Insmed (INSM) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information
Entity Registrant Name	INSMED INC
Entity Central Index Key	1104506
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		61,501,770
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$134,554	$159,226
Prepaid expenses and other current assets	5,689	5,488
Total current assets	140,243	164,714
In-process research and development	58,200	58,200
Fixed assets, net	7,292	7,534
Other assets	417	416
Total assets	206,152	230,864
Current liabilities:
Accounts payable	7,860	9,249
Accrued expenses	5,976	5,321
Accrued compensation	1,584	4,317
Other current liabilities	716	743
Current portion of long term debt	24,989
Total current liabilities	41,125	19,630
Long-term liabilities:
Other long-term liabilities	162	141
Debt, long-term		24,856
Total liabilities	41,287	44,627
Shareholders' equity:
Common stock, $0.01 par value; 500,000,000 authorized shares, 50,001,770 and 49,806,131 issued and outstanding shares at March 31, 2015 and December 31, 2014, respectively	500	498
Additional paid-in capital	662,514	656,519
Accumulated deficit	-498,149	-470,780
Total shareholders' equity	164,865	186,237
Total liabilities and shareholders' equity	$206,152	$230,864

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized shares	500,000,000	500,000,000
Common stock, issued shares	50,001,770	49,806,131
Common stock, outstanding shares	50,001,770	49,806,131

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating expenses:
Research and development	$17,164	$11,351
General and administrative	9,542	6,728
Total operating expenses	26,706	18,079
Operating loss	-26,706	-18,079
Investment income	23	17
Interest expense	-722	-606
Other income (expense), net	36	-19
Loss before income taxes	-27,369	-18,687
Benefit from income taxes		-4,389
Net loss and comprehensive loss	($27,369)	($14,298)
Basic and diluted net loss per share (in dollars per share)	($0.55)	($0.36)
Weighted average basic and diluted common shares outstanding (in shares)	49,957	39,240

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	($27,369)	($14,298)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	432	167
Stock based compensation expense	4,522	2,358
Amortization of debt discount and debt issuance costs	106	102
Accrual of the end of term charge on the debt	27	33
Changes in operating assets and liabilities:
Prepaid expenses and other assets	-202	-2,600
Accounts payable	-1,389	3,889
Accrued expenses and other current liabilities	1,723	-832
Accrued compensation	-2,733	-1,468
Net cash used in operating activities	-24,883	-12,649
Investing activities
Purchase of fixed assets	-1,264	-331
Net cash used in investing activities	-1,264	-331
Financing activities
Payments on capital lease obligations		-16
Proceeds from exercise of stock options	1,475	353
Net cash provided by financing activities	1,475	337
Decrease in cash and cash equivalents	-24,672	-12,643
Cash and cash equivalents at beginning of period	159,226	113,894
Cash and cash equivalents at end of period	134,554	101,251
Supplemental disclosures of cash flow information:
Cash paid for interest	663	463
Cash received for taxes	$994	$4,389

The_Company_and_Basis_of_Prese

The Company and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
The Company and Basis of Presentation
The Company and Basis of Presentation
	1.The Company and Basis of Presentation
	Insmed is a biopharmaceutical company dedicated to improving the lives of patients battling serious and rare lung diseases. The Company is focused on the development and commercialization of ARIKAYCE, or liposomal amikacin for inhalation (LAI), for at least two identified orphan patient populations: patients with nontuberculous mycobacteria (NTM) lung infections and cystic fibrosis (CF) patients with Pseudomonas aeruginosa (Pseudomonas) lung infections. The Company is also focused on the development of INS1009, an inhaled treprostinil prodrug. Treprostinil is a prostacyclin used in the treatment of pulmonary arterial hypertension (PAH), a chronic, life-threatening disorder characterized by abnormally high blood pressure in the arteries between the heart and lungs.
	The Company was incorporated in the Commonwealth of Virginia on November 29, 1999.  On December 1, 2010, the Company completed a business combination with Transave, Inc. (Transave), a privately held, New Jersey-based pharmaceutical company focused on the development of differentiated and innovative inhaled pharmaceuticals for the treatment of serious lung infections. The Company’s continuing operations are based on the technology and products historically developed by Transave.  The Company’s principal executive offices are located in Bridgewater, New Jersey.
	The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States for complete consolidated financial statements have been condensed or are not included herein. The interim statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2014.
	The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. The unaudited interim condensed consolidated financial information presented herein reflects all normal adjustments that are, in the opinion of management, necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The Company is responsible for the unaudited interim consolidated financial statements included in this report.
	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Transave, LLC, Insmed Pharmaceuticals, Incorporated, Insmed Limited, Celtrix Pharmaceuticals, Incorporated, Insmed Holdings Limited, Insmed Ireland Limited, Insmed France SAS and Insmed GmbH.  All intercompany transactions and balances have been eliminated in consolidation.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
	2.Summary of Significant Accounting Policies
	The following are interim updates to certain of the policies described in “Note 2”  to the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014:
	Fair Value Measurements - The Company categorizes its financial assets and liabilities measured and reported at fair value in the financial statements on a recurring basis based upon the level of judgments associated with the inputs used to measure their fair value.  Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs used to determine the fair value of financial assets and liabilities, are as follows:
	Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
	Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the assets or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
	Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.  Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
	Each major category of financial assets and liabilities measured at fair value on a recurring basis are categorized based upon the lowest level of significant input to the valuations.  The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  Financial instruments in Level 1 generally include U.S. treasuries and mutual funds listed in active markets.
	The Company’s only assets and liabilities which were measured at fair value as of March 31, 2015 and December 31, 2014 were Level 1 and were comprised of cash and cash equivalents of $134.6 and $159.2 million, respectively.
	The Company’s cash and cash equivalents permit daily redemption and the fair values of these investments are based upon the quoted prices in active markets provided by the holding financial institutions.  Cash equivalents consist of liquid investments with a maturity of three months or less from the date of purchase.
	The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter.  There were no transfers in or out of Level 1, Level 2 or Level 3 during the three months ended March 31, 2015 and 2014, respectively.
	As of March 31, 2015 and December 31, 2014, the Company held no securities that were in an unrealized gain or loss position.  The Company reviews the status of each security quarterly to determine whether an other-than-temporary impairment has occurred.  In making its determination, the Company considers a number of factors, including: (1) the significance of the decline, (2) whether the securities were rated below investment grade, (3) how long the securities have been in an unrealized loss position, and (4) the Company’s ability and intent to retain the investment for a sufficient period of time for it to recover.
	Net Loss Per Common Share - Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period.  Diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares and other dilutive securities outstanding during the period.  Potentially dilutive securities from stock options, restricted stock units and warrants to purchase common stock would be antidilutive as the Company incurred a net loss.  Potentially dilutive common shares resulting from the assumed exercise of outstanding stock options and warrants are determined based on the treasury stock method.
	The following table sets forth the reconciliation of the weighted average number of shares used to compute basic and diluted net loss per share for the three months ended March 31, 2015 and 2014:
		2015			2014
		(In thousands, except per share amounts)
	Numerator:
	Net loss:	$	(27,369	)	$	(14,298	)
	Denominator:
	Weighted average common shares used in calculation of basic net loss per share:	49,957			39,240
	Effect of dilutive securities:
	Common stock options	—			—
	Restricted stock and restricted stock units	—			—
	Common stock warrant	—			—
	Weighted average common shares outstanding used in calculation of diluted net loss per share	49,957			39,240
	Net loss per share:
	Basic and Diluted	$	(0.55	)	$	(0.36	)
	The following potentially dilutive securities have been excluded from the computations of diluted weighted-average common shares outstanding as of March 31, 2015 and 2014 as their effect would have been anti-dilutive (in thousands):
		2015		2014
	Stock options to purchase common stock	4,821		4,230
	Restricted stock units	53		18

Identifiable_Intangible_Assets

Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2015
Identifiable Intangible Assets
Identifiable Intangible Assets
	3.Identifiable Intangible Assets
	The Company believes there are no indicators of impairment relating to its in-process research and development intangible assets as of March 31, 2015.

Accrued_Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Accrued Expenses
Accrued Expenses
	4.Accrued Expenses
	Accrued expenses consist of the following:
		As of March 31,		As of December 31,
		2015		2014
		(in thousands)
	Accrued clinical trial expenses	$	3,084	$	2,113
	Accrued technical operation expenses	835		762
	Accrued construction costs	459		1,500
	Accrued professional fees	898		542
	Accrued interest payable	199		258
	Other accrued expenses	501		146
		$	5,976	$	5,321

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt
Debt
	5.Debt
	On June 29, 2012, the Company and its domestic subsidiaries, as co-borrowers, entered into a Loan and Security Agreement with Hercules Technology Growth Capital, Inc. (“Hercules”) that originally allowed the Company to borrow up to $20.0 million (“Loan Agreement”) at an interest rate of 9.25%.  Most recently, on December 15, 2014, the Company and Hercules entered into a third amendment (the “Third Amendment”) to the Loan Agreement. In connection with the Third Amendment, the Company paid a commitment fee of $25,000, and at the closing, paid a facility fee of $125,000. Under the Third Amendment, the amount of borrowings was increased by $5.0 million to a total of $25.0 million and the interest-only period was extended through December 31, 2015. In addition, in the event the Company receives at least $90.0 million in cash proceeds from the completion of certain types of equity financings, subordinated debt financings, and/or up-front cash payments from corporate transactions prior to December 31, 2015, the Company has the option to extend the maturity date of the loan to January 1, 2018. If the Company elects to exercise such option, it must pay Hercules a $250,000 fee. The Company completed an equity financing in April 2015 in excess of $90.0 million (see Note 10 for more information).
	The following table presents the components of the Company’s debt balance as of March 31, 2015 (in thousands):
	Debt:
	Notes payable	$	25,000
	Accretion of end of term charge	333
	Issuance fees paid to lender	(231		)
	Discount from warrant	(113		)
	Current portion of long-term debt	(24,989		)
	Long-term debt	$	—
	As of March 31, 2015, future principal repayments of the debt for each of the years ending December 31, 2015 and 2016 were as follows (in thousands):
	Year Ending in December 31:
	2015	$	—
	2016 (due in full January 1, 2016)	25,000
		$	25,000
	The estimated fair value of the debt (categorized as a Level 2 liability for fair value measurement purposes) is determined using current market factors and the ability of the Company to obtain debt at comparable terms to those that are currently in place.  The Company believes the estimated fair value at March 31, 2015 approximates the carrying amount.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Shareholders' Equity
Shareholders' Equity
	6.Shareholders’ Equity
	Common Stock — As of March 31, 2015, the Company had 500,000,000 shares of common stock authorized with a par value of $0.01 and 50,001,770 shares of common stock issued and outstanding.  In addition, as of March 31, 2015, the Company had reserved 4,821,435 shares of common stock for issuance upon the exercise of outstanding common stock options and 52,710 for issuance upon the vesting of restricted stock units.
	On August 18, 2014, the Company completed an underwritten public offering of 10,235,000 shares of the Company’s common stock, which included the underwriter’s exercise in full of its over-allotment option of 1,335,000 shares, at a price to the public of $11.25 per share.  The Company’s net proceeds from the sale of the shares, after deducting the underwriter’s discount and offering expenses of $7.1 million, were $108.0 million.  See Note 10 for the Subsequent Event related to the sale of additional shares in April 2015.
	Preferred Stock — As of March 31, 2015, the Company had 200,000,000 shares of preferred stock authorized with a par value of $0.01 and no shares of preferred stock were issued and outstanding.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation
Stock-Based Compensation
	7.Stock-Based Compensation
	The Company currently has one equity compensation plan, the 2013 Incentive Plan, which was approved by shareholders at the Company’s Annual Meeting of Shareholders on May 23, 2013 (the “2013 Incentive Plan”).  The 2013 Incentive Plan is administered by the Compensation Committee and the Board of Directors of the Company.  Under the terms of the 2013 Incentive Plan, the Company is authorized to grant a variety of incentive awards based on its common stock, including stock options (both incentive stock options and non-qualified stock options), performance options/shares and other stock awards, as well as the payment of incentive bonuses to all employees and non-employee directors.  As of March 31, 2015, 58,886 shares of the Company’s common stock were reserved for future grants (or issuances) of restricted stock, restricted stock units, stock options, and stock warrants under the 2013 Incentive Plan.  The 2013 Incentive Plan will terminate on April 16, 2023 unless it is extended or terminated earlier pursuant to its terms. In addition, from time to time, the Company makes inducement grants of stock options.  These awards are made pursuant to the NASDAQ inducement grant exception as a component of new hires’ employment compensation in connection with the Company’s equity grant program.  For the quarter ended March 31, 2015, the Company granted 200,000 inducement stock options to new employees.
	Stock Options - The Company calculates the fair value of stock options granted using the Black-Scholes valuation model.
	The following table summarizes the Company’s grant date fair value and assumptions used in determining the fair value of all stock options granted:
		Three Months Ended March 31,
		2015		2014
	Volatility	79%-82%		84%-86%
	Risk-free interest rate	1.31%-1.57%		1.46%-1.76%
	Dividend yield	0.00%		0.00%
	Expected option term (in years)	6.25		6.25
	Weighted-average fair value of stock options granted	$11.66		$14.35
	For all periods presented, the volatility factor was based on the Company’s historical volatility since the closing of the Company’s merger with Transave on December 1, 2010.  The expected life was determined using the simplified method as described in ASC Topic 718, “Accounting for Stock Compensation”, which is the midpoint between the vesting date and the end of the contractual term.  The risk-free interest rate is based on the U.S. Treasury yield in effect at the date of grant.  Forfeitures are based on actual percentage of option forfeitures since the closing of the Company’s merger with Transave on December 1, 2010, and this is the basis for future forfeiture expectations.
	From time to time, the Company grants performance-condition options to certain of the Company’s employees.  Vesting of these options is subject to the Company achieving certain performance criteria established at the date of grant and the individuals fulfilling a service condition (continued employment).  As of March 31, 2015 the Company had performance options totaling 193,334 shares outstanding which have not met the recognition criteria to date.  For the three months ended March 31, 2015, approximately $1.5 million of non-cash compensation expense was recorded related to certain performance based options as the recognition criteria was met upon the marketing authorization application (“MAA”) for ARIKAYCE being accepted for filing by the European Medicines Agency (“EMA”) in February 2015.
	The following table summarizes the Company’s aggregate stock option activity for the three months ended March 31, 2015:
		Number of		Weighted			Weighted		Aggregate
		Shares		Average			Average		Intrinsic
				Exercise			Remaining		Value (in
				Price			Contractual		thousands)
							Life in Years
	Options outstanding at December 31, 2014	4,400,106		$	10.59
	Granted	619,150		$	16.83
	Exercised	(178,071	)	$	8.28
	Forfeited or expired	(19,750	)	$	14.49
	Options outstanding at March 31, 2015	4,821,435		$	11.46		8.19		$	45,030
	Vested and expected to vest at March 31, 2015	4,593,714		$	11.33		8.17		$	43,494
	Exercisable at March 31, 2015	1,552,681		$	8.25		7.72		$	19,496
	The total intrinsic value of stock options exercised during the three months ended March 31, 2015 and 2014 was $1.3 million and $0.6 million, respectively.
	As of March 31, 2015, there was $25.6 million of unrecognized compensation expense related to unvested stock options which is expected to be recognized over a weighted average period of 2.6 years.  Included above in unrecognized compensation expense was $1.5 million related to outstanding performance-based options.  The following table summarizes the range of exercise prices and the number of stock options outstanding and exercisable:
	Outstanding as of March 31, 2015									Exercisable as of March 31, 2015
						Weighted
						Average
						Remaining		Weighted
	Range of Exercise			Number of		Contractual		Average		Number of	Weighted Average
	Prices			Options		Term (in years)		Exercise Price		Options	Exercise Price
	3.03	3.29		180,188		6.75		3.05		131,810	3.04
	3.40	3.40		708,314		7.45		3.40		442,697	3.40
	3.60	6.90		605,545		7.70		6.02		327,413	5.91
	6.96	12.44		885,025		7.65		11.05		358,377	11.09
	12.58	12.58		577,550		8.39		12.58		25,000	12.58
	12.66	14.65		483,800		8.77		13.91		84,000	14.13
	14.81	16.07		583,650		9.38		15.96		28,175	15.62
	16.19	20.49		779,363		8.77		19.49		151,458	19.59
	21.09	21.21		3,000		9.97		21.17		—	—
	21.54	21.54		15,000		8.81		21.54		3,751	21.54
	Restricted Stock and Restricted Stock Units — The Company may grant Restricted Stock (“RS”) and Restricted Stock Units (“RSUs”) to eligible employees, including its executives, and non-employee directors. Each RS and RSU represents a right to receive one share of the Company’s common stock upon the completion of a specific period of continued service or achievement of a certain milestone. RS and RSU awards granted are generally valued at the market price of the Company’s common stock on the date of grant. The Company recognizes noncash compensation expense for the fair values of these RS and RSUs on a straight-line basis over the requisite service period of these awards. The following table summarizes the Company’s RSU award activity during the three months ended March 31, 2015:
				Weighted
		Number of		Average
		RSUs		Grant Price
	Outstanding at December 31, 2014	20,502		$	19.47
	Granted	49,776		16.07
	Released	(17,568	)	20.49
	Outstanding at March 31, 2015	52,710		$	15.92
	Expected to vest	52,710		$	15.92
	The following table summarizes the aggregate stock-based compensation recorded in the Consolidated Statements of Comprehensive Loss related to stock options and RSUs during the three months ended March 31, 2015 and 2014:
		Three months ended March 31,
		2015			2014
		(in millions)
	Research and development expenses	$	1.3		$	0.9
	General and administrative expenses	3.2			1.5
	Total	$	4.5		$	2.4

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes
Income Taxes
	8.Income Taxes
	The benefit for income taxes was $0 and $4.4 million for the three months ended March 31, 2015 and 2014, respectively.  The benefit for income taxes recorded for the three months ended March 31, 2014 solely reflects the reversal of a valuation allowance previously recorded against the Company’s New Jersey State net operating losses (“NOL”) that resulted from the Company’s sale of a portion of its New Jersey State NOLs under the State of New Jersey’s Technology Business Tax Certificate Transfer Program (the “Program”) for cash of $4.4 million, net of commissions.  The Program allows qualified technology and biotechnology businesses in New Jersey to sell unused amounts of NOLs and defined research and development tax credits for cash.
	The Company is subject to US federal and state income taxes. The Company has never been audited and the statute of limitations for tax audit is open for the federal tax returns for the years ended 2011 and later and is generally open for certain states for the years 2010 and later. However, except in 2009, the Company has incurred net operating losses since inception. Such loss carryforwards would be subject to audit in any tax year in which those losses are utilized, notwithstanding the year of origin. The Company’s policy is to recognize interest accrued related to unrecognized tax benefits and penalties in income tax expense. The Company has recorded no such expense. As of March 31, 2015 and December 31, 2014, the Company has recorded no reserves for unrecognized income tax benefits, nor has it recorded any accrued interest or penalties related to uncertain tax positions. The Company does not anticipate any material changes in the amount of unrecognized tax positions over the next twelve months.
	At December 31, 2014, the Company had federal net operating loss carryforwards for income tax purposes of approximately $461.8 million. Due to the limitation on NOLs as more fully discussed below, $283.5 million of the NOLs are available to offset future taxable income, if any. The NOL carryovers and general business tax credits expire in various years beginning in 2018. For state tax purposes, the Company has approximately $63 million of New Jersey NOLs available to offset against future taxable income or to be sold as part of the New Jersey Transfer Program. The Company also has California and Virginia NOLs that are entirely limited due to Section 382 (as discussed below), in addition to changing state apportionment allocations, as the Company is now 100% resident in New Jersey.
	During 2014, the Company completed an Internal Revenue Code Section 382 (“Section 382”) analysis in order to determine the amount of losses that are currently available for potential offset against future taxable income, if any. It was determined that the utilization of the Company’s NOL and general business tax credit carryforwards generated in tax periods up to and including December 2010 (the “December 2010 and prior NOLs”) were subject to substantial limitations under Section 382 due to ownership changes that occurred at various points from the Company’s original organization through December 2010. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. Since the Company’s formation, it has raised capital through the issuance of common stock on several occasions which, combined with the purchasing shareholders’ subsequent disposition of those shares, resulted in multiple changes in ownership, as defined by Section 382 since the Company’s formation in 1999. These ownership changes resulted in substantial limitations on the use of the Company’s NOLs and general business tax credit carryforwards up to and including December 2010. The Company continues to track all of its NOLs and tax credit carryforwards but has provided a full valuation allowance to offset those amounts.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies
	9.Commitments and Contingencies
	Commitments
	The Company has an operating lease for office and laboratory space located in Bridgewater, NJ that terminates in November 2019. Future minimum rental payments under this lease are $3.4 million. The Company also leases office space in Richmond, VA, where the Company’s corporate headquarters were previously located, through October 2016. Future minimum rental payments under this lease total approximately $0.8 million. During 2011, the Company recorded a net present value charge of $1.2 million in general and administrative expenses associated with vacating the Richmond facility. The remaining accrual for this charge was $0.4 million as of March 31, 2015. In December 2014, the Company entered into an agreement to sublet this space for the remainder of the lease term.
	Rent expense charged to operations was $0.2 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively.  Future minimum rental payments required under the Company’s operating leases for the period from April 1, 2015 to December 31, 2015 and for each of the next five years are as follows (in thousands):
	Year Ending in December 31:
	2015 (remaining)	$	872
	2016	1,144
	2017	741
	2018	762
	2019	718
	2020	—
		$	4,237
	Legal Proceedings
	From time to time, the Company is a party to various other lawsuits, claims and other legal proceedings that arise in the ordinary course of business.  While the outcomes of these matters are uncertain, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Subsequent_Event

Subsequent Event	3 Months Ended
	Mar. 31, 2015
Subsequent Event.
Subsequent Event
	10.Subsequent Event
	On April 6, 2015, the Company completed an underwritten public offering of 11,500,000 shares of the Company’s common stock, which included the underwriter’s exercise in full of its over-allotment option of 1,500,000 shares, at a price to the public of $20.65 per share.  The Company’s net proceeds from the sale of the shares, after deducting the underwriter’s discount and offering expenses of $14.5 million, were approximately $223.0 million. As a result of the offering, the Company had 61,501,770 shares issued and outstanding immediately following the closing.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Fair Value Measurements
	Fair Value Measurements - The Company categorizes its financial assets and liabilities measured and reported at fair value in the financial statements on a recurring basis based upon the level of judgments associated with the inputs used to measure their fair value.  Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs used to determine the fair value of financial assets and liabilities, are as follows:
	Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
	Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the assets or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
	Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.  Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
	Each major category of financial assets and liabilities measured at fair value on a recurring basis are categorized based upon the lowest level of significant input to the valuations.  The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  Financial instruments in Level 1 generally include U.S. treasuries and mutual funds listed in active markets.
	The Company’s only assets and liabilities which were measured at fair value as of March 31, 2015 and December 31, 2014 were Level 1 and were comprised of cash and cash equivalents of $134.6 and $159.2 million, respectively.
	The Company’s cash and cash equivalents permit daily redemption and the fair values of these investments are based upon the quoted prices in active markets provided by the holding financial institutions.  Cash equivalents consist of liquid investments with a maturity of three months or less from the date of purchase.
	The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter.  There were no transfers in or out of Level 1, Level 2 or Level 3 during the three months ended March 31, 2015 and 2014, respectively.
	As of March 31, 2015 and December 31, 2014, the Company held no securities that were in an unrealized gain or loss position.  The Company reviews the status of each security quarterly to determine whether an other-than-temporary impairment has occurred.  In making its determination, the Company considers a number of factors, including: (1) the significance of the decline, (2) whether the securities were rated below investment grade, (3) how long the securities have been in an unrealized loss position, and (4) the Company’s ability and intent to retain the investment for a sufficient period of time for it to recover.
Net Loss Per Common Share
	Net Loss Per Common Share - Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period.  Diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares and other dilutive securities outstanding during the period.  Potentially dilutive securities from stock options, restricted stock units and warrants to purchase common stock would be antidilutive as the Company incurred a net loss.  Potentially dilutive common shares resulting from the assumed exercise of outstanding stock options and warrants are determined based on the treasury stock method.
	The following table sets forth the reconciliation of the weighted average number of shares used to compute basic and diluted net loss per share for the three months ended March 31, 2015 and 2014:
		2015			2014
		(In thousands, except per share amounts)
	Numerator:
	Net loss:	$	(27,369	)	$	(14,298	)
	Denominator:
	Weighted average common shares used in calculation of basic net loss per share:	49,957			39,240
	Effect of dilutive securities:
	Common stock options	—			—
	Restricted stock and restricted stock units	—			—
	Common stock warrant	—			—
	Weighted average common shares outstanding used in calculation of diluted net loss per share	49,957			39,240
	Net loss per share:
	Basic and Diluted	$	(0.55	)	$	(0.36	)
	The following potentially dilutive securities have been excluded from the computations of diluted weighted-average common shares outstanding as of March 31, 2015 and 2014 as their effect would have been anti-dilutive (in thousands):
		2015		2014
	Stock options to purchase common stock	4,821		4,230
	Restricted stock units	53		18

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Reconciliation of the weighted average number of shares used to compute basic and diluted net loss per share
		2015			2014
		(In thousands, except per share amounts)
	Numerator:
	Net loss:	$	(27,369	)	$	(14,298	)
	Denominator:
	Weighted average common shares used in calculation of basic net loss per share:	49,957			39,240
	Effect of dilutive securities:
	Common stock options	—			—
	Restricted stock and restricted stock units	—			—
	Common stock warrant	—			—
	Weighted average common shares outstanding used in calculation of diluted net loss per share	49,957			39,240
	Net loss per share:
	Basic and Diluted	$	(0.55	)	$	(0.36	)
Potentially dilutive securities excluded from computations of diluted weighted-average shares outstanding
	The following potentially dilutive securities have been excluded from the computations of diluted weighted-average common shares outstanding as of March 31, 2015 and 2014 as their effect would have been anti-dilutive (in thousands):
		2015		2014
	Stock options to purchase common stock	4,821		4,230
	Restricted stock units	53		18

Accrued_Expenses_Tables

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Accrued Expenses
Accrued Expenses
		As of March 31,		As of December 31,
		2015		2014
		(in thousands)
	Accrued clinical trial expenses	$	3,084	$	2,113
	Accrued technical operation expenses	835		762
	Accrued construction costs	459		1,500
	Accrued professional fees	898		542
	Accrued interest payable	199		258
	Other accrued expenses	501		146
		$	5,976	$	5,321

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt
Components of the Company's debt balances
	The following table presents the components of the Company’s debt balance as of March 31, 2015 (in thousands):
	Debt:
	Notes payable	$	25,000
	Accretion of end of term charge	333
	Issuance fees paid to lender	(231		)
	Discount from warrant	(113		)
	Current portion of long-term debt	(24,989		)
	Long-term debt	$	—
Future principal repayments of the Notes
	As of March 31, 2015, future principal repayments of the debt for each of the years ending December 31, 2015 and 2016 were as follows (in thousands):
	Year Ending in December 31:
	2015	$	—
	2016 (due in full January 1, 2016)	25,000
		$	25,000

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation
Summary of Company's grant date fair value and assumptions used in determining fair value of stock options
		Three Months Ended March 31,
		2015		2014
	Volatility	79%-82%		84%-86%
	Risk-free interest rate	1.31%-1.57%		1.46%-1.76%
	Dividend yield	0.00%		0.00%
	Expected option term (in years)	6.25		6.25
	Weighted-average fair value of stock options granted	$11.66		$14.35
Summary of Company's stock option activity
		Number of		Weighted			Weighted		Aggregate
		Shares		Average			Average		Intrinsic
				Exercise			Remaining		Value (in
				Price			Contractual		thousands)
							Life in Years
	Options outstanding at December 31, 2014	4,400,106		$	10.59
	Granted	619,150		$	16.83
	Exercised	(178,071	)	$	8.28
	Forfeited or expired	(19,750	)	$	14.49
	Options outstanding at March 31, 2015	4,821,435		$	11.46		8.19		$	45,030
	Vested and expected to vest at March 31, 2015	4,593,714		$	11.33		8.17		$	43,494
	Exercisable at March 31, 2015	1,552,681		$	8.25		7.72		$	19,496
Summary of range of exercise prices and the number of stock options outstanding and exercisable
	Outstanding as of March 31, 2015									Exercisable as of March 31, 2015
						Weighted
						Average
						Remaining		Weighted
	Range of Exercise			Number of		Contractual		Average		Number of	Weighted Average
	Prices			Options		Term (in years)		Exercise Price		Options	Exercise Price
	3.03	3.29		180,188		6.75		3.05		131,810	3.04
	3.40	3.40		708,314		7.45		3.40		442,697	3.40
	3.60	6.90		605,545		7.70		6.02		327,413	5.91
	6.96	12.44		885,025		7.65		11.05		358,377	11.09
	12.58	12.58		577,550		8.39		12.58		25,000	12.58
	12.66	14.65		483,800		8.77		13.91		84,000	14.13
	14.81	16.07		583,650		9.38		15.96		28,175	15.62
	16.19	20.49		779,363		8.77		19.49		151,458	19.59
	21.09	21.21		3,000		9.97		21.17		—	—
	21.54	21.54		15,000		8.81		21.54		3,751	21.54
Summary of Company's RSU activity
				Weighted
		Number of		Average
		RSUs		Grant Price
	Outstanding at December 31, 2014	20,502		$	19.47
	Granted	49,776		16.07
	Released	(17,568	)	20.49
	Outstanding at March 31, 2015	52,710		$	15.92
	Expected to vest	52,710		$	15.92
Summary of aggregate stock-based compensation recorded in the Consolidated Statements of Comprehensive Loss
		Three months ended March 31,
		2015			2014
		(in millions)
	Research and development expenses	$	1.3		$	0.9
	General and administrative expenses	3.2			1.5
	Total	$	4.5		$	2.4

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Future minimum rental payments required under operating leases	Future minimum rental payments required under the Company’s operating leases for the period from April 1, 2015 to December 31, 2015 and for each of the next five years are as follows (in thousands):
	Year Ending in December 31:
	2015 (remaining)	$	872
	2016	1,144
	2017	741
	2018	762
	2019	718
	2020	—
		$	4,237

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Summary of Significant Accounting Policies
Cash and cash equivalents	$134,600,000	$159,200,000
Securities that were in an unrealized loss or gain position	$0	$0

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net loss	($27,369)	($14,298)
Denominator:
Weighted average common shares used in calculation of basic net loss per share:	49,957	39,240
Weighted average common shares outstanding used in calculation of diluted net loss per share	49,957	39,240
Net loss per share:
Basic and Diluted (in dollars per share)	($0.55)	($0.36)

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Stock options
Anti-dilutive securities excluded from computations of diluted weighted-average common shares outstanding
Potentially dilutive securities excluded from computations of diluted weighted-average shares outstanding (in shares)	4,821	4,230
Restricted stock units
Anti-dilutive securities excluded from computations of diluted weighted-average common shares outstanding
Potentially dilutive securities excluded from computations of diluted weighted-average shares outstanding (in shares)	53	18

Accrued_Expenses_Details

Accrued Expenses (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accrued Expenses
Accrued clinical trial expenses	$3,084	$2,113
Accrued technical operation expenses	835	762
Accrued construction costs	459	1,500
Accrued professional fees	898	542
Accrued interest payable	199	258
Other accrued expenses	501	146
Total accrued expenses	$5,976	$5,321

Debt_Details

Debt (Details) (USD $)	0 Months Ended
	Dec. 15, 2014	Mar. 31, 2015	Dec. 31, 2014	Jun. 29, 2012
Debt:
Notes payable		$25,000,000
Accretion of end of term charge		333,000
Issuance fees paid to lender		-231,000
Discount from warrant		-113,000
Current portion of long-term debt		-24,989,000
Long-term debt			24,856,000
Future principal repayments of the Notes
2016 (due in full January 1, 2016)		25,000,000
Total		25,000,000
Loan and Security Agreement
Debt
Maximum borrowing capacity of term loan	25,000,000			20,000,000
Interest rate (as a percent)				9.25%
Commitment fee	25,000
Facility fee	125,000
Increase in borrowing capacity	5,000,000
Maturity date extension fee	250,000
Loan and Security Agreement | Minimum
Debt
Amount of cash proceeds required to extend maturity date of loan	$90,000,000

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Aug. 18, 2014	Mar. 31, 2015	Dec. 31, 2014	Aug. 18, 2014
Shareholders' Equity
Common stock, authorized shares		500,000,000	500,000,000
Common stock, par value (in dollars per share)		$0.01	$0.01
Common stock, issued shares		50,001,770	49,806,131
Common stock, outstanding shares		50,001,770	49,806,131
Common stock disclosures
Number of shares issued under underwritten public offering	10,235,000
Number of share's exercise in full of over-allotment option by underwriter	1,335,000			1,335,000
Shares price (in dollars per share)	$11.25			$11.25
Net proceeds from the sale of shares	$108
Underwriter's discount and offering expenses	$7.10
Preferred stock
Preferred stock, authorized		200,000,000
Preferred stock, par value		$0.01
Preferred stock, shares issued		0
Preferred stock, shares outstanding		0
Stock options
Common stock disclosures
Common stock shares reserved for issuance		4,821,435
Restricted stock units
Common stock disclosures
Common stock shares reserved for issuance		52,710

StockBased_Compensation_Detail

Stock-Based Compensation (Details)	3 Months Ended
	Mar. 31, 2015
	item
Stock-Based Compensation
Number of equity compensation plans	1
Shares available for grant	58,886
Inducement stock option granted to new employees	200,000

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Number of Shares
Options outstanding (in shares)	4,400,106
Granted (in shares)	619,150
Exercised (in shares)	-178,071
Forfeited or expired (in shares)	-19,750
Options outstanding (in shares)	4,821,435
Vested and expected to vest (in shares)	4,593,714
Exercisable (in shares)	1,552,681
Weighted Average Exercise Price
Options outstanding (in dollars per share)	$10.59
Granted (in dollars per share)	$16.83
Exercised (in dollars per share)	$8.28
Forfeited or expired (in dollars per share)	$14.49
Options outstanding (in dollars per share)	$11.46
Vested and expected to vest (in dollars per share)	$11.33
Exercisable (in dollars per share)	$8.25
Weighted Average Remaining Contractual Life
Options outstanding	8 years 2 months 9 days
Vested and expected to vest	8 years 2 months 1 day
Exercisable	7 years 8 months 19 days
Aggregate Intrinsic Value
Options outstanding (in dollars)	$45,030,000
Vested and expected to vest (in dollars)	43,494,000
Exercisable (in dollars)	19,496,000
Stock options
Fair value and assumptions used in determining fair value of stock options
Dividend yield (as a percent)	0.00%	0.00%
Expected option term	6 years 3 months	6 years 3 months
Weighted-average fair value of stock options granted (in dollars per share)	$11.66	$14.35
Stock options | Minimum
Fair value and assumptions used in determining fair value of stock options
Volatility (as a percent)	79.00%	84.00%
Risk-free interest rate (as a percent)	1.31%	1.46%
Stock options | Maximum
Fair value and assumptions used in determining fair value of stock options
Volatility (as a percent)	82.00%	86.00%
Risk-free interest rate (as a percent)	1.57%	1.76%
Performance shares
Stock Option disclosures
Non-cash compensation expense	$1,500,000
Number of Shares
Options outstanding (in shares)	193,334

StockBased_Compensation_Detail2

Stock-Based Compensation (Details 3) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Stock options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Total intrinsic value of stock options exercised during the period	$1.30	$0.60
Unrecognized compensation expense related to unvested stock options	25.6
Expected weighted average period for recognizing unrecognized compensation expense	2 years 7 months 6 days
Performance shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Unrecognized compensation expense related to unvested stock options	$1.50
$3.03 to $3.29
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$3.03
Range of Exercise Prices upper range limit (in dollars per share)	$3.29
Number of Options outstanding (in shares)	180,188
Weighted Average Remaining Contractual Term	6 years 9 months
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$3.05
Number of Options exercisable (in shares)	131,810
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$3.04
$3.40 to $3.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$3.40
Range of Exercise Prices upper range limit (in dollars per share)	$3.40
Number of Options outstanding (in shares)	708,314
Weighted Average Remaining Contractual Term	7 years 5 months 12 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$3.40
Number of Options exercisable (in shares)	442,697
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$3.40
$3.60 to $6.90
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$3.60
Range of Exercise Prices upper range limit (in dollars per share)	$6.90
Number of Options outstanding (in shares)	605,545
Weighted Average Remaining Contractual Term	7 years 8 months 12 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$6.02
Number of Options exercisable (in shares)	327,413
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$5.91
$6.96 to $12.44
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$6.96
Range of Exercise Prices upper range limit (in dollars per share)	$12.44
Number of Options outstanding (in shares)	885,025
Weighted Average Remaining Contractual Term	7 years 7 months 24 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$11.05
Number of Options exercisable (in shares)	358,377
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$11.09
$12.58 to $12.58
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$12.58
Range of Exercise Prices upper range limit (in dollars per share)	$12.58
Number of Options outstanding (in shares)	577,550
Weighted Average Remaining Contractual Term	8 years 4 months 21 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$12.58
Number of Options exercisable (in shares)	25,000
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$12.58
$12.66 to $14.65
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$12.66
Range of Exercise Prices upper range limit (in dollars per share)	$14.65
Number of Options outstanding (in shares)	483,800
Weighted Average Remaining Contractual Term	8 years 9 months 7 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$13.91
Number of Options exercisable (in shares)	84,000
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$14.13
$14.81 to $16.07
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$14.81
Range of Exercise Prices upper range limit (in dollars per share)	$16.07
Number of Options outstanding (in shares)	583,650
Weighted Average Remaining Contractual Term	9 years 4 months 17 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$15.96
Number of Options exercisable (in shares)	28,175
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$15.62
$16.19 to $20.49
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$16.19
Range of Exercise Prices upper range limit (in dollars per share)	$20.49
Number of Options outstanding (in shares)	779,363
Weighted Average Remaining Contractual Term	8 years 9 months 7 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$19.49
Number of Options exercisable (in shares)	151,458
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$19.59
$21.09 to $21.21
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$21.09
Range of Exercise Prices upper range limit (in dollars per share)	$21.21
Number of Options outstanding (in shares)	3,000
Weighted Average Remaining Contractual Term	9 years 11 months 19 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$21.17
$21.54 to $21.54
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices lower range limit (in dollars per share)	$21.54
Range of Exercise Prices upper range limit (in dollars per share)	$21.54
Number of Options outstanding (in shares)	15,000
Weighted Average Remaining Contractual Term	8 years 9 months 22 days
Outstanding Options, Weighted Average Exercise Price (in dollars per share)	$21.54
Number of Options exercisable (in shares)	3,751
Exercisable Options, Weighted Average Exercise Price (in dollars per share)	$21.54

StockBased_Compensation_Detail3

Stock-Based Compensation (Details 4) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Stock options and RSUs
Weighted Average Grant Price
Allocated share-based compensation expense	$4.50	$2.40
Stock options and RSUs | General and administrative expenses
Weighted Average Grant Price
Allocated share-based compensation expense	3.2	1.5
Stock options and RSUs | Research and development expenses
Weighted Average Grant Price
Allocated share-based compensation expense	$1.30	$0.90
Restricted stock units
Number of RSUs
Outstanding, beginning balance (in shares)	20,502
Granted (in shares)	49,776
Released (in shares)	-17,568
Outstanding, ending balance (in shares)	52,710
Expected to Vest (in shares)	52,710
Weighted Average Grant Price
Outstanding weighted average grant price (in dollars per share)	$19.47
Granted (in dollars per share)	$16.07
Released (in dollars per share)	$20.49
Outstanding weighted average grant price (in dollars per share)	$15.92
Expected to Vest (in dollars per share)	$15.92
Restricted Stock and Restricted Stock Units
Stock Based Compensation disclosures
Number of common shares each award holder is entitled to receive	1

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Income Taxes
Benefit from income taxes	$4,389,000
NOL carryforwards
Percentage Company is resident of NJ			100
Unrecognized tax benefits disclosures
Unrecognized tax benefits, interest and penalties accrued		0
Unrecognized tax benefits, reserves		0	0
IRS
NOL carryforwards
Net operating loss carryforwards for income tax purposes			461,800,000
Net operating loss carryforwards available to offset future taxable income			283,500,000
Ownership change, as defined in Section 382, which could limit utilization of NOLs (as a percent)		50.00%
Period of time for measuring ownership changes under Section 382		3 years
New Jersey
NOL carryforwards
Cash proceeds from sale of NOLs, net of commissions	4,400,000
Net operating loss carryforwards available to offset future taxable income			$63,000,000

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2011
Commitments
Future minimum rental payments under leases	$4,237,000
Net present value charge			1,200,000
Remaining rental accrual	400,000
Rent expense charged to operations	200,000	300,000
Future minimum rental payments under operating leases
2015 (remaining)	872,000
2016	1,144,000
2017	741,000
2018	762,000
2019	718,000
Total	4,237,000
Bridgewater New Jersey Facility
Commitments
Future minimum rental payments under leases	3,400,000
Future minimum rental payments under operating leases
Total	3,400,000
Richmond facility
Commitments
Future minimum rental payments under leases	800,000
Future minimum rental payments under operating leases
Total	$800,000

Subsequent_Event_Details

Subsequent Event (Details) (USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Aug. 18, 2014	Apr. 06, 2015	Mar. 31, 2015	Dec. 31, 2014
Subsequent Events
Number of shares issued under underwritten public offering	10,235,000
Number of share's exercise in full of over-allotment option by underwriter	1,335,000
Shares price (in dollars per share)	$11.25
Underwriter's discount and offering expenses	$7.10
Net proceeds from the sale of shares	108
Common stock, issued shares			50,001,770	49,806,131
Common stock, outstanding shares			50,001,770	49,806,131
Subsequent event
Subsequent Events
Number of shares issued under underwritten public offering		11,500,000
Number of share's exercise in full of over-allotment option by underwriter		1,500,000
Shares price (in dollars per share)		$20.65
Underwriter's discount and offering expenses		14.5
Net proceeds from the sale of shares		$223
Common stock, issued shares		61,501,770
Common stock, outstanding shares		61,501,770