Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'METABOLIX, INC. | ' |
Entity Central Index Key | '0001121702 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 35,094,640 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $5,531 | $7,698 |
Short-term investments | 0 | 11,511 |
Accounts receivable | 573 | 997 |
Due from related parties | ' | 51 |
Unbilled receivables | 139 | 187 |
Inventory | 3,162 | 4,074 |
Prepaid expenses and other current assets | 696 | 713 |
Total current assets | 10,101 | 25,231 |
Restricted cash | 619 | 619 |
Property and equipment, net | 560 | 793 |
Other assets | 95 | 95 |
Total assets | 11,375 | 26,738 |
Current Liabilities: | ' | ' |
Accounts payable | 432 | 579 |
Accrued expenses | 3,202 | 4,892 |
Current portion of deferred rent | ' | 55 |
Short-term deferred revenue | 727 | 669 |
Total current liabilities | 4,361 | 6,195 |
Other long-term liabilities | 150 | 145 |
Total liabilities | 4,511 | 6,340 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock ($0.01 par value per share); 5,000,000 shares authorized; no shares issued or outstanding | ' | ' |
Common stock ($0.01 par value per share); 100,000,000 shares authorized at June 30, 2014 and December 31, 2013, 34,993,744 and 34,581,449 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 350 | 346 |
Additional paid-in capital | 294,545 | 292,661 |
Accumulated other comprehensive loss | -103 | -71 |
Accumulated deficit | -287,928 | -272,538 |
Total stockholders' equity | 6,864 | 20,398 |
Total liabilities and stockholders' equity | $11,375 | $26,738 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value per share (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,993,744 | 34,581,449 |
Common stock, shares outstanding | 34,993,744 | 34,581,449 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Product revenue | $662 | $822 | $1,201 | $1,611 |
Grant revenue | 483 | 584 | 950 | 1,308 |
Research and development revenue | ' | 238 | ' | 618 |
License fee and royalty revenue | 25 | 62 | 88 | 111 |
Total revenue | 1,170 | 1,706 | 2,239 | 3,648 |
Costs and expenses: | ' | ' | ' | ' |
Cost of product revenue | 774 | 1,196 | 1,469 | 1,753 |
Research and development | 4,479 | 4,945 | 9,379 | 9,802 |
Selling, general, and administrative | 3,156 | 3,422 | 6,790 | 6,734 |
Total costs and expenses | 8,409 | 9,563 | 17,638 | 18,289 |
Loss from operations | -7,239 | -7,857 | -15,399 | -14,641 |
Other income (expense): | ' | ' | ' | ' |
Interest income, net | 2 | 12 | 7 | 33 |
Other income (expense), net | ' | -21 | 2 | -20 |
Total other income (expense), net | 2 | -9 | 9 | 13 |
Net loss | ($7,237) | ($7,866) | ($15,390) | ($14,628) |
Net loss per share: | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.21) | ($0.23) | ($0.44) | ($0.43) |
Diluted (in dollars per share) | ($0.21) | ($0.23) | ($0.44) | ($0.43) |
Number of shares used in per share calculations: | ' | ' | ' | ' |
Basic (in shares) | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 |
Diluted (in shares) | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($7,237) | ($7,866) | ($15,390) | ($14,628) |
Other comprehensive loss: | ' | ' | ' | ' |
Change in unrealized loss on investments | -1 | -4 | -2 | -11 |
Change in foreign currency translation adjustment | -4 | -12 | -30 | -27 |
Total other comprehensive loss | -5 | -16 | -32 | -38 |
Comprehensive loss | ($7,242) | ($7,882) | ($15,422) | ($14,666) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($15,390) | ($14,628) |
Adjustments to reconcile net loss to cash used in operating activities: | ' | ' |
Depreciation | 333 | 531 |
Charge for 401(k) company common stock match | 259 | 268 |
Stock-based compensation | 1,379 | 1,677 |
Inventory impairment | 228 | 271 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivables | 424 | 503 |
Due from related party | 51 | 75 |
Unbilled receivables | 48 | -446 |
Inventory | 684 | -263 |
Prepaid expenses and other assets | 17 | -192 |
Accounts payable | -147 | -1,131 |
Accrued expenses | -1,740 | -345 |
Deferred rent and other long-term liabilities | -50 | -76 |
Deferred revenue | 58 | -538 |
Net cash used in operating activities | -13,846 | -14,294 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -100 | -270 |
Change in restricted cash | ' | -25 |
Purchase of short-term investments | -1,508 | -10,580 |
Proceeds from the sale and maturity of short-term investments | 13,019 | 22,509 |
Net cash provided by investing activities | 11,411 | 11,634 |
Cash flows from financing activities | ' | ' |
Proceeds from options exercised | 300 | 14 |
Net cash provided by financing activities | 300 | 14 |
Effect of exchange rate changes on cash and cash equivalents | -32 | -18 |
Net decrease in cash and cash equivalents | -2,167 | -2,664 |
Cash and cash equivalents at beginning of period | 7,698 | 14,572 |
Cash and cash equivalents at end of period | $5,531 | $11,908 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | ' |
1. BASIS OF PRESENTATION | |
The accompanying condensed consolidated financial statements are unaudited and have been prepared by Metabolix, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The consolidated financial statements, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the financial position and results of operations for the interim periods ended June 30, 2014 and 2013. | |
The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for any future period or the entire fiscal year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2013, which are contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2014. | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. | |
The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. However, with the exception of 2012, when the Company recognized $38,885 of deferred revenue from the terminated Telles joint venture, the Company has recorded losses since its inception, including its fiscal quarter ended June 30, 2014. | |
As of June 30, 2014, the Company held unrestricted cash, cash equivalents and investments of $5,531. The Company’s present capital resources are not sufficient to fund its planned operations for a twelve month period, and therefore, raise substantial doubt about its ability to continue as a going concern. Based on current projections, the Company anticipates that unless by mid-August, 2014, it is reasonably likely that it will be able to obtain additional funding by August 31, 2014, the Company will be forced to initiate steps to cease operations. On August 4, 2014, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company agreed to sell to the investors units of the Company’s securities for an aggregate purchase price of $25,000. The closing of the proposed financing is subject to certain conditions specified in the purchase agreement, including the Company’s receipt from NASDAQ of a financial viability exception from obtaining stockholder approval under NASDAQ listing rules. Even if the financing is completed as planned, the Company will, during 2015, require significant additional financing to continue to fund its operations and to support its capital needs. The timing, structure and vehicles for obtaining future financing are under consideration by the Company and it may be accomplished in stages. The Company’s goal is to use this capital from the pending transaction and future financings to build an intermediate scale specialty biopolymers business based on PHA additives that will serve as the foundation for its longer range plans and future growth of its business, but there can be no assurance that financing efforts will be successful. | |
The condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. | |
The Company continues to face significant challenges and uncertainties and, as a result, its available capital resources may be consumed more rapidly than currently expected due to (a) lower than expected sales of its biopolymer products as a result of slow market adoption; (b) increases in capital costs and operating expenses related to the establishment and start-up of commercial manufacturing operations either on its own or with third parties; (c) changes the Company may make to the business that affect ongoing operating expenses; (d) changes the Company may make to its business strategy; (e) changes in the Company’s research and development spending plans; and (f) other items affecting the Company’s forecasted level of expenditures and use of cash resources. If the Company issues equity or debt securities to raise additional funds, (i) the Company may incur fees associated with such issuance, (ii) its existing stockholders will experience dilution from the issuance of new equity securities, (iii) the Company may incur ongoing interest expense and may be required to grant a security interest in Company assets in connection with any debt issuance, and (iv) the new equity or debt securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. In addition, utilization of the Company’s net operating loss and research and development credit carryforwards will most likely be subject to significant annual limitations under Section 382 of the Internal Revenue Code of 1986 due to cumulative ownership changes resulting from financing transactions, including the pending transaction described above. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. | |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2014 | |
ACCOUNTING POLICIES | ' |
ACCOUNTING POLICIES | ' |
2. ACCOUNTING POLICIES | |
There have been no material changes in accounting policies since the Company’s fiscal year ended December 31, 2013, as described in Note 2 to the consolidated financial statements included in its Annual Report on Form 10-K for the year then ended. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents and short-term investments. The Company has historically invested its excess cash and cash equivalents in money market funds, corporate debt, federal agency notes and U.S. treasury notes. Investments are acquired in accordance with the Company’s investment policy which establishes a concentration limit per issuer. At June 30, 2014, the Company’s cash and cash equivalents are invested only in money market funds. | |
The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. At June 30, 2014, the Company’s accounts and unbilled receivables include $208 or 29% from U.S., Canadian and German government grants and $505 or 71% from customer product sales. At June 30, 2014, the Company’s REFABB grant with the Department of Energy represented 38% of total grant receivables. | |
At December 31, 2013, the Company’s worldwide accounts and unbilled receivables include $552 or 46% from government grants and $528 or 44% from customer product sales. At December 31, 2013, the Company’s REFABB grant with the Department of Energy represented 56% of total receivables. | |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2014 | |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
3. RECENT ACCOUNTING PRONOUNCEMENTS | |
During the quarter ended June 30, 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new standard will be effective for annual and interim periods beginning on or after December 15, 2016. We are currently evaluating the potential impact that Topic 606 may have on our financial position and results of operations. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and is disposed of or classified as held for sale. The standard also introduces several new disclosures. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual and interim periods beginning after December 15, 2014, with early adoption permitted. The Company is currently assessing the impact, if any, on its consolidated financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830), clarifying the applicable guidance for the release of the cumulative translation adjustment. ASU 2013-05 was effective for the Company in the period beginning January 1, 2014. The adoption of this update did not have a material impact on the consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists. ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. ASU 2013-11 was effective for the Company beginning January 1, 2014 and the adoption of this standard did not have a material impact on the consolidated financial statements. | |
BASIC_AND_DILUTED_NET_INCOME_L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | ' | |||||||||||||
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | ' | |||||||||||||
4. BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | ||||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Common stock equivalents include stock options and warrants. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of dilutive common shares outstanding during the period. Diluted shares outstanding is calculated by adding to the weighted shares outstanding any potential (unissued) shares of common stock from outstanding stock options and warrants based on the treasury stock method. In periods when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported there is no difference in basic and diluted loss per share. | ||||||||||||||
Shares used to calculate diluted earnings per share are as follows: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Net loss | $ | (7,237 | ) | $ | (7,866 | ) | $ | (15,390 | ) | $ | (14,628 | ) | ||
Denominator: | ||||||||||||||
Weighted average number of common shares outstanding | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | — | — | — | — | ||||||||||
Dilutive potential common shares | — | — | — | — | ||||||||||
Shares used in calculating diluted earnings per share | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 | ||||||||||
The number of shares of potentially dilutive common stock related to options and warrants that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the three and six months ended June 30, 2014 and 2013, respectively, are shown below: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Options | 7,364,345 | 5,643,518 | 7,456,193 | 5,535,876 | ||||||||||
Warrants | — | 4,086 | — | 4,086 | ||||||||||
Total | 7,364,345 | 5,647,604 | 7,456,193 | 5,539,962 | ||||||||||
INVENTORY
INVENTORY | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
INVENTORY | ' | |||||||
INVENTORY | ' | |||||||
5. INVENTORY | ||||||||
The components of biopolymer inventories are as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 1,014 | $ | 537 | ||||
Finished goods | 2,148 | 3,537 | ||||||
Total inventory | $ | 3,162 | $ | 4,074 | ||||
Included within finished goods at June 30, 2014 and December 31, 2013, are $441 and $476, respectively, of inventory that the Company has sold and shipped to customers for which the Company has not yet recognized revenue under its product revenue recognition policy. On a quarterly basis, the Company uses consistent methodologies to evaluate inventory for net realizable value, reducing the value of inventory for excess and obsolete inventory based upon certain assumptions made about future customer demand, quality and possible alternative uses. During the three and six months ended June 30, 2014, the Company recorded a $228 charge to cost of product revenue for raw material and finished goods inventory that it determined was unlikely to be sold. | ||||||||
INVESTMENTS
INVESTMENTS | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
INVESTMENTS | ' | |||||||||||||
INVESTMENTS | ' | |||||||||||||
6. INVESTMENTS | ||||||||||||||
Investments consist of the following at December 31, 2013: | ||||||||||||||
Amortized | Unrealized | Market | ||||||||||||
Cost | Gain | (Loss) | Value | |||||||||||
Short-term investments: | ||||||||||||||
Government sponsored enterprises | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
Total | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
The Company had no investments at June 30, 2014, and therefore there were no marketable securities available-for-sale as of that date. The average maturity of the Company’s marketable securities available-for-sale as of December 31, 2013, was two months. | ||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
7. FAIR VALUE MEASUREMENTS | ||||||||||||||
The Company has certain financial assets recorded at fair value which have been classified as either Level 1 or 2 within the fair value hierarchy as described in the accounting standards for fair value measurements. Fair value is the price that would be received from the sale of an asset or the price paid to transfer a liability in an orderly transaction between independent market participants at the measurement date. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value hierarchy level is determined by the lowest level of significant input. At June 30, 2014 and December 31, 2013, the Company did not own any Level 3 financial assets. | ||||||||||||||
The Company’s financial assets classified as Level 2 at December 31, 2013, have been initially valued at the transaction price and subsequently valued typically utilizing third party pricing services. Because the Company’s investment portfolio may include securities that do not always trade on a daily basis, the pricing services use many observable market inputs to determine value including reportable trades, benchmark yields and benchmarking of like securities. The Company validates the prices provided by the third party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of December 31, 2013. The Company did not hold any securities classified as Level 2 investments at June 30, 2014. | ||||||||||||||
The tables below present information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||
Fair value measurements at reporting date using | ||||||||||||||
Quoted prices in active | ||||||||||||||
markets for identical | Significant other | Significant | ||||||||||||
assets | observable inputs | unobservable inputs | Balance as of | |||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | June 30, 2014 | ||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 11 | $ | — | $ | — | $ | 11 | ||||||
Total | $ | 11 | $ | — | $ | — | $ | 11 | ||||||
Fair value measurements at reporting date using | ||||||||||||||
Quoted prices in active | ||||||||||||||
markets for identical | Significant other | Significant | ||||||||||||
assets | observable inputs | unobservable inputs | Balance as of | |||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | December 31, 2013 | ||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 6,332 | $ | — | $ | — | $ | 6,332 | ||||||
Short-term investments: | ||||||||||||||
Government securities | — | 11,511 | — | 11,511 | ||||||||||
Total | $ | 6,332 | $ | 11,511 | $ | — | $ | 17,843 | ||||||
The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents, and investments purchased with an original maturity date of ninety days or more at the date of purchase and a maturity date of one year or less at the balance sheet date to be short-term investments. All other investments are classified as long-term. There were no long-term investments as of June 30, 2014 and December 31, 2013, and no short-term investments as of June 30, 2014. | ||||||||||||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
8. ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following at: | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Employee compensation and benefits | $ | 2,061 | $ | 2,595 | ||||
Commercial manufacturing | 91 | 815 | ||||||
Professional services | 703 | 578 | ||||||
Other | 347 | 904 | ||||||
Total accrued expenses | $ | 3,202 | $ | 4,892 | ||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
STOCK-BASED COMPENSATION | ' | ||||||
STOCK-BASED COMPENSATION | ' | ||||||
9. STOCK-BASED COMPENSATION | |||||||
Employee and Director Stock Options | |||||||
The Company recognized stock-based compensation expense related to employee stock option awards of $594 and $1,379 for the three and six months ended June 30, 2014, respectively. Stock-based compensation expense related to employee stock option awards was $814 and $1,677 for the three and six months ended June 30, 2013, respectively. At June 30, 2014, there was approximately $3,119 of pre-tax stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized, which is expected to be recognized over a weighted average period of 2.62 years. | |||||||
The Company’s Board of Directors granted on December 19, 2013, a stock option for the purchase of 1,150,000 shares of common stock to its prospective Chief Executive Officer in connection with his agreement to serve as a member of the Company’s Board on that date and as an inducement for him to accept employment with the Company starting in January 2014. This option was not granted under any of the Company’s stock option plans. The option has an exercise price equal to the fair market value of the Company’s common stock at the date of grant, and it has a four-year vesting schedule (subject to certain accelerated and continued vesting events) in which 25%, 25% and 50% of the option vests on the 2nd, 3rd and 4th anniversary dates, respectively, of his commencing employment on January 2, 2014. The shares underlying this option were registered with the Securities and Exchange Commission on March 28, 2014. | |||||||
The Company’s Chief Executive Officer also agreed to purchase 250,000 shares of the Company’s common stock at a price 10% below the closing price of the Company’s common stock on December 19, 2013 (subject to a one-year holding period). This represented an option that was agreed to pursuant to his employment agreement and not under any of the Company’s stock option plans. In January 2014, the Chief Executive Officer purchased the shares for an aggregate price of $300,000. | |||||||
A summary of option activity for the six months ended June 30, 2014 is as follows: | |||||||
Number of | Weighted Average | ||||||
Shares | Exercise Price | ||||||
Outstanding at December 31, 2013 | 6,201,429 | $ | 5.68 | ||||
Granted | 2,035,125 | 1.28 | |||||
Exercised | (250,000 | ) | 1.2 | ||||
Forfeited | (439,304 | ) | 2.62 | ||||
Expired | (297,816 | ) | 8.47 | ||||
Outstanding at June 30, 2014 | 7,249,434 | 4.67 | |||||
Options exercisable at June 30, 2014 | 4,344,650 | $ | 6.62 | ||||
Weighted average grant date fair value of options granted during the six months ended June 30, 2014 | $ | 0.83 | |||||
For the six months ended June 30, 2014 and 2013, the Company determined the fair value of stock options using the Black-Scholes option pricing model with the following assumptions for option grants, respectively: | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2014 | 2013 | ||||||
Expected dividend yield | — | — | |||||
Risk-free rate | 1.71 | % | 1.02 | % | |||
Expected option term (in years) | 5.35 | 5.99 | |||||
Volatility | 85 | % | 84 | % | |||
Restricted Stock Units | |||||||
On January 2, 2014, the Company awarded 600,000 restricted stock units to the Chief Executive Officer. These restricted stock units contain both market and performance conditions which are based on the achievement of certain stock price and revenue targets, respectively. The restricted stock units vest in various percentages over three years (subject to certain accelerated and continued vesting events) once the agreed-upon stock price and/or revenue based targets are achieved. To the extent that the market or performance conditions are not met by January 2, 2016, the restricted stock units will be forfeited. | |||||||
The Company estimated the fair value and derived service period of the awards using a Monte Carlo valuation model. The Company is recognizing compensation expense for this award over its requisite service period, which is equal to the cumulative time expected to achieve one of the triggering conditions followed by a three year post-triggering event vesting period. | |||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
10. COMMITMENTS AND CONTINGENCIES | |
Litigation | |
On March 7, 2012, a purported derivative lawsuit, Childs v. Kouba et al., Civil Action 12-0892 (the “Derivative Action”), was filed in Massachusetts Superior Court for Middlesex County, on behalf of the Company against members of the Company’s Board of Directors for alleged breaches of their fiduciary duties. The parties transferred the case to the Business Litigation Session of Massachusetts Superior Court for Suffolk County. The Derivative Action sought compensatory damages in an unspecified amount, plaintiff’s costs and attorneys’ fees, and unspecified equitable or injunctive relief. On July 1, 2014 the court granted the defendants’ motion to dismiss the Derivative Action in full and with prejudice. The period during which the plaintiff could appeal the dismissal has expired and no appeal was filed. | |
From time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of business. The Company is not currently aware of any such other proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on the business, financial condition or the results of operations. | |
GEOGRAPHIC_AND_SEGMENT_INFORMA
GEOGRAPHIC AND SEGMENT INFORMATION | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
GEOGRAPHIC AND SEGMENT INFORMATION | ' | ||||||||||||||||
GEOGRAPHIC AND SEGMENT INFORMATION | ' | ||||||||||||||||
11. GEOGRAPHIC AND SEGMENT INFORMATION | |||||||||||||||||
The accounting guidance for segment reporting establishes standards for reporting information on operating segments in annual financial statements. The Company operates in one segment, which is the business of developing and commercializing technologies for the production of polymers and chemicals in plants and in microbes. The Company’s chief operating decision-maker does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based on the Company’s consolidated operating results. | |||||||||||||||||
As of June 30, 2014, 20% of the Company’s combined total assets were located outside of the United States and the reported net income (loss) outside of the United States for the three and six months ended June 30, 2014 and 2013 was less than 10% of the combined net loss of the consolidated Company. | |||||||||||||||||
The geographic distribution of the Company’s revenues and long-lived assets from continuing operations is summarized as follows: | |||||||||||||||||
U.S. | Canada | Germany | Eliminations | Total | |||||||||||||
Three Months Ended June 30, 2014: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 656 | $ | 44 | $ | 470 | $ | — | $ | 1,170 | |||||||
Inter-geographic revenues | — | 183 | — | (183 | ) | — | |||||||||||
Net revenues | $ | 656 | $ | 227 | $ | 470 | $ | (183 | ) | $ | 1,170 | ||||||
Three Months Ended June 30, 2013: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 1,094 | $ | 81 | $ | 531 | $ | — | $ | 1,706 | |||||||
Inter-geographic revenues | 675 | 208 | — | (883 | ) | — | |||||||||||
Net revenues | $ | 1,769 | $ | 289 | $ | 531 | $ | (883 | ) | $ | 1,706 | ||||||
Six Months Ended June 30, 2014: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 1,231 | $ | 81 | $ | 927 | $ | — | $ | 2,239 | |||||||
Inter-geographic revenues | — | 361 | — | (361 | ) | — | |||||||||||
Net revenues | $ | 1,231 | $ | 442 | $ | 927 | $ | (361 | ) | $ | 2,239 | ||||||
Six Months Ended June 30, 2013: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 2,940 | $ | 177 | $ | 531 | $ | — | $ | 3,648 | |||||||
Inter-geographic revenues | 675 | 411 | — | (1,086 | ) | — | |||||||||||
Net revenues | $ | 3,615 | $ | 588 | $ | 531 | $ | (1,086 | ) | $ | 3,648 | ||||||
Foreign revenue is based on the country in which the Company’s subsidiary that earned the revenue is domiciled. During the three and six months ended June 30, 2014, revenue earned from the Company’s REFABB grant with the U.S. Department of Energy totaled $307 and $608, respectively, and represented 26% and 27% of total revenue for the three and six months ended June 30, 2014, respectively. During the three and six months ended June 30, 2013, revenue earned from the Company’s REFABB grant with the U.S. Department of Energy totaled $403 and $852, respectively, and represented 24% and 23%, respectively, of total revenue. Product customers comprising 10% or more of the Company’s total revenues include one customer at 12% and one at 16% for the three months ended June 30, 2014. There were none during the three months ended June 30, 2013. During the six months ended June 30, 2014, and June 30, 2013 no product customers represented 10% or more of the Company’s total revenue. | |||||||||||||||||
The geographic distribution of the Company’s long-lived assets is summarized as follows: | |||||||||||||||||
U.S. | Canada | Germany | Eliminations | Total | |||||||||||||
June 30, 2014 | $ | 534 | $ | 26 | $ | — | $ | — | $ | 560 | |||||||
December 31, 2013 | $ | 752 | $ | 41 | $ | — | $ | — | $ | 793 | |||||||
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2014 | |
INCOME TAXES | ' |
INCOME TAXES | ' |
12. INCOME TAXES | |
Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using future enacted rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. | |
For the three and six months ended June 30, 2014 and 2013, the Company did not recognize any tax expense or benefit due to its continued net operating loss position. Due to the uncertainty surrounding the realization of favorable tax attributes in future tax returns; the Company has recorded a full valuation allowance against its otherwise recognizable net deferred tax assets. | |
The Company follows the accounting guidance related to income taxes including guidance which addresses accounting for uncertainty in income taxes. This guidance prescribes a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures and transitions. The Company had no amounts recorded for any unrecognized tax benefits as of June 30, 2014 or December 31, 2013. | |
The tax years 2010 through 2013 remain open to examination by major taxing jurisdictions to which the Company is subject, which are primarily in the U.S. Additionally, the Company can be audited for any loss year up to three years after the year in which the loss is utilized to offset taxable income. This would include loss years prior to 2010. | |
The Company’s policy is to record estimated interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2014, and December 31, 2013, the Company had no accrued interest or penalties recorded related to uncertain tax positions. | |
At December 31, 2013, the Company had net operating loss carryforwards (NOLs) for federal and state income tax purposes of approximately $236,705 and $148,783, respectively. Included in the federal and state net operating loss carryforwards is approximately $19,213 of deductions related to the exercise of stock options subsequent to the adoption of amended accounting guidance related to stock-based compensation. This amount represents an excess tax benefit as defined under the amended accounting guidance related to stock-based compensation and has not been recorded as a deferred tax asset. The Company’s existing federal and state net operating loss carryforwards begin to expire in 2019 and 2014, respectively. The Company also had available research and development credits for federal and state income tax purposes of approximately $5,281 and $3,920, respectively. These federal and state research and development credits will begin to expire in 2019 and 2016, respectively. As of December 31, 2013, the Company also had available investment tax credits for state income tax purposes of $86, which begin to expire in 2014. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and research and development credits. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets. | |
Utilization of the net operating loss and research and development credit carryforwards likely will be subject to significant annual limitation under Section 382 of the Internal Revenue Code of 1986 due to cumulative ownership changes that have occurred previously or that likely will occur in the future in connection with the Company’s financing plans. Such ownership changes would limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. The Company completed an evaluation of its ownership changes through December 31, 2012 and has determined that its NOL and R&D credit carryforwards as of that date were not subject to an annual limitation under Section 382. The Company has not currently completed an evaluation of ownership changes through June 30, 2014. | |
No additional provision has been made for U.S. income taxes related to the undistributed earnings of the wholly-owned subsidiaries of Metabolix, Inc. or for unrecognized deferred tax liabilities for temporary differences related to investments in subsidiaries. As such, earnings are expected to be permanently reinvested, the investments are essentially permanent in duration, or the Company has concluded that no additional tax liability will arise as a result of the distribution of such earnings. A liability could arise if amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. It is not practical to estimate the additional income taxes related to permanently reinvested earnings or the basis differences related to investment in subsidiaries. Unremitted earnings at December 31, 2013 and December 31, 2012 approximated $273 and $252, respectively. | |
RESEARCH_AND_DEVELOPMENT
RESEARCH AND DEVELOPMENT | 6 Months Ended |
Jun. 30, 2014 | |
RESEARCH AND DEVELOPMENT | ' |
RESEARCH AND DEVELOPMENT | ' |
13. RESEARCH AND DEVELOPMENT | |
All costs associated with internal research and development as well as research and development services conducted for others are expensed as incurred. Research and development expenses include direct costs for salaries, employee benefits, subcontractors, product trials, facility related expenses, depreciation and stock-based compensation related to employees and non-employees involved in the Company’s research and development. Costs related to revenue-producing contracts and government grants are recorded as research and development expenses. | |
RELATED_PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2014 | |
RELATED PARTIES | ' |
RELATED PARTIES | ' |
14. RELATED PARTIES | |
The Company engaged in various transactions with Tepha, Inc., a related party, and recorded $25 and $68 of license and royalty revenue during the three months and six months ended June 30, 2014, respectively. During the three and six months ended June 30, 2013, the Company recorded license and royalty revenue from Tepha of $61 and $91, respectively. As of June 30, 2014, the Company had no outstanding receivables due from Tepha. There was an outstanding receivable of $51 as of December 31, 2013. | |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events | ' |
Subsequent Event | ' |
15. SUBSEQUENT EVENT | |
On August 4, 2014, the Company entered into a Securities Purchase Agreement with certain qualified institutional investors, certain existing investors and certain members of the Company’s Board of Directors and executive management team, pursuant to which the Company agreed to sell to the investors units of the Company’s securities for an aggregate purchase price of $25 million. The Unit price will be $0.50 per Unit, or $0.25 per share of the Company’s common stock, par value $0.01 per share, on an as-converted basis, and each Unit will consist of one share of Common Stock and one one-thousandth (1/1,000) of a share of the Company’s to-be-designated Series B Preferred Stock, par value $0.01 per share. Each share of Preferred Stock issued in the proposed transaction will automatically convert into 1,000 shares of Common Stock upon the effectiveness of the filing of a charter amendment to increase the number of authorized shares of the Company’s Common Stock to not less than 150,000,000. The closing of the proposed financing is subject to the Company obtaining a financial viability exception from certain NASDAQ shareholder approval requirements under Rule 5635(f) of the NASDAQ Stock Market Listing Rules, as well as other customary closing conditions. | |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
ACCOUNTING POLICIES | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents and short-term investments. The Company has historically invested its excess cash and cash equivalents in money market funds, corporate debt, federal agency notes and U.S. treasury notes. Investments are acquired in accordance with the Company’s investment policy which establishes a concentration limit per issuer. At June 30, 2014, the Company’s cash and cash equivalents are invested only in money market funds. | |
The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. At June 30, 2014, the Company’s accounts and unbilled receivables include $208 or 29% from U.S., Canadian and German government grants and $505 or 71% from customer product sales. At June 30, 2014, the Company’s REFABB grant with the Department of Energy represented 38% of total grant receivables. | |
At December 31, 2013, the Company’s worldwide accounts and unbilled receivables include $552 or 46% from government grants and $528 or 44% from customer product sales. At December 31, 2013, the Company’s REFABB grant with the Department of Energy represented 56% of total receivables. | |
BASIC_AND_DILUTED_NET_INCOME_L1
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | ' | |||||||||||||
Schedule of shares used to calculate diluted earnings per share | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Net loss | $ | (7,237 | ) | $ | (7,866 | ) | $ | (15,390 | ) | $ | (14,628 | ) | ||
Denominator: | ||||||||||||||
Weighted average number of common shares outstanding | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | — | — | — | — | ||||||||||
Dilutive potential common shares | — | — | — | — | ||||||||||
Shares used in calculating diluted earnings per share | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 | ||||||||||
Schedule of number of shares of potentially dilutive common stock related to options and warrants that were excluded from the calculation of dilutive shares | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Options | 7,364,345 | 5,643,518 | 7,456,193 | 5,535,876 | ||||||||||
Warrants | — | 4,086 | — | 4,086 | ||||||||||
Total | 7,364,345 | 5,647,604 | 7,456,193 | 5,539,962 | ||||||||||
INVENTORY_Tables
INVENTORY (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
INVENTORY | ' | |||||||
Schedule of the components of the Company's biopolymer inventories | ' | |||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 1,014 | $ | 537 | ||||
Finished goods | 2,148 | 3,537 | ||||||
Total inventory | $ | 3,162 | $ | 4,074 | ||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
INVESTMENTS | ' | |||||||||||||
Schedule of investments | ' | |||||||||||||
Investments consist of the following at December 31, 2013: | ||||||||||||||
Amortized | Unrealized | Market | ||||||||||||
Cost | Gain | (Loss) | Value | |||||||||||
Short-term investments: | ||||||||||||||
Government sponsored enterprises | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
Total | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
Schedule of information about assets that are measured at fair value on a recurring basis | ' | |||||||||||||
Fair value measurements at reporting date using | ||||||||||||||
Quoted prices in active | ||||||||||||||
markets for identical | Significant other | Significant | ||||||||||||
assets | observable inputs | unobservable inputs | Balance as of | |||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | June 30, 2014 | ||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 11 | $ | — | $ | — | $ | 11 | ||||||
Total | $ | 11 | $ | — | $ | — | $ | 11 | ||||||
Fair value measurements at reporting date using | ||||||||||||||
Quoted prices in active | ||||||||||||||
markets for identical | Significant other | Significant | ||||||||||||
assets | observable inputs | unobservable inputs | Balance as of | |||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | December 31, 2013 | ||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 6,332 | $ | — | $ | — | $ | 6,332 | ||||||
Short-term investments: | ||||||||||||||
Government securities | — | 11,511 | — | 11,511 | ||||||||||
Total | $ | 6,332 | $ | 11,511 | $ | — | $ | 17,843 | ||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
ACCRUED EXPENSES | ' | |||||||
Schedule of accrued expenses | ' | |||||||
June 30, 2014 | December 31, 2013 | |||||||
Employee compensation and benefits | $ | 2,061 | $ | 2,595 | ||||
Commercial manufacturing | 91 | 815 | ||||||
Professional services | 703 | 578 | ||||||
Other | 347 | 904 | ||||||
Total accrued expenses | $ | 3,202 | $ | 4,892 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
STOCK-BASED COMPENSATION | ' | ||||||
Summary of option activity | ' | ||||||
Number of | Weighted Average | ||||||
Shares | Exercise Price | ||||||
Outstanding at December 31, 2013 | 6,201,429 | $ | 5.68 | ||||
Granted | 2,035,125 | 1.28 | |||||
Exercised | (250,000 | ) | 1.2 | ||||
Forfeited | (439,304 | ) | 2.62 | ||||
Expired | (297,816 | ) | 8.47 | ||||
Outstanding at June 30, 2014 | 7,249,434 | 4.67 | |||||
Options exercisable at June 30, 2014 | 4,344,650 | $ | 6.62 | ||||
Weighted average grant date fair value of options granted during the six months ended June 30, 2014 | $ | 0.83 | |||||
Schedule of assumptions used in determining fair value of stock options granted using the Black-Scholes option pricing model | ' | ||||||
Six Months Ended | |||||||
June 30, | |||||||
2014 | 2013 | ||||||
Expected dividend yield | — | — | |||||
Risk-free rate | 1.71 | % | 1.02 | % | |||
Expected option term (in years) | 5.35 | 5.99 | |||||
Volatility | 85 | % | 84 | % | |||
GEOGRAPHIC_AND_SEGMENT_INFORMA1
GEOGRAPHIC AND SEGMENT INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
GEOGRAPHIC AND SEGMENT INFORMATION | ' | ||||||||||||||||
Schedule of the geographic distribution of revenues and long-lived assets from continuing operations | ' | ||||||||||||||||
U.S. | Canada | Germany | Eliminations | Total | |||||||||||||
Three Months Ended June 30, 2014: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 656 | $ | 44 | $ | 470 | $ | — | $ | 1,170 | |||||||
Inter-geographic revenues | — | 183 | — | (183 | ) | — | |||||||||||
Net revenues | $ | 656 | $ | 227 | $ | 470 | $ | (183 | ) | $ | 1,170 | ||||||
Three Months Ended June 30, 2013: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 1,094 | $ | 81 | $ | 531 | $ | — | $ | 1,706 | |||||||
Inter-geographic revenues | 675 | 208 | — | (883 | ) | — | |||||||||||
Net revenues | $ | 1,769 | $ | 289 | $ | 531 | $ | (883 | ) | $ | 1,706 | ||||||
Six Months Ended June 30, 2014: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 1,231 | $ | 81 | $ | 927 | $ | — | $ | 2,239 | |||||||
Inter-geographic revenues | — | 361 | — | (361 | ) | — | |||||||||||
Net revenues | $ | 1,231 | $ | 442 | $ | 927 | $ | (361 | ) | $ | 2,239 | ||||||
Six Months Ended June 30, 2013: | |||||||||||||||||
Net revenues from unaffiliated customers | $ | 2,940 | $ | 177 | $ | 531 | $ | — | $ | 3,648 | |||||||
Inter-geographic revenues | 675 | 411 | — | (1,086 | ) | — | |||||||||||
Net revenues | $ | 3,615 | $ | 588 | $ | 531 | $ | (1,086 | ) | $ | 3,648 | ||||||
Schedule of the geographic distribution of long-lived assets | ' | ||||||||||||||||
U.S. | Canada | Germany | Eliminations | Total | |||||||||||||
June 30, 2014 | $ | 534 | $ | 26 | $ | — | $ | — | $ | 560 | |||||||
December 31, 2013 | $ | 752 | $ | 41 | $ | — | $ | — | $ | 793 | |||||||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2012 | Aug. 04, 2014 |
Subsequent Event [Member] | |||
BASIS OF PRESENTATION | ' | ' | ' |
Deferred revenue recognized from the terminated Telles joint venture | ' | $38,885 | ' |
Unrestricted cash, cash equivalents and investments | 5,531 | ' | ' |
Period over which company's present capital resources are not sufficient to fund its planned operations | '12 months | ' | ' |
Significant additional funding | ' | ' | ' |
Aggregate purchase price | ' | ' | $25,000 |
ACCOUNTING_POLICIES_Details
ACCOUNTING POLICIES (Details) (Accounts Receivable [Member], Credit Concentration Risk [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
US, Canadian, and German Government Grants [Member] | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | $208 | ' |
Receivables/Sales (as a percent) | 29.00% | ' |
Customer Product Receivables [Member] | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | 505 | 528 |
Receivables/Sales (as a percent) | 71.00% | 44.00% |
Development of Renewable Enhanced Feedstocks for Advanced Biofuels and Bioproducts Department of Energy Grant [Member] | ' | ' |
Concentration of credit risk | ' | ' |
Receivables/Sales (as a percent) | 38.00% | 56.00% |
Government Grants [Member] | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | ' | $552 |
Receivables/Sales (as a percent) | ' | 46.00% |
BASIC_AND_DILUTED_NET_INCOME_L2
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net loss | ($7,237) | ($7,866) | ($15,390) | ($14,628) |
Denominator: | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 |
Shares used in calculating diluted earnings per share | 34,989,142 | 34,434,271 | 34,898,473 | 34,393,998 |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive common stock excluded from the calculation of dilutive shares | 7,364,345 | 5,647,604 | 7,456,193 | 5,539,962 |
Employee and Directors Stock Options [Member] | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive common stock excluded from the calculation of dilutive shares | 7,364,345 | 5,643,518 | 7,456,193 | 5,535,876 |
Warrant [Member] | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive common stock excluded from the calculation of dilutive shares | ' | 4,086 | ' | 4,086 |
INVENTORY_Details
INVENTORY (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
INVENTORY | ' | ' | ' | ' |
Raw materials | $1,014 | $1,014 | ' | $537 |
Finished goods | 2,148 | 2,148 | ' | 3,537 |
Total inventory | 3,162 | 3,162 | ' | 4,074 |
Inventory on which revenue not recognized | 441 | 441 | ' | 476 |
Inventory impairment | $228 | $228 | $271 | ' |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2014 |
Investments | ' | ' |
Amortized Cost | $11,510 | ' |
Unrealized Gain | 1 | ' |
Market Value | 11,511 | 0 |
Average maturity of marketable securities available-for-sale | '2 months | ' |
Short-term Investments [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Investments | ' | ' |
Amortized Cost | 11,510 | ' |
Unrealized Gain | 1 | ' |
Market Value | $11,511 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value measurements | ' | ' |
Short-term investments | $0 | $11,511 |
Long-term investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair value measurements | ' | ' |
Total | 11 | 6,332 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | 11 | 6,332 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair value measurements | ' | ' |
Total | ' | 11,511 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member] | ' | ' |
Fair value measurements | ' | ' |
Short-term investments | ' | 11,511 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair value measurements | ' | ' |
Total | 11 | 17,843 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | 11 | 6,332 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Government Debt Securities [Member] | ' | ' |
Fair value measurements | ' | ' |
Short-term investments | ' | $11,511 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES | ' | ' |
Employee compensation and benefits | $2,061 | $2,595 |
Commercial manufacturing | 91 | 815 |
Professional services | 703 | 578 |
Other | 347 | 904 |
Total accrued expenses | $3,202 | $4,892 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 02, 2014 | Dec. 19, 2013 | Jan. 31, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee And Director Stock Options Member | Employee And Director Stock Options Member | Director Stock Options Member | Director Stock Options Member | Director Stock Options Member | Director Stock Options Member | Director Stock Options Member | Director Stock Options Member | Restricted Stock Units (RSUs) [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | |||||||
Option Vesting On Second Anniversary Date [Member] | Option Vesting On Third Anniversary Date [Member] | Option Vesting On Fourth Anniversary Date [Member] | item | ||||||||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $594 | $814 | $1,379 | $1,677 |
Stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,119 | ' | 3,119 | ' |
Weighted average period over which unrecognized compensation expense is expected to be recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 7 months 13 days | ' |
Granted (in shares) | 2,035,125 | ' | ' | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period | ' | ' | '4 years | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | 25.00% | 25.00% | 50.00% | ' | ' | ' | ' | ' |
Shares agreed to purchase by CEO | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage difference between stock purchase price and closing price of common stock | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares granted | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Number of triggering conditions | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 6,201,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | 2,035,125 | ' | ' | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | -250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | -439,304 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | -297,816 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | 7,249,434 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of the period (in shares) | 4,344,650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $5.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | $1.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | $2.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | $8.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | $4.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of the period (in dollars per share) | $6.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of options granted (in dollars per share) | $0.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used to determine fair value of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free rate (as a percent) | 1.71% | 1.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected option term | '5 years 4 months 6 days | '5 years 11 months 27 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility (as a percent) | 85.00% | 84.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
GEOGRAPHIC_AND_SEGMENT_INFORMA2
GEOGRAPHIC AND SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
item | ||||
GEOGRAPHIC AND SEGMENT INFORMATION | ' | ' | ' | ' |
Number of operating segments | ' | ' | 1 | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | $1,170 | $1,706 | $2,239 | $3,648 |
UNITED STATES | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 656 | 1,769 | 1,231 | 3,615 |
CANADA | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 227 | 289 | 442 | 588 |
GERMANY | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 470 | 531 | 927 | 531 |
Operating Segments [Member] | UNITED STATES | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 656 | 1,094 | 1,231 | 2,940 |
Operating Segments [Member] | CANADA | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 44 | 81 | 81 | 177 |
Operating Segments [Member] | GERMANY | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 470 | 531 | 927 | 531 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | -183 | -883 | -361 | -1,086 |
Intersegment Eliminations [Member] | UNITED STATES | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | ' | 675 | ' | 675 |
Intersegment Eliminations [Member] | CANADA | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | $183 | $208 | $361 | $411 |
GEOGRAPHIC_AND_SEGMENT_INFORMA3
GEOGRAPHIC AND SEGMENT INFORMATION (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Concentration risk | ' | ' | ' | ' |
Revenue earned from the REFABB grant | $483 | $584 | $950 | $1,308 |
Geographic Concentration Risk [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Concentration risk (as a percent) | ' | ' | 20.00% | ' |
Sales [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Number of customers | ' | 0 | 0 | 0 |
US Department of Energy [Member] | Sales [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Revenue earned from the REFABB grant | $307 | $403 | $608 | $852 |
Concentration risk (as a percent) | 26.00% | 24.00% | 27.00% | 23.00% |
Customer One [Member] | Sales [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Concentration risk (as a percent) | 12.00% | ' | ' | ' |
Number of customers | 1 | ' | ' | ' |
Additional Customer One [Member] | Sales [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Concentration risk (as a percent) | 16.00% | ' | ' | ' |
Number of customers | 1 | ' | ' | ' |
GEOGRAPHIC_AND_SEGMENT_INFORMA4
GEOGRAPHIC AND SEGMENT INFORMATION (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Geographic Information | ' | ' |
Long-lived assets | $560 | $793 |
UNITED STATES | ' | ' |
Geographic Information | ' | ' |
Long-lived assets | 534 | 752 |
CANADA | ' | ' |
Geographic Information | ' | ' |
Long-lived assets | $26 | $41 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
INCOME TAXES | ' | ' |
Unrecognized tax benefits | $0 | $0 |
Accrued interest or penalties related to uncertain tax positions | $0 | $0 |
Maximum period to audit for loss | '3 years | ' |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Net operating loss carryforwards | ' |
Deduction related to the exercise of stock options | $19,213 |
Internal Revenue Service (IRS) [Member] | ' |
Net operating loss carryforwards | ' |
NOL carryforwards | 236,705 |
State and Local Jurisdiction [Member] | ' |
Net operating loss carryforwards | ' |
NOL carryforwards | $148,783 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax credits | ' | ' | ' |
Additional provision for income taxes related to the undistributed earnings | $0 | ' | ' |
Additional tax liability as a result of the distribution of earnings which are expected to be permanently reinvested | 0 | ' | ' |
Unremitted earnings | ' | 273 | 252 |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ' | ' | ' |
Tax credits | ' | ' | ' |
Available tax credits | ' | 3,920 | ' |
State and Local Jurisdiction [Member] | Investment Tax Credit Carryforward [Member] | ' | ' | ' |
Tax credits | ' | ' | ' |
Available tax credits | ' | 86 | ' |
Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member] | ' | ' | ' |
Tax credits | ' | ' | ' |
Available tax credits | ' | $5,281 | ' |
RELATED_PARTIES_Details
RELATED PARTIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Related party transactions | ' | ' | ' | ' | ' |
Outstanding receivables | ' | ' | ' | ' | $51 |
Tepha Inc [Member] | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
License and royalty revenue | 25 | 61 | 68 | 91 | ' |
Outstanding receivables | $0 | ' | $0 | ' | $51 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 04, 2014 | Aug. 04, 2014 | Aug. 04, 2014 | Aug. 04, 2014 |
In Thousands, except Share data, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Series B Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Series B Preferred Stock [Member] | ||||||
Subsequent events | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | $25,000 | ' | ' | ' |
Unit price (in dollars per share) | ' | ' | 0.5 | ' | ' | ' |
Share Price | ' | ' | ' | ' | $0.25 | ' |
Common stock, par value per share (in dollars per share) | $0.01 | $0.01 | ' | ' | $0.01 | ' |
Number of shares for conversion of units | ' | ' | ' | 0.001 | 1 | ' |
Preferred stock, par value per share (in dollars per share) | $0.01 | $0.01 | ' | $0.01 | ' | ' |
Automatic conversion of Preffered stock to common dtock | ' | ' | ' | ' | ' | 1,000 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | 150,000,000 | ' |