | 5,334 | 9,867 |
Short-term investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 12,752 | 17,331 |
Unrealized Gain | 2 | 6 |
Unrealized Loss | -1 | ' |
Estimated Fair Value | 12,753 | 17,337 |
Long-term investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,352 | ' |
Unrealized Gain | ' | ' |
Unrealized Loss | ' | ' |
Estimated Fair Value | 3,352 | ' |
Long-term restricted investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 450 | 400 |
Unrealized Gain | ' | ' |
Unrealized Loss | ' | ' |
Estimated Fair Value | $450 | $400 |
Financial_Instruments_Summary_1
Financial Instruments - Summary of Cost and Estimated Fair Value of Available-for-Sale Securities at by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments Debt And Equity Securities [Abstract] | ' |
Mature in one year or less, Amortized Cost | $18,502 |
Mature after one year through five years, Amortized Cost | 3,352 |
Amortized Cost | 21,854 |
Mature in one year or less, Estimated Fair Value | 18,503 |
Mature after one year through five years, Estimated Fair Value | 3,352 |
Estimated Fair Value | $21,855 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments Debt And Equity Securities [Abstract] | ' |
Unrealized loss of securities | $0 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $22,473 | $22,413 |
Less accumulated depreciation and amortization | -20,488 | -19,956 |
Property and equipment, net | 1,985 | 2,457 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 12,438 | 12,369 |
Leasehold improvement [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 9,855 | 9,755 |
Construction-in-progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $180 | $289 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation expense | $541,000 | $948,000 | $1,200,000 |
Amortization expense | 9,306 | 9,307 | 9,844 |
Restoration cost | $558,000 | ' | ' |
Restricted_Investments_Additio
Restricted Investments - Additional Information (Detail) (Alabama and California [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Alabama and California [Member] | ' | ' |
Restricted Investments [Line Items] | ' | ' |
Restricted investments in connection with deposits on letters of credit | $450,000 | $400,000 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expenses of operating leases | $1,500,000 | $1,600,000 | $2,000,000 |
Remaining minimum purchase commitments | $500,000 | ' | ' |
Commitments_Schedule_of_Future
Commitments - Schedule of Future Operating Lease Minimum Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $2,385 |
2015 | 2,455 |
2016 | 2,477 |
2017 | 2,500 |
Thereafter | 3,504 |
Total operating leases future minimum payments | $13,321 |
Stockholders_Equity_Common_Sto
Stockholders' Equity - Common Stock - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock price per share | ' | $1.40 | $0.90 | ' |
Net proceeds after deducting underwriting discounts and commissions offering expenses | $315,000 | $10,600,000 | $231,000 | $1,126,000 |
Securities offered | 100,900,000 | ' | ' | ' |
Common stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Issuance of common stock upon equity financing net of issuance cost | 8,214 | 8,214 | 14,000 | ' |
Amount of credit facility | $25,000,000 | ' | ' | ' |
Stockholders_Equity_2000_Stock
Stockholders' Equity - 2000 Stock Plan (Incentive Stock Plan) - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2000 | Apr. 30, 2013 | Apr. 30, 2013 |
2000 Stock Plan [Member] | 2000 Stock Plan [Member] | 2000 Stock Plan [Member] | 2000 Stock Plan [Member] | 2000 Stock Plan [Member] | |||||
Non-employee director [Member] | Minimum [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum expiration term of stock appreciation rights | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Extended term of stock plan to the date | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Issuance of common stock upon equity financing, net of issuance cost | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' |
Reserved common stock for issuance | 27,387,875 | ' | ' | ' | ' | 29,796,500 | ' | ' | ' |
Plan expiry date | ' | ' | ' | ' | ' | 30-Jun-20 | ' | ' | ' |
Options exercised, shares | ' | ' | ' | ' | 70,000 | ' | 30,000 | ' | ' |
Option plan vesting period | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Stock option exercisable period | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 years |
Options granted with different vesting terms | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Minimum percentage of total combined voting power of stock | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Minimum exercise price as percentage of fair market value to holder of more than 10% voting power | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' |
Minimum exercise price as percentage of fair market value to holder of 10% or less voting power | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Shares available for future grant | ' | ' | ' | ' | ' | 3,406,167 | ' | ' | ' |
Common stock outstanding | 23,736,331 | 20,902,156 | 20,465,064 | 19,383,134 | ' | 23,114,331 | ' | ' | ' |
Stockholders_Equity_2000_Direc
Stockholders' Equity - 2000 Directors' Stock Option Plan - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 30, 2005 | Mar. 31, 2000 | Jun. 30, 2002 | Dec. 31, 2013 | Mar. 31, 2000 |
2000 Directors' Stock Option Plan [Member] | 2000 Directors' Stock Option Plan [Member] | 2000 Directors' Stock Option Plan [Member] | 2000 Directors' Stock Option Plan [Member] | 2000 Directors' Stock Option Plan [Member] | |||||
Non-employee director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options shares reserved for issuance | ' | ' | ' | ' | 925,000 | 300,000 | 500,000 | ' | 20,000 |
Percentage of options granted | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' |
Number of shares vested for annual option | 23,374,815 | ' | ' | ' | ' | 5,000 | ' | ' | ' |
Options exercised, shares | ' | ' | ' | ' | 12,000 | 5,000 | 30,000 | ' | 20,000 |
Stock option increase | ' | ' | ' | ' | 425,000 | ' | 200,000 | ' | ' |
Common stock outstanding | 23,736,331 | 20,902,156 | 20,465,064 | 19,383,134 | ' | ' | ' | 622,000 | ' |
Shares available for future grant | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Stockholders_Equity_2000_Emplo
Stockholders' Equity - 2000 Employee Stock Purchase Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Feb. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares issued | 110,409,000 | 101,880,000 | ' | ' | ' |
Options granted with exercise prices lower than fair market | $0 | $0 | $0 | ' | ' |
Excess tax benefits recognized for tax deductions on stock based compensation | 0 | ' | ' | ' | ' |
Incremental tax benefits recognized from stock options exercised | 0 | ' | ' | ' | ' |
2000 Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Employee stock purchase plan | '24 months | ' | ' | ' | ' |
Exercise price as percentage of fair market value minimum | 85.00% | ' | ' | ' | ' |
Stock option increase | ' | 250,000 | ' | ' | ' |
Extended term of stock plan to the date | ' | '10 years | ' | ' | ' |
Options shares reserved for issuance | 2,200,000 | ' | ' | ' | ' |
Share available for future grant | 245,377 | ' | ' | 1,700,000 | 966,000 |
Common stock, shares issued | 1,954,623 | ' | ' | ' | ' |
Intrinsic value of options exercised | $77,000 | $103,000 | $248,000 | ' | ' |
Weighted-average grant-date fair value of all options granted with exercise prices | $0.85 | $0.54 | $2.13 | ' | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Shares of Common Stock Reserved for Future Issuance (Detail) | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares of common stock reserved for future issuance | 27,387,875 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares of common stock reserved for future issuance | 23,736,331 |
Stock options available for grant [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares of common stock reserved for future issuance | 3,406,167 |
Employee Stock Purchase Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares of common stock reserved for future issuance | 245,377 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Stock Option Activity under all Stock-Based Compensation Plans (Detail) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Outstanding, Number of Options, beginning balance | 20,902,156 | 20,465,064 | 19,383,134 | ' |
Options granted, Number of Options | 4,592,849 | 3,418,287 | 2,931,779 | ' |
Options exercised, Number of Options | -187,014 | -179,067 | -300,809 | ' |
Options forfeited, Number of Options | -54,308 | -640,649 | -923,172 | ' |
Options expired, Number of Options | -1,517,352 | -2,161,479 | -625,868 | ' |
Outstanding, Number of Options, ending balance | 23,736,331 | 20,902,156 | 20,465,064 | 19,383,134 |
Outstanding, Number of Options, Weighted Average Exercise Price Per Share, beginning balance | $3.07 | $3.55 | $3.68 | ' |
Exercisable, Number of Options | 19,900,600 | ' | ' | ' |
Options granted, Weighted Average Exercise Price Per Share | $1.21 | $0.79 | $3.17 | ' |
Vested and expected to vest, Number of Options | 23,374,815 | ' | ' | ' |
Options exercised, Weighted Average Exercise Price Per Share | $1.01 | $0.78 | $2.71 | ' |
Options forfeited, Weighted Average Exercise Price Per Share | $1.62 | $2.47 | $2.91 | ' |
Options expired, Weighted Average Exercise Price Per Share | $3.17 | $4.37 | $7.21 | ' |
Outstanding, Number of Options, Weighted Average Exercise Price Per Share, ending balance | $2.73 | $3.07 | $3.55 | $3.68 |
Exercisable, Number of Options, Weighted Average Exercise Price Per Share | $2.97 | ' | ' | ' |
Vested and expected to vest, Number of Options, Weighted Average Exercise Price Per Share | $2.75 | ' | ' | ' |
Outstanding, Number of Options, Weighted Average Remaining Contractual Term | '5 years 7 months 6 days | '5 years 4 months 28 days | '5 years 7 months 24 days | '6 years 4 months 10 days |
Exercisable, Number of Options, Weighted Average Remaining Contractual Term | '5 years 15 days | ' | ' | ' |
Vested and expected to vest, Number of Options, Weighted Average Remaining Contractual Term | '5 years 6 months 15 days | ' | ' | ' |
Outstanding, Number of Options, Aggregate Intrinsic Value | $5.20 | ' | ' | ' |
Exercisable, Number of Options, Aggregate Intrinsic Value | 3.2 | ' | ' | ' |
Vested and expected to vest, Number of Options, Aggregate Intrinsic Value | $5 | ' | ' | ' |
Stockholders_Equity_Summary_of2
Stockholders' Equity - Summary of Employee Stock-Based Compensation Cost that has been Included in Statements of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total employee stock-based compensation cost | $3,426 | $4,320 | $6,641 |
Cost of product revenues [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total employee stock-based compensation cost | 170 | 244 | 328 |
Research and development [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total employee stock-based compensation cost | 1,999 | 2,602 | 4,181 |
Selling, general and administrative [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total employee stock-based compensation cost | $1,257 | $1,474 | $2,132 |
Stockholders_Equity_Determinin
Stockholders' Equity - Determining Fair Value - Additional Information (Detail) (2000 Employee Stock Purchase Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
2000 Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield in Black-Scholes option valuation model | $0 | ' | ' |
Shares purchased under Company's employee stock purchase plan | 128,433 | 153,730 | 192,997 |
Recognition of expenses on shares purchased under employee stock purchase plan | 56,000 | 36,000 | 63,000 |
Expected total unrecognized compensation costs related to nonvested stock options | 2,900,000 | ' | ' |
Weighted average term of unrecognized stock-based compensation expense | '1 year 8 months 12 days | ' | ' |
Cash received from option exercises under stock-based compensation plans | $188,000 | $140,000 | $815,000 |
Stockholders_Equity_Summary_of3
Stockholders' Equity - Summary of Assumptions Used to Estimate Fair Value of Options Granted and Shares Purchased (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free rate, minimum | 0.90% | 0.90% | 1.20% |
Risk-free rate, maximum | 2.90% | 1.50% | 2.70% |
Expected dividend yield | ' | ' | ' |
Expected term (in years) | ' | ' | '6 years 3 months 18 days |
Volatility, minimum | 77.00% | 78.00% | 73.00% |
Volatility, maximum | 86.00% | 81.00% | 77.00% |
Forfeiture rate | 8.40% | 7.70% | 6.10% |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free rate, minimum | 0.10% | 0.10% | 0.10% |
Risk-free rate, maximum | 0.20% | 1.00% | 1.00% |
Expected dividend yield | ' | ' | ' |
Expected term (in years) | '6 months | '1 year 3 months 18 days | '1 year 3 months 18 days |
Volatility, minimum | 64.00% | 69.00% | 50.00% |
Volatility, maximum | 81.00% | 101.00% | 163.00% |
Minimum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | '5 years 3 months 18 days | '5 years 6 months | ' |
Maximum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | '10 years | '6 years 6 months | ' |
Stockholders_Equity_Summary_of4
Stockholders' Equity - Summary of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Range of Exercise Price, $0.73 - 0.73 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $0.73 |
Number of Options Outstanding | 20,000 |
Number of Options Exercisable | '8 years 3 months 11 days |
Options Outstanding, Weighted-Average Exercise Price | $0.73 |
Number of Options Exercisable | 7,500 |
Options Exercisable, Weighted-Average Exercise Price | $0.73 |
Range of Exercise Price, $0.74 - 0.78 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $0.74 |
Options Outstanding, Range of Exercise Price, maximum | $0.78 |
Number of Options Outstanding | 2,747,977 |
Number of Options Exercisable | '8 years 15 days |
Options Outstanding, Weighted-Average Exercise Price | $0.78 |
Number of Options Exercisable | 1,859,091 |
Options Exercisable, Weighted-Average Exercise Price | $0.78 |
Range of Exercise Price, $0.82 - 1.20 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $0.82 |
Options Outstanding, Range of Exercise Price, maximum | $1.20 |
Number of Options Outstanding | 501,105 |
Number of Options Exercisable | '9 years 18 days |
Options Outstanding, Weighted-Average Exercise Price | $1.01 |
Number of Options Exercisable | 228,371 |
Options Exercisable, Weighted-Average Exercise Price | $0.94 |
Range of Exercise Price, $1.21 - 1.21 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $1.21 |
Number of Options Outstanding | 3,814,429 |
Number of Options Exercisable | '9 years 1 month 6 days |
Options Outstanding, Weighted-Average Exercise Price | $1.21 |
Number of Options Exercisable | 2,315,220 |
Options Exercisable, Weighted-Average Exercise Price | $1.21 |
Range of Exercise Price, $1.24 - 2.13 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $1.24 |
Options Outstanding, Range of Exercise Price, maximum | $2.13 |
Number of Options Outstanding | 1,840,314 |
Number of Options Exercisable | '6 years 29 days |
Options Outstanding, Weighted-Average Exercise Price | $1.86 |
Number of Options Exercisable | 1,428,844 |
Options Exercisable, Weighted-Average Exercise Price | $2.02 |
Range of Exercise Price, $2.18 - 2.18 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $2.18 |
Number of Options Outstanding | 2,522,000 |
Number of Options Exercisable | '5 years 9 months 15 days |
Options Outstanding, Weighted-Average Exercise Price | $2.18 |
Number of Options Exercisable | 2,411,057 |
Options Exercisable, Weighted-Average Exercise Price | $2.18 |
Range of Exercise Price, $2.22 - 3.11 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $2.22 |
Options Outstanding, Range of Exercise Price, maximum | $3.11 |
Number of Options Outstanding | 3,295,880 |
Number of Options Exercisable | '4 years 2 months 1 day |
Options Outstanding, Weighted-Average Exercise Price | $2.92 |
Number of Options Exercisable | 3,269,786 |
Options Exercisable, Weighted-Average Exercise Price | $2.92 |
Range of Exercise Price, $3.12 - 3.26 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $3.12 |
Options Outstanding, Range of Exercise Price, maximum | $3.26 |
Number of Options Outstanding | 3,315,805 |
Number of Options Exercisable | '4 years 3 months 26 days |
Options Outstanding, Weighted-Average Exercise Price | $3.24 |
Number of Options Exercisable | 2,722,535 |
Options Exercisable, Weighted-Average Exercise Price | $3.24 |
Range of Exercise Price, $3.29 - 4.43 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $3.29 |
Options Outstanding, Range of Exercise Price, maximum | $4.43 |
Number of Options Outstanding | 2,405,285 |
Number of Options Exercisable | '3 years 26 days |
Options Outstanding, Weighted-Average Exercise Price | $4.12 |
Number of Options Exercisable | 2,384,660 |
Options Exercisable, Weighted-Average Exercise Price | $4.13 |
Range of Exercise Price, $4.45 - 6.32 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $4.45 |
Options Outstanding, Range of Exercise Price, maximum | $6.32 |
Number of Options Outstanding | 3,273,536 |
Number of Options Exercisable | '3 years 29 days |
Options Outstanding, Weighted-Average Exercise Price | $5.56 |
Number of Options Exercisable | 3,273,536 |
Options Exercisable, Weighted-Average Exercise Price | $5.56 |
Range of Exercise Price, $0.73 - 6.32 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Range of Exercise Price, minimum | $0.73 |
Options Outstanding, Range of Exercise Price, maximum | $6.32 |
Number of Options Outstanding | 23,736,331 |
Number of Options Exercisable | '5 years 7 months 6 days |
Options Outstanding, Weighted-Average Exercise Price | $2.73 |
Number of Options Exercisable | 19,900,600 |
Options Exercisable, Weighted-Average Exercise Price | $2.97 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Deferred tax liability | ($320,000) | ' | ' |
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% |
Total income tax provision | 320,000 | 0 | 0 |
Deferred income tax provision | 320,000 | ' | ' |
Increase in valuation allowance of net deferred tax assets | 11,700,000 | 10,700,000 | 5,100,000 |
Unrecognized tax benefits | 5,252,000 | 4,777,000 | 4,644,000 |
Interest and penalty expense related to unrecognized tax benefits | 0 | 0 | 0 |
Federal [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards for income tax purposes | 258,600,000 | ' | ' |
Tax carryforwards expire date | '2019 through 2033 | ' | ' |
State [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards for income tax purposes | 186,000,000 | ' | ' |
Tax carryforwards expire date | '2014 through 2033 | ' | ' |
Research [Member] | Federal [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Research and development tax credits | 8,400,000 | ' | ' |
Tax carryforwards expire date | '2018 through 2033 | ' | ' |
Research [Member] | State [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Research and development tax credits | $9,100,000 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expenses (Benefit) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ' | ' | ' |
U.S. federal taxes provision (benefit) at statutory rate | ($7,184,000) | $5,516,000 | ($6,377,000) |
State taxes | ' | ' | ' |
Change in valuation allowance | 9,517,000 | -7,208,000 | 5,355,000 |
Stock-based compensation | 375,000 | 1,688,000 | 995,000 |
Change in deferreds | -1,718,000 | ' | ' |
Other | -670,000 | 4,000 | 27,000 |
Total income tax provision | $320,000 | $0 | $0 |
Income_Taxes_Summary_of_Compon
Income Taxes - Summary of Components of Company's Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets [Abstract] | ' | ' |
Net operating loss carryforwards | $98,425 | $91,979 |
Research and other credits | 10,127 | 9,191 |
Capitalized research and development expenses | 498 | 179 |
Deferred revenue | 584 | 624 |
Stock-based compensation | 8,661 | 6,708 |
Other | 3,724 | 1,600 |
Total deferred tax assets | 122,019 | 110,281 |
Valuation allowance for deferred tax assets | -122,019 | -110,281 |
Deferred tax liabilities-Intangibles | -320 | ' |
Net deferred tax assets and liabilities | ($320) | ' |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward] | ' | ' |
Balance at beginning of the year | $4,777 | $4,644 |
Increases (decrease) related to prior year tax positions | 88 | ' |
Increases (decrease) related to current year tax positions | 387 | 133 |
Settlements | ' | ' |
Reductions due to lapse of applicable statute of limitations | ' | ' |
Balance at end of the year | $5,252 | $4,777 |
Reduction_in_Force_Additional_
Reduction in Force - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
Feb. 29, 2012 | Mar. 31, 2012 | |
People | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Reduction in size of workforce | 15 | ' |
Percentage reduction in size of workforce | 12.00% | ' |
Severance costs | ' | $336,000 |
Research and development [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Severance costs | ' | 195,000 |
Selling, general and administrative [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Severance costs | ' | $141,000 |
Unaudited_Selected_Quarterly_F2
Unaudited Selected Quarterly Financial Data - Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $4,289 | $2,966 | $3,918 | $4,153 | $3,262 | $3,828 | $4,796 | $41,185 | $15,326 | $53,070 | $33,487 |
Net income (loss) | ($5,100) | ($6,024) | ($5,145) | ($5,183) | ($5,498) | ($4,803) | ($4,328) | $30,829 | ($21,452) | $16,200 | ($18,765) |
Basic net income (loss) per share | ($0.05) | ($0.06) | ($0.05) | ($0.05) | ($0.06) | ($0.05) | ($0.05) | $0.35 | ' | ' | ' |
Diluted net income (loss) per share | ($0.05) | ($0.06) | ($0.05) | ($0.05) | ($0.06) | ($0.05) | ($0.05) | $0.35 | ($0.21) | $0.18 | ($0.21) |
Unaudited_Selected_Quarterly_F3
Unaudited Selected Quarterly Financial Data - Selected Quarterly Financial Data (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | ' | ' |
Collaborative research and development revenue | $35.40 | $35.40 |
Subsequent_Events_Additional_i
Subsequent Events - Additional information (Detail) (Subsequent event [Member], Agreement with Impax Laboratories, Inc. [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 03, 2014 |
Subsequent event [Member] | Agreement with Impax Laboratories, Inc. [Member] | ' |
Subsequent Event [Line Items] | ' |
Upfront license fee | $2 |
Contingent cash payments | 61 |
Development-based milestones | 31 |
Commercialization-based milestones | $30 |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts (Detail) (Allowance for doubtful accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of the year | $154 | $98 | $107 |
Provision | -20 | 73 | -23 |
Recoveries/Write-Offs | 10 | -17 | 14 |
Balance at end of the year | $144 | $154 | $98 |