DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended | |
Sep. 30, 2014 | Nov. 10, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'METABOLIX, INC. | ' |
Entity Central Index Key | '0001121702 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-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 | ' | 135,182,140 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $25,486 | $7,698 |
Short-term investments | 0 | 11,511 |
Accounts receivable | 228 | 997 |
Due from related parties | 100 | 51 |
Unbilled receivables | 153 | 187 |
Inventory | 844 | 1,921 |
Prepaid expenses and other current assets | 459 | 713 |
Assets of disposal group classified as held for sale | 292 | 2,153 |
Total current assets | 27,562 | 25,231 |
Restricted cash | 619 | 619 |
Property and equipment, net | 516 | 793 |
Other assets | 95 | 95 |
Total assets | 28,792 | 26,738 |
Current Liabilities: | ' | ' |
Accounts payable | 368 | 579 |
Accrued expenses | 3,574 | 4,892 |
Current portion of deferred rent | ' | 55 |
Short-term deferred revenue | 305 | 669 |
Total current liabilities | 4,247 | 6,195 |
Other long-term liabilities | 150 | 145 |
Total liabilities | 4,397 | 6,340 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock ($0.01 par value per share); 5,000,000 shares authorized at September 30, 2014 and December 31, 2013; 50,000 and 0 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively (Note 15) | 1 | ' |
Common stock ($0.01 par value per share); 100,000,000 shares authorized at September 30, 2014 and December 31, 2013; 85,094,640 and 34,581,449 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 851 | 346 |
Additional paid-in capital | 319,575 | 292,661 |
Accumulated other comprehensive loss | -212 | -71 |
Accumulated deficit | -295,820 | -272,538 |
Total stockholders' equity | 24,395 | 20,398 |
Total liabilities and stockholders' equity | $28,792 | $26,738 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
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 shares issued | 50,000 | 0 |
Preferred stock, shares outstanding | 50,000 | 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 | 85,094,640 | 34,581,449 |
Common stock, shares outstanding | 85,094,640 | 34,581,449 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Product revenue | $115 | $39 | $428 | $1,120 |
Grant revenue | 390 | 563 | 1,301 | 1,871 |
Research and development revenue | ' | ' | ' | 618 |
License fee and royalty revenue | 127 | 27 | 215 | 139 |
Total revenue | 632 | 629 | 1,944 | 3,748 |
Costs and expenses: | ' | ' | ' | ' |
Cost of product revenue | 786 | 130 | 1,372 | 1,521 |
Research and development | 4,088 | 4,515 | 13,280 | 14,199 |
Selling, general, and administrative | 2,472 | 2,473 | 8,269 | 8,384 |
Total costs and expenses | 7,346 | 7,118 | 22,921 | 24,104 |
Loss from continuing operations | -6,714 | -6,489 | -20,977 | -20,356 |
Other income (expense): | ' | ' | ' | ' |
Interest income, net | 4 | 4 | 6 | 17 |
Other income (expense), net | 2 | -13 | 10 | -13 |
Total other income (expense), net | 6 | -9 | 16 | 4 |
Net loss from continuing operations | -6,708 | -6,498 | -20,961 | -20,352 |
Discontinued operations: | ' | ' | ' | ' |
Loss from discontinued operations | -294 | -753 | -1,430 | -1,527 |
Loss from write down of assets held for sale | -891 | ' | -891 | ' |
Total loss from discontinued operations | -1,185 | -753 | -2,321 | -1,527 |
Net loss | ($7,893) | ($7,251) | ($23,282) | ($21,879) |
Basic and diluted net loss per share: | ' | ' | ' | ' |
Net loss from continuing operations | ($0.12) | ($0.19) | ($0.50) | ($0.60) |
Net loss from discontinued operations | ($0.02) | ($0.02) | ($0.05) | ($0.04) |
Net loss per share | ($0.14) | ($0.21) | ($0.55) | ($0.64) |
Number of shares used in per share calculations: | ' | ' | ' | ' |
Basic and Diluted (in shares) | 56,288,099 | 34,516,051 | 42,106,699 | 34,435,129 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Net loss | ($7,893) | ($7,251) | ($23,282) | ($21,879) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in unrealized loss on investments | ' | 3 | -1 | -8 |
Change in foreign currency translation adjustment | -109 | -2 | -140 | -29 |
Total other comprehensive income (loss) | -109 | 1 | -141 | -37 |
Comprehensive loss | ($8,002) | ($7,250) | ($23,423) | ($21,916) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($23,282) | ($21,879) |
Loss from discontinued operation | -2,321 | -1,527 |
Net loss from continuing operations | -20,961 | -20,352 |
Adjustments to reconcile net loss to cash used in operating activities: | ' | ' |
Depreciation | 430 | 737 |
Charge for 401(k) company common stock match | 332 | 356 |
Stock-based compensation | 1,912 | 2,441 |
Inventory impairment | 886 | 245 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivables | 769 | 338 |
Due from related party | -49 | -16 |
Unbilled receivables | 34 | 101 |
Inventory | 191 | -377 |
Prepaid expenses and other assets | 254 | -195 |
Accounts payable | -211 | -811 |
Accrued expenses | -1,355 | -360 |
Other current liabilities | ' | 141 |
Deferred rent and other long-term liabilities | -50 | -254 |
Deferred revenue | -364 | -617 |
Net cash used by continuing operations for operating activities | -18,182 | -18,623 |
Net cash used by discontinued operations for operating activities | -460 | -1,591 |
Net cash used in operating activities | -18,642 | -20,214 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -153 | -281 |
Change in restricted cash | ' | -25 |
Purchase of short-term investments | -1,508 | -15,621 |
Proceeds from sale and maturity of short-term investments | 13,019 | 30,447 |
Net cash provided by investing activities | 11,358 | 14,520 |
Cash flows from financing activities | ' | ' |
Proceeds from options exercised | 300 | 14 |
Proceeds from private placement offering, net of issuance costs | 24,913 | ' |
Net cash provided by financing activities | 25,213 | 14 |
Effect of exchange rate changes on cash and cash equivalents | -141 | -20 |
Net increase (decrease) in cash and cash equivalents | 17,788 | -5,700 |
Cash and cash equivalents at beginning of period | 7,698 | 14,572 |
Cash and cash equivalents at end of period | $25,486 | $8,872 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 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 condensed 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 September 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. | |
During the three months ended September 30, 2014, the Company’s Board of Directors approved a plan to discontinue the operations of the Company’s wholly owned subsidiary, Metabolix GmbH. The financial statements have been presented reflecting this entity as a discontinued operation for the three and nine month periods ended September 30, 2014 and 2013. See Note 14 for additional information. | |
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 for the fiscal quarter ended September 30, 2014. | |
As of September 30, 2014, the Company held unrestricted cash, cash equivalents and investments of $25,486. 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. While the Company was successful in raising $25,000 during the third quarter of 2014 and anticipates reduced cash usage in 2015 as a result of the discontinuation of its German operations, restructuring of its U.S. organization and other cost-containment measures, the Company will require significant additional funding during 2015 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 such financing may be accomplished in stages. The Company’s goal is to use future financings to continue building an intermediate scale specialty biopolymers business based on polyhydroxyalkanoate (“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 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 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 most likely will 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 Company’s recently completed equity offering. 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. | |
The condensed consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. | |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 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 with the exception of the Company’s adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, as described in Note 3. | |
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. Costs related to revenue-producing contracts and government grants are recorded as research and development expenses. | |
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 cash equivalents in highly rated 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 September 30, 2014, the Company’s cash equivalents are invested solely 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 September 30, 2014, the Company’s accounts and unbilled receivables include $219 or 46% from U.S., Canadian and German government grants and $141 or 29% from customer product sales. At September 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 | 9 Months Ended |
Sep. 30, 2014 | |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
3. RECENT ACCOUNTING PRONOUNCEMENTS | |
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 has elected early adoption of ASU 2014-08 and has applied the new guidance in connection with its plan to discontinue the operations of its wholly-owned subsidiary, Metabolix GmbH, and to sell all or part of the operations of Metabolix GmbH in connection with the continuing shift in the Company’s focus to commercializing performance additive solutions based on PHA biopolymers. See Note 14, Discontinued Operations. | |
During the quarter ended September 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, and will be effective for the Company beginning on January 1, 2017. The amendment allows for two methods of adoption, a full retrospective method or a modified retrospective approach with the cumulative effect recognized at the date of initial application. Early adoption is not permitted. We are currently evaluating the method of adoption and potential impact that Topic 606 may have on our financial position and results of operations. | |
In August 2014, the FASB issued an amendment that requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments in this update provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern for one year after the date that the financial statements are issued and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in this update apply to all entities and are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently reviewing the potential impact of adopting the new guidance. | |
BASIC_AND_DILUTED_NET_INCOME_L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 9 Months Ended | |||||||||
Sep. 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. | ||||||||||
The Company follows the two-class method when computing net loss per share, as it had issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participating rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based on their respective rights to receive dividends, as if all income for the period has been distributed or losses to be allocated if they are contractually required to fund losses. There were no amounts allocated to participating securities in the three or nine months ended September 30, 2014, as the Company was in a loss position. | ||||||||||
The number of shares of potentially dilutive common stock related to options, convertible preferred stock 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 nine months ended September 30, 2014 and 2013, respectively, are shown below: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Options | 7,014,306 | 6,195,437 | 7,307,279 | 5,675,833 | ||||||
Convertible Series B Preferred Stock | 50,000,000 | — | 50,000,000 | — | ||||||
Warrants | — | 4,086 | — | 4,086 | ||||||
Total | 57,014,306 | 6,199,523 | 57,307,279 | 5,679,919 | ||||||
On August 22, 2014, the Company completed a private placement of $25,000 of Company securities. The securities issued included 50,000 shares of Series B Convertible Preferred Stock. Each share of Preferred Stock automatically converted to 1,000 shares of Common Stock on October 30, 2014, upon the Company’s filing of a charter amendment to increase the number of authorized shares of Common Stock to 250,000,000. The potentially dilutive common stock equivalent of the Preferred Shares at September 30, 2014, on a post-conversion basis, was 50,000,000 shares. See Note 15, Capital Stock. | ||||||||||
INVENTORY
INVENTORY | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
INVENTORY | ' | |||||||
INVENTORY | ' | |||||||
5. INVENTORY | ||||||||
The components of biopolymer inventories of the Company’s continuing operations are as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 1 | $ | 208 | ||||
Finished goods | 843 | 1,713 | ||||||
Total inventory | $ | 844 | $ | 1,921 | ||||
Included within finished goods at September 30, 2014 and December 31, 2013, are $261 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 nine months ended September 30, 2014, the Company recorded charges of $657 and $886, respectively, to cost of product revenue for raw material and finished goods inventory that it determined was unlikely to be sold. The Company also recorded a charge of $891 during the quarter ended September 30, 2014, within discontinued operations for the write-down of inventory to its estimated fair value. | ||||||||
INVESTMENTS
INVESTMENTS | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
INVESTMENTS | ' | |||||||||||||
INVESTMENTS | ' | |||||||||||||
6. INVESTMENTS | ||||||||||||||
Investments consist of the following: | ||||||||||||||
Amortized | Unrealized | Market | ||||||||||||
Cost | Gain | (Loss) | Value | |||||||||||
December 31, 2013 | ||||||||||||||
Short-term investments: | ||||||||||||||
Government sponsored enterprises | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
Total | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
The Company had no investments at September 30, 2014, and therefore there were no marketable securities available-for-sale as of that date. | ||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||
Sep. 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 September 30, 2014, the Company did not own any Level 2 or Level 3 financial assets. At 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, were initially valued at the transaction price and subsequently valued 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 tables below present information about the Company’s assets that are measured at fair value on a recurring basis as of September 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) | September 30, 2014 | ||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 23,011 | $ | — | $ | — | $ | 23,011 | ||||||
Total | $ | 23,011 | $ | — | $ | — | $ | 23,011 | ||||||
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 or short-term investments as of September 30, 2014, and no long-term investments at December 31, 2013. | ||||||||||||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
8. ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following at: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Employee compensation and benefits | $ | 2,262 | $ | 2,595 | ||||
Professional services | 646 | 578 | ||||||
Manufacturing related | 247 | 815 | ||||||
Other | 419 | 904 | ||||||
Total accrued expenses | $ | 3,574 | $ | 4,892 | ||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||
Sep. 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 $533 and $1,912 for the three and nine months ended September 30, 2014, respectively. Stock-based compensation expense related to employee stock option awards was $764 and $2,441 for the three and nine months ended September 30, 2013, respectively. At September 30, 2014, there was approximately $2,528 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 2.5 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 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 nine months ended September 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 | (489,165 | ) | 2.55 | ||||
Expired | (521,400 | ) | 8.12 | ||||
Outstanding at September 30, 2014 | 6,975,989 | 4.6 | |||||
Options exercisable at September 30, 2014 | 4,373,978 | $ | 6.33 | ||||
Weighted average grant date fair value of options granted during the nine months ended September 30, 2014 | $ | 0.83 | |||||
For the nine months ended September 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: | |||||||
Nine Months Ended | |||||||
September 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 its 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 | 9 Months Ended |
Sep. 30, 2014 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
10. COMMITMENTS AND CONTINGENCIES | |
Litigation | |
From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. The Company is not currently aware of any such 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 | 9 Months Ended | |||||||||||||
Sep. 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 PHA performance biopolymers. 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 September 30, 2014, 2% of the combined total assets of the Company’s continuing operations were located outside of the United States and the reported net income (loss) from continuing operations outside of the United States for the three and nine months ended September 30, 2014 and 2013 was less than 1% 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 | Eliminations | Total | |||||||||||
Three Months Ended September 30, 2014: | ||||||||||||||
Net revenues from unaffiliated customers | $ | 600 | $ | 32 | $ | — | $ | 632 | ||||||
Inter-geographic revenues | — | 185 | (185 | ) | — | |||||||||
Net revenues | $ | 600 | $ | 217 | $ | (185 | ) | $ | 632 | |||||
Three Months Ended September 30, 2013: | ||||||||||||||
Net revenues from unaffiliated customers | $ | 573 | $ | 56 | $ | — | $ | 629 | ||||||
Inter-geographic revenues | — | 175 | (175 | ) | — | |||||||||
Net revenues | $ | 573 | $ | 231 | $ | (175 | ) | $ | 629 | |||||
Nine Months Ended September 30, 2014: | ||||||||||||||
Net revenues from unaffiliated customers | $ | 1,830 | $ | 114 | $ | — | $ | 1,944 | ||||||
Inter-geographic revenues | — | 545 | (545 | ) | — | |||||||||
Net revenues | $ | 1,830 | $ | 659 | $ | (545 | ) | $ | 1,944 | |||||
Nine Months Ended September 30, 2013: | ||||||||||||||
Net revenues from unaffiliated customers | $ | 3,516 | $ | 232 | $ | — | $ | 3,748 | ||||||
Inter-geographic revenues | — | 586 | (586 | ) | — | |||||||||
Net revenues | $ | 3,516 | $ | 818 | $ | (586 | ) | $ | 3,748 | |||||
Foreign revenue is based on the country in which the Company’s subsidiary that earned the revenue is domiciled. During the three and nine months ended September 30, 2014, revenue earned from the Company’s REFABB grant with the U.S. Department of Energy totaled $290 and $898, respectively, and represented 46% and 46% of total revenue for the three and nine months ended September 30, 2014, respectively. During the three and nine months ended September 30, 2013, revenue earned from the Company’s REFABB grant with the U.S. Department of Energy totaled $362 and $1,213, respectively, and represented 57% and 32%, respectively, of total revenue. Product customers comprising 10% or more of the Company’s total revenues include one customer at 10% for the three months ended September 30, 2014. There were none during the three months ended September 30, 2013 or during the nine months ended September 30, 2014 and September 30, 2013. | ||||||||||||||
The geographic distribution of the Company’s long-lived assets is summarized as follows: | ||||||||||||||
U.S. | Canada | Eliminations | Total | |||||||||||
September 30, 2014 | $ | 496 | $ | 20 | $ | — | $ | 516 | ||||||
December 31, 2013 | $ | 752 | $ | 41 | $ | — | $ | 793 | ||||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30, 2014 or December 31, 2013. | |
The tax years 2011 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 2011. | |
The Company’s policy is to record estimated interest and penalties related to uncertain tax positions in income tax expense. As of September 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 may 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 may occur in the future in connection with the Company’s financing plans. Such ownership changes could 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. Although an evaluation of ownership changes through September 30, 2014 has not been completed, the Company’s NOL and R&D credit carryforwards most likely will be limited as a result of the equity offering completed in August 2014 and other cumulative ownership changes. | |
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 approximated $273. | |
RELATED_PARTIES
RELATED PARTIES | 9 Months Ended |
Sep. 30, 2014 | |
RELATED PARTIES | ' |
RELATED PARTIES | ' |
13. RELATED PARTIES | |
The Company engaged in various transactions with Tepha, Inc., a related party, and recorded $127 and $194 of license and royalty revenue during the three months and nine months ended September 30, 2014, respectively. During the three and nine months ended September 30, 2013, the Company recorded license and royalty revenue from Tepha of $27 and $118, respectively. As of September 30, 2014, the Company had $75 of outstanding receivables due from Tepha for royalties. There was an outstanding receivable of $51 due from Tepha at December 31, 2013. At September 30, 2014, the Company had a total balance of $44 due for reimbursement of amounts paid in connection with the short-term disability of one of the Company’s executive officers. The Company expects to receive $20 from the Company’s short-term disability insurance carrier and remaining balance from the executive. | |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||||
DISCONTINUED OPERATION | ' | ||||||||||||||
14. DISCONTINUED OPERATION | |||||||||||||||
On September 30, 2014, the Company’s Board of Directors approved a plan to discontinue the operations of the Company’s wholly-owned German subsidiary, Metabolix GmbH, and authorized the sale of substantially all of the assets of Metabolix GmbH in connection with the continuing strategic shift in the Company’s focus to commercializing performance additive solutions based on PHA biopolymers. Assets of the discontinued operation available for sale at September 30, 2014, and December 31, 2013, of $292 and $2,153, respectively, primarily consist of commercial inventory and are shown in the Company’s consolidated balance sheet under the caption “assets of disposal group classified as held for sale”. | |||||||||||||||
The following represents the major items comprising loss from discontinued operations for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Total revenue | $ | 434 | $ | 225 | $ | 1,361 | $ | 756 | |||||||
Costs and expenses: | |||||||||||||||
Cost of product revenue | 413 | 329 | 405 | 691 | |||||||||||
Research and development | 15 | 128 | 242 | 247 | |||||||||||
Selling, general and administrative | 300 | 521 | 2,144 | 1,345 | |||||||||||
Loss from write-down of assets held for sale | 891 | — | 891 | — | |||||||||||
Total costs and expenses | 1,619 | 978 | 3,682 | 2,283 | |||||||||||
Net loss | $ | (1,185 | ) | $ | (753 | ) | $ | (2,321 | ) | $ | (1,527 | ) | |||
On October 20, 2014, the Company completed a sale of substantially all of the assets of Metabolix GmbH to AKRO-PLASTIC GmbH, a German manufacturer of engineering plastics compounds. The Company will not have significant involvement in the operations formerly conducted by Metabolix GmbH. | |||||||||||||||
CAPITAL_STOCK
CAPITAL STOCK | 9 Months Ended |
Sep. 30, 2014 | |
Capital Stock | ' |
Capital Stock | ' |
15: CAPITAL STOCK | |
Common and Preferred Stock Issuances | |
On August 22, 2014, the Company completed a private placement of Company securities. Proceeds received from the transaction were $24,913, net of issuance costs of $87. Investors participating in the transaction purchased a total of 50,000,000 units of the Company’s securities at a price of $0.50 per unit. Each unit consisted of one share of the Company’s common stock and one one-thousandth of a share of the Company’s Series B Convertible Preferred Stock, for a total of 50,000,000 shares of common stock and 50,000 shares of Series B Convertible Preferred Stock. Each share of the preferred stock issued in the transaction was non-voting, was not redeemable, had no liquidation preference and the only conversion rights were that each share was automatically convertible into 1,000 shares of common stock upon the effectiveness of the filing by the Company of a charter amendment to increase the number of shares of authorized common stock to not less than 150,000,000. On October 30, 2014, following stockholder approval of a charter amendment to increase the number of authorized shares of the Company’s common stock to 250,000,000 and the effectiveness of such charter amendment, each share of preferred stock issued in the private placement automatically converted into 1,000 shares of common stock, for a total of 50,000,000 additional shares of common stock. | |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2014 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
16. SUBSEQUENT EVENT | |
In October 2014, the Company initiated a restructuring of its U.S. organization to reflect the Company’s strategic focus on PHA performance biopolymers and to modify staffing to the level the Company believes necessary to support successful implementation of its current business strategy. The scope of the restructuring also reflects the Company’s decision, consistent with its current business strategy, to suspend work in its chemicals program. The Company expects to record restructuring charges of approximately $685 during its fourth fiscal quarter of 2014, related to post-employment benefits in accordance with ASC 420-10, Exit or Disposal Cost Obligations. | |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
ACCOUNTING POLICIES | ' |
Research and Development | ' |
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. Costs related to revenue-producing contracts and government grants are recorded as research and development expenses. | |
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 cash equivalents in highly rated 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 September 30, 2014, the Company’s cash equivalents are invested solely 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 September 30, 2014, the Company’s accounts and unbilled receivables include $219 or 46% from U.S., Canadian and German government grants and $141 or 29% from customer product sales. At September 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) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | ' | |||||||||
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 | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Options | 7,014,306 | 6,195,437 | 7,307,279 | 5,675,833 | ||||||
Convertible Series B Preferred Stock | 50,000,000 | — | 50,000,000 | — | ||||||
Warrants | — | 4,086 | — | 4,086 | ||||||
Total | 57,014,306 | 6,199,523 | 57,307,279 | 5,679,919 | ||||||
INVENTORY_Tables
INVENTORY (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
INVENTORY | ' | |||||||
Schedule of the components of the Company's biopolymer inventories | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 1 | $ | 208 | ||||
Finished goods | 843 | 1,713 | ||||||
Total inventory | $ | 844 | $ | 1,921 | ||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
INVESTMENTS | ' | |||||||||||||
Schedule of investments | ' | |||||||||||||
Amortized | Unrealized | Market | ||||||||||||
Cost | Gain | (Loss) | Value | |||||||||||
December 31, 2013 | ||||||||||||||
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) | 9 Months Ended | |||||||||||||
Sep. 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) | September 30, 2014 | ||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 23,011 | $ | — | $ | — | $ | 23,011 | ||||||
Total | $ | 23,011 | $ | — | $ | — | $ | 23,011 | ||||||
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) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
ACCRUED EXPENSES | ' | |||||||
Schedule of accrued expenses | ' | |||||||
September 30, 2014 | December 31, 2013 | |||||||
Employee compensation and benefits | $ | 2,262 | $ | 2,595 | ||||
Professional services | 646 | 578 | ||||||
Manufacturing related | 247 | 815 | ||||||
Other | 419 | 904 | ||||||
Total accrued expenses | $ | 3,574 | $ | 4,892 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||
Sep. 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 | (489,165 | ) | 2.55 | ||||
Expired | (521,400 | ) | 8.12 | ||||
Outstanding at September 30, 2014 | 6,975,989 | 4.6 | |||||
Options exercisable at September 30, 2014 | 4,373,978 | $ | 6.33 | ||||
Weighted average grant date fair value of options granted during the nine months ended September 30, 2014 | $ | 0.83 | |||||
Schedule of assumptions used in determining fair value of stock options granted using the Black-Scholes option pricing model | ' | ||||||
Nine Months Ended | |||||||
September 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) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
GEOGRAPHIC AND SEGMENT INFORMATION | ' | ||||||||||||||
Schedule of the geographic distribution of revenues and long-lived assets from continuing operations | ' | ||||||||||||||
U.S. | Canada | Eliminations | Total | ||||||||||||
Three Months Ended September 30, 2014: | |||||||||||||||
Net revenues from unaffiliated customers | $ | 600 | $ | 32 | $ | — | $ | 632 | |||||||
Inter-geographic revenues | — | 185 | (185 | ) | — | ||||||||||
Net revenues | $ | 600 | $ | 217 | $ | (185 | ) | $ | 632 | ||||||
Three Months Ended September 30, 2013: | |||||||||||||||
Net revenues from unaffiliated customers | $ | 573 | $ | 56 | $ | — | $ | 629 | |||||||
Inter-geographic revenues | — | 175 | (175 | ) | — | ||||||||||
Net revenues | $ | 573 | $ | 231 | $ | (175 | ) | $ | 629 | ||||||
Nine Months Ended September 30, 2014: | |||||||||||||||
Net revenues from unaffiliated customers | $ | 1,830 | $ | 114 | $ | — | $ | 1,944 | |||||||
Inter-geographic revenues | — | 545 | (545 | ) | — | ||||||||||
Net revenues | $ | 1,830 | $ | 659 | $ | (545 | ) | $ | 1,944 | ||||||
Nine Months Ended September 30, 2013: | |||||||||||||||
Net revenues from unaffiliated customers | $ | 3,516 | $ | 232 | $ | — | $ | 3,748 | |||||||
Inter-geographic revenues | — | 586 | (586 | ) | — | ||||||||||
Net revenues | $ | 3,516 | $ | 818 | $ | (586 | ) | $ | 3,748 | ||||||
Schedule of the geographic distribution of long-lived assets | ' | ||||||||||||||
U.S. | Canada | Eliminations | Total | ||||||||||||
September 30, 2014 | $ | 496 | $ | 20 | $ | — | $ | 516 | |||||||
December 31, 2013 | $ | 752 | $ | 41 | $ | — | $ | 793 | |||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||
Schedule of discontinued operations income statement | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenue | $ | 434 | $ | 225 | $ | 1,361 | $ | 756 | ||||||
Costs and expenses: | ||||||||||||||
Cost of product revenue | 413 | 329 | 405 | 691 | ||||||||||
Research and development | 15 | 128 | 242 | 247 | ||||||||||
Selling, general and administrative | 300 | 521 | 2,144 | 1,345 | ||||||||||
Loss from write-down of assets held for sale | 891 | — | 891 | — | ||||||||||
Total costs and expenses | 1,619 | 978 | 3,682 | 2,283 | ||||||||||
Net loss | $ | (1,185 | ) | $ | (753 | ) | $ | (2,321 | ) | $ | (1,527 | ) | ||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Aug. 22, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 |
BASIS OF PRESENTATION | ' | ' | ' | ' |
Deferred revenue recognized from the terminated Telles joint venture | ' | ' | ' | $38,885 |
Unrestricted cash, cash equivalents and investments | ' | 25,486 | 25,486 | ' |
Period over which company's present capital resources are not sufficient to fund its planned operations | ' | ' | '12 months | ' |
Proceeds from private placement | $25,000 | $25,000 | ' | ' |
ACCOUNTING_POLICIES_Details
ACCOUNTING POLICIES (Details) (Accounts Receivable [Member], Credit Concentration Risk [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
US, Canadian, and German Government Grants [Member] | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | $219 | ' |
Receivables/Sales (as a percent) | 46.00% | ' |
Customer Product Receivables [Member] | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | 141 | 528 |
Receivables/Sales (as a percent) | 29.00% | 44.00% |
Government Grants [Member] | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | ' | $552 |
Receivables/Sales (as a percent) | ' | 46.00% |
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% |
BASIC_AND_DILUTED_NET_INCOME_L2
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Aug. 22, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 22, 2014 | Sep. 30, 2013 | Sep. 30, 2013 |
Employee and Directors Stock Options [Member] | Employee and Directors Stock Options [Member] | Employee and Directors Stock Options [Member] | Employee and Directors Stock Options [Member] | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Warrant [Member] | Warrant [Member] | ||||||||
Antidilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts allocated to participating securities | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive common stock excluded from the calculation of dilutive shares | ' | 57,014,306 | 6,199,523 | 57,307,279 | 5,679,919 | ' | ' | 7,014,306 | 6,195,437 | 7,307,279 | 5,675,833 | ' | 50,000,000 | 50,000,000 | ' | 4,086 | 4,086 |
Proceeds from private placement | $25,000 | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares issued | ' | 50,000 | ' | 50,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' |
Common stock conversion ratio for each preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' |
Common stock shares authorized | ' | 100,000,000 | ' | 100,000,000 | ' | 250,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares attributable to dilutive effect of conversion of Preferred Stock | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INVENTORY_Details
INVENTORY (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
INVENTORY | ' | ' | ' | ' |
Raw materials | $1 | $1 | ' | $208 |
Finished goods | 843 | 843 | ' | 1,713 |
Total inventory | 844 | 844 | ' | 1,921 |
Inventory on which revenue not recognized | 261 | 261 | ' | 476 |
Cost of obsolete raw material and finished goods | 657 | 886 | 245 | ' |
Loss from write down of assets held for sale | $891 | $891 | ' | ' |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments | ' | ' |
Amortized Cost | ' | $11,510 |
Unrealized Gain | ' | 1 |
Market Value | 0 | 11,511 |
Short-term Investments [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Investments | ' | ' |
Amortized Cost | ' | 11,510 |
Unrealized Gain | ' | 1 |
Market Value | $0 | $11,511 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Sep. 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 | 23,011 | 6,332 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | 23,011 | 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 | 23,011 | 17,843 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | 23,011 | 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES | ' | ' |
Employee compensation and benefits | $2,262 | $2,595 |
Professional services | 646 | 578 |
Commercial manufacturing | 247 | 815 |
Other | 419 | 904 |
Total accrued expenses | $3,574 | $4,892 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 02, 2014 | Dec. 19, 2013 | Jan. 31, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee and Directors Stock Options [Member] | Employee and Directors 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] | |
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 | $533 | $764 | $1,912 | $2,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized | 2,528 | ' | 2,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period over which unrecognized compensation expense is expected to be recognized | ' | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | 2,035,125 | ' | ' | 1,150,000 | ' | ' | ' | ' | ' |
Expiration period | ' | ' | ' | ' | ' | ' | ' | '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 |
Number of triggering conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Vesting period | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | '3 years |
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) | ' | ' | ' | ' | -489,165 | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | ' | -521,400 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | 6,975,989 | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of the period (in shares) | ' | ' | ' | ' | 4,373,978 | ' | ' | ' | ' | ' | ' | ' | ' |
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) | ' | ' | ' | ' | $2.55 | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | ' | ' | ' | ' | $8.12 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | $4.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of the period (in dollars per share) | ' | ' | ' | ' | $6.33 | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
item | ||||
Geographic Information | ' | ' | ' | ' |
Revenue | $632 | $629 | $1,944 | $3,748 |
Number of operating segments | ' | ' | 1 | ' |
UNITED STATES | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 600 | 573 | 1,830 | 3,516 |
CANADA | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 217 | 231 | 659 | 818 |
Operating Segments [Member] | UNITED STATES | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 600 | 573 | 1,830 | 3,516 |
Operating Segments [Member] | CANADA | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | 32 | 56 | 114 | 232 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | -185 | -175 | -545 | -586 |
Intersegment Eliminations [Member] | CANADA | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' |
Revenue | $185 | $175 | $545 | $586 |
GEOGRAPHIC_AND_SEGMENT_INFORMA3
GEOGRAPHIC AND SEGMENT INFORMATION (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Concentration risk | ' | ' | ' | ' |
Revenue earned from the REFABB grant | $390 | $563 | $1,301 | $1,871 |
Sales [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Number of customers | ' | 0 | 0 | 0 |
Assets [Member] | Geographic Concentration Risk [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Concentration risk (as a percent) | ' | ' | 2.00% | ' |
Net income (loss) | Maximum [Member] | Geographic Concentration Risk [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Concentration risk (as a percent) | 1.00% | 1.00% | 1.00% | 1.00% |
US Department of Energy [Member] | Sales [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Revenue earned from the REFABB grant | $290 | $362 | $898 | $1,213 |
Concentration risk (as a percent) | 46.00% | 57.00% | 46.00% | 32.00% |
Customer One [Member] | Sales [Member] | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' |
Concentration risk (as a percent) | 10.00% | ' | ' | ' |
Number of customers | 1 | ' | ' | ' |
GEOGRAPHIC_AND_SEGMENT_INFORMA4
GEOGRAPHIC AND SEGMENT INFORMATION (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Geographic Information | ' | ' |
Long-lived assets | $516 | $793 |
UNITED STATES | ' | ' |
Geographic Information | ' | ' |
Long-lived assets | 496 | 752 |
CANADA | ' | ' |
Geographic Information | ' | ' |
Long-lived assets | $20 | $41 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Difference between income tax benefit computed at the federal statutory rate and the provision for income taxes | ' | ' |
Unrecognized tax benefits | $0 | $0 |
Accrued interest or penalties related to uncertain tax positions | $0 | $0 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Net operating loss carryforwards | ' | ' |
Deduction related to the exercise of stock options | ' | $19,213 |
Maximum period to audit for loss | '3 years | ' |
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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
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 |
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 $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 20, 2014 | Sep. 30, 2014 | Sep. 20, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 20, 2014 |
item | Tepha Inc [Member] | Tepha Inc [Member] | Tepha Inc [Member] | Tepha Inc [Member] | Tepha Inc [Member] | Short-term Disability Insurance Carrier [Member] | ||||
Related party transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
License and royalty revenue | ' | ' | ' | ' | $127 | $27 | $194 | $118 | ' | ' |
Due from related parties | ' | $100 | $44 | $51 | $75 | ' | $75 | ' | $51 | $20 |
Number of executive officers with amount due to Company | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DISCONTINUED_OPERATIONS_detail
DISCONTINUED OPERATIONS (details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Loss from discontinued operations | ' | ' | ' | ' | ' |
Loss from write down of assets held for sale | $891 | ' | $891 | ' | ' |
Total loss from discontinued operations | -1,185 | -753 | -2,321 | -1,527 | ' |
Assets of discontinued operations | ' | ' | ' | ' | ' |
Assets of disposal group classified as held for sale | 292 | ' | 292 | ' | 2,153 |
Metabolix GmbH | ' | ' | ' | ' | ' |
Loss from discontinued operations | ' | ' | ' | ' | ' |
Total revenue | 434 | 225 | 1,361 | 756 | ' |
Cost of product revenue | 413 | 329 | 405 | 691 | ' |
Research and development | 15 | 128 | 242 | 247 | ' |
Selling, general and administrative | 300 | 521 | 2,144 | 1,345 | ' |
Loss from write down of assets held for sale | 891 | ' | 891 | ' | ' |
Total costs and expenses | 1,619 | 978 | 3,682 | 2,283 | ' |
Total loss from discontinued operations | -1,185 | -753 | -2,321 | -1,527 | ' |
Assets of discontinued operations | ' | ' | ' | ' | ' |
Assets of disposal group classified as held for sale | $292 | ' | $292 | ' | $2,153 |
CAPITAL_STOCK_Details
CAPITAL STOCK (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Aug. 22, 2014 | Sep. 30, 2014 | Oct. 30, 2014 | Aug. 22, 2014 | Dec. 31, 2013 | Oct. 30, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Oct. 30, 2014 | Aug. 22, 2014 | Aug. 22, 2014 |
item | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Minimum [Member] | ||||||||||||
Common Stock Issuances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement | $24,913 | $24,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance costs from private placement | $87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units purchased | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unit price (in dollars per share) | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Stock shares included in each unit for purchase | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Number of Series B Convertible Preferred Stock shares in each unit for purchase | ' | ' | ' | ' | ' | ' | 0.0001 | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 85,094,640 | ' | ' | 34,581,449 | ' | ' | ' | ' | 50,000,000 | 50,000,000 | ' |
Preferred shares issued | ' | 50,000 | ' | ' | 0 | ' | ' | 50,000 | ' | ' | ' | ' |
Common stock conversion ratio for each preferred stock | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' |
Common stock shares authorized | ' | 100,000,000 | 250,000,000 | ' | 100,000,000 | ' | ' | ' | ' | 250,000,000 | ' | 150,000,000 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (Subsequent Event [Member], Scenario, Forecast [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2014 |
Subsequent Event [Member] | Scenario, Forecast [Member] | ' |
Subsequent events | ' |
Restructuring charges related to employee post-employment termination benefits and contract early termination costs | $685 |