Mabvax Therapeutics (MBVX) 10-Q 8 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'TELK	'
Entity Registrant Name	'TELIK INC	'
Entity Central Index Key	'0001109196	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	13,932,937

Condensed_Balance_Sheets_Unaud

Condensed Balance Sheets (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$2,047	$2,229
Prepaids and other current assets	199	381
Total current assets	2,246	2,610
Total assets	2,246	2,610
Current liabilities:	'	'
Accounts payable	2	20
Accrued compensation	175	175
Accrued liabilities	233	169
Accrued contingent lease termination fee	591	591
Total current liabilities	1,001	955
Warrant liability	568	'
Total liabilities	1,569	955
Commitments and contingencies (Note 8)	'	'
Redeemable convertible preferred stock	1,711	'
Stockholders' equity:	'	'
Common stock	46	46
Additional paid-in capital	555,142	555,139
Accumulated deficit	-556,222	-553,530
Total stockholders' (deficit) equity	-1,034	1,655
Total liabilities, redeemable convertible preferred stock and stockholders' (deficit) equity	$2,246	$2,610

Condensed_Statements_of_Compre

Condensed Statements of Comprehensive Loss (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating costs and expenses:	'	'	'	'
Research and development	$81	$528	$390	$1,314
General and administrative	1,575	859	2,334	2,019
Total operating costs and expenses	1,656	1,387	2,724	3,333
Loss from operations	-1,656	-1,387	-2,724	-3,333
Interest and other income, net	59	1	59	10
Net loss	-1,597	-1,386	-2,665	-3,323
Changes in net unrealized gains on investments	'	'	'	'
Deemed dividend on redeemable convertible preferred stock	-27	'	-27	'
Net loss available to common stockholders	-1,624	-1,386	-2,692	-3,323
Net loss	-1,597	-1,386	-2,665	-3,323
Changes in net unrealized gains on investments	'	'	'	'
Comprehensive loss	($1,597)	($1,386)	($2,665)	($3,323)
Basic and diluted net loss per share	($0.35)	($0.30)	($0.58)	($0.76)
Shares used to calculate basic and diluted net loss per share	4,583	4,560	4,583	4,380

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($2,665)	($3,323)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Stock-based compensation expense	3	223
Decrease in fair value of warrants	-59	'
Changes in assets and liabilities:	'	'
Other receivables	'	3
Prepaid expenses and other current assets	182	331
Other assets	'	-70
Accounts payable	-18	-134
Accrued liabilities	64	-313
Accrued facility exit costs and contingent lease termination fee	'	-622
Net cash used in operating activities	-2,493	-3,905
Cash flows from investing activities:	'	'
Purchases of investments	'	-2,304
Maturities of investments	'	1,000
Net cash used in investing activities	'	-1,304
Cash flows from financing activities:	'	'
Proceeds from issuance of redeemable convertible preferred stock and warrants, net of issuance costs	2,311	'
Proceeds from issuance of common stock, net issuance of costs	'	3,570
Net cash provided by financing activities	2,311	3,570
Net decrease in cash and cash equivalents	-182	-1,639
Cash and cash equivalents at beginning of period	2,229	4,747
Cash and cash equivalents at end of period	2,047	3,108
Non-cash transaction disclosure:	'	'
Transfer of restricted investment in satisfaction of Porter Drive facility lease termination fee	'	250
Dividends accrued	$27	'

Nature_of_Operations_and_Going

Nature of Operations and Going Concern	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Nature of Operations and Going Concern	'
	1.        Nature of Operations and Going Concern
	Business Overview
	Telik, Inc., or Telik, we or, the Company, was incorporated in the state of Delaware in October 1988. We are engaged in the discovery and development of small molecule therapeutics. We operate in only one business segment.
	We have incurred net losses since inception and we expect to incur substantial losses for the foreseeable future as we continue our research and development activities. To date, we have funded operations primarily through the sale of equity securities, non-equity payments from collaborators and interest income. The process of developing our products will require significant additional research and development, preclinical testing and clinical trials, as well as regulatory approval. We expect these activities, together with general and administrative expenses, to result in substantial operating losses for the foreseeable future. We will not receive product revenue unless we, or our collaborative partners, complete clinical trials, obtain regulatory approval and successfully commercialize one or more of our products.
	Private Financing
	On May 12, 2014, we entered into a securities purchase agreement, or the PIPE agreement, to sell 1,250,000 shares of our Series B redeemable convertible preferred stock at $2.00 per share for a total of $2.5 million along with warrants to purchase 625,000 shares of common stock at $3.33 per share to a group of private investors led by Hudson Bay Capital Management LP, or Hudson Bay (such transaction, the “PIPE financing”). We received approximately $2.3 million in net proceeds from the sale of shares, after deducting related issuance costs, and used these proceeds to bridge us to the closing of the merger described below.
	Merger Agreement
	Concurrently on May 12, 2014, we entered into a merger agreement, or Merger Agreement, with MabVax Therapeutics, Inc., or MabVax, a privately held cancer immunotherapy company, or the Merger. On July 8, 2014, or the Closing Date, Telik and MabVax completed the Merger. As a result of the consummation of the Merger, as of the Closing Date, the former stockholders, option holders and warrant holders of MabVax owned approximately 85% of the outstanding shares of Telik common stock on a fully diluted basis and the stockholders, option holders and warrant holders of Telik prior to the Merger owned approximately 15% of the outstanding shares of Telik common stock on a fully diluted basis and a change of control occurred.
	For accounting purposes, the Merger is treated as a “reverse acquisition” and MabVax is considered the accounting acquirer. Accordingly, MabVax will be reflected as the predecessor and acquirer in Telik’s financial statements for periods ending from and after the Closing Date. Telik’s financial statements will reflect the historical financial statements for periods ending from and after the Closing Date of MabVax as Telik’s historical financial statements, except for the legal capital which will reflect Telik’s legal capital (common stock).
	The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern is dependent upon our ability to obtain additional equity or debt financing, attain further operating efficiencies and, ultimately, to generate revenue. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis_of_Presentation_and_Summ

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation and Summary of Significant Accounting Policies	'
	2.        Basis of Presentation and Summary of Significant Accounting Policies
	We have prepared the accompanying condensed financial statements in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, or the Exchange Act. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included herein. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other future period. The condensed balance sheet at December 31, 2013 has been derived from the audited financial statements at that date. You should read these condensed financial statements and notes in conjunction with our audited financial statements for the year ended December 31, 2013, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2014.
	Use of Estimates
	In preparing our financial statements to conform with GAAP, we make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Actual results may differ from these estimates.

Employee_StockBased_Compensati

Employee Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Employee Stock-Based Compensation	'
	3.        Employee Stock-Based Compensation
	Stock-based Compensation
	Total estimated stock-based compensation expense, related to all of our share-based payment awards recognized under ASC 718, “Compensation—Stock Compensation” was comprised of the following:
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
		(In thousands)
	Research and development	$	—	$	34	$	—	$	92
	General and administrative		2		49		3		131
	Stock-based compensation expense before taxes		2		83		3		223
	Effect on net loss	$	2	$	83	$	3	$	223
	Because we had a net operating loss carryforward as of June 30, 2014, no tax benefits for the tax deductions related to stock-based compensation expense were recognized in our Condensed Statements of Comprehensive Loss. Additionally, no stock options were exercised in the three and six months ended June 30, 2014 and 2013. As of June 30, 2014, $4,500 of total unrecognized compensation costs, net of forfeitures, related to non-vested service based awards is expected to be recognized over a weighted average period of 1.35 years.
	Valuation Assumptions
	We used the Black-Scholes-Merton option valuation model, or the Black-Scholes model, to determine the stock-based expense recognized under ASC 718. Our expected stock-price volatility assumption was based solely on the weighted average of the historical volatility as there was insufficient traded option activity for us to use implied volatility. The expected term of stock awards under our Employee Stock Purchase Plan, or ESPP, was based on the weighted average purchase periods of each offering. The expected term of stock options granted was based on the simplified method in accordance with Staff Accounting Bulletin No. 110, or SAB 110, as our historical share option exercise experience did not provide a reasonable basis for estimation. The risk-free interest rate was based on the U.S. Treasury yield for a period consistent with the expected term of the stock award in effect at the time of the grant. There were no stock options granted and no new ESPP participants enrolled during the three and six months ended June 30, 2014 and 2013.

Basic_and_Diluted_Net_Loss_per

Basic and Diluted Net Loss per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Basic and Diluted Net Loss per Share	'
	4.        Basic and Diluted Net Loss per Share
	Basic and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period.
	Weighted average outstanding options to purchase 225,870 and 282,620 shares of our common stock before application of the treasury stock method for the three months ended June 30, 2014 and 2013, 237,990 and 288,681 shares of our common stock before application of the treasury stock method for the six months ended June 30, 2014 and 2013, outstanding redeemable convertible preferred stock of 1,250,000 shares and warrants to purchase 625,000 shares of common stock were excluded from the diluted net loss per common share calculations because inclusion of such shares would be anti-dilutive.

Fair_Value_Measurements_on_a_R

Fair Value Measurements on a Recurring Basis	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements on a Recurring Basis	'
	5.        Fair Value Measurements on a Recurring Basis
	We measure certain financial assets and liabilities at fair value on a recurring basis, including money market funds, US government agencies and warrants. The fair value of these financial instruments is determined based on a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. Government agency securities held in our account were recorded at their estimated fair value. These securities generally had market prices from multiple sources and it could be difficult to select the best individual price directly from the quoted prices in the active markets. Therefore we used Level 2 inputs for the valuation of these securities. Using the Level 2 inputs, a “consensus price” or a weighted average price for each of these securities was derived from a distribution-curve-based algorithm which included market prices obtained from a variety of industrial standard data providers (e.g. Bloomberg), security master files from large financial institutions and other third-party sources.
	Warrants are valued using Black-Scholes-Merton model. The expected life is based on the term of the warrants. We use our historical volatility in developing our estimate of expected volatility. The fair value of warrants is estimated using the following assumptions, which, except for risk-free interest rate, are Level 3 inputs:
		June 30, 2014		May 13, 2014
				(date of issuance)
	Fair value of warrants (in thousands)	$568		$627
	Risk-free interest rate	1.62%		1.62%
	Dividend yield	N/A		N/A
	Expected volatility	101.55%		106.43%
	Expected life	4.83		5
	The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of June 30, 2014 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:
					Fair Value Measurement at June 30, 2014 Using
		June 30, 2014			Quoted Prices in		Significant Other		Significant
					Active Markets		Observable		Unobservable
					for Identical		Inputs (Level 2)		Inputs (Level 3)
					Assets (Level 1)
		(in thousands)
	Financial assets:
	Money market funds	$	1,457		$	1,457	$	—	$	—
	Total financial assets	$	1,457		$	1,457	$	—	$	—
	Financial liabilities:
	Warrants	$	568		$	—	$	—	$	568
	Total financial liabilities	$	568		$	—	$	—	$	568
	The following table presents information about our financial assets that are measured at fair value on a recurring basis as of December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
					Fair Value Measurement at December 31, 2013 Using
		December 31, 2013			Quoted Prices in		Significant Other		Significant
					Active Markets		Observable		Unobservable
					for Identical		Inputs (Level 2)		Inputs (Level 3)
					Assets (Level 1)
		(in thousands)
	Financial assets:
	(presented as cash equivalents) :
	Money market funds	$	458		$	458	$	—	$	—
	US government agencies		1,400			—		1,400		—
	Total financial assets	$	1,858		$	458	$	1,400	$	—
	The changes in the value of the warrant liability during the six months ended June 30, 2014 were as follows (in thousands):
	Fair value – beginning of period	$	—
	Issuances		627
	Change in fair value		(59	)
	Fair value – end of period	$	568
	There were no transfers between Level 1 and Level 2 measurements in the three and six months ended June 30, 2014 and in the year ended December 31, 2013.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2014
Cash And Cash Equivalents [Abstract]	'
Cash and Cash Equivalents	'
	6.        Cash and Cash Equivalents
	The following is a summary of estimated fair value of cash and cash equivalents:
		June 30,		December 31,
		2014		2013
		(in thousands)
	Cash and money market funds	$	2,047	$	829
	US government agencies		—		1,400
	Total	$	2,047	$	2,229
	Reported as:
	Cash and cash equivalents	$	2,047	$	2,229
	Total	$	2,047	$	2,229
	There were no realized gains or losses on sales of available-for-sale securities for the three and six months ended June 30, 2014 and the year ended December 31, 2013. There were no unrealized gains or losses on available-for-sale securities as of June 30, 2014 or December 31, 2013.
	All marketable debt securities held as of December 31, 2013 as available-for-sale were expected to mature in less than a year.

Accrued_Contingent_Lease_Termi

Accrued Contingent Lease Termination Fee	6 Months Ended
	Jun. 30, 2014
Restructuring And Related Activities [Abstract]	'
Accrued Contingent Lease Termination Fee	'
	7.        Accrued Contingent Lease Termination Fee
	In November 2010, we ceased the use of our facility at 3165 Porter Drive in Palo Alto, California and subleased the facility to a tenant for the remaining contractual term of our master lease, which is through May 2014. As a result, we recorded a charge of $4.7 million which included the estimated fair value of future lease-related payments less estimated net income from sublease rental offset by a reduction of $335,000 in the balance of deferred rent related to the facility as of November 30, 2010.
	On February 19, 2013, we entered into an agreement with our landlord, ARE San Francisco No.24, LLC, or ARE, pursuant to which the premises was voluntarily surrendered, the master lease and sublease were terminated as of February 28, 2013, we were relieved of further obligations under the master lease and further rights to rental income under the sublease, and we agreed to pay a termination fee to ARE of approximately $0.7 million. Prior to the termination of these agreements, the remaining lease payments to ARE through the end of the master lease totaled approximately $4.5 million and the remaining sublease income to Telik through the same period totaled approximately $3.2 million. In addition to the termination fee, if we receive $15 million or more in additional financing in the aggregate, an additional termination fee of $591,000 will be due to ARE, but otherwise be forgiven. As a result of the termination agreement, we reversed the remaining facility exit cost liability, recorded $591,000 as accrued contingent lease termination fee and included the net charge in general and administrative expenses in the Condensed Statements of Comprehensive Loss in the quarter ended March 31, 2013.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments	'
	8.        Commitments
	Operating Leases
	On February 27, 2013, we entered into a 21-month lease agreement for 3,075 square feet of office space at 2100 Geng Road in Palo Alto, California and relocated our corporate offices to this facility in March 2013. Upon execution of the agreement, we paid the sublessor the first month’s rent and we paid the second month’s rent on March 28, 2013, and deposited into an escrow account approximately $219,000 which represents the total rent due for the remaining term (May 1, 2013 thru November 30, 2014).
	We have no future rental payments under our non-cancelable operating leases as of June 30, 2014 and none for the year 2015 and beyond. We recorded a $591,000 contingent lease termination fee, in connection with the termination of our master lease and sublease of our Porter Drive facility, which is payable to ARE if we receive $15 million or more in additional financing in the aggregate, but otherwise forgiven.
	Restructuring plan upon closing of the Merger
	In connection with the Merger, the company signed separation agreements in May 2014 with nine Telik employees and agreed to pay severances and health benefits upon closing of the Merger subject to certain provisions in the agreement. The total in severance and benefits costs to be paid out is approximately $748,000. This amount has not been accrued at June 30, 2014, since the Merger did not close until July 2014.

Redeemable_Convertible_Preferr

Redeemable Convertible Preferred Stock and Warrants	6 Months Ended
	Jun. 30, 2014
Temporary Equity Disclosure [Abstract]	'
Redeemable Convertible Preferred Stock and Warrants	'
	9.        Redeemable convertible preferred stock and warrants
	On May 12, 2014, we entered into a PIPE agreement pursuant to which we issued and sold to the purchasers an aggregate of 1,250,000 shares of our Series B redeemable convertible preferred stock at $2.00 per share for a total of $2.5 million along with warrants to purchase 625,000 shares of our common stock, or the PIPE warrants. We received approximately $2.3 million in net proceeds under the PIPE agreement after deducting related issuance costs.
	The Series B redeemable convertible preferred stock sold in the PIPE financing has the following rights:
	Conversion Price Adjustment. The conversion price is subject to adjustment upon the earlier of: (i) the date that some or all of the registrable securities have become registered pursuant to an effective registration statement and (ii) 6 months after May 13, 2014, or the Closing Date, each such date, an Adjustment Date, in which the conversion price of the Series B convertible preferred stock thereafter shall be the lower of (a) the initial conversion price and (b) 90% of the average of the 10 lowest weighted average prices of Common Stock during the 20 days immediately preceding the Adjustment Date.
	Dividend. 8% cumulative dividend on the Stated Value (as defined in the Series B certificate of designation).
	Liquidation Preference. Preferential payment is made to holders of Series B redeemable convertible preferred stock in the event of a liquidation event. Initially, $2.00 per share of Series B convertible preferred stock plus accrued and unpaid dividends, subject to adjustment.
	Anti-Dilution. Full ratchet anti-dilution adjustment for any issuances of Common Stock and convertible securities for Common Stock below the current conversion price of $2.00, subject to the beneficial ownership cap of 4.99% of the outstanding Common Stock post-conversion and exchange cap of 19.99% of the outstanding Common Stock immediately prior to such conversion.
	We classified our shares of Series B redeemable convertible preferred stock as mezzanine equity as the number of common shares converted are not fixed until the date of the conversion as the conversion amount and conversion price are subject to adjustments, and the preferred shares are subject to a “Change of Control Redemption” provision that allows shares to be redeemable upon the request of preferred stockholders at certain time after the consummation of such Change of Control.
	Since our Series B redeemable convertible preferred stockholders are entitled to cumulative dividends on each share held at a rate of 8% per annum on the Stated Value (as defined in the Series B certificate of designations) from and after the first date of issuance of any Series B preferred stock whether or not declared by the Board and whether or not there are funds legally available for the payment of dividends, we recorded $27,000 in dividends accrual for the period ended June 30, 2014.
	The PIPE warrants become exercisable six months from May 13, 2014, expire in five years and may be exercised for cash or otherwise may be net-exercised. The PIPE warrants initially have a per share exercise price of $3.33. On the 60th day following the earlier of (i) the date all of the shares underlying the PIPE warrants become registered pursuant to an effective registration statement and (ii) six months following May 13, 2014, in each case the “reset date”, the exercise price will be reset to equal the lower of (i) the current exercise price and (ii) 90% of the average of the 10 lowest weighted average prices of common stock during the 20 trading days immediately preceding the reset date. Due to the potential change of exercise price per share of the PIPE warrants, the PIPE warrants were recorded as a long term liability. The PIPE warrants are recorded in fair value on a recurring basis, which was $627,000 and $568,000 as of May 13, 2014 and June 30, 2014 respectively. As a result of the change in fair value of the PIPE warrants, we recorded a decrease in fair value of $59,000 during the three months ended June 30, 2014 which was included in Interest income and other net. See Note 5 for more information on the valuation of our PIPE warrants.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2014
Text Block [Abstract]	'
Litigation	'
	10.        Litigation
	On May 30, 2014, a putative class action lawsuit was commenced in Santa Clara County Superior Court, State of California, on behalf of Cadillac Partners and others similarly situated, naming as defendants our directors, the Company, MabVax, Hudson Bay Capital Management LP, Bio IP Ventures LLC, Hudson Bay Master Fund Ltd., and Hudson Bay IP Opportunities Master Fund LP. The suit alleged the defendants breached certain fiduciary duties, or aided and abetted a breach of fiduciary duties, in connection with our merger with MabVax. In support of their purported claims, the plaintiff alleged, among other things, that our board has historically failed to fulfill its fiduciary duty to its stockholders, the PIPE transaction and the Merger involved an inadequate sales process and includes preclusive deal protection devices, and that our board of directors would receive personal benefits not available to our public stockholders as a result of the Merger. The plaintiff sought to enjoin the Merger and obtain damages as well as attorneys’ and expert fees and costs.
	On June 29, 2014, the parties entered into a Stipulation and Settlement, or Settlement, pursuant to which we agreed to file with the SEC certain supplemental disclosures in connection with the Merger, which we did on June 30, 2014 in our proxy statement on Schedule 14A. The Settlement is subject to certain confirmatory discovery to be undertaken by the plaintiff and to the parties’ agreement on the payment of the plaintiff’s attorneys’ fees and expenses.
	On July 16, 2014, the Company and all other parties to the litigation entered into an agreement which, if consummated, will settle the litigation, or the proposed settlement. Among many other terms, under the proposed settlement the Company and all defendants will receive a broad release of any and all claims pertaining to the PIPE transaction, the Merger, the prior disclosure and a wide variety of other matters. The proposed settlement also calls for the parties to ask the court to, among other things, enter orders enjoining other shareholders from bringing similar actions, certifying the putative settlement class, and approving the proposed settlement as a fair, final, and binding resolution of the litigation. Under the proposed settlement, the Company and the other defendants have expressly denied the allegations of the complaint and denied engaging in any other misconduct, nor will any of them make any payment or in any respect amend the negotiated terms of the since-consummated PIPE transaction and Merger. Finally, under the proposed settlement, the Company and the other defendants have not agreed to pay any legal fees, or reimburse any expenses, allegedly incurred by the plaintiffs who filed the complaint; instead, the Company expects that counsel for those plaintiffs will present any such disputed claim for legal fees and expenses to the court for resolution. We expect our insurance policy to cover a portion of these fees and expenses, including legal fees of approximately $111,000 incurred by us.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	11.        Subsequent Events
	On July 1, 2014, Telik and MabVax, entered into an Amendment No. 1 to the Merger Agreement to (a) modify the definition of MabVax’s common stock financing in the Merger Agreement, (b) remove certain redemption provisions in the Certificate of Designations, Preferences and Rights of MabVax’s Series A-1 Convertible Preferred Stock and the Certificate of Designations, Preferences and Rights of MabVax’s Series A-2 Convertible Preferred Stock attached to the Merger Agreement, (c) remove certain references to Telik’s obligations to assume MabVax’s obligations to redeem shares of MabVax’s Series C-1 Convertible Preferred Stock and Series C-2 Convertible Preferred Stock following the completion of the Merger.
	On July 7, 2014, Telik and the holders of its issued and outstanding Series B Convertible Preferred Stock, entered into a Series B Omnibus Amendment and Stockholder Consent, the Omnibus Amendment that approved an amendment and restatement of Telik’s Certificate of Designations, Preferences and Rights of Series B-1 Convertible Preferred Stock, amendments to the Warrants and the Purchase Agreement to permit Telik’s common stock to be traded on the OTCQB and OTCQX marketplaces, an amendment to the provisions of the Registration Rights Agreement to extend the deadline for filing a registration statement with the SEC covering resales of shares of Telik common stock issuable upon exercise of the Warrants and the shares issuable upon conversion of the Series B Preferred Stock from July 11, 2014 to August 1, 2014, and to approve the amendments made to the Merger Agreement (disclosed below).
	On July 7, 2014, Telik and MabVax, entered into an Amendment No. 2 to the Merger Agreement to (a) amend the provisions of the proposed Certificate of Designations, Preferences and Rights of MabVax’s Series A-1 Convertible Preferred Stock attached to the Merger Agreement to permit shares of Telik’s common stock to trade on the OTCQB and OTCQX marketplaces following the completion of the Merger and (b) modify the Telik stockholder approval provisions set forth in the Merger Agreement to permit the Merger to be completed without the consent of the holders of majority of the issued and outstanding capital stock of Telik. Amendment No. 2 also included amendments removing the requirement that Telik amend its charter documents to change its name from Telik, Inc. to MabVax Therapeutics Holding, Inc. upon completion of the Merger and the requirement for Telik to implement a 5 to 1 reverse split of Telik’s common stock should the closing price of Telik’s common stock as of the last business day immediately prior to the effective time of the Merger be less than $4 per share.
	On July 8, 2014, or the Closing Date, the Merger was completed. In connection with the Merger, Telik issued, as of the Closing Date, its securities to MabVax’s stockholders in exchange for securities owned by MabVax’s securityholders, as follows: (i) an aggregate of 9,349,841 shares of Telik common stock, (ii) an aggregate of 2,762,841 shares of Telik Series A-1 convertible preferred stock, par value $0.01 per share, convertible into an aggregate of 12,285,156 shares of Telik common stock as of the Closing Date, (iii) warrants to purchase up to an aggregate of 16,442,087 shares of Telik’s common stock, with an exercise price of $0.4524974 per share and expiring on July 10, 2023, and (iv) options to purchase up to 1,552,694 shares of common stock. The Telik securities issued in connection with the Merger were issued in a private placement transaction pursuant to Section 4(2)(a) and Rule 506(b) of Regulation D of the Securities Act. The Common Exchange Ratio (as defined in the Merger Agreement) was 2.223283558 and the Preferred Exchange Ratio (as defined in the Merger Agreement) was .5.
	As a result of the consummation of the Merger, as of the Closing Date, the former stockholders, optionholders and warrant holders of MabVax owned approximately 85% of the outstanding shares of Telik common stock on a fully-diluted basis and the stockholders, optionholders and warrant holders of Telik prior to the Merger owned approximately 15% of the outstanding shares of Telik common stock on a fully diluted basis and a change of control has occurred. For accounting purposes, the Merger is treated as a “reverse acquisition” and MabVax is considered the accounting acquirer. Accordingly, MabVax will be reflected as the predecessor and acquirer in Telik’s financial statements. Telik’s financial statements for the periods ending from and after the Closing Date will reflect the historical financial statements of MabVax as Telik’s historical financial statements, except for the legal capital which will reflect Telik’s legal capital (common stock).

Basis_of_Presentation_and_Summ1

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Use of Estimates	'
	Use of Estimates
	In preparing our financial statements to conform with GAAP, we make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Actual results may differ from these estimates.

Employee_StockBased_Compensati1

Employee Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Schedule of Estimated Stock-Based Compensation Expense	'
	Total estimated stock-based compensation expense, related to all of our share-based payment awards recognized under ASC 718, “Compensation—Stock Compensation” was comprised of the following:
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
		(In thousands)
	Research and development	$	—	$	34	$	—	$	92
	General and administrative		2		49		3		131
	Stock-based compensation expense before taxes		2		83		3		223
	Effect on net loss	$	2	$	83	$	3	$	223

Fair_Value_Measurements_on_a_R1

Fair Value Measurements on a Recurring Basis (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Assumptions Used in Estimating Fair Value of Warrants	'
	The fair value of warrants is estimated using the following assumptions, which, except for risk-free interest rate, are Level 3 inputs:
		June 30, 2014		May 13, 2014
				(date of issuance)
	Fair value of warrants (in thousands)	$568		$627
	Risk-free interest rate	1.62%		1.62%
	Dividend yield	N/A		N/A
	Expected volatility	101.55%		106.43%
	Expected life	4.83		5
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	'
	The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of June 30, 2014 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:
					Fair Value Measurement at June 30, 2014 Using
		June 30, 2014			Quoted Prices in		Significant Other		Significant
					Active Markets		Observable		Unobservable
					for Identical		Inputs (Level 2)		Inputs (Level 3)
					Assets (Level 1)
		(in thousands)
	Financial assets:
	Money market funds	$	1,457		$	1,457	$	—	$	—
	Total financial assets	$	1,457		$	1,457	$	—	$	—
	Financial liabilities:
	Warrants	$	568		$	—	$	—	$	568
	Total financial liabilities	$	568		$	—	$	—	$	568
	The following table presents information about our financial assets that are measured at fair value on a recurring basis as of December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
					Fair Value Measurement at December 31, 2013 Using
		December 31, 2013			Quoted Prices in		Significant Other		Significant
					Active Markets		Observable		Unobservable
					for Identical		Inputs (Level 2)		Inputs (Level 3)
					Assets (Level 1)
		(in thousands)
	Financial assets:
	(presented as cash equivalents) :
	Money market funds	$	458		$	458	$	—	$	—
	US government agencies		1,400			—		1,400		—
	Total financial assets	$	1,858		$	458	$	1,400	$	—
Schedule of Changes in the Value of the Warrant Liability	'
	The changes in the value of the warrant liability during the six months ended June 30, 2014 were as follows (in thousands):
	Fair value – beginning of period	$	—
	Issuances		627
	Change in fair value		(59	)
	Fair value – end of period	$	568

Cash_and_Cash_Equivalents_Tabl

Cash and Cash Equivalents (Tables)	6 Months Ended
	Jun. 30, 2014
Cash And Cash Equivalents [Abstract]	'
Summary of Estimated Fair Value of Cash and Cash Equivalents	'
	The following is a summary of estimated fair value of cash and cash equivalents:
		June 30,		December 31,
		2014		2013
		(in thousands)
	Cash and money market funds	$	2,047	$	829
	US government agencies		—		1,400
	Total	$	2,047	$	2,229
	Reported as:
	Cash and cash equivalents	$	2,047	$	2,229
	Total	$	2,047	$	2,229

Nature_of_Operations_and_Going1

Nature of Operations and Going Concern - Additional Information (Detail) (USD $)	6 Months Ended	0 Months Ended			0 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Jul. 08, 2014	Jul. 08, 2014	Jul. 08, 2014	12-May-14	12-May-14
	Segment	Subsequent Event [Member]	MabVax [Member]	MabVax [Member]	Series B Redeemable Convertible Preferred Stock [Member]	Series B Redeemable Convertible Preferred Stock [Member]
			Subsequent Event [Member]	Subsequent Event [Member]
Organization And Nature Of Operations [Line Items]	'	'	'	'	'	'
Number of business segments	1	'	'	'	'	'
Series B redeemable convertible preferred stock issued	'	'	'	'	1,250,000	'
Series B redeemable convertible preferred stock issued price per share	'	'	'	'	'	$2
Purchase of Series B redeemable convertible preferred stock	'	'	'	'	$2.50	'
Warrants to purchase shares of common stock	'	'	'	16,442,087	'	625,000
Warrants to purchase shares of common stock price per share	'	'	'	0.4524974	'	3.33
Net proceeds from sale of shares	'	'	'	'	$2.30	'
Percentage of ownership	'	15.00%	85.00%	'	'	'

Employee_StockBased_Compensati2

Employee Stock-Based Compensation - Schedule of Estimated Stock-Based Compensation Expense (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense before taxes	$2	$83	$3	$223
Effect on net loss	2	83	3	223
Research and development [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense before taxes	'	34	'	92
General and administrative [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense before taxes	$2	$49	$3	$131

Employee_StockBased_Compensati3

Employee Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'	'	'	'
Tax deductions related to stock-based compensation	'	'	$0	'
Stock options exercised	0	0	0	0
Unrecognized compensation costs, net of forfeitures	$4,500	'	$4,500	'
Expected to be recognized over weighted average period	'	'	'1 year 4 months 6 days	'

Employee_StockBased_Compensati4

Employee Stock-Based Compensation - New ESPP Offerings and Stock Option Granted - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'	'	'	'
New enrolled ESPP participants	0	0	0	0
Stock options granted	0	0	0	0

Basic_and_Diluted_Net_Loss_per1

Basic and Diluted Net Loss per Share - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Common Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Shares excluded from diluted net loss per common share calculations	225,870	282,620	237,990	288,681
Redeemable Convertible Preferred Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Shares excluded from diluted net loss per common share calculations	'	'	1,250,000	'
Warrant [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Shares excluded from diluted net loss per common share calculations	'	'	625,000	'

Fair_Value_Measurements_on_a_R2

Fair Value Measurements on a Recurring Basis - Schedule of Assumptions Used in Estimating Fair Value of Warrants (Detail) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	13-May-14
Fair Value Disclosures [Abstract]	'	'
Fair value of warrants	$568	$627
Risk-free interest rate	1.62%	1.62%
Expected volatility	101.55%	106.43%
Expected life	'4 years 9 months 29 days	'5 years

Fair_Value_Measurements_on_a_R3

Fair Value Measurements on a Recurring Basis - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	$1,457	$1,858
Financial liabilities	568	'
Money market funds [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	1,457	458
Warrant [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial liabilities	568	'
US government agencies [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	'	1,400
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	1,457	458
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money market funds [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	1,457	458
Significant Other Observable Inputs (Level 2) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	'	1,400
Significant Other Observable Inputs (Level 2) [Member] | US government agencies [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	'	1,400
Significant Unobservable Inputs (Level 3) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial assets	'	0
Financial liabilities	568	'
Significant Unobservable Inputs (Level 3) [Member] | Warrant [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Financial liabilities	$568	'

Fair_Value_Measurements_on_a_R4

Fair Value Measurements on a Recurring Basis - Schedule of Changes in the Value of the Warrant Liability (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair value - beginning of period	'
Issuances	627
Change in fair value	-59
Fair value - end of period	$568

Fair_Value_Measurements_on_a_R5

Fair Value Measurements on a Recurring Basis - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'	'	'
Transfer of securities between Level 1 and Level 2 measurements	$0	$0	$0

Cash_and_Cash_Equivalents_Summ

Cash and Cash Equivalents - Summary of Estimated Fair Value of Cash and Cash Equivalents (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Total estimated fair value	$2,047	$2,229	'	'
Cash and cash equivalents	2,047	2,229	3,108	4,747
Total	2,047	2,229	'	'
Cash and money market funds [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Total estimated fair value	2,047	829	'	'
US government agencies [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Total estimated fair value	'	$1,400	'	'

Cash_and_Cash_Equivalents_Addi

Cash and Cash Equivalents - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Cash And Cash Equivalents [Abstract]	'	'	'
Realized gains or losses on sales of available-for-sale investments	$0	$0	$0
Unrealized gains or losses on available-for-sale securities	$0	$0	$0

Accrued_Contingent_Lease_Termi1

Accrued Contingent Lease Termination Fee - Additional Information (Detail) (USD $)	0 Months Ended	6 Months Ended		1 Months Ended
	Feb. 28, 2013	Jun. 30, 2014	Dec. 31, 2013	Nov. 30, 2010
				Facility Exit Costs [Member]
Restructuring Cost and Reserve [Line Items]	'	'	'	'
Estimated fair value of future lease-related payments	'	'	'	$4,700,000
Deferred rent	'	'	'	335,000
Lease and sublease expiration date	'	'	'	31-May-14
Termination of master as well as sublease	'	28-Feb-13	'	'
Termination fees payable	700,000	'	'	'
Remaining master lease payments	4,500,000	'	'	'
Additional termination fee due	'	591,000	'	'
Accrued contingent lease termination fee	'	591,000	591,000	'
Additional financing amount	'	15,000,000	'	'
Remaining sublease income	$3,200,000	'	'	'

Commitments_Additional_Informa

Commitments - Additional Information (Detail) (USD $)	6 Months Ended		0 Months Ended	6 Months Ended		6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Feb. 27, 2013	Jun. 30, 2014	Feb. 27, 2013	Jun. 30, 2014
	Employees		2100 Geng Road in Palo Alto, California [Member]	2100 Geng Road in Palo Alto, California [Member]	2100 Geng Road in Palo Alto, California [Member]	Porter Drive [Member]
					sqft
Operating Leased Assets [Line Items]	'	'	'	'	'	'
Term of lease agreement	'	'	'21 months	'	'	'
Amount deposited in escrow for rent due for remaining lease period	'	'	$219,000	'	'	'
Remaining term of rent deposited in escrow	'	'	'	'May 1, 2013 thru November 30, 2014	'	'
Number of square feet	'	'	'	'	3,075	'
Future rental payments under our non-cancelable operating leases	'	'	'	0	'	'
Future rental payments under our non-cancelable operating leases for the year 2015 and thereafter	'	'	'	0	'	'
Contingent lease termination fee	591,000	591,000	'	'	'	591,000
Additional financing amount	15,000,000	'	'	'	'	15,000,000
Separation agreements date	8-Jul-14	'	'	'	'	'
Number of employees separated	9	'	'	'	'	'
Severance and benefits costs	748,000	'	'	'	'	'
Severance and benefits costs accrued	$0	'	'	'	'	'

Redeemable_Convertible_Preferr1

Redeemable Convertible Preferred Stock and Warrants - Additional Information (Detail) (USD $)	6 Months Ended		6 Months Ended	3 Months Ended	6 Months Ended			0 Months Ended	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	12-May-14	12-May-14	Jun. 30, 2014	12-May-14
			Warrant [Member]	Warrant [Member]	Warrant [Member]	Warrant [Member]	Warrant [Member]	Series B Redeemable Convertible Preferred Stock [Member]	Series B Redeemable Convertible Preferred Stock [Member]	Series B Redeemable Convertible Preferred Stock [Member]
				Interest and other income, net [Member]	Interest and other income, net [Member]	Fair Value, Measurements, Recurring [Member]	Fair Value, Measurements, Recurring [Member]
Temporary Equity [Line Items]	'	'	'	'	'	'	'	'	'	'
Series B redeemable convertible preferred stock issued	'	'	'	'	'	'	'	1,250,000	'	'
Sale price of preferred stock	$2	'	'	'	'	'	'	'	'	$2
Purchase of Series B redeemable convertible preferred stock	'	'	'	'	'	'	'	$2,500,000	'	'
Warrants to purchase shares of common stock	'	'	'	'	'	'	'	'	'	625,000
Proceeds under agreement after deducting related issuance cost	2,311,000	'	'	'	'	'	'	2,300,000	'	'
Conversion price description	'	'	'	'	'	'	'	'	'The conversion price is subject to adjustment upon the earlier of: (i) the date that some or all of the registrable securities have become registered pursuant to an effective registration statement and (ii) 6 months after May 13, 2014, or the Closing Date, each such date, an Adjustment Date, in which the conversion price of the Series B convertible preferred stock thereafter shall be the lower of (a) the initial conversion price and (b) 90% of the average of the 10 lowest weighted average prices of Common Stock during the 20 days immediately preceding the Adjustment Date.	'
Cumulative dividend rate	'	'	'	'	'	'	'	'	8.00%	'
Post-conversion beneficial ownership cap of outstanding common stock	4.99%	'	'	'	'	'	'	'	'	'
Exchange cap of outstanding Common Stock immediately prior to conversion	19.99%	'	'	'	'	'	'	'	'	'
Dividend accrued	'	'	'	'	'	'	'	'	27,000	'
Warrants exercisable description	'	'	'On the 60th day following the earlier of (i) the date all of the shares underlying the PIPE warrants become registered pursuant to an effective registration statement and (ii) six months following May 13, 2014, in each case the breset dateb, the exercise price will be reset to equal the lower of (i) the current exercise price and (ii) 90% of the average of the 10 lowest weighted average prices of common stock during the 20 trading days immediately preceding the reset date. Due to the potential change of exercise price per share of the PIPE warrants, the PIPE warrants were recorded as a long term liability.	'	'	'	'	'	'	'
Warrant's initial exercise price per share	'	'	'	'	'	'	'	'	'	3.33
PIPE warrants fair value	568,000	'	'	'	'	568,000	627,000	'	'	'
Decrease in fair value	($59,000)	'	'	$59,000	'	'	'	'	'	'
warrant expiration period	'	'	'	'	'5 years	'	'	'	'	'

Litigation_Additional_Informat

Litigation - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014
Temporary Equity Disclosure [Abstract]	'
Legal fees	$111,000

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $)	0 Months Ended
	Jul. 07, 2014	Jul. 08, 2014	Jul. 08, 2014	Jul. 08, 2014
		MabVax [Member]	MabVax [Member]	MabVax [Member]
				Prior To Merger [Member]
Subsequent Event [Line Items]	'	'	'	'
Closing stock of common stock per share prior to merger	'Less than $4	'	'	'
Reverse stock split ratio after merger	'5 to 1	'	'	'
Common Stock, Shares, Issued upon closing of the merger	'	'	9,349,841	'
Series A-1 Convertible preferred stock	'	'	2,762,841	'
Series A-1 Convertible preferred stock, par value	'	'	$0.01	'
Warrants to purchase shares of common stock	'	'	16,442,087	'
Warrants to purchase shares of common stock price per share	'	'	0.4524974	'
Class of warrants or right expiration date	'	10-Jul-23	'	'
Options to purchase shares of common stock	'	1,552,694	'	'
Common Stock Exchange Ratio	'	'	0.022232836	'
Number of preferred stock converted in to common stock	'	'	12,285,156	'
Preferred Stock Exchange Ratio	'	0.5	'	'
Percentage of ownership	'	'	85.00%	15.00%